Glory Star New Media Group Stock Is Soaring: What's Going On?

Glory Star New Media Group Holdings Ltd GSMG shares more than doubled in early trading Tuesday after the company announced the signing of a $60 million strategic investment with two institutional investors at $2.48 per share.

What To Know: Glory Star entered into a share subscription agreement with two institutional investors for the issuance of 24,193,548 ordinary shares at a purchase price of $2.48 per share.

The purchase price was determined based on a privatization price of $1.55 per share plus a 60% premium agreed upon by the company and the investors. The private placement is expected to close on or about May 9.

Glory Star provides advertisement and content production services and operates a mobile and online advertising, digital media and entertainment business in China. 

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GSMG Price Action: Glory Star has a 52-week high of $1.54 and a 52-week low of 42 cents.

The stock was up 133.3% at $1.12 at the time of writing, according to Benzinga Pro.

This illustration was generated using artificial intelligence via MidJourney.