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Highlights
- Insignia Systems Inc. (NASDAQ: ISIG) brought IPO in June 1991.
- The advertising company provides digital advertising and in-store product solutions.
- The stock rose 144.42% YTD.
The Insignia Systems, Inc. (NASDAQ: ISIG) stock closed 204.6% higher to US$15.05 on Monday.
The stock rallied after the company announced launching a process to explore strategic options to enhance shareholders' value. The stock skyrocketed on the news. After all, what could be better news for shareholders than the promise of a better income.
The stock recorded a 52-week high of US$11.00 and a low of US$4.76. On Monday, it surpassed its highest price in its 52 weeks.
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The company said it would explore and evaluate mergers, acquisitions, and other business combinations to boost shareholders' value. In addition, the company will explore in-licensing and other strategic options for their benefit, it added.
However, the Minneapolis, Minnesota-headquartered company did not offer any timeline for completing the process or assurance that it could result in a transaction.
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Source - pixabay
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Insignia hires advisor for reviewing process
Insignia has employed global investment bank Chardan as its financial advisor in reviewing options. The New York-based Chardan has offered advisory services for 28 SPAC deals to date.
Insignia Systems offers in-store as well as digital marketing product solutions. These solutions are provided to packaged consumer-goods manufacturers, retailers, marketing agencies, etc.
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The Minnesota-based ad company has a current market capitalization of US$24.6 million.
Its share volume rose to around 79,393,593 on Monday compared to the 90-day average of 33,170.00. The stock has a 90-day beta of 2.04.
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Bottomline
The S&P 500 Advertising Sub-Industry Index gave a 26.34% return YTD. By contrast, Insignia stock gained 44.42% this year. However, investors should analyze the companies carefully before investing in stocks.