SEGG Flat on Transition Steps
SEGG Media Corporation (NASDAQ:SEGG) moved higher on the price scale Wednesday as the technology company announced the next steps in its corporate transition with the initiation of a CUSIP number change in conjunction with the corporate rebrand.
The company says the action is designed to protect shareholders, strengthen market transparency and address ongoing concerns around illicit trading activity targeting the company.
The company recently completed its corporate rebrand and strategic overhaul and began trading under the ticker symbol ‘SEGG’ earlier this month.
The upcoming CUSIP change is part of a broader effort to modernize SEGG’s market identity and enhance protections against short selling practices that have negatively impacted its trading performance.
“The company is continuing to work closely with its outside counsel, Paul Hastings LLP, to investigate and pursue potential illegal market activity, including the use of naked short selling,” said company director Christoper Gooding. “The company is taking appropriate regulatory steps to protect its shareholders and ensure fair and orderly market conditions.”
Gooding continued, “The CUSIP change represents the next piece of our transition from Lottery.com to SEGG Media. This step not only aligns with our new corporate identity but also acts as a protective measure in light of the data we’ve seen regarding shorting patterns and potentially unlawful activity targeting our stock.”
SEGG shares closed Tuesday at $1.18.
