Domo Shares Surge Pre-Bell as Board Approves $400 Million Takeover Bid by Progress Software

MT Newswires Live07-23

Domo's (DOMO) shares soared 21% in pre-market activity after the company said overnight its board unanimously approved a definitive agreement under which Progress Software (PRGS) will acquire the company for $400 million in cash.

Progress will take over substantially all of the assets and employees, excluding Domo's net operating loss carryforwards, and assume certain liabilities of the company, according to a statement late Wednesday.

At the closing, Domo will have net cash of about $246 million, or $4.84 per share, representing an 81% premium to the 30-day volume-weighted average price, as well as more than $900 million of net operating loss carryforwards.

After the closing, Domo will change its name and ticker and remain a separate publicly listed entity with "limited operating expenses and a debt-free balance sheet," it said.

Domo's board intends to use the proceeds to identify opportunities to monetize its net operating loss. It will consider potential transactions where the company can employ its expertise in AI and automation to enhance profitability as well as options to return capital to shareholders.

Domo will continue to be led by Founder and Chief Executive Officer Josh James and its board.

The deal is expected to close before the end of Progress' fiscal year on Nov. 30, subject to approvals.

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