HomeEquities ScoreWhy Washington Prime Group Inc. (WPG) stock price fluctuated on Tuesday?

Why Washington Prime Group Inc. (WPG) stock price fluctuated on Tuesday?

Washington Prime Group Inc. (WPG) shares surged 6.45% in after-hours on Tuesday, September 07, 2021, and closed the daily trading at $1.32. Earlier in the regular trading session of Tuesday, WPG’s stock lost 16.78%. WPG shares have fallen by 79.39% over the last 12 months, and they have moved down by 8.15% in the past week. Over the past three months, the stock has lost 75.20%, while over the past six months, it has declined 63.42%.

Let’s discuss its recent news and developments.


3 Tiny Stocks Primed to Explode The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.

We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.

Click here for full details and to join for free.

Sponsored


>> 7 Top Picks for the Post-Pandemic Economy << 

WPG Delisting Common and Preferred Stock from the NYSE

On September 07, 2021, Washington Prime Group Inc announced its intention to voluntarily delist all shares of common stock from the New York Stock Exchange. The Common Stock is currently listed on the NYSE under the symbol WPG with a CUSIP number of 93964W 405; the Series H Preferred Stock is currently listed on the NYSE under the symbol “WPG-H” with a CUSIP number of 93964W 207, and the Series I Preferred Stock is currently listed on the NYSE under the symbol “WPG-I” with a CUSIP number of 93964W 306.

Read More

The company is expecting that it will file a Notification of Removal from Listing on Form 25 with the U.S. Securities and Exchange Commission around September 20, 2021. It is expecting that September 29 would be its last trading day on NYSE and the listing will be removed the next day on September 30, 2021.

WPG filed for Chapter 11 bankruptcy

Washington Prime Group Inc had filed for Chapter 11 bankruptcy on Sunday, June 13, 2021, due to challenges it faced related to the Covid-19 pandemic. Earlier, Washington Prime was able to secure $100 million in new funding to continue operating in the near term which increased hope for its restructuring and emerges from bankruptcy on a more solid financial footing.

Washington Prime has nearly $3.5 billion, to be specific — and it was on the edge of bankruptcy since missing a $23 million interest payment back in March. By reorganizing under Chapter 11, the company can, ideally, convert some of its debt into equity and extend its loan terms.

WPG recent financial results announcement

On August 09, 2021, Washington Prime Group Inc (WPG) reported financial results for the second quarter ended June 30, 2021.

Q2 2021 financial highlights

  • WPG reported revenue of $138.4 million in Q2 2021 compared to approximately $1 million in Q2 2020.
  • Total operating expenses were $5 million in Q2 2021 compared to $138.58 million in Q2 2020.
  • It suffered a net loss of $105.5 million, or $4.26 per diluted share in Q2 2021, compared to a net loss of $82.1 million, or $3.88 per diluted share in Q2 2020.
  • Funds from Operations was $43.7 million, or $1.74 per diluted share in Q2 2021, compared to $9.4 million, or $0.38 per diluted share, during the same quarter a year ago.

    >> 7 Top Picks for the Post-Pandemic Economy << 

Conclusion

WPG stock went down after the company announced its delisting from NYSE but there was no reason to justify its minor gains in the after-hours on Tuesday.

Related Videos

Must Read

Related News

LEAVE A REPLY

Please enter your comment!
Please enter your name here

[class^="wpforms-"]
[class^="wpforms-"]