- Blackboxstocks Inc (NASDAQ:BLBX) shares jumped after the financial technology and social media hybrid platform entered a letter of intent to merge with Evtec Group Limited, Evtec Aluminium Limited, and Evtec Automotive Limited.
- The letter of intent is non-binding, except for a break-up fee of $500,000 if either party terminates the transaction before April 29, 2023, or the execution of a binding letter of intent or a definitive agreement.
- Blackbox Stockholders are expected to retain 8.34% of the combined company’s common shares post-merger.
- Also Read: Why Blackboxstocks (BLBX) Shares Are Falling
- The U.K.- based Evtec supplies proprietary parts for leading luxury, performance, and electric vehicle brands.
- Blackbox will continue operations in the fintech sector as a subsidiary of the parent company and will continue executing its strategic plan in its ongoing mission to provide its users with the best trading information possible.
- Price Action: BLBX shares traded higher by 212.83% at $8.29 on the last check Monday.
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