Why Atlas Technical Consultants (ATCX) Shares Are Jumping Today

Atlas Technical Consultants Inc ATCX has agreed to be acquired by private investment firm GI Partners in an all-cash transaction valued at approximately $1.05 billion, including outstanding debt.
Under the terms of the transaction, Atlas shareholders will receive $12.25 per share in cash, representing a premium of 124% over the company's closing share price of $5.47 on Jan. 30, 2023.
Upon completion of the transaction, Atlas' shares will no longer trade on Nasdaq and it will become a private company.
"We are pleased to have reached this agreement with GI Partners, which we believe will deliver immediate and certain cash value to Atlas shareholders at a significant premium," said executive chairman Brian Ferraioli.
The transaction is expected to close in Q2 FY23. Atlas' Board recommends shareholders vote in favor of the transaction.
Affiliates of Bernhard Capital Partners, which own approximately 43% of the outstanding Atlas common stock, have entered into a voting agreement supporting the transaction.
Price Action: ATCX shares are trading higher by 120.4% on the last check Tuesday.

Atlas Technical Consultants Stock Jumps As It Agrees To Go Private At 124% Premium