Grom Social Enterprises Inc. (NASDAQ:GROM) gained 16% on no latest news. Recently the company closed a previously announced $10 million public offering for around 2.409 million units at $4.15 per unit. Each unit offered comprised one common share and a warrant to acquire one common share. The warrants will be exercisable at $4.565 per share within five years from the date of issuance. Underwriters were given a 45-day option to buy additional 361,445 common shares and warrants at public offering price minus commissions and discounts.
The company expects the offering to close subject to meeting customary closing requirements by June 21, 2021. Following the public offering, Grom received approval to trade its common shares and warrants under the ticker symbol “GROM” and “GROMW,” respectively, on the Nasdaq Capital Markets. The stock commenced trading on the Nasdaq on June 17, 2021.
The SEC declared an effective registration statement on Form S-1 relating to the securities on June 16, 2021. GROM is a stock to watch in the coming weeks.
Market Reaction:
On Monday, GROM stock soared 15.74% to $3.97 with more than 4.13 million shares, compared to its average volume of 147k shares. The stock has moved within a range of $3.3300 – 4.4500 after opening the trade at $3.33 Over the past 52-week, the stock has been trading within a range of $0.9920 – 19.5000. Moreover, the stock is up another 6% to $4.20 in the pre-market session.
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