What’s going on with APXT?
Apex Technology Acquisition Corp. (APXT) stock was trading 3.90% higher after AvePoint, Inc., with which it’s entering a business combination, announced that it may purchase up to $20 million worth of APXT shares. The stock was trading at $11.59 per share Thursday afternoon.
What does it mean for Apex?
Apex Technology Acquisition Corp. (APXT), a special purpose acquisition company (SPAC), previously announced it was combining with AvePoint, a Microsoft cloud data management solutions provider, which would see AvePoint go public.
AvePoint announced the share purchase simultaneously with its preliminary first quarter 2021 financials, during which it reported “significant growth,” according to Dr. Tianyi “TJ” Jiang, CEO of AvePoint.
With subscription revenue expected in the $26.7-27 million range, up 49.3% year-over-year, AvePoint raised its revenue guidance for fiscal year 2021 to $194 million. The company reported it had $65.8 million in cash and cash equivalents and was debt-free at the end of the first quarter.
“This share purchase program demonstrates the board’s confidence in our future and our commitment to deliver value to our shareholders,” Jiang said. “Our strong cash flow and balance sheet enable us to create value for our existing shareholders by reducing dilution associated with the proposed business combination at what we believe to be an attractive valuation.”
The business combination is pending customary closing conditions, including SEC review and the approval of the shareholders of the both companies.
APXT has a Short-Term Technical Rank of 8. Find out what this means to you and get the rest of the rankings on APXT!
Apex Technology Acquisition Corp is a blank check company.
