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Home Investing Coupa stock shot up 25% on Monday: what happened?
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Coupa stock shot up 25% on Monday: what happened?

by December 12, 2022
by December 12, 2022 0 comment
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Coupa Software Inc (NASDAQ: COUP) opened more than 25% up this morning after Thoma Bravo confirmed that it will buy the business software company for $8.0 billion.

Coupa to go private upon completion of this deal

The all-cash agreement translates to $81 a share – a 30% premium on the price at which “COUP” closed its previous session. Coupa Software has already received unanimous approval for this transaction from its board of directors.

The deal will close by June of 2023 as long as it satisfies customary closing conditions, including regulatory and shareholder approvals. In the press release, Roger Siboni – the Lead Independent Director at Coupa Software said:

Board is unanimous in its belief this transaction is the optimal path forward and in the best interest of our shareholders.

Coupa stock will be delisted from the Nasdaq Stock Exchange once this acquisition is complete.  

Coupa stock up on strong fiscal third-quarter results

Part of the reason why this tech stock is booming today is the company’s financial results for the third quarter that came in better than Street estimates.

Lost $84.68 million versus the year-ago $91.2 millionPer-share loss also narrowed from $1.23 to $1.11On an adjusted basis, EPS came in at $15 centsRevenue went up 17% year-on-year to $217.3 millionConsensus was 10 cents a share on $213.4 million revenue

Other notable figures in the earnings report include subscription calculated billings of $206 million and adjusted free cash flow of $66 million. Despite the sharp surge, Coupa stock is still down more than 50% versus the start of 2022.

The post Coupa stock shot up 25% on Monday: what happened? appeared first on Invezz.

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