SuperCom (NASDAQ: SPCB) stock surged 32% in the intraday trading Monday following the release of better-than-expected Q4 results.
SuperCom (SPCB) recently released its financial results for the fourth quarter of 2023.
The company reported earnings per share (EPS) of 15 cents and revenues of $5.67 million. Both metrics surpassed analysts’ expectations, who had anticipated EPS of -15 cents and revenue of $5.50 million.
The earnings release comes shortly after SuperCom closed a $2.9 million registered direct offering.
Last week, the company struck a deal with an institutional investor for the offering, which included warrants to purchase ordinary shares in a private placement. The company set the purchase price for one ordinary share and a warrant at $0.36. The agreement involved the sale of 8,116,155 (8.11 million) ordinary shares (or pre-funded warrants) and the issuance of warrants to purchase the same number of shares.
The warrants, featuring an exercise price of $0.38 per share, will expire five years from the issuance date and are immediately exercisable. Maxim Group LLC served as the sole placement agent for the offering.
SuperCom (NASDAQ: SPCB) Stock Price Action
At the time of this report, SPCB stock is trading at $0.29, marking a 31.68% increase from the previous trading session. This week, it has seen a 27.65% decline in value. Trading activity shows that 70,106,354 (70.10 million) shares have been exchanged, surpassing the average daily volume of 7.29 million.
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