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Nasdaq announces resumption of trading on TOP Stock on May 30

Source: wutzkohphoto / Shutterstock

First financial group (NASDAQ:HIGH) the action is on the minds of some investors on Friday. Traders were hoping TOP stocks would reopen today, but that was not the case.

The United States Securities and Exchange Commission (SECOND) suspended trading in TOP shares earlier this month, closing trading between May 12 and May 25. So, naturally, many investors were expecting stocks to resume trading today, May 26th.

Instead, Nasdaq has just confirmed that stocks will resume trading on Tuesday, May 30. This is the first trading session of the week, as the US stock market will be closed on Monday for Memorial Day.

An alert reads the following regarding the resumption of trading:

“Nasdaq plans to resume trading TOP Financial Group Ltd. (TOP) at 9:00 a.m. on May 30, 2023 (quotes only at 8:55 a.m., trading resumes at 9:00 a.m.). TOP was subject to a trading suspension order issued by the SEC from 9:30 a.m. on May 12, 2023 to 11:59 p.m. on May 25, 2023.”

This delay is probably frustrating for some investors, but at least there is now a day set in stone for TOP stocks.

TOP Stock: The problem with Top Financial

For those unaware, TOP stocks experienced high volatility at the start of the month, which led to the halt. Momentum traders were playing with stocks, alongside a handful of other small-cap players based in China and Hong Kong. For some reason, this group – which also includes Power U (NASDAQ:UCAR), Digital AMTD (NYSE:HKD), Worldwide magic empire (NASDAQ:DELG), Huadi International (NASDAQ:HUDI) And AGBA Group (NASDAQ:AGBA) – had exploded higher.

This eventually forced the SEC to intervene. The SEC said earlier this month regarding Top Financial:

“The Commission has temporarily suspended trading in the securities of TOP due to recent, unusual and unexplained market activity raising concerns about the adequacy and accuracy of publicly available information, in light of the disclosures made regarding TOP’s financial condition and scope of operations.”

On April 27, TOP stock gained nearly 200% for the day. Then, in the next session, stocks rebounded over 1,100% at one point before ending the session up around 440%.

This was followed by several sessions of higher volatility and then a nearly 80% crash on May 4th.

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As of the date of publication, Bret Kenwell held (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.


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