- Synchronoss Technologies, Inc (NASDAQ:SNCR) confirmed that on March 10, 2023, it received a non-binding proposal from B. Riley Financial, Inc (NASDAQ:RILY) to acquire all outstanding shares for $1.15 per share, payable in cash.
- Synchronoss shares closed at $0.80 on March 10, implying a takeover premium of 43.8%.
- B. Riley owns a 13.9% stake in Synchronoss and is the company’s largest holder. B. Riley also nominated one of the company’s directors.
- During 2022, Synchronoss hired UBS Securities, LLC to assist in exploring and evaluating potential strategic transactions involving the company or certain of its lines of business.
- B. Riley held $268.6 million in cash and equivalents as of Dec. 31, 2022.
- Last week, Synchronoss reported a 17% year-on-year revenue decline to $61.6 million, missing the consensus of $65.2 million.
- Adjusted EPS loss of $(0.08) missed the consensus of $0.06.
- Price Actions: SNCR shares traded higher by 13.75% at $0.91, and RILY shares traded lower by 6.58% at $29.97 on the last check Monday.
“Federal Regulators Are Probing Whether Cash App Leaves Door Open To Money Launderers, Terrorists” – NBC News
https://www.nbcnews.com/business/personal-finance/whistleblowers-cash-app-leaves-door-open-money-laundering-terror-rcna138958Federal financial regulators are exploring allegations by two whistleblowers that Cash App, the
