Riot Blockchain Purchases ESS Metron for $50M; Street Says Buy
- Date: 02-Dec-2021
- Source: Nasdaq
- Sector:Technology
- Country:Middle East
Riot Blockchain Purchases ESS Metron for $50M; Street Says Buy
Bitcoin mining company Riot Blockchain, Inc. (RIOT) recently revealed that it has acquired an engineered electrical equipment solutions provider, Ferrie Franzmann Industries, LLC, also known as ESS Metron, for $50 million.
Following the news, shares of the company dropped 4.7% on Wednesday. The stock, however, pared its losses by 1.8% to close at $36.24 in the extended trading session.
The company will finance the acquisition through 715,413 shares of Riot common stock and $25 million in cash.
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