dChan
Anonymous ID: b6562e June 12, 2024, 2:46 p.m. No.21012463   🗄️.is 🔗kun   >>2520 >>2539 >>2562 >>2712 >>2777

Virgin Galactic shares plunge on reverse stock-split announcement

 

(just kill this already as 62k Ft is NOT space-it’s already ded)

 

Shares of Virgin Galactic Holdings Inc. plunged 13.1% in extended trading Wednesday after the space tourism company announced a reverse stock split.

The reverse stock split was approved by the company’s shareholders at Virgin Galactic’s SPCE, -5.46% annual meeting Wednesday. The company’s board then approved the reverse stock split at ratio of 1-for-20.

In a statement, Virgin Galactic said the reverse stock split is expected to become effective at 5 p.m. Eastern on June 14, after close of trading on the New York Stock Exchange. The company’s common stock is expected to start trading on a split-adjusted basis when the market opens on June 17, trading under the existing symbol SPCE. The primary goal of the reverse stock split is to increase the per-share market price of the company’s common stock to meet the minimum per-share bid price requirement for continued listing on the NYSE,” Virgin Galactic said, in the statement. “As a result of the reverse stock split, every 20 shares of the company’s common stock issued and outstanding will be automatically reclassified into one new share of the company’s common stock.”

Virgin Galactic shares ended Wednesday’s session down 5.5%, to 85 cents, after ending Tuesday’s session up 12.3% to register their biggest gain in two weeks.

https://www.marketwatch.com/story/virgin-galactic-shares-plunge-on-reverse-stock-split-announcement-5275d5a8

Anonymous ID: b6562e June 12, 2024, 3:17 p.m. No.21012641   🗄️.is 🔗kun   >>2687 >>2701 >>2723 >>2779

Roaring Kitty may have cut GameStop options position, strategists say

 

(Why he dint sell these last week is the BIG question as they just continued to erode until the big drop -40% last Friday….no Options trader worth a shit would have done this, this close to expiry, unless they had an ulterior motive as in getting paid to pretend to care so that GME’s management had time for two shelf registrations..THIS is what habbens when you follow someone else’s advice and marry any trade)

 

A surge of trading in some short-dated GameStop options contracts on Wednesday suggested to some market participants that Keith Gill, the stock influencer known as Roaring Kitty, may have sold some of his recently-disclosed options position in the company.

Gill, who helped launch the meme-stock phenomenon in 2021, recently disclosed a sizeable GameStop stock and options position in a screen shot posted on Reddit on June 2. The screen shot showed he held 120,000 GameStop June 21 call options at a strike price of $20, bought at $5.6754 per contract or $68.1 million in all. The screen shot also showed he owned 5 million GameStop shares worth $115.7 million on June 2. On Wednesday, some 93,000 of the June call options changed hands, some of it in large chunks of 5,000 contracts or more.

Reuters was unable to independently verify whether the contracts were sold or whether Gill was behind the trades.

Taking into account the volume of trading on Wednesday, the contracts changed hands at an average price of $7.65, according to Trade Alert data.Many of the trades took place below the bid price (totally dumping them)indicating that a seller may have been trying to offload the contracts, Trade Alert data showed.

 

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"(It) looks like he is closing the position," said Chris Murphy, co-head of derivatives strategy at Susquehanna International Group.

"While he did not finish closing he probably has enough cash now to exercise the rest if he wanted to," Murphy said.

Overall, GameStop options volume jumped to 1.2 million contracts on Wednesday, 66% higher than the average daily volume for the stock's options over the last month, according to Trade Alert data. Gill's options position has seen big gyrations in recent sessions with the value of the options position jumping as high as $341 million before briefly going $7.5 million in the red on Tuesday.

Options market participants have been watching the position closely since Gill disclosed them.

"We won't know for sure until we see the open interest figures tomorrow morning, but I can't imagine who else would pound out such huge sales at discounts," said Steve Sosnick, Interactive Brokers' chief strategist.

https://www.reuters.com/technology/roaring-kitty-may-have-cut-gamestop-options-position-strategists-say-2024-06-12/