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Comverge (COMV) To Sell Up To $100 Million In Stock, Shares Pressured
Shares of Comverge (COMV) will likely come under further selling pressure tomorrow morning on news the company has filed a shelf registration statement with the SEC which permits the company to offer and sell up to $100 million in securities. While the company has no immediate plans to offer shares, it gives them the flexibility to raise cash quickly should the need arise. Considering COMV took out support of the 50 day moving average today, a test of the next level of support around 10 looks like a sure bet in the coming days.
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