RiT Technologies (RITT) Up 330% This Week

Shares of RiT Technologies Ltd. (NASDAQ:RITT) are having crazy run up since this Monday. On Monday the stock gapped up and soared 164% to close at $4.60 on hefty volume. The stock has jumped over 330% so far this week since Monday. Once again, today the stock is trading higher by $1.80 or 32% to $7.401 after soaring to its 52-week high of $8.19. In September, the company made an announcement about the introduction of a new product for the datacenter environment: the SMART LC-MPO Cassette Panel. The high-density fiber optic patch panel is separated by its ability to be configured with PatchVie, RiT's advanced real-time intelligent infrastructure management solution. Also last month, the company entered into a private share purchase agreement with STINS COMAN. Under the agreement, STINS COMAN converted an outstanding loan of $1.5 million into 687,128 shares of RiT common stock for an average price of $2.214 per share. STINS COMAN is also the company's principal shareholder. RiT Technologies Ltd. develops intelligent physical layer management solutions for the control, utilization, and maintenance of networks worldwide. The company offers structured cabling products, including SMART Cabling System, an end-to-end network infrastructure solution that provides connectivity solutions for copper and fiber; and CLASSix, a cabling product line.
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