Why MicroAlgo Stock Skyrocketed Today

MicroAlgo, Inc. MLGO shares traded higher on Wednesday after the company announced it plans to establish a postgraduate training practice base.

What To Know: On Wednesday, the company announced that Shenzhen University Semiconductor Manufacturing Research Institute, and Haikou Comprehensive Free Trade Zone Management Committee, MicroAlgo's Chinese companies, plan to sign a cooperation agreement for the purpose of creating a postgraduate training practice base.

Following its establishment, the three parties will take the joint training of master's degree students, and school tutor pairing as an entry to grow the field of cooperation.

MicroAlgo's belief is that the cooperation will offer support for the sustainable growth of the semiconductor industry. Purported benefits of the joint training of postgraduate students include assisting in creating academic disciplines and the transformation of scientific and technological achievements of Shenzhen University.

According to data from Benzinga Pro, the stock experienced above-average trading volume of 77.51 million shares compared to its average volume of 1.68 million.

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MLGO Price Action: Shares of MLGO were up 295.9% at $9.58 at the close of the market, according to Benzinga Pro. 

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