Washington, Oct 9: Insolvent firm Tweeter has reportedly changed its stock symbol after an apparent confusion over it being similar to the social media site Twitter led to its stocks worth penny rose 2200 percent high.
The bankrupt consumer electronics company Tweeter Home Entertainment Group, has started trading under a new stock symbol so that investors are no longer confused with its similar sounding name to that of Twitter.
According to Fox News, Tweeter used the symbol TWTRQ, similar to Twitter’s proposed symbol TWTR that it hopes to use when its goes public.
However, Tweeter will not be using the symbol anymore and instead use the new symbol TICKER:THEGQ.
A notice released by the Financial Industry Regulatory Authority said that it believed that trading in the TWTRQ security demonstrated a widespread misunderstanding related to the possible initial public offering of an unrelated security.
The report said that Tweeter had once traded under the TWTR symbol, but the letter Q was added after it filed for bankruptcy in June 2007.
Tweeter trading was suspended last week, under a rule that applied to stocks traded over the counter (OTC), after the company’s share had hit a high of 15 cents a share with more than 14.3 million shares being traded. (ANI)