What's Going On With MicroCloud Shares Friday?

MicroCloud Hologram Inc. HOLO shares are trading lower in the premarket session on Friday after skyrocketing over the past two days.

Shares of this holographic technology firm have gained a whopping 1800% in the last two days.

According to data from Benzinga Pro, the firm’s short percentage of float is 20.47%.

On Wednesday, the company announced it planned to join the Communications Industry Association, to foster information technology innovation. 

The stock surged to $41.53 on Thursday from a low of $1.50 earlier this week, with over $1.7 billion in shares traded. The movement is driven by increased mentions on platforms like Reddit’s WallStreetBets and StockTwits, Bloomberg reported.

The Beijing-based company entered the public market via a SPAC merger, initially valued at $450 million. However, after a turbulent debut, it lost around 80% of its market value within a week, the report read. 

According to a recent regulatory filing, beginning at or around 9:00 AM EST, February 2, 2024, the company’s ordinary shares began trading on a split-adjusted basis on the Nasdaq Capital Markets with a newly assigned CUSIP number of G55032208.

Following the 1-for-10 reverse stock split, shares rebounded above $1 to maintain Nasdaq listing compliance, Bloomberg added.

Last year, the company said its subsidiary will provide CMS for China’s largest new energy vehicle company. 

Price Action: HOLO shares are trading lower by 27.87% to $20.70 premarket on the last check Friday.