Sigma Additive Solutions, Inc. (NASDAQ: SASI) shares are experiencing a noteworthy ascent, registering a 50.61% increase to reach $4.37 in the latest assessment. This surge in the value of SASI shares is directly linked to the successful conclusion of an acquisition transaction.
Sigma Additive (SASI) has officially declared the finalization of its acquisition of NextTrip Holdings, Inc. The procurement of this travel technology company headquartered in Sunrise, Florida was executed through a previously disclosed share exchange arrangement.
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First revealed in October 2023, the takeover concluded on December 29, 2023, signifying the metamorphosis of NextTrip into an entirely possessed branch of SASI. Simultaneously, following the finalization of the acquisition, Jacob Brunsberg, the President and CEO of Sigma Additive, resigned from his roles.
In his stead, Bill Kerby, the Chief Executive Officer of NextTrip, assumed the role of Chief Executive Officer of Sigma. Mr. Brunsberg will persist in serving as a director on SASI’s board. On December 28, 2023, at Sigma Additive’s yearly gathering of stakeholders for 2023, SASI shareholders cast positive votes for the release of Sigma’s ordinary stock shares connected to the NextTrip acquisition.
This approval was granted in accordance with the Share Exchange Agreement established with NextTrip and other relevant parties in October 2023. Furthermore, shareholders sanctioned the terms of the aforementioned Share Exchange Agreement. In line with the announcement made on October 13, 2023, Sigma Additive engaged in a Share Exchange Agreement with NextTrip and select parties.
Under this agreement, SASI committed to acquiring the entirety of NextTrip’s capital stock in exchange for SASI common stock shares, representing 19.99% of its outstanding common stock at the closure of the acquisition. Additional contingent shares of Sigma common stock are also stipulated, contingent upon the achievement of post-closing milestone earnouts linked to NextTrip’s business performance.
Sigma Additive is set to undergo a ticker symbol change to “NTRP” in the immediate future. Furthermore, pending stockholder approval, the company plans to change its name to NextTrip, Inc.
