Shares of Applied Graphene Materials Plc (LON: AMG) rallied 86.25% as investors bid up the company stock price due to recent developments.
The company listed on the US OTC market on 12 August and has signed multiple distribution agreements in the US and Canada.
Today’s rally was not driven by any major announcements but was attributed to a late reaction by investors to all the recent positive developments. The company signed a new distribution agreement with Cambrian to distribute its products in Canada.
Cambrian is part of the Maroon Group, which distributes AGM products in the United States, giving AGM a widespread distribution footprint across North America.
AGM’s rally follows hot on the heels of HAYD’s 35% rally as the British graphene industry gains popularity among investors.
AGM share price
AGM shares today rallied 86.25% to trade at 44.7p from yesterday’s closing price of 24.0p.