Shares of Genius Brands International Inc. (GNUS) tumbled 22% on heavy volume in morning trading Thursday, and have lost more than half their value since peaking on June 3, as the pullback in the broader stock market accelerates. Trading volume was 68.7 million shares, compared with the full-day average of 70.8 million shares, and the public float of 96.8 million shares ( ). The kids media company filed a prospectus early Thursday regarding the disclosure on June 4 ( ) of an offering of 60.1 million shares of stock. Prior to that disclosure, the stock had rocketed 2,440% in a month ( ) to close at a 5-year high of $7.93. The stock has now plunged 56% since that peak. Also last week, the company announced hires ( ) to run its Kartoon Channel!, which is set to launch on June 15. The stock's pullback comes as the Dow Jones Industrial Average tumbled 894 points, or 3.3%, after falling 582 points the past two days to snap a six-day win streak through Monday in which the Dow soared 2,189 points.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 11, 2020 10:36 ET (14:36 GMT)
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