Shares of recyclable activated carbon and renewable energy provider CN Energy Group (NASDAQ:CNEY) are tanking today after the company announced an underwritten securities public offering. CNEY plans to use the proceeds for general corporate purposes including working capital needs.
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Further, CNEY has also announced its fiscal 2022 numbers. Revenue jumped to $40.2 million from $19.8 million in the prior year. In sync, net income also surged 72% to $2.2 million. This resulted in the company’s EPS jumping to $0.10 from $0.02.
During the year, CNEY bolstered its presence in the food processing and pharmaceutical industries while also modernizing its production processes. Additionally, Zhejiang CN Energy New Materials, a subsidiary of CNEY, has bagged an order worth $0.956 million for the supply of wood-based activated carbon to a potable water producer.
The development marks the foray of CNEY into the drinkable water market. Of note, the company had notched a permit to sell to end consumers of the drinkable water market under its own brand names in October 2022.
Despite today’s decline, shares of the company have surged nearly 115% over the last five trading sessions.
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