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
CPM Purchases Jacobs Global
Tilly Holzindustrie Building CHP Plant CPM, a leading provider of process equipment, engineered technologies and aftermarket parts and services, announced the acquisition of Jacobs Global, a supplier of aftermarket parts for hammermills and pellet mills. This...
CM Biomass Appoints Simon Plagborg CEO
CM Biomass Appoints Simon Plagborg CEOCM Biomass, one of the world’s largest suppliers of wood pellets and biomass with operations across North American and Europe, has appointed Simon Plagborg as its new CEO, effective January 6. Plagborg replaces interim CEO, Ask...
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.