Energy Absolute Plc, a renewable energy and electric vehicle (EV) developer and operator, has vowed to grow its businesses after suffering a dramatic plunge in its share price.
"I was injured, but remain alive," said Somphote Ahunai, founder and chief executive of EA.
Mr Somphote said on Monday he already cleared his debt by using money from the forced sale of his shares.
Earlier he used his shares as a guarantee for a loan worth about 3% of his assets.
He viewed the proportion as small and unlikely to cause problems, but this led to rumours, including regarding Mr Somphote's sale of his shares, eventually affecting the confidence of investors who sold their shares in EA.
"Now all problems are clear and I'm still a major shareholder, holding more than 33% of shares in the company," he said.
Last week, the company signed a memorandum of understanding with China Railways Rolling Stock Corporation for a strategic partnership.
Shares of EA on the Stock Exchange of Thailand (SET) index rebounded significantly on Monday, rising by 12.5% in the morning session after falling five consecutive days by more than 40% last week.
"The management would like to clarify it has no significant business developments in the foreseeablefuture that will affect the company's price," deputy chief executive Amorn Sapthaweekul said in a filing to the SET.
"The price was influenced by some external factors and other circumstances that were not under the company's control."
The deep drop in the EA share price prompted some buyers of electric buses to postpone or even cancel their orders due for delivery this year, especially shipments in the second quarter.
As a consequence, the company has to revisit this year's sales target of 5,000 units as the actual volume might fall short of the forecast.
"As the share price has dropped significantly, some buyers might wonder whether the company can survive and they want to see how things go before pressing ahead with the orders," said Mr Amorn.
"However, the volume of cancelled orders is minimal. Some customers decided to postpone their orders until the situation becomes clearer."
Yuanta Securities (Thailand) said the share prices of companies in the EA group fell continuously because the profit outlook in the second quarter does not look good, including when compared with the first-quarter outlook.
EV shipments in the second quarter on an annualised basis are a concern as customers delay their orders because the brand's credibility is in doubt, said the brokerage.
"Share prices have been under pressure as the fuel tariff rate was reduced, while the adder incentives for EA's solar power plants have ended," Yuanta said in a research note.
"Investors are also concerned some debt repayments due in the third quarter might be rolled over."
Yuanta recommends investors pause their EA investments until positive signs appear and the company's cash flow increases.
Mr Amorn acknowledged EA shares plunged recently because of the forced sales.
"EA is ready to inject fresh funds into Nex Point's capital increase. In the worst-case scenario, if other shareholders are not willing to do so, we are willing to take care of the rest," he said.
SET-listed Nex Point runs a commercial EV business through its subsidiary Absolute Assembly Co, a joint venture with 55% investment from EA and 45% from Nex Point.
"EA cash flow remains solid, which will allow us to repay 50 billion baht in debts over the next 10 years, even after the adder tariffs at all power plants expire," said Mr Amorn.
