Why Blackboxstocks Stock Tanked Today
Portfolio Pulse from Ryan Gustafson
Blackboxstocks Inc. (NASDAQ:BLBX) shares dropped after announcing an agreement to acquire Evtec Aluminium Limited. The deal is set to close in Q1 2024, with Blackbox also planning to acquire 87% of Evtec Automotive. Post-merger, Blackbox stockholders will retain 26.7% of the combined company's shares. The stock saw high volume trading, with shares down 24.7% at $2.90.
December 13, 2023 | 8:53 pm
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Blackboxstocks Inc.'s stock price fell sharply after the company announced its definitive agreement to acquire Evtec Aluminium Limited, with a significant acquisition of Evtec Automotive also planned.
The sharp decline in BLBX's stock price can be attributed to market concerns over the acquisition's impact on the company's financials and dilution of existing shareholders' equity, as they will retain only 26.7% of the combined company.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100