SunEdison Up 35% After Vivint Solar Terminated Its Merger Agreement

Vivint Solar Inc VSLR has terminated its merger agreement with Sunedison Inc SUNE, according to an early morning press release.

In a letter penned by Vivint and delivered to SunEdison Monday evening, the former alleges that the latter failed "to meet its obligations under the merger agreement."

Of particular offense, Vivint's letter cites SunEdison's "failure to consummate the merger when required pursuant to the terms of the merger agreement," which then constituted "a willful breach of the merger agreement."

The letter concluded with Vivint stating it "intends to seek all legal remedies available to it in respect of such willful breach," the company explained in the press release.

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Stocks On The Move

SunEdison has experienced a significant jump since market close Monday, at one point up 35 percent in after-hours trading.

At the time of this writing, the company was seen up 30.05 percent.

Vivint, on the other hand, was seen down almost 6 percent in after-hours trading.

Other solar stocks are likewise moving, potentially off the sector news, including:

• TerraForm Power Inc TERP, up 11.55 percent in pre-market trading
• SolarCity Corp SCTY, up 4.38 percent in pre-market trading