CLNE revealed a stock sale by its largest investors
Clean Energy Fuels (NASDAQ:CLNE) stock is losing steam on Thursday after the company revealed some news that deflated investors.
Recent filings with the U.S. Securities and Exchange Commission (SEC) reveal that the company saw a decrease in ownership from its largest holders. Total Marketing Services, a wholly-owned subsidiary of TotalEnergies (NYSE:TOT), was behind this sale.
The sale of shares took place over two days and saw the company dispose of roughly 1.25 million shares of CLNE stock. Following this sale, TotalEnergies continues to hold a 26.7% stake in Clean Energy Fuels.
The first transactions in the sale took place on Monday. This saw the company sell a total of 749,813 shares of CLNE stock for an average price of $10.37 per share. The second set of sales was a day later. It included 500,000 shares that were sold for an average price of $9.73 each.
In addition to this Clean Energy Fuels also announced the completion of two at-the-market equity offering programs. The first of these saw it sell 12,362,237 shares of CLNE stock and raise about $100 million. The second offering included 10,473,946 shares and brought in a similar amount.
Clean Energy Fuels says it expects to use the funds from these programs to fuel its plans to develop and acquire renewable natural gas production companies. It also says it has no plans going forward for another at-the-market equity offering program.
CLNE stock is seeing heavy trading on today’s news. As of this writing, more than 32 million shares of the stock have changed hands. For comparison, the company’s daily average trading volume is roughly 10.7 million shares.
CLNE stock was down 14.7% as of Thursday morning.