Wireless Telecom Shares Jump 30% On Acquisition By Maury Microwave

Author: Lekha Gupta | May 25, 2023 12:40pm

• Wireless Telecom Group Inc (NYSE:WTT) has agreed to be acquired by Maury Microwave, Inc. for an estimated price of $2.13 per share.
• The purchase price denotes a premium of 34% to the WTT's closing price as of May 24 and a 50% premium since the announcement date of the strategic alternatives process in July 2022. 
• The transaction is expected to close in Q3 2023 upon shareholders' approval and fulfillment of customary closing conditions.
• "We believe that given the scale of our company, private ownership offers benefits over public ownership, including lower operating costs, and continued capital investment to accelerate its growth strategy, enhance its customer delivery, and evolve the organization for the future," said Tim Whelan, CEO. 
• Post acquisition, Whelan will step aside from the role and the company will continue to be managed by its remaining leadership team.
• Last week, WTT announced March quarter revenues of $5.2 million and an EPS loss of $0.04.
• Price Action: WTT shares are trading higher by 29.9% at $2.07 on the last check Thursday.

Posted In: WTT