A London-based chip designer, often referred to as an “Arm wannabe,” has attracted a takeover bid from a larger U.S. competitor, causing significant losses for short-sellers who had bet against the stock since it debuted as part of the UK’s “class of 2021.”
San Diego’s Qualcomm has expressed interest in acquiring Alphawave, causing shares of the UK-listed firm to surge by nearly 47%, pushing its market valuation past ยฃ1 billion.
“There is no certainty that any formal offer will be made, nor regarding the terms of any potential offer,” Qualcomm stated.
The company has until April 29 to either make an official bid or walk away. Alphawave has chosen not to comment on the possible acquisition.
Qualcomm specializes in intellectual property.