As noon Eastern time approaches, there is no bigger mover on the Nasdaq exchange than SenesTech, Inc. (NADAQ:SNES), as traders cheer the possibility of the pest management company penetrating the California markets. Headquartered in Flagstaff, Arizona, Senestech is angling to get its products into the largest state market in the country.
According to today's news, the California Department of Pesticide Regulation has proposed to register SenesTech's ContraPest for use. The proposed action will now be posted for 30 days and with approval open ContraPest for marketing and sales activity across California.
ContraPest is designed to control rat populations by targeting reproductive capabilities in both males and females. The product can be used as part of a broader pest control program or as a standalone, non-lethal solution to control Norway and roof rats.
The company is planning on getting the approval for ContraPest and already booked space at upcoming regional trade shows in addition to advertising and prepping key opinion leaders on the product. "We have been preparing for a California launch for some months now, and will aggressively launch our prepared marketing and sales campaigns," said Tom Chesterman, EVP and CFO of SenesTech in today's statement.
Investors are apparently banking on big things, sending shares of SNES skyward by 62 cents, or 197.5%, to $0.94 as of noon EDT. That's the highest price for the struggling stock since January 12, when it hit its 2018 high of 97 cents.
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