On January 21, Pintec Technology Holdings Ltd. (PT) stock fell under corrections in the after-hours to shed its previous gains.
During regular trading, the stock fluctuated between a high of $1.4200 and a low of $0.8801. PT closed the session at $1.39, gaining a huge 55.31% at 11.7 million shares. Consequently, the stock suffered a loss of 15.11% in the after-hours due to corrections, to reach $1.18.
The financial services provider, Pintec Technology Holdings Ltd. was founded in 2015. Currently, its 36.06 million outstanding shares trade at a market capitalization of $60.24 million.
What’s happening with PT stock?
While there was no official news from the company, investors flocked towards PT stock on Friday. Hence, the stock traded at a heavy volume of 2,042% of its average on Friday. The stock added a huge 55.31% to reach a high of $1.42 after over nine months. Reaching such a high after such a long time, along with the huge gain put the stock on a path for corrections. Therefore, the stock fell under corrections in the after-hours to shed its gains.
In the past five days alone, PT has increased by a huge 100.06% and subsequently, 215.26% year to date. Moreover, the stock was able to add just 18.80% last year.
Nasdaq Notification
On December 10, the company announced receiving a notification from Nasdaq, dated December 09, 2021. According to the notification, the company was in non-compliance with the minimum bid price as per the Listing Rules. PT’s ADS’ closing price has been less than $1.00 for consecutive 30 days. Thus, below the required minimum bid price for continued listing.
Furthermore, the company has until June 6, 2022, to regain compliance by having ADS closing price of $1.00 or above for at least ten consecutive days. Moreover, if the company is unable to regain compliance in the given 180 days, it may either be given an extension or be delisted.
PT’s 2021 First Half Financials
On October 26, the company announced its unaudited financial results for the first half of 2021, which ended on June 30.
In the first half of 2021, PT generated total revenues of RMB91.6 million (US$14.2 million), against RMB251.6 million in the year-ago period.
Additionally, the adjusted net loss was RMB38.8 million (US$6.0 million) in the first half of 2021. Comparatively, the adjusted net loss was RMB96.9 million in the year-ago period, a decrease of 60% year over year.
