PFHC - Newly public ProFrac stock slides 11% in wake of acquisition news

Fracking services provider ProFrac (PFHC), which went public last month, saw its stock slide 11% on Wednesday in the wake of news that it intends to acquire US Well Services (USWS) through an all-stock deal valued at around $93M plus two units of Signal Peak Silica for $90M. Shares of ProFrac opened at $20.36. The stock recently changed hands at $19.11, down 11%, at approximately 1:00 p.m. ET. ProFrac announced early Tuesday that it had signed a definitive agreement to buy SP Silica of Monahans and SP Silica Sales, both units of Signal Peak Silica, for $90M. The stock ended the session nominally higher at $21.49. After market close, the company also announced that it had agreed to buy US Wells (USWS) through an all-stock deal, with US Wells shareholders receiving 0.0561 ProFrac shares for each US Wells share. ProFrac said the deal, which is valued at around $93M, would make

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Newly public ProFrac stock slides 11% in wake of acquisition news