The Clap Nail polish maker Revlon (NYSE: REV) to ride the meme stock wave, as the company stock surges after it filed for bankruptcy.
Here’s a (Quick) Timeline Monday, June 13th, 2022 REV reaches an all-time low of $1.08/share. A couple of days later, the company files for bankruptcy. Today, the stock is up more than 650% since its all-time low ten days ago.
Why this matters This move by retail investors to jump on a bankrupt company’s stock isn’t the first. In May 2020, when the meme stock frenzy over GameStop started cooling, car rental firm Hertz Corp filed for bankruptcy. Its stock then surged 500%.