Shares of embattled Forex brokerage FXCM continue to slide lower on Wednesday as investors’ confidence in the long-term viability of the firm continues to erode.
FXCM shares began to slide at the opening bell, hitting an all-time low of $2.75 at 2:45 p.m EST. The stock took out yesterday’s lows of $2.95 when investors dumped 24k+ shares on the market.
Gain Capital Holdings officially announced yesterday it entered into a purchase agreement to acquire FXCM’s U.S.-based clientele for an undisclosed sum, but existing shareholders of FXCM have continued to dispose of their holdings. On top of everything else, several
securities law firms have also released press releases in the past 24h, fishing for disgruntled FXCM shareholders and whistleblowers.
While FXCM shares have been crashing over the past two days, shares of Gain Capital Holdings hit a 1.5-year high of $8.59 during yesterday’s trading session, as news of the acquisition spread.
At press time, Gain Capital shares are trading around $8.09!
