Takung Art Co. Ltd. (TKAT) stock rallied big during regular trading on Wednesday like most Chinese penny stocks. After trading heavily at a volume of 28.21 million shares in the session, the stock succumbed to corrections after hours.
During the regular session, the stock traded between a low of $3.97 and a high of $5.49. TKAT stock gained a huge 36.75% at its closing price of $5.21 on December 29. Following the big jump, the stock fell under corrections to shed its gains in the after hours. Consequently, TKAT was trading at $4.90 apiece with a loss of 5.95% in the after-hours session.
Takung Art Co. Ltd.
The international online trading platform, Takung Art Co. Ltd. provides state-of-the-art and convenient services for different types of artworks. Headquartered in Hong Kong, TKAT was founded in 2009. Currently, the company has a market capitalization of $53.18 million. Moreover, TKAT has 13.96 million outstanding shares in the market.
TKAT stock’s Recent Movements
On December 29, most of the Chinese penny stocks with links to NFTs saw an increase during the regular session. TKAT also saw a huge increase along with other Chinese penny stocks like NEW and CPOP. While no news is behind the bullish momentum of TKAT stock, it seems like investors are flocking towards stocks with links to NFTs. Takung Art while is focused on online contemporary art sales, recently added NFTs to its mix.
Given the calmed situation with the cryptocurrency market, it seems retail investors are now focused on small-cap stocks like TKAT. Hence, the stock saw an upsurge in its volume and was heavily traded in Wednesday’s regular session. Alas, all gains are followed by a fall, and hence, the stock fell under corrections after hours.
Moreover, in the past five days, the stock has accumulated 30.90% while gaining 10.15% last month. Furthermore, the stock has added a value of 252.03% year to date and 259.31% in the past year.
TKAT’s Private Placement
Previously, the company had announced a private placement worth $5.0 million. 571,429 shares of the company’s common stock were offered in the placement. Moreover, the per-share price of the common stock was $8.75 with gross proceeds of $5.0 million approx.
TKAT announced the successful closing of the private placement on July 13, 2021.
In addition, the company intended to use the net proceeds of the placement to fund general corporate requirements and for working capital.
