Qualigen (NASDAQ:QLGN) stock is surging on Friday following the company’s announcement of securing a new $2 million loan. The loan, in the form of a Senior Note due in 2025 with an 18% annual interest rate, provides Qualigen with additional funds for its operations.
As part of the agreement with the investor, Qualigen will see changes to its board of directors. Richard David, Sidney Emery, Kurt Kruger, and Ira Ritter have resigned from their positions, and Campbell Becher, Robert Lim, and Cody Price have been appointed as their replacements. The specific roles of the new board members have not been disclosed.
In response to these developments, QLGN stock has seen significant trading activity, with approximately 297 million shares changing hands, well above its average daily volume of 5.6 million shares. The stock price has surged by 141.2% as of Friday morning.
For more stock market news, investors can explore updates on companies like NexImmune (NASDAQ:NEXI), Vicinity Motor (NASDAQ:VEV), and AT&T (NYSE:T) today.
It’s important to note that InvestorPlace does not cover companies with a market cap below $100 million or low trading volume due to potential risks associated with such stocks. The opinions expressed in this article are solely those of the writer.