Fresh Vine Wine (NYSEMKT:VINE) stock is falling hard on Friday after the company’s merger deal with Notes Live was terminated.
Fresh Vine Wine and Notes Live reached a mutual agreement to terminate the merger deal announced in January. This is due to the deal not meeting conditions to close by the planned July 31, 2024 date.
Notes Live is the company that first suggested the two terminate the merger, and Fresh Vine Wine agreed. While the merger isn’t moving forward, Fresh Vine Wine continues to hold the shares of Notes Live stock that it owns.
Michael Pruitt, CEO of Fresh Vine Wine, said the following about the news:
“We intend to investigate our range of strategic options in a continued effort to seek to maximize value for Fresh Vine stockholders, which may include seeking to identify another combination opportunity.”
How This Affects VINE Stock Today
News of the failed merger deal with Notes Live has shares of VINE stock falling 33.7% on Friday morning. That builds on a 48.8% drop experienced year-to-date when markets closed yesterday.
However, there has been little trading of VINE shares today. As of this writing, only about 66,000 shares have changed hands, which is still far from its daily average trading volume of about 350,000 shares.
Investors seeking out more of the most recent stock market stories will want to stick around!
We have all of the hottest stock market news traders need to know about on Friday! That includes all of the latest news concerning shares of Gamer Pakistan (NASDAQ:GPAK) stock, Akanda (NASDAQ:AKAN) stock and VSee Health (NASDAQ:VSEE) stock today. You can catch up on all of that at the links below!
More Stock Market News for Friday
- Why Is Gamer Pakistan (GPAK) Stock Down 43% Today?
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- Why Is VSee Health (VSEE) Stock Up 172% Today?
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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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
