Sigma Additive Solutions shares dropped 36% to $3.80 on Monday after more than doubling in Friday’s session as the company said it was buying NextTrip Holdings, a travel technology company.
The stock closed up 145% on Friday and is down 74% in the past 12 months.
Sigma also said Friday it agreed to sell its in-process quality assurance technology suite of assets to Divergent Technologies.
Sigma will buy 100% of the capital stock of Sunrise, Fla.-based NextTrip in exchange for Sigma shares constituting 19.99% of its outstanding stock, plus milestone earnouts tied to business performance.
At closing, NextTrip Chief Executive William Kerby will become CEO of the publicly traded company, and NextTrip will have the right to appoint one member to the board of directors.
Sigma is expected to change its name to NextTrip and be listed on Nasdaq under a new trading symbol reflecting the NextTrip name.