The stock of China Liberal Education Holdings (Nasdaq: CLEU) jumped 56% to $6.33 per share Friday as traders in private chats talked of pumping the stock higher.
In its Thursday SEC filing, CLEU showed insider shareholders holding 56% of the equity; however, the reason for the stock jump lies elsewhere, as the same had previously been disclosed. On Friday, the trading volume of CLEU shares soared to 50 million from the average of 430,000, as reported by InvestorPlace.
The stock boost is reportedly caused by traders' talk on platforms including StockTwits and YouTube.
Last month, the company announced that it has entered into a non-binding letter of intent to acquire Wanzhong Education Investment Management Co., Ltd. with WEIM.
WEIM operates two colleges with total assets of about $30.7 million. With 4,000 students currently enrolled, these two colleges' annual revenue is about $15.3 million.
Based in Beijing, China Liberal Education offers Sino-foreign jointly managed academic programs, accompanied with overseas study consulting services, technological consulting service to Chinese universities, and job readiness training to graduating students.