Root9B Holdings Inc (NASDAQ: RTNB) is having an interesting day in the market today. After starting the day off in the red in a big way, the stock has been working its way back to the top throughout the morning. That is, until minutes ago when the stock was halted. A special thanks goes out to our partners at Trade Ideas for being the first to alert us to the halt. The stock was halted at 9:57, trading at $2.80 per share after a loss of $0.18 per share or 6.04% thus far today.
As mentioned above, Root9B Holdings has been an incredibly interesting stock to watch as of late. Just a couple of days ago, the company announced foreclosure news that sent the stock tumbling down. However, yesterday, the stock all but made up for every penny lost as investors started to speculate about a potential sale in the works. Then, today, the stock found itself down around 30%, but has consistently been climbing through the morning.
The most recent news announced by RTNB was that the company has secured incremental funding of $500,000, which will allow the company to meet payroll obligations and give a small amount of working capital. This funding was found through the issuance of secured convertible promissory notes along with warrants to purchase shares of the company’s common stock. In a statement, Eric Hipkins, CEO at RTNB, had the following to offer with last night’s news…
“While the Company is continuing its efforts to secure additional working capital and obtain waivers from the secured creditors it is unaware of any developments or information that would account for the significant volume of trading in our shares…”
However, there’s one thing we do know, the stock is halted at the moment. It’s no surprise that with this halt comes more speculation with regard to a potential takeover of the company. Nonetheless, there is no news of this as of yet.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on RTNB. In particular, we’re interested in following the company’s ongoing work to avoid the foreclosure sale process and excited to see if an acquisition is indeed the ultimate result. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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