PLAYSTUDIOS Enters Agreement To Purchase The 11.677M Shares Of Its Class A Common Stock Held By Microsoft At $2.11/Share
Portfolio Pulse from Benzinga Newsdesk
PLAYSTUDIOS has entered into an agreement to repurchase 11.677 million shares of its Class A common stock from Microsoft at $2.11 per share, totaling $24.6 million. This repurchase will reduce the number of outstanding shares by approximately 8.6%.
June 11, 2024 | 8:52 pm
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NEUTRAL IMPACT
Microsoft is selling 11.677 million shares of PLAYSTUDIOS at $2.11 per share, totaling $24.6 million. This transaction is a minor divestment for Microsoft and is unlikely to have a significant impact on its stock price.
Given Microsoft's large market capitalization and diverse portfolio, the sale of PLAYSTUDIOS shares is a minor divestment and is unlikely to have a significant impact on Microsoft's stock price.
CONFIDENCE 80
IMPORTANCE 20
RELEVANCE 50
POSITIVE IMPACT
PLAYSTUDIOS is repurchasing 11.677 million shares of its Class A common stock from Microsoft at $2.11 per share, reducing the number of outstanding shares by 8.6%. This move could positively impact the stock price due to the reduced share count.
The reduction in the number of outstanding shares by 8.6% is likely to positively impact the stock price of PLAYSTUDIOS due to the increased earnings per share and reduced supply of shares in the market.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100