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Neonode Inc (NASDAQ:NEON) shares are trading sharply lower Thursday, following an announcement of anticipated proceeds from a patent lawsuit settlement.
What To Know: The stock dropped by over 80% in pre-market and early trading, with prices falling from a previous close of $21.52 to as low as $3.80.
The sell-off comes despite Wednesday’s news that Neonode expects to receive between $15 million and $20 million in net proceeds from a settlement between a subsidiary of Aequitas Technologies and Samsung Electronics.
While Neonode was not a direct party to the lawsuit, it is entitled to 50% of the net proceeds after an agreement to assign patents to Aequitas in 2019. The company’s board has not yet determined how the funds will be used.
Price Action: According to data from Benzinga Pro, NEON stock is trading lower by 69.1% to $6.65 Thursday morning. The stock has a 52-week high of $29.90 and a 52-week low of $3.80.
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Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Neonode’s case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
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Posted In: NEON
