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Steel Connect ( (STCN) ) has issued an announcement.
Steel Connect has announced a significant corporate restructuring, involving a short-form merger where an affiliate of Steel Partners Holdings will merge with Steel Connect, making it an indirect wholly-owned subsidiary of Steel Partners. As part of this move, Steel Connect’s common stock will be delisted from NASDAQ, and the company will suspend its reporting obligations with the SEC. The merger will see common stockholders receive cash and contingent value rights per share. Additionally, Steel Connect has resolved a long-standing class action lawsuit, resulting in a settlement that includes a $6 million payment to be distributed among certain common stockholders.
More about Steel Connect
Average Trading Volume: 22,350
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $79.01M
Find detailed analytics on STCN stock on TipRanks’ Stock Analysis page.
