Sunedison Inc (OTCMKTS:SUNEQ) shares were down 3.83% on Friday to $0.0880 but rebounded 2.95% to $0.0906 in after-hours trading. Share prices have been trading in a 52-week range of $0.04 to $0.68. The company has a market cap of $27.89 million at 316.94 million shares outstanding.
It’s no secret that Sunedison Inc has been bogged down by its Chapter 11 bankruptcy process for the past few months. Even common Q shares have been on the decline, indicating that investors have been losing a lot of confidence in the company.
Now, the company operates through Renewable Energy Development, TerraForm Power, and TerraForm Global segments. For now, there are debates on the valuation of YieldCos Terraform Power and Terraform Global assets so shareholders are waiting with bated breath to see if they might still end up with anything after the issues are resolved.
Looking at the three-month stock chart illustrates how Sunedison Inc shares have tumbled since peaking near $0.35. Volume was up then as shareholders likely rushed to liquidate their holdings. Since then, investor activity has declined while the share price continued to slump.
The long-term chart also indicates that there is still some downside left, possibly until the $0.05 level or its 52-week lows at $0.04. In October, Sunedison Inc was reportedly under investigation by the US Securities and Exchange Commission that was accompanied by a subpoena seeking emails and other electronic communications sent or received by current and former directors of the company and of TerraForm Power, Inc. and TerraForm Global.
By the looks of it, there seems to be no way for Sunedison Inc shares to recover from here as the investigations could shed some light on the matter but not prevent the company from paying off its debt obligations. Creditors have alleged that, in addition to lack of corporate-level financial data, there is not much verifiable information on what has been going on with the solar power company.
Sunedison Inc is a renewable energy development company that develops, finances, installs, owns and operates renewable power plants, and delivers electricity to its residential, commercial, government and utility customers. It also provides customers with asset management, operations and maintenance, monitoring and reporting services.
The company’s asset management services include billing and reporting, finance and accounting, tax and audit services, vendor management and warranty claims management. Aside from all that, Sunedison Inc maintains a database of system performance and product information for its own products, as well as third-party components. It offers SunEdison Connect, a web-based software application that gives access to data and services via an online monitoring portal. Its operations and maintenance services cover all electrical and mechanical components, including arrays, inverters, trackers, combiners, racking and wiring.