Down 60% in 2022, what’s happening to the Pure Hydrogen share price?

2022 has been a rough month for many ASX shares, not to mention the All Ordinaries Index (ASX: XAO). Since the start of the year, the All Ords remains down by more than 13%, even after today’s monster rally. But that’s nothing compared to the Pure Hydrogen Corporation (ASX: PH2) share price.

Pure Hydrogen shares have been smashed this year. The company started 2022 at a price of 57 cents a share. But as of today’s close, its share price is 22 cents. That’s down 61.4% year to date.

It’s certainly been a wild ride for the company over the year so far. Pure Hydrogen saw some big share price rises earlier in the year following news of a joint venture that will see the company working to supply hydrogen-powered vehicles to the Indian market.

We also saw renewed interest following the March announcement that Pure Hydrogen would seek to develop and commercialise the manufacture of ‘turquoise hydrogen’.

But more recent months have seen investor confidence wane. This has resulted in Pure Hydrogen shares retreating back to the 22 cent level we see today.

Pure Hydrogen share price suspended… What happened?

However, the Pure Hydrogen share price might be stuck at 22 cents for a while. That’s because the company’s shares have actually been suspended from ASX trading as of this morning. Before market open today, Pure Hydrogen put out an ASX notice to the markets confirming a share price suspension from quotation.

Here’s that notice in full:

The securities of Pure Hydrogen Corporation Limited (‘PH2’) will be suspended from quotation immediately under Listing Rule 17.3, pending ASX’s inquiries into a PH2 presentation made selectively available on 23 June 2022.

And that’s all we know for now.

The “PH2 presentation made selectively available on 23 June 2022″ would appear to be the presentation Pure Hydrogen released on that day. This outlined the settlement the company reached with the Australian Taxation Office (ATO). It stated:

Pure Hydrogen has settled a dispute to repay R & D tax incentive refunds with the Department of Industry and Science (ISA) and the Australia Taxation Office (ATO)…

Accordingly, Pure Hydrogen will have turnaround of approximately $13.1M – it will no longer [be] liable for a claim from the ATO of $7.2M to repay R & D tax incentive refunds and instead be entitled to a refund estimated at $5.9M.

So it’s unclear why this presentation has caused the ASX to initiate an inquiry into the company at this stage. We shall have to wait and see what the company says next.

Meantime, the last Pure Hydrogen share price gives the company a market capitalisation of around $75.26 million.

The post Down 60% in 2022, what’s happening to the Pure Hydrogen share price? appeared first on The Motley Fool Australia.

Should you invest $1,000 in Pure Hydrogen Corporation Ltd right now?

Before you consider Pure Hydrogen Corporation Ltd, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Pure Hydrogen Corporation Ltd wasn’t one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

See The 5 Stocks
*Returns as of June 1 2022

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/xFXKvl0

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s