Sponsored by TCI International Inc.
02 Jan 23. Airbus interested in minority share in Atos’s Evidian – Les Echos. Shares in French IT group Atos rallied on Monday, after newspaper Les Echos reported Airbus (AIR.PA) had started “exploratory talks” to take a minority share in the firm’s cybersecurity unit, citing unnamed sources.
Airbus said in an emailed statement that it would not comment on speculation, adding “we are in constant discussion with our partners, customers and suppliers across the industry, but these conversations remain private in nature”.
Atos said that as part of its strategic plan, “the company had initiated exploratory discussions with potential future minority shareholders in the scope of activities grouped under the name of Evidian”.
Atos shares, which lost more than half of their value last year, rose around 7% in early Paris trade on Monday.
Atos last year said it planned to split into two publicly listed companies by spinning off its cybersecurity operations along with some other units into a new unit dubbed Evidian. The remaining part would include its declining IT infrastructure management services.
“These discussions are not sufficiently advanced to allow any further comment”, Atos said. (Source: Reuters)
30 Dec 22. Harland & Wolff, the owner of the historic Belfast shipyard, has warned that its revenues for the full year will be “materially below” previous expectations after supply chain constraints and inflationary pressures led to the deferral of work on a number of contracts. The company said in a trading update on Friday that it expected to generate revenues of between £29mn and £31mn for the full year to the end of December 2022 — significantly below expectations of between £65m and £75m. Shares in the Aim-listed group plunged 23 per cent on Friday morning, before recovering to 16p by midday. H&W said material shortages had affected its ability to complete “certain key workstreams” of a £55mn contract to regenerate a former Royal Navy minehunting vessel for the Lithuanian navy.
As a result, about £20mn in revenues would be deferred. “Whilst it is unfortunate that the company could not advance these workstreams to book revenues in 2022, the overall project is still on track and in line with the base redelivery schedule for the vessel,” H&W said. H&W also said geopolitical uncertainties and global inflation had caused “certain other clients” within the cruise and ferry market to either defer contracts into 2023 or reduce the scope of works. The estimated loss of revenues for the fourth quarter from these contracts was between £8mn and £10mn. The company stressed, however, that it remained confident that the bulk of the revenues that had been expected would be booked during the course of the first six months of 2023. H&W also said that it had mutually agreed with Italian contractor Saipem to terminate a wind turbine generator jacket contract after being unable to agree on a “mutually acceptable methodology” on how to split additional costs. John Wood, H&W chief executive, conceded that it was “disappointing” that the company had not met its “aspirations for FY 2022 due to timing issues”, while adding that it had “made significant progress over the last 12 months”. “Despite the external challenges that we face, I believe that we are now at the cusp of a major transformation of the entire group and the team is working hard to convert bids into contracts,” he added. The company is finalising negotiations in relation to a £1.6bn contract with the UK Ministry of Defence to build three support vessels for the Royal Navy. The ships will be built by a consortium led by Spain’s Navantia and which includes naval architect BMT. Navantia UK, the British subsidiary of the Spanish shipbuilder, is the official prime contractor of the consortium. The involvement of the Spanish company has sparked concerns among unions and opposition politicians that work will migrate to Spain. H&W said on Friday that as a result of the contract award, as well as a review of the “potential contracted order book for 2023 and 2024”, it was in talks to increase an existing debt facility with Astra Asset Management to between £150mn and £200mn. “As the company executes larger contracts, it believes that it is crucial to maintain a significant quantum of liquidity with a larger committed facility that can be drawn down as and when needed,” it added. (Source: FT.com)
23 Dec 22. BigBear.ai Receives Continued Listing Notice From NYSE.
BigBear.ai (NYSE: BBAI), a leader in AI-powered analytics and cyber engineering solutions, today announced that on December 20, 2022 it received written notice from the New York Stock Exchange (“NYSE”) that it is not in compliance with the continued listing standards set forth in Rule 802.01C of the NYSE Listed Company Manual that requires listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period (the “Notice”).
As required by the NYSE, BigBear.ai responded to the Notice and expressed its intent to cure this deficiency. BigBear.ai has six months following the receipt of the Notice to cure the deficiency and regain compliance, subject to the extension of such deadline in the event that BigBear.ai undertakes to conduct a reverse stock split following its next annual stockholders meeting. BigBear.ai can regain compliance at any time during the cure period if, on the last trading day of any calendar month during the cure period, its common stock has a closing price of at least $1.00 and an average closing price of at least $1.00 over the 30 consecutive trading-day period ending on the last trading day of that month.
BigBear.ai will closely monitor the closing share price of its common stock and is considering all available options and intends to regain compliance with the NYSE listing standards by pursuing measures that are in the best interests of BigBear.ai and its stockholders, including potentially through the consummation of a reverse stock split, subject to stockholder approval.
During this period, BigBear.ai’s common stock will continue to be listed and traded on the NYSE under its existing ticker symbol, with the addition of a suffix indicating the “below compliance” status of its common stock, as “BBAI.BC.”
The Notice does not affect BigBear.ai’s business operations or its Securities and Exchange Commission reporting requirements and does not conflict with or trigger any violation under BigBear.ai’s material debt agreements.
BigBear.ai delivers AI-powered analytics and cyber engineering solutions to support mission-critical operations and decision-making in complex, real-world environments. BigBear.ai’s customers, which include the US Intelligence Community, as well as customers in manufacturing, logistics, commercial space, and other sectors, rely on BigBear.ai’s solutions to see and shape their world through reliable, predictive insights and goal-oriented advice. Headquartered in Columbia, Maryland, BigBear.ai has additional locations in Virginia and Michigan. For more information, please visit: https://bigbear.ai/ and follow BigBear.ai on Twitter: @BigBearai. (Source: BUSINESS WIRE)
22 Dec 22. COMSovereign Holding Corp. (NASDAQ: COMS) and (NASDAQ: COMSP) (“COMSovereign” or the “Company”), a U.S.-based developer of 4G LTE Advanced and 5G communication systems and solutions, today announced an agreement to sell its Israel-based, Sky Sapience (“SKS”) tethered drone unit to Titan Innovations (“Titan”) for total cash consideration of $1.8m.
Titan Innovations, based in Israel, is a developer of specialized, fully integrated unmanned systems and solutions designed for civilian and military applications. Titan provides its customers with comprehensive systems engineering and integration services including software and control expertise in the field of robotics, autonomy, navigation, and communication with hardware sourced from leading global manufacturers. Under terms of the transaction, Titan will acquire Sky Sapience which includes all business assets and intellectual property.
“We are pleased to have reached an agreement for the sale of SKS as we continue to refocus the business around our core wireless connectivity technologies and solutions. In addition to refining our focus on wireless connectivity, this transaction aligns with the goals of our transition plan by reducing the complexity of the Company, decreasing our go-forward operating expenses, and improves our balance sheet,” said David Knight, CEO and President of COMSovereign Holding Corp.
Yahav Regev, CEO of Titan Innovations added, “Sky Sapience’s proprietary fiber optic tether technology makes it an ideal platform for military, borders, and civilian applications, The company will expand the variety of companies and the capabilities of the group in the international market. Combined with our deep expertise in advanced hardware and software technologies inside our ecosystem, we believe that the SKS platform will enable us to remain at the forefront of autonomous systems development for our customers, enabling them to meet their unique mission requirements.”
For more information about COMSovereign, 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 telecom solutions to network operators and enterprises. For more information about COMSovereign, please visit www.COMSovereign.com.
About Titan Innovations
Titan Innovations Ltd. promotes the development of solutions that will advance the world of autonomous technology. Titan Innovations invests and nurtures startups, providing them a holistic framework which accelerates their growth. This includes access to in-house engineering as well as business development services, and a global infrastructure to validate their technology and generate sales. Titan’s incubator hub known as “The Caveret”, is located in Bnei Brak, Israel. It consists of engineering companies which provide valuable services to Tier-1 contractors and lend support to our portfolio companies. The Caveret was designed to be an ecosystem which produces complete end-to-end autonomous solutions. (Source: PR Newswire)
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.