Riding a bicycle without a seat is about the best way you describe trading penny stocks that have the letter of death attached to the end of the them. Ever since the “Q” was issued to A123 Systems Inc. (AONEQ) after their Nasdaq delisting, traders have been playing the risk and, at times, making money on it. With the news out today that Wanxiang America Corporation will be acquiring substantially all of A123’s assets for $256.6 million, although subject to approval from the United States Bankruptcy Court for the District of Delaware, the fun ride on AONEQ stock is about to become ever so painful come Monday .
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AONEQ Stock Chart
Market Cap: 11.77M
Close: 0.069, down -0.007 (-9.21%)
Volume: 5,122,016
Dollar Volume: $354,223
High: 0.075
Low: 0.0651
Trades: 456
Average Trade Size: 11,232
Authorized: 650,000,000
Issued and Outstanding: 170,557,467
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According to the PR issued during the first round of NFL games on Sunday, Wanxiang is expected to acquire A123’s automotive, grid and commercial business assets, including all technology, products, customer contracts and U.S. facilities in Michigan, Massachusetts and Missouri; its cathode powder manufacturing operations in China; and its equity interest in Shanghai Advanced Traction Battery Systems Co., A123’s joint venture with Shanghai Automotive.
The portion of A123 that Wanxiang won’t be acquiring is the Company’s Ann Arbor, Mich.-based government business, including all U.S. military contracts, which would be acquired for $2.25 million by Navitas Systems, a Woodridge, Ill.-based provider of energy-enabled system solutions and energy storage products for commercial, industrial and government agency customers.
The PR ends with the phrase that no shareholder of AONEQ stock would want to read while playing the flip. It states that “because the total purchase price for A123’s assets would be less than the total amount owed to creditors, the Company does not anticipate any recoveries for its current shareholders and believes its stock to have no value.” (see full PR here) Nothing like entering into a Monday trading session backpedaling on a rusty seat post.
About AONEQ Stock
A123 Systems, Inc. is a leading developer and manufacturer of advanced lithium-ion batteries and energy storage systems for transportation, electric grid and commercial applications. Click here to view the SEC filings for AONEQ.
Last 5 Trading Sessions:
| Date | Last | Change | % Change | Volume |
| 12/07/12 | 0.0690 | -0.0070 | -9.21% | 5,122,000 |
| 12/06/12 | 0.0760 | +0.0194 | +34.28% | 18,453,400 |
| 12/05/12 | 0.0566 | -0.0109 | -16.15% | 8,744,199 |
| 12/04/12 | 0.0675 | -0.0125 | -15.62% | 17,546,699 |
| 12/03/12 | 0.0800 | -0.0010 | -1.23% | 4,055,300 |
Bottom Line: Expect to see beyond excessive trading on AONEQ come Monday and a top 10 penny stocks traded finish. Beyond the realm of possibilities that the courts deny the sale, AONEQ stock is done and the fat lady is on the stage.
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