PureCycle Technologies, Inc. (PCT, Financial) has successfully raised approximately $27 million through the sale of certain tax-exempt facility revenue bonds issued by the Southern Ohio Port Authority. These bonds, which have a total par value of about $30 million, were sold at a price of $880 per $1,000 of face value. Key investors in this transaction include the Duquesne Family Office.
The funds generated from this bond sale will support PureCycle's ongoing efforts to bring its patented dissolution recycling process to the market. This innovative technology aims to revolutionize the recycling industry by enhancing the efficiency and effectiveness of plastic recycling.
As part of its financial strategy, PureCycle retains approximately $87 million in Series A1 Southern Ohio Port Authority Revenue Bonds, which remain available for future sales, providing the company with additional financial flexibility as it advances its strategic initiatives.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 5 analysts, the average target price for PureCycle Technologies Inc (PCT, Financial) is $13.20 with a high estimate of $16.00 and a low estimate of $9.00. The average target implies an upside of 137.20% from the current price of $5.57. More detailed estimate data can be found on the PureCycle Technologies Inc (PCT) Forecast page.
Based on the consensus recommendation from 4 brokerage firms, PureCycle Technologies Inc's (PCT, Financial) average brokerage recommendation is currently 2.5, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
