GSE Solutions To Be Acquired By Pelican For $4.10/shr In Cash; Stock Up

(RTTNews) - GSE Systems, Inc. (GVP) announced on Thursday that it has finalized a merger agreement to be acquired by Pelican Energy Partners in an all-cash deal. Following the news, the share is up 46%.

The agreement, which received unanimous approval from GSE's board, values the company at $4.10 per share, representing a 50% premium over its closing price on August 7, 2024.

Following the merger, GSE will transition to a private entity and will be delisted from Nasdaq.

The transaction is anticipated to be completed in the third or fourth quarter of 2024, pending shareholder approval and other necessary conditions.

Currently, GSE's stock is trading at $3.99, up 46.15% on the Nasdaq.