The Cosmos Holdings Inc (NASDAQ: COSM) stock price rallied 42%+ premarket as investor interest in the company remained high despite the lack of news releases from the company. Over 19.56 million shares had changed hands at the time of writing despite a lack of news from the company today.
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Investor sentiment towards the company has been positive since it appealed the Nasdaq’s non-compliance notice last week, saying it had planned a shareholder meeting to approve a reverse stock split in early December.
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The markets could also be reacting positively to the latest news from the company released on Monday this week. Cosmos announced that its Sky Premium Life luxury food supplement brand would be sold on Ronda, the official inflight magazine of the airline company Iberia.
Iberia Airlines is the flag carrier for Spain and flies over 10 million passengers on its planes each year. Iberia is owned and operated by International Airlines Group (IAG), which also owns and operates British Airways and Aer Lingus.
Ronda is the free inflight magazine provided to all Iberia customers,w which means that Cosmos’s premium luxury food supplement will gain a new audience of over 10 million people who could buy its supplements, which should translate to significantly more sales.
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The high investor interest in Cosmos Holdings could lead to a meme stock rally if retail buyers continue piling into the stock. Furthermore, the expected reverse stock split will result in a much higher share price for Cosmos shares as the company consolidates its outstanding shares.
Meanwhile, investors await a response from the Nasdaq regarding the appeal filed by Cosmos Holdings regarding the delisting notice issued by the exchange.
*This is not investment advice.
Cosmos Holdings (COSM) Stock price.
The Cosmos Holdings stock price was trading up 42.2% premarket as buyers stepped up.
Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading
