Synthesis Energy Systems News: Why SES Stock Is Skyrocketing Today

Synthesis Energy Systems (NASDAQ:SES) news for Monday includes SES stock taking off to incredible heights.

Synthesis Energy Systems News: Why SES Stock Is Skyrocketing Today

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It’s worth noting that there isn’t actually any new Synthesis Energy Systems news for today. Instead, it looks like the company is continuing to climb following an announcement from late last week.

The Synthesis Energy Systems news from last week was that it is buying up Australian Future Energy. This will have the company issuing 3,875,000 new shares of SES stock. These shares will go to Australian Future Energy share holders for each stock that they own in the company. The total offer from Synthesis Energy Systems comes to $36 million. This is based on a stock price of $6.00 per share.

It’s also worth noting that this Synthesis Energy Systems news will see major changes for the company’s management team. This includes current Australian Future Energy CEO Kerry Parker taking over as the President and CEO of SES. Ron Higson, the COO of Australian Future Energy, will also become the new COO of the company.

Synthesis Energy Systems’ Board of Directors will also go through a massive shakeup once the acquisition closes. This will have Australian Future Energy’s Stephen Lonie, Edek Choros and Richard Barker join the Board. Robert Rigdon, the current CEO of SES, will remain on the Board and one other independent director will announced. After this, all current board members will resign.

Synthesis Energy Systems is expecting the deal to close during the first quarter of 2020.

SES stock was up 355% as of Monday afternoon. This comes after a 191.67% increase on Friday following the deal’s announcement after markets closed on Thursday.

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/2019/10/synthesis-energy-systems-news-sends-ses-stock-soaring/.

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