Marvell Technology and Lumentum shares dropped sharply Monday during a broader U.S. technology selloff, as their proposed acquisition assigns Lumentum an implied enterprise value of $115 billion.
Marvell announced the proposed all-stock acquisition Monday. Under the proposed exchange terms, each Lumentum share would be exchanged for 4.5 Marvell shares. Marvell's shares fell 12.72%, while Lumentum's dropped 18.59%.
Coinbase shares lost 3.98%, and Circle declined 0.63%. BitMine was down 3.17% and SharpLink fell 3.71%, while Strategy gained 0.19%.
The declines extended across major chipmakers. Nvidia lost 1.26%, Micron Technology fell 5.78%, Advanced Micro Devices dropped 7.52% and Intel declined 8.80%.
The 7:01 p.m. ET Monday snapshot (00:01 UTC Tuesday) put Bitcoin (BTC) at $76,707 and Ether (ETH) at $2,249.83, with respective 24-hour losses of 2.06% and 1.16%.
