Written by Brenda Nakalema

Revlon Stock Climbs on Report of Potential Acquisition Out of Bankruptcy

Revlon stock skyrocketed, climbing over 53% in premarket trading after the release of a report claiming that the cosmetics giant …

Revlon stock skyrocketed, climbing over 53% in premarket trading after the release of a report claiming that the cosmetics giant might be acquired by Indian conglomerate Reliance Industries (ticker: RIL.India) following the company’s bankruptcy filing.

Revlon (ticker: REV) previously filed for Chapter 11 bankruptcy protection after citing challenges like supply chain constraints, high competition and the effects of the Covid-19 pandemic. Shares in Revlon, which have dropped over 82% since January, rose 53.3% ahead of market trading, landing at $2.98.