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Gentex (GNTX) Signs Stock Purchase Agreement With Avalon
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Gentex Corporation (GNTX - Free Report) has signed a stock purchase agreement with Avalon Park Groups ("APG") to purchase 50% of Avalon Park Groups’ total ownership stake in VOXX International Corporation.
Per the contract, Beat Kahli, president and CEO of VOXX, has agreed to sell 50% of APG’s stake in two separate tranches. The transaction for the first tranche was completed on Oct 6, 2023 and the second transaction is expected to take place on Jan 5, 2024.
Per the agreement, signed on Oct 5, 2023, Avalon Park International LLC and Avalon Park Group Holding AG are sellers and Gentex is the purchaser. The first batch of 1.57 million shares completed on Oct 6, 2023, at $10 per share represents a 32.5% premium to VOXX's share price as of market close on Oct 5, 2023.
For the second batch of 1.57 million shares, scheduled to close on Jan 5, 2024, the share price will be determined by a formula detailed in the agreement.
Per the formula, if the 20-day volume weighted average price (VWAP) of the stock before the closing is between $7-$8, a 25% premium will be applied. If the 20-day VWAP is at least $8 but less than $10, the stock will be purchased at $10 per share and if the 20-day VWAP is more than $10, the stock will be purchased at the market price.
Per the Securities and Exchange Commission filing on Aug 21, 2023, prior to the completion of the transaction on Oct 6, 2023, Gentex owned 173,808 shares of VOXX's Class A Common Stock. After completing the transaction of both tranches, Gentex will own around 15.1% of VOXX's total Class A Common Stock Outstanding and will become one of VOXX’s biggest shareholders.
The Zacks Consensus Estimate for MGA’s 2023 sales and earnings implies year-over-year growth of 13% and 31.2%, respectively. The EPS estimate for 2023 has moved north by 8 cents in the past 60 days. The EPS estimate for 2024 has moved up by 14 cents in the past 90 days.
The Zacks Consensus Estimate for ADNT’s 2023 sales and earnings indicates year-over-year rises of 9.1% and 1,790.9%, respectively. The EPS estimates for 2023 and 2024 have moved up by 15 cents and 9 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for NKLA’s 2023 sales and earnings implies year-over-year growth of 92.3% and 36%, respectively. The EPS estimate for 2023 has moved north by 7 cents in the past 60 days. The EPS estimate for 2024 has moved up by a cent in the past 30 days.
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Gentex (GNTX) Signs Stock Purchase Agreement With Avalon
Gentex Corporation (GNTX - Free Report) has signed a stock purchase agreement with Avalon Park Groups ("APG") to purchase 50% of Avalon Park Groups’ total ownership stake in VOXX International Corporation.
Per the contract, Beat Kahli, president and CEO of VOXX, has agreed to sell 50% of APG’s stake in two separate tranches. The transaction for the first tranche was completed on Oct 6, 2023 and the second transaction is expected to take place on Jan 5, 2024.
Per the agreement, signed on Oct 5, 2023, Avalon Park International LLC and Avalon Park Group Holding AG are sellers and Gentex is the purchaser. The first batch of 1.57 million shares completed on Oct 6, 2023, at $10 per share represents a 32.5% premium to VOXX's share price as of market close on Oct 5, 2023.
For the second batch of 1.57 million shares, scheduled to close on Jan 5, 2024, the share price will be determined by a formula detailed in the agreement.
Per the formula, if the 20-day volume weighted average price (VWAP) of the stock before the closing is between $7-$8, a 25% premium will be applied. If the 20-day VWAP is at least $8 but less than $10, the stock will be purchased at $10 per share and if the 20-day VWAP is more than $10, the stock will be purchased at the market price.
Per the Securities and Exchange Commission filing on Aug 21, 2023, prior to the completion of the transaction on Oct 6, 2023, Gentex owned 173,808 shares of VOXX's Class A Common Stock. After completing the transaction of both tranches, Gentex will own around 15.1% of VOXX's total Class A Common Stock Outstanding and will become one of VOXX’s biggest shareholders.
Zacks Rank & Other Key Picks
GNTX currently carries a Zacks Rank #2 (Buy).
Some other top-ranked players in the auto space are Magna International Inc. (MGA - Free Report) , Adient plc (ADNT - Free Report) and Nikola Corporation (NKLA - Free Report) . While MGA and ADNT sport a Zacks Rank #1 (Strong Buy), NKLA carries the same rank as GNTX. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for MGA’s 2023 sales and earnings implies year-over-year growth of 13% and 31.2%, respectively. The EPS estimate for 2023 has moved north by 8 cents in the past 60 days. The EPS estimate for 2024 has moved up by 14 cents in the past 90 days.
The Zacks Consensus Estimate for ADNT’s 2023 sales and earnings indicates year-over-year rises of 9.1% and 1,790.9%, respectively. The EPS estimates for 2023 and 2024 have moved up by 15 cents and 9 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for NKLA’s 2023 sales and earnings implies year-over-year growth of 92.3% and 36%, respectively. The EPS estimate for 2023 has moved north by 7 cents in the past 60 days. The EPS estimate for 2024 has moved up by a cent in the past 30 days.