RDBX - Why Redbox Entertainment Is Tumbling Today
Shares of Redbox Entertainment (NASDAQ: RDBX) are tumbling 4.6% at 10:36 a.m. ET on Wednesday after it was announced the video rental kiosk owner would be acquired by Chicken Soup for the Soul Entertainment (NASDAQ: CSSE) in an all-stock deal that will see Redbox shareholders receive 0.87 shares of Chicken Soup for every Redbox share they own.
Trading of Redbox shares has been halted five different times this morning as the stock repeatedly plowed through circuit breakers. Shares of Chicken Soup, on the other hand, were trading 8.7% higher on the announcement.
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Why Redbox Entertainment Is Tumbling Today