Why AMTD Digital Stock Is On The Move Today

AMTD Digital Inc HKD shares are trading higher Wednesday after the company announced it has received further confirmation of the previously announced two-year lock-up undertakings from key shareholders.

What Happened: AMTD Digital said AMTD Group, AMTD IDEA Group, Dr. Calvin Choi and the executive officers of AMTD Digital will not sell any shares of the company in the open market before August 2024. AMTD Digital first announced its knowledge of these commitments on Aug. 16, 2022.

AMTD Digital made its public debut in July 2022. The stock soared more than 32,000% in the wake of the company's IPO, but there wasn't any apparent news that sent shares higher. However, AMTD Digital was trending across social media platforms for an extended period of time following its IPO, suggesting the rally may have been driven by strong retail demand. 

AMTD Digital is a comprehensive digital solutions platform in Asia. The stock was among the top trending tickers on Stocktwits at last check.

See Also: Nasdaq, S&P 500 Futures Edge Up As Inflation Jitters Keep Sentiment Muted

HKD Price Action: AMTD Digital shares are up 11.4% at $15 Wednesday morning, according to Benzinga Pro.

Photo: Joshua Woroniecki from Pixabay.