Top Financial Group (NASDAQ:TOP) stock is on some investors’ minds on Friday. Traders were hoping that TOP stock would reopen for trading today, but that was not the case.
The U.S. Securities and Exchange Commission (SEC) suspended trading in TOP stock earlier this month, shutting down trading between May 12 and May 25. So, naturally many investors had expected shares to resume trading today, May 26.
Instead, Nasdaq has just confirmed that shares will resume trading on Tuesday, May 30. That’s the first trading session of the week, as the U.S. stock market will be closed on Monday for Memorial Day.
An alert read the following about the resumption of trading:
“Nasdaq plans to resume trading in TOP Financial Group Ltd. (TOP) at 9:00am on May 30, 2023 (quotes only at 8:55am, trading resumption at 9:00am). TOP has been subject to a trading suspension order issued by the SEC from 9:30am on May 12, 2023 to 11:59pm on May 25, 2023.”
This delay is likely frustrating to some investors, but at least there is now a day set in stone for TOP stock.
TOP Stock: The Problem With Top Financial
For those unaware, TOP stock experienced heavy volatility earlier this month, resulting in the halt. Momentum traders were playing with shares, alongside a handful of other small-cap plays based in China and Hong Kong. For whatever reason, this group — which also includes U Power (NASDAQ:UCAR), AMTD Digital (NYSE:HKD), Magic Empire Global (NASDAQ:MEGL), Huadi International (NASDAQ:HUDI) and AGBA Group (NASDAQ:AGBA) — had been exploding higher.
That finally forced the SEC to step in. The SEC stated earlier this month regarding Top Financial:
“The Commission temporarily suspended trading in the securities of TOP because of recent, unusual, and unexplained market activity raising concerns regarding the adequacy and accuracy of publicly-available information, in light of disclosures made concerning TOP’s financial condition and scope of operations.”
On April 27, TOP stock gained almost 200% on the day. Then, in the very next session, shares rallied more than 1,100% at one point before finishing the session higher by around 440%.
That was followed by several sessions of higher volatility, then a near 80% collapse on May 4.
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On the date of publication, Bret Kenwell did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
