Troika Media Group (NASDAQ:TRKA) stock is taking off on Tuesday thanks to a filing with the U.S. Securities and Exchange Commission (SEC) last week.
That filing saw the company seeking to withdraw its registration statement filed back in April 2022. This initial filing allowed the company to make a stock offering. Now, investors are celebrating that the offering is apparently no longer happening.
Troika Media Group makes sure to note that no securities have been offered as part of the prior registration statement. The company also says it has no plans currently to pursue a public offering of TRKA stock or other securities.
What This Means for TRKA Stock
Without a public filing, investors no longer have to worry about TRKA stock being diluted with new outstanding shares. That also means the offering would devalue TRKA shares by being priced below market value. Both of these things typically happen alongside a public offering.
Investors are celebrating today’s registration withdrawal with heavy trading of TRKA stock. As of this writing, more than 20 million shares have changed hands. That’s already above the company’s daily average trading volume of about 18 million shares.
It’s also worth noting that TRKA stock is a penny stock. That comes from its low share price of about 22 cents at close last Friday as well as its market capitalization of just $14.93 million. Investors should keep this penny stock status in mind before making any trades of the shares today.
TRKA stock is up 39.9% as of Tuesday morning.
Investors can find more of the latest stock market news below!
We’ve got all of the most recent stock coverage traders need to know about on Tuesday! That includes the biggest pre-market stock movers this morning, as well as the latest news concerning Tencent (OTCMKTS:TCEHY) and Mullen Automotive (NASDAQ:MULN). All of that is ready to go at the following links!
More Tuesday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
- Tencent Layoffs 2023: Is TCEHY Gearing Up for More Job Cuts?
- BlackRock Upped Its Bet on Mullen Automotive (MULN) Stock
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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.