SEC Pauses Zoom Technologies Trading Because People Think It’s Zoom Video
The Securities and Exchange Commission suspended buying and selling of Zoom Technologies on Thursday, partly as a result of traders are complicated it with Zoom Video, which has seen a surge share worth as a consequence of COVID-19. It will resume buying and selling April 9. From a report: Zoom Video, which supplies videoconferencing providers and trades below the ticker image “ZM,” is a key element for a lot of companies shifting to distant work throughout the coronavirus pandemic. That’s led to the corporate, which went public final yr, to see a surge in customers and inventory worth rise of greater than 112% this yr to this point — a rarity within the present coronavirus-induced down market. It’s now obtained a market cap north of $40 billion. However, merchants have additionally bid up the a lot smaller Zoom Technologies, which has the ticker image “ZOOM.” Its inventory is up greater than 50% this month and almost 900% this yr. The firm has not disclosed monetary data since 2015, the SEC says.