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New York-based Clean Coal Technologies takes wild ride after stock split

Clean Coal Technologies Inc. saw its stock lose about half of its value after last week’s reverse stock split before rebounding a bit on Friday.
by Jay F. Marks Published: May 3, 2014

Clean Coal Technologies Inc. has been on a bit of a roller coaster over the past week.

The New York-based company completed a 35-for-1 reverse stock split last week, pushing its stock price to about 50 cents a share.

Clean Coal Technologies’ lost about half of its value by Thursday, spurring company officials to try to reassure shareholders on Friday, when the company’s stock gained 17 cents to close at 42 cents.

“We agree it is very frustrating and disheartening to watch the stock everyday,” CEO Robin Eves said. “However, we believe that soon we will announce to the world that we have a viable and powerful technology that can be immediately deployed.”

Officials said the company has three patented or patent-pending technologies, with its pilot plant being built in Tulsa now 75 percent complete.

Construction of the plant, which will be tested at the AES Shady Point coal plant near Panama in eastern Oklahoma, has been delayed by winter weather and cost overruns.

Clean Coal Technologies is raising money to finish the pilot plant, with six “major companies” waiting to see it in action, officials said.

Eves said the company intends to start working on a commercial version of the plant in the next six months, while looking to attract additional clients.

Officials have been talking to companies in the U.S., Korea, Indonesia, India, Australia and Europe.

by Jay F. Marks
Energy Reporter
Jay F. Marks has been covering Oklahoma news since graduating from Oklahoma State University in 1996. He worked in Sulphur and Enid before joining The Oklahoman in 2005. Marks has been covering the energy industry since 2009.
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