China Energy Postpones Stock Split
Thursday July 21, 11:04 am ET
China Energy Savings to Delay 2-For-1 Stock Split on Recent Share Price Decline
NEW YORK (AP) -- China Energy Savings Technology Inc., a Hong Kong-based maker of energy conservation products, said Thursday that due to the recent decline in its share price, the company will delay its 2-for-1 stock split.
Sun Li, chairman and CEO, said, "We are now entering our peak earnings season, as conservation efforts during the summer months in China, when energy usage is greatest, should result in our highest quarterly earnings ever. We intend to complete a forward stock split to improve liquidity for our shareholders at a time when market conditions for our stock better reflect the prospects for our business."
On July 6, when the company announced it would declare a 2-for-1 stock split, shares were trading in the upper-$9 range. However, after naming a new chief financial officer and director later this month, the company's shares fell about 5 percent.
The stock, which slid 9 cents to $9.11 in morning trading on the Nasdaq, is coming off a recent 52-week low of $7, and is down sharply from a high of $28 in mid-December.
Cash is King until further notice!!!
My comments on companies are usually my opinion of long term success (years). The PPS may go up or down greatly in the meantime depending on the number of greedy suckers with money.
