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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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
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