ATS Corporation announces settlement with EV customer
ATS Corporation (ATS) announced that it has reached a settlement agreement with its Electric Vehicle customer with respect to the previously disclosed outstanding payments owed. Under the terms of the agreement, the company will receive payment from the customer of $134.75M in the first quarter of fiscal 2026, with no further work required by the company on these projects. This settlement results from discussions which were originally disclosed in the company's management's discussion and analysis for the three and six months ended September 29, 2024. The company determined that it is willing to settle its disagreement with the customer based on a number of factors, including but not limited to, the benefit of receiving a cash payment in the near term, particularly in light of the volatility and uncertainty of the overall global macro-economic environment and the impact of such environment on the automotive sector, in addition to previously announced reductions to automakers' EV end-market demand. 'It was important to get this matter behind us,' said Andrew Hider, Chief Executive Officer. 'All factors considered, we believe this outcome is the best result for ATS. With transportation having become a smaller piece of our business, this Agreement allows us to focus on our growth strategy consistent with our emphasis on regulated markets, while continuing to deliver value to all stakeholders.' The company added: 'In light of the Agreement, in the Company's annual audited consolidated financial statements for the year ended March 31, 2025 (i) all previous amounts related to the program with the customer, including accounts receivable, contract assets, and inventories will be written-off accordingly, (ii) the settlement amount will be reflected in accounts receivable, and (iii) a reduction to net income of $129 million (approximately $171 million before income taxes) related to the Agreement will be reflected. The financial impacts from this Agreement will be reflected as EV customer settlement in the Company's adjusted earnings from operations, adjusted EBITDA, adjusted net income, and adjusted basic earnings per share.'
Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on ATS:
Disclaimer & DisclosureReport an Issue
ATS Corporation Settles with EV Customer and Reports Preliminary Q4 2025 Results
Ats Corporation (ATS) Q4 Earnings Cheat Sheet
ATS Corporation resumed with a Sector Perform at Scotiabank
ATS Corporation to Attend RBC Capital Markets Conference
ATS Corporation to Engage with Investors at RBC Capital Markets Conference
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
34 minutes ago
- Yahoo
Tarkett- AVAILABILITY OF THE RESPONSE DOCUMENT PREPARED BY TARKETT
PRESS RELEASE DATED JUNE 6, 2025 AVAILABILITY OF THE RESPONSE DOCUMENT PREPARED BY TARKETT IN THE CONTEXT OF THE PUBLIC BUY-OUT OFFER FOLLOWED BY A SQUEEZE-OUT CONCERNING TARKETT'S SHARES INITIATED BY TARKETT PARTICIPATION AMFThis press release has been prepared by Tarkett (the 'Company'). It is published in accordance with Article 231-27, 3° of the general regulations of the Autorité des marchés financiers (the 'AMF').IMPORTANT DISCLOSUREAt the end of the public buy-out offer subject to this press release, the squeeze-out procedure provided for in Article L. 433-4, II of the French Monetary and Financial Code will be implemented and the Company's shares that have not been tendered to the buy-out offer will be transferred to Tarkett Participation, in exchange for compensation equal to the price of the buy-out offer. Paris, France, June 6, 2025 – Pursuant to the AMF clearance decision dated June 5, 2025 relating to the public buy-out offer followed by a squeeze-out of the Company's shares at a price of €17 per share initiated by Tarkett Participation (the 'Offer'), the Company announces that it has obtained the AMF's approval of the response document to the Offer on June 5, 2025. The response document published by the Company received AMF approval No. 25-200 on June 5, 2025. The Offer will be open for a period of 10 trading days. Prior to the opening of the Offer, the AMF and Euronext will publish a notice of opening and timetable and a notice announcing the terms and timetable of the Offer, respectively. The document containing information on the characteristics, in particular the legal, financial and accounting characteristics of the Company will be filed with the AMF and made available to the public no later than the day before the opening of the Offer, in accordance with the provisions of Article 231-28 of the AMF's general regulations. The approved response document is available on the Tarkett ( and AMF ( websites and can be obtained free of charge upon request from: Tarkett Tour Initiale - 1, Terrasse Bellini 92919 Paris La Défense Cedex Disclaimer This press release has been prepared for informational purposes only. It does not constitute an offer to the public. The distribution of this press release, the Offer and its acceptance may be subject to specific regulations or restrictions in certain countries. The Offer is not directed at persons subject to such restrictions, either directly or indirectly, and is not open to acceptance in any country where the Offer would be subject to such restrictions. This press release is not intended for distribution in such countries. Accordingly, persons in possession of this press release are required to inform themselves of any local restrictions that may apply and to comply with them. Tarkett Participation disclaims any liability for any violation of such restrictions by any person. Attachment Tarkett- PR AVAILABILITY OF THE RESPONSE DOCUMENT PREPARED BY TARKETT- 06.06.2025
Yahoo
an hour ago
- Yahoo
CoinShares Announces Exercise of Employee Incentive Plan Options
Friday, 6 June 2025 | SAINT HELIER, Jersey - CoinShares International Limited ("CoinShares" or the "Company") (Nasdaq Stockholm Market: CS; US OTCQX: CNSRF), a global investment firm specializing in digital assets, today announced that a total of 51,756 options in the Company's Employee Incentive Plan - November 2020 Tranche have been exercised for the corresponding number of shares, at an exercise price of GBP 1.43 (SEK 18.66) per share. Through the exercise of the employee share options, the Company receives a total of GBP 74,011.08 (SEK 965,508.84). The exercise request will be settled from the current balance of own shares held by the Company. After the issuance of these shares, the total number of shares in issue in CoinShares will be 66,678,210 and the Company will hold a total of 1,181,503 own shares. About CoinShares CoinShares is a leading global investment company specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. Focusing on crypto since 2013, the firm is headquartered in Jersey, with offices in France, Sweden, Switzerland, the UK and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF. For more information on CoinShares, please visit: Company | +44 (0)1534 513 100 | enquiries@ Relations | +44 (0)1534 513 100 | enquiries@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
an hour ago
- Business Wire
Deadline Alert: Fortrea Holdings Inc. (FTRE) Investors Who Lost Money Urged To Contact Glancy Prongay & Murray LLP About Securities Fraud Lawsuit
LOS ANGELES--(BUSINESS WIRE)-- Glancy Prongay & Murray LLP reminds investors of the upcoming August 1, 2025 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Fortrea Holdings Inc. ('Fortrea' or the 'Company') (NASDAQ: FTRE) securities between , inclusive (the 'Class Period'). IF YOU SUFFERED A LOSS ON YOUR FORTREA INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS UNDER THE FEDERAL SECURITIES LAWS. What Happened? On September 25, 2024, the investment bank Jefferies downgraded Fortrea from buy to hold, citing perceived weaknesses in the Company's business model as a contract research organization ('CRO') amid pressure on biotechnology funding and that the cost savings Fortrea expects to achieve by existing transition services agreements ('TSAs') are 'not as material as one might think.' On this news, Fortrea's stock price fell $2.73, or 12.3%, to close at $19.48 per share on September 25, 2024, thereby injuring investors. Then, on December 6, 2024, Baird Equity Research stated that '[g]iven our ongoing concerns around the sector, [Fortrea's] choppy history post spin, and lack of clarity on the abrupt communications course change, we cannot recommend an actionable investment (buy or sell)[.]' On this news, Fortrea's stock price fell $1.90, or 8.1%, to close at $21.67 per share on December 6, 2024. Then, on March 3, 2025, before the market opened, Fortrea announced financial results for the fourth quarter and full year 2024, revealing the Company had missed its previously announced guidance for revenue and adjusted EBITDA for the full year 2024. The Company's financial results revealed full year adjusted EBITDA of $202.5 million, well below the Company's previously announced guidance of $220 million to $240 million. The Company also revealed full year revenue of $2.696 billion, which missed previously announced guidance of $2.7 billion to $2.725 billion. The Company further revealed financial guidance for the full year 2025, which projected declines in revenue and adjusted EBITDA, with revenues of $2.450 billion to $2.550 billion and adjusted EBITDA in the range of $170 million to $200 million. Thomas Pike ('Pike'), the Company's then-Chief Executive Officer ('CEO'), explained that 'full-service work for projects from the pre-spin period,' 'have less revenue and less profitability' and 'post-spin work is not coming on fast enough to offset the pre-spin contract economics.' Pike further revealed 'this older versus newer mix issue will continue to negatively impact our financial performance during 2025.' On this news, Fortrea shares fell $3.47, or 25.1%, to close at $10.38 per share on March 3, 2025, thereby injuring investors further. What Is The Lawsuit About? The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Fortrea overestimated the amount of revenue the Pre-Spin Projects were likely to contribute to the Company's 2025 earnings; (2) Fortrea overstated the cost savings it would likely achieve by exiting the TSAs; (3) as a result, the Company's previously announced EBITDA targets for 2025 were inflated; (4) accordingly, the viability of the Company's post-Spin-Off business model, as well as its business and/or financial prospects, were overstated; and (5) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times. If you purchased or otherwise acquired Fortrea securities during the Class Period, you may move the Court no later than August 1, 2025 to request appointment as lead plaintiff in this putative class action lawsuit. Contact Us To Participate or Learn More: If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us: Charles Linehan, Esq., Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles California 90067 Email: shareholders@ Telephone: 310-201-9150, Toll-Free: 888-773-9224 Visit our website at Follow us for updates on LinkedIn, Twitter, or Facebook. If you inquire by email, please include your mailing address, telephone number and number of shares purchased. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
