Why Is Garden Stage Stock Shooting Up 21.83% In After-Hours?
Garden Stage Ltd (NASDAQ:GSIW) saw a 21.83% rise in the stock value during the after-hours session on Friday, reaching $0.13. This follows the company’s recent declaration of entering into a definitive agreement with several investors.
Check out how GSIW stock is trading here.
What Happened: The surge in Garden Stage’s stock value comes after the company’s announcement on Thursday of a $4.2 million registered direct offering of 38.4 million ordinary shares and pre-funded warrants at $0.11 per share.
The Hong Kong-based financial services provider closed at $0.11 and has traded between $0.10 to $12.30 over the past year. According to data from Benzinga Pro, Garden Stage stock has a market capitalization of $14.08 million.
Why It Matters: The recent stock offering could potentially provide Garden Stage with the necessary funds to stabilize its stock value. The company’s stock has been on a rollercoaster ride in the past month, having regained NASDAQ compliance on June 24 after meeting the $1 minimum bid price requirement.
Despite the recent uptick, the company has had a tumultuous month. On Monday, Garden Stage shares were halted on a circuit breaker after a 37.6% drop. The shares resumed trading on July 14 following the halt.
The recent offering is expected to provide a much-needed boost to Garden Stage Ltd.
Benzinga's Edge Stock Rankings indicate GSIW holds a strong Value score of 75.57. Here is how the stock fares on other parameters.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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