On Wednesday, Baltic Trading Ltd(NYSE:BALT)’s shares dwindled -16.67%, and closed at $1.35, as Genco Shipping & Trading Limited and its partner Baltic Trading Limited, declared that they have reached a definitive merger contract under which Genco will attain Baltic Trading in a stock-for-stock transaction. Under the terms of the contract, Baltic Trading will become an indirect wholly-owned partner of Genco, and Baltic Trading shareholders will receive 0.216 shares of Genco ordinary stock for each share of Baltic Trading ordinary stock they own at closing, with fractional shares to be settled in cash. Upon consummation of the transaction, Genco shareholders are predictable to own about 84.5 percent of the combined corporation and Baltic Trading shareholders are predictable to own about 15.5 percent of the combined corporation. Genco anticipates having its stock listed on the NYSE upon consummation of the transaction.
Baltic Trading Limited, together with its auxiliaries, engages in the shipping business in the drybulk industry spot market worldwide. The corporation operates a fleet of drybulk ships that transport iron ore, coal, grain, steel products, and other dry bulk cargoes.
SandRidge Energy Inc. (NYSE:SD), declined -12.50%, and closed at $1.82, during the last trading session on Wednesday, after the news that SandRidge Energy, Inc, will release its 2015 first quarter shareholder update and financial results after the close of trading on the New York Stock Exchange on Wednesday, May 6, 2015.
SandRidge Energy, Inc., an oil and natural gas corporation, explores for and produces oil and natural gas properties primarily in the Mid-Continent region of the United States. The corporation operates through three segments: Exploration and Production, Drilling and Oil Field Services, and Midstream Services.
At the end of Wednesday’s trade, PostRock Energy Corporation (NASDAQ:PSTR), dipped -12.41%, and closed at $3.81, as PostRock Energy Corporation, declared its results for the year ended December 31, 2014. Based on a 21:1 oil-to-gas economic equivalency, production raised over 2% from the preceding year; at the traditional 6:1 oil-to-gas energy equivalency, production declined 5%.
- Proceed totaled $83.5 million, up 16% from the preceding year.
- Total operating expenses, counting lease operating, gathering, production taxes and general and administrative expenses, reduced $1.3 million from the preceding year.
- Bank debt reduced 10% to $83 million.
PostRock Energy Corporation, an independent oil and gas corporation, engages in the attainment, exploration, development, production, and gathering of crude oil and natural gas.
Flamel Technologies S.A. (ADR) (NASDAQ:FLML), ended its Wednesday’s trading session with -11.86% loss, and closed at $16.64, as a specialty pharmaceutical corporation, declared that Steve Lisi, the Senior Vice President of Business and Corporate Development at Flamel, has left the Corporation for personal reasons. The Board and I want to thank Steve for his dedicated service and important contributions to the evolution and growth of Flamel,” said Mike Anderson, Chief Executive Officer. “Steve has been a tremendous asset to Flamel on a number of levels over the past three years and we wish him the very best as he pursues future endeavors.
Flamel Technologies SA, a specialty pharmaceutical corporation, develops and commercializes pharmaceutical products based on its proprietary polymer based technology.
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