Chicken Soup For The Soul Entertainment Rallies After Redbox Shareholders Approve Acquisition

(RTTNews) - Shares of Chicken Soup for the Soul Entertainment, Inc. (CSSE) are rising more than 17% Wednesday morning after shareholders of Redbox Entertainment Inc. (RDBX) approved its acquisition by CSSE.

Chicken Soup for the Soul Entertainment operates as a streaming video-on-demand (VOD) company.

In May this year, CSSE had announced its decision to acquire Redbox in an all stock transaction through which Redbox stockholders will receive 0.087 of a class A common share of CSSE per Redbox share.

CSSE expects the deal to add to its earnings in 2023.

CSSE, currently at $13.28, has been trading in the range of $4.35-$30.49 in the past 52 weeks.