Blackboxstocks, Inc. ( BLBX ) shares are moving higher on Wednesday after the company announced it secured financing as it anticipates a potential merger.

What To Know: Blackboxstocks ( BLBX ) entered into a securities purchase agreement under which the purchaser agreed to buy $250,000 worth of senior debentures, as well as amended and restated senior secured convertible debentures with an aggregate principal amount of $2 million, upon certain closing conditions.

Blackboxstocks ( BLBX ) entered into the agreement on Jan. 17 and is set to receive an initial $250,000. The additional financing is tied to a potential merger deal.

“We are excited to have completed this transaction as we work towards securing a merger transaction that will create significant stockholder value. This financing will help provide the interim capital we need for our operations as well as anticipated transaction expenses in the near future,” said Gust Kepler, CEO of Blackboxstocks ( BLBX ).

Blackboxstocks ( BLBX ) shares are moving on above-average volume of more than 197 million shares on Wednesday. The company’s average session volume over the past 100 days is around 70,000, per data from Benzinga Pro.

Blackboxstocks ( BLBX ) is considered a low-float stock with just 2.58 million shares available for public trading, according to Benzinga Pro. The company also had a market cap of less than $6 million as of Wednesday's close. Low-float, micro-cap stocks can be extremely volatile, which may help explain some of Wednesday's surge.

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BLBX Price Action: At the time of publication, Blackboxstocks ( BLBX ) shares were up 237% at $5.66, according to data from Benzinga Pro.

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