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.
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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