TSLA - What Is Going on With NewAge (NBEV) Stock Today?
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NewAge (NASDAQ:NBEV) stock is rising higher on Friday as it bounces back from a dip caused by its recent bankruptcy filing.
The bankruptcy filing from NewAge has it seeking Chapter 11 protection while it handles the matter. That includes plans for the company to sell itself during the process. It says this is the best situation to retain value for shareholders.
Following that initial filing, NewAge followed up with additional comments about the bankruptcy. According to the company, it filed for bankruptcy partially due to the cost of an investigation into the company.
This investigation sought to determine if the company had violated the Foreign Corrupt Practices Act. This is a Federal and State law in the U.S. that forbids citizens and entities in the country to bribe foreign nations for their business interests.
NBEV Stock Volatility Continues
NBEV stock has been incredibly volatile following its bankruptcy filing. The initial announcement on Tuesday saw the company’s shares rocket higher. However, those shares started to fall in the following days to below pre-bankruptcy filing prices.
Now we’re seeing heavy trading of NBEV stock start to lift prices again. This has some 85 million shares on the move today. For the record, the company’s daily average trading volume is about 7 million shares.
NBEV stock is up 40.7% as of Friday morning.
There’s more stock market news traders will want to know about below!
InvestorPlace is home to all of the hottest stock news for Friday! That includes what has shares of Broadcom (NASDAQ:AVGO), Tesla (NASDAQ:TSLA), and Hollysys Automation (NASDAQ:HOLI) stock are in the news today. You can get up to speed on these matters at the following links!
More Friday Stock Market News
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- Hollysys Automation (HOLI) Stock Gains 18% on Take-Private Plan
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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