Shares of AFC Energy (LON: AFC) today fell 5% extending the downtrend that has been in place for the past few weeks.
There was no news catalyst behind today’s decline as the hydrogen power company has not communicated with investors since releasing its interim results for the 6 months ended 30th April 2020, on 24th July 2020.
Long term investors in the company are frustrated by the lack of regular communications from the company, which has contributed to its recent decline.
The latest announcements from the company include its recent partnership with Extreme E to produce hydrogen-powered cars for the Formula E championship, which features electric-powered vehicles.
AFC energy also raised £31.6 million via a share offering in June that was oversubscribed.
The company is yet to generate a profit having reported a £2.1million loss in the half-year ended 30th April.
AFC Energy shares have been on a sustained downtrend since hitting an all-time high of 38.80p on 19th February 2020.
The company faces stiff competition from Logan Energy, ITM Power and many others.
AFC Energy share price
AFC Energy shares fell 5% today to trade at 18.70p having closed yesterday’s session trading at 19.68p.