During Wednesday’s Morning trade, Shares of ON Semiconductor Corp (NASDAQ:ON), lost -1.09% to $10.00.
In 1960, Hamilton Electro Sales and Motorola Inc. signed a contract that would not only make history as the world’s first semiconductor distribution contract, but would also grow into one of the most enduring supply chain relationships in the electronics sector. Avnet, Inc. (NYSE: AVT), a leading global technology distributor, and ON Semiconductor (Nasdaq: ON), driving energy-efficient innovations, recently marked the signing of that historic contract—and the thousands of innovative customer solutions for which it paved the way.
For the past five-plus decades, Avnet, which attained Hamilton in 1962, and ON Semiconductor, spun off from Motorola in 1999, have continued to drive the advancement and proliferation of high-performance power semiconductor technology in global markets counting automotive, communication, computing, consumer, medical, industrial, mobile phone and military/aerospace. In 2015, Avnet shipped over 8 billion ON Semiconductor components, representing more than 18 percent of ON Semiconductor’s distributor sales and about 9 percent of ON Semiconductor’s global revenue.
“As we commemorate the continued strength and success of the Avnet-ON Semiconductor relationship, I think about all of the extraordinary customer achievements we have had the privilege to facilitate as a result of our enduring cooperation and our mutual commitment to design and supply chain excellence,” said Ed Smith, president, Avnet Electronics Marketing Americas. “What’s most exciting to me is the knowledge that our shared vision for driving innovation in emerging technologies like the Internet of Things, will only fortify the unique history we share for years and decades to come.”
ON Semiconductor Corporation manufactures and sells semiconductor components for various electronic devices worldwide. It operates in four segments: Application Products Group, Image Sensor Group, Standard Products Group, and System Solutions Group.
Shares of Mosaic Co (NYSE:MOS), declined -1.04% to $28.57, during its current trading session.
Mobi724 Global Solutions Inc. (“Mobi724” or the “Company”) (CSE:MOS), a technology leader in the digital incentives, couponing and payment space, declares that it has successfully accomplished the acquisition of 100% of the issued and outstanding shares of IQ 7/24 Inc. (the “Shares of IQ 7/24”), a leading Canadian provider of loyalty and customer-engagement solutions. The transaction is subject to the procedural formality of IQ 7/24 obtaining approval from its two (2) financial institutions.
The transaction comprises an equity investment of $500,000 by Mobi724 in IQ 7/24 (the “Equity Investment”), exclusively for the purpose of growing IQ 7/24’s business. An initial $100,000 of the Equity Investment was disbursed at the date of the closing of the transaction on December 22, 2015, a second tranche of $150,000 of the Equity Investment will be paid before December 31, 2015 and the remaining amount of $250,000 of the Equity Investment will be disbursed in 3 instalments in January, February and March 2016. The purchase price for the Shares of IQ 7/24 will be paid in 2018 and will be based on agreed upon multiples of the revenue generated by IQ 7/24 in 2017 and during the first 6 months of 2018. The Equity Investment will be applied towards the purchase price of the Shares of IQ 7/24 attained on December 22, 2015 and the payment of the balance of the purchase price (the “Balance”) will be paid 70% in cash and 30% in common shares of Mobi724 however the sellers have the option of receiving a larger percentage of the Balance in common shares of Mobi724 and a lower percentage of the Balance in cash.
In addition to creating a gain in operational efficiencies, through the sharing of datacentre, administrative and operating facilities, this acquisition will enable Mobi724 to incorporate IQ 7/24’s portfolio of global brands), in addition to a full suite of additional loyalty functionalities, into Mobi724’s portfolio of solutions, counting data analytics and expertise and rules based transactional platform. This acquisition will also add IQ 7/24’s proven capabilities to leverage data intelligence functionalities to enhance the global portfolio profitability of issuers’ cards.
The Mosaic Company produces and markets concentrated phosphate and potash crop nutrients for the agricultural industry worldwide. It operates through two segments, Phosphates and Potash. The Phosphates segment owns and operates mines in Florida.
Finally, MannKind Corporation (NASDAQ:MNKD), lost -0.66%, and is now trading at $1.51.
MannKind Corporation (MNKD) (MNKD), focused on the discovery and development of therapeutic products for diabetes, declared that it will present at the 34th Annual J.P. Morgan Healthcare Conference on Wednesday, January 13, 2016 at 3:30 PM (PST) at Westin St. Francis Hotel in San Francisco, California.
Presenting from the Company will be its Chief Executive Officer, Duane DeSisto and Chief Financial Officer, Matthew Pfeffer.
MannKind Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutic products for diabetes in the United States. Its lead product is AFREZZA inhalation powder, an insulin to control high blood sugar in adult patients with type 1 and type 2 diabetes. MannKind Corporation was founded in 1991 and is headquartered in Valencia, California.
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