ARB IOT (NASDAQ:ARBB) stock is rocketing higher on Tuesday alongside heavy trading and an update on a shareholder of the Malaysia-based Internet of Things (IoT) company.
A filing with the Securities and Exchange Commission (SEC) shows that ARB BERHAD holds a 28.38% stake in ARB IOT. Investors will note that ARB IOT is a subsidiary of ARB BERHAD.
ARB BERHAD’s stake in ARB IOT comes from the 7,503,858 shares of ARBB stock that it holds. For the record, the number of outstanding and issued shares of ARBB is sitting at 26,437,500.
The SEC filing notes that ARB BERHAD has given full power of attorney to Dato’ Sri Liew Kok Leong. He is the chairman and CEO of that company.
How This Affects ARBB Stock Today
With today’s investment news comes heavy trading of ARBB shares. As of this writing, more than 7.4 million shares of ARBB stock have changed hands. That’s already well above the company’s daily average trading volume of about 1.7 million shares.
One thing traders will keep in mind about ARBB is it is a penny stock. That means it can rally high on little news and drop just as fast. That might not be the case with ARBB shares today, but it’s worth keeping in mind before investing.
ARBB stock is up 230% as of Tuesday morning.
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InvestorPlace is home to all of the hottest stock market news traders need to know about on Tuesday! That includes the biggest pre-market stock movers this morning, an update on Mind Medicine (NASDAQ:MNMD) shares and more. All of that info is ready to go at the links below!
More Tuesday Stock Market News
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.