India, March 24 -- Shares of MicroAlgo Inc. (MLGO) surged over 77% on Monday morning after the company announced plans to issue additional new shares at an offering price of $0.80 per share.
MLGO is currently trading at $4.4807, up $1.9607 or 77.5195%, on a heavy volume of 53.2 million shares, above average volume of 16.2 million shares, on the Nasdaq. The stock opened its trading at $4.0200 after closing Friday at $2.5200. The stock has traded between $1.1100 and $509.6000 in the past 52-week period.
MicroAlgo announced the plan to issue more new shares. Considering that MicroAlgo entered into a convertible bond purchase agreement with creditors on October 7, 2024, with a total amount of $20 million. These bonds have a maturity period of...