Stock Pops Over 75% In Early Trade

A London-based company announced this morning that it entered into confidentiality agreements with certain holders of the 9.375% senior notes due 2022 issued by the company. Shares of Ferroglobe PLC (NASDAQ:GSM) shot up in early trade as the company release mentioned a major recapitalization of the business with $100 million of additional liquidity.

Ferroglobe PLC provides silicon and specialty metals. It produces silicon metal and silicon and manganese-based alloy, serving customers in the specialty chemical, aluminum, solar, steel and ductile iron foundry industries.

The company’s business segments include Electrometallurgy- North America, Electrometallurgy- Europe, Electrometallurgy- South Africa, and Other segments. The Electrometallurgy segment includes its coal and quartz mining operations and its silicon metal and ferroalloy production. The Electrometallurgy- South Africa generates maximum revenue for the company.

Traders seemed to be excited on the news as shares traded up to an early session high of $3.18/share (+79.6%) following the headline. This move is a strong continuation of the momentum this stock has had over the last few months as the trend continues its bullish push.