MGO (US:MGOL) Investor Place·2024-06-20 15:00Business Combination Overview - MGO Global (NASDAQ:MGOL) stock surged significantly following the announcement of a business combination with Heidmar, a pool management company in the crude oil and refined petroleum tanker market [1][5] - The merger will be executed through a holding company structure, with both MGO Global and Heidmar becoming wholly-owned subsidiaries of a Marshall Islands-based company [2] - The combined entity will adopt the HMAR stock ticker post-merger [5] Financial Terms and Conditions - Heidmar investors are eligible for earnouts of $30 million in additional shares, contingent on the combined company achieving $45 million in revenue, $30 million in EBITDA, or $25 million in net income in fiscal 2024 [3] - MGOL stock will be exchanged for shares of the Marshall Islands company on a one-for-one basis, while Heidmar shareholders will receive $300 million shares of the new company, matching the price per share offer for MGOL [6] Market Reaction and Trading Activity - MGOL stock experienced a 133% increase in value on Thursday morning, with trading volume exceeding 120 million shares, significantly above its daily average of 7.4 million shares [7] Governance and Timeline - The boards of directors of both MGO Global and Heidmar unanimously approved the merger, which is expected to close in the third quarter of 2024, pending regulatory and shareholder approvals [4]