24/7 Market News Snapshot 16 December, 2024 – The Shyft Group, Inc. Common Stock (NASDAQ:SHYF)

December 16, 2024

DENVER, Colo., 16 December, 2024 (247marketnews.com) – (NASDAQ:SHYF) are discussed in this article.
The Shyft Group, Inc. is experiencing significant bullish momentum, opening at $12.84 and currently trading at approximately $14.48, an impressive increase of around 13.84%. This surge indicates strong investor interest, with a trading volume of 503.09K, reflecting heightened activity relative to previous sessions. The last closing price was $12.72, setting the stage for this rally, which may be driven by positive market sentiment or company-specific developments. Technical indicators suggest potential resistance around the $15 level, while a support base is forming near $13, emphasizing Shyft’s potential for notable short-term gains.

In addition to this bullish trading activity, The Shyft Group has announced a strategic merger with Aebi Schmidt Group through an all-stock transaction, aimed at establishing a leading entity in the specialty vehicles sector. This merger seeks to enhance value for both customers and shareholders by combining their respective product portfolios and manufacturing strengths.

According to the merger agreement, each share of The Shyft Group will be exchanged for 1.04 shares of the new company, resulting in Shyft shareholders retaining approximately 48% ownership of the combined entity. Unanimously approved by both boards, the transaction is expected to be tax-free for Shyft shareholders.

This strategic combination targets expanding opportunities within the specialty vehicles market, projecting pro forma revenues of about $1.95 billion and adjusted EBITDA exceeding $200 million for 2024. Moreover, it anticipates achieving $25 million in annual run-rate cost savings by the second year post-closing, with additional earnings per share accretion expected in the first year.

The new company will trade on NASDAQ, promising significant investment potential in a thriving North American marketplace, further complemented by Aebi Schmidt’s established presence in Europe. Stakeholders will receive continued updates as the merger progresses towards its anticipated completion in mid-2025.

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