GD Culture Group (GDC) Stock Surges Over 31% Overnight: Why Is It Moving?

GD Culture Group Ltd. (NASDAQ:GDC) jumped 31.52% to $0.20 in after-hours trading Friday after the Nevada-based holding company announced that its board of directors has formed a special committee consisting of three disinterested, independent directors to evaluate and consider the preliminary non-binding proposal letter received on May 1.

What You Need To Know?

According to GD Culture Group’s Wednesday press release, the bid came from investment entities Wealthy Concord Limited and East Valley Technology Limited, offering $10.75 per share in cash.

The Special Committee, consisting of Lei Zhang, Yun Zhang and Shuaiheng Zhang, has the authority to hire independent legal and financial advisors. The company also noted that no definitive agreement has been signed and cautioned that the proposed transaction may not be approved or completed.

GD Culture Group is shifting its focus toward becoming an AI-driven digital human technology company.

Trading Metrics, Technical Analysis

GD Culture Group has a market capitalization of $9.17 million, with a 52-week high of $9.92 and a 52-week low of $0.14.

The stock has a Relative Strength Index (RSI) of 30.57.

Over the past 12 months, GDC has dropped 93.68%.

The small-cap stock is currently trading close to its annual low.

Price Action: According to Benzinga Pro data, the stock closed the regular session at $0.15, down 87.82%.

Benzinga’s Edge Stock Rankings indicate GDC stock has a negative price trend across all time frames.

Photo: Champ008 / Shutterstock

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.