Zovio (NASDAQ:ZVO) stock is rocketing higher on Tuesday as investors prepare for an incredibly important vote next week.
Zovio will hold a shareholder meeting on Oct. 25 that will literally decide the future of the former education services company. The only vote available to shareholders will be if the company should move forward with dissolution plans.
Zovio’s main focus used to be its education services. However, the company divested that part of its business back in July. Following that, the company also revealed plans to sell Fullstack Academy, which is its largest remaining business.
With ZVO quickly exiting the education business, a dissolution makes sense. The company filed its dissolution plans with the U.S. Securities and Exchange Commission (SEC) in late September. It then set a date for the shareholder meeting earlier this month.
Heavy Trading Pushes ZVO Stock Higher
Despite seeking dissolution, traders are pumping up shares of ZVO stock today. As of this writing, some 106 million shares of ZVO stock have changed hands. That’s a massive leap over the daily average trading volume of about 1.8 million shares.
ZVO stock is up 90.3% as of Tuesday morning. Even so, the stock is still down 80.4% since the start of the year.
Investors looking for all of the latest stock market news are in the right place!
InvestorPlace offers all of the most recent stock coverage traders need to know about on Tuesday! That includes the news moving shares of Akouos (NASDAQ:AKUS), Ra Medical (NYSEMKT:RMED) and AVEO Pharmaceuticals (NASDAQ:AVEO) stock today. You can read up on all of these topics at the following links!
More Stock Market News for Tuesday
- Why Is Akouos (AKUS) Stock Up 85% Today?
- Why Is Ra Medical (RMED) Stock Up 25% Today?
- What Is Going on With AVEO Pharmaceuticals (AVEO) Stock Today?
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.