ConnectM Technology Solutions, Inc. (NASDAQ: CNTM) shares nearly doubled in price early Wednesday, as the company, a high-growth technology company on the leading edge of the energy economy, today announced that it has received a non-binding proposal offering $1.60 per share in cash from its three largest institutional investors—SriSid LLC, Arumilli LLC, and Win-Light Global Co. Ltd.—to acquire all remaining outstanding shares of the Company and transition ConnectM into a privately held entity.
The offer, submitted on Monday of this week, implies a total equity valuation of approximately $46.5 million for ConnectM.
SriSid LLC, Arumilli LLC, and Win-Light Global Co. Ltd. have been long-term investors in ConnectM, having initially invested in the Company in 2020. In recent months, the investor group has significantly increased their ownership positions, reflecting a deepened commitment to the Company's strategic vision and long-term potential.
The proposed transaction, if accepted, would result in the privatization of ConnectM and is subject to the completion of customary due diligence, definitive agreements, and regulatory approvals.
According to this morning’s news release, “ConnectM is a constellation of companies powering the next generation of electrified equipment, mobility and distributed energy—thus enabling a faster, smarter transition to a modern energy economy.
“The Company provides residential and light commercial service providers and original equipment manufacturers with a proprietary Energy Intelligence Network platform to accelerate the transition to all-electric heating, cooling, and transportation.”
CNTM shares popped 34 cents, or 67.9%, to 83 cents.
