Shares of Vonage Holdings Corp. (NYSE:VG) ended Monday session in red amid volatile trading. The shares closed down -0.18 points or -2.71% at $6.47 with 1.97 million shares getting traded. Post opening the session at $6.70, the shares hit an intraday low of $6.46 and an intraday high of $6.70 and the price vacillated in this range throughout the day. The company has a market cap of $1.40 billion and the numbers of outstanding shares have been calculated to be 216.43 million shares.
Vonage Holdings Corp. (VG) on Sept. 14, 2016 launched a next-generation voice API through recently-acquired communications platform, Nexmo. Integrated with Vonage’s carrier-grade network, which terminates 15 billion minutes of global voice traffic annually to landline and mobile phones, the new Nexmo API provides a higher quality programmable voice experience than what is competitively available in the market.
The Nexmo Voice API enables developers to build modern enterprise communications customized for any app, website or voice-based communications system, faster and easier than its previous APIs. The Nexmo Voice API also enables integrations with existing business workflow software to drive enhanced productivity. This next-gen voice API allows companies to create communications solutions that can increase customer engagement and enhance the customer experience with just a few lines of code.
“When Vonage purchased Nexmo only a few months ago, we knew we could pair Nexmo’s APIs with Vonage’s voice network to deliver a higher quality programmable voice experience to the market,” said Alan Masarek, Vonage CEO. “We are encouraged by the speed with which we were able to bring enhanced voice capabilities to the Nexmo platform to accelerate the launch of the new voice API.”
Mr. Masarek continued, “This launch represents a tangible example of the power of the combination of Vonage and Nexmo, and the unmatched value proposition that we envisioned. With the new voice API, Nexmo adds to its strength in global messaging and pioneering work with chat apps, creating a formidable and complete set of APIs that further solidify Vonage’s leadership in the two most dominant forms of communication, voice and messaging.”
Shares of Hutchinson Technology Incorporated (NASDAQ:HTCH) ended Monday session in red amid volatile trading. The shares closed down -0.01 points or -0.25% at $3.97 with 1.87 million shares getting traded. Post opening the session at $3.97, the shares hit an intraday low of $3.96 and an intraday high of $3.98 and the price vacillated in this range throughout the day. The company has a market cap of $135.01 million and the numbers of outstanding shares have been calculated to be 33.92 million shares.
Hutchinson Technology Incorporated (HTCH) on Sept. 22, 2016 announced that the U.S. Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), with respect to the proposed merger of HTI with and into a wholly owned subsidiary of TDK Corporation (“TDK”). The early termination of the waiting period under the HSR Act satisfies one of the remaining conditions to the closing of the pending merger.
As of August 21, 2016 (the “measurement date”), HTI’s level of cash (subject to certain adjustments) less any outstanding borrowings on its revolving line of credit (the “net cash”), as further defined in the merger agreement with affiliates of TDK, was approximately $47.1 million. Based on HTI’s net cash position as of the measurement date, TDK would acquire all of the outstanding shares of common stock of HTI for total consideration of $4.00 per share.
The merger is currently expected to close no later than October 5, 2016, and remains subject to other customary closing conditions set forth in the merger agreement.