PyroGenesis Canada Inc (CVE:PYR) (OTCQB:PYRNF) told investors on Monday afternoon that all its projects were on track and that there were "no undisclosed" events to warrant the share price movement earlier in the day.
Shares in the high tech group, which is focused on advanced plasma processes and products, dropped around 14% in Toronto to C$4.59 before heading back up to C$4.83 - down 9% on the day.
READ: the firm said it wanted to 'reassure' investors that all its projects, including military, tunneling, drosrite, pelletization, and PUREVAP were "on track".
In a brief statement, the firm said it wanted to "reassure" investors that all its projects, including military, tunneling, drosrite, pelletization, and PUREVAP were "on track."
"I just wanted to take the time to reassure investors that the precipitous decline in stock price today cannot be explained by any undisclosed developments at the company,” said P Peter Pascali, CEO and president of PyroGenesis.
"To the contrary, all of our projects are moving ahead and are closer to completion than before. The potential contracts previously announced are not in jeopardy and are moving ahead.
"Regretfully, to those looking from the outside, it always seems to take longer than expected, however, nothing can be further from the truth and, in certain instances, are proceeding with lightning speed particularly given the entities we are talking to and the significance of the contracts under discussion," he added.
The firm also noted it did not usually opine on its stock price and trading activity but had done so due to the price fall, along with inquiries from investors.
On August 13, the group updated its third quarter and full-year 2020 earnings guidance, saying it has “confidence” in its yet-to-be-released results.
It upped its 3Q earnings per share guidance to C$0.07 from C$0.06 and said it expects to deliver earnings per share of C$0.11 for the full year.
Montreal-based PyroGenesis had said its management continues to expect “significant” revenue growth.
And on August 18, it revealed it had inked a roughly $3 million contract with HPQ Nano Silicon Powders Inc to produce its namesake powder.
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