Ecoark Holdings Inc (OTCMKTS:EARK) shares rallied 23.08% to $16.00 on Tuesday as the company submitted its application for listing on the Nasdaq market.
Ecoark Holdings Inc (OTCMKTS:EARK) is a development-stage company that is focused on developing and commercializing thin film solar cell technologies that employ nanostructured materials and designs through its subsidiary, Magnolia Solar Inc. It is engaged in the development of thin film solar cells for applications, such as power generation for electrical grids, as well as for local applications, including lighting, heating, traffic control, irrigation, water distillation and other residential, agricultural and commercial uses.
Ecoark was founded in 2011 and is based in Arkansas. It has a market cap of approximately $625 million and has other subsidiaries namely Intelleflex, Eco3d, and Pioneer Products in addition to Magnolia Solar. Its research and development activities are located at the Albany Nanotech Center of the College of Nanoscale Science and Engineering (CNSE) in Albany and has not generated earnings from its activities so far.
“We are excited for the opportunity for inclusion into The Nasdaq Capital Market, as it represents the endless hard work of the entire Ecoark team. Joining The Nasdaq Capital Market would provide us with a much broader visibility, while also making our stock available to a greater number of investors,” said Ecoark Holdings Inc (OTCMKTS:EARK) Randy May in a press release.
“In addition to our existing revenue producing businesses, we expect Intelleflex, our solution for fresh food management, to enter into a period of significant growth in revenue and operating profit. We believe we are well positioned to continue our growth and leverage this significant market opportunity, and joining The Nasdaq Capital Market is a significant step toward achieving those results,” he added.
To do so, the company must now meet Nasdaq governance standards for public companies, including a board with a majority of independent directors, which was achieved with the recent appointment of three industry leaders to its board.
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