The Provo, UT-based solar energy distributor ended the merger agreement because SunEdison did not meet its obligations as part of the agreement, Vivint said in a statement.
"SunEdison's failure to consummate the merger when required pursuant to the terms of the merger agreement constitutes a willful breach of the merger agreement, and Vivint Solar intends to seek all legal remedies available to it in respect of such willful breach," Vivint said in a statement on Tuesday.
SunEdison stock is up by 9.47% to $2.08 in early afternoon trading on Tuesday.
So far today, 3.30 million shares of Vivint have traded, well above the company's 30-day average of 533,000 shares.
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "sell" with a ratings score of D. 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 area that we feel has been the company's primary weakness has been its feeble growth in its earnings per share.
You can view the full analysis from the report here: VSLRVSLR data by YCharts