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NEW YORK - Planet Green Holdings Corp. (NYSE American: PLAG), a micro-cap company with a market value of $5.83 million, announced Wednesday it has launched an inquiry into unusual trading activity in its common stock that occurred on Tuesday. The stock plummeted 72.64% in the past week, closing at $0.83 from its previous close of $2.35.
The company said it issued the statement in compliance with Section 401(d) of the NYSE Company Guide, which requires listed companies to respond to unusual market activity.
After initial inquiries, Planet Green stated it has been "unable to determine whether corrective actions are appropriate at this time." The company confirmed there have been no previously undisclosed material developments in its business operations that could explain the unusual market action.
"The Company is further announcing that there has been no material development in its business and affairs not previously disclosed or, to its knowledge, any other reason to account for the unusual market action," Planet Green said in its press release statement.
Planet Green Holdings Corp. did not provide specific details about the nature of the trading activity that prompted the investigation.
The company trades on the NYSE American exchange under the ticker symbol PLAG.
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