Why Great Ajax Corp. Stock Plummeted Today
Portfolio Pulse from Ryan Gustafson
Great Ajax Corp. (AJX) and Ellington Financial have mutually terminated their merger agreement. Ellington Financial agreed to pay Great Ajax $16 million, of which $5 million is in cash and $11 million was paid for approximately 1.666 million shares of Great Ajax common stock, increasing Ellington Financial's stake in Great Ajax to 6.1%. Following the news, AJX shares dropped 31.0% to $4.40.
October 23, 2023 | 7:26 pm
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NEGATIVE IMPACT
Great Ajax Corp.'s stock price plummeted following the termination of its merger agreement with Ellington Financial. Ellington Financial increased its stake in Great Ajax to 6.1%.
The termination of the merger agreement is a significant event for Great Ajax Corp., leading to a sharp drop in its stock price. The increased stake of Ellington Financial in Great Ajax indicates a continued relationship between the two companies, which could influence future business decisions and stock performance.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100