Atlas Iron (AGO) shares took a pounding yesterday after they re-listed on the ASX following a 16 week suspension.
That ‘holiday’ saw the company firstly all but throw in the towel, then negotiate a deal with creditors and suppliers as part of a recapitalisation, then kick off a fund raising to complete that revamp.
But that fell short, leaving the company’s future a bit problematic – as well, a rise, then fall in global iron ore prices in the past month hasn’t made life any easier for Atlas.
The company’s shares fell by around 74% after re-listing yesterday and ended the day down 70% at 3.6 cents (they had been halted at 12 cents when the suspension was requested).
Around 9.7% of Atlas shares were sold short at last report. More than 203 million shares changed hands yesterday and Atlas is certain to become a favourite of day traders and other short term investors.
