Companies have to crawl before they can walk, and those initial years of hunting down investors who share their dreams and goals can be hard ones.
But all the waiting and negotiating has paid off for Worcester, Mass.-based Vystar Corporation, (OTC:VYST), on word it has caught on yet again with a major investor, one who provided the firm with funds before.
The company, which provides a family of eco-friendly brands including Vytex Natural Rubber Latex and RxAir air purification products, announced Thursday that FirstFire Global Opportunities Fund, an institutional investor who previously provided funding to Vystar, has invested $200,000 in Vystar at $0.15 per restricted common share, a 250% premium to Wednesday’s market close.
FirstFire may now take part in any of VYST’s upcoming investment rounds in an amount up to $200,000 on the same terms Vystar offers to other investors for the next nine months.
According to CEO Steve Rotman, "It is almost unheard of for an OTC company -- and an exciting, positive development for Vystar -- to have a lender retire a convertible note and then become an institutional investor on favorable terms.
"We are pleased to have such a vote of confidence and FirstFire’s support to help us move forward."
Shares in VYST galloped 1.77 cents, or 28.5%, early Thursday afternoon, to 7.99 cents, on skyrocketing volume of 32.9 million shares.
