Nuverra Environmental Solutions Inc. (NES) stock rebounded in the after-hours with a gain of 8.25% on January 03. Previously, the stock was trading in the red with a slight loss of 0.33% at the close of the regular session. The stock entered green in the after-hours reaching $3.28 from its previous close at $3.03.
The energy-focused environmental solutions provider, Nuverra Environmental Solutions Inc. was founded in 2007. Nuverra operates across the U.S. including Bakken, Haynesville, Marcellus, and Utica Shales. Currently, the company has a market capitalization of $49.28 million with its 16.21 million shares outstanding.
What is happening?
After gaining for a few days, NES saw a slight downtrend in Monday’s regular session. Even though the stock reached its new 52-week high of $4.56 in the session, it closed lower than its opening position. While it did see a small loss in the session, the stock soon rebounded in the after-hours, reaching $3.28.
Moreover, in the past five days, NES has added a value of 47.09% and a humungous 131.30% last month. Furthermore, the stock has seen an increase of 45.67% in 2021.
NES’s Merger Agreement
According to December 13’s report, Select Energy Services has entered into a definitive agreement for acquiring NES. The total consideration for the transaction is $45 million including a $20 million long-term debt assumption. Moreover, in exchange for all outstanding shares of NES, NES stockholders would obtain 4.2 million Select’s Class A common stock shares.
Select Energy Services is a sustainable full life cycle water and chemical solutions provider to the unconventional oil and gas industry in the U.S.
Furthermore, the respective board of directors of both companies unanimously approved the transaction. Moreover, the expected closing of the transaction is in the first quarter of 2022 as per the required conditions. In addition, Select has also entered into a support agreement for the approval of the transaction with NES stockholders (collectively representing 85% of outstanding voting shares).
NES Financial Highlights
On November 12, the company declared its financial results for the third quarter of 2021.
According to the results, NES generated revenue of $24.8 million in the third quarter of 2021. This compares to $23.8 million in the year-ago quarter.
Moreover, the company incurred a net loss of $7.2 million in the third quarter of 2021. Comparatively, the net loss in the third quarter of 2021, was $7.1 million.
