Needham to hold a virtual conference » 09:1204/1204/12/21
GRCL, LMAT, IONS, TSHA, ZEAL, CLSD, MEIP, PCVX, EVLO, IVC, BSGM, CYTK, SYBX, RNA, CSTL, AGI, CARA, FIX, ITRM, LTRN, OCGN, QURE, STTK, VKTX
20th Annual Virtual…
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Mohawk Group closes previously announced debt refinancing » 08:3504/0904/09/21
Mohawk Group Holdings…
Mohawk Group Holdings announced that it has closed the refinancing of all of its previously outstanding debt, including two senior secured notes and its revolver credit facility. The Company previously announced its intent to refinance its outstanding debt on March 8, 2021. Pursuant to the refinancing, Mohawk issued senior secured promissory notes in an aggregate principal amount of $110M to two affiliated institutional lenders for a cash payment to Mohawk of $57.7M and the exchange of two senior secured promissory notes with an aggregate principal amount of $52.3M previously issued to the institutional lenders. $14.8M of the net proceeds were used to repay all amounts owed under the Company's Amended and Restated Credit and Security Agreement with MidCap Funding X Trust. The new senior secured promissory notes have an 8% annual interest rate payable in cash on a quarterly basis with a three year maturity. In connection with the refinancing, the Company issued to the institutional lenders warrants to purchase an aggregate of 2,259,166 shares of the Company's common stock with an exercise price of $31.74 per share. The Company expects to use the remaining net proceeds of $40.8M, after deducting fees and expenses, for potential acquisitions, working capital and general corporate purposes.
Waitr Holdings adds more Marco's Pizza delivery locations » 16:1104/0804/08/21
Waitr Holdings announced…
Waitr Holdings announced it has added additional Marco's Pizza locations to its platform. Waitr and Bite Squad now deliver from Marco's Pizza at more than 100 locations in 92 cities across the nation. The two companies originally began working together, in select markets, in October 2020. "Marco's Pizza's is dedicated to producing the best delivered pizza for its customers, and we're dedicated to make the best delivery experience, which makes it an ideal brand for the Waitr platform," said Carl Grimstad, CEO and Chairman of Waitr.
Largest borrow rate increases among liquid names » 08:4504/0804/08/21
VLDR, CLVR, EYES, WPRT, BLNK, ABCL, AMC, SRAX, SUNW, VET
Latest data shows the…
Latest data shows the largest indicative borrow rate increases among liquid option names include: Velodyne Lidar (VLDR) 23.13% +5.34, Clever Leaves (CLVR) 28.13% +3.74, Second Sight (EYES) 57.97% +0.97, Westport (WPRT) 4.98% +0.82, Blink Charging (BLNK) 54.85% +0.71, AbCellera Biologics (ABCL) 21.40% +0.47, AMC Entertainment (AMC) 2.37% +0.35, Social Realty (SRAX) 30.15% +0.29, Sunworks (SUNW) 7.79% +0.22, and Vermilion Energy (VET) 1.73% +0.21.
INVO Bioscience files $35M mixed securities shelf 16:4204/0704/07/21
Avid Bioservices participates in a conference call with Stephens » 15:5504/0704/07/21
Conference call with CEO…
Conference call with CEO Green and CFO Hart will be held on April 7 at 4 pm hosted by Stephens.
Fly Intel: Top five analyst upgrades » 09:5604/0704/07/21
NCMI, FOXA, GSX, LAZ, ANF, GIL, KTB, LB
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. National CineMedia (NCMI) upgraded to Buy from Hold at Benchmark with analyst Mike Hickey saying he believes the domestic theatrical business is "poised to make a resounding post-pandemic growth reset." 2. Fox Corp. (FOXA) upgraded to Equal Weight from Underweight at Wells Fargo with analyst Steven Cahall saying he now sees the new NFL deal as a clearing event with the firm's out-year TV estimates moving up significantly. 3. GSX Techedu (GSX) upgraded to Neutral from Underweight at JPMorgan with analyst DS Kim saying while "myriads of uncertainty" still exist, technical selling pressure should subside "sooner or later," which alone could push the stock higher. 4. Lazard (LAZ) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Manan Gosalia saying industry M&A activity is "booming," with global announced M&A volumes reaching $1.4T for the second quarter in a row in Q1 to mark the new high since the financial crisis adding that Lazard gets about 55% of its revenues from M&A and capital markets advisory. 5. Abercrombie & Fitch (ANF), Gildan Activewear (GILD), Kontoor Brands (KTB) and L Brands (LB) all upgraded to Buy from Neutral at UBS. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Acadia price target lowered to $30 from $44 at Needham » 08:5204/0704/07/21
Needham analyst Joseph…
Needham analyst Joseph Stringer lowered the firm's price target on Acadia to $30 from $44 but keeps a Buy rating on the shares. The news of an FDA Complete Response Letter for Nuplazid in Dementia-Related Psychosis was mostly as expected as it had previously identified deficiencies in the sNDA, though the issues raised are significant and include concerns around a broad DRP label based on the Ph3 HARMONY trial, the analyst tells investors in a research note. Stringer adds that he is lowering his Dementia-Related Psychosis indication probability of success to 20% from 60%.
National CineMedia upgraded to Buy from Hold at Benchmark » 06:2404/0704/07/21
Benchmark analyst Mike…
Benchmark analyst Mike Hickey upgraded National CineMedia to Buy from Hold with a $6 price target. The analyst believes the domestic theatrical business is "poised to make a resounding post-pandemic growth reset." With the resurgence of movie-goers, National CineMedia will directly benefit as "newly energized" cinema media buyers re-engage with an "elusive and compelling demographic," Hickey tells investors in a research note. He believes virus mitigation efforts has inflected in the U.S., which will drive an "accelerated trend toward a desire for normality, escapism and out of home entertainment." National CineMedia can rebuild pre-pandemic EBITDA levels, and benefit from digital out of home initiatives, says Hickey. The stock offers a "hypothetical 100% pre-pandemic return potential."
Acadia downgraded to Neutral from Buy at H.C. Wainwright » 06:1104/0704/07/21
H.C. Wainwright analyst…
H.C. Wainwright analyst Andrew Fein downgraded Acadia Pharmaceuticals to Neutral from Buy with a price target of $18, down from $43. Based on the Complete Response Letter, the analyst believes Acadia "completely failed to appreciate" the FDA's advice at the end of the Phase 2 meeting, which "clearly stated" that a single well-controlled study must be very persuasive, offer statistical significance with a very small probability of Type I error, and that it should be clinically meaningful. Failure to fully appreciate a prospective worst-case scenario following the FDA meeting has resulted in just that, Fein tells investors in a research note.