Orbcomm says Marten Transport uprgrades fleet with asset tracking solutions » 09:2705/1105/11/21
ORBCOMM announced that…
ORBCOMM announced that Marten Transport has begun the retrofit of their fleet of refrigerated and dry van trailers with ORBCOMM's next generation, dual-mode asset tracking solutions in preparation for the sunsetting of 3G wireless service, which will commence at the end of 2021.
Orbcomm downgraded to Market Perform from Outperform at Northland » 07:5905/1105/11/21
Northland analyst Michael…
Northland analyst Michael Latimore downgraded Orbcomm to Market Perform from Outperform with a $11.50 price target following the expiration of the company's 30 day "go shop" period. While still possible for another offer to emerge, the likelihood is low and he now expects the deal with GI Partners to close in the second half of 2021, Latimore said.
Orbcomm downgraded to Underperform from Strong Buy at Raymond James » 15:5805/1005/10/21
Raymond James analyst Ric…
Raymond James analyst Ric Prentiss downgraded Orbcomm to Underperform from Strong Buy after the company announced the expiration of its merger" go-shop" period with no topping bid being made.
Orbcomm announces expiration of 'go-shop' period under terms of merger » 08:1605/1005/10/21
ORBC, PJT, RJF
ORBCOMM (ORBC) announced…
ORBCOMM (ORBC) announced the expiration of the 30-day "go-shop" period under the terms of the merger agreement between ORBCOMM and GI Partners which was previously announced on April 8, 2021. The "go-shop" period expired on May 7. No alternative acquisition proposals were received by ORBCOMM during the "go-shop" period. Pursuant to the merger agreement, during the "go-shop" period, ORBCOMM, with the assistance of PJT Partners (PJT) and Raymond James (RJF), ORBCOMM's financial advisors, actively solicited alternative acquisition proposals from third parties that they believed might be interested in a possible alternative transaction. During this process, ORBCOMM, PJT Partners and Raymond James engaged with more than 50 parties. ORBCOMM is now subject to customary "no-shop" restrictions that limit its and its representatives' ability to solicit alternative acquisition proposals from third parties, subject to customary "fiduciary out" provisions. The transaction is expected to close in the second half of 2021, subject to the satisfaction of customary closing conditions, including approval by ORBCOMM stockholders and the receipt of required regulatory approvals. Upon completion of the transaction, ORBCOMM will become a privately-held company, and its common stock will no longer be listed on the Nasdaq Stock Market.
|Over a week ago|
Orbcomm selected by Grassmid to integrate in-cab, asset tracking solutions » 09:0805/0405/04/21
ORBCOMM announced that it…
ORBCOMM announced that it has been selected by Grassmid Transport to provide its integrated in-cab and asset tracking solutions to monitor their fleet of trucks, dry vans and refrigerated trailers. "ORBCOMM's comprehensive solutions provide wireless connectivity through its industry-leading hardware and a single, unified Cloud-based analytics platform for optimal fleet management across multiple asset classes," the company said. Grassmid hauls products including meat, fruit, vegetables, water heaters and office furniture. They are using ORBCOMM's in-cab solution to enhance operational efficiency through increased visibility and auditing, along with more automated management of their drivers and trucks. Grassmid is also using ORBCOMM's telematics solutions for two-way temperature monitoring and control, fuel management, maintenance and logistics services for its refrigerated and dry assets.
Orbcomm reports Q1 adjusted EPS (4c), consensus (5c) » 08:1304/2904/29/21
Reports Q1 revenue…
Reports Q1 revenue $63.7M, consensus $62.37M. "We're pleased with our first quarter results with Revenues coming in as expected while navigating through a global component supply shortage," said Marc Eisenberg, Orbcomm's CEO. "We're continuing to see customer demand return to normalized levels as evidenced by the 87,000 devices we shipped in the quarter. This resulted in year-over-year and sequential growth in product sales. With the integration work now behind us, we believe the company is well-positioned to capitalize on strong tailwinds in the industrial IoT market. We are excited about the proposed acquisition by GI Partners and believe this transaction provides ORBCOMM shareholders with substantial value. As we look forward to completing the closing conditions of our merger, we remain focused on continuing to drive innovation, provide world-class service to our customers and expand our market share in the industrial IoT."
|Over a month ago|
Fly Intel: Wall Street's top stories for Thursday » 16:4804/0804/08/21
AAPL, TWTR, GME, CHWY, RICE, YAC, SWBI, RCL, NCLH, LIND, OSW, NFLX, SNE, ORBC, PAR, BOX, KKR, GBOX
The S&P 500 rose and the…
Fly Intel: Wall Street's top stories at midday » 12:2304/0804/08/21
AAPL, TWTR, GME, RICE, YAC, ORBC, PAR, BOX, KKR, GBOX
The major averages are…
Orbcomm can terminate buyout with superior proposal, says Raymond James » 10:3404/0804/08/21
Raymond James analyst Ric…
Raymond James analyst Ric Prentiss finds it important that Orbcomm's go private deal with GI Partners at $11.50 per share in cash has a 30-day "go-shop" period that expires on May 7 to solicit and consider alternative acquisition propositions. Orbcomm may terminate the GI agreement if it receives a superior proposal, Prentiss tells investors in a research note. The analyst says he will continue to monitor the deal through the go-shop period and approval processes. He keeps a Strong Buy rating on Orbcomm.
Orbcomm downgraded to Hold from Buy at Craig-Hallum » 10:2304/0804/08/21
Craig-Hallum analyst Anthony Stoss downgraded Orbcomm to Hold from Buy with a $11.50 price target after the company announced an agreement to be acquired by GI Partners for $11.50 per share in cash.