Sky Quarry (SKYQ) Stock Jumps Nearly 19% After Hours — Here's Why
Sky Quarry Inc. (NASDAQ:SKYQ) jumped 18.84% in after-hours trading on Thursday, climbing to $0.42
According to Benzinga Pro data, the Utah-based renewable energy and environmental remediation company closed regular trading at $0.35, down 0.23%.
1-for-8 Reverse Stock Split
Last week, Sky Quarry announced that its board approved a 1-for-8 reverse stock split, effective Sunday, with shares trading on a split-adjusted basis on Nasdaq starting Monday under the same ticker.
Outstanding shares are expected to reduce from approximately 29.96 million to roughly 3.75 million.
The company said the primary goal of the stock split is to regain compliance with Nasdaq's minimum $1 average closing price requirement for continued listing.
No fractional shares will be issued; fractional amounts will be rounded up to the nearest whole share.
Hormuz Disruption Risk Fuels the Rally
The surge in the late trading session also comes amid escalating geopolitical risk in the Middle East, which drove renewed investor interest in small-cap domestic energy producers.
Traders have been pricing in prolonged supply disruptions since a regional conflict flared on Feb. 28.
The Strait of Hormuz, a key passage for about 20 million barrels of oil and petroleum products each day, continues to be a major focus of market concern.
Founded in 2019, Sky Quarry operates an oil refinery in Nevada with a daily production capacity of 4,500–5,000 barrels, producing diesel, naphtha, vacuum gas oil and paving asphalt from sustainable feedstock.
Trading Metrics, Technical Analysis
Sky Quarry has a market capitalization of $10.46 million, with a 52-week high of $1.94 and a 52-week low of $0.21.
It has a Relative Strength Index (RSI) of 46.95.
Sky Quarry has faced a challenging 12 months, with its stock falling 47.88%.
Currently, the stock is about 8% above its 52-week low, indicating it is near the low end of its annual range.
Benzinga’s Edge Stock Rankings indicate that SKYQ has a negative price trend across all time frames.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.