Hellbiz stock soars after following Genius Group’s example of investigating illegal short selling
Shares of Hellbiz Inc.
HLBZ,
jumped 143.3% to a three-month high on heavy volume in Friday morning trading, after the New York-based supplier of scooters and e-bikes said it was evaluating measures to address illegal short selling or bearish bets in the general market. Share. The trading volume exploded to 216.9 million shares, making it the most actively traded stock on major US exchanges. The company says it is following the example set by Genius Group Ltd’s
GNS,
the book, but found it in stock exploded more than seven times in 2 days trading ended Friday morning after the Singapore-based educational technology company appointed a former director of the US Federal Bureau of Investigation to investigate illegal short selling. Hellbiz said in a statement Friday that it believes “several individuals and/or companies may have engaged in illegal short-selling practices that artificially lower stock prices.” Shares have plummeted 64% over the past three months until Thursday’s close of 12.31 cents, just above the December 28 record low of 11.42 cents.
