In premarket session today, American Virtual Cloud Technologies Inc (AVCT) shares were up 35.11% to trade at $7.85. AVC Technologies stock lost -3.81% to close Wednesday’s session at $5.81. AVCT stock volume remains at 0.22 million shares. This was above the average daily volume of 47638.0 shares over the past 50 days. The sudden spike in AVCT stock follows the announcement of a purchase offer.
What is included in the acquisition deal?
The American Virtual Cloud Technologies team brings comprehensive and innovative UC as a service, Cybersecurity, and virtualization solutions to businesses of all sizes, including 350+ managed service customers. As single-source provider of managed cloud services, hardware, and software, AVCT aims to offer reliable and secure services, hardware, and software to its users.
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An unsolicited proposal has been received by AVC Technologies for the acquisition of all of its outstanding shares of common stock for around $9.00 per share, subject to certain conditions, announced the AVCT, in a press release today.
Consequently, the Board of Directors announced it will begin exploratory work to evaluate a range of potential strategic options for the AVCT. A decision regarding the unsolicited proposal or timetable for the process has not been made by the AVCT Board of Directors at this time.
An unsolicited proposal, including exploration of strategic alternatives by the AVCT, does not guarantee a change in strategy, any discussion regarding a transaction, a transaction being implemented or consummated, or the terms, structure, or timing of a transaction if pursued.
How will the AVCT continue?
No further public comments about these matters are expected by AVC Technologies (AVCT) until and unless the Board has approved a specific transaction or alternative, or has completed its review of strategic alternatives. BOD of AVCT also intends to contact a financial advisor shortly for this purpose and the unsolicited acquisition proposal.