JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
TORONTO - Independent proxy advisory firm Glass Lewis has recommended that WonderFi Technologies Inc. (TSX:WNDR) shareholders vote in favor of the company’s proposed acquisition by Robinhood Markets, Inc. (NASDAQ:HOOD), according to a press release issued Tuesday. Robinhood, currently valued at $82.47 billion, has shown remarkable strength with a 150.83% return year-to-date, according to InvestingPro data.
Glass Lewis is the second major advisory firm to back the deal, following a similar recommendation from Institutional Shareholder Services. Under the arrangement, Robinhood’s subsidiary Wrangler Holdings would acquire all outstanding WonderFi shares for C$0.36 each. The acquisition comes as Robinhood maintains a "GREAT" financial health rating with strong profitability metrics, as reported by InvestingPro.
The transaction, structured as a statutory plan of arrangement under British Columbia law, requires approval from WonderFi securityholders at a virtual meeting scheduled for July 17, 2025. The voting deadline is July 15.
WonderFi’s board of directors, with two interested directors abstaining, has unanimously recommended shareholders approve the transaction. The recommendation was based partly on fairness opinions from Origin Merchant Partners and Canaccord Genuity Corp.
WonderFi describes itself as a regulated digital asset trading platform with over $1.7 billion in client assets under custody. The company operates several crypto-related brands including Bitbuy and Coinsquare.
The deal announcement comes amid increasing consolidation in the cryptocurrency trading sector as established financial services companies expand their digital asset offerings.
Securityholders seeking additional information about voting can contact Morrow Sodali, WonderFi’s proxy solicitation agent, according to the company’s statement.
In other recent news, Datadog Inc. has been announced as a new addition to the S&P 500 index, effective before the market opens on July 9. This follows the acquisition of Juniper Networks by Hewlett Packard Enterprise, leading to Juniper’s removal from the index. Datadog’s inclusion is a significant milestone, reflecting its growth in market capitalization and liquidity since its public debut in 2019. Meanwhile, Robinhood Markets has made notable strides in product innovation, particularly in the cryptocurrency space. The company introduced tokenized U.S. stocks for European Union customers, allowing for more accessible trading of major U.S. companies. This initiative is part of Robinhood’s broader effort to expand its cryptocurrency offerings and geographical reach. Analysts have responded positively, with KeyBanc, Cantor Fitzgerald, and Mizuho raising their price targets for Robinhood to $110, $100, and $99, respectively. These firms highlighted Robinhood’s product innovations and market expansion as key factors supporting their optimistic outlook.
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