When Sunergy Inc (PINK:SNEY) filed a notification of late filing for its annual 2010 report, a few investors believed that the company would indeed submit the document within the prescribed time. The company had already performed that trick last year with regard to its 2009 report and the latter never showed up.
However, this time could have been different. Yet, no report has been filed so far, hence the caveat emptor status of SNEY on the OTC market.
Nevertheless, SNEY’s ‘dark’ reporting status has not been a major obstacle to its performance on the stock market. Last Wednesday, it jumped 20% to close at $0.018 per share. The generated volume hit 26 million, marking an eight-fold increase over the daily average trading volume. Yesterday, the trend continued as SNEY stock gained further 9% up to $0.196, maintaining a relatively high volume of 20 million.
Since no promotional campaigns appear to have recently raised awareness for SNEY stock, yesterday’s price surge might be attributed to the corporate update which popped up prior to the beginning of the session. It tackled the appointment of a CPA audit firm owner who had now joined SNEY’s BoD. Moreover, he was reported to have taken charge of the audit committee. The person in question has 34 years of accounting experience and is named Mark Shelley.
As it seems, Shelley’s appointment suggests that the company might really intend to go transparent in the foreseeable future. Provided that SNEY manages to file a decent 2010 report, it will stand a very good chance of finding its way up the market hierarchy in quest for getting a higher OTC rank.
