The lack of current financial reports of Sunergy imply that the main reasons for the increased demand for SNEY shares since this September have probably nothing to do with the company’s mining business, which according to the latest available public data has never made a revenue or a profit.
It looks like traders’ concerns were related to the small number of shares outstanding. No recent equity investments in the company have been announced this year, but the problem has been resolved through a one-for-ten forward stock split this August. The share price fell sharply on the news that Sunergy has now 946 million shares outstanding, but the additional supply did not have only visual effects on SNEY stock chart.
It has also improved the promoters’ success. In the middle of this month, the latest and most successful promotions for SNEY reached enormous trading volumes. Yesterday, SNEY stock proved once again that there is more room for the shares’ market to expand. 67.8 million shares were traded and the share price surged 75% up to close at $0.0056.
At the same time, Sunergy gold property expansion plans are also much better accepted by the market these days. On Monday, the next update informed that substantial rare earth elements are contained in the Sierra Leone concession that the company plans to acquire. The planned acquisition has been announced in the middle of September as a letter of intend. It is still not filed with the SEC, nor any kind of other related material events.
