Shares of Applied DNA Sciences Inc (NASDAQ: APDN) surged by more than 300% Tuesday after the company announced it has been successful at using a unique "DNA tag" to mark leather so it can be traced through the supply chain for more reliable proof of origin.
The technology is now ready for application in the leather industry, where Applied DNA Sciences said it could be used to protect leather suppliers and consumers from theft, counterfeiting and fraud.
"We now look forward to the opportunity to apply our technology for the leather industry to help provide much needed traceability for the various stakeholders,” President and CEO James Hayward said in the statement.
“We are pleased by the interest shown across the leather industry in offering to leather supply chains.”
— Applied DNA Sciences (@APDN) November 12, 2019
Applied DNA said it will present results of its leather tagging pilot at a conference in New York this week and in the U.K. in early December.
Source: Offering Imminent
A source familiar with the matter told Benzinga that Applied DNA Sciences could announce an $8-million offering Wednesday.
When asked for comment, an Applied DNA Sciences spokesperson told Benzinga: "the company does not comment on rumors."
The stock gained 331.82% to close Tuesday's session at $19, and was giving back 18.95% of those gains at the time of publication during the after-hours session.
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