Sigma Additive Solutions, Inc. SASI shares are trading higher Friday after the company announced the signing of a definitive asset purchase agreement for the acquisition of NextTrip Holdings.
The Details:
Sigma Additive Solutions will acquire NextTrip Holdings, Inc., a travel technology company with an implied enterprise valuation of approximately $50 million, according to Sigma's financial advisors.
Sigma will acquire 100% of NextTrip's capital stock in exchange for 19.99% of Sigma's outstanding common stock with additional contingent shares upon the achievement of post-closing milestones tied to the business performance of NextTrip.
The transactions are expected to be completed in the fourth quarter of 2023. Upon closing, Sigma is expected to change its name to NextTrip, Inc. and to be listed on Nasdaq under a new trading symbol reflecting the NextTrip name.
Sigma Additive Solutions also announced the sale of its in-process quality assurance technology suite to Divergent Technologies, Inc. The value of the transaction was not disclosed.
According to data from Benzinga Pro, Sigma Additive Solutions' stock has a float of only 606 thousand shares and 50.68% of shares are being sold short.
The remaining free float of SASI shares is only approximately 300 thousand shares which may be contributing its significant price move.
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SASI Price Action: According to Benzinga Pro, Sigma Additive Solutions shares are up 122% at $5.39 at the time of publication.
Image: S K from Pixabay
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