Code Chain New Continent Limited (CCNC) stock fell by 25.29% in the after-hours, following its gain of 20.57% in regular trading on December 08. The stock traded between $1.27 and $1.70, closing the regular session at $1.70. Following this jump, the stock went under market corrections in the after-hours. Hence, the stock fell down to $1.27 at an after-hours’ volume of 1.12 million shares.
Currently, CCNC has a market capitalization of $64.97 million with its 46.08 million shares outstanding in the market.
CCNC Movement
After the company provided its business update for key operational developments on December 07, the stock has been gaining. Following the news, CCNC stock reached a high of $1.70 on Wednesday. The stock was able to reach such a high after almost a month, making it a good profit booking opportunity. Soon after the gain in regular trading, the stock entered market corrections in the after hours.
Yesterday’s increase has put the stock’s five-day gain at 50.44%. While the stock has gone up by 11.84% in the past three months, it has lost 12.37% year to date. Moreover, CCNC’s one-year gains are 2.41%.
Business Updates
According to December 7’s business update, the company declared pre-commitment for bitcoin mining farm expansion. CCNC is planning the global-scale expansion of its mining operations through its current mining migration.
For the first time ever, the United States has surpassed China to become the number one bitcoin mining destination. Hence, the company is stretching its bitcoin mining to North America, based on the positive upsurge in the area.
Furthermore, CCNC has entered pre-commitment of 10,000 units’ capacity mining machines with MinerVA Semiconductor Corp. mining farm in Houston. Moreover, the company is supposed to make deposits of $5.6 million by January 31, 2022. The mining machines from MinerVa are expected to produce positive value in the second quarter of 2022.
MinerVA is the exclusive provider of industrial crypto miners worldwide, to large-scale companies.
CCNC’s Agreement with AGMH
Previously, the company announced a major order agreement with AGM Group Holdings Inc. (AGMH) for mining expansion, on November 02. According to the agreement, CCNC bought 10,000 KOI miner 100 TH/S mining machines with a price of $65 million. Further, the expected delivery of the mining machines is somewhere in the second part of 2022.
Moreover, as per the terms, the company can buy additional 10,000 units from AGMH as well.
