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Record Date for Stockholders Eligible to Vote on MergerRMG Acquisition Corp. Announces Record Date for Stockholders Eligible to Vote on Merger ------------------------------------------------------------- • Announced that the close of business on Tuesday, December 1, 2020, has been set as the record date for the determination of stockholders eligible to receive the proxy and vote at the special meeting to be held to consider and approve the previously announced merger with Romeo Systems, Inc., a Delaware corporation ("Romeo Power"). • On October 5, 2020, Romeo Power and the Company announced a definitive agreement for a business combination that would result in Romeo Power becoming a publicly listed company. • A proxy statement, once final, will be mailed together with a proxy card to the Company’s stockholders. The final proxy statement will include the date, time and location of the special meeting. ----------------------------------------------------------------------------------------------------------- About Romeo Power Romeo Power, founded in 2016 in California by Michael Patterson, is an industry leading energy technology company focused on designing and manufacturing lithium-ion battery modules and packs for commercial electric vehicles. finance.yahoo.com
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by AlenCiken
Nuvve To Become Publicly Listed Company through NABC "Spac"1. Nuvve To Become Publicly Listed Company to Accelerate Worldwide Commercialization of Its Vehicle-to-Grid (V2G) Technology -------------------------------------------------------------------------------------------- Nuvve transforms electric vehicles into reliable, dispatchable and monetizable assets, which lowers the cost of electric vehicle (EV) ownership while supporting the integration of renewable energy for a scalable and sustainable green society. -- Company projects revenue growth to outpace the EV charging industry. -- Institutional investors commit to invest approximately $18 million in aggregate via a PIPE and bridge financing. TRANSACTION DETAIL: -Newborn is combining with Nuvve at a transaction value of approximately $102 million, subject to closing adjustments. - 10.17 million shares will be issued or reserved for issuance to existing Nuvve stockholders and option holders, based on a value of $10.00 per share. - Newborn has signed definitive agreements for the sale of approximately $14 million in equity to institutional investors in a PIPE. The PIPE investors will acquire Nuvve Holding shares at $10.00 per share. - For each share bought, the PIPE investors will receive 1.9 warrants; each whole warrant is exercisable for ½ of a Nuvve Holding share. The warrants are exercisable at $11.50 per whole share and have terms identical to the warrants that were sold as part of Newborn's IPO. - Nuvve also completed a $4 million bridge financing with an institutional investor in connection with the business combination. The investor in the bridge financing received a senior secured convertible debenture that will convert into equity immediately prior to the closing of the business combination. - pro forma equity value of the combined company will be approximately $202 million. - Pro forma net cash available to Nuvve at closing after estimated fees and expenses is expected to be approximately $70 million, made up of approximately $57.5 million in Newborn's trust account (assuming no redemptions), net proceeds of $18 million PIPE and bridge financing, and cash on Nuvve's balance sheet. - Assuming no debt outstanding, the combined company's pro forma enterprise value is expected to be approximately $132 million. Proceeds from the transaction will be used for general working capital, growth purposes and retirement of 0.6 million shares from legacy Nuvve shareholders. - Existing Nuvve stockholders have agreed to a one-year lock-up from merger close, subject to a partial release if after the 6 month anniversary of the merger close the VWAP of the Nuvve Holding shares is at or above $12.50 for 20 out of any 30 consecutive trading days. - Existing Nuvve stockholders will also be entitled to receive an earnout of 4 million newly issued Nuvve Holding shares if Nuvve's 2021 revenue exceeds $30 million as reported in its 2021 audited financial statements. - It is currently anticipated that the business combination will close in the first quarter of 2021. 2. V2G technology leader and leading electric heavy-duty vehicle manufacturer partner to provide V2G-enabled electric school buses and trucks -------------------------------------------------------------------------------------------- collaboration on launching vehicle-to-grid (V2G) technology as a standard feature of their zero-emission school buses. Lion's buses and Nuvve's V2G technology will be fully integrated, which will enable the batteries of Lion vehicles to dynamically store and discharge energy when plugged in and controlled by Nuvve's software platform. finance.yahoo.com finance.yahoo.com
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by AlenCiken
$OPTT PT 9.50-16 and higherOcean Power Technologies, Inc. develops and commercializes proprietary systems that generate electricity by harnessing the renewable energy of ocean waves in North and South America, Europe, and Asia. It offers PB3 PowerBuoy system that generates power for use independent of the power grid in remote offshore locations. The company also provides hybrid PowerBuoy products; subsea battery systems; and payloads, integration services, and marine installation services. In addition, it offers electric power and real-time data communications for remote offshore and subsea applications in markets, such as offshore oil and gas, defense and security, science and research, and communications. The company serves public and private entities, and agencies that require remote offshore power. Ocean Power Technologies, Inc. was founded in 1984 and is headquartered in Monroe Township, New Jersey. finance.yahoo.com
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by BADQOMOCAWGOWLD
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GLJ Research Upgrades US Steel (X) to BuyGLJ Research analyst Gordon Johnson upgraded US Steel (NYSE: X) from Hold to Buy with a price target of $17.30. -Foreseeing a revival of car demand in the U.S., and a revival of "high-end auto steel markets" alongside it, GLJ says it is currently seeing the "most bullish setup we've seen for the US steel sector since mid-2019. -Global steel prices surging, This is happening at the same time as the U.S. steel market is enduring "acute shortages" in supply. -GLJ sees "massive ... liquidity" from government stimulus efforts, and more coming down the pike from a "stimulus-friendly Biden Administration." - In GLJ's view, U.S. Steel, which cost $11 and change yesterday could conceivably soar as high as $17.30 over the next 12 months www.fool.com www.streetinsider.com
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by AlenCiken
OPTT Expands Commercial Team With Southern Europe-Based RepOPTT Expands Commercial Team With Southern Europe-Based Representative - Jorge Franco has joined the Company as Regional Sales Representative based in Spain. - Southern Europe offers opportunities for OPT’s offshore power and communications solutions, particularly in the oil and gas industry - Jorge has significant relationships within leading companies operating in the region, and we believe his experience will be beneficial to serving OPT’s existing and prospective customers. - He has more than 20 years of experience in multinational technical companies selling products and services for offshore operations finance.yahoo.com
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by AlenCiken
Ideanomics Increases Its Stake in e-Tractor Company Solectrac- Electric tractors are poised to disrupt the $75 billion global agricultural tractor industry NEW YORK, Nov. 23, 2020 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company") announces that it has increased its stake in California-based Solectrac, Inc. through a follow-on investment of an additional $1.3 million. This additional investment reflects investment interest in Solectrac by ESG funds which is expected to close in the coming weeks. As a reminder, on October 22, 2020, the Company announced that it acquired 14.7% of Solectrac, Inc. for the consideration of $1.3 million. Since this announcement, Solectrac experienced an increase in product and investment inquiries. This recent investment increases Ideanomics ownership to 24%, which will reduce to approximately 22% post-money once the additional third-party investment is finalized. The new investment by Ideanomics allows Ideanomics to increase its share of ownership sufficiently to recognize its stake in Solectrac under the equity method for US GAAP accounting purposes. We believe Solectrac has enormous potential and, given the uptick in both product inquiries and investment interest they are seeing, we exercised our rights to increase our stake so we can help Solectrac scale to meet anticipated market demand ," said Alf Poor, CEO of Ideanomics. Solectrac develops, assembles and distributes 100% battery-powered electric tractors—an alternative to diesel tractors—for agriculture and utility operations. finance.yahoo.com
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by AlenCiken
DPW Shares rises on Plan to Put EV Chargers at Fast-Food OutletsDPW Holdings’ Coolisys® Power Electronics Business to Test ACECool™ EV Chargers Targeting National Fast-Food Franchise Networks ("Coolisys®"), has established a program targeting both national and regional fast-food franchisees to install the ACECool™ electric vehicle ("EV") chargers as a part of a revenue sharing program. The program initially will be funded from the Company’s recent capital raising activities. The program is expected to be launched in California, Nevada and Canada. While the Company is excited about Coolisys’ new franchise program, there is no assurance that the program will be successful. the program will allow franchise owners and operators to install the ACECool™ EV chargers and share in the net revenue from advertising and network usage. Coolisys expects to launch its program with a national fast-food network franchisee that forms a part of a network with over 1,000 locations. Coolisys expects to announce other network partners in the first quarter of 2021. Global EV sales rose a dramatic 65% from 2017 to 2018, for a total of 2.1 million vehicles, with sales figures steady through 2019. EV demand is again expected to rise according to a study by Bloomberg New Energy Finance, which sees improved batteries, more readily available charging infrastructure, new markets and price parity with internal combustion engine vehicles as the major growth drivers. finance.yahoo.com
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by AlenCiken
Arrival to list on NASDAQ through merger with CIIG Merger Corp.-Arrival, the company creating electric vehicles (“EVs”) with its game-changing technologies, has entered into a definitive business combination agreement with CIIG Merger Corp. (NASDAQ: CIIC); and the newly combined company will be listed on the NASDAQ under the new ticker symbol “ARVL” -The transaction values the combined company at an enterprise value of US $5.4 billion and is expected to provide approximately US $660 million in gross cash proceeds to the Company. -As part of the transaction, CIIG raised a US $400 million fully committed common stock PIPE that was anchored by Fidelity Management & Research Company LLC, Wellington Management, BNP Paribas Asset Management Energy Transition Fund, and funds and accounts managed by BlackRock -Arrival is producing EVs competitive in price with fossil fuel alternatives and substantially lower than comparable EVs -Arrival has developed a new method of designing and producing zero-emission vehicles using its proprietary hardware, software and robotics technologies and low cost Microfactories -Arrival has signed contracts with total order value up to US $1.2 billion and its first products are planned for production in Q4 2021 -Arrival has previously received investment from strategic partners Hyundai, Kia, UPS, Winter Capital, and funds and accounts managed by BlackRock -The combined company will add Peter Cuneo, CIIG’s Chairman and CEO, as Non-Executive Chairman to its post-closing Board of Directors www.globenewswire.com
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by AlenCiken
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Butterfly Network to merge with SPAC Longview in $1.5 billionButterfly Network, a global leader in democratizing medical imaging, to be listed on NYSE through a merger with Longview Acquisition Corp. Butterfly iQ is the only ultrasound transducer that can perform "whole-body imaging" with a single handheld probe using semiconductor technology. Connected to a mobile phone or tablet, it is powered by Butterfly's proprietary Ultrasound-on-Chip™ technology and harnesses the advantages of AI to deliver advanced imaging that we believe is easy-to-use, improves patient outcomes and lowers cost of care. - The Pro Forma enterprise value of the merger is $1.5 billion, with the combined company expected to have an estimated $584 million in cash after closing. - 100% of the equity of existing Butterfly Network investors, including Baillie Gifford, The Bill and Melinda Gates Foundation and Fosun Industrial Co., Limited, will convert into shares of the combined company. There will be no selling stockholders in the transaction. - The business combination is expected to be completed by the end of the first quarter of 2021, and the combined company will be listed on the NYSE under ticker symbol "BFLY." finance.yahoo.com
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by AlenCiken
Luminar has struck a deal with Mobileye, an Intel company!Luminar Technologies, Inc. (“Luminar”), the global leader in automotive lidar hardware and software technology, which is currently in the process of becoming a public company through its expected merger with Gores Metropoulos, Inc. (Nasdaq: GMHI, GMHIU, GMHIW), a special purpose acquisition company, has struck a deal with Mobileye, an Intel company, to supply Luminar lidar for the company’s Autonomous Vehicle (AV) Series solution in its next phase of driverless car development and testing. As part of the agreement, Mobileye will collaborate with Luminar to use its lidar for the first generation of its level 4 Mobility-as-a-Service (MaaS) pilot and driverless fleet in key markets around the world Luminar’s technology will be used to enable Mobileye’s TRUE REDUNDANCY™ solution which is uniquely comprised of multiple self-contained sensor systems to enable uncompromised safety and validation for level 4 driving. By processing completely independent streams of data from 360-surround view cameras, lidar, and radar, the solution ensures significantly greater perception accuracy and eliminates the impact of disruptions to an individual sensor. Austin Russell, Founder and CEO of Luminar Technologies said that“Mobileye disrupted the auto industry to become the undisputed king of ADAS, and with the right partner is uniquely positioned to enable autonomy at an unprecedented scale.” “After collaborating with Mobileye for over a year, we’re excited to formalize this deal and work towards a shared vision of making autonomy safe and ubiquitous.” Luminar has secured a total of 50 commercial partners across passenger vehicle, trucking, and robo-taxi verticals, representing approximately 75% of major players in the targeted customer ecosystem. Luminar’s accelerating commercial traction has resulted in opportunities to convert 12 of its OEM programs and engagements from development stage into production. Key 2020 achievements across its three key verticals include: Passenger Vehicle – Luminar has secured the industry’s first series production deal for consumer vehicles starting in 2022. Luminar remains on schedule with the first Iris sensors now running live on vehicles. Luminar is partnered with seven of the top 10 largest automakers at various development stages, with timelines to series production landing between 2022-2025. Trucking – Luminar is partnered with the largest global truck OEM to commercialize Level 4 autonomous trucks for long-haul highway use cases; Luminar is now also powering all other major autonomous trucking programs globally. Mobility-as-a-service – Luminar is now working with a number of major next-generation autonomous robo-taxi programs, with particular focus on those closer to series production, including Mobileye’s internal Mobility-as-a-Service program. www.businesswire.com
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