Why SGOCO Group Stock Skyrocketed on Wednesday
Shares of SGOCO Group (NASDAQ: SGOC) have skyrocketed today by a whopping 61% as of 10:55 a.m. EDT, after the company said it had regained compliance with the Nasdaq stock exchange. SGOCO has experienced extreme volatility in recent days as retail day traders have been piling into the Chinese fintech company, which was a penny stock not long ago.
The Nasdaq exchange had warned SGOCO in May that it was out of compliance with its periodic filings, a crucial listing requirement that ensures that companies are providing investors with current information. The company had attributed the delay to difficulty in obtaining and compiling information.
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Source Fool.com
