iMedia Brands (NASDAQ:IMBI) stock is on the rise on Wednesday despite a lack of news from the consumer brands, entertainment and media commerce company.
There hasn’t been a press release from iMedia Brands today that explains why the stock is rising. On that same note, there are no new filings with the U.S. Securities and Exchange Commission (SEC) that give reason to the rally. Likewise, no analysts have provided recent coverage of the stock.
Despite this, shares of IMBI stock are seeing heavy trading during pre-market hours on Wednesday. As of this writing, more than 5 million shares have changed hands. That’s an incredible increase compared to the company’s daily average trading volume of about 1.3 million shares.
One thing investors will keep in mind about IMBI is its penny stock status. That comes from its prior closing price of 16 cents per share and market capitalization of around $5 million. This opens the stock up to volatility.
IMBI Stock Delisitng
Another thing for investors to note is iMedia Brands received a stock delisting warning from the Nasdaq earlier this week. This gives the company until July 3 to submit a plan to regain compliance with listing standards. If approved, the company will have until Oct. 25, 2023 to complete its plan.
IMBI stock is up 27.9% as of Wednesday morning.
Investors looking for even more of the most recent stock market news will want to keep reading!
We have all of the hottest stock market news that traders need to know about on Wednesday morning. Among that is what has shares of Theriva Biologics (NYSEMKT:TOVX) stock up, the biggest pre-market stock movers this morning and more. You can find all of this news at the following links!
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Read More: Penny Stocks — How to Profit Without Getting Scammed
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.
