During Wednesday’s Afternoon trade, Shares of FreeSeas Inc. (NASDAQ:FREE), lost -1.89% to $0.09.
FreeSeas, declared that at the annual meeting of the Company’s shareholders held on June 12, 2015, the shareholders: (i) re-elected Mr. Xenophon Galinas to the Board of Directors for another three year term; (ii) ratified the appointment of RBSM LLP, as our independent registered public accounting firm for the fiscal year ending December 31, 2015; and (iii) granted discretionary authority to the Company’s board of directors to (A) amend the Amended and Restated Articles of Incorporation of the Company to effect one or more consolidations of the issued and outstanding shares of common stock, following which the shares of common stock would be combined and reclassified into one share of common stock at a ratio within the range from 1-for-2 up to 1-for-50 and (B) determine whether to arrange for the disposition of fractional interests by shareholder entitled thereto, to pay in cash the fair value of fractions of a share of common stock as of the time when those entitled to receive such fractions are determined, or to entitle shareholder to receive from the Company’s transfer agent, in lieu of any fractional share, the number of shares of common stock rounded up to the next whole number, offered that, (X) that the Company shall not effect Reverse Stock Splits that, in the aggregate, exceeds 1-for-50, and (Y) any Reverse Stock Split is accomplished no later than the first anniversary of the date of the Annual Meeting.
FreeSeas Inc., through its auxiliaries, provides drybulk shipping services. Its vessels carry various drybulk commodities, such as iron ore, grain, and coal, in addition to bauxite, phosphate, fertilizers, steel products, cement, sugar, and rice.
Shares of Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP), inclined 4.80% to $8.51, during its current trading session.
Synergy Pharmaceuticals, declared the initiation of the second of two pivotal phase 3 clinical trials evaluating the efficacy and safety of two different plecanatide treatment doses (3.0 mg and 6.0 mg), taken as a tablet once-a-day, in patients with irritable bowel syndrome with constipation (IBS-C).
The phase 3 IBS-C program comprises two randomized, 12-week, double-blind, placebo-controlled pivotal trials conducted in the United States and each trial is predictable to enroll about 1050 adult patients with IBS-C. Patients with IBS-C are defined by Rome III Criteria as having a history of constipation and abdominal pain for at least 6 months, counting hard or lumpy stools for 25% or more of defecations, loose or watery stools for 25% or less of defecations, and abdominal pain or discomfort for 3 days or more per month for the last 3 months. The primary efficacy endpoint for both trials is the percentage of patients who are Overall Responders during the 12 week treatment period. An Overall Responder, as defined by the FDA, is a patient who is a weekly responder (i.e. meets both the abdominal pain intensity reduction and stool frequency enhance criteria in the same week) for at least 6 of the 12 treatment weeks.
Synergy initiated the first phase 3 IBS-C trial in December 2014. The phase 3 IBS-C program was designed to support regulatory submission in the US.
Synergy Pharmaceuticals Inc., a biopharmaceutical company, focuses on the development of drugs to treat gastrointestinal (GI) disorders and diseases. Its lead product candidate is plecanatide, a guanylyl cyclase C receptor agonist that is in Phase III clinical trials to treat chronic idiopathic constipation GI disorders; and for the treatment of constipation-predominant irritable bowel syndrome GI disorders.
Finally, Steel Dynamics Inc. (NASDAQ:STLD), lost -0.27%, and is now trading at $22.29.
Steel Dynamics, offered second quarter 2015 adjusted earnings guidance in the range of $0.20 to $0.24 per diluted share, not taking into account the following items:
- About $29 million, or $0.07 per diluted share, of expenses associated with the company’s Minnesota Operations, counting severance costs and non-cash inventory valuation adjustments related to idling these operations, and
- About $9 million, or $0.02 per diluted share, of reduced earnings related to a furnace maintenance outage at Iron Dynamics that generally is required once every five years.
Estimated second quarter adjusted earnings are higher than sequential first quarter 2015 adjusted earnings of $0.17 per diluted share and lower than preceding-year second quarter earnings of $0.31 per diluted share. Counting the above items, earnings guidance for the second quarter 2015 is in the range of $0.11 to $0.15 per diluted share.
Profitability from the company’s steel operations for the second quarter 2015 is predictable to be similar in comparison to the sequential first quarter 2015 results. Improved second quarter 2015 shipments will be offset by unpredictable metal margin compression, driven by steel imports remaining much higher than originally anticipated, resulting in average quarterly steel prices decreasing more than average quarterly scrap prices. The benefit of reduced scrap pricing was realized in the second quarter; but, the continued flood of steel imports thus far in 2015 continued to pressure steel product pricing to a greater degree. However, steel pricing has recently begun to stabilize and domestic steel demand remains solid.
Continued demand for the company’s fabricated steel joist and decking products indicates the non-residential construction market is ongoing a positive trend. Second quarter 2015 profitability from the company’s fabrication operations is predictable to be higher than near-record sequential first quarter 2015 results.
Steel Dynamics, Inc., together with its auxiliaries, manufactures and sells steel products, processes and sells recycled ferrous and nonferrous metals, and fabricates and sells steel joist and decking products in the United States and internationally.
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