Canadian Tech Stock Soars on Acquisition Agreement

ViXS Systems Inc. (TSE:VXS), a Canadian tech stock, powered higher after agreeing to be acquired by Pixelworks, Inc.

Sean Mason | May 19, 2017 | SmallCapPower

A takeover agreement in the tech sector sparked much speculation in a Canadian tech stock Friday. Here’s some small stocks making big moves on Friday, May 19, 2017 (as of 4 pm EST):

ViXS Systems Inc. (TSX: VXS), a Canadian tech stock, surged 55% to $0.34 on Friday after the provider of media processing, encoding and transcoding solutions announced that it has agreed to be acquired by Pixelworks, Inc. in an all-stock transaction valued at approximately US$20.2 million. ViXS shareholders will receive 0.04836 of a share of Pixelworks for each ViXS common share held.

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As well, shares of Blackbird Energy Inc. (TSXV: BBI) slipped 10% to $0.445 as the oil and gas explorer/developer said in late April 2017, it was determined that the Pipestone 102/2-20 well was not producing at levels consistent with management’s expectation. The camera run indicated that erosion damage to the landing shoulder of the valve profile prevented proper collet engagement and full sleeve opening in the later stages of the wellbore and, thus, Blackbird was unable to fracture the Montney reservoir across the entire lateral length of the wellbores.

Empire Industries Ltd. (TSXV: EIL), meanwhile, reported that it has received a US$120 million, multi-year, multi-theme park ride system series of contracts with one of the leading, global theme park owners. Empire Industries stock popped 62% to $0.55 following the announcement.

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Disclosure: Neither the author nor any of the principals at Small Cap Power, or their family members, own shares in any of the companies mentioned above.

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