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Stock Alert: Opes Acquisition Ascends 6%

Shares of Opes Acquisition Corp. (OPES) are climbing more than 6% Tuesday morning after the special purpose acquisition company and casual restaurant chain, BurgerFi International, LLC jointly announced that they have entered into a definitive agreement at a $100 million purchase price to combine and form BurgerFi International, Inc.

The transaction will introduce BurgerFi International, Inc. as a Nasdaq-listed public company with an anticipated initial enterprise value of approximately $143 million, or 2.4x BurgerFi's estimated 2021 net company revenues and 13.6x BurgerFi's estimated 2021 adjusted EBITDA of $10.5 million. The new company will trade on the Nasdaq under the ticker symbol BFI upon closing of the transaction which is expected in the third quarter of 2020.

OPES is currently trading at $17.40. Its 52-week range is $9.57- $19.92.

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