Inuvo: Plunges after terminating ConversionPoint's deal to acquire co

Inuvo

21/06/2019 14:29

** Shares of artificial intelligence provider  INUV.A 
plunge ~36% to $0.33 in premarket trading - set to open at a
record low if losses hold 
    ** E-commerce technology company ConversionPoint
Technologies' agreement to acquire INUV for ~$75.5 mln has been
terminated  urn:newsml:reuters.com:*:nGNX2mYmnf urn:newsml:reuters.com:*:nGNX5cBPLr
    ** INUV says difficult market conditions faced by
ConversionPoint for securing financing led to the conclusion
that the deal was unlikely to be funded by July 12, 2019
deadline
    ** Co's current market cap stands at $16.9 mln, as per
Refinitiv data
    ** INUV shares more than tripled in value on Nov. 5, when
the deal was announced
    ** Up to Thursday's close, stock has fallen 51.6% this year

 (Reporting by Nishara Karuvalli Pathikkal)
 ((Reuters Messaging:
Nishara.karuvallipathikkal.thomsonreuters.com@reuters.net))