Expion360 stock skyrockets in active trading after exclusive lithium battery supply deal

Shares of Expion360 Inc.
XPON,
+139.19%
rocketed 154.5% in very active midday trading Friday, enough to make them the biggest gainers listed on major U.S. exchanges, after the maker of lithium batteries for recreational vehicles and the marine industry announced an exclusive supply agreement. Trading volume ballooned to 34.2 million shares, compared with the full-day average over the past 30 days of about 209,900 shares. Expion360 said late Thursday that it has been selected as the exclusive supplier of high-energy lithium ion batteries for “an overland trailer to be branded and sold by a top U.S. sports utility vehicle manufacturer.” The company expects to begin shipping batteries to the trailer maker in the first quarter of 2023, with the trailer expected to be available for purchase early next year. Financial terms were not disclosed. The stock’s rally comes two days after it closed at a record low of 97 cents. The stock, which went public April 1, 2022 after the initial public offering priced at $7 a share, has now rallied 26.8% over the past three months, while the Renaissance IPO ETF
IPO,
-1.22%
has dropped 14.6% and the S&P 500
SPX,
+0.59%
has gained 3.7%.