HomeEquities ScoreWhy ClearSign Technologies Corporation (CLIR) Stock went down in the after-hours on...

Why ClearSign Technologies Corporation (CLIR) Stock went down in the after-hours on Thursday after its good performance?

ClearSign Technologies Corporation (CLIR) shares plunged 9.00% in after-hours on Thursday, November 18, 2021, and closed the daily trading at $1.87. However, in the regular trading session, CLIR’s stock gained 36.09%. CLIR shares have fallen 11.80% over the last 12 months, and they have moved up 23.80% in the past week. Over the past three months, the stock has lost 31.73%, while over the past six months, it has declined 56.00%.

Let’s see is there any recent news behind its exceptional gains and after-hours loss?


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CLIR Multi Heater Project

On November 18, 2021, ClearSign Technologies Corporation (CLIR) received a purchase order from a Fortune 500 national refiner in connection with the first phase of the project to retrofit two process heaters with eight ClearSign Core™ burners each to be installed in their Midwest refinery.

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The ClearSign Technologies Corporation has to fabricate and demonstrate a single burner. The 2nd part of the project is to prepare the remaining seven burners to complete the first heater. The final task will be an eight-burner order for the second heater.

CLIR upcoming financial results announcement

ClearSign Technologies Corporation (CLIR) will host a conference call on Tuesday, November 23, 2021at 5:00 PM ET to discuss its financial and operating results for the quarter ending on September 30, 2021.

CLIR new appointment

On October 18, 2021, ClearSign Technologies Corporation (CLIR) appointed Brent Hinds as VP and Controller, and also as the Company’s principal accounting officer and treasurer.

CLIR latest financial results

On September 8, 2021, ClearSign Technologies Corporation (CLIR) provided an update on financial results for the second quarter ended on June 30, 2021.

Q2 2021 updates

  • No sales or revenue was generated in Q2 2021 and Q2 2020.
  • Gross Loss was $505,000 in Q2 2021 compared to $153,000 in Q2 2020.
  • Total operating expenses were $2.03 million in Q2 2021 compared to $1.6 million in Q2 2020.
  • CLIR suffered a net loss of $2.3 million or a net loss of $0.07 per basic and diluted share in Q2 2021 compared to a net loss of $1.4 million or net loss of $0.05 per basic and diluted share in Q2 2020.
  • As of June 30, 2021, the company had cash, cash equivalents and short-term investments of approximately $10,600,000.

CLIR update on ExxonMobil project

On September 3, 2021, ClearSign Technologies Corporation (CLIR) received verbal notification from ExxonMobil to put on hold the testing of its ClearSign Core™ process burners to be installed at the Baytown, Texas refinery. According to ExxonMobil, there is now insufficient time for other inclusion during the targeted 2022 refinery turnaround.

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Conclusion

The Multi Heater Project was the reason behind its top-notch performance in the regular trading but as of this writing, there is no negative news that could justify its loss in the after-hours on Thursday.

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