Here is why NextPlay Technologies Inc. (NXTP) stock soared in the after-hours on Thursday?

NextPlay Technologies Inc. (NXTP) shares soared 15.41% in after-hours on Thursday, January 13, 2022, and closed the daily trading at $0.78. However, in the regular trading session, NXTP’s stock lost 5.54%. NXTP shares have fallen 72.35% over the last 12 months, and they have moved down 15.22% in the past week. Over the past three months, the stock has lost 76.64%, while over the past six months, it has declined 66.47%.

Let’s have a look at its recent news.

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NXTP latest development

On January 13, 2022, NextPlay Technologies, Inc. (NXTP) reported results for the third quarter of fiscal 2022 ended November 30, 2021.

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Q3 2022 financial highlights

  • NXTP reported a record revenue of $4.2 million for the third quarter of fiscal 2022 compared to zero revenue in the third quarter of fiscal 2021.
  • The total cost of revenue was $1.95 million compared to nil in Q3 2021.
  • In Q3 2022, gross profit was $2.2 million compared to none in the same period a year ago.
  • Total operating expenses were $11.1 million in Q3 2022 compared to $0.46 million in Q3 2021.
  • It suffered a net loss of $9.06 million or $0.1 per basic and diluted share, compared to a net loss of $0.5 million or $5.09 per basic and diluted share in Q3 2021.
  • The company ended the third quarter of FY 2022 with cash and cash equivalents of $20.5 million, compared to $8.9 million as of August 31, 2021.

NXTP new appointments

On December 15, 2021, NextPlay Technologies, Inc. (NXTP) appointed two independent directors, Edward “Terry” Gardner, Jr., and Farooq Moosa, to its board of directors. Following the appointments, the board is now composed of 10 members.

NXTP division received conditional approval

On November 30, 2021, NextFin, which is a division of NextPlay Technologies, Inc. (NXTP), received conditional approval of its general insurance and re-insurance license application from the Labuan Financial Services Authority (Labuan FSA), a growing jurisdiction of choice by insurers and insurance intermediaries around the world.

After the license, NextPlay’s fintech initially offer products in the form of block-chained parametric comprehensive travel insurance and bank deposit insurance.

NXTP launched NextPlay X Soma Labs

On November 17, 2021, NextPlay Technologies, Inc. (NXTP) announced its collaboration with

Soma Innovation Lab and NFT Pro to launch NextPlay X Soma Labs, a digital design and innovation lab focused on developing non-fungible tokens (NFTs), social games, and Metaverse virtual worlds for major brands, creators, and agencies.

Both companies will work together to build foundational pathways to the Metaverse, such as travel destinations, game worlds, museums, shopping centers, stores, social clubs and more will be experienced in the Metaverse.

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Conclusion

NextPlay Technologies reported exceptional financial Q3 results due to which its stock price went up in the after-hours on Thursday. we can expect it to further climb in the coming trading sessions on Friday as well.

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