Why is the Nitro Software share price halted today?

The Nitro Software Ltd share price (ASX: NTO) is in a trading halt on Tuesday.

Shares of the document productivity company are currently frozen at $1.13 each — the price they closed at on Monday.

Let’s look into why the company’s shares are not trading today.

Nitro trading halt

Nitro Software requested a trading halt this morning. The company said the trading of its shares should be suspended while it waits to receive a proposal relating to a potential change of control transaction.

There are several things a change of control transaction could mean in this scenario but, usually, it involves transferring assets from one entity to another.

The halt was requested until Nitro Software either makes the intended announcement from the proposal or until the start of trade on Wednesday.

Yesterday, Nitro shares closed more than 6% lower amid the company posting a $25 million loss in its earnings report for FY22.

Nitro share price snapshot

The Nitro share price is down around 55% year to date. By comparison, the S&P/ASX 200 Index (ASX: XJO) is around 8% lower over the same period.

The company’s current market capitalisation is $276 million.

The post Why is the Nitro Software share price halted today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Matthew Farley has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Nitro Software Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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