- The stock price of Liquid Media Group Ltd (NASDAQ: YVR) increased by over 20% pre-market. This is why it happened.
The stock price of Liquid Media Group Ltd (NASDAQ: YVR) increased by over 20% pre-market. Investors appear to be responding to a continuation in momentum from yesterday, which was based on the hype around NFTs.
There is speculation that Liquid Media Group has the potential to penetrate the non-fungible token (NFT) market. An NFT is a unit of data on a blockchain where each NFT represents a unique digital item. And NFTs can represent digital files like art, audio, video, and other forms of creative work.
Some of the hype around NFTs yesterday included Toronto-based artist Krista Kim selling an NFT-backed digital home for more than half a million dollars, Time magazine selling NFT magazine covers, and blockchain authentication company Third Millennia (founded by science fiction icon William Shatner) partnering with Mattereum to launch an initiative focused on NFT provenance. This past month, some of the most notable non-fungible token sales included Jack Dorsey’s first tweet for about $2.5 million and Beeple’s $69.35 million art piece sale. Kansas City Chiefs quarterback Patrick Mahomes also debuted an NFT collection recently, which hit $3.4 million in only 30 minutes.
Recently, Liquid Media Group announced it closed its previously announced registered direct offering of 1,791,045 of its common shares at a purchase price of USD$3.35 per share. H.C. Wainwright & Co. had acted as the exclusive placement agent for the offering.
The gross proceeds from the offering were about USD$6 million. And the company intends to use the net proceeds from the offering for working capital purposes, expanding existing businesses or acquiring or investing in businesses, debt reduction or debt refinancing, capital expenditures, and other general corporate purposes.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.