Helium and natural gas producer Renergen has lost a third of its value since January 1, piling pressure on CEO Stefano Marani, who is drumming up financial support to push through phase two of its Virginia gas project, which is seen as a potential game changer for the company since it was founded nearly a decade ago.
The second phase of the project aims to catapult Renergen into a significant supplier of helium and liquefied natural gas (LNG). However, it has battled to attract enough backing from large institutional investors, prompting the company to seek a listing on the Nasdaq where it believes the global helium market is better appreciated...
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