As of last check, Thoma Bravo Advantage (TBA) was trading at $10.39, up 4.11% in premarket trading. During Tuesday’s regular session, TBA stock gained 0.10%, closing at $9.98. Volume for TBA stock was 740 thousand shares, which was fewer than the average daily volume of 1.46 million over the last 50 days.
Over the past week, TBA stock has dropped by -0.20%, and it has fallen by -4.50% over the last quarter. In addition, Thoma Bravo Advantage has a current market capitalization of $1.27 billion and has 127.40 million of its shares outstanding. As a result of the approval by shareholders of a merger, TBA stock is surging.
Which business combination was that?
Thoma was incorporated in the Cayman Islands as a blank check company. In order to accomplish its goals, TBA seeks to merge, exchange stocks, acquire assets, purchase shares, reorganize or combine forces with one or more businesses or entities. Aimed at enhancing the software and technology-based software services market, TBA is sponsored by Thoma Bravo Advantage Sponsor LLC, which was formed by affiliated individuals with Thoma Bravo. TBA was set up to conduct business combinations within the software sector.
At its Extraordinary General Meeting held on June 22, 2021, shareholders of TBA approved the proposed business combination with ironSource, one of the leading app platforms.
- In today’s App Economy, ironSource helps mobile content creators succeed.
- IronSource’s technology helps app developers build successful and scalable businesses, allowing them to grow and engage their users, monetize their content, and analyze and optimize business performance for growth.
- The business combination was approved by more than 96% of the voters at the TBA meeting.
- The Extraordinary General Meeting was attended by approximately 86% of TBA’s issued and outstanding shares.
- In accordance with prior announcements by TBA, ironSource Ltd. will remain the name of the combined company.
- As of June 29, 2021, TBA expects the company to begin trading on the New York Stock Exchange under the new symbol “IS”.
- That will be done after close of the business combination which TBA expects to be closing on June 28, 2021.
- Despite their overwhelming support, TBA shareholders understand that ironSource offers different combinations of scale, profitability, and business growth.
Why TBA shareholders approved the business combination?
In addition to its technical expertise and operational experience, shareholders also recognize the value Thoma Bravo Advantage (TBA) delivers in the software sector. In addition, TBA has committed to continuing to support ironSource during the process of entering public markets and as it establishes itself as a leader in building and scaling businesses in the App Economy.