News / Finance
(NASDAQ:SNEN) Is Today’s Top Percentage Gainer
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Sinoenergy Corporation (NASDAQ:SNEN) today’s top morning mover and rallied over 44% to $1.86 on massive volume of 550K shares on the news that it has entered into an agreement with Skywide Capital Management Limited, pursuant to which the Company will be merged with and into Skywide. Upon the effectiveness of the merger, each issued and outstanding share of the Company's common stock, other than shares owned by Skywide, will automatically be converted into the right to receive $1.90 per share. Skywide, which is owned by the Company's Chairman, Mr. Tianzhou Deng, and its President. As a result of the merger, the Company will cease to exist as a separate corporation, and its common stock will no longer be publicly traded.
Sinoenergy Corporation (Sinoenergy), is engaged in designing, manufacturing and marketing of pressurized containers for compressed natural gas (CNG). The Company operates in four segments: the manufacture of customized pressure containers and CNG facilities and equipment, the manufacture of CNG storage and transportation products and the construction of CNG stations for third parties, the operation of CNG filling stations, which involves the design, construction and operation of CNG stations and vehicle fuel conversion equipment, which involves the manufacture of kits, which are used to enable a gasoline-powered vehicle to operate using CNG.
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