Skyrockets after getting rid of debt, preferred stock

GEE

02/07/2020 17:44

** Shares of recruitment services provider  JOB.A  shoot up
more than four-fold to $2.49 - an over 18-month high
    ** Stock set for biggest one-day pct gain ever in its 40-yr
history 
    ** Co says https://ir.geegroup.com/press-releases/detail/151/gee-group-eliminates-over-47-million-in-debt-and-mezzanine
 $19.7 mln of subordinated loans and $27.7 mln of preferred
stock financing was taken off balance sheet 
    ** JOB exchanged debt and preferred equity for ~$5.1 mln
cash and newly issued ~1.8 mln restricted common shares 
    ** Around 17.7 mln shares outstanding as of June 30, post
recapitalization - GEE
    ** Alliance Global Partners, only brokerage covering stock
as per Refinitiv data, raises its rating to 'buy' from 'neutral'
following the news  urn:newsml:reuters.com:*:nFWN2E90KS
    ** Thursday's jump pushes stock up six-fold, YTD

 (Reporting by Taru Jain)
 ((taru.jain@thomsonreuters.com))