Recent Maxwell Technologies news of a deal with Tesla (NASDAQ:TSLA) has MXWL stock soaring on Monday.
Maxwell Technologies (NASDAQ:MXWL) has reached an agreement with Tesla that will have it being acquired by the electric car company. This deal will have it merging with a Tesla subsidiary and become a wholly-owned subsidiary of the company.
The Maxwell Technologies news boosting MXWL stock is the price that Tesla is offering for the stock. This will have TSLA offering $4.75 per share for MXWL stock. This will be in the form of TSLA shares.
The deal with Tesla puts a pretty premium on Maxwell Technologies stock. MXWL stock was trading at $3.07 when the markets closed on Friday. That new offer from TSLA represents a roughly 55% premium over the stock’s closing price on Friday.
“We are very excited with today’s announcement that Tesla has agreed to acquire Maxwell. Tesla is a well-respected and world-class innovator that shares a common goal of building a more sustainable future,” Dr. Franz Fink, President and CEO of Maxwell Technologies said in a statement. “We believe this transaction is in the best interests of Maxwell stockholders and offers investors the opportunity to participate in Tesla’s mission of accelerating the advent of sustainable transport and energy.”
Maxwell Technologies says that it is expecting the deal with Tesla to close during the second quarter of 2019, or shortly after.
MXWL stock was up 49% as of noon Monday.
As of this writing, William White did not hold a position in any of the aforementioned securities.