During the month of July, there have been many stocks that have managed to deliver significant gains and one of the notable gainers has been the Kronos Advanced Technologies Inc. (OTCMKTS:KNOS) stock. Since the middle of July, Kronos stock has recorded gains of as much as 150% and when a stock makes such dramatic gains then it is perhaps time to take a closer look at the company.
The company, which is involved in developing products that help in moving, purifying and sterilizing air, made a major announcement this week. That was the latest trigger for a rally in the stock.
The company announced that its line of products has been approved for sale by Walmart Inc. The company will now be an approved supplier on the retail giant’s online marketplace Walmart.com. It is a significant development for Kronos since it will give the company access to a much larger pool of customers.
Walmart recently expanded its e-commerce operations significantly and also collaborated with the e-commerce platform Shopify. The marketplace sells as many as 75 million products and according to the company, the marketplace business outpaced the growth of the web business in the first fiscal quarter.
However, that is not all. Earlier on in July, the company made another landmark announcement that could also have an effect on the stock in the long term. Kronos Advanced announced that it was going to transform into a Public Benefit Corporation and become one of the few publicly traded companies to do so. It implies that going forward the company is going to be concerned more about the well being of its customers rather than purely about the profits that it generates.
The Chief Transformation Officer of the company, Joseph Florence stated that the company wishes to put ‘public interest over profits’. It is a radical move from Kronos and market watchers are going to track closely how it affects its business. Sign up below for breakout alerts and critical stock updates.