WaveDancer Inc WAVD shares are trading higher Thursday after the information technology company announced a merger agreement with Firefly Neuroscience.
What Happened: WaveDancer and Firefly entered into a definitive merger agreement to combine the companies in an all-stock transaction.
The transaction is expected to close in the first quarter of 2024. The combined company will operate under the name Firefly Neuroscience and will focus on developing and commercializing Firefly's AI-driven Brain Network Analytics platform.
"Following a strategic review and analysis of our long-term prospects as a publicly-traded company, the Board determined that this merger is in the best interests of WaveDancer's stockholders and an attractive opportunity to realize significant value as Firefly pursues multiple market opportunities for its BNA™ platform," said Jamie Benoit, chairman and CEO of WaveDancer.
Following the transaction, Firefly shareholders will own approximately 92% of the combined company and WaveDancer shareholders will own approximately 8%. WaveDancer's ownership may increase if it raises capital in excess of the minimum detailed in the merger agreement.
See Also: Why Department Store Major Macy's Shares Are Shooting Higher Today
WAVD Price Action: WaveDancer shares were up 75.6% at $2.77 at the time of writing, according to Benzinga Pro.
Photo: Pexels from Pixabay.
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