The Troubling Reason Skyx Platforms Stock Plummeted Today
Shares of Skyx Platforms (NASDAQ: SKYX) plummeted on Tuesday, even though the company released a positive press release, and it's possibly for a troubling reason. As of 2:15 p.m. ET, Skyx Platforms stock was down 39%.
Skyx Platforms has come up with an innovative way to mount and power ceiling fixtures, including fans, with its SkyPlug product line. On June 1, it announced that it had ordered its first run from General Electric in hopes of commercializing them later this year. But much bigger news came today.
On Tueday, Skyx Platforms announced that The American National Standards Institute (ANSI) had approved the installation instructions for its SkyPlug. The press release didn't say when exactly ANSI voted on this, but it's a big announcement. Products need to be deemed safe by groups like ANSI.
Source Fool.com
