By Stephen Nakrosis
Shares of New Era Helium were lower on their second day of trading, and company announced a planned expansion to its joint venture for a net-zero-energy data center in the Permian Basin.
New Era Helium stock was down 8%, at $5.26, in late trading Wednesday. Shares had fallen to as low as $3.61 earlier in the session.
The company was formed by a business combination with a special purpose acquisition company, and shares of the combined company began trading on the Nasdaq on Monday. The stock finished Monday with a 14% decline, closing at $8.50. On Tuesday, shares closed down 33%, at $5.73.
On Wednesday, New Era Helium said it was progress on its 50/50 JV with Sharon AI, with the two companies executing a binding letter of intent to develop and operate a 250MW net-zero energy data center in the Permian Basin. The project's proposed data center's capacity was increased to 250MW from 90MW after due diligence and discussions with prospective clients, New Era Helium said.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
December 11, 2024 15:06 ET (20:06 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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