ZimVie Agrees To Sell Its Spine Business, Joins United States Steel, PGT Innovations And Other Big Stocks Moving Higher On Monday

U.S. stocks traded mostly higher, with the Nasdaq Composite gaining around 30 points on Monday.

Shares of ZimVie Inc. ZIMV shares rose sharply during Monday’s session after the company disclosed an agreement to sell its spine business to H.I.G. Capital for $375 million.

The acquisition price comprises $315 million in cash, subject to certain customary adjustments as set forth in the agreement, and $60 million in the form of a promissory note that will accrue interest at a rate of 10% per annum, compounded semi-annually, payable in kind.

ZimVie shares jumped 42.8% to $16.03 on Monday.

Here are some other big stocks recording gains in today’s session.

• United States Steel Corporation X gained 26.5% to $49.77 after Nippon Steel announced it will acquire the company for $55 per share in an all-cash transaction.
• Cipher Mining Inc. CIFR gained 15% to $2.9905.
• Intchains Group Limited ICG rose 13.1% to $12.50.
• James River Group Holdings, Ltd. JRVR surged 12.8% to $9.58.
• Fanhua Inc. FANH rose 11.2% to $5.84.
• GigaCloud Technology Inc. GCT rose 11.1% to $14.53. Roth MKM maintained GigaCloud Tech with a Buy and raised the price target from $16 to $18.
• B. Riley Financial, Inc. RILY gained 10.8% to $22.66.
• Viridian Therapeutics, Inc. VRDN climbed 9.6% to $21.07 as the company announced positive clinical data in healthy volunteer study and selected VRDN-003 as potential best-in-class subcutaneous anti-IGF-1R program with extended half-life for pivotal development in thyroid eye disease.
• PGT Innovations, Inc. PGTI gained 8.8% to $39.26 after Masonite agreed to acquire the company for $41 per share.
• Community Health Systems, Inc. CYH rose 8.7% to $3.1750.
• Cleveland-Cliffs Inc. CLF climbed 8.7% to $20.33 after the company issued a statement regarding the proposed acquisition of U.S. Steel by Nippon Steel.
• IGM Biosciences, Inc. IGMS gained 8.4% to $7.16.
• Kenon Holdings Ltd. KEN rose 8% to $24.41.
• PureTech Health plc PRTC gained 7.8% to $18.89.
• Super Micro Computer, Inc. SMCI gained 7.3% to $321.98.
• GameStop Corp. GME rose 7% to $18.38.
• Under Armour, Inc. UAA gained 4.8% to $9.02.

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