Within the last two weeks New Energy Technologies, Inc. (OTC:NENE) share price is rising up strongly. It looks like the latest announcements of the company, though controversial, have made some traders think that NENE has already reached the bottom and should start moving up.
The session yesterday closed at $2.25 for a share on a trading volume of nearly 178,000 traded shares. That closing price is a 10.29% increase from the previous day. Today’s session will show if NENE can stay in that higher trading range after following a strong downtrend that started at the beginning of the year.
At the beginning of the month, New Energy announced a ‘breakthrough’ technical achievement, at least according to the corresponding press release. As announced, NENE researchers that are working on the company’s Solar Window technology have managed to generate electricity on flexible plastic using NENE ‘spray-on’ coating methods. A few days later, and 8-K filing said that Mr. Andrew Farago has resigned as the Chief Operating Officer of the company.
If NENE has actually reached such a milestone in its development, that resignation would look weird, happening exactly in that important for the company moment. But as it seems, it did not prevent the share price from jumping up.
In the latest quarter report, New Energy technologies reports over $3 Million in cash and equivalents, an amount that the management believes to be sufficient to cover the operations through the end of August 2012. Yet, the company still has no products ready for commercial launch.
