Kubient (NASDAQ:KBNT) stock is rocketing on Thursday after announcing a merger agreement with Adomni.
According to a press release, Adomni will merge with a wholly-owned subsidiary of Kubient. Following this, the combined company will focus on growing and developing Adomni’s programmatic advertising service and platform.
Adomni’s platform already serves some 725,000 connected digital out-of-home screens with its advertising campaigns. The goal is to use Kubient’s KAI, an artificial intelligence (AI), platform, to create better advertising campaigns for Adomni.
Jonathan Gudai, CEO of Adomni, said the following about the news:
“By combining our platform for Digital-Out-Of-Home with Kubient’s leadership team and knowledge in the realms of online digital advertising and connected television, we believe we can bring these elements together and deliver a truly omni-channel advertising and content experience.”
Timing of the Merger
Before the merger deal can close, Kubient and Adomni will first have to get approval from shareholders and regulators. If all goes well, the two companies expect the merger to be completed in the second half of 2023.
With today’s news comes some 4 million shares of KBNT stock traded. That’s incredibly heavy considering its daily average trading volume is closer to 57,000 shares. This comes as investors buy the stock alongside the merger announcement.
KBNT stock is up 106.1% as of Thursday morning.
Investors looking for more of the latest stock market news will want to stick around!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Thursday! That includes the biggest pre-market stock movers this morning, the latest on AMC Entertainment (NYSE:AMC), and more. All of that news is ready to go at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.