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MoneyGram News: MGI Stock Skyrockets on Ripple Deal

MoneyGram news about a deal with Ripple has MGI stock flying high on Tuesday.

MoneyGram News: MGI Stock Skyrockets on Ripple Deal

Source: Shutterstock

MoneyGram (NASDAQ:MGI) says that the deal with Ripple will have the two companies working together on the cross-border payment process. This will be possible through the use of Ripple’s xRapid product.

The MoneyGram  news also includes an investment in the company from Ripple. This has Ripple investing $30 million into the company. This comes in the form of newly-issued shares of MGI stock and warrants to purchase additional shares.

MoneyGram notes that the investment has Ripple purchasing the shares of MGI stock at $4.10. This represents a roughly 182% premium over the closing price of MGI stock on Monday. It is also above the stock’s highest price of $3.66 for the current year.

An additional part of the deal allows Ripple to purchase more MGI stock or warrants. This deal lets the company make purchase up to $20 million worth of stock or warrants for as little as the $4.10 price.

“We are very pleased with the terms of the Ripple investment which supports the Company with permanent capital and additional liquidity,” Larry Angelilli, CFO of MoneyGram, said in a statement. “This partnership also provides MoneyGram with the opportunity to improve operating efficiencies and increase earnings and free cash flow.”

MGI stock was up 102% as of noon Tuesday, but is down 60% since the start of the year.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2019/06/moneygram-news-has-mgi-stock-up/.

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