New York, February 10, 2026, 17:26 EST — Trading after hours
- Nasdaq has set Feb. 10 as the final trading day for CyberArk before the merger is completed
- Shares are trading close to the value implied by the deal as the cash-and-stock payout nears
- CyberArk is set to remain halted on Feb. 11 and will be suspended from trading on Feb. 12
CyberArk Software Ltd shares barely moved in after-hours trading Tuesday, as Nasdaq announced a trading halt for later that evening ahead of the scheduled closing of Palo Alto Networks’ acquisition.
The timing is crucial since Tuesday marks the last full trading day for investors to buy or sell CyberArk stock before it switches to cash and Palo Alto shares. This also tightens the window for deal-arb traders—those who aim to exploit the gap between the target’s trading price and the merger offer—to tweak their hedges.
Nasdaq announced that CyberArk stock will be halted around 7:50 p.m. ET after the extended session, with the merger expected to close before markets open Wednesday. If all goes as planned, the halt will continue through Feb. 11, and trading will be suspended starting Feb. 12. Shareholders will receive $45 in cash plus 2.2005 shares of Palo Alto Networks for each CyberArk share, Nasdaq added. 1
In after-hours trading, CyberArk slipped 0.1% to $408.85, while Palo Alto dropped roughly 0.3% to $165.51. At that Palo Alto price, the deal prices CyberArk at around $409.20 per share, putting CyberArk just shy of a 0.1% discount late Tuesday.
Because part of the payout depends on Palo Alto stock, CyberArk’s ultimate value will fluctuate with the acquirer’s shares until the deal wraps up. For many investors, the real question isn’t “where will CYBR trade tomorrow,” but “how much PANW exposure do I want once it converts.”
In July, Palo Alto struck a roughly $25 billion deal to acquire the identity-security company founded in Israel, aiming to strengthen its grip on protecting user and machine identities—the keys to accessing systems and data. 2
Regulatory clearances remain crucial for the deal. Palo Alto’s acquisition got the green light from Turkey’s competition authority, according to an update on the regulator’s website reported by MLex on Monday. 3
Last week, CyberArk announced what it described as record results for the fourth quarter, with annual recurring revenue hitting $1.44 billion. That figure reflects subscription-based, repeatable revenue on an annualized basis. “Our strong finish positions us exceptionally well as we move toward the planned combination with Palo Alto Networks,” said CEO Matt Cohen in the company’s statement. 4
Timing remains uncertain, even at this stage. Nasdaq called the close “tentatively” scheduled, warning that any hold-up in the final steps might trap investors in a halt, leaving CyberArk’s value to fluctuate alongside Palo Alto’s stock price.
Mechanical moves are coming fast: trading is set to halt late Tuesday, then we’ll find out if the merger wraps up before Wednesday’s open. CyberArk shares are also slated to be suspended on Feb. 12.
