HomeEquities ScoreWhy did Grom Social Enterprises Inc. (GROM) stock turnaround in the after-hours...

Why did Grom Social Enterprises Inc. (GROM) stock turnaround in the after-hours on Friday?

Grom Social Enterprises Inc. (GROM) shares surged 6.22% in after-hours on Friday, September 17, 2021, and closed the trading at $2.39. However, in the regular trading session of Friday, GROM’s stock lost 3.43%. GROM shares have fallen 28.98% over the last 12 months, and they have moved down 16.36% in the past week. Over the past three months, the stock has lost 25.99%, while over the past six months, it has declined 36.08%.

Let’s see what are the latest news about the company


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GROM closed Private placement

On September 15, 2021, Grom Social Enterprises, Inc closed a $4.4 million private placement. The Investment is in the form of a 10% Original Issue Discount convertible note in the principal amount of $4,400,000 that has an 18-month maturity and a fixed conversion price of $4.20 per share of common stock, and warrants to purchase 813,278 shares of common stock with an exercise price of $4.20 per share.

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GROM Corporate updates

  • On September 08, 2021, Grom Social Enterprises, Inc appointed veteran entertainment and media marketing executive Jared Wolfson to its executive ranks. Wolfson’s appointment was announced by Darren Marks, Grom’s Chairman and Chief Executive Officer.
  • On August 23, 2021, GROM announced the retirement of Wayne Dearing, after serving the company for 22 years. Wayne will retire in 2022 and the company will appoint former Nickelodeon President of Content Development and Production, Russell Hicks, to oversee Top Draw.
  • On August 18, 2021, the company appointed veteran digital marketing executive, Pete Jacobs, as a consultant to the company’s planned November debut of Santa.com, to bring his e-commerce and digital marketing expertise. Santa.com is Grom’s new digital holiday entertainment and shopping hub.

Participation in the recent investor conference

Grom Social Enterprises, Inc recently participated at Benzinga Reopening Stocks Summit Conference which was held on Wednesday, August 18, 2021. The company was presented by Grom Social’s CEO, Darren Marks, and  Social’s President, Paul Ward.

Acquisition of Curiosity Ink Media

On July 29, 2021, Grom Social Enterprises, Inc acquired 80% of the equity and control of Curiosity Ink Media LLC. which is expected to complement the Company’s existing offerings of brand-safe social media for kids, animation production, and web filtering solutions.

Grom will retain, Brent Watts, in his current role as Chief Creative Officer, where he will continue to cultivate storytelling IP for Curiosity and provide visual design acumen for the studio.

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Conclusion

We had one recent news from September 15, which may or may not be the reason behind its mixed performance on Friday. Let’s see how it commence the trading on Monday?

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