What is behind the fall of Mer Telemanagement Solutions Ltd. (MTSL) stock at premarket?

Mer Telemanagement specializing in innovative products and services for enterprises in the area of telecom expense management, call accounting, and contact centre software, is facing an investigation for potential claims such as going against federal and state laws, in connection with the merger agreement with Sharp link. In accordance to the conditions of the agreement, Sharplink’s common stockholders will receive ordinary shares of MTSL, prior to the merger. MTSL stock declined sharply adjacent to the news.


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At last check, in premarket trading, shares of Mer Telemanagement Solutions Ltd. (MTSL) declined -15.28% at $3.27. MTSL’s stock closed the last session at $3.86, increasing 34.49% or $0.99. MTSL shares fluctuated between $3.75 and $5.68 throughout the day with MTSL stock returning 149.03% so far this year.

About Mer Telemanagement

Mer Telemanagement (NASDAQ: MTSL) has recently announced its plan for a definitive merger with SharpLink. Under the terms of the merger agreement, shareholders of SharpLink shareholders will acquire a majority stake, with ownership of 86% if MTSL stock.

Roy Hess, CEO of Mer Telemanagement, stated; “We are excited to achieve this major milestone by signing the definitive merger agreement with SharpLink, and we believe the transaction, when closed, will provide significant value to both the current MTS shareholders and the SharpLink shareholders who will be receiving MTS shares in the Merger.”

The executives and board of directors at the companies have agreed to the deal without exception. However customary closing conditions such as getting compliance from regulators and MTSL shareholders is still pending. The second quarter of 2021 will consist of a special meeting, where the votes of the shareholders in connection to the merger, will be taken in consideration.

MTSL stock saw a surge of 39.2% as of Friday afternoon, adjacent to the news about the merger. More than 81M Stocks were traded, which was a substantial increase considering MTSL daily average trading volume is only about 138,000 shares

Conclusion

MTSL Stock Price has increased dramatically and anticipates sales and profits to grow for the full year after the merger with Sharplink. However, an investigation regarding possible breaches of fiduciary duty and potential violation of state laws has declined MTSL share price, with investors uncertain about the company’s future.

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