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EXFO stock is soaring today: Why is it so?

Shares of the EXFO stock were soaring today on June 7, 2021, following the announcement of arrangement agreement by EXFO Inc. EXFO stock price saw a surge of 60.81% to reach $5.95 a share at the time of this writing. The per-share price was $3.70 at the previous closing and the trading volume was 20,900. Let’s discuss more about EXFO stock.

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Arrangement Agreement by EXFO stock

According to the arrangement agreement, the issued and subordinating voting shares of the EXFO stock will be acquired by the EXFO’s founder along with the majority of shareholders and  Germain Lamonde controller cooperation, 11172239 Canada Inc. The 3,672,474 Subordinate Voting Shares are not included in this agreement as they are already under the direct or indirect control of Germain Lamonde.$6.00 per Subordinate Voting Share in cash will be given to the shareholders of EXFO stock in connection with this arrangement agreement.

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As of June 7, 2021, 31,643,000 multiple voting shares along with Excluded Shares of the EXFO stock have been under the direct or indirect control of Germain Lamonde which represent 14.22% of the issued and outstanding Subordinate Voting Shares and 100% of the issued and outstanding Multiple Voting Shares. The collective percentage for these shares of EXFO stock which are under the control of Germain Lamonde is 61.46%.

Previous Activity by EXFO Inc.

On May 19, 2021, EXFO stock did introduce the first modular, portable 5GProfield focused radiofrequency (RF) Spectrum Analyzer that provides visibility into 4G/LTE and 5G NR environments with great accuracy and can analyze FR1(sub-6 GHz) and FR2 (mmWave) bands via single, field-upgradeable solution.

Financial View of EXFO stock

According to the last reported second-quarter 2021 financial results, EXFO stock generated US$69.3 million from sales representing a 25.2%  increase over the year. The selling and administrative expenses for the second quarter of 2021 dropped to US$22.9 million as compared to US$24.3 million in the same quarter of last year. Adjusted EBITDA for the EXFO stock reached US$3.4 million as compared to -US$4.9 million in the second quarter of 2020.

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The recent announcement has built momentum for the EXFO stock. Germain Lamonde considered the private transaction as in the best interest of the stakeholders of EXFO stock as it would provide a significant cash premium to them.

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