Why Tellurian Stock Popped as Much as 25% This Week
Shares of Tellurian (NYSEMKT: TELL) climbed as much as 25% this week, then settled to trade up around 5% as of Thursday's close, according to data provided by S&P Global Market Intelligence. This occurred as the beleaguered natural gas company outlined significant efforts to stave off its potential bankruptcy.
The company has struggled with multiple headwinds in the funding and construction of its massive $25 billion Driftwood Liquid Natural Gas (LNG) plant project. Shares plunged in October after the company formally asked the Federal Energy Regulatory Commission (FERC) to delay the plant's opening by another two years, to 2029.
Tellurian then raised eyebrows in early November by issuing a "going concern" warning in its third-quarter report. It pointed out that the $59.3 million in cash reserves on its balance sheet at the end of September wouldn't be sufficient to cover its obligations and fund working capital needs for next year.
Source Fool.com
