This morning, shares of Renren (RENN Stock Chart), a penny stock trading under $2 on Monday, soared to new highs. How high did RENN stock move? Before the opening bell on April 30, 2019, shares hit highs of $2.59. This was up by more than 30% higher than its closing price on Monday.
What Happened To Renren (RENN) On April 30, 2019?
Late in the evening on April 29, CM Seven Star Acquisition Corporation (CMSS Stock Chart) and Renren (RENN Stock Chart) announced results of CM Seven Star’s annual meeting. What was the significance of these results? Holders of CM Seven Star stock needed to approve a share exchange between CM Seven Star, Kaixin Auto Group and Renren and other related proposals. Since Renren owns 100% of the issued and outstanding shares of Kaixin the approval would pose a nice opportunity for Renren.
Sure enough, the holders of the ordinary shares of CM Seven Star voted to approve the Share Exchange Agreement. The closing of this deal was expected to be April 30 (which is today).
Will Renren (RENN) Stock Continue Higher?
This penny stock has been climbing for the better part of April. Since the 9th, RENN stock has moved up from lows of $1.42 to Tuesday’s premarket high of $2.59. The main difference has been the trading volume. Investors have had time to review this penny stock news especially considering it was released late in the evening on Tuesday. Could today’s above average market momentum continue to propel the stock higher?
