Solar Power Inc (OTC:SOPW) went up 15% yesterday, which as compared to what other pink sheets did yesterday, is quite a good performance.
As soon as yesterday’s trading session came to an end, SOPW stock had already added more than 15% to its value, thus closing at its Jun 8 level of $0.44 per share. Nothing interesting so far. However, the six-cent price surge triggered such a huge spike in volume that 250 thousand SOPW shares changed hands, marking both a considerable improvement over the previous day and a giant increase as compared to the daily average trading volume of 70K.
If we assume that the OTC market is primarily driven by press releases and/or paid promotional activities, SOPW should have made a drastic move on Jun 13, rather than yesterday. It is on this very date that the latest company-related news saw the light of day. An official press release revealed that SOPW had now entered into a 300 megawatt agreement with a third enterprise for the provision of engineering, procurement and construction (EPC) services, as well as operations and maintenance (Q&M) services.
SOPW describes itself as a leading photovoltaic solar energy provider focused on developing a proprietary brand of high-quality solar energy facilities. The company is a regular SEC filer, which is why it currently occupies the premier OTCQB market tier.
Last month, SOPW published its latest 10-Q report. Covering the quarterly period ended Mar. 31, 2011, the unaudited balance sheet contained:
- $26.3 million in cash;
- working capital surplus of $38.4 million;
- $5.5 million in net sales;
- net loss of $1.74 million.
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