Small
cap stocks making big moves on Tuesday, April 1, 2014 (as of 12 pm EST)
Ku6 Media (NASDAQ: KUTV)
shares surged 60% to $3.36 Tuesday on volume of more than 6.6 million shares
after the Internet video company focused on User Generated Content in China
announced that on March 31 the controlling shareholder of the company, Shanda
Media, signed a share purchase agreement with Xu Xudong, to sell 1,938,360,784
ordinary shares of the company, amounting to about 41% of the company’s issued
and outstanding share capital, to Mr. Xudong. Xu is the founder and controlling
shareholder of Sky Profit Limited, which operates iSpeak, a social platform
that allows users to engage in real-time online group activities through voice,
text and video. The transaction is expected to close on April 30.
As well,
shares of Clean Diesel Technologies,
Inc. (NASDAQ:
CDTI) slipped 15% to $3.24 on more than 2.1 million shares traded as the
global manufacturer and distributor of emissions control systems and products,
focused on the heavy duty diesel and light duty vehicle markets said it is
raising about $6.9 million in gross proceeds in an offering of common stock and
warrants at a combined price to the public of $3.40 per share. The company
added that it plans to use the proceeds for general corporate purposes.
The Providence Service Corporation (NASDAQ: PRSC),
meanwhile, reported that it has entered into an agreement to acquire Australia-based
Ingeus Limited for GBP £35 million, or about US$58 million. Ingeus generated
revenue and adjusted EBITDA of US$345 million and US$56 million,
respectively, for fiscal 2013. Providence Service is involved in the management
and provision of human social services and non-emergency transportation through
a variety of government-sponsored programs. Providence stock popped 26% to
$35.51.
And,
Prana Biotechnology (NASDAQ: PRAN)
shares continued to slide Tuesday, down 15% to $2.39. On Monday, its stock
price plummeted 72% after the Australian drug developer said Alzheimer’s
patients taking its treatment, PBT2, did not have a statistically significant
reduction in levels of brain plaque compared with those who took a placebo,
according to early results from a mid-stage study.
