Flexpoint Sensor Systems Inc (OTCMKTS:FLXT) stock continues to move up on Wednesday and jumped about 45% over the past week on increased volume.
Market Reaction:
In the previous trading session, FLXT stock surged 14.16% to $0.0765 with more than 1.26 million shares, compared to its average volume of 369K shares. Over the past 52-week, the stock has moved within a range of $0.0200 – 0.1100.
Major Trigger:
Flexpoint Enters Into a Design and Manufacturing Agreement with a Fortune 50 Automotive Manufacturer
Key Highlights:
Flexpoint announced that they have recently entered into a new agreement with a major automotive manufacturer for the design and production of parts to be utilized in the finalization of an innovative application of Flexpoint’s technology for cars and trucks to maximize the ride quality of the vehicle. We believe this application will provide significant cost savings over existing systems and lead to wide spread application of this technology.
As previously announced, this technology has been developed to be used in the Fortune 50 manufacturer’s vehicles but may also be licensed to other manufacturers for use of Flexpoint’s technology in their vehicles. We believe that this new application is positioned to be implemented fairly quickly.
The global market for this product was valued at $55.28 Billion in 2019 and is projected to reach $73.36 Billion by 2027
Key Quote:
Clark Mower, President of Flexpoint stated, “We are pleased to see this innovative application advance this quickly and move into manufacturing and assessment. In an April 28 press release we announced that a Fortune 50 automobile manufacturer had filed a patent incorporating Flexpoint’s patented Bend Sensor® technology in a system that allows the manufacturer to optimize the ride quality of the vehicle. In a July 13 update release we announced that we were working closely with the manufacturer on implementation of the technology in vehicles. Today’s announcement is a critical step towards bringing the system to market and being widely utilized in vehicles.”
