Oxbridge Re Holdings (NASDAQ:OXBR) Stock Continues to Soar: What’s The Buzz?
Oxbridge Re Holdings (NASDAQ:OXBR) jumped 36% pre-market and 60% after hours after activist investor Custodian Ventures LLC filed a Schedule 13D showing acquisition of 9.9% interest in the company’s outstanding common shares.
David E. Lazar, the CEO, led the activist investor in taking an interest in the casualty and property reinsurance company. Custodian Ventures is an investment fund that focuses on event-driven opportunities and reverses mergers. In addition, the investor is looking to work with Oxbridge Re’s board in exploring potential strategic alternatives that can increase shareholder value.
In a statement, Lazar said, “We have made a significant investment in Oxbridge Re because we believe the Company presents shareholders an exciting opportunity for meaningful value creation. I look forward to continuing to constructively engage with management and the Board of Directors to actively explore potential strategic options to maximize value for all Oxbridge Re shareholders.” So in the coming months, OXBR is a stock worth keeping an eye on.
Market Reaction:
On Tuesday, OXBR stock gained 6.35% at $3.35 with more than 10.94 million shares, compared to its average volume of 1.30 million shares. The stock had moved within a range of $3.1600 – 3.6300 after opening the trade at $3.18. Over the past 52-week, the stock has been trading within a range of $0.9500 – 9.6200.
