NEW YORK (TheStreet) -- Shares of AMERP Corp. (AXR) are skyrocketing 24.13% to $6.43 today after the company announced that it and its indirect subsidiaries, Kable Distribution Services Inc., and Palm Coastal Data LLC, have reached a deal with Heinrich Bauer (USA) LLC.
The agreement relates to the two distribution agreements between Kable Distribution and Bauer that will end on June 30, the company said.
As part of the settlement AMREP, a real estate and media services company, has agreed to issue Bauer 825,000 shares of its common stock, in return Bauer, a media company, agreed not to sell the stock for a period of six months.
Must Read: Warren Buffett's 25 Favorite Stocks
Bauer also agreed to extend the term of its fulfillment agreement with Palm Coast until at least December 2018, the company said.
Separately, TheStreet Ratings team rates AMREP CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate AMREP CORP (AXR) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, poor profit margins, weak operating cash flow and feeble growth in its earnings per share."