LITE and MRVL both dropped over 16%, with their swap discount expanding to 15.2%.

According to TradingBeats monitoring, the stock prices of Marvell and Lumentum continue to decline, with LITE’s discount relative to the exchange ratio consideration further widening. As of press time, the Lumentum (LITE) contract on Hyperliquid is priced at $535.74, while the Marvell (MRVL) contract stands at $140.56. Based on the merger agreement terms, each LITE share is exchanged for 4.5 MRVL shares, translating to a reference exchange value of approximately $632.52. LITE is $96.78 lower than this, marking a discount of around 15.3%. The combined 24-hour trading volume of the two contracts totals about $93.73 million. In the previous US trading session, MRVL fell 16.43% to close at $133.55, reducing the reference exchange value per LITE share to $600.98. LITE dropped 18.68% over the same period, closing at $509.70, pushing its discount relative to the exchange consideration from 12.84% to 15.19% — an increase of 2.35 percentage points. Per the agreement, Marvell intends to acquire Lumentum via an all-stock transaction, with each LITE share exchanged for 4.5 MRVL shares. The transaction is expected to close in the first half of 2028.