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This seems to be reason for the Friday fire sale. If the margin calls have been completed, we may experience a bounce back.
https://www.cnbc.com/2021/03/27/archegos-capital-forced-position-liquidation-contributes-to-viacom-discovery-plunge.html
LMB
seekingalpha shows they beats on rev as well.
Limbach EPS beats by $0.06, beats on revenue
Mar. 25, 2021 4:40 PM ETLimbach Holdings, Inc. (LMB)By: Pranav Ghumatkar, SA News Editor1 Comment
Limbach (NASDAQ:LMB): Q4 GAAP EPS of $0.05 beats by $0.06.
Revenue of $130.4M (-6.1% Y/Y) beats by $4.2M.
Total backlog at December 31, 2020 was $444.4 million as compared to $561.2 million as of December 31, 2019.
At December 31, 2020, Construction segment backlog accounted for $393.5 million of the consolidated total.
Service segment backlog accounted for $50.9 million of the consolidated total.
LMB ER is out, $0.05 EPS
Limbach Holdings, Inc. (NASDAQ:LMB) ("Limbach" or the "Company") today announced its financial results for the year ended December 31, 2020. Despite the impact of the global pandemic, Limbach was able to generate year over year revenue growth, substantially increase profitability, and improve cash flow during 2020. Most notably during 2020, gross margin increased 130 basis points to 14.3% contributing to a net income of $5.8 million and an increase of approximately 50% to an Adjusted EBITDA of $25.1 million.
Charlie Bacon, Limbach's President and Chief Executive Officer, said, "Limbach recorded a strong year of profitable operation in 2020 and continued to have substantial year over year growth of our service and owner direct business in the fourth quarter, which is the core foundation of our strategic plan. We enter 2021 with a substantially improved capital structure following our successful refinancing, which occurred subsequent to the close of the fiscal year. As a result of the Company's significantly reduced interest rates on its senior debt facilities and a lower overall level of funded debt, we expect to realize approximately $4.0 million of reduced cash interest expense in fiscal 2021 compared to 2020. When combined with our recent capital raise, we believe we are in a strong position to execute on many key initiatives including the acceleration of our owner-direct strategy, digital transformation, and pursuit of strategic growth. Last year, we made meaningful progress against our three core initiatives of improved risk management, greater exposure to the owner-direct market, and cash flow generation and we believe there is additional opportunity to improve performance."
Mr. Bacon continued, "Although we saw some deceleration in revenue and sales in the fourth quarter due to a pause in decision-making by business owners across the non-residential construction industry, we anticipate that to be a temporary issue. We believe the drivers underlying the industry as a whole, and several of Limbach's core end-markets specifically continue to be supportive."
The following are key financial highlights of fiscal year 2020. All comparisons are to fiscal year 2019, unless noted otherwise.
• Consolidated revenue was $568.2 million for the year, an increase of 2.7% from prior year revenue of $553.3 million. Construction segment revenue of $441.0 million was flat year over year, while Service segment revenue of $127.2 million was up 10.5% from the prior year.
• Gross margin increased to 14.3% during the year, from 13.0%, primarily as a result of improved project execution in the Construction segment and improved pricing across most lines of business in the Service segment.
• SG&A expense increased approximately $0.4 million to $63.6 million during the year as compared to $63.2 million. As a percent of revenue, SG&A expense was 11.2% for the year as compared to 11.4%.
• Interest expense (income), net was $8.6 million for the year as compared to $6.3 million as the Company paid higher interest rates in the year primarily due to the senior debt facilities entered into in 2019 that were refinanced in the first quarter of 2021.
• Net income for the year was $5.8 million compared with a net loss of $1.8 million. Net income per share for both basic and diluted increased to $0.72 as compared to net loss per share for both basic and diluted of $0.23.
• Net cash provided by (used in) operating activities was $39.8 million for the year, as compared to $(0.9) million. The increase in cash flow resulted from greater overall profitability, as well as improved working capital management.
• Total backlog at December 31, 2020 was $444.4 million as compared to $561.2 million as of December 31, 2019. At December 31, 2020, Construction segment backlog accounted for $393.5 million of the consolidated total. Service segment backlog accounted for $50.9 million of the consolidated total.
Fourth Quarter 2020 Summary
Revenue
Fourth quarter 2020 revenue of $130.4 million was down 6.1% compared to $138.9 million for the prior year period. Revenue for the fourth quarter of 2019 is "As Recast" to reflect the adoption of ASC Topic 606, which amends the existing accounting standards for revenue recognition and establishes principles for recognizing revenue upon the transfer of promised goods or services to customers based on the expected consideration to be received in exchange for those goods or services. Service segment revenue grew by $7.0 million or 24.8%, offset by the Construction segment revenue decrease of $15.5 million or (14.0)% quarter over quarter.
Gross Margin
Gross margin for the fourth quarter 2020 was 14.3%, compared to 11.7% in the prior year period. Gross margin for the fourth quarter of 2019 is "As Recast" to reflect the adoption of ASC Topic 606. Construction segment gross margin on a dollar basis decreased $1.7 million as a result of a decrease in revenue, although project write downs were less this quarter when compared to the same period in the prior year. As a result, Construction segment gross margin was 7.4% for the fourth quarter 2020 compared to 7.9% for the prior year period. Service segment gross margin was 32.8%, compared to 26.3% in the prior year period, as Service work project mix trended toward larger jobs which carried higher pricing. On a dollar basis, total gross profit in the fourth quarter of 2020 was $18.7 million, compared with $16.2 million for the prior year period.
SG&A Expense
Fourth quarter 2020 SG&A expense was $16.0 million, as compared to $13.5 million the prior year period. The increase in SG&A expense was primarily due to the reversal of $4.3 million of accrued performance-based compensation expense for nine months ended September 30, 2019 in the fourth quarter of 2019 due to the Company not meeting the performance criteria for that year. As a percentage of total revenue, fourth quarter 2020 SG&A expenses accounted for 12.3%, compared to 9.7% in the prior year period.
Net Income
Net income for the fourth quarter 2020 was $0.4 million, compared to $0.7 million in the prior year period. Net income for the fourth quarter of 2019 is "As Recast" to reflect the adoption of ASC Topic 606. Net income per share for the fourth quarter 2020 was $0.05 for both basic and diluted, compared to $0.08 for both basic and diluted in the prior year period.
Full Year 2020 Summary
Revenue
Consolidated revenue was $568.2 million for the year, an increase of 2.7% from prior year revenue of $553.3 million.
Construction segment revenue of $441.0 million increased 0.6%. The slight increase was primarily offset by a planned decline of revenue in the Southern California region. The Service segment revenue increase of $12.1 million to $127.2 million or 10.5% was primarily from the Company's continuing focus on developing longer term customer relationships and sales of larger service owner-direct projects and contracts and growth in the maintenance contract base.
Gross Margin
Gross margin for the year was 14.3% as compared to 13.0% last year. Gross profit for the full year 2020 was $81.4 million compared to $71.9 million for the prior year, an increase of 13.2%.
In the Construction segment, gross margin increased 30 basis points. Construction segment gross profit percentage increased from 9.9% for the year ended December 31, 2019 to 10.2% for the year ended December 31, 2020, due to fewer project write downs in 2020 as a result of improved project execution, including less write downs in the Southern California region, than in the prior year period.
Service segment gross margin was 28.5% compared to 24.7% in fiscal 2019, due to increased Service project volume coupled with pricing.
SG&A Expense
SG&A expense for the full year was $63.6 million compared to $63.2 million in the prior year. The slight increase of approximately $0.4 million resulted from a $6.0 million increase in performance-based compensation expense due to the Company's performance, offset by a reduction of $2.1 million in travel and entertainment expenses, a decrease of $0.7 million in professional fees, and $0.7 million in stock compensation expenses from the issuance of restricted stock units year over year and less material expense reductions in other corporate expense categories. In 2019, the Company did not accrue amounts for incentive compensation due to the Company not meeting the performance criteria for that year. As a percent of total revenue, SG&A expense for the year declined to 11.2% from 11.4% in the prior year.
Net Income
Net income was $5.8 million compared to a net loss of $1.8 million in the prior year. Net income per basic and diluted share for the year was $0.74 and $0.72, respectively, compared to a net loss per share of $0.23 for both basic and diluted for the prior year.
Adjusted EBITDA
Adjusted EBITDA for the year was $25.1 million as compared to $16.8 million in the prior year, an increase of 49.9%. The increase in Adjusted EBITDA was primarily attributable to the increased revenue and gross margins in both the Construction and Service segments during the year, offset by a slight increase in SG&A expense.
Backlog and Remaining Performance Obligations
Aggregate backlog at December 31, 2020 was $444.4 million as compared to $561.2 million as of December 31, 2019. At December 31, 2020, Construction segment backlog accounted for $393.5 million of the consolidated total, a decrease of 22.0% compared to Construction segment backlog at December 31, 2019 of $504.2 million. The reduction in Construction backlog has been intentional as we look to focus on higher margin projects than we have historically, as well as our focus on smaller, higher margin owner direct projects. Service segment backlog accounted for $50.9 million of the consolidated total, a decrease of 10.7% compared to Service segment backlog of $57.0 million at December 31, 2019. We believe our Service backlog decreased due to lower sales in this segment in the fourth quarter of Fiscal 2020 because of macroeconomic uncertainty related to COVID-19.
Backlog includes unexercised contract options that are not included in the Company's remaining performance obligations. At December 31, 2020, remaining performance obligations of the Company's Construction and Service segment contracts were $393.5 million and $35.7 million, respectively. At December 31, 2019, remaining performance obligations of the Company's Construction and Service segment contracts were $504.2 million and $41.9 million, respectively.
Balance Sheet
At December 31, 2020, the Company had current assets of $199.4 million and current liabilities of $150.3 million, representing a current ratio of 1.33x. As of December 31, 2019, the Company's current ratio was 1.25x. Working capital was $49.1 million at December 31, 2020, an increase of $10.6 million from December 31, 2019. The Company had no borrowings against its $14.0 million revolving credit facility at December 31, 2020, other than for standby letters of credit totaling $3.4 million. On February 24, 2021, subsequent to year-end, the Company refinanced its existing credit agreement using its proceeds to repay in full the senior debt facilities entered into in 2019.
i don't understand why people said it's unusual.
CCIV has 207M shares outstanding and the new issue is about 1,200 M. 207/1200 is about 17%, which is the CCIV stock holder's share of the combined company post-merger.
am I missing something?
Lucid Air: CEO Test Drive
that could be one of the scenarios. thanks for the clarification!
thanks!
the exercise of the warrants will increase the number of outstanding shares, which will help the daily trading volume. yes it may put a lid on the share price.
could you elaborate this "The low volume may also make it difficult for investors to exercise their warrants without significantly moving the stock price."?
I thought the shares exercised will be issued by the company, which has nothing to do with the daily trading volume. Of course the investors will have difficulties in selling them with a lower daily trading volume.
great summary! thanks!
ok, thanks for the clarification!
KTCC Do they 5-day extension or 60 days?
SPOKANE VALLEY, Wash. , Feb. 18, 2021 (GLOBE NEWSWIRE) -- Key Tronic Corporation (Nasdaq: KTCC) received on February 17, 2021 a standard notice from Nasdaq indicating that, as a result of not having timely filed its Quarterly Report on Form 10-Q for the quarter ended December 26, 2020 (the “Form 10-Q”), the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the Securities and Exchange Commission (“SEC”).
The Nasdaq notice has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Global Market. Under Nasdaq’s Listing Rules, the Company has 60 calendar days from the date of the notice to submit a plan to regain compliance. If the plan is accepted by Nasdaq, then Nasdaq can grant the Company up to 180 calendar days from the due date of the Form 10-Q to regain compliance. The Company is working diligently to file its Form 10-Q within the timeline prescribed by Nasdaq.
power was talking about the discount on the warrants is about 6 to 7 bucks per share, not the price of the warrants.
e.g., currently the share price is about $39 and the warrant price is $19. the exercise price of the warrant is $11.50; one warrant for one share. i.e., you buy a warrant at $19, when it's exercisable, pay $11.50 to get a share worth of $39, so the discount is 39-19-11.50 = 8.50
hope this helps.
how did you find out it's 39 stop loss orders? TIA
good luck!
CAI container rental
HYLN how do you feel about this news? do you think its share price has another leg up? I bought some call option yesterday upon the news.
RCMT has another run after hour with a high of $6.45.
it seems the news was leaked.
PENNSAUKEN, N.J. , Feb. 10, 2021 (GLOBE NEWSWIRE) -- RCM Technologies, Inc. (NasdaqGM: RCMT), a premier provider of business and technology solutions designed to enhance and maximize the operational performance of its customers through the adaptation and deployment of advanced engineering, specialty health care, and information technology services, today provided an update on its recently obtained projects to assist its clients in producing higher grades of ethanol for use in beverage and hygienic applications such as sanitizer-grade ethanol. The recent projects include both USP Grade (US Pharmacopeia) and GNS Grade ( Grain Neutral Spirits ).
As industry scrambles to retool and pivot to assist in the fight against Covid-19, demand for sanitizers has surged dramatically, and the area is expected to see continued growth. According to research published by Fior Markets, the global hand sanitizer market is expected to grow from $1.2 billion in 2019 to $2.1 billion by 2027, at a CAGR of 7.5% during the forecast period 2019-2027. This anticipated growth has led manufacturers to lean on professional service firms and equipment suppliers to assist them in their new strategy and enable them to deliver swift results.
Thermal Kinetics, a division of RCM Technologies ( USA ) , Inc. , has been contracted by Al-Corn Clean Fuels to expand its existing Fuel Ethanol facility to produce 20,000,000 gallons per year of USP Grade Ethanol to meet the growing need for the sanitizer market. “The Thermal Kinetics team installed the original plant and it was important for us to maintain that continuity. Additionally, Thermal Kinetics’ process design allowed us to leverage energy integration from the installed systems to the new production line,” said Thomas Harwood , COO of Al-Corn.
Thermal Kinetics is executing additional projects related to the growing demand for sanitizer-grade ethanol. Thermal Kinetics has been contracted by several other customers during the second and third quarters of 2020 to provide detailed design engineering to expand the production of sanitizer-grade ethanol to their existing client bases in the North American market. In addition to Al-Corn, the list of projects includes equipment supply to a second customer. Both equipment supply contracts are slated for commencement during the first quarter of 2021. Three other facilities have contracted Thermal Kinetics to supply a detailed upfront engineering package prior to equipment purchase. This second group of plants should be operational in the third and fourth quarter of 2021 with Thermal Kinetics anticipating that it will provide the main equipment and engineering support.
“The demand for higher grade ethanol has outgrown product availability due to the current Covid-19 pandemic,” stated Chris Brown , Founder and President of Thermal Kinetics. “Traditional corn-based ethanol plants require a range of $5 - $10 million in additional equipment to convert fuel-grade ethanol to USP- or GNS-grade ethanol suitable for sanitizers. Thermal Kinetics is well suited for these projects. Our standard ethanol process offers the best steam economy available. We have used similar design engineering principles to ensure the USP- and GNS-grade upgrades offer the most efficient design with respect to energy usage and plant economics. Of particular importance is technology to recover 80% of the energy required from the base fuel ethanol plant. This assures that existing plant infrastructure such as boiler and cooling capacity remain unaffected.”
RCM completed the acquisition of Thermal Kinetics in November 2018 . “The addition of Thermal Kinetics to RCM Technologies has broadened our reach. The Thermal Kinetics engineering group offers value-add solutions that are best in class and adds the equipment supply element to the scope of our projects which we previously did not have,” explains RCM Engineering Services President Frank Petraglia . “It is exciting to witness the current growth and potential of the Thermal Kinetics Projects Group .”
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0425163b-e791-4986-b0e5-ac6854b20cf3
Pictured is a 50 million gallon per year (MMGPY) fuel ethanol plant in California in early phases of construction. The site was a greenfield host to a cogeneration facility. Based on client measurements and reporting for carbon credits, this is the most energy efficient plant in California and likely all of the US.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a362d9b6-b327-4ae1-912a-8c110994d86d
Pictured is the same fuel ethanol plant in California at a later stage of construction.
About RCM and Thermal Kinetics RCM Technologies, Inc. is a premier provider of business and technology solutions designed to enhance and maximize the operational performance of its customers through the adaptation and deployment of advanced information technology and engineering services. RCM is an innovative leader in the delivery of these solutions to commercial and government sectors. RCM is also a provider of specialty healthcare services to major health care institutions and educational facilities. RCM’s offices are located in major metropolitan centers throughout North America and Serbia . Additional information can be found at www.rcmt.com.
Since 1999, Thermal Kinetics has been providing full-service process equipment supply, engineering, development, and design services. Thermal Kinetics offers advanced energy-saving solutions, patented technological integration, and sophisticated process plant development – proudly matching each of their customers’ specific needs with optimal productivity and profitability.
The Statements contained in this release that are not purely historical are forward-looking statements within the Private Securities Litigation Reform Act of 1995 and are subject to various risks, uncertainties and other factors that could cause the Company's actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. These statements often include words such as “may,” “will,” “expect,” “anticipate,” “continue,” “estimate,” “project,” “intend,” “believe,” “plan,” “seek,” “could,” “can,” “should,” “are confident” or similar expressions. In addition, statements that are not historical should also be considered forward-looking statements. These statements are based on assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate in these circumstances. Forward-looking statements include, but are not limited to, those relating to the impact of the COVID-19 pandemic, demand for the Company’s services, including Thermal Kinetics’ services relating to sanitizer-grade ethanol projects. expectations regarding our future revenues and other financial results, our pipeline and potential project wins and our expectations for growth in our business. Such statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors, which may cause actual events to be materially different from those expressed or implied by such forward-looking statements. Risk, uncertainties and other factors may emerge from time to time that could cause the Company’s actual results to differ from those indicated by the forward-looking statements. Investors are directed to consider such risks, uncertainties and other factors described in documents filed by the Company with the Securities and Exchange Commission , including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. The Company assumes no obligation (and expressly disclaims any such obligation) to update any forward-looking statements contained in this release as a result of new information or future events or developments, except as may be required by law.
RCM Technologies, Inc.
Tel: 856.356.4500
Corporate Contacts:
2500 McClellan Avenue
Fax: 856.356.4600
Bradley S. Vizi
Pennsauken, NJ 08109
info@rcmt.com
Executive Chairman
www.rcmt.com
Kevin D. Miller
Chief Financial Officer
Fuel Ethanol Plant - Distillation, Dehydration and Evaporation Equipment – Early Construction Stage
Pictured is a 50 million gallon per year (MMGPY) fuel ethanol plant in California in early phases of construction. The site was a greenfield host to a cogeneration facility. Based on client measurements and reporting for carbon credits, this is the most energy efficient plant in California and likely all of the US.
Fuel Ethanol Plant - Distillation, Dehydration and Evaporation Equipment – Final Construction Stage
Pictured is the same fuel ethanol plant in California at a later stage of construction.
thanks! I am trying to scale down the common and buy up the warrants.
sell 100 sh commons to exchange for 250 warrants. sounds a good deal.
are there any other catches that we haven't realized? I am puzzled by such a big discount on the warrants. almost never saw this level of discount.
good observations. Thanks for sharing!
from their filings:
This is an initial public offering of our securities. Each unit has an offering price of $10.00 and consists of one share of our Class A common stock and one-fifth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of our Class A common stock at a price of $11.50 per share, subject to adjustment as described in this prospectus. Only whole warrants are exercisable. The warrants will become exercisable on the later of 30 days after the completion of our initial business combination and 12 months from the closing of this offering (the “warrant exercise date”), and will expire five years after the completion of our initial business combination or earlier upon redemption or liquidation (the “warrant expiration date”), as described in this prospectus.
much appreciated. I have some common shares; may convert to warrants since they are cheaper and provide higher leverage.
The liquidity and extend hour trading are disadvantages.
CCIV warrants may I ask where I can find the doc to confirm the conversion rate is 1:1?
SHLX do you like SHLX? $0.46 div on Monday.
ZIM The IPO price probably reflects some concerns raised in the article.
XRT where did you get the 5% number.
per Yahoo, the % number is as below. I am not sure if the data is real-time. It may increase a little if it's not real-time and considering the GME price jump recently.
GameStop Corp Class A GME 1.52%
MHO/CCS/TPH
I trimmed my homebuilder stocks today; hope I can buy back with a lower price.
vote
do you guys have the link to vote?
CCIV $21 anybody on board with me?
there is rumor that Lucid will hold a company-wide meeting today at 11am pacific time.
deal or no deal, let's watch.
CCIV is breaking out with two hottest labels attached: EV & SPAC.
there could be some speculation opportunities.
https://wccftech.com/lucid-motors-reportedly-intends-to-go-public-by-merging-with-the-spac-churchill-capital-corp-iv-cciv/
Public Warrants
Each Public Warrant entitles the holder thereof to purchase from us one-half of one share of common stock, at a price of $5.75 per half-share ($11.50 per whole share), subject to adjustment as discussed below, at any time commencing on August 19, 2016. Pursuant to the warrant agreement, a holder of Public Warrants may exercise its Public Warrants only for a whole number of shares of common stock. The Public Warrants will expire on August 19, 2021, at 5:00 p.m., New York time, or earlier upon their redemption or liquidation.
Once the Public Warrants become exercisable, we may call such warrants for redemption:
· in whole and not in part;
· at a price of $0.01 per warrant;
· upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each registered holder of Public Warrants; and
· if, and only if, the last reported sale price of the common stock equals or exceeds $24.00 per share for any 20 trading days within a 30 trading day period ending three business days before we send the notice of redemption to the warrantholders. We will not redeem the warrants unless either (i) an effective registration statement covering the shares of common stock issuable upon exercise of the warrants is current and available throughout the 30-day redemption period or (ii) we elect to permit “cashless exercise” of the warrants.
If the foregoing conditions are satisfied and we issue a notice of redemption of the Public Warrants, each holder of Public Warrants will be entitled to exercise his, her or its Public Warrant prior to the scheduled redemption date. However, the price of our common stock may fall below the $24.00 redemption trigger price as well as the $11.50 per whole share warrant exercise price after the redemption notice is issued.
We will not redeem the Public Warrants unless an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”) covering the shares of common stock issuable upon exercise of the Public Warrants is effective and a current prospectus relating to those shares of common stock is available throughout the 30-day redemption period. If and when the Public Warrants become redeemable by us, we may exercise this redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws.
If we call the Public Warrants for redemption as described above, our management will have the option to require all holders that wish to exercise Public Warrants to do so on a “cashless basis.” In determining whether to require all holders to exercise their Public Warrants on a “cashless basis,” our management will consider, among other factors, our cash position, the number of Public Warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of common stock issuable upon the exercise of our Public Warrants. In such event, each holder would pay the exercise price by surrendering the Public Warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the Public Warrants, multiplied by the difference between the exercise price of the Public Warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” means the average reported closing price of the common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the registered holders of the Public Warrants.
S-6
We have agreed to file with the SEC as soon as practicable, but in no event later than 15 business days after the closing of the Business Combination, a registration statement for the registration under the Securities Act of the shares of common stock issuable upon exercise of the Public Warrants. We will use our best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement under the Securities Act, and a current prospectus relating thereto, until the expiration of such warrants in accordance with the provisions of the warrant agreement, except in the circumstances discussed below. In addition, we have agreed to use our best efforts to register the shares of common stock that are issuable upon exercise of the Public Warrants under state blue sky laws, to the extent an exemption is not available. Notwithstanding the foregoing, if a registration statement covering the shares of common stock issuable upon exercise of these warrants has not been declared effective by the 60th business day following the closing of the Business Combination and during any period when we have failed to maintain an effective registration statement, holders of such warrants may, until such time as there is an effective registration statement, exercise such warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act.
We are not obligated to deliver any shares of common stock pursuant to the exercise of the Public Warrants and have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of common stock underlying the Public Warrants is effective and a prospectus relating thereto is current, subject to us satisfying our obligations described above with respect to registration. No Public Warrant is exercisable and we are not obligated to issue shares of common stock upon exercise of a warrant unless common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the Public Warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a Public Warrant, the holder of such Public Warrant will not be entitled to exercise such Public Warrant and such Public Warrant may have no value and expire worthless. In no event will we be required to net cash settle any Public Warrant.
A holder of the Public Warrants may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such Public Warrants, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 9.8% of the shares of our common stock outstanding immediately after giving effect to such exercise.
The Public Warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of Public Warrants being exercised. The warrantholders do not have the rights or privileges of holders of common stock and any voting rights until they exercise their Public Warrants and receive shares of common stock. After the issuance of shares of common stock upon exercise of the Public Warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by stockholders.
No fractional shares will be issued upon exercise of the Public Warrants. If, upon exercise of the Public Warrants, a holder would be entitled to receive a fractional interest in a share, we will round down to the nearest whole number the number of shares of common stock to be issued to the warrantholder.
Private Warrants and $15 Exercise Price Warrants
The Private Warrants and $15 Exercise Price Warrants have the same general terms as the Public Warrants except that (i) each $15 Exercise Price Warrant is exercisable to purchase one whole share of common stock; (ii) the exercise price of the $15 Exercise Price Warrants is $15.00 per share; (iii) so long as the Private Warrants and $15 Exercise Price Warrants are held by the initial purchasers thereof or their permitted transferees, such warrants will not be redeemable by us and; (iv) so long as the Private Warrants are held by the initial purchasers thereof or their permitted transfers, such warrants may be exercised on a cashless basis and (v) the $15 Exercise Price Warrants expire on July 20, 2023, at 5:00 p.m., New York time, or earlier upon their redemption or liquidation.
If holders of the Private Warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” means the average reported last sale price of the common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent.
i think the warrants expire on 07/15/2021; 2 warrants for 1 share of stock.
SYBX
$SYBX The U.S. government has agreed to loan Synlogic partner Ginko Bioworks $1.1 billion for COVID-19 testing and the production of raw materials for therapies that may help address future pandemics. Synlogic and Ginkgo have an established long-term strategic platform collab.
— Zack Morris (@MrZackMorris) November 25, 2020
a little info about the mRNA vaccines.
https://www.smithsonianmag.com/science-nature/mrna-vaccines-covid-19-180975330/
I asked a TDAmeritrade Rep about this before and was told the merger wouldn't be complete until late 2021. The thinkorswim suite will mostly be kept, at least initially after the merger.
GORO fyi FAQ about the spin-off.
http://archive.fast-edgar.com/20201008/APBOP22D8C22N2Z2222C2WZZACMAZ2V2X222/
CCS GRBK and the entire homebuilder sector are performing well today after the upgrades.
GRBK $17.10 also got a buy rating initiation with target of $21 today.
CAI. the containers are in high demand, which should drive up the rental price as well. CAI has been quite strong recently, especially considering the volatility of the market.
An seekingalpha article about the containership.
https://seekingalpha.com/article/4375987-containership-rates-soar-while-stocks-dwindle?utm_medium=email&utm_source=seeking_alpha&mail_subject=j-mintzmyer-containership-rates-soar-while-the-stocks-dwindle&utm_campaign=rta-author-article&utm_content=link-1