CN Energy (CNEY) stock was on a wild ride Monday after the manufacturer and supplier of wood-based activated carbon announced a new platform launch from subsidiary Pathenbot. This subsidiary has launched its robotics solutions platform alongside an official website for the platform. This marks the next step in the company’s intelligent robotics initiatives.
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CN Energy noted that Pathenbot plans to capitalize on the increased demand for intelligent automation in North America. It will do so through its customizable intelligent robotics products and related automation services. This will see it target small and medium-sized industrial, logistics, and catering businesses in the region.
CN Energy CEO Wenhua Liu said, “We are pleased to announce the launch of PATHENBOT’s robotics solutions platform and official website, which reflect our continued efforts to advance the Company’s strategic initiatives and support our broader growth plans.”
CN Energy Stock Movement Today
CN Energy stock initially soared nearly 50% in pre-market trading on Monday before giving up those gains. The stock is now down 5.15%, following a 4.68% rally yesterday. The shares have also fallen 81.54% year-to-date and 82.47% over the past 12 months.
The CNEY stock volatility today came with heavy trading of the shares. This had more than 30 million units traded as of this writing, compared to a three-month daily average of about 20,000 shares.
The extreme volatility and increased trading activity highlight the dangers of investing in penny stocks such as CNEY, as they can leave traders seeing red with their intense movements.
