Why Convey (CNVY) Rockets 138%?

Half an hour ago Convey (NYSE: CNVY) soared from $4.32 to $10.25 on over 60k volume. Such a big jump occurred due to a merger agreement between the company and TPG, a private asset management firm.

TPG will actually buy all the outstanding common CNVY shares at $10.5 per unit. Meaning that the premarket stock price has been pumped manually right after announcing the deal.

TPG has probably come up with the deal based on the currently ongoing pandemic which is silently affecting millions while the world is busy with news from regional conflicts, inflation, and stock and crypto markets crash.

Hopefully, Convey will continuously enjoy the revenue and its stock will survive the current market regression.