Nevus cell proliferation (growth) extending out of or around an existing mole (nevus) can be a sign of a concerning change and should be evaluated promptly by a dermatologist.
This change may indicate the development of a dysplastic (atypical) nevus or, in rare cases, melanoma, a serious form of skin cancer.
Atypical or Dysplastic Nevus:
These moles are generally benign (non-cancerous) but look different from common moles (often having irregular borders that fade into the surrounding skin) and carry a higher risk of becoming cancerous than regular moles.

My recommendation : remove it ASAP