Maury Microwave is the buyer with it agreeing to purchase Wireless Telecom Group for $2.13 per share. That represents a 34% premium to the closing price of WTT stock on Wednesday. It’s also a 50% premium to the stock’s value when the company announced plans for “strategic alternatives” in July 2022.
The Board of Directors at Wireless Telecom Group has given unanimous support to the sale. The board is also recommending that shareholders vote in favor of the deal. If that happens and regulators approve, the deal should close in the third quarter of 2023.
When the deal closes, CEO Tim Whelan will “step aside.” This will leave the current Wireless Telecom Group executive team managing the company. The firm will “continue to operate from its headquarters in New Jersey as a division of Maury.”
WTT Management Commentary
Whelan said the following about the sale to Maury Microwave:
“Once approved by shareholders, this transaction will achieve our goals of maximizing shareholder value by realizing the sum-of-the-parts value of our Company, and efficiently returning capital to our shareholders. We believe this outcome is in the best interest of our shareholders, the Company, our employees, and our customers.”
Heavy trading has some 440,000 shares of WTT stock on the move today. That’s already well above its daily average trading volume of about 16,000 shares. It also has WTT stock climbing 30.2% higher on Thursday morning.
Investors can find even more of the latest stock market news worth knowing about below!
We’ve got all of the hottest stock market stories for traders to read on Thursday! Our coverage today includes what has Kubient (NASDAQ:KBNT) stock up, the biggest pre-market stock movers this morning and more. All of that is ready to go with the following links!
More Thursday Stock Market News
- Why Is Kubient (KBNT) Stock Up 106% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
- AMC Stock Boasts 1 Million Retail Backers
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
On the date of publication, William White did not hold (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.