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Strong Global Entertainment, Inc. (AMEX:SGE) shares are trading higher Monday after the company announced the proposed acquisition of Strong/MDI Screen Systems, Inc. by FG Acquisition Corp.
The Details:
In connection with the closing of the acquisition, the corporation intends to rename itself Saltire Holdings, Ltd. Saltire intends to build and grow a portfolio of profitable and cash-flow generating private equity investments that would not otherwise be available to public market investors through its proprietary origination process.
“MDI is a global leader in cinema and entertainment, and being part of Saltire will provide greater access to the Canadian financial markets as the management team executes on its growth plans. For Strong Global, this represents an opportunity to unlock the value of our investment in MDI and we look forward to participating in the future growth and success of Saltire,” commented Mark Roberson, CEO of Strong Global.
Strong Global shares are moving on heavy trading volume following the announcement. According to data from Benzinga Pro, more than 65.5 million shares have been traded in the session, far exceeding the stock’s 100-day average of less than 18,000 shares.
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SGE Price Action: According to Benzinga Pro, Strong Global Entertainment shares are up 121% at $2.53 at the time of publication Monday.
Image: Gerd Altmann from Pixabay
Posted In: SGE
