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Malaysian fintech Starbox (NASDAQ:STBX) shares shot up 25% in early afternoon trading Thursday after opening at a 52-week low.
Shares of Starbox opened at $3.30, an all-time low for the stock, later climbing to a session high of $4.60 in early afternoon. The stock recently changed hands at $4.24 at approximately 1:20 p.m. ET. The company did not appear to release any news or make any SEC filings on Thursday.
Starbox went public on Aug. 23, offering 5M shares at $4 per share. The stock soared 1,055% to a session high of $46.21 during its market debut before tumbling to close at $15.40, up 285% from its IPO price. The stock fell significantly during next three sessions and had been trending lower since.
Based in Malaysia, Starbox provides cash rebate, digital advertising and payment solution services to micro, small and medium-sized businesses.
For a more in-depth look at Starbox, check out SA contributor Donovan Jones’s “Starbox Group Holdings Aims for $23 Million US IPO”.
Image and article originally from seekingalpha.com. Read the original article here.