XChange Tec.Inc (NASDAQ:XHG) stock is on the rise Friday with heavy trading as it takes over where FLJ Group left off.
XChange Tec.Inc was a subsidiary of FLJ Group that underwent a governance restructuring last week. This saw it adopt the Second Amended and Restated Memorandum of Association and Fourth Amended and Restated Articles of Association on May 21.
With that change comes a share capital of $48 million for XChange Tec.Inc. This is split across its Class A and Class B ordinary shares as well as its preferred shares.
All of this follows troubles for FLJ Group. The company was facing delisting after the Nasdaq Exchange rejected its appeal to remain on the market. Now, XHG stock is trading instead of FLJ stock.
XHG Stock Market Movement
With all of this news comes heavy trading of XHG stock on Friday morning. As of this writing, more than 9.2 million shares of the stock have changed hands, well above its daily average trading volume of about 1.6 million shares.
XHG stock is up 97.1% as of Friday morning.
Investors who are seeking out even more of the most recent stock market stories will want to stick around!
We are offering up insight into all of the latest stock market news traders need to know about on Friday! That includes a dive into the biggest pre-market stock movers this morning, details on an upcoming Chipotle Mexican Grill (NYSE:CMG) stock split vote and more. You can catch up on all of these matters by checking out the links below!
More Friday Stock Market News
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On the date of publication, William White did not have (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.
