Shares of Redbox Entertainment Inc (RDBX) are through the roof today potentially due to increased interest from retail traders. The shares have already registered over triple digit gains today soaring 104% in morning trading, and was up as much as 111% earlier.
Earlier in May, Chicken Soup for the Soul Entertainment, Inc. (NASDAQ: CSSE) and Redbox Entertainment Inc. (Nasdaq: RDBX) had entered into a definitive agreement under which Chicken Soup for the Soul Entertainment will acquire Redbox.
Technical Chart Analysis
Earlier in May, Galen Smith, chief executive officer of Redbox had stated that “We believe that Chicken Soup for the Soul Entertainment is the ideal partner for Redbox. By joining forces, we will accelerate Redbox’s transition from a physical to high growth digital media company and be the only entertainment provider truly focused on value for consumers,”. Could there be more in the making ? Only time will tell. As always follow traders vigilance and conduct your own due diligence.