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Mer Telemanagement (NASDAQ:MTSL) stock is rocketing higher on Friday after announcing plans for a definitive merger with SharpLink.
Mer Telemanagement is a “provider of telecommunications expense management, call accounting and contact center software” around the world. SharpLink is a tech company that works with “sports leagues, fantasy sports sites and sports media” to connect fans with up-to-date betting details.
So what exactly does this merger mean for MTSL stock investors? Once it’s complete, Mer Telemanagement will be changing its name to SharpLink and will continue to pursue that company’s business.
The merger agreement is set up so that shareholders of SharpLink stock will acquire shares of MTSL stock. Once the deal is complete, this will have SharpLink shareholders controlling the company with ownership of 86% of its stock.
Roy Hess, CEO of Mer Telemanagement, said this about the news boosting MTSL stock up today.
“We are excited to achieve this major milestone by signing the definitive merger agreement with SharpLink, and we believe the transaction, when closed, will provide significant value to both the current MTS shareholders and the SharpLink shareholders who will be receiving MTS shares in the Merger.”
The Boards of Directors at both companies have already given their unanimous support to the deal. Now it just needs to complete customary closing conditions. That includes getting approval from regulators and MTSL shareholders.
Shareholders will get to vote on the matter during a special meeting taking place in the second quarter of 2021. The press release doesn’t say when the two companies are expecting the merger to close.
MTSL stock is seeing heavy trading on today’s news. That’s resulted in more than 81 million shares of the stock changing hands. For comparison, the company’s daily average trading volume is only about 138,000 shares.
MTSL stock was up 39.2% as of Friday afternoon.
Mer Telemanagement joins a growing list of companies reporting merger news of late.
Several companies have seen an increased interest lately on merger news. A few examples include Tilray (NASDAQ:TLRY), TPG Pace Beneficial (NYSE:TPGY), and D8 Holdings (NYSE:DEH). Investors can learn more about these plans at the links below.
More Merger News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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