Reinhold Industries Inc. said on Tuesday it is exploring strategic alternatives to enhance shareholder value, including a possible sale of the company, sending its shares soaring.

Shares of the Santa Fe Springs-based custom composite components manufacturer jumped 13.1 percent to settle at $9.50 on Tuesday after hitting $9.95 earlier in the day in heavy volume.

Reinhold said it has hired New York-based financial advisory firm TM Capital Corp. to help it explore alternatives. Reinhold said it does not expect to update its progress or disclose developments in the process until its board has approved a definitive transaction.

Reinhold’s shares were delisted from the Nasdaq National Market in late January after it didn’t meet the Nasdaq rule that the market value of its listed common shares equal at least $50 million. Its shares now trades on the Nasdaq Capital Market.

In November, the company closed the sale of its U.K. military-equipment manufacturer NP Aerospace to Carlyle Group for $53.4 million, and it paid a special dividend of $6 to shareholders two months later.