Technology Sector Update for 08/28/2017: HMNY, MXPT, UNXL

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Technology stocks were edging higher this afternoon, with shares of tech companies in the S&P 500 rising about 0.1%.

In company news, Helios and Matheson Analytics ( HMNY ) slumped Monday, with the "big data" analytics company falling to a session low of $3.25 a share after disclosing the Hudson Bay Master Fund Ltd. yesterday exercised provisions from a February 2017 loan agreement with the company to convert $2.5 million of Helios and Matheson senior secured notes plus unpaid interest into common stock.

The notes were converted at a rate of $3 per share, according to a regulatory filing.

Hudson Bay can convert the remaining $2.5 million of notes it holds with written notice at any time through Dec. 31, with the conversion rate determined using a formula determined in February loan agreement as well as the rates from a pair of previous convertible debt transactions.

In other sector news,

(+) MXPT, (+148.0%) Agrees to $95 mln buyout offer from Harland Clarke, which will pay $13.86 for each MaxPoint share, a 152% premium over Friday's closing price. Transaction expected to close during Q4.

(-) UNXL, (-74.2%) Said Friday it would file for chapter 11 bankruptcy protection over the next day or two. Company said it will pay legal expenses of two former executives in an action brought by the U.S. Securities and Exchange Commission.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Technology , Commodities
Referenced Symbols: HMNY ,

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