Redbox Entertainment Up 85%

Dow Jones2022-07-26

By Josh Beckerman

Redbox Entertainment Inc. shares surged 85% to $5.63.

The stock has posted several large swings since the May 11 news of a sale to Chicken Soup for the Soul Entertainment Inc.

On May 17, Wedbush said "Shares continue to trade well above the deal value, which we think is driven largely by retail shareholders" and "we think shares could remain volatile prior to deal closure."

Redbox shareholders will receive a fixed exchange ratio of 0.087 of a Chicken Soup share for each Redbox share.

Chicken Soup shares rose 5% to $9.55 Monday. D.A. Davidson reiterated its buy rating and $40 price target for Chicken Soup on Monday. D.A. Davidson analyst Tom Forte wrote July 12 that the summer's strong box office figures "illustrate one of the merits" of the Redbox deal.

Write to Josh Beckerman at josh.beckerman@wsj.com

$(END)$ Dow Jones Newswires

July 25, 2022 14:35 ET (18:35 GMT)

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D.A. Davidson reiterated its buy rating and $40 price target for Chicken Soup on Monday. D.A. 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