Volt Information Sciences, Inc. (VOLT) Stock Surged 94.70% Today, Here’s Why

Volt Information Sciences, Inc. (VOLT) stock soared 94.70% in the current market trading session at the price of $5.88 after it joined a definitive merger deal with Vega, an affiliate of ACS Solutions.

VOLT provides staffing services comprising workforce solutions. The company offers contingent employees, recruitment services, and staffing assistance programs supporting technical, administrative, engineering, and other positions.

VOLT Entered Merger Agreement

On 14th March 2022, VOLT announced entering a definitive merger deal with Vega Consulting, Inc. As per the agreement, Vega will acquire VOLT at the purchase price of US$6 per share. Vega will initiate a tender offer by 25th March 2022 to obtain VOLT’s outstanding shares for US$6 each share.

The transaction is anticipated to close by the Q2 of 2022 and is subject to customary closing conditions. After the closure, VOLT will evolve into a privately-held enterprise, and its common stock shares will not be listed on any public market.

Management Comments

CEO of ACS Solutions, Raj Sardana, remarked that they are delighted to reveal the plan to attain VOLT. They look ahead to adding Volt’s competent teams to their family of businesses. The addition of MSP business to their staffing services platform will diversify their business portfolio. Additionally, it will enlarge a suite of offerings and services, Raj added.

Chief executive officer of VOLT, Linda Perneau, stated that this transaction presents Volt with a captivating opportunity for consistent growth. With ACS Solutions as their partner, they will be well-positioned to grow their operations, accelerate acquisitions in technology, and improve capacities. It will eventually create better value for their customers.

VOLT Scheduled Q1 2022 Earnings Call

On 3rd March 2022, VOLT had scheduled to report its financial results for the first quarter ended 30th January 2022. CEO Linda Perneau and Acting CFO Paul Tomkins will host an earnings call on Tuesday, 15th March 2022, at 5:00 PM.