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FTS International Announce Restructuring Of Its $400 Million Debt
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FTS International Inc (NYSE:FTSI) gapped higher by 9.09% yesterday. The company has entered an agreement with75% of its debt holders to restructure its 6.25% secured senior notes due 2020 to convert the debt into equity. Following the restructuring, the company will emerge debt-free with around $437.3 million availed to offer financial flexibility to boosts innovation and. Most suppliers, vendors, and customers will be unaffected by the move.
Also, the company has released its Q2 2020 results in which the company reported net loss of $50.7 million on revenue of $29.5 million. The company reported earnings per share of $9.43 with adjusted EBITDA dropping to $9.1 million from $22.3 million.
Graf Industrial Confirm Attendance Of Velodyne Lidar At the JPMorgan Auto Conference
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Graf Industrial Corp. (NYSE:GRAF) stocks gaps higher by 5.18% yesterday. The company has announced that Velodyne Lidar which entered a definitive Merger Agreement with will attend the JPMorgan Auto Conference. Velodyne is scheduled for the meeting and present. Those expected in the meeting were the CEO of Velodyne Anand Gopalan and its CF Drew Hamer as well as Graf Industrial CEO and founder James Graf. Graf acquired Velodyne through a reverse merger for an ascribed enterprise value of $1.6 billion and an equity value of $1.8 billion. The companies expect to finalize the deal in Q3 2020subject to shareholder approval and customary conditions.
Pareteum Corp Receives Nasdaq Compliance Notifications
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Pareteum Corp. (NASDAQ:TEUM) sharply gapped higher by 5.00%. The company has announced that it has received a compliance letter from the Nasdaq showing that the bid price of its shares had not attained the minimum bid price of $1 per share for continued listing on the Nasdaq Capital Market. As per Listing Rule, 5810(c)(3)(A) Paretemu has been given 180 calendar days t regain compliance for continued listing.
On April 16, 2020, Nasdaq filed and effective rule change with the SEC with companies in bid price compliance remaining in the stage until July 1, 2020. The Nasdaq Listing Qualifications Staff determined that the company had not regained compliance and will not be afforded another 180 day compliance period.
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COMTEX_370546461/2700/2020-09-02T06:25:42
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