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Why TESSCO Shares Are Skyrocketing Today

Author: Akanksha Bakshi | April 12, 2023 08:59am

TESSCO Technologies Inc (NASDAQ:TESS) shares are jumping over 86% Wednesday morning as it agreed to be acquired by entities affiliated with Lee Equity Partners and Twin Point Capital for $9.00 in cash, resulting in an enterprise value of ~$161.4 million.
The deal price represents a 91% premium over the previous trading day's closing price and a 97% premium over Tessco's 30-day volume-weighted average stock price as of April 11, 2023.
Tessco will maintain its facilities in Hunt Valley and Timonium, Maryland, and Reno, Nevada.
The company expects the merger to close in the third calendar quarter of 2023.
"The transaction price and premium reflect the success of our considerable turnaround efforts over the past three years, as well as Tessco's current growth trajectory," commented Sandip Mukerjee, Tessco's President and Chief Executive Officer.
Price Action: TESS shares are trading higher by 86.8% at $8.78 premarket on Wednesday.

Posted In: TESS