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
Active Energy Appoints Interim CFO
Active Energy, an international biomass based renewable energy business, is pleased to announce that Michelle Fagan has, as of November 23, 2022, been appointed as interim Chief Financial Officer and joined the Company’s senior management team. Fagan’s role will initially be in a non-Board capacity…
Bayou Fuels Projects Promotes Carbon Savings
Velocys plc, a sustainable fuels technology company, announced that its proposed facility Bayou Fuels in Natchez, Miss. has been re-optimized for maximum decarbonization to a negative carbon intensity of -375g CO2e/MJ (previously -144g CO2e/MJ), abating…
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.