- The stock price of Yalla Group Ltd (NYSE: YALA) increased by 6.36% on Friday, May 21. This is why it happened.
The stock price of Yalla Group Ltd (NYSE: YALA) – a leading voice-centric social networking and entertainment platform in the Middle East and North Africa (MENA) – increased by 6.36% on Friday, May 21. Investors responded positively to an announcement from the company that it is spending up to $150 million worth of its outstanding American depositary shares (each representing one Class A ordinary share), and/or Class A ordinary shares over the next 12 months starting from May 21, 2021.
Yalla Group also said that certain recent allegations by short sellers against the company contain distorted, misleading, and unsubstantiated claims.
“These allegations illustrated these short sellers’ lack of understanding of the company’s business model and the feelings and sentiments within the company’s user community. The company affirms that it has not placed any robots into any of its chatrooms or otherwise manipulated its MAU or other operating or financial data,” said Yalla Group in a statement.
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