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- Crexendo, Inc CXDO agreed to amass Allegiant Networks, LLC, a regional telecom and information providers firm providing Unified Communication as a Service (UCaaS), Telecom Companies, Managed Companies, and Community Companies from their headquarters in Overland Park, Kansas.
- Crexendo will purchase the membership pursuits of Allegiant in alternate for $2 million in money and a pair of.46 million shares.
- The corporate can even ship a Word payable in favor of Allegiant CEO Bryan Dancer for the remaining $1.10 million. Dancer will be part of Crexendo as government vice chairman.
- The shares are value $6.2 million as per Crexendo’s October 20 closing value of $2.53.
- CXDO expects the transaction to be extremely accretive. The proposed transaction will increase Crexendo’s enterprise and footprint, notably in Kansas and Missouri.
- Crexendo CEO Steven G. Mihaylo commented, “We consider Allegiant might be a powerful addition to Crexendo’s breadth of choices, accelerating our progress technique and increasing our nationwide presence, notably within the Midwest. With the mixed scale, we are going to carry to market a bigger stability sheet and a higher set of buyer advantages.”
- Crexendo held $4.9 million in money and equivalents as of June 30. The corporate expects to shut the transaction in 4Q22.
- Value Motion: CXDO shares traded increased by 1.58% at $2.57 on the final verify Friday.
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