Pixelworks Shares Plunge 48% After Announcing Sale Of Shanghai Subsidiary

(RTTNews) - Pixelworks, Inc. (PXLW) fell 47.99% to $7.78, down $7.18, after announcing a definitive agreement to sell its Shanghai subsidiary, Pixelworks Semiconductor Technology (Shanghai) Co., Ltd., to a special purpose entity led by VeriSilicon Microelectronics (Shanghai) Co., Ltd.

The stock opened at $14.00, reached a high of $14.03, and a low of $7.165, compared with a previous close of $14.96. It trades on the NasdaqGS with volume surging to 3.13 million shares, far above its average daily volume of 165,000.

PXLW has traded between $4.67 and $15.42 over the past 52 weeks.