BlueFire Equipment Corporation (OTCMKTS: BLFR) stock has taken the market by storm. As a stock that remained mostly overlooked for the last 5 years, without relative change, its price jump of 138% in a single day made it the talk of the town.
BlueFire Equipment is a US-based company that specializes in the manufacture of high-end drilling equipment which is used in the exploration, and subsequent production of crude oil and natural gas. Its specialist technology involves polycrystalline diamond cutting drill bits, which allows for efficient drilling.
In the last few years, the outlook for the company had been dismal, given its poor management, and overwhelming debt. As a result of the low confidence in BLFR, the stock had plummeted severely from its all-time high of $0.77 in 2013, to $0.006 until just last year.
Since then, however, the stock has made a tremendous turnaround in 2022. Discussions of a possible restructure have been in the pipeline for some time, which have brought up hopes for a possible BlueFire re-emergence.
Yesterday, however, BLFR dropped bombshell news after which its share price saw explosive growth, shooting up from $0.017 to $0.079 in the premarket hours, indicating an almost 500% jump. As trading resumed on Thursday, this had stabilized at $0.040 per share, bringing growth down to an impressive 138%.
The company confirmed the news of its restructuring in the form of a triangular merger and a new management team on board. This would restart the course for the failing company. Even more incredible was the declaration that BlueFire Equipment (BLFR) had officially attained debt-free status. The update brought much-needed confidence amongst market participants, who had rallied BLFR price as a result.