Solar Integrated Roofing Corp (OTCMKTS:SIRC) Stock Gains Momentum: How to Trade Now?
Solar Integrated Roofing Corp (OTCMKTS:SIRC) rose 7% after announcing the initiation of share buyback programs that aim to minimize dilution through various purchases aimed at canceling common stock.
First, the company will buy and withdraw 5 million of its preferred stock, which are convertible into 50 million common stock. SIRC will purchase the shares from its outgoing President Brian Milholland, who will remain its adviser.
CEO David Massey said they want to increase shareholder value and reduce dilution by repurchasing several shares, starting with the purchase of Milholland’s preferred stock. He said it had been a privilege to work with Brian and his impact over the past year had been infinite, helping the company grow to what it is today. Massey said that while they will miss Milholland’s full-time expertise and support, they appreciate the agreement for him to continue as an advisor to the company. So for the next few weeks, SIRC is a stock to watch.
On Tuesday, SIRC shares gained 7.40% at $0.4350 with more than 2.69 million shares, compared to the average volume of 2.07 million shares. The stock has moved within a range of $0.4200 – 0.4710 after opening the trade at $0.4450. Over the past 52 weeks, the stock has traded in the range of $0.0300 – 3.0000.
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