Cerberus Cyber Sentinel (NASDAQ:CISO) stock is rocketing higher on Tuesday following the release of preliminary earnings data and the announcement of a new investment.
Starting with that earnings news, the company expects revenue for its fourth quarter of 2022 to come in at $14.7 million. However, that would see it missing Wall Street’s estimate of $16.52 million for the quarter. Even if it is a 150% increase year-over-year.
The other big news from Cerberus Cyber Sentinel is a purchase agreement with Hensley & Company. This saw it sell a $5 million 10% Unsecured Convertible Note to Hensley.
That note is payable, alongside its interest, on March 20, 2025. The agreement allows Hensley & Company to convert the note to shares of CISO stock with a conversion rate of $1.20 per share rather than collect the debt.
Cerberus Cyber Sentinel already has plans for the $5 million it’s secured from the note sale. It will use these funds to pay back the $5 million 4% promissory note it sold to Bell Bank in June 2022.
CISO Stock Movement Today
Following news of the earnings and note sale, shares of CISO are seeing heavy trading today. As of this writing, more than 10 million shares of the stock have changed hands. That’s a massive rise in trading volume compared to its daily average of about 783,000 shares.
CISO stock is up 170.4% in pre-market trading on Tuesday!
Investors can find more of the latest stock market news today below!
We’ve got all of the hottest stock stories traders need to know about on Tuesday! That includes the biggest pre-market stock movers for Tuesday, as well as the latest on Ally Financial (NYSE:ALLY), and more. You can find this news at the following links!
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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.
