IFNNY - Why Cypress Semiconductor Stock Skyrocketed Today
Shares of Cypress Semiconductor (NASDAQ: CY) have skyrocketed today, up by 47% as of 12:45 p.m. EDT, after the company clinched regulatory approval to be acquired by Infineon (OTC: IFNNY). The news comes less than a week after a report that the Trump administration could seek to block the deal, which had caused Cypress shares to plunge.
Cypress announced yesterday evening that the U.S. Committee on Foreign Investment in the United States (CFIUS) had completed its review of the proposed purchase and cleared it after determining "that there are no unresolved national security concerns with respect to the proposed merger."
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