PureCycle Stock Jumps 25% as New Jersey Approval Opens Door to Recycled Plastic Demand
PureCycle Technologies shares rose 24.7% to $12.72 after New Jersey regulators granted its PureFive resin a one-year conditional designation as postconsumer recycled content under state packaging law. The company reported first-quarter revenue of $4.1 million and a net loss of $33.4 million. Production at its Ohio plant doubled from a year earlier. PureCycle plans to seek permanent approval from state regulators.