Stocks moving after hours: Nikola, Canoo, Virgin Orbit, Rumble

Here are some of today’s after-hours movers:

Virgo Orbit (prep)

Virgin Orbit shares fell 47% post-launch after the satellite company told employees it would be ceasing operations “for the foreseeable future” as the satellite company said it was unable to secure financing CNBC.

The report quoted CEO Dan Hart breaking the news at an all-stakeholder meeting on Thursday. Virgin Orbit will lay off about 90% of its workforce.

Earlier this month, the company had furloughed employees as it sought a funding lifeline.

Nicholas (NKLA)

Nikola announced an offering of $100 million of common stock at $1.12 per share. Shares of the maker of battery and hydrogen-powered electric trucks fell as much as 18% in the after-hours news. Nikola said it intends to use the net proceeds from the public offering for working capital and other general corporate purposes. Shares are down about 35% year-to-date.

A member of the media stands behind a hydrogen-powered Artic truck at U.S. truck maker Nikola’s booth at the IAA Transportation fair which will open its doors to the public on September 20, 2022 in Hanover, Germany, September 19, 2022. REUTERS/Fabian Bimmer

Nikola recently announced a partnership to expand the deployment of Class 8 electric heavy-duty trucks. The company recently said its CFO will retire starting next week.

canoe (GOEV)

Canoo announced its quarterly results and settled its case with the Securities and Exchange Commission over its SPAC merger. The SEC investigation into company statements about the clean energy auto startup’s business has been ongoing since 2021.

Canoo has narrowed its quarterly loss per share to 25 cents and said it would scale production in 2023.

It’s been a tough time for the EV space as money-burning companies have taken a hit. Canon’s stock has fallen 82% over the past year. The stock is relatively flat year-to-date as tech and growth stocks rallied.

rumble (RUM)

Shares of Rumble soared as much as 27% after the video-sharing platform’s monthly active users surged in the fourth quarter. The company generated $20 million in revenue, well above analyst estimates of $10.2 million.

Year-to-date, the stock is up 56%.

Ines is Senior Business Reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre

For the latest stock market news and in-depth analysis, including events moving stocks, click here

Read the latest financial and business news from Yahoo Finance

Source :

Leave a Reply

Your email address will not be published. Required fields are marked *