Zinger Key Points
- Blackboxstocks stock falls over 30% on news of the company's definitive agreement of acquire Evtec Aluminium Limited.
- The transaction is expected to close in the first=quarter of 2024.
- Get real-time earnings alerts before the market moves and access expert analysis that uncovers hidden opportunities in the post-earnings chaos.
Blackboxstocks Inc. BLBX shares are trading lower on Wednesday after the company announced an definitive agreement to acquire Evtec Aluminium Limited.
What To Know: The company announced on Wednesday that it executed the definitive agreement on Dec. 12, with the transaction anticipated to close in the first quarter of 2024.
Additionally, Blackbox plans to acquire the remaining 87% of Evtec Automotive, Evtec Aluminium's sister company, in the first-quarter as well.
Blackbox Stockholders will retain 26.7% of the combined company's 12 million common shares post-merger.
The stock experienced unusually high volume on Wednesday. According to data from Benzinga Pro, the stock experienced above-average trading volume of 169,996 shares compared to its average volume of 8,850.
Related Link: This Retail Giant Is TD Cowen's 'Best Stock' For 2024
BLBX Price Action: Shares of BLBX were down 24.7% at $2.90 at the time of publication, according to Benzinga Pro.
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