China BAK (CBAK) Crashes as Rumor Debunked
Tweet
Share
E-mail
Shares of China BAK Battery (NASDAQ: CBAK) are giving back some of yesterday's 65% gains as rumors of a supply deal with Kandi prove false.
Rumors in the market Wednesday suggested that China BAK was supplying batteries for Kandi (Nasdaq: KNDI)/Geely Auto's co-developed electric sedan, which recently gained approval by Ministry of Industry and Information Technology of the People's Republic of China. The rumors, however, are dead wrong.
In an e-mail to blogger Richard Pearson Thursday, Kandi IR said "it doesn't have any relationship with China BAK Battery, Inc. (CBAK)."
Person sees the stock ultimately being de-listed and become worhless. "With the rumor now fully debunked, this stock will quickly find its way back towards zero. Even a cursory read of its business and financials demonstrates that there is no way for ChinaBak to recover," he said.
Shares of CBAK are down 14.8% mid-day to $1.21.
Rumors in the market Wednesday suggested that China BAK was supplying batteries for Kandi (Nasdaq: KNDI)/Geely Auto's co-developed electric sedan, which recently gained approval by Ministry of Industry and Information Technology of the People's Republic of China. The rumors, however, are dead wrong.
In an e-mail to blogger Richard Pearson Thursday, Kandi IR said "it doesn't have any relationship with China BAK Battery, Inc. (CBAK)."
Person sees the stock ultimately being de-listed and become worhless. "With the rumor now fully debunked, this stock will quickly find its way back towards zero. Even a cursory read of its business and financials demonstrates that there is no way for ChinaBak to recover," he said.
Shares of CBAK are down 14.8% mid-day to $1.21.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- ByteDance Prefers TikTok Shutdown in US if Legal Options Fail - Reuters
- Cleveland Cliffs CEO Lourenco Goncalves on US Steel-Nippon Deal: The Deal Will Fail - CNBC Interview
- Paramount Global (PARA) and Skydance are closer to a merger - CNBC
Create E-mail Alert Related Categories
Insiders' Blog, Rumors, Trader TalkSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
