Entertainment
Why is Strong Global Entertainment (SGE) stock up 58% today?
Strong globally Entertainment (NYSEMKT:EMS) stock rose Monday after projection screen manufacturing company announced an acquisition agreement with Acquisition FG.
Special purpose acquisition company (SPAC) FG Acquisition has agreed to acquire Strong/MDI screen systems from Strong Global Entertainment. Following this acquisition, FG Acquisition will change its name to Saltire Holdings, Ltd.
FG Acquisition intends to rebrand Saltire and change focus to become an equity investment company. This will also allow it to enter into a management agreement with Saltire Partners, Inc.
Mark Roberson, CEO of Strong Global Entertainment, said the following about the deal:
“MDI is a global leader in film and entertainment, and being part of Saltire will provide it with greater access to Canadian capital markets as the management team implements 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 Saltire's future growth and success.
How This Affects SGE Stock
SGE shares are seeing strong trading Monday alongside the acquisition deal. As of this writing, more than 2.6 million units have changed hands. That's well above Strong Global Entertainment's average daily trading volume of just about 7,800 shares.
SGE stock is up 57.9% Monday morning.
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As of the date of publication, William White did not hold (either directly or indirectly) any positions in any securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publishing Guidelines.
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