Dear all
Of late, GSS Energy (“GSS”) has caught my attention. It has dipped from an intraday high of $0.083 on 17 Sep 2021 and has weakened to $0.072 on 24 Sep 2021. This weakness may be attributed to profit taking and contra players exiting or rolling their positions. 24 Sep is T+5 of its high-volume day on 17 Sep. My personal guess is that most of the contra players may have already exited (i.e., selling may have been largely exhausted).
It may be time to relook into GSS Energy. Let’s take a look.
Basis
a) E mobility business gains traction
On 19 Aug 2021, GSS issued 83,333,300 new ordinary shares at an issue price of S$0.06 / share to a small group of investors via a private placement. Out of the net placement proceeds of around $4.8m, 80% will be set aside for financing the Group’s business expansion (such as the expansion into the e-mobility business to...