NYSE Stocks On The Move: SQZ, BNED, BTCM, TISI, AJX

The New York Stock Exchange (NYSE) is one of the biggest stock exchanges in the world and offers investors a plethora of stocks across all sectors. This article is going to provide you with a detailed look into five NYSE-listed stocks that have been on the move lately.

SQZ Biotechnologies (NYSE:SQZ) – This past Monday the SQZ Biotechnologies stock emerged as one of the major movers as it rocketed up by 61%. The clinical-stage biotech firm is involved in discovering the complete potential of cell therapies. It developed its proprietary Cell Squeeze technology which provides the unique capability of delivering multiple biological materials into a number of cell types. The company believes that the technology could help in engineering a range of potential therapeutics. 

On June 16 SQZ Biotechnologies announced that its board of directors had approved a reverse stock split in 1 for 10 ratio. The reverse stock split would come into effect on July 6, 2023, at 5 PM Eastern Standard Time. The stock would begin trading on a split-adjusted basis on the New York Stock Exchange on July 7, 2023.

The ticker symbol would remain the same. The shareholders of the company had approved the reverse stock split during the 2023 annual meeting of shareholders that was held on June 14, 2023.  The final ratio of the reverse split was approved by the board of directors.

Barnes & Noble Education Inc (NYSE: BNED) – The company is a major solutions provider in the education industry and is focused on driving affordability and access at hundreds of educational institutions across the United States. The company equips millions of students to be successful in their academic pursuits. The Barnes & Noble Education Inc stock was in focus this past Monday and ended up with gains of 28%. The rally may have been related to an announcement from its subsidiary Barnes & Noble College on June 21. The subsidiary announced the launch of the product Well Be You.

 The product would offer a curated collection of health and wellness solutions from some of the biggest brands. Some of the brands that are going to be part of the service include Logitech, OLLY, Farmers Fridge, iHome Zenergy Candle, Vital Proteins, Warmies, Lifeline, Rae and more. The service was created to cater to the unique wellness needs of students in the modern age. The company believes that the launch of Be Well You would help in supporting the well-being of students.

BIT Mining Limited (NYSE: BTCM) – On Monday BIT Mining Limited was one of the companies which emerged as a notable mover as its stock ended up with gains of 23%. There was no news about the company in the past week but on May 30 the technology focussed cryptocurrency mining firm had announced its financial results for the first quarter ended March 31, 2023.

The results were unaudited. The company runs four main business segments, which comprise of the mining pool, data center operations, miner machine manufacturing and self-mining. Its development strategy also involves the expansion of its crypto-mining operations globally. Revenues for the quarter were $72.9 million which reflected a major drop from the revenues of $296.7 million in the prior year quarter.

The company suffered operating losses to the tune of $6 million and that was a significant jump from the $1.6 million in net losses in the prior year period. The basic and diluted losses per American Depository Share that was attributable to BIT Mining Limited for the first quarter was $0.46.

Team Inc (NYSE:TISI) – The company, which is headquartered in Sugar Land, Texas, was in prime focus on Monday and its stock ended up with gains of 13.25%. The company is a global leader in providing its clients with specialty industrial services. Team Inc offers a full range of proprietary mechanical, conventional, and specialized, heat treating and inspection services.

On June 20, the company had been in focus after it announced that it had been successful in closing a number of refinancing transactions that it had previously announced. It managed to raise a total of $87.4 million but the company would bank $82 million following deductions related to fees, expenses, and issue discounts.

The funds consisted of a $57.5 million 12% senior secured first lien term loan that was provided by funds operated by Corre Partners Management LLC. It would mature in 2026. Another $27.4 million term loan had been secured through some of the machinery, equipment and real estate assets of the company. It was provided by Eclipse Business Capital LLC.

Great Ajax Corp (NYSE: AJX) – On Monday Great Ajax was in considerable focus after it emerged that the company had been acquired by Ellington Financial for $7.33 a share. It was a significant announcement considering the fact that the price worked out to a premium of 19% on the Great Ajax stock price on June 30.

Naturally, it led to a rally in the stock on Monday as it ended up with gains of as much as 13.4%. The merger agreement was valued at $173 million and it was perhaps not a surprise that there was a surge in the Great Ajax stock price.

As per the provisions of the agreement, each Great Ajax stock would be turned into 0.5308 shares in Ellington common stock. In total, that would work out to around 12.5 million Ellington shares. Once the transaction is closed, Ellington financial shareholders would have an 84% stake in the company. Great Ajax shareholders are going to have a stake of around 16% in the combined entity. Ellington would also assume the convertible senior notes and unsecured notes of Great Ajax.