What's Going On With Simply (SIMPQ) Stock?

Simply Inc SIMPQ shares have been extremely volatile over the last few days, trading as low as 1 cent and as high as $3.85 per share.

Simply is the parent company of Simply Mac, the largest Apple Inc AAPL Premiere Partner in the U.S. Simply Mac is an authorized reseller of Apple products, as well as a provider of warranty repair services. 

The Apple reseller filed for bankruptcy last month. According to multiple reports, Simply announced that it commenced bankruptcy proceedings on June 14. Concurrent with the bankruptcy filing, the company also terminated its CEO and CFO.

A week before, in preparation for bankruptcy, Simply sent a letter to employees stating that it would be shutting down its operations and terminating all employees, effective immediately, according to a MacRumors report. The letter also reportedly noted that Simply would be unable to pay employees tomorrow or in the future.

Simply acquired Simply Mac from GameStop Corp GME in 2019. The company attributed its downfall to the COVID-19 pandemic which forced the company to cut half of its workforce and close several stores. 

SIMPQ Price Action: Simply was up 3,061.1% at 47 cents at press time, according to data from Benzinga Pro.

Photo: tomoki takahashi from Flickr.