WMIH Corp. (NASDAQ:WMIH)
WMIH Corp. (NASDAQ:WMIH) traded higher in Tuesday’s trading session a day after announcing it had retained Keefe, Bruyette & Woods to provide financial advisory services. The company’s shares experienced unusually high trading volume and rose by 8.7% to $1.25 a share.
WMIH Corp. (NASDAQ:WMIH) faces immediate resistance at the $1.35 mark above which the stock could rally to $1.60. Shares of the company have been trading within a range of between $2.50 and $1.25 over the past year.
WMIH Corp. (NASDAQ:WMIH) engages in the reinsurance business – specializing in mortgage insurance. Since emerging from bankruptcy on March 19, 2012, the company has been actively seeking acquisition opportunities across a broad array of industries with a specific focus on the financial services business.
The firm’s management team has been inactive on the dissemination of news that investors can use to gauge WMIH Corp. (NASDAQ:WMIH) long term prospects. However, the Chairman of the Board, Steve Scheiwe, in a recent press release reiterated a commitment to deliver value to shareholders.
“We remain committed to consummating an accretive acquisition transaction and to delivering value to our stockholders. However, we are mindful that the Company’s Series B Convertible Preferred Stock is redeemable on January 5, 2018, if we have not consummated, or executed a definitive agreement to consummate, a qualified acquisition prior to that date,” said Mr. Scheiwe.
WMIH Corp. (NASDAQ:WMIH) Finance Committee has tasked Keefe Bruyette & Woods with the responsibility of reviewing the company’ capital structure and potential financing alternatives.
Separately, WMIH Corp. (NASDAQ:WMIH) generated revenues of $2,032 for the three months ended June 30, 2017, compared to revenues of $1,389 generated in Q2 2016. Net operating loss more than tripled to $4,058 from $546 reported last year. WMIH net loss attributable to common and participating stockholders in the quarter came in at $25,824 up from a net loss of $17,909 reported in Q2 2016. Net loss for the six months ended June 30, 2017, totaled $3,535 compared to a net income of $77,959 reported last year.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.