- Kaleyra (NYSE:KLR) stock jumped 12.5% on Tuesday after TCR Acquisition made a formal offer to acquire the operating business of Campaign Registry from KLR for $19.46M.
- The proposed purchase price reflects ~25% of KLR's total market cap.
- Campaign Registry works with North American mobile operators in the messaging business to register Application-to-Person (A2P) text messaging campaigns.
- TCR Acquisition considers U.S. ownership to be critical to Campaign Registry's services and the data it handles.
- "Campaign Registry's operations and network constitute 'critical infrastructure' of importance to national security. While current foreign ownership of Campaign Registry has never undergone a CFIUS review, it must be independently owned by a U.S. entity," said TCR CEO Frederick Joyce.
- TCR Acquisition will honor all existing customer agreements and all U.S.-based employment deals.
- TCR Acquisition will make significant investments in improving Campaign Registry's services, including deployment of AI technology to reduce spam traffic.
- Around 8.9M KLR shares changed as of 1.20 pm ET vs. its average trading volume of ~446.4K.
- KLR stock has declined ~75% YTD.
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