|Over a quarter ago|
Four new option listings and three option delistings on October 28th » 08:3010/2810/28/19
OSW, SPCE, IPOA, NANO, RTEC
New option listings for…
New option listings for October 28th include Onto Innovation Inc (ONTO), OneSpaWorld Holdings Ltd (OSW), ProShares Russell 2000 Dividend Growers ETF (SMDV), and Social Capital Hedosophia Holdings Corp (SPCE). Option delistings effective October 28th include Social Capital Hedosophia Holdings Corp (Class A Stock) (IPOA), Nanometrics Inc (NANO), and Rudolph Technologies Inc (RTEC).
Virgin Galactic completes merger with Social Capital, to begin trading on NYSE » 07:2110/2810/28/19
Virgin Galactic and…
Virgin Galactic and Social Capital Hedosophia announced the completion of their previously announced business combination. The resulting company is named Virgin Galactic Holdings and its common stock, units and warrants are expected to commence trading on the New York Stock Exchange under the new ticker symbol "SPCE", "SPCE.U" and "SPCE WS", respectively, on October 28. As a result of this transaction, Virgin Galactic has received over $450M of primary proceeds and as at market close on Friday October 25, the business has a market capitalization of $2.3B. Going forward, existing Virgin Galactic shareholders will own nearly 59%. The company manufactures its space vehicles in Mojave, California, through its aerospace development subsidiary The Spaceship Company, with commercial operations centered at Spaceport America in New Mexico. VG said it already has customer reservations from more than 600 people in 60 countries representing approximately $80M in total collected deposits, and over $120M of potential revenue. "The completion of this merger and trading as a public company are the next milestones on the path towards building a thriving commercial service business and investing appropriately for the future," Virgin Galactic said. Sir Richard Branson, Founder of Virgin Galactic, added: "With our proprietary spaceflight system, special airspace access at Spaceport America, globally-recognized brand and broad investor interest, I believe VG is ideally positioned to capitalize on the fast-growing, multibillion-dollar commercial space market and ultimately open space to thousands of new astronauts. Today, we achieved one mission, and as we bring more and more future astronauts to space, we look forward to the future."
Four new option listings and three option delistings on September 25th » 08:3009/2509/25/19
CCC, COOP, IPOA, SVC, FNSR, HPT, SKIS
New option listings for…
New option listings for September 25th include Clarivate Analytics Plc (CCC), Mr Cooper Group (COOP), Social Capital Hedosophia Holdings Corp (Class A Stock) (IPOA), and Service Properties Trust (SVC). Option delistings effective September 25th include Finisar Corp (FNSR), Hospitality Properties Trust (HPT), and Peak Resorts Inc (SKIS).
Fly Intel: Wall Street's top stories for Tuesday » 16:2207/0907/09/19
CSCO, MMM, ACIA, AAOI, CIEN, NPTN, INFN, IPOA, PEP, BA, CVX, PSX, GE, RTN, SQ, ELF, DVA, PRTY
The major indexes were…
Fly Intel: Wall Street's top stories at midday » 12:0107/0907/09/19
ACIA, CSCO, PEP, IPOA, SQ, ETSY, DVA, PRTY, AAOI, NPTN, CIEN, INFN, MRK, LLY, AMGN
The major averages are…
Social Capital rises 4.2% » 09:4707/0907/09/19
Social Capital is up…
Social Capital is up 4.2%, or 44c to $10.87.
Fly Intel: Pre-market Movers » 09:0107/0907/09/19
ACIA, CSCO, IPOA, CHEK, SOLO, SRPT, LNN, NMFC
HIGHER: Acacia Communications (ACIA), up 37% after announcing Cisco (CSCO) has agreed to acquire the company for $70.00 per share... Social Capital (IPOA), up 3% after announcing plans to merge with Virgin Galactic... Check-Cap (CHEK), up 19% after announcing final results from its recently completed post-CE approval study evaluating the clinical performance and safety of the C-Scan system... ElectraMeccanica (SOLO), up 14% after Roth Capital analyst Craig Irwin started coverage of the stock with a Buy rating and C$7.50 price target... Sarepta (SRPT), up 2% after Morgan Stanley analyst Matthew Harrison raised his price target for shares to $220 from $165 while keeping an Overweight rating. The company's Duchenne muscular dystrophy gene therapy is positioned to be the first to market, taking a majority share of the ~$20B prevalent population in the U.S. and expanding internationally with a "significant" lead, Harrison tells investors.DOWN AFTER EARNINGS: Lindsay (LNN), down 5%. ALSO LOWER: New Mountain Finance (NMFC), down 2% after 6M share secondary priced at $13.68 per share.
Social Capital, Virgin Galactic announce transaction details of merger » 06:2307/0907/09/19
Social Capital, or SCH,…
Social Capital, or SCH, entered into a definitive agreement to combine with Virgin Galactic, or VG, with a combination of stock and cash financing. The merged company will have an anticipated initial enterprise value of $1.5B implying a 2.5x multiple of 2023 projected revenue and a 5.5x multiple of 2023 projected EBITDA as commercial operations are expected to achieve scale. After the completion of the transaction, the majority of the net cash from SCH's trust is expected to be held on VG's balance sheet to fund operations and support continued growth. In connection with the transaction, SCH's founder has agreed to invest an additional $100M at $10.00 per share at completion of the transaction. The selling equity owners of VG will receive $1.3B in total consideration, inclusive of $1B of common stock of the combined company valued at $10.00 per share and up to $300M in cash consideration. Assuming no redemptions by the public shareholders of SCH, current VG shareholders and current holders of SCH will hold approximately 51% and 49% of the combined company, respectively, at closing. The transaction is currently expected to be completed during the second half of 2019, subject to approval by SCH's shareholders and other customary closing conditions. Sir Richard Branson, Founder of VG, said, "Great progress in our test flight program means that we are on track for our beautiful spaceship to begin commercial service. By embarking on this new chapter, at this advanced point in Virgin Galactic's development, we can open space to more investors and in doing so, open space to thousands of new astronauts. We are at the dawn of a new space age, with huge potential to improve and sustain life on Earth. I am delighted that SCH has decided to become such an important part of our amazing journey. They share our dreams and together we will make them reality."
Social Capital Hedosophia to merge with Virgin Galactic, merger valued at $1.5B » 06:1807/0907/09/19
Virgin Galactic, or VG,…
Virgin Galactic, or VG, and Social Capital Hedosophia, or SCH, a public investment vehicle sponsored by Social Capital and Hedosophia, announced that the boards of directors of each company have approved a definitive agreement under which VG and SCH will merge, with the current shareholders of SCH expected to own up to approximately 49% of the combined company. Upon closing of the transaction, which is expected in the second half of 2019, VG will be introduced as the first and only publicly traded commercial human spaceflight company. Virgin Galactic has developed a set of technologies designed to enable a safe and familiar flying experience for customers to go into space and become officially designated astronauts. Virgin Galactic's technologies have created the first vehicle built for commercial service to put humans into space. Virgin Galactic already has customer reservations from more than 600 people in 60 countries representing approximately $80M in total collected deposits and $120M of potential revenue. Virgin Galactic has already been granted its FAA commercial space launch license, and the New Mexico Spaceport has also received its Spaceport license. Pro forma enterprise value of the merger is $1.5B. Social Capital Hedosophia Founder and CEO, Chamath Palihapitiya, will invest an additional $100M in the transaction and will become chairman of the combined entity. As part of its commercial operations, VG has exclusive access to the principal assets at Spaceport America, New Mexico. Spaceport America is the world's first, purpose built commercial spaceport. As announced on May 10, VG is moving more than 100 spaceline staff and its space vehicles to Spaceport America, which will become the new location of its operational headquarters. Spaceport America will be the site of VG's initial commercial spaceflights and where the company will deliver a customer experience over the multi-day pre-flight period. As part of this transaction, the existing management team of VG will remain in place following the close of the transaction with George Whitesides remaining as CEO, while a new board, comprised of seven directors, will be augmented by the addition of Chamath Palihapitiya, as chairman and Adam Bain.
Social Capital, Virgin Galactic merged company to be publicly traded 06:1007/0907/09/19