Well known eco-technology firm Code Chain New Continent Limited (NASDAQ:CCNC) has seen its stock struggle considerably over the course of the past week and it continued on Monday. Yesterday, the Code Chain stock suffered from another selloff as it tanked by 20% and that took its losses for the past week to as much as 28%.
While the stock has tanked considerably in recent days, it should be noted that there has been fresh news that might have led to such a state of affairs. That being said, earlier on in the month the company announced that it signed a new Joint Venture Agreement with the Chinese company Zhongyou Technology (Shenzhen) Co., Ltd.
The agreement had been signed by Code Chain back on June 1, 2021 and the announcement was made two days later. As per the provisions of the agreement signed by the two companies, they are going to set up a new venture named Carbon Zero Renewables (Shenzhen) Co Ltd.
The company is going to be involved in mining cryptocurrencies but with no carbon footprint. It is an ambitious venture and one that could prove to be successful given the recent clamour about the environmental impact of mining bitcoins.
Market Reaction:
On Monday, CCNC stock fell by 20.66% to $2.15 with more than 931K shares, compared to its average volume of 849k shares. The stock has moved within a range of $2.1000 – 2.6900 after opening the trade at $2.66. Over the past 52-week, the stock has been trading within a range of $0.7000 – 11.6200.
 Stock Continues to Trade Lower: What Next?){kind=link}