Why Did SoFI Shares Plunge Nearly 10% on Tuesday

Benzinga2022-02-23

SoFi Technologies traded lower Tuesday after the company announced it entered into a definitive merger agreement to acquire Technisys.

Technisys operates a cloud-native, digital multi-product core banking platform. The platform will help SoFi provide best-of-breed products as a one-stop-shop financial services platform, as well as build on the company's pursuit to become the Amazon.com Inc Web Services of fintech.

"Technisys has built an attractive, fast-growth business with a unique and critical strategic technology that all leading financial services companies will need in order to keep pace with digital innovation," said Anthony Noto, CEO of SoFi.

"The acquisition of Technisys is an essential building block in delivering on our member-centric, digital one-stop-shop experience for SoFi members and our partners through Galileo, our provider of fintech cloud services."

Technisys’ shareholders will receive approximately 84 million shares of SoFi, worth approximately $1.1 billion. The transaction is expected to close "by the second quarter."

SOFI Price Action:Sofi stock closed lower 9.92% on Tuesday.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

JSY25
2022-02-23
JSY25
Ppl worry about dilutions..??
Looyusooi
2022-02-23
Looyusooi
Ok
coolstuff
2022-02-23
coolstuff
diluted shares.. use shares to buy other companies. I will wait for it drop ard 52 weeks low to buy..
superpopo
2022-02-23
superpopo
哎喲
JY1980
2022-02-23
JY1980
Hi
CCLaunty
2022-02-23
CCLaunty
😔

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shares.. use shares to buy other companies. I will wait for it drop ard 52 weeks low to buy..","listText":"diluted shares.. use shares to buy other companies. I will wait for it drop ard 52 weeks low to buy..","text":"diluted shares.. use shares to buy other companies. I will wait for it drop ard 52 weeks low to buy..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9030937591","repostId":1190976903,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9030995730,"gmtCreate":1645596274102,"gmtModify":1676534044158,"author":{"id":"3584161011431512","authorId":"3584161011431512","authorIdStr":"3584161011431512","name":"superpopo","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3584161011431512"},"htmlText":"哎喲","listText":"哎喲","text":"哎喲","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9030995730","repostId":1190976903,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":9030901260,"gmtCreate":1645591752774,"gmtModify":1676534043686,"author":{"id":"3582667225966897","authorId":"3582667225966897","authorIdStr":"3582667225966897","name":"JY1980","avatar":"https://static.tigerbbs.com/c6f123e82a9a8b2f55744c343c13bbdc","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3582667225966897"},"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9030901260","repostId":1190976903,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9030901623,"gmtCreate":1645591747667,"gmtModify":1676534043678,"author":{"id":"4097397237133540","authorId":"4097397237133540","authorIdStr":"4097397237133540","name":"CCLaunty","avatar":"https://static.tigerbbs.com/cac20c3eb0c4baab5ee77afa74663b07","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"4097397237133540"},"htmlText":"😔","listText":"😔","text":"😔","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9030901623","repostId":1190976903,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":237,"commentSize":24,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.1","shortVersion":"4.28.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1190976903"}