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Exaktera to Acquire ProPhotonix, Shares Surge 

Sam Boughedda trader
Updated 11 Nov 2021

ProPhotonix (LON: PPIX) shares have surged Thursday after the company revealed that it has agreed for Exaktera to acquire all of its outstanding shares for $11.6 million.

Shareholders will receive $0.117 (0.087p) for every ProPhotonix share they own. The price represents is approximately 53.8% over the 30 trading day average closing price of the company's common stock on AIM.

Also Read: The Best AIM Shares to Buy

The company noted numerous factors in approving the deal, including that it would likely have difficulty raising additional financing and would have limited growth opportunities and limited resources to operate the business and invest in its infrastructure.

In addition, ProPhotonix told investors that due to the illiquidity of the company's shares, it would be difficult for shareholders seeking to liquidate them to do so effectively, if at all.

ProPhotonix's London-listed shares are currently up 36.89% at 7.7p.

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.