Remark Holdings (NASDAQ: MARK) shares plunged over 48% on Wednesday, retracting some gains earned post collaboration with Microsoft (NASDAQ: MSFT) on Tuesday.
Remark and Microsoft announced a five-year partnership on Tuesday, encompassing cloud services and marketing initiatives. Under this agreement, Remark’s AI division will utilize Microsoft Azure cloud services worth $80 million.
In addition to the partnership, Microsoft will facilitate new customer acquisition for Remark AI via its cloud services. This will involve co-marketing the unit’s services on the Microsoft Azure Marketplace. Furthermore, Microsoft will provide Remark AI with $2 million in Azure cloud services credits and $700,000 in consulting and migration credits.
At the same time, Remark (NASDAQ: MARK) implemented amendments to the company’s bylaws. The modifications altered the necessary backing for votes at shareholder meetings from a majority to one-third of the shares that are eligible to vote.
Overview of Recent Remark (NASDAQ: MARK) Stock Activity
Following the revelation of the deal with Microsoft, Remark’s shares saw a significant rise of 264.4% during the standard trading hours on Tuesday. This uptick coincided with a substantial trading volume, as nearly 214 million shares were transacted.
MARK stock, which had seen significant gains, experienced a downturn on Wednesday, closing at a 48.40% loss. This event coincided with the trading of an estimated 40 million shares. It is important to note that the company’s typical daily trading volume hovers around 5.36 million shares.
MARK MARK shares MARK stock MARK stock news NASDAQ: MARK Remark Holdings
