On Wednesday, in the course of current trade, Shares of ON Semiconductor Corp. (NASDAQ:ON), gained 3.31%, and is now trading at $13.41, hitting its highest level.
ON Semiconductor Corporation, declared the pricing of its formerly declared private offering of $600 million aggregate principal amount of 1.00% Convertible Senior Notes due 2020. The notes were offered only to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended. ON Semiconductor has granted to the initial purchasers of the notes a 30-day option to purchase up to an additional $90 million aggregate principal amount of notes. The offering is predictable to close on June 8, 2015, subject to customary closing conditions.
The notes will be ON Semiconductor’s senior unsecured obligations and guaranteed by certain of its auxiliaries. The notes will bear interest at a rate of 1.00% per year, payable semiannually in arrears on June 1 and December 1 of each year, starting on December 1, 2015. The notes will mature on December 1, 2020.
The initial conversion rate for the notes is 54.0643 shares of ON Semiconductor’s common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of about $18.50 per share of ON Semiconductor’s common stock), which represents an about 42.50% conversion premium over the last stated sale price of $12.98 per share of ON Semiconductor’s common stock on The NASDAQ Global Select Market on June 2, 2015.
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.
During an Afternoon trade, Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD), dipped -0.43%, and is now trading at $2.29.
Advanced Micro Devices, declared its 6th Generation A-Series Processor, the world’s first high-performance Accelerated Processing Unit (APU) in a System-on-Chip (SoC) design. Formerly codenamed “Carrizo,” the 6th Generation AMD A-Series Processor takes advantage of extensive AMD processor and graphics IP enabling exceptional computing experiences not possible before. The 6th Generation AMD A-Series Processor is the most versatile notebook processor ever produced, built to excel at today’s and tomorrow’s consumer and business applications, delivering premium streaming entertainment, unmatched smooth online gaming, and innovative computing experiences, with all day unplugged performance.
The world’s first high-performance Accelerated Processing Unit in a SoC design marks a number of technology firsts: the world’s first High Efficiency Video Coding (HEVC) hardware decode support for notebooks, the first Heterogeneous Systems Architecture (HSA) 1.0-compliant design, and the first ARM® TrustZone®-capable high-performance APU. The new processor harnesses up to 12 Compute Cores — 4 CPU + 8 GPU — leveraging AMD “Excavator” cores and the third generation of AMD’s award-winning Graphics Core Next (GCN) architecture. The result is a groundbreaking processor that boasts more than twice the battery life of its predecessor, up to 2x faster gaming performance than competitive processors, innovative computing experiences enabled through HSA, and a premium Microsoft® Windows® 10 experience with support for DirectX® 12, adding up to an extraordinary experience for consumers.
Advanced Micro Devices, Inc. operates as a semiconductor company worldwide. The company’s products primarily comprise x86 microprocessors as an accelerated processing unit (APU), chipsets, discrete graphics processing units (GPUs), and semi-custom System-on-Chip (SoC) products.
Shares of Progressive Corp. (NYSE:PGR), during its Wednesday’s current trading session gained 0.42%, and is now trading at $27.50.
IDG’s CIO Magazine declared the Progressive Group of Insurance Companies as a recipient of the 2015 CIO 100. The annual award program recognizes organizations around the world that exemplify the highest level of operational and planned excellence in information technology.
This is the 12th time Progressive has been featured on the list. This year’s featured project was the company’s Business Innovation Garage, an internal think-tank for innovating products and services at Progressive. BIG, as it’s known to employees, exists in a virtual testing environment, and brings together partners across the company to collect and cultivate business solutions, with the end aim of exploring and testing new ideas. The garage has a physical location at Progressive’s headquarters outside of Cleveland and is staffed by a team of analysts and IT developers working for a garage manager who priorities the work and oversees the innovation process.
Coverage of the 2015 CIO 100 Awards will be accessible online at CIO.com on August 1, 2015 and in the August issue of CIO magazine.
The Progressive Corporation, an insurance holding company, provides personal and commercial property-casualty insurance, and other specialty property-casualty insurance and related services primarily in the United States.
Finally, DepoMed Inc. (NASDAQ:DEPO), gained 0.65% Wednesday.
DepoMed, declared it has reached a settlement agreement in its ongoing patent litigation related to an Abbreviated New Drug Application (ANDA) seeking approval to market a generic version of Depomed’s Zipsor® (diclofenac liquid filled capsules) 25mg tablets. The settlement permits defendant Watson Laboratories Inc. to start selling generic Zipsor on March 24, 2022, or earlier under certain circumstances. The settlement concludes all ongoing ANDA litigation related to Zipsor.
The settlement agreement is subject to review by the U.S. Department of Justice and the Federal Trade Commission, and entry of an order dismissing the litigation by the U.S. District Court for the District of New Jersey.
Depomed, Inc., a specialty pharmaceutical company, develops products for pain and other central nervous system conditions in the United States. It offers Gralise (gabapentin), an once-daily product for the administration of postherpetic neuralgia; CAMBIA (diclofenac potassium for oral solution), a non-steroidal anti-inflammatory drug indicated for acute treatment of migraine attacks in adults.
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