HomeTop MoversWhy did Recon Technology Ltd. (RCON) stock flip in the after-hours on...

Why did Recon Technology Ltd. (RCON) stock flip in the after-hours on Thursday?

Recon Technology Ltd. (RCON) shares rose 11.08% in after-hours on Thursday, July 8, 2021, and closed the trading at $3.81 per share. Earlier in the morning session of Thursday, RCON’s stock gained 0.29% to close the session at $3.43. RCON shares have jumped 211.79% over the last 12 months, and they have moved down 20.79% in the past week. Over the past three months, the stock has lost 51.96%, while over the past six months, it has declined 128.67%.

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FGS agreement with Gao Deng Wei Xing Technology

On June 30, 2021, Future Gas Station (Beijing) Technology Company Limited, which is a subsidiary of Recon Technology, signed a strategic cooperation agreement with An Hui Gao Deng Wei Xing Technology Ltd.


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The cooperation will provide a more convenient refueling experience for vehicle owners and maintain more long-term loyal users of CNPC gas stations by using an online refueling channel which FGS developed for the China National Petroleum Corporation (CNPC) and Gao Geng’s client base and the electronic toll collection (ETC) payment scenario.

Both companies will establish strategic cooperation on refueling services, electronic fuel coupon sales, and the development and issuance of electronic fuel cards.

Pricing of Registered Direct Offering

On June 14, 2021, Recon Technology, Ltd entered into a securities purchase agreement with certain accredited investors to purchase $55.0 million worth of its Class A ordinary shares (or pre-funded warrants to purchase Class A ordinary shares in lieu thereof) in a registered direct offering, and Class A ordinary shares warrants in a concurrent private placement.

New contracts with North China E&P

On June 11, 2021, Beijing BHD Petroleum Technology Limited, which is a subsidiary of Recon Technology, signed two contracts with North China E&P Company.

The Company has provided technical service with ultra-deep electric submersible progressing cavity pump to one gas well at the Dongsheng Field of the Second Gas Production Plant of the North China Branch and will provide the same service to another gas well at Plant No. 2. The total amount of these two contracts is RMB 3,277,000 (approximately $0.51 million).

Recon Technology agreement with Starry Blockchain Energy

On June 3, 2021, Recon Technology, Ltd entered into a share exchange agreement with Starry Blockchain Energy Pte. Ltd. According to the Agreement, Recon will issue unregistered, restricted Class A shares to Starry’s founding shareholders in exchange for 30% of the shares of Starry.

FGS Partnership with Ping An WanLiTong and PetroChina 

On May 25, 2021, Future Gas Station (Beijing) Technology Company Limited, which is a subsidiary of Recon Technology, signed a business cooperation agreement with Shenzhen Wanlitong Network Information Technology Co., Ltd and with Zhejiang Sales Branch of PetroChina Co., Ltd. The agreement will further promote Ping An’s business expansion plans and the Program in PetroChina’s gas stations in Zhejiang, China.

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Conclusion

Well as of this writing, there is no recent news or development which could justify its early loss and later gains on Thursday. we are unable to predict how RCON will close the weekly trading.

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