Star Equity Holdings, Inc. (STRR) Stock Surging in Premarket Trading Session, Here’s the Reason – Invest Chronicle

Star Equity Holdings, Inc. (STRR) Stock Surging in Premarket Trading Session, Here’s the Reason

Star Equity Holdings, Inc. (STRR), a company that provides healthcare solutions across the globe, has surged 12.30% during the premarket trading session and consequently is trading at $1.37 at the time of the writing. The surge could potentially be attributed to closing to the public offering. On Monday, the stock closed the day at $1.22 after declining 2.40% during the regular trading session.

STRR Closed Public Offering

On Monday, STRR announced the closing of an underwritten public offering of 9,500,000 shares of its common stock and warrants to purchase up to 9,500,000 shares of the Company’s common stock. Each of the shares of common stock was sold together with one common warrant for the purchase of one share of common stock for $1.50 per share and common warrant. The company said that it estimates the gross proceeds to stand at approximately $14.26 million.

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Business Update

On 11th January, STRR provided an update on the key achievements of the year 2021. The company said that the Healthcare division’s Diagnostic Imaging business sold record 39 cameras in 2021 compared to 16 in 2020 and 31 in 2019. The construction division of the company produced 350 modular units in 2021 compared to 280 units in 2020. Furthermore, the company was confident in the growth outlook for its Construction division for the year 2022.

Appointment of COO

In Mid-December, STRR announced the appointment of Richard K. Coleman, Jr. as Chief Operating Officer. The appointment became effective from the 1st of January 2022. Coleman has leadership experience of more than 30 years with extensive expertise in business development, operational excellence, and acquisitions. His addition to Star Equity was to increase the capacity of senior management of the company.

Future Outlook for STRR

During the last month, STRR has plummeted more than 50%. Looking forward, the analysts believe that there are no positive signals for the stock at the moment; hence, they are holding a negative evaluation for the stock. So, potential investors should make an informed decision regarding their investment in STRR stock.

 

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