lost 8.10% on its price, traded volume of CSGH jumped over 374,000 shares during the day. That’s a phenomenal value for the stock, as its average volume hardly totals 59 thousand shares.What’s behind the story then? It looks like the investors are not much enthusiastic about the stock and they have started to sell intensively.
China Sun Group has not released much news on its business recently, though, the company has been trying hard to pump up itself. Historical data shows that over the last months CSGH has been regularly promoted by websites like ShamrockStocks.com and Stockguru.com, but the promotions haven’t reflected much on the stock.[BANNER]
Last week the company reported it has entered into a definitive agreement with an institutional investor to provide it with up to $15 million in equity financing, via periodic sales of common stock over a 12 month-period. Though the financing announcement, the price of the stock continued to fall.
China Sun Group High-Tech Co. produces anode materials used in lithium ion batteries. The company has not published any news on its activities for about a year, though, there are some optimistic press releases on other Internet sources.
According to its quarterly report, CSGH has improved its revenue and gross profit as compared to the previous period, however its expenses and operating loss have also increased. The company has more assets than liabilities, though its stockholders’ equity has got higher.
Presently, China Sun Group believes to have sufficient cash to meet its capital needs, though the company continues to rely on additional financing and investment agreements.
