In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Glyeco Inc. (OTCMKTS:GLYE) reported that Wynnefield Partners Small Cap Value Lp has picked up 15,942,637 of common stock as of 2017-05-17.
The acquisition brings the aggregate amount owned by Wynnefield Partners Small Cap Value Lp I to a total of 15,942,637 representing less than 12.2% stake in the company.
For those not familiar with the company, GlyEco, Inc. is engaged in processing of waste glycol into recycled glycol products, specifically automotive antifreeze, and related specialty blended antifreeze, which it sells in the automotive and industrial end markets. The Company’s product offerings include High-Quality Recycled Glycols, Recycled Antifreeze, Recycled HVAC Fluids, Waste Glycol Disposal Services and Windshield Washer Fluid. The Company’s technology allows it to produce glycols, which can be used in industrial application. It formulates various universal recycled antifreeze products for engine coolants. In addition, it customs blend recycled antifreeze to customer specifications. It formulates a universal recycled, heating, ventilating and air conditioning (HVAC) coolant for HVAC fluids. Utilizing its fleet of collection/delivery trucks, the Company collects waste glycol from generators for recycling. It delivers Windshield Washer Fluid product into same store and new store customers as a non-recycled product.
A glance at Glyeco Inc. (OTCMKTS:GLYE)’s key stats reveals a current market capitalization of 38.19 Million based on 8.77 Million shares outstanding and a price at last close of $126.39 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2016-02-26, Wynnefield picked up 9,561,034 at a purchase price of $0.08. This brings their total holding to 15,261,361 as of the date of the filing.
On the sell side, the most recent transaction saw Amato unload 130,000 shares at a sale price of $0.44. This brings their total holding to 6,303,115.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Glyeco Inc. (OTCMKTS:GLYE) as things move forward to see if its progress aligns with these transactions.
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