Yesterday, OPTI Canada Inc. (TSE:OPC), (PINK:OPCDF) stock dropped the reins.
The drama was not the fact that the share price returned back by 13.95% between the sessions, but that this turning back was confirmed by almost 31 million shares changing hands.
For a lot of investors it is clear that OPC stock is not in “good shape” since months, but on yesterday’s price chart it was difficult to distinguish the red colored candlestick of the share price drop off from the red trading volume bar.
Yesterday, OPTI Canada Inc. released that the company’s President and CEO will present an overview of OPC at the Bank of America Merrill Lynch Credit Conference.
Looks like on the background of the overall indebtedness of the company, only mentioning the word “credit” caused a violent reaction among investors.
The last available official news from OPTI, not counting the reported at the end of last month not so positive financial results, are also related to the indebtedness of the company.[BANNER]
This August, OPTI announced the raising of funds through the issuance of new US$100 million face value 9.0% First Lien Senior Secured Notes, proceeds were also planned to be used in part for the repayment of some old debts.
Although last month OPTI Canada Inc. reported to be in compliance with the financial maintenance covenants, the fact remains that even with increased revenues the company is not able to cover its expenses.
Yesterday, OPC stock closed the market at $0.74 per share, valued by investors $0.07 higher than the 52-week lowest value.
