Shares of Appliance Recycling Centers of America (NASDAQ: ARCI) opened up about 80% at $8.50 today reaching a new 52-week high as its subsidiary GeoTraq announced the transition from GSM to LTE-M/NB-IoT connectivity, creating a new class of Mobile IoT modules. After hitting the upper circuit within few minutes of market opening, trading of ARCI was halted for a while.
GeoTraq is developing a Tracker-Module for asset tracking and location-based services, along with a Sensor-Module used for remote monitoring.
GeoTraq designs wireless modules to connect devices to the Mobile Internet of Things (IoT). The company’s modules contain location-based service (LBS) capabilities and can interface to external sensors to allow them to communicate both sensor status and position information.
GeoTraq believes there is a large under-served opportunity for “Simple IoT” solutions that significantly reduce the complexity, cycle time and cost of deploying LBS and sensor monitoring solutions.
GeoTraq engineers are currently testing prototypes of the new modules. The company will be exhibiting at Internet of Things World event during May 14-16 in Santa Clara, CA and expects submission for regulatory certification this summer.
According to GSMA, mobile IoT coverage is expected to reach approximately 93% of the world’s largest IoT markets by Q2 2019.
In January 2019, the GeoTraq Board of Directors terminated the employment of former CEO Gregg Sullivan and appointed Pierre Parent as General Manager of GeoTraq, who previously served as GeoTraq’s Interim Chief Technology Officer.
As of 10:15 AM ET today, the ARCI stock had jumped about 250% since the beginning of 2019 and about 105% in the past 12 months.