Micromobility.com (NASDAQ:MCOM) stock is rising higher on Monday after the transportation company succeeded in reducing its debt by $9.25 million.
Micromobility.com reached an agreement with lenders to forgive its outstanding debt, as well as all accrued and unpaid interest. The company notes that this reduces its total debt from $15 million to $5.75 million.
Gian Luca Spriano, interim Chief Financial Officer of Micromobility.com, said the following about the debut reduction news:
“This restructuring is a testament to our strategic financial planning and execution. The reduction in debt enhances our balance sheet and positions us for accelerated growth. We’re now better equipped to focus on our core business objectives and drive towards long-term profitability.”
MCOM Stock Reactions on Monday
Following news of its debut reduction, shares of MCOM stock are seeing heavy trading on Monday morning. As of this writing, more than 2 million shares of the stock have been traded. To put that in perspective, the company’s daily average trading volume is closer to 532,000 shares.
MCOM stock is up 1% as of Monday morning. Investors will note the shares are down 99.9% year-to-date as of Friday’s close.
Investors looking for more of the most recent stock market stories are going to want to keep reading!
We have all of the hottest stock market stories that traders need to know about on Monday! Among that is why shares of Near Intelligence (NASDAQ:NIR), Green Giant (NASDAQ:GGE) and NextPlay Technologies (NASDAQ:NXTP) stock are moving today. You can read up on all of this news at the following links!
More Monday Stock Market News
- Why Is Near Intelligence (NIR) Stock Down 34% Today?
- Why Is Green Giant (GGE) Stock Down 41% Today?
- Why Is NextPlay Technologies (NXTP) Stock Up 43% Today?
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
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.
