Shares of Xplore Technologies (XPLR), maker of rugged tablets, surged 44.42% today during pre-market trading, after the company agreed to be acquired by Zebra Technologies (ZBRA). Separately, the company also said its net losses widened during Q4 2018.
During the fourth quarter, the company witnessed a 20% rise in its revenue to $16.9 million. This was aided by an increased demand for rugged tablets, higher international sales, and fulfilment of customer contracts. However, net loss widened to $0.05 a share from $0.04 a share.
At the end of the quarter, the company’s cash was $46,000 and debt under the company’s line of credit was $14.2 million.
Today, Xplore entered into a definitive agreement to be acquired by Illinois-based Zebra Technologies. According to this deal, Zebra will acquire all of the outstanding shares of Xplore for $6 per share. This transaction is expected to close during the third quarter of 2018.
“We are excited to join Zebra, and believe this acquisition validates the incredible work our team does every day to develop innovative rugged mobility solutions to serve our customers. Our products are a natural fit for Zebra and gives them a highly complementary rugged tablet portfolio and customer base that stands strong against any competitor,” said CEO Tom Wilkinson.