Blink Charging (NASDAQ:BLNK) stock is on the move Wednesday after the company announced plans to take on potential naked short sellers.
According to a press release, Blink Charging has entered into an agreement with Shareholder Intelligence Services. This will see the Software as a Service (SaaS) company investigate and report possible illegal short-selling of BLNK stock to the company.
Blink Charging believes that some traders have taken part in the naked short selling of its stock. This has it claiming that the short interest in BLNK stock is above the 30% reported by FINRA and the public.
With the help of Shareholder Intelligence Services, Blink Charging is looking to tackle these short sellers. That includes implementing changes that will help prevent such trading in the future.
Blink Joins Other Companies Battling Short Sellers
Blink Charging is far from the only company planning to take on naked short sellers. The company joins a growing list of those trying to curtail the practice as they claim it’s done damage to their share prices. A few examples include Helbiz (NASDAQ:HLBZ), Verb Technology (NASDAQ:VERB), Creatd (OTCMKTS:CRTD), and Global Tech Industries Group (OTCMKTS:GTII).
While BLNK stock initially jumped in pre-market trading, the company’s shares are down 1.3% as of Wednesday morning.
Investors seeking out more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Wednesday! Among that is what has shares of Mobile Global Esports (NASDAQ:MGAM), Match (NASDAQ:MTCH), and Snap (NYSE:SNAP) stock in the news today. You can get up to speed on all this news at the links below!
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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. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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