July 2 (Bloomberg) -- Ivanhoe Energy Inc., the Calgary-based oil producer with operations in China and Ecuador, rose the most since 2006 after the company said there have been no developments that would explain a 27 percent plunge in the shares on June 29.
Ivanhoe rose 47 percent to 72 cents at the close in New York, the most since January 2006.
On June 29, the shares came under the U.S. Securities and Exchange Commission’s “alternative uptick rule,” which is intended to restrict short-selling, when the price fell to 49 cents.
There “have been no material adverse developments or circumstances with respect to the company’s activities that would explain this sudden drop,” Ivanhoe said in a statement today.
Ivanhoe’s management hasn’t sold any shares and “remains confident in our ability to grow this company,” Executive Chairman Carlos A. Cabrera said in the statement.
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