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.

Latest news

New From Tigercat: 6500 Chipper

New From Tigercat: 6500 ChipperTigercat has officially launched 6500 chipper after more than a year of successful field operations involving multiple retail units. The 6500 is a heavy-duty down-swing drum chipper designed for high production and maximum flexibility....

read more

Colorado Biomass Power Plant Set For Auction

Colorado Biomass Plant Set For Auction Eagle Valley Clean Energy in Gypsum, Colo. filed for bankruptcy in spring 2024, after the facility closed abruptly in November. Officials report an Illinois real state company has the leading bid to acquire the facility and will...

read more

Find Us On Social

Subscribe to Our Newsletter

Wood Bioenergy News Online hits the inboxes of subscribers in the wood-to-energy sectors.

Subscribe/Renew

Wood Bioenergy is published and delivered worldwide 6 times per year. Free to qualified readers in the U.S. Subscribers outside the U.S. are asked to pay a small fee.

Advertise

Complete the online form so we can direct you to the appropriate Sales Representative.