Skift Take
Selina's stock price stabilized on Monday after a sharp drop to an all-time low on Friday. The chain of premium hostels and coworking spots is taking steps to escape penny-stock status.
Selina's stock price is swinging dramatically as it undergoes a turnaround and attempts to escape from penny stock status. The hostel chain saw its shares fall 41% on Friday, though they rebounded 9.3% on Monday.
"We suspect that some of the selling pressure may be related to the unlocking of shares on August 18," said a Selina spokesperson in response to a Skift query.
Roughly half of the company's issued shares had been locked against trading until October, the company's anniversary of going public. At least one major shareholder, Bet on America, insisted on getting the lock-up released earlier in exchange for okaying the company's turnaround strategy, according to a financial filing on Friday.
The stock price drop also happened