Shares of a small but long-struggling Minneapolis-based public company got a big boost Monday when it announced plans to seek "strategic alternatives."

Insignia Systems, the Minneapolis-based provider of in-store digital point-of-purchase advertising displays for consumer packaged goods companies, said in a filing with the Securities and Exchange Commission that it has hired New York-based global investment firm Chardan to review its options.

A company announcement that it is seeking strategic alternatives usually means the company is looking for an ownership change through a merger, an acquisition or some other business combination.

Insignia System shares surged Monday more than 200% to close at $15.05. It was the biggest gainer on U.S. stock exchanges and last traded at that level in September 2018. On Friday, Insignia Systems stock price had closed at $4.94 a share, down 16% for the year.

Chardan specializes in health care and fintech companies, and has done several deals using SPACs, or special purpose acquisition companies, essentially corporate shells that go public and then seek to acquire other companies.

There was no timetable set for a decision, and Insignia Systems said in its filing that it would not comment on the process until the board of directors has decided on an action plan.

Insignia Systems is led by Kristine Glancy, a former Kraft Foods executive who has been president and CEO since 2016 and a board member since 2017. The company has about 40 employees.

Its revenue has declined in nine of the past 11 quarters, with net losses in each of those quarters. Annual revenue was $17.5 million for the year ended Dec. 31, 2020, down from a peak of $33.2 million in 2018.

Insignia Systems and one of its largest shareholders, Air T Inc., have had a cooperation agreement since 2018. In October, they agreed to add Air T's chairman and CEO, Nicholas Swenson, to Insignia's board and increase it from four members to five.