Sigma’s Shares Soar as Acquisition Deal Announced
Sigma Additive Solutions, the prominent quality assurance software maker, saw its shares more than double in value, reaching $6.46, following the announcement of its acquisition of NextTrip Holdings, a leading travel technology company headquartered in Sunrise, Fla.
Strengthening Its Position with a Strategic Purchase
In a strategic move, Sigma Additive Solutions has made the decision to sell its in-process quality assurance technology suite assets to Divergent Technologies. This transaction will enable Sigma to focus on expanding its capabilities through the acquisition of NextTrip Holdings.
Advancing Through an All-Stock Exchange
Under the agreement, Sigma will acquire 100% of NextTrip’s capital stock in exchange for shares of Sigma common stock. This exchange will result in NextTrip owning 19.99% of Sigma’s outstanding stock. Additionally, NextTrip may be entitled to milestone earnouts based on future business performance.
NextTrip’s Valuation and Leadership Transition
NextTrip stands to receive a total of 6 million shares of Sigma stock as part of this transaction. An analysis conducted by Sigma’s financial advisors estimates that NextTrip has an implied enterprise valuation of $50 million.
Upon closing the deal, William Kerby, the current Chief Executive of NextTrip, will assume the role of CEO in the newly combined entity. Furthermore, NextTrip will have the right to appoint one member to Sigma’s board of directors.
Looking Ahead: A Transformation in Progress
The completion of this acquisition is anticipated to take place in the fourth quarter of 2023. As part of its transformation, Sigma will undergo a rebranding process and change its name to NextTrip. Soon, the company will be listed on Nasdaq under a new trading symbol that reflects the NextTrip name.