Remark Holdings (NASDAQ: MARK) shares plunged over 48% on Wednesday, retracting some gains earned post collaboration with Microsoft (NASDAQ: MSFT) on Tuesday.
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.