Home Financial Markets Penny Stocks Global Eagle Entertainment (GEENQ) Stock Soared 17%, But Why?

Global Eagle Entertainment (GEENQ) Stock Soared 17%, But Why?

Stock of Global Eagle Entertainment Inc. [OTC: GEENQ] was booming as it reached $0.3700 at the previous close rising 17.46%. A total of 131.99K shares of Global Eagle stock were traded against an average of 40.85K shares per day for the past 30-days.

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GEENQ ranged in price from $0.2291 to $12.320 during the last 52-week period. GEENQ stock has been positively impacted by recent news regarding the sale of all assets and the emergence from Chapter 11 proceedings for restructuring.


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How did GEENQ come to be?

Media, content, connectivity, and data analytics are among the services Global Eagle offers clients across the globe. GEENQ provides airlines, cruise lines, commercial ships, yachts, ferries, and land locations around the world with a fully integrated suite of rich media content, seamless connectivity solutions, and exceptional customer service.

It was announced this week by Global Eagle Entertainment that it had emerged from a successful Chapter 11 restructuring and had sold practically all of its assets to first-lien investors.

  • Global Eagle Entertainment has also announced it has completed the sale of its African fixed-site land business and its legacy non-governmental organization (NGO) business to Marlink AS in keeping with its focus on mobility.
  • After being sold and restructuring, GEENQ has realized a total debt reduction of $487.5 million.
  • Their new owners plan to increase their liquidity by investing $217.5 million.
  • Operations of GEENQ will not be materially impacted by the closing of the sale.
  • GEENQ stock will be cancelled upon the effective date of the Chapter 11 Plan confirmed by the court on January 29, 2021.

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What GEENQ offers?

The Global Eagle Entertainment (GEENQ) solutions have a variety of connectivity options, including satellites and terrestrial wireless systems for fast, reliable connection, along with the capability to play on-board media for compelling guest experiences. GEENQ’s unique open-architecture and multi-platform satellite network provide unparalleled scalability and reliability, enabling it to uniquely meet the changing needs of its customers.

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