Premarket Action Heating Up After New Order Announcement

Premarket Action Heating Up After New Order Announcement

By: Tomas Ronolski - News

Tuesday, June 21, 2022

We love digging into some premarket action, especially the stocks that are coming off of a major price move. Whether it is the day following a large selloff or a great success, seeing stocks catch a bid following a major move is always exciting to us. This is exactly what happened this morning after it was announced that Tantech Holdings Ltd. (Nasdaq:TANH), through its subsidiary, Shangchi Automobile Co., Ltd., won a new 6 vehicle order, according to the release. The latest order for customized, high-end midibuses is expected to be delivered to the customer in Nigeria in July 2022.

Tantech Holdings Ltd manufactures bamboo charcoal-based products. The company through its subsidiaries is engaged in the production and distribution of household products along with trading business which involves the export of charcoal products. It also manufactures electric double-layer capacitors carbon materials and low emission barbecue charcoal. Its product portfolio includes air purifiers and humidifiers, underfloor humidity control, pillows and mattresses, wardrobe deodorizers, mousepads, and wrist mats, refrigerator deodorant, and charcoal toilet cleaner disks. Its segments are Consumer products, Electric vehicles, and Trading.

Traders appear to be extremely optimistic on this news as shares at the time of writing are bid up at $0.27/share (+7.36% implied open for sellers) as we get closer to the opening bell. This move would come just one session after the stock closed down at $0.2515/share (-6.85%), indicating a mean reversion play is potentially afoot.

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