Shares of AeroCentury (ACY) stock went up +300% on Monday from around $2 to around $11. That being said, it is also necessary to point out that there has been no material news with regards to the company that could have triggered such action.
The AeroCentury stock recorded gains of 13% last Thursday as well and hence, it could be worthwhile for investors to keep an eye on the price action.
Investors would need to go back to November this year if they are looking for any significant news with regards to the aircraft leasing firm. On November 13, the company announced that its loan facility with the MUFG Union Bank has been updated.
The company announced at the time that all its debts owed to MUFG Union Bank were purchased by Drake Asset Management Jersey Limited. The transaction was worth as much as $87.9 million.
Drake Asset Management is a specialist investment business focused on the regional aviation sector. Drake has investments across a wide range of regional aircraft types. Falko Regional Aircraft Limited acts as the servicer to Drake and Falko is engaged in discussions with the Company on behalf of Drake regarding the indebtedness.
