Nexera Technologies Inc. shares tumbled 20.7% in early trading on Wednesday, extending losses to a session low of $2.13 and matching the stock’s 52-week low.
The decline followed the completion of Fort Technology Inc.’s acquisition of a 50.1% stake in Logia USA Inc., a provider of fuel integrity solutions focused on the U.S. data center market. Nexera, which holds approximately 70.19% of Fort Technology, said the transaction was finalized after Fort issued 132,603 new common shares valued at roughly $125,000 to fund the deal.
Fort Technology also secured a $2.0 million unsecured credit facility at a 6% annual interest rate to support Logia USA’s expansion into the U.S. market. The move comes as Nexera, which carries negative earnings, maintains a market capitalization of about $1.5 million.
The broader market showed little movement, with the NASDAQ Composite flat and the S&P 500 up 0.06% to 7,681.96 as of mid-morning trading.
