Home Top Movers MER Telemanagement Solutions Ltd. (MTSL) stock skyrocketed in the after-market session

MER Telemanagement Solutions Ltd. (MTSL) stock skyrocketed in the after-market session

MER Telemanagement Solutions Ltd. (MTSL) stock soared 123.34% in the after-hours market on Thursday, April 15, 2021, after losing 7.42% in the normal trading session.MTSL shares have gained 164.52% over the last 12 months, and they have lost 16.08% in the past week.

Let’s try to find out the reason behind its huge surging


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The merger agreement with SharpLink,

On April 15, 2021, Telemanagement Solutions Ltd revealed that it has signed a merger agreement with SharpLink, Inc.

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According to the agreement, MTSL will merge into SharpLink, changing its name, and will work under new management and Board control. The merger is subject to the approval of MTS’s shareholders.

SharpLink is founded by industry veterans and is an early innovator in the sports betting conversion marketplace.

General Meeting of Shareholders

On March 25, 2021, Mer Telemanagement Solutions Ltd announced the schedule of an extraordinary general meeting of shareholders. The meeting is scheduled for May 5, 2021, Wednesday, at 12:30 p.m. (Israel time) at the offices of Ephraim Abramson & Co., Law Offices, 52 Menahem Begin Rd., Sonol Tower, 12th Floor, Tel Aviv, 6713701, Israel.

Recent Financial Results

On Nov. 18, 2020, Mer Telemanagement Solutions Ltd reported its financial results for the three and six months ended June 30, 2020. The company hasn’t announced any further results yet.

Financial highlights for three months

  • MTSLearned a revenue of $948,000for the three months ended June 30, 2020, compared with $1,317,000 for the three months ended June 30, 2019.
  • It suffered a net loss of $628,000or $0.11 per diluted share from continuing operations for the reported quarter compared to a net loss of $76,000, or $0.02 per diluted share, for the same period in 2019.
  • It had a non-GAAP net loss of $4,000or $0.00 per diluted share for the reported quarter compared with a net loss of $65,000, or $0.01 per diluted share, for the prior-year quarter.

Six months financial highlights

  • The Company recorded revenues of $2.1 million for the six months ended June 30, 2020, compared with $2.6 million for the same period in 2019.
  • It beards a net loss of $660,000, or $0.12per diluted share, for the six months ended June 30compared with a net loss from continuing operation of $206,000, or $0.04 per diluted share for the comparable period in 2019.
  • MTSL suffered a non-GAAP net loss of $29,000, or $0.01per diluted share for the six months ended June 30, 2020, compared with a net loss of $183,000, or $0.03 per diluted share for the same period in 2019.

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Conclusion

The merger announcement was the reason behind its surging in Thursday’s after-market. We can expect that the positive trend will continue today as well.

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