Hot Stocks to Watch: POSH, AERC, FNRG
3:19 pm Tuesday, October 04th, 2022
Poshmark (NASDAQ:POSH) is an online marketplace for second-hand fashion. POSH stock rose 13% in pre-market trading on Oct. 4 after agreeing to sell itself to Korean search engine company Naver (OTCMKTS:NHNCF). The price is $1.2 billion in cash or $17.90/share. Poshmark opened on Oct. 4 at about $17.66. Poshmark came public at the start of 2021. POSH’s initial public offering (IPO) price was $42 per share. When Poshmark’s $580 million in cash is added, the transaction is worth $1.6 billion.
AeroClean (NASDAQ:AERC) stock is gaining on Tuesday after the company revealed merger plans with Molekule to create a major player in the air purification market. AeroClean and Molekule are planning for an all-stock transaction that will result in a combined company. This would see holders of AERC stock own 50.5% of the new company. The remaining 49.5% will belong to current Molekule shareholders. Benefits of the deal include the combined company’s wealth of proprietary and patented air purification devices approved by the FDA. Also, the combined company is expected to generate revenue of $45 million in fiscal 2022.
FingerMotion (NASDAQ:FNGR) stock is on the move again Tuesday as the company’s shares fall following a rally that started yesterday. Just like on Monday, there’s no specific news that explains why shares of FNGR stock are moving today. Instead, it seems likely that a short squeeze is behind the recent rise in the price of the company’s shares and today’s fall. And mimicking Monday yet again is heavy trading for shares of FNGR stock today. This has more than 12 million units on the move as of this writing. Yet again, that’s a massive increase compared to its daily average trading volume of around 1.8 million shares.
