The Pure Hydrogen Corporation (ASX: PH2) share price is having a strong finish to the week after return from a suspension.
In afternoon trade, the clean energy company's shares are up 16% to 29 cents.
At one stage today, the Pure Hydrogen share price was up as much as 24% to 31 cents.
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Why is the Pure Hydrogen share price storming higher?
Investors have been buying the company's shares after it responded to queries made by the Australian stock exchange relating to a presentation on YouTube from last month. This presentation was made available to select investors initially before being made public on the video sharing website.
The company has apologised for this. It said:
Pure Hydrogen [advises] that a version of the presentation in question should have been provided to the ASX, prior to its disclosure to other parties. Pure Hydrogen unreservedly apologises to the ASX and Pure Hydrogen shareholders for this error. This will not happen again, and since our listing on ASX, this is the one and only occurrence where this has occurred.
What else?
The stock exchange operator made a total 22 questions, all of which were answered by Pure Hydrogen. And judging by the Pure Hydrogen share price performance, investors appear more than satisfied with these answers.
Here's a summary of a few key questions and answers:
Please provide the basis for each of Mr Brown's comments at paragraph A.ii which appear to state with a degree of certainty that PH2 / H2X will "no doubt" receive "hundreds of orders"1 for the garbage trucks and that credible customers "will sign up for a long term contract".
The above comments were taken out of context – Mr Brown's comments go to the potential sales for Garbage trucks and not firm orders. The language used could have been more precise. The point made in the presentation was the sale of the multiple trucks creates significant demand for Hydrogen and provides an opportunity for the Company to supply that demand hopefully on long term contract(s). That is certainty what the Company is hoping to achieve. The potential to offer Garbage Trucks greatly enhances the Company's offerings for back to base operators.
Does PH2 still anticipate that it will be supplied with a refuelling station under the MOU with H2H Energy by the end of CY2022 as implied? If not, please identify the announcement in which PH2 disclosed this to the market. If no announcement was made, please explain why not.
At this stage, Pure Hydrogen is not likely to have hydrogen of its own until mid-2023. The basis of the agreement (with H2H Energy) was H2H could supply the refuelling equipment, however if Pure Hydrogen simply supplies a service station operator Hydrogen, it is likely they will make the decision concerning the refuelling equipment on their site. Notwithstanding, the Company is still in discussion with H2H as a possible supplier of refuelling equipment.
Is PH2 currently in confidential discussions with the "well-known petrol retailers" referred to in the Presentation? If so, please explain why PH2 thought it appropriate to disclose this information to a select audience, noting that PH2 does not appear to have disclosed this on MAP. If not, please outline the work performed to date, and the basis for Mr Brown's statement that PH2 is "working closely" with these retailers.
At this stage Pure Hydrogen is not likely to have hydrogen of its own until mid-2023 and would potentially sell hydrogen to service station operators. The fact Pure Hydrogen is having confidential discussions is to be expected and those discussions in themselves are not material. It would be only if those discussions moved to an agreement that the information may be considered material.
Overall, while this isn't a good look for Pure Hydrogen, investors appear to be in a forgiving mood and are willing to overlook it on this occasion.
