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BREAKING- Syntroleum Corp Halted- News Pending (SYNM)

UPDATE: The stock is now trading near the flatline as of 1:07 p.m. EDT

UPDATE: The stock will resume trading at 12:45 p.m. EDT

UPDATE: The company said in a press release that in response to media and investor inquiries, the company was providing an update on its announcement from July 17 where it disclosed that it was considering unsolicited offers to be acquired. The release said, in part:

“Syntroleum’s technology portfolio is weighted to the production of drop-in, synthetic fuels — specifically the production of second generation, drop-in renewable products and the conversion of natural gas to drop-in synthetic diesel, kerosene and naphtha (Gas-to-Liquids or “GTL”). Margins in both renewable fuels and GTL production are at historically high levels. The long run economics of GTL has been significantly enhanced as a result of the revitalization of the North American natural gas industry. Given the favorable commercial environment, the Company believes that now is an appropriate time to broadly review its strategic alternatives with respect to its renewable and GTL intellectual property and its ownership and licensing interest in Dynamic Fuels.”

Shares of Syntroleum Corp (NASDAQ: SYNM) were halted around 12:12 p.m. EDT for news pending.

The Tulsa, OK based company licenses technologies for the production of synthetic liquid hydrocarbons.

The stock was down more than 9 percent before being halted.

[stock-tools exchange="NASDAQ" symbol="SYNM" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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