Shares of Remark Holdings Inc. MARK, 85.02% skyrocketed 240.1% on massive volume in premarket trading Monday, putting them on track to open with an 8-fold gain in two days.
Trading volume spiked to 69.3 million shares ahead of the open, making the artificial intelligence products developer’s stock the most actively traded ahead of the open, and well above the full-day average volume of about 8 million shares. On Friday, the stock soared 138.4% on volume of 198.5 million shares, after closing Thursday at 91 cents. The company told MarketWatch it did not comment on daily trading fluctuations of its stock. The company confirmed that it’s last news release was an amended S-3 filing late Thursday, in which the company said it was offering up to $50 million worth of securities for sale. In the filing, the company, which said it was incorporated in Delaware and was “not a Chinese operating company,” but said it conducts a “significant part” of its operations through subsidiaries and through contractual agreements with variable interest entities (VIEs) based in China. The latest exchange data showed that 11.72% of the stock’s public float was shorted. The stock has gained 14.2% year to date through Friday, while the S&P 500 SPX, 0.31% has gained 21.0%.