Why Grom Social Enterprises Stock Is Extremely Volatile Recently

Grom Social Enterprises Inc GROM shares are trading lower by 2.6% to $2.22 Monday morning after the company last week priced a $3 million offering. The stock is also trading lower by 58% over the trailing week.

Grom Social Enterprises says the closing of the offering is expected to occur on or about September 12, subject to the satisfaction of customary closing conditions.

The company intends to use the net proceeds from this offering for general corporate purposes which may include acquisitions, research and development of original content and technology, strategic partnerships, and for working capital, capital expenditures and other general corporate purposes.

According to data from Benzinga Pro, GROM has a 52-week high of $275.94 and a 52-week low of $1.95.