The stock in Color Star Technology Co. Ltd. (Nasdaq: HHT) surged 11% to $1.33 per American depositary share after launching its official website. The company has been churning out press releases nearly every day in an attempt to bring eyes to its stock. It's worked. The stock, once falling under the minimum bid price of $1, has been trading upwards for the last few weeks.
On the website, investors will have access to the latest information regarding the company, according to a statement today posted by Color Star. The education service provider said in the future that investors and customers can browse its news and development plans. There will also be an option to post a message or a question for Color Star to respond to. In addition, the website will have a mobile application.
"Since the Company launched the new business of online education, we truly appreciate the attention we have received so far. Although affected by the global pandemic, our technical team is still working hard to accelerate the progress of software development and website construction,” Biao Lu, the chief executive officer of Color Star, said in a statement today.
He added, “We believe our website will help communicate with our users and we will work together to build a better online education platform with celebrities. We hope to use our website as a starting point to reach many more followers throughout the world."
In July, the company announced the pricing of its $4.2 million direct offering, which sent its stock lower, but has still maintained trading levels above $1 per share lately.
In mid-March, Color Star received a warning from Nasdaq that it was not in compliance with the stock exchange's minimum required $1 per share bid price. Before its close on July 9, Color Star went 14 weeks without closing above $1 per share. Now, the stock is on track to maintain closing above $1 per share for the 16th consecutive trading day.
Formally known as Huitao Technology Co., Ltd., Color Star provides online and offline education services. Through one of its wholly-owned subsidiaries Sunway Kids International Education Group Ltd., it provides early childhood education services to daycares and preschools in China. That includes AI and robotic technologies, intellectual campus administration software as a service system, and personalized education planning.
Shares of Color Star are down 8% year-to-date.