China Clean Energy, Inc. (PINK:CCGY) is China-based clean energy company. They report positive results and developments, but have been slowly losing value for a while.
Last Friday CCGY suddenly dropped 13.82%. After approximately 78 thousand shares had changed hands, CCGY closed at $0.655.
There were no filings or news on May 27 to expressly account for the decline. On May 23, however, the company filed a post-effective amendment on a form S-1.[BANNER]
With it, the company registered 8.4 million shares, including 2.2 million shares issued to investors in a private placement and 6.2 million shares issuable upon the exercise of warrants. It could potentially explain some decrease in the price, but it was filed 4 days before Friday and didn’t seem to affect the trade.
Other than that, CCGY’s latest financial report would suggest the company is doing very well:
- $17.7 million in cash and cash equivalents
- $24.9 million total current assets
- $10.6 million total current liabilities
- $18.9 million revenues
- $3.6 million income from operations
The report is unaudited, and there is the issue of Chinese companies reporting great results and then getting delisted or investigated, but if the numbers in the report are to be trusted the company would seem to be doing just fine.
