ConnectM (CNTM, Financial) announced that Win-Light Global, a significant shareholder, has expanded its ownership in the company by purchasing an additional 1,479,890 shares. This acquisition is part of a larger effort by an investor group including Win-Light, SriSid, and Arumilli, which is working towards a complete buyout of the company.
With this latest purchase, the Buy-Out Group now possesses 9,490,496 shares, marking an 18.5% increase from its initial holdings of 8,010,496 shares when the buyout offer was first made public on March 31. The buyout plan aims to purchase all remaining outstanding shares of ConnectM at $1.60 per share, valuing the company at approximately $62 million.
The ConnectM Board of Directors is currently reviewing the offer with guidance from its financial advisor to determine the best course of action for the company and its shareholders.
