iRobot Corporation (NASDAQ:IRBT) shares are trading higher Thursday. The stock fell around 20% on Wednesday following a report suggesting Amazon.com, Inc. (NASDAQ:AMZN) has skipped a settlement offer with the European Commission for its deal with the company.
What To Know:
According to a report from the Wall Street Journal, Amazon missed a Wednesday deadline to submit remedies to the EC over its proposed $1.7 billion acquisition of iRobot. As of Thursday morning, the EC website does not show any concession from Amazon.
Amazon agreed to acquire iRobot for $61 per share on August 5, 2022, but the deal is in doubt after the deadline for concessions has passed.
iRobot shares have fallen nearly 19% over the past month despite Thursday’s gains, and 14.18% of shares are being sold short, according to data from Benzinga Pro.
iRobot shares are moving on heavy trading volume Thursday. According to data from Benzinga Pro, more than 992,000 shares have already been traded in the session, compared to the stock’s 100-day average volume of just over 690,000 shares.
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IRBT Price Action: According to Benzinga Pro, iRobot shares are up 4.74% at $31.16Â at the time of publication.
Image: Tobias Heine from Pixabay
