Sponsored by TCI International Inc.
21 Jan 21. COMSovereign Holding Corp. Announces Nasdaq Listing and Pricing of $16.0m Public Offering. COMSovereign Holding Corp. (NASDAQ: COMS) (“ComSovereign” or “Company”), a U.S.-based developer of 4G LTE Advanced and 5G Communication Systems and Solutions, today announced the pricing of an underwritten public offering of 3,855,422 units consisting of one share of common stock and one warrant exercisable for one share of common stock at a public offering price of $4.15 per unit for aggregate gross proceeds of $16,000,001 prior to deducting underwriting discounts, commissions, and other offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 578,312 units at the public offering price less the underwriting discounts and commissions. The offering is expected to close on January 26, 2021, subject to satisfaction of customary closing conditions.
The Company has received approval to list its common stock and warrants on the Nasdaq Capital Market under the symbols “COMS” and “COMSW”, respectively, with trading expected to begin on January 22, 2021.
The Company intends to use the net proceeds from the offering primarily for the repayment of outstanding indebtedness, the acquisition of new companies or products, inventory production and marketing, operating expenses, working capital and general corporate purposes.
Kingswood Capital Markets, division of Benchmark Investments, Inc., is acting as Sole Book Runner with Dawson James Securities Inc. acting as Co-Manager for the offering.
The Securities and Exchange Commission (“SEC”) declared effective a registration statement on Form S-1 relating to these securities on January 21, 2021. A final prospectus relating to this offering will be filed with the Securities and Exchange Commission. When available, copies of the final prospectus relating to this offering can be obtained at the SEC’s website at www.sec.gov or from Kingswood Capital Markets, division of Benchmark Investments Inc., 17 Battery Place, Suite 625, New York, NY 10004, Attention: Syndicate Department, or via email at or telephone at (212) 404-7002. Before investing in this offering, interested parties should read in their entirety the prospectus, which provides more information about the Company and such offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
For more information about COMSovereign, please visit www.COMSovereign.com and connect with us on Facebook and Twitter.
About COMSovereign Holding Corp.
COMSovereign Holding Corp. (Nasdaq: COMS) has assembled a portfolio of communications technology companies that enhance connectivity across the entire data transmission spectrum. Through strategic acquisitions and organic research and development efforts, COMSovereign has become a U.S.-based communications provider able to provide 4G LTE Advanced and 5G-NR telecom solutions to network operators and enterprises. For more information about COMSovereign, please visit www.COMSovereign.com. (Source: PR Newswire)
21 Jan 21. GrammaTech Reports 2020 Business Results. New Software Composition Analysis Product, JuliaSoft Acquisition and Multiple Government Research Contracts Generate Record Revenue.
GrammaTech, a leading provider of application security testing products and software research services, today announced record business results for 2020 due to accelerating adoption of its CodeSonar® SAST product, demand for its new CodeSentry™ SCA product, and continued growth in its government research division. The company added more than 50 new global product customers for its Application Security Testing (AST) products and won nine major research contracts.
“Despite the economic impact of the pandemic, GrammaTech’s business performance continued to trend upwards in 2020,” said Mike Dager, CEO of GrammaTech. “Our application security testing product continued to make inroads against incumbent vendors and our research organization won several big contracts as we expanded into new areas such as artificial intelligence (AI). Meanwhile, our new software composition analysis tool is already being evaluated by Fortune 500 customers.”
GrammaTech Business Highlights
- Added more than 50 new global customers for the CodeSonar® SAST product
- Increased distribution network and reach in Europe with the addition of a UK subsidiary to support pan-European customers and two new distributors in Spain
- Named Platinum Award Winner for Best Application Security Testing in 2020 ASTORS Homeland Security Awards and finalist for Best DevSecOps solution in 2020 Computing Security Excellence Awards
- Appointed Andrew Meyer Chief Marketing Officer and Michael Kelley Chief Financial Officer
- Announced a $13m contract with DARPA to research the use of AI and ML techniques for automating the design, testing and implementation of software applications. The contributions made by GrammaTech will be made available as part of an open-source project called Mnemosyne.
- Introduced CodeSentry™, which performs binary-based software composition analysis (SCA) using machine learning technology without the need for source code.
- Acquired JuliaSoft S.r.l. to extend CodeSonar® with automated code analysis for Java and C# code.
- Released SWAP Detector, an open source static analysis tool which applies Big Data analysis techniques to the Fedora RPM open-source repository to baseline correct API usage.
- Launched two major releases of CodeSonar® which expanded support for MISRA-C, MISRA-C++, and DevSecOps implementations
- CodeSonar® Selected by the Joint Federated Assurance Center (JFAC) to Improve Confidence in Department of Defense Applications
- Received a $7.6m, four-year contract from Defense Advanced Research Projects Agency (DARPA) as part of the Automated Rapid Certification of Software (ARCOS) program focused on generating evidence and assurance cases for a broad range of certification and/or accreditation standards.
- Released a tool to support SARIF-based integration of static analysis results with GitHub
GrammaTech is a leading global provider of software analysis and testing solutions used by the world’s most security conscious organizations to detect, measure, analyze and resolve security and safety vulnerabilities. The company is also a trusted cybersecurity research partner for the nation’s civil, defense, and intelligence communities. GrammaTech has corporate headquarters in Bethesda MD with a Research and Development Center in Ithaca NY. Visit us at https://www.grammatech.com/, and follow us on LinkedIn and Twitter.
CodeSonar® and CodeSentry are registered trademarks of GrammaTech, Inc. (Source: BUSINESS WIRE)
19 Jan 21. Redwire Acquires Oakman Aerospace, A Leading Digitally Engineered Spacecraft and Satellite Design Firm. Redwire, a new leader in mission critical space solutions and high reliability components for the next generation space economy, announced today that it has acquired Oakman Aerospace, Inc. (OAI) a leading provider of cutting-edge products and services related to digital engineering, spacecraft and satellite design and development, mission payload development, and data distribution services. Terms of the transaction were not disclosed.
“Oakman Aerospace adds a critical capability in digital engineering that will significantly enhance our space infrastructure solutions,” said Peter Cannito, Chairman and CEO of Redwire. “Their modular open systems architecture design and development approach and proprietary commercial off-the-shelf software suite is transforming the way future space capabilities are designed, developed, deployed and operated.”
“Joining Redwire advances our strategic ambition to achieve the next level of growth and expand our technological innovation,” said Maureen O’Brien, Co-Founder and CEO of OAI. “We look forward to leveraging these additional resources to enhance our capabilities and offer new products and services to our customers.”
“This is an exciting opportunity to join an experienced team that is developing state-of-the-art space systems and hardware solutions that, combined with our leading digital engineering proficiencies, will expand our ability to provide world-class solutions to our customers for many years to come,” said Stanley Kennedy, Jr., Co-Founder, President and Chief Systems Engineer of OAI. “We are eager to join Redwire and accelerate our competitive position as a provider of disruptive space-based technologies.”
Based in Littleton, Colorado, OAI is a global provider of space solutions specializing in rapid and responsive, modular, and open-architecture space systems. The company’s technology focus areas include modular open system architecture, rapid spacecraft design and development, and custom missions, payloads, and applications. OAI offers its customers tailored, innovative, and end-to-end capabilities, backed by a proven track record of successful deployments and operations, since its founding in 2012.
OAI marks the sixth acquisition by Redwire. Redwire has amassed an innovative portfolio of space infrastructure capabilities through the strategic acquisitions of Adcole Space, Deep Space Systems, Made In Space, Roccor, and LoadPath.
Redwire was formed in June 2020 by AE Industrial Partners, LP, a private equity firm specializing in aerospace, defense and government services, power generation, and specialty industrial markets.
“Redwire has quickly positioned itself as a leader in space infrastructure solutions with an impressive portfolio of innovative capabilities and we are pleased to see this strong growth,” said Kirk Konert, Partner at AE Industrial Partners. “OAI provides deep digital engineering expertise and a unique set of capabilities that will augment Redwire’s technology portfolio and enable the organization to support a broader range of customer missions.”
PricewaterhouseCoopers LLP served as the financial advisor and Kirkland & Ellis LLP served as the legal advisor to Redwire. Fortis Law Partners LLC served as the legal advisor and Karsh & Co. and ReliAscent LLC served as financial advisors to OAI.
Redwire is a new leader in mission critical space solutions and high reliability components for the next generation space economy. With decades of flight heritage combined with the agile and innovative culture of a commercial space platform, Redwire is uniquely positioned to assist its customers in solving the complex challenges of future space missions. For more information, please visit www.redwirespace.com.
About Oakman Aerospace
Founded in July 2012, Oakman Aerospace, Inc. (OAI) is dedicated to providing cutting-edge products and services related to space systems architectures, spacecraft and satellite design and development, and mission payload and data distribution services. As a global provider of space-based solutions, OAI offers complete end-to-end capabilities for customers, teammates, and stakeholders. More information can be found at www.oak-aero.com.
About AE Industrial Partners
AE Industrial Partners is a private equity firm specializing in aerospace, defense and government services, power generation, and specialty industrial markets. AE Industrial Partners invests in market-leading companies that can benefit from its deep industry knowledge, operating experience, and relationships throughout its target markets. AE Industrial Partners is a signatory to the United Nations Principles for Responsible Investment. Learn more at www.aeroequity.com. (Source: PR Newswire)
19 Jan 21. Oshkosh Corporation completes acquisition of Pratt Miller. Oshkosh Corporation (NYSE:OSK), a leading innovator of mission-critical vehicles and essential equipment, today announced the completion of the previously announced acquisition of Pratt Miller, which specializes in advanced engineering, technology and innovation across the motorsports and multiple ground vehicle markets, for a cash-free, debt-free purchase price of $115m.
“We are pleased to complete the acquisition of Pratt Miller, an organization led by its world-class engineering and motorsports heritage,” said John C. Pfeifer, Oshkosh Corporation President and Chief Operating Officer. “This acquisition will allow us to leverage Pratt Miller’s experience and innovation in areas such as artificial intelligence, robotics, autonomous and connected systems and electrification, positioning our Company for future growth.”
As a result of the completion of the transaction, Pratt Miller will maintain its name, team members, facilities, branding elements and will maintain focus on its motorsports business in partnership with General Motors. The acquisition will enhance the combined company’s product performance and provide Oshkosh Corporation with immediate access to additional and complementary engineering expertise. (Source: BUSINESS WIRE)
20 Jan 21. Sensor specialist HENSOLDT has acquired the Austrian company SAIL LABS, a leading provider of AI-based Open Source Intelligence (OSINT) solutions. With this step, HENSOLDT completes its sensor portfolio with intelligent solutions for the digital space and thus takes a further step towards becoming one of the leading data analysis houses in the security and defence sector in Germany.
Thomas Müller, CEO of HENSOLDT, says: “National security matters increasingly include issues of smart data collection and analysis. Therefore, governments and security agencies increasingly invest in these capabilities. Smart ISR and Smart Spectrum Dominance will become standard equipment in many security and defence solutions. With the acquisition of SAIL LABS, we continue our strategy of consistently investing in key technologies that will strengthen our position as a leading European champion in the field of defence and security electronics.”
Marian Rachow, CEO of HENSOLDT Cyber and Head of HENSOLDT Ventures, says: “We are delighted to welcome the employees of SAIL LABS to the HENSOLDT family. The acquisition underlines our ambition to become the German technology leader in data analytics and cyber. So far, we have developed groundbreaking technologies such as the highly secure operating system TRENTOS or the RISC-V processor MiG-V primarily in-house. With SAIL LABS’ AI technology, we are now investing in a digital platform approach for the first time, which we will now consistently develop further for our customers.”
Celia Pelaz, Head of Spectrum Dominance & Airborne Solutions Division underlines the importance of this acquisition for HENSOLDT’s Spectrum Dominance strategy: “The electromagnetic spectrum and cyberspace are no longer just a means of communicating or sensing the environment; they have become an operational space of warfare. And mastering this new space has become an indispensable capability for our armed forces. Expanding our signal intelligence capabilities to include cyber intelligence applications is a key element in providing our customers with solutions for comprehensive spectrum dominance, covering both the electromagnetic spectrum and cyberspace.”
Leading solution for OSINT analysis
Founded in Vienna in 1999, SAIL LABS is considered one of the leading providers of OSINT solutions based on artificial intelligence (AI). OSINT refers to the evaluation of all publicly accessible data, both on TV, radio and the surface web as well as in social media and the deep web. SAIL LABS technology can collect, index, analyse and visualise all this data. A core element of the technology is automatic speech recognition and the associated analysis of data in more than 30 source languages. Specific fields of application are the identification of media false news or disinformation campaigns or the early identification of sources of danger for soldiers on a mission.
Scalable platform for intelligent data analysis
At HENSOLDT, SAIL LABS will form the core of the HENSOLDT Analytics division, a scalable sensor platform for intelligent mass data analyses that supports states, authorities, and armed forces in integrating traditional telecommunications and electronic reconnaissance (signals intelligence) and OSINT. The goal is to intelligently analyse the collected data and generate an overarching situation overview in real time in order to be able to make decisions on a sound basis. These multi-intelligence systems significantly increase the range of sensors with little effort. This way, it is possible to provide comprehensive sensor solutions for optical or radar-based monitoring of an operational area at close range up to the real-time display of a situation picture across an entire region.
BATTLESPACE Comment: This acquisition by HENSOLDT of an AI specialist company will not be the last for HENSOLDT to bulk up its advanced technology offering for its existing sensor business. Expect other majors to follow suit throughout 20121 as the use of Cloud, AI and Machine Leaning becomes mainstream. US major Viasat has been developing or buying advanced technologies for some time as have Mercury Systems Inc. and Curtiss-Wright.
19 Jan 21. TT Electronics plc – Resilient trading, strong cash performance. TT Electronics plc (“TT”, “the Group”), a global provider of engineered electronics for performance critical applications, publishes the following Trading Update on the Group’s performance for the year ended 31 December 20201.
Continued improvement in trading
The improvement trends seen to the end of October have continued, with revenue in the last two months of 2020 only 4 per cent lower than the previous year on an organic2 basis.
Revenue for the full year of c. £432m, was 9 per cent lower on a constant currency basis and 12 per cent lower on an organic basis.
Order intake continues to improve across the Group. Bookings for full year were at 99 per cent of revenue, and for the second half were 103 per cent of revenue. The order book remains broadly in line with this time last year.
Recognising the resilience of the Group’s performance and strong cash generation, the Board has committed to repay the Coronavirus Job Retention Scheme (furlough) payments received from the UK Government. The c. £1.1m cost of the repayment has been accrued in the 2020 results.
With revenue and cost actions on track, the Board now anticipates adjusted3 profit before tax for the year in line with external expectations4, having taken into account the £1.1m furlough repayment.
Despite the national lockdown in the UK, and restrictions elsewhere in the world, all our facilities remain open and are delivering to customer requirements, whilst continuing to prioritise the safety of our employees.
Strong cash performance and financial position
The Group’s cash generation in the second half of the year was strong, with a working capital inflow supporting the reduction in the Group’s net debt at 31 December 2020 to c. £84m including IFRS 16 leases. As a result, net debt to underlying EBITDA on a bank covenant basis5 is expected to be c. 1.8 times.
In the recent MSCI 2020 Environmental, Social and Governance ratings assessment, TT received a rating of “AA”, an upgrade on the “A” received in the previous year. The 2020 rating establishes TT as a leading company in MSCI’s Electronic Equipment, Instruments and Components sector index.
We continue to make good progress with the Group’s extended self-help programme. The project is on schedule to deliver the expected £11-12m of run-rate benefits in 2023.
Operational trials and validation testing are continuing and applications for regulatory approvals of the Virolens® rapid COVID-19 screening device are progressing. There is a wide range of possible outcomes, but commercial interest in the device remains significant.
Torotel integration progressing well
Torotel broadens TT’s power electronics capabilities in the US, adding recurring revenue streams from largely sole source positions on multi-year growth programmes. Since completion of the acquisition on 10 November 2020, activities to integrate the business into TT’s Power and Connectivity division have continued at pace. Site re-branding is complete, finance and IT systems integration is well progressed, workshops have been held to identify business development opportunities, and synergy expectations remain as expected.
Resumption of dividends
As indicated with our interim results in August, our intention is to recommend a dividend at the time of the 2020 year-end results announcement.
Richard Tyson, Chief Executive Officer said, “TT has proven to be resilient in the face of the Covid pandemic, benefitting from the actions we have taken to improve the quality of the business. Order intake over the last few months is encouraging as we look into 2021, a year in which we expect to see continued revenue recovery and good profit growth.
The structural growth trends in our end markets, and the self-help actions which are well underway give us confidence in our journey to double-digit margins, supported by strong cash generation and improving return on invested capital.”
15 Jan 21. SoftBank Group, Hughes invest in British satellite communications firm OneWeb. Britain’s OneWeb said on Friday that SoftBank Group Corp and Hughes Network Systems LLC had invested in the satellite communications company, bringing its total funding to $1.4bn.
Founded by entrepreneur Greg Wyler in 2014, OneWeb aims to provide high-speed broadband internet services globally using low earth orbit satellites, taking on a similar offering by Elon Musk’s SpaceX.
The funding would allow OneWeb to cover the costs for its network of 648 satellites, expected to be ready by the end of 2022.
SoftBank Group, a former investor in OneWeb, had pulled the plug on funding earlier, forcing OneWeb to file for bankruptcy protection in March.
The company emerged from Chapter 11 bankruptcy protection in November as a consortium comprising the UK government and India’s Bharti Enterprises invested $1bn in the company and took its ownership. (Source: Reuters)
15 Jan 21. Babcock sinks as it continues to withhold guidance, profits drop by a third. The defence firm highlighted more weakness in its civil aviation business due to the COVID-19 pandemic, adding that it has begun a “detailed review” of its balance sheet and contract profitability
Babcock International Group PLC (LON:BAB) has said it will continue to withhold financial guidance for its current year after reporting more weakness in its civil aviation business due to the coronavirus (COVID-19) pandemic.
In an update for the first nine months of its current financial year ending March 31, 2021, the aerospace and defence firm reported that underlying operating profit was £202m, down 34% year-on-year, while revenues in the period fell 3% to £3.4bn.
Babcock said profits had suffered a “negative impact” from civil nuclear insourcing, COVID-19 and civil aviation, adding that order intake in the year-to-date was £3.1bn and that its order book as of December 31 was £16.8bn compared to £17.6bn at the end of March last year.
The company also said that it has recently started a “detailed review” of its balance sheet and contract profitability amid early indications which suggested there may be “negative impacts” on its balance sheet or its incomes in the current and future years. Meanwhile, Babcock also said a review of its strategic priorities announced in November was “well underway” and that a refreshed strategy will be outlined at its full year results.
Looking ahead, Babcock said “uncertainty remains” around the outturn for its current financial year, particularly as it entered its historically strong fourth quarter with the COVID-19 situation having worsened in most of its markets.
“Given this uncertainty, and the start of our review of contract profitability and balance sheet, we continue not to provide financial guidance for this financial year”, the company said.
“While trading in the third quarter has continued to reflect the challenges of the first half and there remain a number of near term uncertainties, the fundamental strengths of the group and the opportunities ahead give us confidence for future years and I look forward to reporting back at the full year results”, added Babcock chief executive David Lockwood.
In a note on Friday, analysts at Liberum cut their target price on the group to 350p from 400p and retained their ‘buy’ rating, saying the update guided to “weakness in Q3 and [tough comparatives] in Q4”.
The broker also forecast that earnings (EBIT) for the company’s fourth quarter will come in at £98m, a sharp drop from £204mln a year ago.
Meanwhile, analysts at Shore Capital downgraded the stock to ‘hold’ from ‘buy’, saying that immediate newsflow for the firm “remains challenging” and that they were unable to sustain a buy rating due to the “negative immediate outlook for the balance sheet and profitability”.
Despite this, the broker said Babcock “remains a strategic supplier to its clients” and they “still expect the company to come through this difficult period in due course”.
Shares in Babcock tumbled 15.3% to 223.1p in late-morning trading.(Source: proactiveinvestors.co.uk)
18 Jan 21. Leaf Space Coffers Enriched By Millions Of Euros In Series A Funding. Leaf Space has completed its Series A financing round of 5m euros, bringing its total funding to 10m euros. A contribution of 2m euros came from Primo Space, the investment fund of Primomiglio SGR focused on investments in highly innovative companies in the space industry.
The other 3m euros of investment were between Whysol Investments, acting as lead investor, and RedSeed Ventures, an early-stage investor of the company that had already joined the equity round last spring. Leaf Space will use the funding to further develop its ground segment services for smallsat operators in the NewSpace economy and globally scale up its business.
During the first trimester of 2021, the company plans to grow its operational ground stations from eight to 11 by deploying and activating stations in Sri Lanka, Canada and Australia. At the end of 2021, the company expects to have a total of 15 operational ground stations for its multi-customer Leaf Line service.
In addition, the company will provide several other ground stations to its Swiss client Astrocast, using the dedicated Leaf Key ground segment service.
The ground segment services of Leaf Space currently support more than 15 customers, such as Astrocast, Pixxel, Virgin Orbit, D-Orbit and many others, around the world. They use Leaf Space’s services to expand and consolidate their business, together with other important institutional customers such as the European Space Agency (ESA), Telespazio-Leonardo and the Indian Space Agency (ISRO). The continuous collaboration with high profile customers such as the ones mentioned, having high performance requirements, enable Leaf Space to improve and maintain the service at peak levels while maintaining maximum efficiency.
Other developments in 2021 will include implementing services to further improve and simplify the operational use for customers and covering almost all of the protocols and communications schemes currently in use in the microsatellite market. This, in turn, will increase Leaf Space’s performance and capabilities to support future more complex mission.
Leaf Space’s ongoing network expansion aims to minimize latency of satellite data reception, managing to provide telemetry, tracking, and control (TT&C). It also plans to provide downlink services to satellites in SSO at least once per orbit.
Jonata Puglia, CEO and Co-Founder of Leaf Space, said, “This is a fantastic achievement for Leaf Space. In a short space of time, Leaf Space has become an industry name and a key player in the NewSpace economy. It has shown to be capable of providing excellent ground segment services to satellite operators, from launch and early orbit phase (LEOP) all the way to decommissioning, but also in supporting launch vehicle operators. Having concluded this successful investment round shows the relative resilience of the sector, despite the ongoing pandemic, and allows the company to continue with its strong and swift development plan. Of course, we expect to see future challenges in the space industry as well as extraordinary projects with our customers, collaborators and partners, and we are proud to have Primo Space and our other investors on-board, who believe in our ambitious plans.” (Source: Satnews)
TCI International, Inc., is a wholly-owned subsidiary of SPX Corporation. TCI provides turn-key solutions for spectrum management and monitoring, direction finding, geolocation and communications intelligence to civilian, government, military and intelligence agencies as well as antennas for communications and high-power radio broadcasting. TCI is headquartered in Fremont, California, USA. For more information, visit www.tcibr.com.