Shares of EQTEC PLC (LON: EQT) have fallen 51.1% in 2021 and appear to have bottomed, given that they have been trading sideways since mid-July. So what’s next for the company?
Today, the waste gasification company announced that it had extended the deadline to acquire a waste management project in Southport up to 30 September 2021. The extension was driven mainly by COVID-19 related delays.
Eqtec shares barely moved today as the markets ignored the project extension, leaving the waste to the energy company’s shares.
The company had paid Rotunda £100,000 to secure exclusive rights to buy the Southport Hybrid Energy Park project. Despite the extension, Eqtec still expects to acquire the project in future fully.
Eqtec said: “Despite best efforts by all parties to conclude the acquisition before the end of the option period, an unanticipated Covid-19 related delay occurred, and this has led to the mutually agreed extension to the option period to 30 September 2021.”
The waste gasification company noted that it had agreed on all the commercial terms and was in the legal process’s final stages, which it should complete in the next few weeks.
Investors interested in purchasing Eqtec shares may find current prices quite attractive. Still, they should be aware that we could quickly get a further decline as nothing is guaranteed in the markers.
*This is not investment advice.
Eqtec share price.
Eqtec shares are down 51.16% this year but could have bottomed given the sideways trading range. What’s next?
Should you invest in Eqtec shares?
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