LL - LL Flooring stock spikes on merger interest

2023-05-25 10:55:49 ET

LL Flooring Holdings ( NYSE: LL ) shares ripped over 20% higher during Thursday’s trading on a filing that states the privately-held Cabinets to Go will seek a merger.

According to a 13-D form filed on Thursday, Cabinets to Go founder Thomas D. Sullivan has amassed a stake in LL Flooring with the purpose of pursuing a merger. The document states that the group led by Sullivan now holds a 9.447% stake in the company.

“The Reporting Persons have acquired the Common Stock in contemplation of a possible combination with CTG,” the filing states. “The Reporting Persons are in the process of initiating contact with LL Management and Board of Directors with the intent of exploring a possible combination between LL and CTG. The Reporting Persons believe such a combined entity will better position LL's financial and competitive standing.”

Shares of LL Flooring ( LL ) rocketed 21.87% higher on Thursday.

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