Redbox Down 49%, Chicken Soup Up 34% Following Deal Approval

Dow Jones2022-08-11

By Josh Beckerman

Redbox Entertainment Inc. shares, which traded above the value of the company's sale to Chicken Soup for the Soul Entertainment Inc. after the May deal announcement, were recently down 49% to $1.79.

Redbox said Tuesday that stockholders approved the transaction.

Meanwhile, Chicken Soup shares rose 34% to $15.17.

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

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."

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

$(END)$ Dow Jones Newswires

August 10, 2022 13:42 ET (17:42 GMT)

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