Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
The Proposal. In a move long awaited by many investors, yesterday after the market closed Danone North America proposed to acquire Lifeway for $25/sh in cash, valuing the entire Company at approximately $380 million. Although the proposal is non-binding, Danone seeks to engage in discussions with the Board with a view to signing a definitive agreement rapidly. LWAY shares reacted positively, trading up nearly 16% to $24.91 on the news.
Why Now? Danone has been a significant Lifeway shareholder since 1999 and currently owns 23.4% of the outstanding equity. According to the letter sent to management, Danone’s 2025-28 Renew strategy has a strong focus on gut health, “which is driving our interest in considering the benefits of a potential combination with Lifeway.” The probiotics in kefir may help support a healthy gut.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Lithium carbonate production at the pilot plant. Century Lithium recently added a lithium carbonate stage at the company’s lithium extraction facility which is part of the company’s Angel Island Mine project. Previously, concentrated lithium solutions from the pilot plant were treated by Saltworks Inc. at their facility in Richmond, British Columbia to produce samples of battery grade lithium carbonate. Century Lithium is now able to do this at the pilot plant and demonstrate it has an end-to-end process to produce lithium carbonate. The pilot plant utilizes the Company’s patent-pending process for chloride leaching combined with direct lithium extraction (DLE).
Assay results. Century Lithium recently released assay results from the first lithium carbonate produced at the lithium carbonate stage at the company’s lithium extraction facility. Assays received for the initial five individual lots of lithium carbonate produced indicated purity of the lithium carbonate ranging from 98.2% to 99.2%. After addressing a mechanical issue, two additional 40-liter lots of concentrated lithium solution were treated and achieved a battery grade lithium carbonate purity level of 99.5% due to an expected reduction of impurities.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Key Points: – The Federal Reserve’s recent rate cut provides only marginal benefits to U.S. manufacturers. – Rising raw material costs and competition from Chinese imports continue to challenge the U.S. manufacturing sector. – Energy price hikes and potential port strikes add to the pressures faced by U.S. factories.
The Federal Reserve’s recent decision to cut interest rates by half a percentage point has sparked hope among some U.S. manufacturers. However, for many factory owners, the benefits of the rate reduction are overshadowed by ongoing challenges, including competition from China, high raw material prices, and labor disruptions.
Drew Greenblatt, president of Marlin Steel, a small manufacturer of wire baskets in Baltimore, represents one such case. His business had seen a surge in demand during the COVID-19 pandemic when a major client shifted orders from China to the U.S. However, this boost was short-lived, as the customer reverted back to cheaper Chinese suppliers, leaving Greenblatt grappling with surplus capacity and excess workers.
“The rate cut is welcome, but it doesn’t solve the real issue,” Greenblatt said. “We need more aggressive trade actions to level the playing field.”
The Federal Reserve’s rate cut is the first in several years, aimed at stimulating economic growth by making borrowing more affordable for businesses. In theory, lower interest rates should spur investment and expansion, but for manufacturers like Greenblatt, the rate reduction doesn’t alleviate the more significant issues plaguing the sector.
U.S. manufacturers continue to face heightened competition from low-cost Chinese imports. Despite tariffs and trade restrictions, companies often find themselves losing business to Chinese firms that offer more affordable products. In many cases, even with lower interest rates, the cost advantage of Chinese imports is too great for U.S. factories to overcome.
“The rate cut doesn’t fix supply chain issues or lower raw material costs,” said Cliff Waldman, CEO of New World Economics. “These are the real concerns U.S. manufacturers are dealing with, and lower borrowing costs won’t solve those problems.”
While competition from overseas remains a significant concern, domestic challenges also compound the difficulties faced by U.S. manufacturers. Rising electricity costs, particularly in states like California, are taking a toll on energy-intensive industries. Kevin Kelly, CEO of Emerald Packaging, shared how his family-run business, which produces plastic bags for produce companies, saw a steep rise in electricity costs over the summer.
“We just didn’t anticipate such a sharp increase in our power bill,” Kelly said. “We’ve had to adjust our production schedule and shut down some operations during peak hours, but it’s still eating into our profitability.”
The specter of labor unrest and potential port strikes further exacerbates the challenges. With a possible strike looming at major East Coast and Gulf of Mexico ports in October, manufacturers fear disruptions in supply chains, which could cause delays and drive up costs. This would be another setback for U.S. factories that are already navigating supply chain bottlenecks and inflationary pressures on inputs.
For many manufacturers, the Fed’s interest rate cut, while beneficial, offers only limited relief. Supply chain disruptions, rising raw material and energy costs, and stiff competition from Chinese imports present much more significant hurdles.
As Greenblatt noted, “The rate cut helps, but it’s just a small piece of a much bigger puzzle. We need stronger trade policies and measures that address the root causes of our struggles.”
The U.S. manufacturing sector, once a cornerstone of economic growth, now finds itself in a precarious position. While the rate cuts may provide a short-term boost, longer-term solutions are required to address the structural challenges the industry faces. Without significant reforms in trade policies and support for domestic production, manufacturers will continue to struggle despite favorable interest rates.
Key Points: – UEC acquires Rio Tinto’s Sweetwater Plant and uranium projects in Wyoming for $175 million. – This acquisition adds 175 million pounds of uranium resources and expands UEC’s third U.S. hub-and-spoke production platform. – UEC strengthens its position in the uranium market amidst growing domestic energy demand and geopolitical pressures.
In a significant move to strengthen its foothold in the U.S. uranium market, Uranium Energy Corp (NYSE American: UEC) announced its acquisition of Rio Tinto’s Sweetwater Plant and uranium assets in Wyoming. This transaction marks a crucial expansion for UEC, positioning the company as a dominant player in the growing domestic uranium industry.
The $175 million deal includes Rio Tinto’s fully licensed Sweetwater Plant and a portfolio of uranium mining projects, amounting to approximately 175 million pounds of historical uranium resources. The acquisition is part of UEC’s strategy to establish a third hub-and-spoke production platform, building on its already extensive portfolio in the Great Divide Basin of Wyoming.
Strategic Importance of Sweetwater Plant
The Sweetwater Plant, located near Rawlins, Wyoming, is a 3,000-ton-per-day conventional processing mill with a licensed capacity of 4.1 million pounds of U3O8 per year. It is one of the few facilities in the U.S. capable of handling uranium processing, and its acquisition significantly boosts UEC’s processing capabilities. Originally operated from 1981 to 1983, the plant has been on care and maintenance since but remains in excellent condition, offering UEC the opportunity to bring it online with minimal capital investment.
With this acquisition, UEC can now tap into both in-situ recovery (ISR) and conventional uranium mining methods. Approximately half of the newly acquired uranium resources are amenable to ISR mining, which UEC intends to prioritize for near-term production. The remaining conventional mining resources offer long-term production growth potential.
Synergies and Expansion in Wyoming
UEC already controls 12 uranium projects in the Great Divide Basin, and the addition of Rio Tinto’s assets creates significant synergies for the company. The Sweetwater Plant’s strategic location allows UEC to streamline its production processes, leveraging shared infrastructure and expertise across its Wyoming projects. The acquisition also includes over 53,000 acres of exploration land, offering extensive opportunities for further resource development.
This deal also highlights the scalability of UEC’s business model. By acquiring the Sweetwater Plant and surrounding assets, UEC is not only increasing its uranium production capabilities but also enhancing its ability to meet growing demand for nuclear energy in the U.S., particularly in light of the recent domestic uranium import ban from Russia.
Amid Growing Geopolitical and Energy Pressures
The acquisition comes at a time of heightened interest in domestic uranium production, driven by geopolitical factors and the increasing demand for clean energy. Recent U.S. government policies, including the Department of Energy’s initiatives to purchase domestically sourced uranium, have underscored the importance of securing reliable, homegrown energy resources. UEC’s acquisition of these assets aligns with these national priorities, positioning the company as a key player in the U.S. energy transition.
Additionally, the demand for uranium is rising as the U.S. energy sector seeks to reduce reliance on fossil fuels. Nuclear power, which provides carbon-free energy, is expected to play a vital role in supporting the country’s shift toward renewable energy sources. UEC’s expansion positions the company to meet this demand while solidifying its status as one of the largest North American uranium producers.
Looking Ahead
With this acquisition, UEC is on track to further strengthen its position in the U.S. uranium market. The company’s management, led by CEO Amir Adnani, has expressed optimism about the future of uranium in the U.S. and the global market. UEC is continuing its strategy of expanding its production capabilities while focusing on low-cost, environmentally friendly ISR mining methods.
The completion of this transaction is expected in the fourth quarter of 2024, pending customary regulatory approvals.
Toronto, Ontario, September 23, 2024 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania” or the “Company”) announces that Palamina Corp. (TSXV: PA, OTCQB: PLMNF) has completed the acquisition of 100% of the shares of Aurania’s Peruvian Subsidiary, Sociedad Minera Vicus Exploraciones S.A.C. (“Vicus”), as anticipated in the press release dated June 10, 2024.
Aurania received 350,000 common shares of Palamina Corp. and was granted a 1% Net Smelter Return (“NSR”) royalty as full payment for the purchase of Vicus. Palamina has the option to buy back half of the NSR for $1,000,000 at any time.
Palamina’s Pluma copper silver project is the only asset held in Vicus. It covers 9,800 hectares in northeastern Peru and Palamina S.A.C. intends to transfer its Sora, Volcano and Galena copper silver projects into Vicus.
About Palamina Corp.
Palamina is an exploration company with a land bank of gold projects in the Puno Orogenic Gold Belt in southeastern Peru. Palamina is adding value through drill discovery at its Usicayos gold project. Palamina also has an “acquire and hold” strategy with copper silver assets in southeastern and northeastern Peru. Palamina holds a 15.4% equity interest in Winshear Gold Corp. (WINS:TSX.V) and a 2% NSR royalty on all their projects. Winshear plans to conduct an inaugural drill program at their Gaban Gold Project in 2024. Palamina has 71,284,836 shares outstanding and trades on the TSX Venture Exchange under the symbol PA and on the OTCQB Venture Market under the symbol PLMNF.
About Aurania
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.
Carolyn MuirVP Corporate Development & Investor RelationsAurania Resources Ltd.(416) 367-3200carolyn.muir@aurania.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes statements about the share purchase agreement with Palamina Corp., the completion of the sale and purchase, and any expectations related to the development of Aurania’s properties and Aurania’s mining operations. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption thatthere will be no material adverse change in copper and precious metal prices, and that all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things, any failures to obtain or delays in obtaining required regulatory licenses, permits, approvals and consents, an inability to access financing as needed, a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania, and a failure to comply with environmental regulations. Aurania cautions the reader that the above list of risk factors is not exhaustive.
ATHENS, Greece, Sept. 23, 2024 (GLOBE NEWSWIRE) — EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today that its CFO, Dr. Tasos Aslidis, will present at Noble Capital Markets’ Basic Industries Emerging Growth Virtual Equity Conference on Wednesday, September 25, 2024 at 3:30pm Eastern Daylight Time. The broadcasted formal presentation will feature a fireside style Q&A session with questions welcome from the virtual audience. Additionally, scheduled one-on-one meetings with Dr. Aslidis and other company executives are also available for registered, qualified investor attendees.
A video webcast of the presentation will be available following the event on the Company’s website, www.eurodry.gr, and as part of a complete catalog of presentations available on Channelchek (www.channelchek.com), the investor portal created by Noble. The webcast will be archived on the company’s website and on Channelchek.com for 90 days following the event.
About EuroDry Ltd. EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spun-off from Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY.
EuroDry operates in the dry cargo, drybulk shipping market. EuroDry’s operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day-to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.
The Company has a fleet of 13 vessels, including 5 Panamax drybulk carriers, 5 Ultramax drybulk carrier, 2 Kamsarmax drybulk carriers and 1 Supramax drybulk carrier. EuroDry’s 13 drybulk carriers have a total cargo capacity of 918,502 dwt.
About Noble Capital Markets, Inc. Noble Capital Markets (“Noble”) is a research driven investment bank that has supported small & microcap companies since 1984. As a FINRA and SEC licensed broker dealer Noble provides institutional-quality equity research, merchant and investment banking, and order execution services. In 2005, Noble established NobleCon, an investor conference that has grown substantially over the last two decades. Noble launched www.channelchek.com in 2018 – an investor community dedicated exclusively to public small and micro-cap companies and their industries. Channelchek is the first service to offer institutional-quality research to the public, for FREE at every level without a subscription. More than 6,000 public emerging growth companies are listed on the site, with growing content including research, webcasts, podcasts, and balanced news.
Forward Looking Statement This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
ATHENS, Greece, Sept. 23, 2024 (GLOBE NEWSWIRE) — Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today that its CFO, Dr. Tasos Aslidis, will present at Noble Capital Markets’ Basic Industries Emerging Growth Virtual Equity Conference on Wednesday, September 25, 2024 at 3:00pm Eastern Daylight Time. The broadcasted formal presentation will feature a fireside style Q&A session with questions welcome from the virtual audience. Additionally, scheduled one-on-one meetings with Dr. Aslidis and other company executives are also available for registered, qualified investor attendees.
A video webcast of the presentation will be available following the event on the Company’s website www.euroseas.gr, and as part of a complete catalog of presentations available on Channelchek [www.channelchek.com], the investor portal created by Noble. The webcast will be archived on the company’s website, and on Channelchek.com for 90 days following the event.
About Euroseas Ltd. Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 150 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA.
Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.
The Company has a fleet of 23 vessels, including 16 Feeder containerships and 7 Intermediate containerships with a cargo capacity of 67,073 teu. After the delivery of its two remaining feeder containership newbuildings in 2025, Euroseas’ fleet will consist of 25 vessels with a total carrying capacity of 72,673 teu.
About Noble Capital Markets, Inc. Noble Capital Markets (“Noble”) is a research driven investment bank that has supported small & microcap companies since 1984. As a FINRA and SEC licensed broker dealer Noble provides institutional-quality equity research, merchant and investment banking, and order execution services. In 2005, Noble established NobleCon, an investor conference that has grown substantially over the last two decades. Noble launched www.channelchek.com in 2018 – an investor community dedicated exclusively to public small and micro-cap companies and their industries. Channelchek is the first service to offer institutional-quality research to the public, for FREE at every level without a subscription. More than 6,000 public emerging growth companies are listed on the site, with growing content including research, webcasts, podcasts, and balanced news.
Forward Looking Statement This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for containerships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
CHANDLER, Ariz. – Comtech (NASDAQ: CMTL) (the “Company”), a global technology leader, today noted the director nominations submitted by Michael Porcelain, Fred Kornberg and their affiliates to stand for election to the Comtech Board of Directors at the Company’s Fiscal 2024 Annual Meeting of Stockholders.
Comtech stockholders are not required to take any action at this time.
About Comtech
Comtech Telecommunications Corp. is a leading global technology company providing terrestrial and wireless network solutions, next-generation 9-1-1 emergency services, satellite and space communications technologies, and cloud native capabilities to commercial and government customers around the world. Our unique culture of innovation and employee empowerment unleashes a relentless passion for customer success. With multiple facilities located in technology corridors throughout the United States and around the world, Comtech leverages our global presence, technology leadership, and decades of experience to create the world’s most innovative communications solutions. For more information, please visit www.comtech.com.
Important Additional Information and Where to Find It
The Company intends to file a proxy statement on Schedule 14A, an accompanying white proxy card, and other documents with the Securities and Exchange Commission (the “SEC”) in connection with its solicitation of proxies from the Company’s stockholders for the Company’s Fiscal 2024 Annual Meeting of Stockholders. THE COMPANY’S STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING WHITE PROXY CARD, AND ALL OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and stockholders may obtain a copy of the definitive proxy statement, an accompanying white proxy card, any amendments or supplements to the definitive proxy statement and other documents filed by the Company with the SEC at no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge by clicking the “Governance” link in the “Investors” section of the Company’s website, https://comtech.com/investors/, or by contacting investors@comtech.com as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.
Participants in the Solicitation
The Company, its directors, certain of its officers, and other employees may be deemed to be “participants” (as defined in Section 14(a) of the Securities Exchange Act of 1934, as amended) in the solicitation of proxies from the Company’s stockholders in connection with matters to be considered at the Company’s Fiscal 2024 Annual Meeting of Stockholders.
Information about the names of the Company’s directors and officers, their respective interests in the Company by security holdings or otherwise, and their respective compensation is set forth in the sections entitled “Stockholders, Directors and Executive Officers,” “Director Compensation,” and “Executive Compensation” of the Company’s Proxy Statement on Schedule 14A in connection with the Fiscal 2023 Annual Meeting of Stockholders, filed with the SEC on November 16, 2023 (available here) and the Company’s Annual Report on Form 10-K, filed with the SEC on October 12, 2023 (available here). To the extent the security holdings of directors and executive officers have changed since the amounts described in these filings, such changes are set forth on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC, which can be found at no charge at the SEC’s website at www.sec.gov. Updated information regarding the identity of potential participants and their direct or indirect interests, by security holdings or otherwise, in the Company will be set forth in the Company’s Proxy Statement on Schedule 14A for the Fiscal 2024 Annual Meeting of Stockholders and other relevant documents to be filed with the SEC, if and when they become available. These documents will be available free of charge as described above.
Key Points: – Hammond Power Solutions (HPS) signs a $16 million agreement to acquire Micron Industries Corporation. – The acquisition strengthens HPS’ presence in the U.S. electrical transformer market and complements its global operations. – HPS plans to maintain Micron’s branding and continue its well-established product lines.
Hammond Power Solutions (HPS), a major player in the power transformer and quality solutions industry, has signed a definitive agreement to acquire the assets of Micron Industries Corporation. This acquisition is structured as an asset purchase through HPS’ U.S. subsidiary and is set to close by mid-October 2024, pending standard closing conditions. The deal is valued at $16 million USD and signals HPS’ ongoing expansion strategy in the power solutions market.
Micron Industries, based in Sterling, Illinois, is a well-established provider of control transformers and other electrical products. The company generated approximately $23 million in revenue in 2023, demonstrating its strength and presence in the electrical products market. Following the acquisition, HPS plans to continue operating Micron’s assets under its original branding, retaining the valuable brand equity that Micron Industries has built over the years.
The acquisition of Micron aligns with HPS’ goal of expanding its reach in the U.S. and growing its portfolio in the electrical distribution sector. This deal also reflects HPS’ broader strategy of acquiring assets that enhance its capabilities in essential power infrastructure, a critical component of its business model. By acquiring Micron’s assets, HPS not only expands its operational capacity but also boosts its ability to serve a wide range of end-user applications across industries like manufacturing, oil and gas, and infrastructure projects.
HPS’ acquisition of Micron Industries comes at a pivotal time as global demand for efficient, reliable electrical power solutions continues to grow, driven by trends like renewable energy, electrification of transportation, and the increasing need for infrastructure development. With manufacturing facilities in the U.S., Canada, Mexico, and India, HPS is well-positioned to capitalize on these growing market opportunities, further strengthening its competitive edge.
Micron Industries, which has been serving original equipment manufacturers (OEMs) and control system builders since 1971, is renowned for its control transformers, low-voltage transformers, and DC power supplies. The company’s state-of-the-art manufacturing facility is known for delivering high-quality, defect-free products with short lead times. This level of service and commitment to quality aligns with HPS’ operational standards, making the acquisition a natural fit.
For HPS, this acquisition is about more than just expanding its asset base. It’s about leveraging the synergies between the two companies to enhance product offerings, increase operational efficiency, and provide superior value to its customers. The continuation of Micron’s product lines will enable HPS to cater to a wider array of customer needs while maintaining the quality and reliability that both brands are known for.
As HPS integrates Micron’s operations, the market will be closely watching how the company harnesses the strengths of this acquisition to drive growth and innovation in the power solutions sector. By bolstering its U.S. presence and expanding its product portfolio, HPS is set to solidify its position as a leader in the dry-type transformer and power quality solutions market.
Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Raising PT. We are raising our price target to $14 from a prior $11 and maintaining our Outperform rating on GLDD shares. We believe the strong operating environment-as evidenced by the new awards announced Friday-will continue, providing upside to operating results, in our view. At our new PT, GLDD shares would trade at 1.7x projected 2024 revenue and 9.8x adjusted EBITDA, compared to a peer group which trades at 1.5x and 11.4x, respectively.
New Awards. On Friday, the DOD announced Great Lakes had been awarded just under $300 million of new business, including a $219 million award for the Sabine-Neches Waterway Channel Improvement Project. The new awards will be additive to backlog, are higher margin work, and highlight not only the amount of work available but Great Lakes’ ability to win such available work.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
13D Filing. On Friday after the market closed, the SEC released a 13D filing filed by a group including former Comtech CEOs Michael Porcelain and Fred Kornberg. As part of the filing, the Group noted that on September 13th Mr. Porcelain delivered a letter to Comtech nominating a slate of eight highly qualified director candidates for election to the Board at Comtech’s 2024 annual meeting of stockholders, generally held in mid-December. The Group has engaged, and intends to continue to engage, in discussions with management and the Board of Comtech, as well as Comtech stockholders and others about the Company.
Details. According to the 13D, in addition to Mr. Porcelain and Mr. Kornberg, the group includes Oleg Timoshenko, founder of UHP Networks, and Jay Whitehurst, former President of Comtech’s Trusted Location product line. In aggregate, the Group reported ownership of 2,179,897 CMTL shares, or about 7.6% of the outstanding.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
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Two New Hires. Last Friday, Bit Digital announced the hiring of its new Head of Revenue, Benjamin Lamson,, and Chief Technology Officer, Tom Sanfilippo. Both of the hires will be critical to Bit Digital’s high-performance computing (HPC) segment. Alongside the two key hires, management also hired additional headcount across sales and AI/ML engineering roles in the segment.
Mr. Lamson’s Background. Mr. Lamson brings experience as the Head of Revenue through his previous position at DigitalOcean, in which he was Head of Paperspace Revenue from July 2023 to August 2024 following DigitalOcean’s acquisition of Paperspace. Prior to that, he was CFO of Paperspace and led the company to a 350% increase in revenue over 18 months.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Key Points: – U.S. DOE to award $3 billion to 25 battery manufacturing projects. – Projects will create 12,000 jobs and reduce reliance on China for critical minerals. – Funding will enhance domestic production, innovation, and recycling of advanced battery technologies.
The U.S. is making another strategic move to bolster its battery manufacturing sector by awarding $3 billion to 25 projects across 14 states. This comes as part of the Biden administration’s larger effort to reduce reliance on China for critical minerals and battery production. The projects, aimed at expanding domestic production of advanced batteries and recycling capabilities, are expected to create 12,000 new jobs and generate $16 billion in total investment.
These awards represent a critical step in strengthening U.S. leadership in the clean energy space, particularly as demand for electric vehicles (EVs) and energy storage systems accelerates. This initiative follows recent changes to U.S. EV tax credits, which are designed to shift battery production and the sourcing of critical minerals away from China.
Albemarle, a key player in lithium production, will receive $67 million for a North Carolina-based project to produce anode material for next-generation lithium-ion batteries. Meanwhile, Honeywell will get $126.6 million to build a large-scale facility in Louisiana, where it will produce a critical electrolyte salt for lithium batteries. These investments demonstrate how U.S. companies are gearing up to meet the future needs of the EV market and beyond.
Other notable projects include a $225 million award to TerraVolta Resources to produce lithium using Direct Lithium Extraction (DLE) technology, and a $150 million investment in Clarios Circular Solutions to recycle lithium-ion battery production scrap in South Carolina. These efforts are crucial as most U.S. production scrap is currently exported to China for processing, a gap the Biden administration is determined to close.
The announcement further highlights the U.S. government’s increasing focus on battery manufacturing as a key area of growth for both the economy and the clean energy transition. Revex Technologies, for example, is set to receive $145 million to turn waste from a U.S. nickel mine into enough domestic nickel production to power at least 462,000 EV batteries annually. Such investments emphasize the U.S.’s commitment to securing a reliable domestic supply of critical materials for clean energy technologies.
“Mineral security is essential for climate security,” said White House climate adviser Ali Zaidi, adding that these projects will position the U.S. to lead in next-generation battery technologies, from solid-state batteries to new chemistries.
In addition to strengthening the EV supply chain, these projects also emphasize the importance of creating sustainable, domestic sources for battery materials. The DOE’s planned $225 million award to SWA Lithium for producing lithium carbonate from brine, using DLE technology, showcases how innovative methods are being supported to minimize environmental impacts while boosting U.S. production.
With growing bipartisan support, the battery manufacturing sector is poised to play a pivotal role in both U.S. energy independence and the country’s green energy goals. These awards further underscore the importance of developing domestic infrastructure to meet the needs of a rapidly changing global energy landscape.
