| Today | ||||
Meetings to be held in… Meetings to be held in Boston on May 19 and in the Mid-Atlantic region on May 20 hosted by Needham. | ||||
| Yesterday | ||||
Meetings to be held in… Meetings to be held in Boston on May 19 and in the Mid-Atlantic region on May 20 hosted by Needham. | ||||
| Wednesday | ||||
Technology Analyst… Technology Analyst Savageaux holds a meeting with management in San Francisco on May 18 hosted by Northland. | ||||
| Over a week ago | ||||
Meetings to be held in… Meetings to be held in Boston on May 19 and in the Mid-Atlantic region on May 20 hosted by Needham. | ||||
Needham analyst N. Quinn… Needham analyst N. Quinn Bolton lowered the firm's price target on Rockley Photonics to $4 from $8 but keeps a Buy rating on the shares. The company "significantly" missed his Q1 estimates but also indicated that it is on track to deliver samples of its "spectral engines" in late 2022 to a consumer wearable company for a device ramp in 2023, the analyst tells investors in a research note. Bolton maintains his view that Rockley will become a leading global provider of sensing products, comprising integrated optical modules with supporting firmware, software, application algorithms, and AI platforms for high-volume applications in multiple dynamic and high-growth markets. | ||||
Pre-earnings options… Pre-earnings options volume in Rockley Photonics Holdings is normal with calls leading puts 10:3. Implied volatility suggests the market is anticipating a move near 14.2%, or 31c, after results are released. Median move over the past eight quarters is 4.3%. | |
Reports Q1 revenue $1M,… Reports Q1 revenue $1M, consensus $3.08M. | |
Rockley Photonics… Rockley Photonics announced that it has entered into definitive agreements with certain institutional investors for a $81.5M private placement of convertible senior secured notes and warrants. Participating investors have agreed to purchase $81.5M aggregate principal amount of Convertible Senior Secured Notes due 2026 and warrants to purchase 26.5M Rockley ordinary shares at an exercise price of $5.00 per share, subject to certain anti-dilution adjustments. The Warrants will expire ten years from the date of issuance. Rockley also intends to grant the initial purchasers of the Notes an option to purchase up to an additional $81.5M aggregate principal amount of Notes and Warrants. The Notes will bear cash interest at a rate of 9.5% per annum. Certain of Rockley's wholly owned subsidiaries will initially guarantee the Notes. The Notes will be convertible at an initial conversion price equal to $3.08 per ordinary share and are expected to include equity based make-whole terms. The Notes will mature on four years from the date of closing, unless redeemed, repurchased, or converted prior to such date. The transaction is subject to customary closing conditions and is expected to close on May 23. Rockley intends to use the net proceeds from the sale of the Notes along with its other liquidity sources to continue the development of its biosensing platforms, which are designed for mobile health monitoring, for the repayment of approximately $24.9M of existing debt, and for general corporate purposes. | |
Rockley Photonics … Rockley Photonics announced that the company has successfully completed its preliminary human study measuring hydration levels using Rockley's non-invasive biomarker sensing platform. Rockley has also created a new hydration index for reporting relative hydration levels with the potential to simplify the complex process of measuring personal hydration. Preliminary results of Rockley's human study examining active hydration levels before, during, and after exercise show that the miniaturized photonics-based sensor in the Rockley biosensing platform can monitor water absorption and is sensitive to water concentration changes in different layers of the dermis. The study shows that a Rockley wearable device was able to correctly predict dehydration in human subjects 99% of the time and detect the normal state of body water content euhydration 82% of the time. The ability to monitor changes in body water levels on a routine basis through a Rockley-powered device has the potential to help people and healthcare professionals make better-informed choices about their personal and patient hydration needs, respectively, including the amount and timing of fluid consumption. | |
Technology Analyst… Technology Analyst Savageaux holds a meeting with management in San Francisco on May 18 hosted by Northland. |
