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Stock Alert: Phoenix New Media Shares Soar 57% In Early Trade

Shares of Phoenix New Media Ltd. (FENG) are surging over 57% in pre market today, after the company announced a special cash dividend of US$0.1714 per ordinary share.

The special cash dividend is equivalent to US$1.3712 per American depositary share or ADS, totaling about US$100 million, payable on December 22, 2020 to holders of record of the company's ordinary shares at the close of business on December 4, 2020.

In addition, the Board approved a special cash compensation to the company's option holders in the aggregate amount of about US$8.98 million.

The stock has been trading in the range of $1.1500 - $3.4900 for the past one year, and closed Wednesday's trade at $1.56, down 4 cents or 2.50%. FENG is currently trading at $2.45, up 89 cents or 57.05% in the pre-market session Thursday.

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