Conformis stock nearly doubles in active trading after cash buyout deal with Restor3d

Shares of Conformis Inc.
CFMS,
-2.11%
rocketed 90.5% to pace all premarket gainers in active trading Friday, after the orthopedic patient care company announced an agreement to be acquired by Restor3d for a 96% premium. Trading volume swelled to more than 671,000 shares, compared with the full-day average of about 52,800 shares. Under terms of the deal, Restor3d will pay $2.27 in cash for each Conformis share outstanding, which is 95.7% above Thursday’s closing price of $1.16. ” By leveraging the strengths in our respective portfolios around artificial-intelligence-driven implant design, digital automation, and 3D printed osseointegrative biomaterials, we see tremendous opportunity to offer clinically differentiated and cost-effective solutions across the orthopedic landscape, including shoulder, foot & ankle, spine, and large joints,” said Restor3d Chief Executive Officer Kurt Jacobus. Conformis’ stock has tumbled 65.1% year to date through Thursday, while the S&P 500
SPX,
+0.37%
has advanced 14.1%.