The Pure Hydrogen Corporation (ASX: PH2) share price is out of form on Friday.
In morning trade, the clean energy companyâs shares are down 9% to 28 cents.
Whatâs going on with the Pure Hydrogen share price?
Investors have been selling down the Pure Hydrogen share price today despite the companyâs capital reorganisation taking shape.
At the end of last month, the company ceased to be a foreign registered company and became an Australian registered company.
In light of this, a capital reorganisation was undertaken, which saw the companyâs chess depository interests (CDIs) cancelled on Thursday night. The fully paid ordinary class shares that were underlying these CDIs have now been distributed on a 1:1 basis.
However, with the process ongoing, Pure Hydrogenâs shares will be trading on a deferred settlement basis for a period of time. This is why you may see the PH2DD ticker code trading today.
Normal trading under the PH2 ticker code is expected to commence on 8 August. After which, on 10 August, the settlement of on market trades that were conducted on a deferred settlement basis will finally take place.
What is Pure Hydrogen?
Pure Hydrogen is a clean energy company with a collection of hydrogen, gas and mobility businesses and a strategic interest in H2X Global.
The Company has five hydrogen projects under development and three gas projects. These include Windorah Gas Project in the Cooper Basin, Australiaâs most prolific onshore producing petroleum basin, Project Venus CSG in the Surat Basin in Queensland, and the Serowe Project CSG in Botswana.
It also owns a 19.99% stake in the recently listed Botala Energy Ltd (ASX: BTE), which is a coal bed methane explorer.
The post What’s going on with the Pure Hydrogen share price on Friday? appeared first on The Motley Fool Australia.
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More reading
- Pure Hydrogen shares run-up 24% after addressing ASX questions
- ASX hydrogen shares announced some big news last month, so why did so many end June in the red?
- Down 60% in 2022, what’s happening to the Pure Hydrogen share price?
Motley Fool contributor James Mickleboro 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.
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