PureCycle (PCT) Jumps After $300M Fresh Funds

PureCycle Technologies, Inc. (NASDAQ:PCT)  is one of the 10 Stocks Boast Whopping Gains Amid Market Downturn.

PureCycle Technologies jumped by 18.96 percent on Tuesday to end at $14.12 apiece after raising $300 million in fresh funds through the issuance of convertible preferred stock.

In a statement on Tuesday, PureCycle Technologies, Inc. (NASDAQ:PCT) said it entered into a transaction with a series of new and existing investors, including Duquesne Family Office LLC, Wasserstein Debt Opportunities, Samlyn Capital, Pleiad Investment Advisors, and Sylebra Capital Management.

PureCycle (PCT) Jumps After $300M Fresh Funds

An aerial view of a plastic waste recycling plant, showcasing the company’s efforts towards a cleaner environment.

Proceeds from the offer will be used to bring one billion pounds of installed capacity online before 2030 across the United States, Europe, and Asia.

“Following significant production progress at the Ironton Facility, momentum in our commercialization efforts, and confidence in financing efforts, the time for growth is now. Over the last several years, we have continued to invest time and resources in progressing our global growth plans, and this capital will allow us to execute on those plans,” said PureCycle CEO Dustin Olson.

“This is an impressive group of investment organizations, and we are thankful for their continued support,” he added.

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Disclosure: None. This article is originally published at Insider Monkey.