On Monday, Shares of Celsus Therapeutics PLC (ADR) (NASDAQ:CLTX), lost -4.14% to $2.78.
Celsus Therapeutics Plc and Volution Immuno Pharmaceuticals, declared that Celsus has reached a securities purchase agreement for a private placement with a select group of investors, led by Deerfield, and counting Venrock, Vivo Capital, Foresite Capital, New Enterprise Associates, QVT Financial, RA Capital Administration and certain other institutional investors.
The closing of the private placement is subject to Celsus obtaining shareholder approval of the financing transaction and the formerly declared acquisition by Celsus of Volution Immuno Pharmaceuticals at Celsus’ General Shareholder Meeting on September 16, 2015, the closing of the acquisition and satisfaction of customary closing conditions. Following the closing of the acquisition, the combined company will be renamed Akari Therapeutics Plc, and the company anticipates to trade on the NASDAQ Capital Market under the ticker symbol ‘AKTX’.
Upon the closing of the private placement, Akari anticipates to receive net proceeds of about $70 million from the sale of ordinary shares, to be represented by American Depository Shares (ADSs). Based on yesterday’s closing bid price on NASDAQ of $0.61 per ADS, assuming an aggregate of 949,410,450 fully-diluted shares following the closing of the acquisition, the purchase price of the financing would be equal to $1.58 per the presently trading ADS (or $0.158 per ordinary share), representing a 159% premium to yesterday’s closing bid price. The actual purchase price per ADS upon closing is subject to adjustment based on the closing bid price on NASDAQ on the closing date of the acquisition, which will affect the number of fully diluted ordinary shares. Presently, each ADS represents 10 ordinary shares. As of September 17, 2015, the ADS ratio will adjust, such that each ADS will represent 100 ordinary shares. The ADSs to be purchased by the investors in the financing will each represent 100 ordinary shares.
Celsus Therapeutics Plc, a development stage biopharmaceutical company, engages in the discovery and development of non-steroidal, synthetic anti-inflammatory drugs. The company’s principal product candidate is MRX-6, a topical cream that is in Phase 2 clinical trial for the treatment of atopic dermatitis.
Shares of Fifth Street Finance Corp. (NASDAQ:FSC), declined -3.89% to $6.17, during its last trading session.
Fifth Street Finance Corp., declared that it intends to substantially enhance the amount of its share repurchases in the current quarter. We have begun, and expect to complete in the month of August 2015, the initial $4.9 million repurchase, which was detailed on our third quarter earnings conference call. In addition, if current market conditions persist, we plan to purchase a considerably larger amount of shares in September 2015, preceding to the commencement of our next quarterly blackout period on October 1, 2015. Share repurchases will be accomplished under the $100 million share repurchase program authorized by our Board of Directors, which expires on November 20, 2015.
“Given current market conditions and the benefits from executing on our formerly declared share repurchase program, FSC is happy to declare that it will be substantially expanding its share repurchase activity during the September quarter. We look forward to providing additional information, counting the projected size of the repurchase, in the coming weeks,” stated Todd G. Owens, Chief Executive Officer.
Fifth Street Finance Corp. is a specialty finance company that lends to and invests in small and mid-sized companies, primarily in connection with investments by private equity sponsors. The Company’s investment objective is to maximize the Company’s portfolio’s total return by generating income from its debt investments and capital appreciation from its equity investments.
At the end of Monday’s trade, Shares of Wyndham Worldwide Corporation (NYSE:WYN), lost -3.35% to $74.22.
RCI and part of the Wyndham Worldwide family of brands (WYN), added 26 new properties to its associate exchange network during the second quarter of 2015, raising its newly associated property number to 58 through the first half of the year. The additions join a network of about 4,500 resorts across more than 100 countries.
“We continue to deliver on our promise to provide greater flexibility and choice to our 3.8 million RCI subscribing members by offering more travel options than any other exchange company in the world,” said Gordon Gurnik, president, RCI. “Knowing that these resorts selected RCI to assist enhance the vacation ownership experience they offer is very rewarding and a testament to the services we provide.”
The Grand Palladium Palace Ibiza Resort & Spa, situated on the beachfront of the renowned Playa d’en Bossa in Spain, is one of the most recent properties to join the RCI network. From here, guests can take in the famed beaches, water sports and nightlife that have become synonymous with the island of Ibiza. Grand Palladium offers guests an enjoyable combination of outdoor recreation activities, fine dining, and entertainment options suitable for all ages. The property boasts more than 400 spacious and elegant rooms equipped with modern amenities and luxuries counting three thematic a la carte restaurants and two freshwater pools.
Wyndham Worldwide Corporation provides hospitality services and products to individual consumers and business customers worldwide. It operates three in segments: Lodging, Vacation Exchange, Rentals, and Vacation Ownership.
Finally, Ingram Micro Inc. (NYSE:IM), ended its last trade with -3.18% loss, and closed at $24.67.
Ingram Micro declared that leading managed service provider (MSP), Heartland Technology Solutions (HTS), is using the Ingram Micro Service Desk and Cloud Ignite Services to successfully monitor and troubleshoot daily assist desk issues for its SMB customers. Featuring one-call resolution, real-time monitoring, white label service options, and integration with leading PSA tool, ConnectWise, Ingram Micro’s value-driven support services allow HTS to consistently exceed service-level agreements (SLAs) while significantly boosting productivity levels and profitability.
“Our customers rely on us to deliver exceptional customer service and support,” said Connie Arentson, VP of service operations, Heartland Technology Solutions. “We had tried using outsourced assist desk services with another company, but they failed to meet our standards. However, Ingram Micro’s support offering was much different. For example, they enabled us to purchase an 800 number. Now, when any customer calls for support, they’re greeted by a certified support technician representing our company, which strengthens our brand. I know our customers are in good hands when utilizing Ingram Micro’s support capabilities to accelerate and grow their cloud businesses.”
HTS, a leading provider of IT support and managed IT services, serves 650 customers across the Midwest and beyond. While engaging a manufacturing client about disaster recovery as a service (DRaaS), HTS quickly realized how much benefit Ingram Micro’s value-driven support offerings would bring to the client. The Ingram Micro Service Desk was appealing to HTS because it offered the affordable, scalable, and quality-driven capabilities needed to lower operating expenses, while providing customers with an unparalleled support experience.
Ingram Micro Inc. distributes information technology (IT) products; and provides supply chain and mobile device lifecycle services worldwide. The company offers printers, scanners, displays, projectors, monitors, panels, mass storage, and tape products; digital signage products; digital cameras and video disc players, game consoles, televisions, audio, small appliances, media administration, and home control products; barcode/card printers, AIDC scanners and software, and wireless infrastructure products; Internet protocol video surveillance, security and fire alarm systems, and access control smart cards; processors, motherboards, hard drives, and memory products; and ink and toner supplies, paper, carrying cases, and anti-glare screens.
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