Evergreen Energy Inc. (OTC:EVEI) used to be listed on the NYSE Arca under EEE, but since Friday it is an OTCBB stock. The market response was rather negative.
On Friday, EVEI closed down 30.91% at $0.152 on 2.7 million shares. The previous day, when the stock was still on the NYSE Arca but the news about the delisting was out, EVEI lost another 35.29%.
The reasons for the delisting tell some of the story of EVEI. Among others, the company failed to maintain a minimum net worth of $4 million.[BANNER]
NYSE Arca has concluded the financial condition of Evergreen Energy, Inc. is currently impaired to the degree which requires consideration of a suspension or delisting action.
The volume from Friday could have been bigger, but some traders say not all brokers had converted from EEE to EVEI on Friday.
In truth, the delisting shouldn’t directly impact EVEI’s operations, and if the company manages to deliver on the potential it claims it has, it may uplist one day. The latest quarterly showed EVEI was still losing money.
There is little certain about EVEI in the long run. For now, it may have some trouble settling on the OTC.
