Greenlane Holdings (GNLN) Stock Soars 72% After Hours: What Sparked The Move
Greenlane Holdings Inc. (NASDAQ:GNLN) shares surged 71.72% to $1.58 in after-hours trading on Wednesday.
The stock of the Florida-based company closed regular trading at $0.92, down 7.05%, according to Benzinga Pro data.
No obvious reason for the after-hours jump was clear.
Cryptocurrency Agreements Disclosed
On Feb. 4, Greenlane Subsidiary Inc., a wholly owned subsidiary of Greenlane Holdings, signed a Token Purchase and Sale Agreement and a Token Lending Agreement with Cayman Islands–based Berachain Operations Corporation, according to a Feb. 9 Securities and Exchange Commission filing.
Under the agreements, the subsidiary may lend USDC (CRYPTO: USDC) and Tether (CRYPTO: USDT) stablecoins to Berachain Operations, which intends to use the funds to acquire the native gas and staking token, Berachain (BERA). The subsidiary may then purchase BERA tranches from Berachain Operations, with pricing determined through time-weighted average price mechanics.
Greenlane Holdings, a major player in the cannabis industry that primarily operates as an ancillary company, announced in late January that it is pursuing a Berachain-focused digital asset treasury strategy.
Trading Metrics, Technical Analysis
Greenlane Holdings has a market capitalization of $7.33 million, with a 52-week high of $982.52 and a 52-week low of $0.90.
The Relative Strength Index (RSI) of GNLN stands at 18.41.
Over the past 12 months, the stock has seen a staggering decline of 99.90%.
Currently, the stock is positioned just above its 52-week low, roughly 0.002% above the bottom of its annual range.
Benzinga’s Edge Stock Rankings indicate that GNLN has a negative price trend across all time frames.
Photo Courtesy: santima.studio on Shutterstock.com
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Only a few stocks are rising! Goldman Sachs warns: US stock market breadth hits the worst level since the 2000 internet bubble, with rare divergence in bond volatility
Flood, a Goldman Sachs partner, believes that leading AI companies are propping up the market indexes, while median stocks have fallen 16% from their highs. More unusually, Garrett, the head of derivatives trading at Goldman Sachs, warns that the bond volatility MOVE index is at an extremely high percentile, yet the VIX remains subdued. Jonathan Krinsky, a strategist at BTIG, points out that while total hedge fund leverage is rising, net leverage is falling, indicating a contradiction of "increasing exposure without increasing direction," and warns: "Something has to give."
Hyperliquid’s big test: Can institutional demand absorb $100M in whale selling?
Gold falls below $4,200: Triple pressures rise, bears eye $4,000 or even $3,800
Trump Rejects Iran's Proposal for Talks; Global Stocks and Bonds Under Pressure, Oil Prices Up Over 2%, Gold Falls Below 4200
Trump rejected Iran's latest proposal to reopen the Strait of Hormuz, causing the optimistic sentiment in the market last Friday to quickly reverse amidst the Middle East diplomatic stalemate. Brent crude oil rose over 2%, gold fell below $4,200, and silver dropped more than 4%. Asia-Pacific stock markets broadly declined, with South Korea's KOSPI falling over 2%. Global bond markets came under pressure, and the yield on the US 2-year Treasury rose to 4.90%. Market focus will shift to this week's PCE inflation data and the non-farm payroll report.
Crypto prices
More
