In the premarket session this morning, Recon Technology Ltd. (NASDAQ: RCON) stock is appreciating. The last check showed that the Recon Technology stock had increased by 3.38% from its previous close.
Price of RCON stock rose by 18.98% on Monday during the regular trading session, closing the day at $8.59. The trading volume for Recon Technology stock on the day was 4.24 million shares, higher than its average volume of 2.04M shares. The surge in RCON stock came after news of the company moving its headquarters and the announcement of its annual general meeting early next month.
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What does RCON have in mind?
NASDAQ-listed Recon Technology is China’s first oil and gas field service company that’s not state-owned. In China, some of the leading oil exploration companies turn to Recon for their advanced automated technology, efficient equipment, and stimulation to boost oil extraction, reduce impurities, and cut production costs.
As the oil and gas field service industry has grown, RCON has gained leadership positions in several segments. Moreover, RCON has developed stable long-term cooperation relationships with their largest clients, and their products and services are well received by them.
Recon Technology yesterday announced its plan to relocate its headquarters in order for them to accommodate the anticipated growth.
- The recent acquisition of Future Gas Station (Beijing) Technology, Ltd (“FGS”) gave the RCON another reason to relocate its HQ.
- In order to better facilitate the growth and management of the Company, its headquarters have been moved from Building C, Room 1902, 9 Fulin Road, Beijing, 100107 China to Room 601, 1 Shui’an South Street, Chaoyang District, Beijing, 100012 China.
- A bigger space and improved office facilities are available at the new office location.
- Beijing BHD Petroleum Technology Co., Ltd., and FGS, two subsidiary companies of the Company, also moved into the new premises.
- Annual Meeting at the old address, 9 Fulin Road, will still take place at 9:00 p.m. ET on April 4, 2021, for the fiscal year ending June 30, 2020.
How will relocation impact RCON?
With more employees working out of this new office, Recon Technology (RCON) will be able to better serve its customers since they will have more resources at their disposal. In addition, it sets the framework for RCON to become more sustainable.