SkyPeople's Turbulent Summer Flight Continues
The incredible summer volatility in Skypeople Fruit Juice Inc (NASDAQ: SPU) has spilled over into September, as shares of the Chinese fruit juice company were surging more than 13.5 percent in early Friday trading.
Incredibly, SkyPeople’s stock is now up 557.1 percent in the past three months of trading. The big move higher happened in July, but the reasons behind the move are a bit unclear. The company claims that the buying volume came on rumors that Future World Group would make a bid for SkyPeople.
Whatever the reason, the thinly-traded stock soared as high as $20.95 by late July before pulling back to as low as $5.92 by late August.
After once again spiking to a high of $10.25 in pre-market trading on August 30, the stock initially plummeted to $8.80 after the release of a GeoInvesting report discussing a potential deal between a SkyPeople subsidiary and a Chinese State-Owned Enterprise (SOE) that would value SkyPeople’s shares at about $25.
The media initially reported the news as negative. When GeoInvesting corrected the reports, the stock shot up 40 percent on August 31.
To add to all the uncertainty surrounding the stock, the SEC sent a Notice of Delisting to SkyPeople back on August 19 for its failure to file its form 10-Q on time. The SEC gave SkyPeople until September 1 to produce a plan for filing their 10-Q before risking a de-listing from the NASDAQ. So far, the company has still not filed its 10-Q.
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