$American Virtual Cloud Technologies, Inc.(AVCT)$American Virtual Cloud Technologies Inc. shares rose to a nearly four-month high Wednesday, extending their gains after the cloud-based, real-time communications platform announced executive changes and a review of strategic alternatives.

Shares rose as high as 52 cents, a level last seen on May 6, and at 2:48 p.m. ET were up 35% at 43 cents. Volume was more than 248 million shares, compared with a 65-day average of 16.3 million.

American Virtual Cloud said Thursday that Kevin Keough would be its new chief executive officer, while former CEO Darrell Mays would continue to serve as executive vice chairman of the board.

The company also said it had retained Northland Capital Markets to advise its strategic review process, which could lead to the sale of American Virtual Cloud or its assets.

American Virtual Cloud's shares rose Friday and Monday, pulled back on Tuesday, and resumed their climb Wednesday.

Adrian Foltz and Onex Evans, who were promoted to chief financial officer and chief accounting officer, respectively, filed initial statements of securities ownership late Tuesday.

Mr. Evans reported owning 25,000 common shares in the non-derivative securities part of a Form 3, plus 125,000 shares in the derivative section related to restricted stock units. Mr. Foltz reported 6,250 non-derivative shares and 143,750 derivative shares.tive shares.