Trinity Place (NYSEMKT:TPHS) stock is on the rise Wednesday after the real estate holding company announced a forbearance agreement update.
This news comes from a new filing with the Securities and Exchange Commission (SEC). In that filing, Trinity Place notes it has secured an extension on forbearance that went into effect at the end of 2023. This gives the company until the end of January to take care of its Mortgage Loan Forbearance.
As part of this agreement, Trinity Place has to secure approval from shareholders for a plan to cover the agreement by Friday. The company also notes that this extension agreement also applies to previous Mortgage Loan Forbearance agreements with the same lenders.
How This Affects TPHS Stock Today
With this news comes heavy trading of TPHS stock as investors buy the shares. As of this writing, more than 28 million shares of the company’s stock have been traded. That’s an incredible surge compared to its daily average trading volume of about 86,000 shares.
TPHS stock is up 97.3% as of Wednesday morning. Investors will note that Trinity Place is a penny stock with a low trading price of 11 cents and a market capitalization of only $4.362 million. That means the stock can be overly volatile.
Investors seeking out even more of the latest stock market stories will want to stick around!
We have all of the hottest stock market news that traders need to know about on Wednesday! Among that is what’s sending Dyne Therapeutics (NASDAQ:DYN) stock higher, the biggest pre-market stock movers this morning and more. All of that news is ready to go at the links below!
More Stock Market News for Wednesday
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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.
