Advanced Emissions Solutions ( NASDAQ: ADES ) opens -32.9% after the company announced a merger deal with privately owned environmental technology company Arq Ltd. following Friday's market close.
Under the deal terms, Advanced Emissions ( ADES ) will issue nearly 19.3M common shares to Arq shareholders in exchange for all of their equity interests.
Advanced Emissions ( ADES ) shareholders will have the option to receive 1.11 shares of the combined company and a one-time cash payment of $0.52/share, or 1.22 shares of stock in the combined company.
The combined company is projected to generate annual revenue of $196M and annual EBITDA of $61M by 2026.
Advanced Emissions ( ADES ) recently reported a Q2 GAAP loss of $0.02/share on revenues of $24.7M .
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Advanced Emissions -33% after merger deal with Arq