FLDM - Why SomaLogic Stock Dived by 10% on Wednesday
2023-10-04 18:49:14 ET
An upcoming merger involving SomaLogic (NASDAQ: SLGC) wasn't making investors happy on Wednesday. On its news that it would be combining with medical technology peer Standard BioTools (NASDAQ: FLDM) , investors traded out of the shares. Ultimately, SomaLogic closed the day 10% lower, and Standard BioTools didn't fare too well either.
In a joint press release, SomaLogic and Standard BioTools announced they had signed a definitive agreement to blend into one entity. Under the terms of the all-stock deal, SomaLogic investors are to receive 1.11 common shares of Standard BioTools stock for each SomaLogic common share they hold. When the merger closes, SomaLogic stockholders will own roughly 57% of the combined entity.
However, a Standard BioTools executive will be piloting the ship -- current Standard BioTools CEO Michael Engholm will serve in the same capacity in the new company. He will also hold a seat on the board of directors. Additionally, the bulked-up company will bear the name of Standard BioTools.
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Why SomaLogic Stock Dived by 10% on Wednesday