Microcap Movers for Thursday December 1, 2011
Below are highlights from Benzinga's daily coverage of microcap securities. Benzinga provides comprehensive, objective, and conflict-free coverage of the microcap sector in real-time at BenzingaSmallCap.com.
Shares of Evergreen Energy (NYSE: EEE) fell 35% Thursday, after it was announced that company shares will be delisted by the NYSE and begin trading on the pink sheets. Shares were halted this afternoon at 2:38 pm and resumed trading at 3:15 pm, spiking sharply lower.
Also today, Hudson Bay reported taking a 4.99% passive stake in Evergreen.
Shares of Evergreen Energy traded in a range of $0.22 to $0.36 Thursday on 4.75 times the average daily volume, closing at $0.22
Cano Petroleum (NYSE: CFW), the Irving, TX independent oil and gas company, rose 128% today on 9 times the average daily volume. On Wednesday, Cano announced that it received a letter from NYSE Amex LLC indicating that the timely filing of Cano's Form 10-Q for the period ended September 30, 2011 is a condition for Cano's continued listing on the Exchange, as required by Sections 134 and 1101 of the Exchange's Company Guide. Further, Cano's failure to timely file this report is a material violation of Cano's listing agreement with the Exchange and therefore, pursuant to Section 1003(d) of the Company Guide, the Exchange is authorized to suspend and remove Cano's securities from the Exchange unless action is taken to bring the Company into compliance with Sections 134 and 1101 of the Company Guide by no later than February 20, 2012.
On Thursday, Cano announced that it was unable to file its quarterly report on Form 10-Q for the quarter ended September 30, 2011 within the time frame previously announced in its press release on November 22, 2011 due to unforeseen delays. Cano estimates that it will file its quarterly report on or about December 12, 2011.
Cano Shares traded in a range of $0.06 to $0.15 on Thursday and closed at $0.14.
Shares of BioFuel Energy (NASDAQ: BIOF) the Denver, CO ethanol producer, rose 22% Thursday on hopes Congress would extend the 45-cent per gallon tax credit given to the ethanol industry for blending ethanol into gasoline. The tax credit expires on December 31. Ethanol producers would lose 25 to 30 cents per gallon on operating profits, without the subsidy.
BioFuel Energy traded in a range of $0.52 to $0.69 Thursday on 2.5 times the average daily volume, and closed at $0.65.
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