XTEND Confirms $60M Cash Received, Clearing Key Hurdle for JFB Merger
JFB has more than doubled off its 52-week low of $2.45 on elevated volume (3.1× avg).
Summary
XTEND has confirmed receipt of the $60 million in cash required under the amended merger agreement with JFB Construction Holdings. This satisfies the closing condition that was reduced from $110 million in July, moving the deal toward completion. The confirmation removes a major uncertainty for JFB shareholders, as the merger had been contingent on this cash threshold. The next step is the formal closing, which is expected to follow shortly.
At the time of this announcement, JFB was trading at $5.06 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $95.9M. The 52-week trading range was $2.45 to $17.55. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.