RDBX - Redbox stock slides as stockholders approve merger deal with Chicken Soup for the Soul
- Redbox Entertainment ( NASDAQ: RDBX ) shares plunged pre-market on Wednesday after the video rental company announced that it received stockholders approval on the merger proposal with Chicken Soup for the Soul Entertainment ( NASDAQ: CSSE ).
- In May 2022, the two firms announced an agreement whereby Redbox stockholders will receive a fixed exchange ratio of 0.087 of a share of class A common stock of Chicken Soup for the Soul Entertainment per Redbox share. Following the ~$335M deal's close, Chicken Soup for the Soul Entertainment ( CSSE ) shareholders will own 76.5% of the new firm, while Redbox ( RDBX ) shareholders would own the remaining 23.5%.
- At the Special Meeting of Redbox stockholders held today, 39,503,634 of the votes cast were voted in favor of the merger proposal, representing ~85.04% of the outstanding shares of Redbox ( RDBX ) common stock entitled to vote at the special meeting.
- Shares have tumbled 22% pre-market in response. Last week, RDBX shares saw a sudden jump that triggered a brief halt in trading .
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Redbox stock slides as stockholders approve merger deal with Chicken Soup for the Soul