Shares of Workhorse Group Inc. (NASDAQ: WKHS) continued their ascent after the company announced a new $70 million financing agreement.The designer and maker of electric vehicles and truck-mounted delivery drones entered into a financing agreement with institutional investor, HT Investments (High Trail Capital), for a $70 million senior secured convertible note. The note is convertible into common stock by the investor at $19 per share, a 31% premium to the June 29 closing price of $14.51.The new note has a 4.5% annualized coupon that will be paid quarterly in either cash or stock. Also, Workhorse may be required to repay $3.5 million in principal in monthly payments starting October 1. The note will have the same status as the company's $41 million offering issued in December with the same investor. Both senior secured convertible notes are senior to "all other debt."Proceeds will be used to fund "operating working capital and other...
Hydrogen fuel cell company Plug Power's (NASDAQ: PLUG) stock surged after it announced its acquisitions of both United Hydrogen and Giner ELX, doubling down on its commitment to operate on at least 50% green hydrogen by 2024.The Buzz For EVs: The news follows a series of enticing announcements in the alternative energy sector that have driven investor interest higher.Earlier this month, Nikola Corp. (NASDAQ: NKLA) debuted on the stock market, and Benzinga spoke with president and CEO Mark Russell about his company's vision for a hydrogen-powered future.Texas-based electric truck startup Hyliion is performing a similar reverse-merger with special purpose acquisition company Tortoise Acquisition Corp. (NYSE: SHLL) to bring its own battery electric truck into competition.Nikola and Lordstown Motors are building hype behind their electric pickups. Lordstown is partly owned by Workhorse Group Inc (NASDAQ: WKHS). June has been a hot month to invest in the sector.Benzinga caught up with Plug Power...
The lessor, which is based in Singapore and listed in Hong Kong, will also defer the delivery of some other Boeing 737 MAX aircraft, it said in a statement. BOC is the latest lessor to strike deals with Boeing to cancel 737 MAX orders as the jet remains grounded pending regulatory approval following two crashes. "We discussed with Boeing what is the best way to deploy our capital in a time like this because everyone realises this is not a short term downturn, it is a long one," BOC Aviation Chief Executive Robert Martin told Reuters....
The coronavirus has had a devastating effect on a plethora of industries, with cruise operators amongst the most badly hit.The recent spike in coronavirus cases has sown further uncertainty. Timelines for the resumption of sailings have been pushed back further into the unknown, raising even more concern regarding the industry’s future. Yet, this is precisely why Tigress Financial analyst Ivan Feinseth believes the time is right to consider an investment in the world’s largest cruise operator Carnival (CCL).The 5-star analyst reiterated a Buy rating on CCL “as it will overcome COVID-19 pandemic headwinds, and the pullback in the stock creates a long-term buying opportunity.” However, Feinseth has no fixed price target in mind. (To watch Feinseth’s track record, click here)Once cruise lines are unleashed on the waves again, Feinseth predicts the industry will bounce back with a vengeance. Driving his long-term thesis for Carnival, in particular, are three main points.For one,...
