SGOCO Group [NASDAQ: SGOC] Skyrocketed on Wednesday. Here’s Why

Shares of SGOCO Group, Ltd. [NASDAQ: SGOC] surged 41.19% during the trading session of Wednesday. The strong performance of the firm has highlighted the positive sentiments of the investors after the firm has regained compliance with the Nasdaq Stock Exchange. This great news has excited the stock of the firm to a whopping 41.19%.

Earlier, in May, SGOCO has got a notification letter termed Deficiency Letter from the Listing Qualifications Department of The Nasdaq Stock Market Inc. The Deficiency Letter has warned the firm that is no longer in acquiescence with the Nasdaq Listing Rule for continued listing. The firm has been notified that it was unable to submit its annual report on time on Form 20-F for the year completed December 31, 2020, with the U.S. SEC.

Shares of SGOCO soared 41.19% as the firm has gained +3.89 at the time of writing on Wednesday. The firm has recorded a trading volume of 88.29 million as compared to the average volume of 4.33 million. In the past 52-weeks of a trading session, the share of the firm oscillated between the 52-week low and high range of $0.77 and $29.00, respectively. The firm has recorded a total market capitalization of $254.23 million at the time of writing.

Previously, Nasdaq has given the time till July 16, 2021, to the firm to regain compliance. In a regulatory submission with the SEC that was filed yesterday evening, SGOCO corroborated that it has now reclaimed acquiescence with the prerequisite after lodging its Form 20-F for 2020 with the SEC. That form is analogous to an annual report Form 10-K but is used for foreign firms that are based outside the U.S.