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Energy

A123 Stock Soaring — to $0.19

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By Paul Ausick Updated Published
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Shares of A123 Systems Inc. (NASDAQ: AONE) have jumped more than 50% (again) today after one of the company’s lenders and shareholders, China’s Wanxiang Group Corp., said it would waive its rights to exercise warrants on A123 stock nor will the the Chinese firm make the loans to A123 that it had once promised.

Last week Johnson Controls Inc. (NYSE: JCI) offered to buy A123’s automotive business for $125 million and Johnson’s offer of $72.5 million in debtor-in-possession financing for A123 was accepted on an interim basis by the bankruptcy court.

At a bankruptcy court hearing, Wanxiang said that it would compete with Johnson to acquire A123, but offered no bid at the time.

Shares of A123 sank to $0.05 last Tuesday, the day that Johnson made its offer and that A123 filed for bankruptcy protection. Since then the stock has risen nearly 400% and today’s volume is approaching 70 million shares traded.

The stock is currently trading at $0.19 in a 52-week range of $0.05 to $3.91.

Paul Ausick

Photo of Paul Ausick
About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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