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Small-Cap Snapshot: Sonic rockets on takeover by parent company of Arby's, Buffalo Wild Wings

Jones Energy, XO Group, Opiant Pharmaceuticals and TG Therapeutics are also moving in the trading session
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The $2.3B deal to buy Sonic will expand Inspire Brand's repertoire of restaurants, which also includes Rusty Taco

The small-cap indices are having a good day with both the Russell 2000 and the S&P 600 on the rise.

The American drive-in fast-food restaurant Sonic (NASDAQ:SONC) is popping after agreeing to be acquired by the parent company of Arby’s and Buffalo Wild Wings in a $2.3 billion deal. The deal will expand Inspire Brand’s repertoire of restaurants, which also includes Rusty Taco. Inspire is wholly-owned by affiliates of the private-equity firm Roark Capital Group. Under the agreement’s terms, Sonic shareholders will receive $43.50 per share in cash and Inspire will assume Sonic’s debt.

Sonic added 18% to $43.32.

Shares of Jones Energy (NYSE:JONE) are riding high after the independent oil and natural gas company announced after the bell on Monday that it has regained compliance with the New York Stock Exchange’s listing standards. On March 23, the company was made aware that it was failing to live up to the NYSE’s standards as its average closing share price for the previous month had slipped below $1.00. To rescue its stock, Jones put a 20-for-1 reverse stock split into place on September 7 and its stock has since rebounded.  

Jones added 27% to $8.29.

Read: Jones Energy regains NYSE compliance via stock split, shares surge

XO Group (NYSE:XOXO) is soaring after the parent company of the wedding-planning site TheKnot agreed to be taken private for $933m in a deal that would marry it to WeddingWire Inc. Under the arrangement terms, XO shareholders will receive $35 per share in cash, which amounts to a 27% premium to its closing price on Monday of $27.64. The merged company will be owned by Permira Funds and Spectrum Equity, the WeddingWire investors who are funding the acquisition. The buyout is set to close in the first half of next year.

XO Group jumped by 26% to $34.80.

Opiant Pharmaceuticals (NASDAQ:OPNT) is taking a tumble on its announcement of a secondary stock offering, which is set to raise $12 million. The offering of 705,882 shares will be sold at a price of $17 per share. Proceeds from the sale will be funneled into advancing Opiant’s clinical programs targeting alcohol use disorders and bulimia nervosa, an eating disorder marked by binging, followed by methods to avoid weight gain. The Santa Monica, California-based Opiant is a specialty company developing treatments for addiction and drug overdoses.

Opiant shares shed 19% to $17.30.

TG Therapeutics Inc (NASDAQ: TGTX) is trading lower in the wake of disappointing developments from its Phase 3 trial UNITY-CLL, which is evaluating the combination of ublituximab and umbralisib in patients with chronic lymphocytic leukemia. The Independent Data Safety Monitoring board has told TG that it is unable to conduct an interim analysis of the overall response rate (ORR) since the trial’s data is not sufficiently mature. Due to the new uncertainty about the timing and outcome of the response rate analysis, TG is now throwing its efforts into focusing on the primary endpoint of Progression Free survival to support the approval of the ublituximab and umbralisib combination. Based in New York, TG Therapeutics is a biopharmaceutical company focused on treatments for B-cell malignancies and autoimmune diseases.

TG shares dipped 34% to $6.08


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