- Blackboxstocks Inc BLBX shares jumped after the financial technology and social media hybrid platform entered a letter of intent to merge with Evtec Group Limited, Evtec Aluminium Limited, and Evtec Automotive Limited.
- The letter of intent is non-binding, except for a break-up fee of $500,000 if either party terminates the transaction before April 29, 2023, or the execution of a binding letter of intent or a definitive agreement.
- Blackbox Stockholders are expected to retain 8.34% of the combined company's common shares post-merger.
- Also Read: Why Blackboxstocks (BLBX) Shares Are Falling
- The U.K.- based Evtec supplies proprietary parts for leading luxury, performance, and electric vehicle brands.
- Blackbox will continue operations in the fintech sector as a subsidiary of the parent company and will continue executing its strategic plan in its ongoing mission to provide its users with the best trading information possible.
- Price Action: BLBX shares traded higher by 212.83% at $8.29 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
