PTL Limited (PTLE) stock rocketed higher on Wednesday after the marine fuel logistics services company announced the results of a shareholder meeting. The meeting went well for the company, with investors voting in favor of all proposals at it.
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The big news here is investors approved the switch to a dual-class structure for PTLE stock. This will result in shares of PTLE stock being split into Class A and Class B units. This will alter shareholder rights and could provide company executives with more strategic control of the business.
PTLE stock was up 203.18% in pre-market trading on Wednesday. However, the stock has dropped 95.22% over the past 12 months. It also remains firmly in penny stock territory, making it a risky bet for investors. News of the shareholder meeting results brings with it heavy trading, as some 95 million shares change hands, compared to a three-month daily average of 4.34 million.
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