On Friday, Premier Exhibitions, Inc. (NASDAQ:PRXI
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) stock entered the list of the top gainers.
PRXI announced the salvage award granted to its subsidiary RMS Titanic Inc. and the event was followed by a jump in the price of the company's shares.
The District Court for the Eastern District of Virginia, Norfolk Division, has issued an opinion granting a salvage award to RMS Titanic Inc., a wholly owned subsidiary of PRXI.
The award is for the company's work on recovering and conserving over three thousand artifacts from the wreck of Titanic.
Even the announced at the end of July expedition to Titanic 25 years after its discovery, with NBC News and NBC's Peacock Productions as exclusive broadcast partners, was not strong enough to convince investors to buy PRXI stock as they did this Friday.
It looks like the information about RMS Titanic Inc. being awarded approximately one hundred ten million dollars has fueled investors' enthusiasm. On the same day, PRXI stock entered the market with a price 52% higher than the closing price from the previous day.
The trading session was really hot. On a record for the company volume of more than 5 million shares, PRXI hit a new 52-week high at $2.50.
Although the court has not determined the terms under which the award should be paid and the deadline for the final decision is August 15, 2011, PRXI stock succeeded to soar 33.62% between the two sessions.
PRXI is one of the leaders in presenting museum quality exhibitions throughout the world. The company is a recognized leader in developing and displaying unique exhibitions for educational and entertainment purposes, including exhibitions on "Titanic". PRXI's subsidiary RMS Titanic Inc. is the only company permitted by law to recover objects from the wreck of Titanic.