The first day of Advanced Battery Technologies, Inc. (PINK:ABAT
, ABAT message board
) on the OTC Pink tier didn't go too well, although it could have been much worse.
So far today, ABAT is still holding near yesterday's close at 41 cents per share. The drop was a 58.06% hit for shareholders of ABAT, who had already lost a lot when ABAT was quoted on the NASDAQ.
Nevertheless, there is still a long way down to rock bottom, and yesterday's session showed traders aren't willing to see ABAT in triple zeroes just yet.
A letter form Zhiguo Fu, Chairman of ABAT, was published on Nov. 28. In the letter the Chairman maintains that ABAT is not at fault in the situation, and they were the victim of "a group of short sellers."
In the letter Mr. Fu also states that the NASDAQ "chose to abet this conduct." He claims that NASDAQ required "an extraordinary level of confirmation" from ABAT's banks.
There is still some chance Mr. Fu could be right, but at this point the market doesn't seem to buy the story. As already stated, however, it is not ready to have ABAT hit the bottom, either. The situation is still precarious and it's not clear how it will turn out eventually.