lost 5.09% on the market, while its traded volume remained over 275 thousand shares.But what has caused the sudden price fall? Looks like the most reasonable explanation on the current loss appears to be the lack of news on Ecosphere’s activities.
According to the records, the company has not published any announcements on its business since end-September, when ESPH reported it was to exhibit at Eagle Ford Developing Unconventional Gas conference at the beginning of October.
Aaron Horn, President of Ecosphere Energy Services, was excited about the conference and said: “We look forward to sharing very recent bacteria and scale test result data with our current and prospective energy customers.” However, by now no further information on the issue can be found.[BANNER]
Ecosphere Technologies, Inc. is a diversified water engineering and environmental services company. In June-July this year, ESPH used to trade approximately 3 times higher than now, though after that the price moved down.
At the beginning of this month, the stock entered into a new uptrend, however, it was broken yesterday. Historical data shows that over the last two months, Ecosphere has been promoted quite often, though the promotions couldn’t support the stock price much.
Apart from the promotions, the company reported increased revenues, however, its liabilities have also increased significantly, as well as its operating loss. At the same time, cash and cash equivalents of ESPH have decreased.
As Ecosphere had working capital deficiency of over $4 million and its outstanding convertible preferred stock totaled about $4 million, the company’s management team stated there was a substantial doubt about its ability to continue operations.
