Technology Sector Update for 12/19/2022: SMIT,ONDS,LINK,QUMU,ENGH.TO

Technology stocks extended losses Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.9% and the Philadelphia Semiconductor Index declining 2.3%.

In company news, Schmitt Industries (SMIT) slid almost 46% after Monday saying it will shut down the Ample Hills Creamery for its ice cream business in Brooklyn, New York, for at least one week while the testing and measurement products company seeks more capital. Without the additional funding, the company said it may need to indefinitely shut down operations.

Ondas Holdings (ONDS) was falling 1.9% after the networking equipment and robotics company said Monday that Airobotics shareholders on Sunday voted to approve its proposed acquisition of the Israeli data capture and analytics firm. Ondas is now expecting to close the deal by the end of January, with shares of the combined companies trading both on the Nasdaq Capital Markets and the Tel Aviv stock exchange, it said.

Interlink Electronics (LINK) fell 2.4% Monday after announcing its purchase of SPEC Sensors and KWJ Engineering for about $2 million, stating the deals were "the first of many" it expects will create a diversified portfolio of sensor technologies.

Qumu (QUMU) rallied Monday, climbing 100% after the video technology company agreed to a buyout offer from Canadian business software firm Enghouse Systems (ENGH.TO). Under terms of the proposed acquisition, Enghouse is planning to launch a tender offer of $0.90 for each Qumu share, representing a 105% premium over Friday's closing price.

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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