Liquid Media (NASDAQ:YVR) stock is on the rise Tuesday following news that it completed a direct offering of its shares.
That direct offering saw the company sell a total of 1,791,045 shares of YVR stock for $3.35 per share. That has it gaining roughly $6 million in gross proceeds from the offering.
The company plans to use these funds for working capital, expanding its business, acquiring or investing in businesses, debt payments or restructuring, capital expenditures, as well as other general corporate purposes.
Liquid Media focuses on the entertainment industry with a focus on movies, TV, and video games. The company seeks to help creators reach a larger audience with their works. All of that’s well and good, but there’s more to YVR stock than meets the eye.
Liquid Media is also raising interest from investors on its possible play in the NFT space. The company has a deal with Atari, which recently signed a deal with Bondly for gaming NFTs. This is spurring speculation that YVR’s games could also get the NFT treatment.
It’s also worth pointing out that NFTs have caught the interest of Reddit traders. This has them looking for cheap stocks to pick up in the space and that makes Liquid Media a candidate for retail traders looking to dive into the NFT market.
While there’s no doubting the increasing interest in NFTs, investors need to be careful before diving in. YVR’s share price is low enough for it to count as a penny stock and those can face extra volatility. It doesn’t help that penny stocks are easy targets for traders looking to pump and dump shares for a profit.
YVR stock was up 54.2% as of Tuesday morning and is up 334% since the start of the year.
Liquid Media isn’t the only company getting caught up in the NFT craze.
NFTs are becoming more and more popular as investors and collectors get caught up in the digital token market. That includes unlikely candidates such as Takung Art (NYSEMKT:TKAT), Jiayin Group (NASDAQ:JFIN) and Hall of Fame Resort & Entertainment (NASDAQ:HOFV). Investors can catch up on important NFT news below.
More NFT News
- NFT Stocks: Why JFIN, HOFV and TKAT Stocks Are Racing Higher
- What are NFTs? An Investor’s Guide to Investing in Non-Fungible Tokens
- HOFV Stock: Hall of Fame Resort Stock Crosses $5 as Shares Surge Monday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.