News
Timothy A. Price
- October 16, 2023
Shares of Sigma Additive Solutions (NASDAQ: SGM) experienced a 36% decline to $3.80 on Monday, immediately following a notable surge in Friday's trading session. The rapid drop in stock value came as a result of Sigma's decision to acquire NextTrip Holdings, a prominent travel technology company.
With a substantial increase of 145% in Friday's trading, Sigma's stock performance has faced a decline of 74% over the past year.
In addition to the acquisition, Sigma announced the sale of its in-process quality assurance technology suite of assets to Divergent Technologies on the same Friday.
Under the terms of the deal, Sigma will secure 100% ownership of NextTrip by exchanging Sigma shares that represent 19.99% of its current outstanding stock. Furthermore, milestone earnouts associated with business performance will further solidify the agreement.
Upon the completion of the transaction, William Kerby, the Chief Executive of NextTrip, will take on the role of CEO for the newly formed entity. Additionally, NextTrip will have the privilege to appoint one member to Sigma's board of directors.
Anticipated to rebrand as NextTrip, Sigma will also undergo a listing change on Nasdaq, adopting a new trading symbol reflective of the NextTrip name.
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