Synex Shareholders Approve Acquisition by Sitka Power

Synex Internt’l ( (TSE:SXI) ) has provided an update.

Synex Renewable Energy Corporation announced that its shareholders have approved a statutory plan of arrangement for Sitka Power Inc. to acquire all outstanding common shares for C$2.40 per share. With approximately 82.74% of votes in favor, the arrangement is set to proceed pending final court and regulatory approvals. Upon completion, Synex will be delisted from the Toronto Stock Exchange and become a wholly-owned subsidiary of Sitka, potentially impacting its market positioning and operations.

Spark’s Take on TSE:SXI Stock

According to Spark, TipRanks’ AI Analyst, TSE:SXI is a Neutral.

Synex International’s overall stock score reflects its financial challenges, marked by negative profitability and high leverage, offset by positive corporate developments such as an acquisition at a premium. Technical indicators suggest short-term upward momentum, but potential overbought conditions could lead to corrections. The negative P/E ratio challenges the company’s valuation.

To see Spark’s full report on TSE:SXI stock, click here.

More about Synex Internt’l

Synex Renewable Energy Corporation is a Vancouver-based company focused on the development, acquisition, ownership, and operation of renewable energy projects in Canada. It holds interests in 11 MW of operating hydro projects in British Columbia and owns a grid connection and utility business on Vancouver Island. The company also has construction-ready projects and land tenures for potential hydroelectric and wind power sites, with a significant capacity for clean energy generation.

Average Trading Volume: 14,639

Technical Sentiment Signal: Hold

Current Market Cap: C$11.52M

For an in-depth examination of SXI stock, go to TipRanks’ Stock Analysis page.