Finjan Holdings, Inc.(NASDAQ:FNJN)
At the end of 2016, shares of Finjan Holdings, Inc. (NASDAQ:FNJN) touched $1. Since then, FNJN shares have experienced a steady upward climb and on Friday traded above $4, and establishing a new 52-week high, on heavy volumes before closing at $3.80. Today’s trading action sees the tech company’s shares trading around Friday’s close 1 1/2 hours into the trading day. Today’s are heavy. The 30-day, daily average trading volume is listed at around 465,000 and that figure has been reached in less than an hour of today’s action, signaling that the volumes may exceed seven times their normal averages by the end of trading.
Finjan Holdings, Inc.(NASDAQ:FNJN) announced that it has secured a $15.3 million Series A-1 Preferred Stock financing in a private placement transaction led by Soryn HLDR Vehicle II LLC. Soryn HLDR was set up by Halcyon Long Duration Recoveries Management LP and its affiliates in partnership with Soryn Capital, LLC, an affiliate of Soryn IP Group, LLC. Finjan Holdings, Inc.(NASDAQ:FNJN) will issue 153,000 shares of Series A-1 Preferred Stock at a price of $100 per share to Soryn HLDR as well as warrants to purchase an additional two million shares of FNJN at an exercise price of $3.18. The Series A-1 Preferred Stock contains optional and mandatory redemptive provisions, does not accrue an annual cash dividend, and carries participation rights for certain parts of Finjan’s revenue streams until the securities are retired. Of special note is the announcement that the Preferred shares have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Palo Alto, CA-based Finjan Holdings, Inc.(NASDAQ:FNJN) is a cyber-security company. Finjan develops and patents software and hardware that detects and removes computer code that could be harmful. Such code includes spyware, malware, phishing, and data theft efforts amongst others. Finjan’s service operates on a real-time basis.
Investors should be aware that Finjan Holdings, Inc.(NASDAQ:FNJN) “insiders” have been selling shares at a high rate over the last 60 days.
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.