Yunhong CTI Ltd (NASDAQ:CTIB) Stock Gains Momentum: How to Trade Now?
Yunhong CTI Ltd (NASDAQ:CTIB) jumped 11% after gaining another 20% in premarket on no news. Recently, the company signed s share purchase deal with LF International Pte, Ltd. The company’s chairman Yubao Li controls LF International.
As per the agreement, LF international made a strategic investment of $1.5 million in Yunhong CTI for 170,000 Series C Convertible Preferred Stock of the company. However, the share purchase deal will be subject to shareholder approval.
Jennifer Connerty, Yunhong CTI CFO, said that the equity investment is a strong vote of confidence from the company’s chairman, Mr. Li, the biggest shareholder. Yunhong CTI continues to see positive results from its improved manufacturing capabilities and its focus on growth-leaning product lines and profitability. Connerty said that the additional liquidity would be vital to the company as it will support its ability to satisfy increasing customer demand for its foil novelty balloons. So, in the coming months, CTIB is a stock to watch.
Market Reaction:
On Tuesday, CTIB stock jumped 11.80% at $2.61 with more than 2.72 million shares, compared to its average volume of 357k shares. The stock had moved within a range of $2.2400 – 2.8195 after opening the trade at $2.36. Over the past 52-week, the stock has been trading within a range of $1.3000 – 5.0000.
