Canadian Tech Stock Soars on Acquisition Agreement

Pacific Insight Electronics Corp. (TSE:PIH), a Canadian tech stock, surged after agreeing to be acquired by Methode Electronics, Inc. (NYSE:MEI)

Sean Mason | August 2, 2017 | SmallCapPower

A rich premium for a Canadian tech stock was likely welcome news for most shareholders Wednesday. Here’s some small stocks making big moves on Wednesday, August 2, 2017 (as of 4 pm EST):

Pacific Insight Electronics Corp. (TSX: PIH), a Canadian tech stock, powered 75% higher to $18.25 after announcing that it has agreed to be acquired by Methode Electronics, Inc. (NYSE: MEI) for C$18.50 per share in cash, or a total consideration of approximately C$144 million.

Did you know that Pacific Insight Electronics was a top pick of StoneCastle Investment Management’s Bruce Campbell back in October? Watch the interview here >>

As well, shares of TSO3 Inc. (TSX: TOS) slipped 5% to $3.01 as the provider of sterilization technology for medical devices said its Q2 net loss widened to $2.3 million from $1.5 million during the same quarter in 2016.

Spin Master Corp. (TSX: TOY), meanwhile, reported that its second-quarter revenue increased 54% to US$276.7 million, while its net income per share surged to US$0.22 per share from US$0.04 per share during the same period last year. Spin Master stock moved up 22% to $45.82 following the announcement.

Finally, Relevium Technologies Inc. (TSXV: RLV) shares rose 9% to $0.12 after the provider of health and wellness products and technologies announced that it has recorded revenues of approximately C$700,000 since closing its BioGanix acquisition, representing a 52% increase over the previous period last year.

See more Small and Micro Cap Market Movers Daily from Sean Mason. Tomorrow’s big stock market winners could be found here today!

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