search icon
      blog search icon

      Tantech Holdings Ltd (TANH) Plummets in the After hours. Reasons? - Stocks Telegraph

      By Gule Rukhsar

      Published on

      December 2, 2021

      6:45 AM UTC

      Tantech Holdings Ltd (TANH) Plummets in the After hours. Reasons? - Stocks Telegraph

      Tantech Holdings Ltd (TANH) shares fell hard by 43.80% in the aftermarket, at $0.8430 after it reached $1.5000 at the close on December 01. In regular trading, the stock gained 51.53% or $0.5101 at an active volume of 10.96 million. While in the after-hours, 2.23 million shares exchanged hands to bring it down by $0.66. Intraday trading the stock saw a range of $0.9200 to $1.5699. While it fluctuated between $0.5998 and $2.3700 over the past 52 weeks. In the last five trading sessions, the stock gained 62.87% and 111.27% last month. Further, the TANH stock has gained a value of 8.70% year to date and lost 19.35% in the past one year. Currently, the stock trades at a market capital of $42.44 million with its 42.87 million shares outstanding.

      The after-hours’ descent in the stock while partly can be attributed to market corrections, was also driven by the company’s public offering.

      Founded in 2010, Tantech Holdings Ltd (TANH) develops and manufactures bamboo-based charcoal products.

      TANH Stock Timeline

      The TANH stock traded heavily in its previous market session at 1,598% of its average 65-day shares exchanging hands. In Wednesday’s session, the stock reached a high of $1.57 after more than seven months, gaining over 51%. Both external and internal factors can be deemed responsible for the stock’s gain on Wednesday. Stock sentiments and the company’s recent announcement of its subsidiary’s RMB 50 million factoring agreement. While the gain in itself was a reason for the stock to enter market corrections and fall in the after hours. The company’s announcement of underwritten public offering also fueled the stock’s fall, leading it to reach even below its opening value on Wednesday.

      The Public Offering

      On December 01, Tantech Holdings Ltd (TANH) announced its proposed underwritten public offering. According to the announcement, the sole book-running manager of the offering is Aegis Capital Corp. Further, the company intends to use the net proceeds of the offering for working capital and other business opportunities, etc. The actual size, terms, and completion of the offering are not disclosed yet and are subject to market conditions.

      TANH’s Financials

      On October 22, Tantech Holdings Ltd (TANH) announced its financial results for the six months ended June 30, 2021. For the first six months of 2021, the revenue was $20.6 million compared to $22.9 million from the year-ago period.

      Moreover, the company reported a net loss of $6.6 million or $0.18 per basic and diluted share for the six months ended June 30, 2021. While the first six months of 2020 saw a net income of $1.2 million or earnings per share of $0.04.

      More From Stocks telegraph