Quick takes from around the market
AC Energy [ACEN 7.11 1.57%] [link] canceled its property-for-share swap with ACE Enexor [ACEX 12.74 1.11%], which would have transferred fossil fuel assets and its energy exploration assets to ACEX in exchange for a huge batch of shares. ACEN’s board also canceled its planned stock rights offering and follow-on offering, due to “unfavorable market conditions”. This has got to feel like something like a rug-pull to the investors that were dumping into ACEX to take advantage of this gas-up. This feels like a weird course of action for the Ayala Group.
Xurpas [X 0.33 4.41%] [link] board has voted to appoint Joey Gurango as its new Chairman and CEO, replacing Nix Nolledo. The press release pumps Mr. Gurango as the “40-year IT veteran” (obvious joke is too obvious) who is “honored” to lead X at “such an exciting time”. It’s true that the broad times in the market are indeed exciting, but the problem has recently been X’s inability to monetize that excitement.
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Merkado Barkada's opinions are provided for informational purposes only, and should not be considered a recommendation to buy or sell any particular stock. These daily articles are not updated with new information, so each investor must do his or her own due diligence before trading, as the facts and figures in each particular article may have changed.
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