Enviva Takes Huge Stock Price Hit
Enviva’s stock price, which has been falling all year from a high of $51 in January, sank to under a $1 a share after a new interim CEO delivered a sobering third-quarter earnings call that raised questions about the company’s viability, blaming unfavorable wood pellet pricing, problems at a plant in Virginia, higher interest expenses and other factors.
In its third quarter Security and Exchange Commission filing, Enviva cautioned that “these conditions and events in the aggregate raise substantial doubt regarding the company’s ability to continue as a going concern.”
As investors rushed for the exits, Bloomberg reported a one-day stock price drop of 79 percent. Interim CEO Glenn Nunziata (Enviva’s chief financial officer taking on the interim role) said the organization is urgently moving to “execute a multifaceted transformation plan.” He added that executives would be reviewing the company’s contracts and debt.
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Enviva reports that civil work continues at the new wood pellet production plant project in Lucedale, Miss. and at the new deep-water marine terminal in Pascagoula, Miss. Enviva expects the construction of the Lucedale plant and the Pacagoula terminal to be completed during mid-year 2021…
E-EUBCE 2020 Available Now
Despite the travel restrictions and the pandemic, the 28th European Biomass Conference and Exhibition continued in a virtual format. Over four days more than 1,550 experts from research, industry and institutions spread across 87 countries, contributed to the success of the first-ever fully virtual biomass conference and exhibition, providing more than 540 presentations and moderating a total of 65 webinar sessions…
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