Rectitude Holdings Stock Drops 9% Despite Regional Energy Storage Partnership

(RTTNews) - Rectitude Holdings Ltd. (RECT) shares fell 9.19 percent to $3.16, down $0.32 in Monday trading, even after the Singapore-based safety and industrial products provider announced a new partnership with Pansik Technology Pte Ltd. to promote its Super Sun Energy Storage System across Southeast Asia, Australia, and the Middle East.

Rectitude traded between $2.82 and $4.45 after opening at $4.25, compared with a previous close of $3.48. Volume rose to 18.92 million shares, sharply above the average of 11,223. The stock's 52-week range is $2.78 to $7.68.

Under the agreement, Pansik will serve as a rental and leasing partner for Rectitude's AIMS Series and portable power station products, with an initial purchase of about SGD $2.3 million in energy storage equipment over the next two months.