Traders Drive Up VISG Shares; Ex-L-3 Boss Taking Stake
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Players is Viisage (Nasdaq: VISG) look past weak guidance and drive the shares higher on news that L-1 Investment Partners, LLC signed a definitive agreement to purchase $100 million in Viisage common stock from the company at a price of $5.25 per share (approximately 19 million newly-issued shares). The stock is still below the $5.25 per share L-1 is paying for the stock, currently at $4.71.
L-1 was formed by Robert V. LaPenta, who recently served as president of L-3 Communications Corporation (NYSE: LLL), which he co-founded in 1997. As part of the agreement, Robert V. LaPenta, founder and CEO of L-1, will become chairman of the board at Viisage with the right to appoint two additional board members.
L-1 was formed by Robert V. LaPenta, who recently served as president of L-3 Communications Corporation (NYSE: LLL), which he co-founded in 1997. As part of the agreement, Robert V. LaPenta, founder and CEO of L-1, will become chairman of the board at Viisage with the right to appoint two additional board members.
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