Hibbett Sports (HIBB) just unveiled an update.
Upon the completion of a merger, a company repaid all outstanding debts, transformed common stock into a cash entitlement, and canceled or cashed out various stock-related awards. This led to the suspension of trading and delisting of the company’s common stock from the Nasdaq. Additionally, significant shifts in the company’s board of directors and executive officers occurred, with new appointments and terminations outlined in severance agreements. The company also amended its Articles of Incorporation and Bylaws as part of the merger process, and issued a press release to announce the merger’s closure.
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