Why Shares of Sierra Wireless Jumped Today

Shares of Sierra Wireless (NASDAQ: SWIR) jumped on Friday after the company reached an agreement with Lion Point Capital regarding independent board members. Lion Point owns a 9.4% stake in the internet-of-things (IoT) solutions provider. Sierra Wireless stock was up about 16% at 1:50 p.m. EDT today.

Under the agreement, incumbent directors Paul Cataford and Joy Chik will step down from the board. They will be replaced by two independent directors, Jim Anderson and Karima Bawa, effective immediately.

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Source Fool.com