Broker Canaccord Genuity said Northern Data’s (NB2) long-anticipated merger with video platform Rumble (RUM) took a major step forward yesterday after the companies signed a business combination agreement.
The broker downgraded Northern Data to hold from buy and lowered its price target to 15 euros ($17.3) from 27 euros, citing the merger’s implied exchange ratio. Canaccord noted that additional conditional payments tied to commercialization milestones at the Corpus Christi, Texas site are unlikely to materially alter the valuation.
STORY CONTINUES BELOW
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