Energy News Beat

TotalEnergies (XPAR: TTE) has agreed to sell 25.5% of Seagreen, Scotland’s largest offshore wind farm, in a £552m deal with Thailand national oil firm PTTEP.

The French energy major said the deal implies an enterprise value of $4.3bn, more than 13 times the expected average EBITDA of the project over the next five years.

Seagreen, which became fully operational in October, lies around 14 miles from the Angus coast.

Following the deal, TotalEnergies will retain 25.5%, alongside operator SSE Renewables (49%) and PTTEP with 25.5%.

TotalEnergies and PTTEP have also signed a memorandum of understanding to explore joint renewable energy opportunities.

CEO of TotalEnergies Patrick Pouyanne said: “After a long history of partnership in gas production in Thailand, we are delighted to welcome PTTEP as a shareholder partner in the Seagreen offshore wind farm alongside SSE, which marks a first step in our collaboration with PTTEP in renewable energies.

“This transaction is a new milestone in the implementation of our transition strategy and will contribute to reaching our 12% profitability target in Integrated Power business.”

Seagreen includes 114 turbines with enough generation to power more than 1.6 million homes, which TotalEnergies said was the equivalent of more than two-thirds of homes in Scotland.

Montri Rawanchaikul, CEO of PTTEP, said: “PTTEP is also very delighted to extend its partnership and collaboration with TotalEnergies in offshore wind as well as other potential renewable energy to foster mutual business growth in the future.

“The success also marks a significant step for PTTEP in diversifying into the high-growth potential clean energy sector for a sustainable future.”

SSE Renewables took over from TotalEnergies as operator once the development phase ended and Seagreen became fully operational in October.

Source: Energyvoice.com

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The post TotalEnergies to sell part of Seagreen wind farm for £552m appeared first on Energy News Beat.

 

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Russian President Vladimir Putin has signed decrees granting his government power to confiscate and forcibly sell off billions of dollars worth of assets belonging to European energy firms to new state-approved owners.

In a decree published Wednesday, the Kremlin mandated the creation of new Russian-run companies to take over shares in the colossal Yuzhno-Russkoye oil and gas field, currently owned by Austria’s OMV and Germany’s Wintershall. The two European energy giants, both from countries that Moscow claims are “unfriendly” in the wake of its full-scale invasion of Ukraine, together hold a 60 percent stake in the drilling site in Russia’s icy far north.

While the companies will theoretically be compensated for their investment, the amount they receive from the sale will be determined by the Russian state, in a move that marks the biggest asset seizure in the country’s recent history.

Earlier this year, the Kremlin laid out a legal framework for the expropriation of foreign-owned assets as it seeks to shore up its economy in the face of Western sanctions. Following the decision, former Russian oil and gas tycoon Mikhail Khodorkovsky, who had his own energy empire dismantled and was jailed as a result of his opposition to Putin, told POLITICO there were now no legal protections for foreign firms.

“There are no guarantees for the safety of investments anywhere, but Vladimir Putin’s regime has demonstratively built an illegitimate and lawless state,” he said at the time.

Many Western energy firms have announced their total withdrawal from Russia since the start of the war in February 2022, including the U.S.’s Exxon Mobil and Norway’s Equinor. However, others such as Shell, BP, TotalEnergies and Wintershall have found the practicalities of wrapping up their business in the country and clawing back their funds challenging.

Experts warn that a lack of Western investment, coupled with embargoes on key hardware and technologies for oil and gas exploration and drilling, mean Russia’s flagship fossil fuels sector is likely to face a long-term decline in productivity, despite sanctions loopholes and high prices for oil and gas.

Meanwhile, the Kremlin has already confiscated assets belonging to Western firms like Danone and Carlsberg in the wake of their decisions to leave the market, handing the windfall to close allies of Putin and their families.

Source: Politico.eu

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The demand from the Biden administration and Gavin Newsom to make every car an EV in the near future suffered another devastating blow on Tuesday.

In October, Ford announced it was pulling the plug on a massive, $12 billion investment in electric car design and production. That came after the company announced massive losses on each EV it builds, thanks to enormous R&D costs and minimal consumer demand.

Then a group of nearly 4,000 car dealerships wrote a letter to Biden asking him to stop his relentless push for more electric cars. Citing low and declining interest in electric vehicles and the costs of retrofitting dealerships to handle charging infrastructure for cars no one wants, the dealers asked the administration to stop proposed changes to force manufacturers into making more of them.

Now one of the largest luxury car brands is also pressing pause on its EV strategy thanks to collapsing interest.

Audi’s new CEO announced Tuesday that the company would be imposing a “slowdown” in EV production and development to “avoid burdening” factories and dealerships, according to Electrek. Audi initially had announced that out of 20 new models through 2026, 10 would be electric. Instead, it’ll now be focusing more heavily on hybrids and internal combustion cars.

Biden’s rules working flawlessly, as always.

EV Demand Predictably Slows

It was always farcical to believe, as Biden and his allies on the political left do, that electric cars would achieve widespread adoption immediately.

While EV’s do have some advantages, namely fewer maintenance requirements, they come with enormous hurdles. Unless car buyers live in a house with a garage and are able and willing to pay for the installation of a home charger, they’re forced to rely on the public charging network.

And while Tesla’s figured out how to quickly build widespread charging infrastructure, no one else has. And Tesla’s chargers aren’t exactly fast, or uncrowded.

Electrify America and other national networks are slow to build, often full, don’t work, and even when charging at full speed, require 30 to 60 minutes to fully charge most electric cars. That also ignores the issues of battery degradation and loss of range that result from repeatedly charging them. Lack of repairability, difficulty in finding and transporting components, and the massive increase in accessible electricity make EV’s arguably less “sustainable” than other car options.

None of that’s stopped Biden or Newsom from demanding manufacturers lose money on cars no one buys. As more and more of them simply say no, it raises the question of if and when they’ll stop their nonsensical rules.

Based on their response to the border crisis and other major issues, the answer is likely never.

The post YET ANOTHER MAJOR CAR MANUFACTURER HITS PAUSE ON EV DEVELOPMENT appeared first on Energy News Beat.

 

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Michael and I love evaluating deals. Today is an excellent example of the M&A activity heating up in the oil and gas market. This deal between Occidental and CrownRock has some key takeaways, which we cover.

This was a great exercise in reviewing the deal. While using the tools, I looked at the wells being operated by OXY and noticed their 6 CO2 injection wells along the coast. – Is this why Warren was more interested? I think so; he knows that carbon credits and subsidies for carbon capture will be a multi-trillion-dollar market. The new regulations that the Biden administration is rolling out are also a huge player in this deal. OXY is ahead of the curve.

1: Public buying a private – did they pay too much?

2: What were the formations and leases?

3: PDP and new well locations

4: Why did Warren Buffett buy another $590 million of Occidental?

Occidental to acquire CrownRock, strengthening its U.S. Onshore Portfolio with Premier Permian Basin Assets.

Buffett Backs Occidental’s Acquisition of CrownRock by Buying More Stock

We used our WellDatabase on the data, making it easy to get both assets and run the type curves. For the financial analysis, we used ComboCurve and came up with a surprising number. Where I need to do some more evaluation is using ComboCarbon and looking at some more advantages that Warren may have known about. We will keep you posted on this update.

Let Michael and I know what you think, and we will be evaluating deals Live at NAPE. Let us know if you have deals you want to recommend for us to review on the ENB Deal Spotlight! Everybody loves a good deal.

Michael’s resource at github for folks wanting to review the data. https://github.com/Sandstone-Group/dealspotlight

 

Highlights of the Podcast

00:00 – Intro

01:49 – Discussion revolves around evaluating Occidental Petroleum’s (Oxy) deal, covering financial aspects, cost per location, potential overpayment, and considerations like carbon management and water issues.

06:36 – Exploration of Warren Buffett’s investment in Oxy, emphasizing carbon injection wells, the Occidental-Crown Quest combination, free cash flow, increased dividends, and asset evaluation.

10:59 – Highlighting Occidental’s investment in carbon capture, ESG strategies, Warren Buffett’s interest, and the balanced ESG approach. The evaluation process involves well data, diagnostics, and potential reversion to oil and gas.

18:43 – Use of Combo Curve for well data diagnostics, Occidental’s carbon capture credits, ESG strategies, Warren Buffett’s interest, and scenario-building for reserves and financial details. Briefly touches on gas differentials in the Permian.

24:21 – Setting up a financial model for Occidental using Combo Curve, exploring expense models, pricing, gas differentials, revealing a PDP value of $2.77 billion, challenging previous estimates.

30:04 – Building a Sprayberry type curve for Oxy’s wells, emphasizing data-driven decision-making, Combo Curve’s efficiency in analyzing well performance, and providing a comprehensive overview of potential reserves and drilling strategies.

37:06 – Building type curves for Sprayberry and Wolfcamp wells, focusing on careful data analysis, considerations like lateral length, and drilling costs to evaluate reserves and make informed decisions in the oil and gas industry.

45:55 – Analysis of potential overpayment by Oxy for Permian Basin assets, considering drilling costs, type curves, and the need for targeted divestitures to assess the overall value of the deal.

50:23 – Outro

– Get in Contact With The Show –

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Several blue states have deprived rural counties of the ability to reject the massive green energy projects that corporations want to site in their communities, while green industrial interests and environmentalist groups have poured money into state capitals.

Michigan, California, New York, and Illinois have all passed legislation that consolidates authority over land use issues and rules with state-level bureaucrats at the expense of local governments that could have altered their own zoning codes to stem the tide of industrial green projects like solar and wind farms. These policies deprive rural residents in these states of their freedom and local autonomy, while also benefiting the corporate interests that line the pockets of the states’ Democratic governors, state policy experts and lawmakers told the Daily Caller News Foundation.

“Much of the renewables business and movement has been co-opted by big corporations,” which “are spending millions” on politics “because this is a matter of billions for them,” Edward Ring, a senior fellow for the California Policy Institute and the organization’s co-founder, told the DCNF.

“What we are seeing, for example, with the ‘Inflation Reduction Act,’ is one of the biggest gifts of money to corporations that we have ever seen in this country,” Ring told the DCNF, referring to the IRA’s subsidies facilitating the rise of green energy.

Since 2020, there have been about 350 local restrictions or rejections of solar and wind projects across the country, according to energy expert Robert Bryce’s Renewable Rejection Database.

Michigan

Democratic Michigan Gov. Gretchen Whitmer recently enacted her state’s green energy mandate, which sets a target for 100% green energy generation by 2040. The legislation has the state poised to significantly ramp up construction of solar and wind developments, as well as carbon capture pipelines that will be needed for the state’s natural gas plants to continue to operate in the future.

One of the bills Whitmer signed into law as part of the package, H.B. 5120, specifically allows the Michigan Public Services Commission, the state’s utility regulatory body overseen by officials appointed by the governor, to exercise permitting authority for large green energy projects rather than leaving zoning discretion to the municipal governments. Several local opposition campaigns in more rural locales across the state were able to hinder major green energy developments in their communities, but the new law could make similar grassroots success in the future effectively impossible.

Whitmer’s green energy package and the siting bill “very clearly advance the interests of monopoly utilities, big wind, and solar developers and extreme environmental groups over the interests of local communities and rural Michiganders,” Jason Hayes, the director of energy and environmental policy for the Mackinac Center, a Michigan-based think tank, told the DCNF. “Put another way, these bills protect the profits of politically favored and heavily subsidized wind and solar developers while sacrificing the rights and interests of the communities that will have to endure the wind turbines and solar arrays developers want to build… rural Michiganders will have to endure both the rising costs and the intrusions into their lives and environment as massive increases in wind and solar development begin to occur.”

A nonprofit organization linked to DTE Energy, a major utility company that Hayes told the DCNF stands to gain from the state’s green energy mandate, shelled out $2 million to help Michigan Democrats in 2022, according to The Detroit News. DTE Energy also gave $400,185 to organizations that spent, directly or indirectly, on Whitmer’s behalf before and after her victory in the 2018 gubernatorial race, according to the Michigan Capitol Confidential.

While DTE Energy also gives money to Republicans, Democrats received substantially more from the company in 2018 and 2022, according to the Michigan Capitol Confidential and The Detroit News.

Additionally, since 2021, Whitmer-affiliated political funds have raked in more than $100,000 in campaign cash from environmentalist organizations that support the green energy transition, such as 314 Action and the Michigan League of Conservation Voters political action committee, according to state campaign finance records.

“Gov. Whitmer and Lansing Democrats are ignoring the concerns of Michigan families and forcibly imposing massive wind and solar projects on communities who have clearly stated that they do not want them,” Republican Michigan State Rep. Jaime Green, who represents a rural district and serves in Michigan’s House Energy, Communications and Technology Committee, told the DCNF. “Gov. Whitmer has sent a clear message: If there’s a disagreement between what local people want and what the environmental lobby wants, she’s siding with the lobbyists.”

While not directly related to the state’s consolidation of siting and permitting authority, the reaction of locals in rural Green Charter Township to a China-tied electric vehicle battery component manufacturer’s plans to set up shop in their community shows that local residents and state officials do not always agree on what is best for a given community. Whitmer, fellow Democrats, and green energy advocates hailed Gotion’s plans to build subsidized facilities in the area as a major step forward for Michigan’s green economy, but many locals did not approve of the company because of its extensive connections to the Chinese Communist Party via its parent company, Gotion High-Tech.

Voters punished local officials who had supported the company in November at the ballot box, ousting five members of the township’s council, the township’s clerk, and the township’s treasurer. Those officials had overseen and facilitated Gotion’s plans to operate in the area before their removal. (RELATED: ‘Made-Up Numbers’: Whitmer Misstates Key Stat From Study While Selling Her Green Energy Legislation)

California

California, another state dominated by the Democratic Party, passed a law in June 2022 that enables state bureaucrats to bypass local restrictions in order to permit large-scale green energy projects. Similar to Michigan’s newly enacted statute, the California law is specifically designed to facilitate the state’s pursuit of 100% zero-carbon energy generation by 2045.

“The Democratic lawmakers themselves, along with a lot of Republicans even in red states, are just getting so much money from these companies,” Ring told the DCNF regarding the green energy lobby’s influence in politics.

“There is a reason we have eminent domain for some purposes, such as building pipelines and streets. Now, we have an abuse of eminent domain, and also an overriding of zoning—the problem is when you use it for something that relies on hype, without a proven and compelling public interest,” like fast-tracking solar and wind projects that often harm the environment while providing unreliable, intermittent power, Ring added.

Like Whitmer, Democratic California Gov. Gavin Newsom, a self-proclaimed environmentalist, has received considerable financial support from interests that ostensibly stand to benefit from a rapid buildout of green energy projects in the state. Between his 2018 and 2022 gubernatorial campaigns, Newsom received more than $340,000 from green energy trade groups, political action committees, and executives, according to state campaign finance records reviewed by the DCNF.

“There is nothing wrong with being an environmentalist, per se. The issue is that the environmentalist movement has been hijacked by corporate interests,” Ring told the DCNF.

New York

New York State established the Office for Renewable Energy Siting (ORES) in April 2020, when former Democratic Gov. Andrew Cuomo was still in office before he resigned amid sexual harassment and COVID-19 scandals. ORES has the ability to not apply “any local law or ordinance” that is “unreasonably burdensome” for a proposed green energy facility in view of the state’s aggressive green energy goals or the perceived environmental benefits associated with a given project, according to the enabling statute’s text.

The bulk of new solar and wind projects are sited in upstate New York, a more rural region of the state that already receives most of its energy from carbon-free generation sources, Ken Girardin, the New York-based Empire Center’s research director, told the DCNF, citing data from the New York Independent System Operator.

“New York’s land-use policies and practices are far from perfect, but these are projects that wouldn’t be coming to areas if it weren’t for considerable public subsidies,” Girardin told the DCNF.

Cuomo and his successor, Democratic New York Gov. Kathy Hochul, each received considerable contributions from interest groups that ostensibly stand to gain from a green energy transition in the state. Green energy companies, trade groups, and executives, as well as relevant unions and their political action committees, have contributed about $270,000 combined to the two politicians since 2018, according to state campaign finance records reviewed by the DCNF.

Unions are a major political force in the state, and they ostensibly could benefit from the scale of the many projects that will need to be built in order to meet the state’s longer-term green energy targets, Girardin told the DCNF. (RELATED: This Populous Blue State Has A Green Energy Mandate. Experts Say It Threatens Grid Reliability)

Illinois

In February, Democratic Illinois Gov. J.B. Pritzker enacted H.B. 4412, which “prevents counties from enacting preemptive local ordinances that outright ban local wind and solar projects, hindering the state’s new climate goals.” Illinois is aiming to reach 100% green energy generation by 2050 and will need to build out a significant network of new solar and wind projects to get there.

“These new energy companies, many of which are owned by large, out-of-state venture capital firms receiving massive tax breaks, are now able to remove local control against the wishes of the community,” Republican Illinois State Sen. Terri Bryant told the DCNF about the policy. “This bill is especially dangerous in heavily agriculture counties that have limited zoning and large spaces of land used for crops… removing local control in favor of new energy companies, many of which are out of state and out of the country, is not just a threat to property rights, but to our national security and food supply chain.”

n his two terms as governor, Pritzker has pursued left-wing policies in numerous policy arenas, including imposing tight gun control measures, a $15 minimum wage, and eliminating cash bail requirements for suspected criminals. These policies align with the left-wing agenda promulgated by other members of his family, one of the wealthiest in the country, according to the New York Post.

Source: Bizpacreview.com

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China’s government has frozen a US$6.5-billion reinforcement of its currency swap with Argentina agreed in October with former president Alberto Fernández amid tensions over the relationship with new head of state Javier Milei.

Sources from Argentina’s previous government confirmed a report by US agency REDD Intelligence reporting that the extension of an existing currency swap had been put on hold while Beijing awaits positive signals from Milei’s administration about the future of bilateral ties.

“It was halted while awaiting fraternity gestures” unnamed sources said to Perfil, confirming the version of events reported by REDD Intelligence.

The People’s Bank of China made US$6.5 billion available to Argentina as an extension of the currency swap deal the two countries share on October 10 earlier this year.

Then-president Fernández said at the time his government had originally requested US$5 billion but that his Chinese counterpart, Xi Jinping, had granted an additional US$1.5 billion after talks in Beijing.

Former economy minister Sergio Massa, who lost the December presidential run-off to Milei,  sought an extension to give Argentina more firepower to intervene in the foreign exchange market and accelerate the payment of imports. A portion was even used to face a maturity from the nation’s US$44.5-billion credit programme with the International Monetary Fund (IMF).

Government sources said that last week Milei sent Xi a formal request asking to unlock the exchange of foreign currency.

Consequences?

Beijing’s new stance is likely a result of campaign declarations Milei delivered on the campaign trail. A strident critic of the Chinese government, the libertarian leader stated on multiple occasions that he would not “negotiate” or “do business” with “communists.”

Since taking office, Milei has also U-turned on Fernández’s plan to take Argentina into the BRICS bloc of nations, rejecting the formal invitation.

However, Argentina’s new president received a note of congratulations from Xi after his election victory and the libertarian has since refrained from voicing further criticism.

“I thank President Xi Jinping for his vote of confidence and for once again providing us with such important aid which will be a great relief for all Argentines,” said Milei in a social media post after his inauguration.

Soon after his inauguration, Milei met with a top envoy from the Chinese government – talks that were not publicised by the Casa Rosada but were revealed via a post on social media from a Chinese official who attended the meeting.

“Both countries are strategic partners and our bilateral relationships are in good shape,” stated Mao Ning, a spokesperson from the Chinese Foreign office, after the meeting between Xi’s envoy and Milei.

“China values the growth of its relations with Argentina from a strategic and long-term perspective. We’re willing to work with Argentina’s new government for the sustained and stable development of the comprehensive China-Argentina strategic association,” she said.

Source: Batimes.com.ar

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On Tuesday, Marathon Digital Holdings, a leading bitcoin mining company listed on public markets, revealed its acquisition of two fully operational bitcoin mining facilities, representing a combined capacity of 390 megawatts (MW). For these facilities, Marathon invested a total of $178.6 million in cash, averaging $458,000 per MW.

Marathon Boosts Mining Capacity Ahead of Bitcoin Halving

Marathon‘s (Nasdaq: MARA) strategic expansion includes the acquisition of two bitcoin mining locations in Texas and Nebraska, previously owned by Generate Capital subsidiaries. This move marks Marathon’s transition from an “asset-light organization” to one possessing a substantial portfolio of mining operations. The acquired sites provide a substantial 390 MW of power, with the purchase amounting to $178.6 million, paid entirely in cash.

Marathon anticipates that this acquisition will decrease its bitcoin discovery costs by 30% over time. The announcement on Tuesday says the company’s strategy involves leveraging its existing capacity for its mining infrastructure, enhancing its hashrate, and streamlining operational efficiency. Currently, Marathon has committed to acquiring miners with a total capacity of 7 exahash per second (EH/s), with the first installment expected to be delivered and installed by January 2024.

“By acquiring the sites in Granbury, Texas and Kearney, Nebraska from Generate, we have an opportunity to reduce our bitcoin production costs at these sites, to capitalize on energy hedging opportunities, and to expand our operational capacity,” said Fred Thiel, Marathon’s chairman and CEO. The Marathon chief added:

This transaction increases the size of our bitcoin mining portfolio by 56% from 584 megawatts to 910 megawatts of capacity, and it also provides us with a roadmap to double our current operational hash rate to approximately 50 exahashes over the next 18-24 months.

The latter half of 2023 has seen substantial growth in the mining industry, as miners gear up for the anticipated 2024 Bitcoin halving event. Major mining companies have been actively purchasing or pre-ordering thousands of next-generation application-specific integrated circuit (ASIC) bitcoin mining machines from leading manufacturers such as Microbt and Bitmain.

Source: News.bitcoin.com

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California’s dream of renewable green energy has left the state worse off, and even California Democrats have recognized just how deep the failure runs.

California energy regulators on Thursday voted to extend the lifespan of the Diablo Canyon nuclear plant by five years, moving the shutdown date from 2025 to 2030. The 2025 date was agreed to back in 2016 as California Democrats attempted to purge nuclear energy from the state’s grid.

HOUSE GOP GRIPES OVER SPEAKER MIKE JOHNSON’S DECISION TO PUNT LEGISLATION INTO ‘DISASTROUS’ 2024

It is yet another admission of failure by California Democrats in their embarrassing effort to turn the state into a wind- and solar-powered liberal paradise despite the technology being nowhere near making that possible. Diablo Canyon alone provides roughly 9% of the state’s electricity, leading even Gov. Gavin Newsom (D-CA) to reverse his previous opposition to the plant and advocate its extension.

It isn’t just nuclear energy that is getting reevaluated either. Newsom went from campaigning to shut down the Aliso Canyon gas storage facility to pushing for it to be expanded. Natural gas comprised about 47% of the state’s energy in 2022, compared to just over 26% for wind and solar combined. This now marks four years of California turning to natural gas to avoid blackouts, with Newsom now taking a more proactive approach to avoid additional headlines about, for example, firing up temporary gas-field generators to keep the grid running.

Implicit in all of this is the admission that California’s renewable dream was a miserable failure. Knowingly or not, California Democrats recklessly pursued energy policies that would leave the state unable to provide consistently reliable energy for its residents. They didn’t have a plan to move on from natural gas or the nuclear energy provided by Diablo Canyon. They only had a dream toward which they wanted to plow forward regardless of the consequences, up until those consequences caused politically inconvenient headlines for Newsom and others about their inability to even keep the lights on.

The renewable energy dreams that Democrats are selling are frauds, and even California Democrats have shown that to be the case now. The rapid transition to unreliable forms of energy is not possible in its current, dreamed time frames. Voters should immediately distrust any politician following California’s model for ruining its energy grid in the name of climate change.

Source: Washingtonexaminer.com

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Bird filed for Chapter 11 bankruptcy protection in Florida federal court Wednesday.
In a release, Bird said it will use the bankruptcy proceeding to facilitate a sale of its assets, which it expects to complete within the next 90 to 120 days.
Bird’s electric scooters are touted as an environmentally friendly alternative to driving and other forms of public transit.

The electric scooter company Bird, once valued at $2.5 billion by investors, filed for Chapter 11 bankruptcy protection in Florida federal court Wednesday.

The company has entered into a “stalking horse” agreement, which sets a floor for Bird’s value, with its existing lenders, according to a release. Bird said it will use the bankruptcy proceeding to facilitate a sale of its assets, which it expects to complete within the next 90 to 120 days.

Bird’s electric scooters are touted as an environmentally friendly alternative to driving and other forms of public transit. They exploded in popularity before the onset of the Covid-19 pandemic, and the company raised more than $275 million in 2019, which pushed its valuation to $2.5 billion.

But after customers stopped riding as they were forced into lockdown in 2020, Bird struggled to recover. The company went public via a merger with a special purpose acquisition company in 2021, but its share price tumbled.

Bird’s bankruptcy proceedings come after the New York Stock Exchange delisted the company in September. Bird failed to comply with the exchange’s requirements after it was unable to keep its market capitalization above $15 million for 30 consecutive days.

The company’s shares began trading on the over-the-counter exchange later that month. As of Wednesday, the stock was trading at less than $1 per share.

Bird Canada and Bird Europe are not part of the company’s Wednesday filing and will “continue to operate as normal,” according to the release.

Source: Cnbc.com

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