Washington Prime Group (WPG) Stock Is Skyrocketing: Can This Tendency Go On?

In the last trading session, Washington Prime Group (WPG) stock reached the mark of $6.73, which is the (+34.60%) in comparison with the previous day. This stock with such a gradually growing speed is also companies’ best performance throughout the month.
Washington Prime Group (WPG) Stock Is Skyrocketing: Can This Tendency Go On?Looking back, it should be noted that WPG’s operating partnership, WPG L.P., announced on February 16, that it had “opted to withhold an interest payment of $23.2 million due on February 15, with respect to WPG L.P.’s outstanding Senior Notes due 2024,” and that “WPG L.P. has a 30-day grace period to make the interest payment before such non-payment constitutes an event of default.”

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WPG’s stock price dropped $4.59 per share, or 38%, on this news, closing at $7.49 per share on February 16, 2021. Then, on March 4, 2021, Bloomberg reported that WPG was getting ready to file for bankruptcy as time runs out WPG’s stock price dropped $3.77 per share, or 60%, on this news, closing at $2.51 per share on March 4, 2021. Even though the stock is prone to return to its previous positions like in January, the future dynamics amid the recent situation remain unclear.

Richard McEntire

Finance and Entertainment Reporter Richard is a bottle of wine - the older the sweeter. He has already found the sweetest hobby in writing entertainment and finance news for Own Snap. Readers get the updated posts regularly from him searching for real-time news.