An Arkansas company with interests in plastic trash can molding and plastics recycling has filed an initial public offering to be listed on the Nasdaq stock exchange.
Ecoark Holdings Inc. on Aug. 17 filed an S-3 form with the Securities and Exchange Commission in which it said it will offer up to $80 million in stock and warrants. It did not specify a date and share issue price in its filing. The company's stock has been traded over the counter.
Ecoark, based in Rogers, Ark., integrated into recycled resin earlier this year when its Pioneer Products LLC subsidiary acquired Sable Polymer Solutions LLC of Flowery Branch, Ga. Sable collects post-consumer and post-retail plastics and buys resins to make resin blends. Pioneer supplies the blends to outside molders, which produce the 45-gallon trash cans. Pioneer bought Sable because it wanted to control its supply of recycled resins and to possibly expand its product line beyond trash cans. Wal-Mart Stores Inc. is a major customer for the trash cans.
Other Ecoark subsidiaries also are in sustainability oriented businesses. Magnolia Solar Inc. uses nanotechnology to develop high-efficiency solar panels. Intelleflex markets a cloud-based data collection platform for protecting food quality. Eco3d provides plans that create accurate two-dimensional and three-dimensional documentation. Ecoark and its subsidiaries employ about 97.
In April, Ecoark raised more than $17 million in an equity offering. Its stated mission is “to expose the cycles of waste that reduce efficiency and cost effectiveness across the business landscape.”
In a prospectus filed in March, Ecoark stated it lost nearly $10.5 million on sales of $7.8 million in 2015. For the quarter ended March 31 it reported a net loss of $2.22 million on sales of $1.96 million. Ecoark was founded in 2011.