Last week the Petroteq Energy Inc (OTCMKTS:PQEFF) stock was one of the major laggards as the company saw its stock decline by as much as 22% for the week. The company, which is involved in the development and implementation of its own remediation and oil extraction technologies, was in the news cycle last Friday after it provided an important corporate update.
The company announced that although the Ontario Securities Commission revoked the Canadian cease trade order not too long ago, the Petroteq stock remained under a trading suspension on the TSX Venture Exchange.
It goes without saying that such an announcement can often come as a negative trigger for any stock and that is what seemed to have happened with the Petroteq stock last week. However, it should be noted that Petroteq also noted that its management is currently working on a reinstatement application so that the TSX Venture Exchange suspension is lifted.
The company also announced that it was going to make an announcement with regards to the same as soon as it possibly can. At this point in time, it might be a good idea for investors to keep track of the developments a bit more closely.