The week did not end particularly well for Grom Social Enterprises Inc as the company saw its stock decline by 10% this past Friday. However, at the same time, it should be noted that despite the loss on Friday, the Grom Social (NASDAQ:GROM) stock ended the week with gains of 14%.
There was no news about the company last week but it should be noted that back on June 21 the original children’s content provider and social media platform operator had made an important announcement. Grom Social announced on that day that it had managed to successfully close its underwritten public offering that had been announcement previously.
In that particular offering, the company had offered as many as 2409639 units at the price of $4.15 a unit and managed to generate gross proceeds of around $10 million. However, it should be noted that there were going to be deductions related to commissions, discounts and other expenses. Each unit consisted of one share of the Grom Social common stock and one share warrant. Each share warrant entitled the holder to acquire another share of the Grom Social common stock. In light of the price action in the stock last week, investors could consider keeping an eye on its today.
Market Reaction:
On Friday, GROM stock went down 9.64% at $3.56 with more than 714k shares, compared to its average volume of 426k shares. The stock had moved within a range of $3.4200 – 4.0700 after opening the trade at $3.79. Over the past 52-week, the stock has been trading within a range of $0.9920 – 19.5000.
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