Benzinga's Microcap Movers for Thursday May 31, 2012
Below are highlights from Benzinga's daily coverage of microcap securities making big moves:
Shares of Microvision (NASDAQ: MVIS), the Redmond, WA provider of display and imaging products for mobile applications, rose 38.74% Thursday on 12 times the average daily volume.
Microvision announced Thursday that it has received purchase orders from Pioneer Corporation valued in excess of $4 million. The purchase orders cover key components, including MEMS and electronics, which are part of the company's patented next generation HD PicoP display technology based on direct green lasers that Pioneer is integrating into its Cyber Navi car navigation system.
Microvision closed at $0.42 on Thursday.
Shares of Penson Worldwide (NASDAQ: PNSN), the Dallas, TX independent execution, clearing, settlement and technology firm servicing the global financial services industry, rose 20% Thursday on 3 times the average daily volume.
Penson Worldwide and PEAK6 Investments announced Thursday the formation of Apex Clearing Corporation. Under the terms of the agreement, Apex Clearing has agreed to acquire the correspondent and customer accounts and contracts of the securities division of Penson's U.S. broker–dealer subsidiary Penson Financial Services which covers approximately 230 U.S. based securities correspondents and one million customer accounts. The agreement does not include Penson's Futures or Canadian Operations. Apex Clearing is expected to begin operations in the coming days following the completion of certain closing conditions and receipt of required regulatory approval from the U.S. Securities and Exchange Commission and FINRA.
Penson Worldwide closed at $0.30 on Thursday and traded higher after-hours.
New England Bancshares
Shares of New England Bancshares, (NASDAQ: NEBS), the Enfield, CT holding company for New England Bank, rose 15.72% Thursday on 27 times the average daily volume.
United Financial Bancorp (NASDAQ: UBNK) and New England Bancshares announced Thursday the execution of a definitive merger agreement pursuant to which United Financial Bancorp will acquire New England Bancshares in a transaction currently valued at approximately $91.0 million, based on United Financial Bancorp's 20 day volume weighted average stock price of $15.89 per share as of May 30, 2012 and excluding shares used to terminate New England Bank's employee stock ownership plan.
Under the terms of the definitive merger agreement, at the effective time of the merger, each share of New England Bancshares common stock will be converted into the right to receive 0.9575 of a share of United Financial Bancorp common stock. The consideration received by New England Bancshares stockholders is intended to qualify as a tax-free transaction. United Financial Bancorp expects the transaction to be immediately accretive to its earnings per share, excluding one-time transaction expenses. The transaction represents 163% of New England Bancshares' tangible book value and a core deposit premium of 7.4% at March 31, 2012.
New England Bancshares closed at $12.70 on Thursday.
The information in this article is taken from public sources, press releases, and websites that cannot always be verified. Please note that investing in microcap stocks is highly speculative. The companies mentioned here are for information purposes only. Benzinga makes no claim as to the suitability of these stocks as an investment. Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.
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