ECOtality Inc (NASDAQ:ECTY) stock decline by 79.11%


Dallas, Texas 08/13/2013 (Financialstrend) – Ecotality Inc (NADAQ:ECTY), producer of EV chargers for electric cars, announced that the company may face bankruptcy as it is failing to boost sales. This resulted in its shares losing as much as 84 percent. It is expected that Ecotality Inc will soon include in the long list of United States substitute energy corporations that have dropped by the wayside. Customers have been slow to incline toward electric cars with support of EV chargers and electric vehicles (EVs), because of their high price and limited driving array. Coda Holdings Inc requested for Chapter 11 in May after selling just 100 of its all-electric sedans

Ecotality Inc functions under three productions: Minit-Charger, eTec Labs and Blink. The company said that it was focused on discovering options for a reformatting, including a sale and had booked FTI Consulting as an adviser. It also said it required to make the biggest EV smart charging network in the United States, was primarily supported by the United States government but, a sequence of unacceptable results cast doubt over Ecotality, Inc.’s capability to carry on.

There had been a decline of 79.11% in the shares of Ecotality, Inc. which closed at $0.305 per share after opening at $0.26 for the day. The stock had presented intraday fluctuations on the range intraday low of $0.24 and intraday high of $1.01 per share on Monday. The shares had documented 52 week low at $0.24 and 52 week high at $2.40 per share. There are 23.83 million shares outstanding with a market cap of $7.27 billion and an institutional ownership of 16% of the total capital. The trading volume of was 15.39 million shares on Monday and the average volume is at 44 million shares per day.

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