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Domo Inc shares surged 23.17% to $3.88 in after-hours trading on Wednesday after the company announced an agreement to sell all of its assets and certain liabilities substantially to Progress Software Corporation PRGS for $400 million in cash.
The company provides an AI and data products platform that helps organizations integrate, visualize and leverage data to drive business outcomes.
$400 Million Asset Sale
According to Wednesday’s announcement, Progress Software will acquire substantially all of Domo’s operating business, including its technology platform, customer contracts, employees, intellectual property and related assets, while assuming certain liabilities. Following the transaction, Domo will remain a publicly listed company under a new name and ticker, retaining more than $900 million in net operating loss carryforwards and certain assets.
The transaction has been unanimously approved by Domo’s board of directors and is expected to close before the end of Progress Software’s fiscal year ending Nov. 30, 2026, subject to regulatory approvals and customary closing conditions. The deal is not subject to a financing condition.
The transaction enables Progress Software to expand its AI and data platform offerings while allowing Domo to remain publicly listed and pursue opportunities to monetize its tax assets after the sale.
Trading Metrics, Technical Analysis
Domo has a market capitalization of approximately $142.22 million, with a 52-week high of $18.49 and a 52-week low of $1.84.
The stock has declined 80.47% over the past 12 months and, despite Wednesday’s after-hours rally, continues to trade well below its 52-week high.
Price Action: The stock closed on Wednesday at $3.15, down 8.43%, according to Benzinga Pro data.
Benzinga’s Edge Stock Rankings show that DOMO is experiencing negative price trends over the long and medium term while maintaining a positive short-term trend.
Photo Courtesy: prassarp on Shutterstock.com
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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This article Why Is Domo (DOMO) Stock Rallying Over 23% After Hours Today? originally appeared on Benzinga.com.
