Shares of cybersecurity company
surged more than 110% in premarket trading early on Tuesday.
The stock has been the subject of a number of discussions on Reddit in recent days as a potential candidate for a ‘gamma squeeze’—buying bullish options to create more buying pressure, as seen with movie-theater chain
and videogame retailer
IronNet shares rose 23% on Friday and were 115% higher in premarket trading at one point early on Tuesday.
The cybersecurity company merged with special-purpose acquisition company
LGL Systems Acquisition Corp
at the end of last month. The stock had surged close to 30% on the combined company’s trading debut on the New York Stock Exchange—trading was paused at one point due to volatility—before slipping back to close slightly lower.
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