Single source advanced communications network and professional services provider to the telecom market Spectrum Global Solutions Inc (OTCMKTS:SGSI) announced this morning that its merger with High Wire Networks Inc has been completed.
The announcement regarding the merger had been made in the past and the closing of the transaction has resulted in a 16% jump in the Spectrum Global stock this morning.
There had been delays in closing the deal since the company had to wait for SBA to forgive debts to the tune of $27 million that had been on Spectrum Global’s balance sheet.
The forgiveness of the debt is another positive for the company and it was announced that the debt forgiveness will be reflected in Spectrum Global’s financial results for the quarter that ends on June 30. The company is now going to work towards a rebranding with the name High Wire Networks. Investors could consider keeping the stock in their watch lists at this point.
Market Reaction
SGSI stock jumped by 20% to $0.2700 with more than 1.94 million shares traded hands, well above its average volume of 270K shares. Over the past 52-week, the stock has been moving within a range of $0.2325 – 0.3200.
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