Tantech Holdings Ltd. (NASDAQ:TANH) is down 6% in a week. The company announced that its affiliate company Shangchi Automobile Co Ltd. had fulfilled an order of 50 midibuses to Egypt barely weeks after fulfilling another order of 50 midibuses to a customer focusing on the United Arab Emirates market.
The subsidiary customizes midibuses featuring manual five-speed transmission midibuses and high-end luxuries buses. The buses offer a luxury travel experience with a seating capacity of 15 people. In addition, the midibus had an overall length of 4.96 meters, and they have been fitted with USB access charging ports, a state-of-the-art purification system, and air conditioning.
Tantech CEO Wangfeng Yan said that the new order is a major milestone for the company as it advances to an accelerated growth stage.Most importantly, the company is dealing with supply constraints grappling with the broader industry. Yan added that the order was a testament to the company’s supply chain relationships. Investors should watch TANH in the coming days.
Market Reaction:
On Tuesday, TANH stock fell 1.50% at $0.82 with more than 254K shares, compared to its average volume of 696k shares. The stock has moved within a range of $0.8149 – 0.8500 after opening the trade at $0.85.
