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Benzinga

Business

Akanksha Bakshi

'Pharma Bro' Martin Shkreli Bets Against Soaring Newegg, But Stock Keeps Climbing

Martin Shkreli Newegg NEGG

Newegg

Newegg Commerce Inc. (NASDAQ:NEGG) shares skyrocketed over 22% in Wednesday’s session, extending a volatile run that has seen the stock swing dramatically this year. The surge came as the company expanded its stock sale program, addressed issues tied to a shareholder loan foreclosure, and added its chief executive to the board while insider share sales continued.

The company said its board’s Pricing Committee approved the sale of an additional 500,000 common shares on Aug. 17 under a $65 million Sales Agreement with Needham & Company. Newegg had already raised $29.3 million in gross proceeds by selling one million shares in mid-July. The company may adjust the number of shares sold depending on available authorizations.

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