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April 16, 2021, 10:07 a.m. EDT

Mer Telemanagement stock rockets on heavy volume after merger with sports betting company

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By Tomi Kilgore


Shares of Mer Telemanagement Solutions Ltd. shot up 62.4% on very heavy volume in morning trading Friday, to pace all gainers on major U.S. exchanges, after the Israel-based telecom expense management company agreed to be acquired by sports betting company SharpLink Inc. Trading volume spiked to 46.2 million shares, compared with the full-day average over the past 30 days of about 343,900 shares, to make the stock the second-most active on major U.S. exchanges. The stock's rally, which puts it on track for the highest close since August 2015, has pushed Mer's market valuation up to $24.1 million. Following the closing of the merger, SharpLink shareholders will own 86% of the combined company. "Following the merger, our company will be on the leading edge of a potentially massive sports betting market in the U.S. and globally," said Mer Chief Executive Roy Hess. "By providing proprietary advanced conversion and engagement solutions for the sports betting industry, we expect SharpLink's services will be needed by many companies looking to capitalize on this opportunity." Mer's stock has tripled (up 200.7%) year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.01% has gained 11.2%.

+0.57 +0.01%
Volume: 3.00B
May 20, 2022 5:03p

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