Yesterday, Magnolia Solar Corporation (OTC:MGLT) experienced much more trading activity than usual. The reason for this was the press released issued by the company that informed about a money reward issued to the company.
At the end of the day, MGLT had jumped up 98.685 to $0.30 on a volume of 51 thousand shares. This was 50 times higher than the daily average.
According to FINRA, 11,500 shares of the total volume generated yesterday were exchanged in short transaction. In other words, the short volume for the day was 22%.
The increased volume and the significant price spike were caused by the announcement which was published on the OTC Markets the same day. The publication stated that MGLT had received $750 thousand phase 2 award from US Air Force Research Laboratory.
According yo the press release, the award would fund a two-year project for the development of flexible, lightweight, ultrahigh efficiency multi-junction solar sells for space power applications.
The following days will show whether MGLT will manage to keep the increased trading interest in the stock. Apparently, so far the stock has not been a very popular trade as shown by the low average volume and random trades.
