IRobot Down 10% As Acquisition By Amazon Called Off

(RTTNews) - Shares of iRobot Corporation (IRBT) are falling more than 10% Monday morning after the consumer robot company said its acquisition by Amazon is being cancelled.

"Amazon's proposed acquisition of iRobot has no path to regulatory approval in the European Union, preventing Amazon and iRobot from moving forward together—a loss for consumers, competition, and innovation," the company said.

After the mutually-agreed cancellation of the deal, iRobot announced its decision to cut its workforce by 350 and Colin Angle has stepped down Chairman and CEO.

IRBT, currently at $15.24, has traded in the range of $13.80 - $51.49 in the last 1 year.