Ormat Technologies, Inc. (NYSE: ORA) was off to a bit of a rough day in the market today. However, everything stopped at 11:21 when the stock was halted with news pending. Of course, our partners at Trade Ideas were the first to alert us to the halt. At the moment (11:21), ORA is trading at $58.29 per share after a gain of $0.86 per share or 1.45% thus far today.
As mentioned above, Ormat Technologies was off to a rough day in the market today before being halted. However, at the moment, there’s not much out there as far as news. All we know for sure is that the stock is halted and that news is pending.
However, there might be something to this. DealReporter reported on Tuesday that the company may have been approached by Chinese suitors about a takeover. Of course, there’s no confirmation that this actually happened. Nonetheless, the news may be that a takeover is going to take place.
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News Is Breaking As I Write This…
As I write this, I’m starting to see reports coming in that the halt is the result of ORIX making the decision to acquire 22% of ORA from FIMI and Bronicki Investments and simultaneously enter into a strategic partnership with Ormat Technologies.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to follow the ORA sotry and their partnership with ORIX. The news is breaking as we speak, so stay tuned!
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