Why Did This Digital Asset Stock Soar More Than 53% Today?

• The company said that its board views share repurchases at the current price levels as a testament to the company’s intrinsic value.
• The company also said that it has established a special committee with independent directors to evaluate proposals to maximize value for the company. 
• The digital asset company is on track for its highest climb in about eight months, if the gains hold.

Shares of Forum Markets Inc. (FRMM) surged by over 53% on Friday after the company announced that it had restarted its share repurchase program and also formed a special committee to launch an independent strategic review to identify value-maximizing options for the company.

The digital asset company is on track for its highest climb in about eight months, if the gains hold.

Share Repurchasing

The company said that its board had unanimously authorized restarting the company's share repurchase program, effective from April 15, allowing it to repurchase shares beyond normal limits that would otherwise trigger market manipulation claims.

The company said that its board views share repurchases at the current price levels as a testament to the company’s intrinsic value.

Strategic Review

The company also said that it has established a special committee with independent directors to evaluate proposals to maximize value for the company, including evaluating potential mergers and acquisitions, a sale of the company as a whole or its material assets, new partnerships to accelerate growth and platform development, as well as a return of substantially all company assets to shareholders.

How Did Stocktwits Users React?

On Stocktwits, retail sentiment around FRMM stock improved from ‘bullish’ to ‘extremely bullish’ territory over the past 24 hours amid ‘extremely high’ message volumes.

One bullish user said they believe the company will buy back as many shares as possible at low prices and issue a one-time cash dividend. The user also suggested that the company’s shares could surge to $5. FRMM shares were trading around $3.63 at the time of writing.

FRMM stock has declined more than 59% in the past year.

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