Terra Tech Corp (OTCMKTS:TRTC) Pauses After Much-Needed Recovery
After an abysmal streak that pushed Terra Tech Corp (OTCMKTS:TRTC) to some unsettling new lows, the stock managed to bounce back and doubled in price over the course of two weeks. The green streak was cut off by a red close yesterday. TRTC ended up 3.8% down by the closing bell on its heaviest volume for the year so far.
The company went back to a more aggressive PR approach, pushing out a steady stream of news releases. The first day of the bounce coincided with one of those, informing that even more LA dispensaries now sell TRTC‘s IVXX line of products. This was hardly the trigger for the reversal as this sort of announcement was met with indifference in the past.
The news was followed by a release informing Edible Garden – the entity making virtually all of TRTC‘s revenues before the IVXX and lab launch – will now be selling its fresh leafy veggies in over 120 new retail stores. This is indeed good news and no doubt helped the price. The recovery was a nice breath of fresh air and the percentile move was significant. It remains to be seen whether TRTC can hold its gains or will shamble back down.
The company’s filings feed recently filled up with a batch of Form 4 submissions. It’s the time of year when TRTC is paying directors and officers their stock-based compensation. While the Van de Vrede family who run the business of Edible Garden as well as director Michael Nahass received far humbler sums, CFO Michael C James was awarded a delectable $404 thousand in stock for services rendered, with a bonus added in the sum. James received 450,000 common shares and 800,000 Series B preferred shares that convert in 5.3 shares of common stock each.
Curiously, all the stock-based compensation transactions took place on the day when TRTC hit its 52-week low.