Sigma Additive Solutions (NASDAQ:SASI) stock is falling on Friday as the company fails to find a buyer while pursuing strategic alternatives.
According to a filing with the U.S. Securities and Exchange Commission (SEC), the company was unable to reach an agreement with any of the potential buyers it spoke with. That’s despite it getting to a point in negotiations where four candidates entered into written, non-binding proposals.
Sigma Additive Solutions said the following about this in the SEC filing:
“None of the proposals include bridge financing for Sigma pending completion of a possible transaction, and for reasons unique to each proposal, we have been unable to come to terms with any of the potential acquirers. Our management and advisers continue in talks regarding the respective proposals, as well as possible alternative transactions with other parties that have expressed interest as we work to formally close our strategic transaction process.”
Investors will note that this news comes after the company announced plans to pursue strategic alternatives back in 2022. It also announced the retention of Lake Street Capital Markets in March 2023 to assist with the process.
How This Affects SASI Stock
Investors aren’t happy about Sigma Additive Solutions failing to find a buyer. As such, SASI stock is seeing heavy trading today as investors sell shares. This has some 121,000 shares changing hands, as compared to its daily average trading volume of about 88,000 shares.
SASI stock is down 39.8% as of Friday morning.
There’s more stock market news traders will want to read about below!
We’ve got all of the latest stock market news that investors need to know about on Friday! A few examples include why shares of Digital World Acquisition (NASDAQ:DWAC) and BioNexus Gene Lab (NASDAQ:BGLC) stock are rising, as well as the biggest pre-market stock movers this morning. You can find all of this news at the following links!
More Friday Stock Market News
- Why Is Digital World Acquisition (DWAC) Stock Up 20% Today?
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- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
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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.
