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Why Is Hexo (HEXO) Stock Up 10% Today?

  • Hexo (HEXO) stock is gaining as it chooses a new auditor.
  • The company has selected Macias Gini & O’Connell for the rest of its fiscal year.
  • Shareholders can vote for the auditor at the company’s upcoming annual meeting.
HEXO Stock - Why Is Hexo (HEXO) Stock Up 10% Today?

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Hexo (NASDAQ:HEXO) stock is on the rise Friday thanks to investors taking interest in the company again as it reveals plans for an upcoming meeting.

Hexo is preparing for its annual meeting of shareholders on Jan 31. 2023, with an amended notice. The amendment concerns Macias Gini & O’Connell becoming the new auditor of the company for the fiscal year ending July 31, 2023.

Investors will note that this change comes after current auditor PricewaterhouseCoopers revealed its intention to stop serving the company in October 2022. That resulted in Hexo’s Audit Committee and Board of Directors selecting Macias Gini & O’Connell as its next auditor candidate.

New Strains Are Also Helping HEXO Stock

In addition to that news, Hexo announced new TnT Cannabis strains earlier this week. These are being sold through the company’s Redecan and Original Stash Brands in Canada. They include one new strain in the Redecan line and two in the Original Stash Brands line.

The new strain news initially reignited interest in HEXO stock at the start of the week. With the latest auditor news, shares are seeing even more interest. With that comes some 12 million shares traded, as compared to its daily average trading volume of 505,000 shares.

HEXO stock is up 10% as of Friday morning.

Investors can find more of the latest stock market news below!

Our coverage for today includes the hottest stock market stories for Friday! That includes everything happening with shares of Carvana (NYSE:CVNA), Lockheed Martin (NYSE:LMT), and Wendy’s (NASDAQ:WEN) stock today. You can read up on all that news at the links below!

More Friday Stock Market News

On the date of publication, William White did not have (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 Publishing Guidelines.

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