Iroquois Capital Management disclosed on December 5th its 1% passive stake in Evergreen Energy Inc. (EEE). According to the filing, Iroquois Capital Management took the stake via warrants, which enable the firm to purchase up to 326 thousand shares. EEE was delisted by NYSE on December 2nd because the company failed to maintain a closing price above $3 over the past 30 days, and failed to maintain a minimum capital of $4 million. EEE is now trading on the Over-The-Counter Bulletin Board.
Three hedge funds invested in EEE in the second quarter. Ranjan Tandon’s Libra Advisors had the most and reported 1.13 million shares in the stock. Eric Sprott’s Sprott Asset Management decreased its position 48% and retained 300 thousand shares. Ken Griffin’s Citadel Investment Group initiated 5 thousand shares in EEE in the second quarter.
Per Bloomberge Businessweek, Iroquois Capital, LP is “a private equity and venture capital firm specializing in seed or start-up, early, mid, and late venture; turnarounds; growth capital; and PIPE investments. It seeks to invest in all industries. The firm also manages hedge funds for its clients. Iroquois Capital, LP was founded in 2003 and is based in New York, New York.”
Evergreen Energy Inc. is a cleaner coal technology, energy production, and environmental solutions company in the United States. It has two clean energy business units with two proprietary technologies: K-Fuel, and the GreenCert suite of software and services. The two technologies are used for business and environmental solutions. The company was founded in 1981 and is based in Denver, Colorado.