These days, stock price of Convergence Ethanol, Inc. (PINK:CETH)
is wandering up and down with no particular explanation.
Despite the fact that it rose up 7.22% last Thursday, on Friday it fell down 17.62% on an increasing traded volume. The question is what's next today?
Apparently, CETH is trying hard to get back on track, this time by promotions. The campaign dates from Friday, though the stock might still have the chance to move up this week.
In any case, it seems that it's only promotions that could pump up CETH right now as any recent news on the company is presently missing.
The last announcement by Convergence was released on April 24, when the company reported that it has engaged a PCAOB registered accounting firm to begin financial audit process. The current status of CETH is "OTC Pink Limited Information" and it aims to become a fully reporting company.
Convergence Ethanol, Inc. is focused on supporting the energy industry's production of cleaner burning fuels, through the development of profitable, bio-renewable energy projects and through the engineering, fabrication and sale of environmentally focused systems and equipment. In March, the company filed its unaudited annual results for the period ended December 31, 2011. Though, they were disappointing.
According to the report, cash and cash equivalents totaled zero, net loss pointed $(.01) per share, and retained deficit remained over $22 million.
Judging by these numbers, obviously Convergence is not in its best shape and no one can predict if and when it's going to get profitable.