Home Financial Markets Penny Stocks Why Green EnviroTech (GETH) Stock Shot Up 48% Yesterday?

Why Green EnviroTech (GETH) Stock Shot Up 48% Yesterday?

A significant rise of 48.15 percent to $0.0200 per share was experienced by the Green EnviroTech Holdings, Inc (OTCPink: GETH) stock at the previous close. Green EnviroTech’s performance over the past week stood at 25.00%, compared to its monthly performance of -42.86%. There was no news on the GETH stock that may have accelerated the move, but a recent development could help us understand the company’s ongoing business operations.

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GETH’s business operations:

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In 2008, GETH was founded and has become one of the leaders in the processing of waste plastic and tires into products that are both commercially viable and environmentally responsible. GETH aims to rehabilitate and rejuvenate local communities through the creation of jobs, environmental improvement, and economic growth.

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Green EnviroTech this month reported a first-quarter update on its progress toward its goals for 2021 providing an overview of the company’s major objectives for the year.

  • As a part of its goal to realizing its vision, GETH is working with a major insurance provider who can underwrite the technology it is licensing.
  • A GETH spokesman stated that they have received assurances from this insurance company that they will insure the technology in January 2021.
  • This achievement was of major significance in confirming the lenders and investors for GETH.
  • GETH has entrusted engineering, procurement, and construction services for the planned industrial plants to three major contractors.

What GETH has achieved so far?

A GETH press release in December 2020 identified several goals for the year 2021, the progress of which is summarized below:

  • GETH is in negotiations with various sources of funding that will provide the funds necessary to complete all financial audits and quarterly reporting so as to bring the organization into compliance and obtain “Current” status.
  • This support has been made possible by the rise in GETH stock price.
  • A US-based loan lender has confirmed to GETH that they will provide the funding necessary if GETH can provide sufficient assurances and de-risking items such as insurance and engineering.
  • All of these requirements can be achieved.
  • Currently, Green EnviroTech (GETH) is working on a location within the United States and at other international locations.

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  • Upon completing the financing for the first plant, GETH is expected to realize revenues from licensing and construction.

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