Zoom Technologies Trading Suspended After Ticker Confusion




 

(Bloomberg) -- Trading in Zoom Technologies Inc. (ticker: ZOOM) was suspended by the U.S. Securities and Exchange Commission Thursday through April 8 after the stock climbed in recent weeks amid confusion with Zoom Video Communications Inc. (ticker: ZM), the popular virtual-meeting company.

The similar names had caused confusion, leading some investors to purchase shares in the wrong company, while San Jose, California-based Zoom Video has been attracting users during the coronavirus pandemic. Shares of the now-halted Zoom Technologies more than tripled over the past five weeks, while Zoom Video rose more than 30% during the same period.

According to the SEC, the suspended "ZOOM is a Delaware corporation that reported in 2014 having its principal executive offices in Beijing, China. Unsolicited customer quotations for its common stock are quoted by broker-dealers on OTC Link operated by OTC Markets Group, Inc."

Before the halt, Zoom Technologies had a market value of $31.3 million, compared with about $40 billion for Zoom Video, data compiled by Bloomberg show.

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