Why Is CNEY Stock Rising Today?

CN Energy stated in its announcement that it has agreed to acquire approximately 82% of Blessing’s equity interests.

CN Energy Group Inc. (CNEY) shares soared more than 23% in Thursday’s pre-market trade after the company announced that it has entered into a framework agreement with Blessing Logistics regarding a potential acquisition.

CN Energy stated in its announcement that the two parties have entered into a definitive share purchase agreement. Following this, CN Energy has agreed to acquire approximately 82% of Blessing’s equity interests.

The deal’s value is expected to be about $2 million currently, CN Energy said.

Retail sentiment on Stocktwits around CN Energy was in the ‘extremely bullish’ territory, with message volumes at ‘extremely high’ levels at the time of writing.

Get updates to this story developing directly on Stocktwits.<

For updates and corrections, email newsroom[at]stocktwits[dot]com.<