Color Star Technology Sparks Retail Chatter After UAE Royal Appointment
Synopsis
The appointment strengthens the company's ties with the Middle East.
Shares of Color Star Technology Co. (ADD) have been in the spotlight after the company appointed UAE royal Shaikh Humaid Abdulla Rashed Ahmed Almualla as an independent director, sparking retail chatter
Color Star is an entertainment technology company that focuses on applying technology and artificial intelligence to the entertainment industry. The appointment “not only introduces strong leadership to Color Star but also strengthens the company's ties with the Middle East, particularly the UAE,” the company said in a statement.
Ahmed Almualla is a distinguished figure in UAE politics, wielding considerable influence in the Al Mualla region, the statement said. As a core member of the ruling family of the Umm Al-Quwain Emirate, he plays a vital role on the UAE's political stage.
Retail message volume on Stocktwits surged 560% on Friday, and it has surged 32,250% in the past week.
Many commenters were optimistic about the company's potential in Dubai, even though the company’s stock has been under pressure.
Last month, the company said it received a formal notification from the Nasdaq Stock Market that it regained compliance with Nasdaq Listing Rule 5550(a)(2), requiring its ordinary shares to maintain a minimum bid price of $1.00 per share.
Shares of Color Star Technology are down 93% year-to-date.
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