Boingo Shares Surge as Airport WiFi Provider Confirms Takeover Interest
Investors snapped up shares of Boingo Wireless Inc. on Tuesday, sending the stock up 23% after the WiFi services company confirmed it has "received multiple inquiries" regarding a potential takeover.
The Los Angeles-based company, whose WiFi antennas power internet service at airports and on planes, said its board is currently engaged in talks with several suitors. The stock catapulted to $14.60 in early trading on the Nasdaq, but is still well below the nearly $26 shares traded at last April.
"Management is not commenting on rumors regarding the recent news story speculating the Company is exploring a potential sale. The Company has received multiple inquiries regarding a potential strategic transaction," according to a statement issued by Boingo when it reported quarterly earnings on Monday. "Accordingly, the company's board of directors has engaged advisors to assess these opportunities.
Bloomberg, citing sources, reported last week that the company had received takeover interest.
Subscribe to our newsletter to catch every headline.
After California voted to legalize recreational cannabis in late 2016, companies rushed in to be the first big mover in the multi-billion-dollar market. L.A.-based Genius Fund, run by two inexperienced twenty-somethings from well-to-do families and backed by a billionaire Russian oligarch, had the means and positioning to feed growing demand across the state, but things played out differently.
In a rural town just across the California border from Reno, Nevada, in the northernmost portion of the Sierra Nevada mountain range, Genius Fund set up an outpost in early 2019 called Nature's Holiday. There, the company planned to grow 1,000 acres of hemp — which executives wanted to be the largest such farm in the state — for use in CBD products, according to former employees, corporate documents and the company's website.
'Green Rush' Editor's Note<p><em>The story is pieced together from interviews with more than 40 former employees and business associates, active and retired county officials, as well as federal and county law enforcement; state court records, arbitration, arrest and corporate records in the U.S. and Canada; other public records in six California counties; Genius Fund corporate records and emails. Some former employees and business associates spoke to dot.LA on condition that their names not be mentioned out of fear of reprisals.</em></p><p><em></em><em><a href="https://dot.la/genius-fund-collapse-2646865907.html" target="_self">Part 1: Rise and Collapse of LA's Genius Fund</a> | <a href="https://dot.la/cannabis-products-genius-fund-2646866366.html" target="_self">Part 3: A Line of Failed Products</a> | <a href="https://dot.la/green-rush-genius-fund-2646866354.html" target="_self">Part 4: What Went Down in Adelanto</a> | <a href="https://dot.la/dmitry-bosov-genius-fund-2646866356.html" target="_self">Part 5: The Sudden Death of Dmitry Bosov And His Dream of a California Cannabis Empire</a></em></p>
Images from Plumas County Sheriff's Dept.
- The Rise and Fall of Genius Fund's $164M Cannabis Empire - dot.LA ›
- The Death of Dmitry Bosov and His Dream of a Cannabis Empire - dot.LA ›
- LA Metal Icon Expands His Cannabis and Design Brand into Nevada, Arizona - dot.LA ›
Here's the deal: the first segment of a three-part Joe Biden interview aired Wednesday on Snapchat's "Good Luck America." Parts two and three will follow on Thursday and Friday, respectively.
Interviewer Peter Hamby did not mince words in asking Biden about his being perceived as "old, out of touch, and kind of lame."
- joe-biden - dot.LA ›
- Joe Biden Takes to Snapchat's 'Good Luck America.' - dot.LA ›
- Snap Removes Trump's Account From its Discover Platform - dot.LA ›
- An AI Debate Analysis Shows Trump in Character - dot.LA ›