CYRN - Why Is Cyren (CYRN) Stock Up 43% Today?
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Cyren (NASDAQ:CYRN) stock is rising after signing a letter of intent for the sale of some assets to Opin Kerfi.
According to a press release, Cyren is planning to sell Iceland-based assets connected to its anti-malware business. That includes its products, technology, and related IP. The contract is contingent on the signing of a definitive agreement, and other factors.
What’s not made clear in the latest news release is how much Cyren is selling these assets for. The price remains unknown but we do know the reason for the sale. Cyren notes it comes after the company underwent an almost total global workforce reduction to save on operating costs.
Opin Kerfi’s acquisition of the assets will also see it work alongside former Cyren employees. These employees will continue to support the products with further development and support services.
Investors will also note that the agreement may need approval from a court if the company seeks insolvency protection. Cyren warns that this is expected in the same announcement covering the asset sale intention.
How This Is Affecting CYRN Stock
With today’s asset sale news comes heavy trading of CYRN stock. As of this writing, more than 1.3 million shares of the stock have changed hands. For the record, the company’s daily average trading volume is closer to 247,000 shares.
CYRN stock is up 42.7% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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