Merger Announcement Sends Shares Flying

By: Tomas Ronolski - AllPennyStocks.com News

Wednesday, July 13, 2022

Mergers are always an exciting time for companies across the board. It’s especially exciting when one, or both, of the companies is publicly traded as it acts as a significant catalyst for price action. That’s exactly what happened this morning after it was announced that ironSource Ltd (NYSE:IS) has entered into a definitive agreement under which ironSource will merge into a wholly-owned subsidiary of Unity (NYSE:U) via an all-stock deal. This sent shares of ironSource flying on Tuesday.

ironSource Ltd is a business platform that enables mobile content creators to prosper within the app economy. App developers use ironSource's platform to turn their apps into successful, scalable businesses. The ironSource platform also empowers telecom operators to create a richer device experiences for their customers.

Traders were bullish on the news as shares quickly ran up to $3.41/share (+52.91%) at the early session high. This move is s strong breakout from the multi-month downtrend this stock has been in.

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