At the end of last week, Grubb & Ellis Co. (PINK:GRBE) share price dropped to a new low for the past 52-weeks at $0.06. After that GRBE was raised up again, but its recovery from the long-term downtrend seems under question as the expected funding news has not come out yet. 
Yesterday, GRBE jumped 11.43% at market close and closed the session at $0.078, while the trading activity was higher than the daily average with 1.35 million traded shares. The trading volume is increasing this week, however, technical signals that GRBE would now reverse the downtrend do not seem that strong.
There is no news currently to make the stock look attractive, at least no positive news. At the beginning of the month, the NYSE suspended the trading of GRBE common stock and commenced the process of delisting the company’s shares. The review of the issue is still pending and until a final decision is taken the company will be trading on the OTCQB Marketplace under the symbol GRBE.
As it is to be expected, Grubb & Ellis financial condition is far from satisfactory. As of end-September 2011, GRBE had enough cash to meet its urgent capital needs, but long-term its liquidity is not certain. More than half of the company’s total assets are intangible, while it has long-term debts of almost $65 million, the largest part of which due under convertible notes.
In the middle of this month, GRBE said that it had signed an agreement with BGC Partners, L.P. pursuant to which BGC would try to secure any debt or equity financing for the company. The term of the contract ends on January 31, 2012, and there is still no news on that matter.
