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.
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