Vystar Corp. (OTCMKTS:VYST) stock has been on a remarkable run in recent weeks, but VYST saw some profit taking on on Monday.
After having rallied by as much as 150% over the course of the past week, shares dipped 18.23% Monday. Vystar stock will be watched closely through the rest of the week.
It’s worthwhile to take a closer look at Vystar and some of recent developments that might have contributed to the rally. The breakout is partially due to development with regards to the company’s RxAir® Rx3000® UV-C Light/HEPA Air Purifier.
This past Friday, it emerged that the prototypes of the above-mentioned air purifier is being assembled in the United States. Additionally, the product is being tested by Vystar’s manufacturing partner Strategic Link.
This is a rather significant development for Vystar since the assembling and testing of the prototypes mark the final stages of the process before Vystar starts mass production of the air purifiers in question.
It’s also noteworthy that the Rx3000 air purifier has been certified by the United States Food and Drug Administration as a Class II medical device. It has proven 99.9% effective in purifying the air of viruses, bacteria, and other harmful elements.
While this is an important development for Vystar, it should also be noted that the company has also managed to improve its financial situation in recent months.
Earlier this month, it emerged in an SEC filing that the company had paid off debts to the tune of as much as $2 million since the beginning of July. The company did this in order to consolidate its debts and take advantage of the peak shopping season that is approaching ahead of Christmas.