Why did FG Financial Group Inc. (FGF) stock perform well on Tuesday?

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FG Financial Group Inc. (FGF) shares surged 23.65% in after-hours on Tuesday, November 02, 2021, and closed the daily trading at $7.79. Even in the regular trading session, FGF’s stock gained 24.02%. FGF shares have risen by 103.23% over the last 12 months, and they have moved up 61.95% in the past week. Over the past three months, the stock has gained 3.11%, while over the past six months, it has lost 10.38%.

Let’s see what’s going on with the company?


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FGF commenced Rights Offering

On October 29, 2021, FG Financial Group, Inc. (FGF) commenced its previously announced rights offering to holders of its common stock.

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The Company is distributing, to each holder of its common stock, one non-transferable subscription right to purchase 0.15 share of common stock, at $4.00 per whole share.

A total of up to757,720 shares of common stock were offered and the company is expected to get gross proceeds of approximately $3.0 million.

FGF closed a public offering

On October 28, 2021, FG Financial Group, Inc (FGF) closed its previously announced public offering of 652,174 shares of its common stock at a public offering price of $4.00 per share. The company will get gross proceeds of approximately $2.6 million and underwriters can buy additional up to 97,826 shares of common stock in the next 45 days limit.

FGF SPAC business combination with Hagerty

On August 18, 2021, FG Financial Group, Inc. (FGF), SPAC Platform partner, Aldel Financial (ADF) entered into a definitive business combination agreement with Hagerty.

Aldel will be renamed Hagerty, Inc and become publicly traded, with its common stock expected to be listed on the New York Stock Exchange under the ticker HGTY.

FGF recent financial results announcement

On August 16, 2021, FG Financial Group, Inc. (FGF) reported financial results for the second quarter and six months ended June 30, 2021.

Q2 2021 financial highlights

  • FGF reported total revenue of $3.2 million in Q2 2021 compared to $546,000 in Q2 2020.
  • Total expenses were $2.76 million in Q2 2021 compared to $1.5 million in Q2 2020.
  • It suffered a net loss of $0.7 million, or ($0.13) per fully diluted share in Q3 2021 compared to a loss of $2.92 million, or $0.48 per fully diluted share in Q2 2020.
  • As of June 30, 2021, the company had cash and cash equivalents of $10.4 million.

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Conclusion

Well, we have no recent news which could be linked with its top-notch performance on Tuesday. We can expect it to continue its performance on Wednesday as well.

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