STRY Recovered Up 500% In
Two Weeks, After De-Listing
From The NYSE To The OTC
Market Sparked Interest
Among Penny Stock Traders.
Starry Group Holdings, Inc., (OTC PINK:STRY) saw one of the strongest moves on the penny stock market today, with a close up 58.23% to $.05. The surge in trading interest comes about one week after an 8-K filing from the company filed on 12/19/22 stating that revealed a credit agreement for the company for a total of $6,200,000 in super priority term loans and up to an additional $5,000,000 in super priority delayed draw Tranche D loans.
According to the news release, Starry Group Holdings, Inc., drew upon the $6,200,000 in full and on 12/14/22 borrowed the full amount of the Tranche D loans. This credit agreement is the ninth amendment to the amended and restated credit agreement that was enacted on 12/13/19.
STRY Was Recently Suspended From Trading On The NYSE:
On 12/14/22 the New York Stock Exchange (“NYSE”) announced that it decided to immediately suspend trading of STRY. The following day, STRY management filed a press release making the NYSE delisting known. The reason stated for this decision by the NYSE was that STRY which had closed at $.101 the day prior to their announcement of the delisting, was too low priced to be able to adhere to continued listing requirements.
The NYSE Suspension Peaked Interest Among Penny Stock Traders On The OTC Market:
As a result of the delisting, STRY was demoted to a listing as a Pink Sheets current stock trading on the OTC Market. The delisting from NYSE caused a swift plummet in price for STRY from a high of $.11 on the date of the announcement on 12/14/22 to a low of as little as $.01 on 12/19/22.
The reason for the heightened interest among penny stock traders came two-fold as follows:
1. The sudden shift from NYSE to Pink Sheets Current immediately made STRY one of the most transparent and fully reporting companies on the OTC Market. What was seen as too troubled to trade on the elevated NYSE, suddenly became the most well reporting OTC stocks. STRY is a fully audited company that at least thus far, has reported its financial filings directly to the SEC. As explained in our penny stock trading guide, this makes it a rare standout among other OTC Market stocks that do not fully report this information. Whether the company will continue to report such detailed and fully audited information now that it is no longer required to, will remain to be seen. But in this moment it is one of the most transparent penny stocks on the market.
2. As a result of the huge plunge in price, STRY also quickly peaked the interest of penny stock investors because of the price simply being so depressed from recent levels. In just one week it’s fall from a high of $.11 on the date of the NYSE de-listing announcement on 12/14/22 to the low of $.01 on 12/19/22 represented a decline of 90.91%. Some traders took the opportunity to buy in at the sudden lows and saw a swift recovery to todays close at $.05, which is a 500% gain from the recent lowest point at $.01 just one week ago.
At present investors now have been voicing hopes for a buyout or merger to come for STRY but there is certainly no guarantee of such an event but with the market cap currently sitting at $7,892,178 for a company that was formerly trading on the NYSE just two weeks ago, many traders have clearly decided that it is worth the risk.
The one driving factor that makes STRY very interesting is the fact that they have locked down fairly significant credit line financing, which could suggest some solid upcoming developments which could hold potential to see it pick up heavily in the short to mid-term but the risk factors are significant due to the fact that this one has been on a steady downturn for almost this entire year. We personally choose to avoid plays like this one due to the inherent risks but if there were to be news of a buyout or merger as investors have been speculating online as a possibility, due to the 8-K filing, that could cause a significant sudden price spike. We suggest exercising caution with SLRY but also certainly suggest keeping it on your watch list for the potential of major developments.
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