After a lackluster move, shares of IT Tech Packaging Inc (NYSEAMERICAN:ITP) are all set to open a gap-up on Wednesday as the company issued positive news.
The company said that it has won approval for surgical mask products from the local Food and Drug Administration (FDA) in China Hebei province. IT Tech Packaging has also shown the result in public for the required period of time and is now eligible to produce (aseptic) single-use surgical and surgical masks.
The Company has completed all preparation and testing works at the mask production line, which is expected to be operated non-stop with an annual estimated production capacity of 45 million pieces of masks, potentially creating promising financial returns.
At the time of writing, ITP stock soared 30% to $0.60 in the pre-market session. The stock has lost almost 70% from its 52-week high of $1.45 in February.
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