Solstice Advanced Materials Stock Rises 17%

(RTTNews) - Solstice Advanced Materials Inc. (SOLS) shares rose 17.41 percent to $66.15 Friday, possibly after the company announced that it and Element Solutions Inc. yesterday, had mutually agreed to terminate their previously announced acquisition agreement. Neither company will pay a termination fee.

The stock opened at $64.99 and traded between $64.72 and $67.50. Its 52-week range is $40.43 to $90.80 on the Nasdaq. Trading volume was 4.13 million shares, compared with an average volume of 2.99 million shares.

Solstice said the decision followed discussions with shareholders and between the two companies' boards, which unanimously determined that ending the deal was in the best interests of their respective shareholders, employees and customers. The company also reaffirmed its recently increased guidance, citing continued execution across its operations and growth opportunities tied to AI, data centres, nuclear energy, thermal management and semiconductor manufacturing.

In a separate announcement, Solstice's board authorized a $500 million share repurchase program. The company said its strong cash flows and balance sheet will allow it to continue investing in organic growth while returning capital to shareholders.