Marketing innovations and brand consultancy firm Troika Media Group Inc (NASDAQ:TRKA) emerged as one of the major gainers on Tuesday. Although there was no fresh news about the company yesterday, investors piled on to the stock in a big way and the Troika stock soared by as much as 20.50%.
However, in order to get an idea about the company’s progress as a business it might be a good move for investors to take a look at an announcement from Troika back on May 24. The company announced at the time that it completed the acquisition by Redeeem Acquisition Corp, its fully owned subsidiary company.
Redeeem operates its own financial technology platform which helps businesses in digitizing the assets under their control. However, that is not all. In addition to that, Redeeem also helps those businesses to create payment solutions based on blockchain technology.
Redeeem completed the acquisition by taking over almost all of the assets and as much as $165000 of the liabilities for a payment of $1.21 million. In addition to that, the transaction also involved a payment of $10.89 million in the form of TMG common stock that are going to be vested over a period of three years.
On Tuesday, TRKA stock surged 20.63% to $3.45 with more than 2.71 million shares, compared to its average volume of 654K shares. The stock has moved within a range of $2.8500 – 3.6000 after opening the trade at $2.85 Over the past 52-week, the stock has been trading within a range of $2.1100 – 4.0000.