What's Going On With MicroCloud Shares Friday?

Zinger Key Points
  • MicroCloud Hologram sees a 1800% surge in shares over two days.
  • According to data from Benzinga Pro, the firm's short percentage of float is 20.47%

MicroCloud Hologram Inc. HOLO shares are trading lower in the premarket session on Friday after skyrocketing over the past two days.

Shares of this holographic technology firm have gained a whopping 1800% in the last two days.

According to data from Benzinga Pro, the firm’s short percentage of float is 20.47%.

On Wednesday, the company announced it planned to join the Communications Industry Association, to foster information technology innovation. 

The stock surged to $41.53 on Thursday from a low of $1.50 earlier this week, with over $1.7 billion in shares traded. The movement is driven by increased mentions on platforms like Reddit’s WallStreetBets and StockTwits, Bloomberg reported.

The Beijing-based company entered the public market via a SPAC merger, initially valued at $450 million. However, after a turbulent debut, it lost around 80% of its market value within a week, the report read. 

According to a recent regulatory filing, beginning at or around 9:00 AM EST, February 2, 2024, the company’s ordinary shares began trading on a split-adjusted basis on the Nasdaq Capital Markets with a newly assigned CUSIP number of G55032208.

Following the 1-for-10 reverse stock split, shares rebounded above $1 to maintain Nasdaq listing compliance, Bloomberg added.

Last year, the company said its subsidiary will provide CMS for China’s largest new energy vehicle company. 

Price Action: HOLO shares are trading lower by 27.87% to $20.70 premarket on the last check Friday.

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