Stock Surge: Newegg Commerce Inc. (NEGG) shares rose over 22% in one day, continuing a volatile trend this year as the company expanded its stock sale program and addressed shareholder loan issues.
Share Sale Program: The board approved the sale of an additional 500,000 common shares under a $65 million agreement, following a previous sale that raised $29.3 million from one million shares.
Leadership Changes: CEO Anthony Chow was elected to the board after Fred Chang, the second-largest shareholder, resigned amid loan defaults and foreclosures on pledged shares.
Market Activity: NEGG's stock is trading significantly above its moving averages, attracting both investors and short sellers, including Martin Shkreli, who has expressed skepticism about the stock's value.
NEGG
$58.86+Infinity%1D
Analyst Views on NEGG
About NEGG
Newegg Commerce, Inc. is a global online retailer for PC hardware, consumer electronics, gaming peripherals, home appliances, automotive and lifestyle technology. The Company also serves businesses' e-commerce needs with marketing, supply chain, and technical solutions in a single platform. It has developed an online marketplace that delivers value to consumers, brands and sellers in the technology products sector. Additionally, the Company's platforms offer a comprehensive suite of e-commerce solutions, including product listing, fulfillment, marketing, customer service and other value-added tools and services. Its core customers include both its business-to-consumer (B2C) customers and its business-to-business (B2B) customers. The Company's B2C Platforms include Newegg.com, Newegg.ca, Newegg Global and Mobile apps. NeweggBusiness.com, its B2B e-commerce platform, offers a full range of information technology, office and industrial products and solutions for various customers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
