CRNT with positive news in a 6K filing this AM:
The Company announces that it has reached an agreement to collect a debt from a South American customer (the “Settlement Agreement”). Such Settlement Agreement relates to a debt for which the Company fully recorded a credit loss provision in Q4 2022 and to an arbitration proceeding against the Company and its subsidiary as previously reported in a 6K form filed on December 4, 2023 and our 20F form for 2023 filed on March 21 2024. Under the Settlement Agreement, we expect to receive a total of $12M in three installments. The first tranche of $4M was received by the Company on May 24. 2024, and the two remaining installments are expected to be paid subject to several conditions.
According to the agreement, the arbitration proceeding against the Company has been terminated and the customer has waived all its claims against the Company and its subsidiaries.
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Seems undervalued at current price levels, esp given the large contract that is due to kick in starting in 2H of this year. A good one to accumulate IMO on choppy price activity if it stays in the 2.50 - 2.70 range