Troika Media Group, Inc. (TRKA) is an end-to-end brand solutions provider which develops near-term and long-term worth for international brands in different industries. It applies advanced technology, and data science to expand its engagement with clients.
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TRKA stock price during the regular trading session of March 22, 2022, soared by 13.3% to be $1.19. Its price plunged as of the writing in the premarket session of March 23, 2022, by 5.88%.
TRKA: Events and Happenings
On March 22, 2022, TRKA updated on the completion of its definitive acquisition contract to purchase Converge Direct LLC and its associates. Converge Direct is a digital and offline performance media and commercialization company. The contract symbolizes an important step towards the company’s transformation into an international, end-to-end brand solutions portfolio, with considerable economic benefits.
On March 17, 2022, TRKA announced its entry into a securities acquisition contract for the acquisition of $50 million of its convertible preferred stock and warrants with institutional investors in a private placement.
On March 16, 2022, TRKA reported the integration of its subsidiary with Circle Internet Financial, LLC, which provides financial infrastructure and internet-based payments to enterprises. The integration improves the client acquiring experience for NFT customers in the Metaverse.
TRKA: Key Financials
TRKA released its Q2 2022 financial outcomes on February 14, 2022, for the quarter ended December 31, 2021. Some noteworthy aspects are mentioned below.
The company posted net revenue of $6.99 million in Q2 2022 against $4.45 million in the comparable fourth quarter of 2021. The company observed a momentous gain of 57% in its revenue over the year.
Net loss attributable to the common stockholders during Q2 2022 was $4.11 million against $0.62 million in the corresponding quarter in 2021. The company’s net losses gained substantially YoY.
TRKA stock is up to 60% down the last year as the company faced the challenges associated with the pandemic. It announced the completion of the transformative agreement and resultantly the company’s stock increased. In the premarket session of Wednesday, its stock declined to give back the gain the company achieved as a result of the release.