The Singapore-headquartered medical devices company announced the previous day that it had secured exclusive rights to a groundbreaking medical waste recycling technology.
Shares of Cuprina Holdings jumped 290% in premarket trading on Wednesday, lifting the micro-cap stock to the top of U.S. gainers following news of a new technology partnership.
The rights were bought from China-based Zhejiang Heliang Technology, which developed it under the guidance of the United Nations Industrial Development Organization (UNIDO) and the Global Environment Facility (GEF). The license covers the Singapore market and could be expanded to other regions in Southeast Asia.
The system utilizes high-temperature steam to sterilize medical waste, transforming plastics into reusable raw materials. If used at a large scale, it would reduce toxic emissions and alleviate pressure on Singapore’s limited landfill space.
The latest pump in the stock price comes after a significant intraday 87% drop last month, which pushed it to nearly $1.
On Stocktwits, the retail sentiment shifted to ‘extremely bullish’ as of early Wednesday, from ‘bearish’ the previous day. At least one user suggested shorting the stock.
Cuprina is primarily known for its nature-based medical devices and wound dressings, and is recently expanding into cosmeceuticals.
As of the last close, Cuprina’s shares are down 84% year-to-date.
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