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Investing.com — Shares of retailer and consumer packaged goods marketing agency Insignia Systems Inc (NASDAQ:ISIG) has seen its shares rocket after announcing that it will commence a formal process to explore strategic options to maximize shareholder value.
Insignia shares were up over 179% Monday with heavy volume.
The company told investors that potential alternatives include an acquisition, merger, business combination, in-licensing, or another strategic transaction.
The Minnesota-based company said there is no timetable for the review completion. It has hired Chardan to act as its strategic financial advisor.
Insignia reported a net sales decrease of 21.2%, to $3.5 million in the third quarter 2021, down from $4.4 million in the third quarter of 2020, while its net loss increased to $921,000 from $886,000 the previous year.
