BOSTON (TheStreet) -- Beacon Power( BCON) was one of several stocks trading below $5 poised to move on above-average volume Monday after the company said it stands to benefit from newly passed legislation in New York.
said it is a direct beneficiary of a newly passed law in New York that specifically exempts flywheel-based energy storage facilities of less than 80 megawatts (MW) from New York Public Service Commission (PSC) jurisdiction. Governor David Paterson signed the legislation into law on July 21.
"This law will benefit the people of New York by reducing unnecessary regulation on certain merchant-built energy storage facilities, thereby accelerating their deployment," said Judith Judson, Beacon Power Vice President of Asset Management and Market Development, in a statement.
Shares of Beacon Power closed Friday at 33.1 cents. The average daily share volume for Beacon Power is 899,000.
( VITA) jumped by 11 cents, or 5.9%, to $1.98 in the premarket session after the company said the Food and Drug Administration has givent he company approval for a new collagen processing facility in Pennsylvania. Orthovita will use the facility to process the purified form of collagen used in Vitagel, which controls bleeding during surgery. The average daily share volume for Orthovita is 655,000.
shares fell by 1.8 cents, or 4.3%, to 40.2 cents in the premarket session after the company announced a private offering of $4.06 million of securities to an accredited investor. The securities consist of 4,060 shares of preferred stock and warrants to purchase 5.8 million shares of common stock. The average daily share volume for Cell Therapeutics is 10 million.
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