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Starry Group stock jumps 40% after hitting new all-time low in prior session

Broadband provider Starry Group (NYSE:STRY) stock rallied nearly 40% on Tuesday as it struggles to regain ground after crashing in October on news that the company was slashing its workforce and looking for a buyer.

Shares of Starry opened at $0.20, recently changing hands at $0.19 at approximately 11:30 a.m. ET. The company didn't appear to release any news or make any SEC filings on Tuesday. The stock hit an all-time low of $0.12 per share on Monday.

Starry went public on March 29 through a merger with SPAC FirstMark Horizon. The stock reached an all-time high of $10.90 on June 3, but has been trending steadily downward since.

The stock tail-spinned on Oct. 21 after the company announced it was laying off half its workforce and would be looking for strategic alternatives due to difficult economic conditions.

On Nov. 14, Starry was notified by NYSE that it had six months to bring its stock price up above $1 to remain in compliance.