Intermex Slides 11% This Week as California Suspends Approval Extension
IMXI is trading near its 52-week low of $11.15 (12% above the low).
Summary
Intermex shares fell 5.2% today, capping an 11% weekly decline, as investors await clarity on the Western Union acquisition. The stock is at its lowest since Aug. 13, the day before New York approved the deal. However, California's DFPI has suspended the approval extension granted on July 31, adding uncertainty. Western Union is reportedly meeting with investors this week, which may be contributing to the selloff. The $16/share cash deal remains pending; any further regulatory setbacks could widen the gap between the current price and the offer.
At the time of this announcement, IMXI was trading at $12.53 on NASDAQ in the Finance sector, with a market capitalization of approximately $378.6M. The 52-week trading range was $11.15 to $15.95. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.