TROOPS Inc. TROO saw a significant dip in its stock value during after-hours trading on Monday.
Check out how TROOPS Inc. stock is performing here.
What Happened: The Hong Kong–based conglomerate ended the trading day at $1.34, marking a notable 104.58% rise from its previous close. However, the after-hours trading session saw the company’s stock value drop to $1.01, a decrease of 24.63%.
TROOPS Inc. had recently garnered attention for its strategic entry into the Asian co-working market via a two-stage acquisition deal. TROOPS Inc. saw a surge of 104.58% on Jul 14 after the company’s subsidiary, Giant Connection Limited, expressed its intention to acquire a 49% stake in WORK, Inc., a co-working space operator based in Taiwan. An option for the vendor to sell the remaining 51% to the purchaser in the future.
The consideration for this acquisition will be paid through convertible notes linked to TROOPS shares, priced at 80% of the lower of the pre-signing closing price or the 60-day average. The deal is contingent on due diligence, regulatory approvals, and the purchaser’s commitment to develop a 7,000 square foot co-working space in Hong Kong and a dedicated mobile application.
The acquisition news triggered an explosive trading session for TROOPS Inc. with volume surging to over 92.1 million shares — surpassing its average daily volume of 1.66 million, making a staggering 5,521% rise in trading volume.
Why It Matters: TROOPS Inc. has been making significant moves in the market. Earlier in July, the company received a HK$404.8M judgment from a Hong Kong court, and the company is considering a U.S. class action. This recent surge in stock value reflects the market’s response to the company’s strategic decisions and its potential for growth in the Asian market.
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This move marks TROOPS’ strategic expansion into the Asian co-working market, leveraging WORK, Inc.’s presence in Taiwan and its planned expansion into Hong Kong.
Price Action: TROO shares closed at $1.34 on Monday, before dipping to $1.01 in the after-hours trading.
Benzinga’s Edge Stock Rankings indicate TROO has a negative trend across all time frames. Here is how the stock fares on other parameters.
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