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Business Wire
5 minutes ago
- Business Wire
Accelerant Holdings Announces Pricing of Upsized Initial Public Offering
ATLANTA--(BUSINESS WIRE)--Accelerant Holdings ('Accelerant') announced today the pricing of its upsized initial public offering of 34,461,152 of its Class A common shares, par value $0.0000011951862 per share (the 'Common Shares'), at a price to the public of $21.00 per Common Share. The offering consists of 20,276,280 Common Shares offered by Accelerant and 14,184,872 Common Shares to be sold by certain of Accelerant's existing shareholders (the 'Selling Shareholders'). In connection with the offering, certain of the Selling Shareholders have granted the underwriters a 30-day option to purchase up to an additional 5,169,172 Common Shares. Accelerant will not receive any proceeds from the sale of Common Shares by the Selling Shareholders. The Common Shares are expected to begin trading on the New York Stock Exchange under the ticker symbol 'ARX' on July 24, 2025, and the offering is expected to close on July 25, 2025, subject to the satisfaction of customary closing conditions. Morgan Stanley & Co. LLC is acting as lead left active bookrunner, Goldman Sachs & Co. LLC is acting as lead right active bookrunner, and BMO Capital Markets Corp. and RBC Capital Markets, LLC are acting as active bookrunners for the offering. Wells Fargo Securities, LLC, Piper Sandler & Co., William Blair & Company, L.L.C., Raymond James & Associates, Inc. and TD Securities (USA) LLC are acting as bookrunners. Citizens Capital Markets and FT Partners are acting as co-managers. The offering of Accelerant's Common Shares is being made only by means of a prospectus. When available, copies of the final prospectus relating to the offering may be obtained for free by visiting EDGAR on the U.S. Securities and Exchange Commission's (the 'SEC') website at Alternatively, copies of the final prospectus may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014 or by email at prospectus@ Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at prospectus-ny@ BMO Capital Markets Corp., Attention: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036, by telephone at (800) 414-3627, or by email at bmoprospectus@ RBC Capital Markets, LLC, Attention: Equity Capital Markets, 200 Vesey Street, 8th Floor, New York, NY 10281, by telephone at (877) 822-4089, or by email at equityprospectus@ A registration statement on Form S-1 relating to the Common Shares was declared effective by the SEC on July 23, 2025. This press release does not constitute an offer to sell or the solicitation of an offer to buy Common Shares, and shall not constitute an offer, solicitation or sale 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 that state or jurisdiction. ABOUT ACCELERANT Accelerant is a data-driven risk exchange connecting underwriters of specialty insurance risk with risk capital providers. Accelerant was founded in 2018 by a group of longtime insurance industry executives and technology experts who shared a vision of rebuilding the way risk is exchanged – so that it works better, for everyone. The Accelerant risk exchange does business across 22 different countries and more than 500 specialty insurance products.
Yahoo
4 hours ago
- Yahoo
Lockheed Martin's Profit Falls Sharply Due to Special Charges
Lockheed Martin's quarterly profit was hit by more than $1.7 billion in charges during the second quarter. The defense company on Tuesday posted a profit of $342 million, down from $1.64 billion a year earlier. Quarterly earnings came in at $1.46 a share, well below the $6.52 a share that analysts surveyed by FactSet had expected. Morgan Stanley's Screening of Wealth-Management Clients Draws More Scrutiny Why Are Stocks Up? Nobody Knows Kohl's and Opendoor Headline a New Class of Meme Stocks Hershey Lifts Candy Prices, Citing High Cocoa Costs Musk Allies to Raise Up to $12 Billion for xAI Chips as Startup Burns Through Cash Chief Executive Jim Taiclet said Lockheed's ongoing program-review process identified new developments that caused the company to reevaluate its financial position on a set of major legacy programs. 'As a result, we are taking a number of charges this quarter to address these newly identified risks,' he said. The recent quarter was hurt by charges amounting to more than $1.7 billion, or $5.83 a share after tax. Charges for classified programs in the company's aeronautics segment totaled $950 million, while two charges for helicopter programs totaled $665 million. Write-offs related to the Air Force's next-generation fighter jet program came in at $66 million. Shares were recently trading 8.8% lower premarket at $420. Second-quarter sales were roughly flat at $18.16 billion. Wall Street had modeled sales of $18.57 billion. The company's aeronautics segment notched sales of $7.42 billion, up 2% from last year, while its missiles and fire-control unit logged sales of $3.43 billion, marking an 11% jump from a year earlier. Sales across the company's space unit rose 3.5%, to $3.31 billion. These gains were offset by Lockheed's rotary and mission-systems segment, where sales fell 12% to $4 billion. For the year, Lockheed backed its sales outlook of $73.75 billion to $74.75 billion, though it cut its per-share earnings outlook to between $21.70 and $22 from between $27 and $27.30. Analysts are looking for earnings of $27.36 a share on sales of $74.35 billion. Write to Connor Hart at Trump Expects $20 Million More in Ad Dollars From '60 Minutes' Settlement Silicon Valley's Favorite Podcast Is Now Hot in Washington Too Capital One Swings to Loss After Discover Financial Acquisition GM Profit Shrinks After $1.1 Billion Tariff Hit At the Fed's Banking Conference, Sam Altman, Capital Rules and Avoiding the Powell Drama 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
Yahoo
6 hours ago
- Yahoo
Churn Concerns Weigh On Verizon's Wireless Outlook Despite Financial Gains
Verizon Communications (NYSE:VZ) delivered an encouraging second-quarter performance, highlighted by healthy financial growth and a significant boost to free cash flow. This stronger financial position is expected to accelerate debt reduction and provide the company with greater flexibility for future investments in fiber infrastructure or share buybacks. However, the telecom giant faces ongoing challenges with wireless net additions and anticipates a more competitive landscape in 2025, with expectations for flat postpaid consumer phone customer Stanley analyst Benjamin Swinburne maintained Verizon Communications with an Equal-Weight rating and raised the price forecast from $47 to $48 on Tuesday. Swinburne highlighted that Verizon's shares currently trade at a discount compared to many of its peers, reflecting a more tepid growth outlook. The analyst noted that the second-quarter results and updated outlook were encouraging, as financial growth remains healthy and the lift to FCF from tax reform is even more significant than previously expected. The latter point will allow Verizon to de-lever post Frontier faster than previously expected, he said, giving it additional capacity for incremental fiber builds and/or share buybacks. However, the wireless net additions performance remains mixed and 2025 is shaping up as more challenging than initially thought, Swinburne noted. The analyst forecasted roughly flat postpaid consumer phone customers in fiscal 2025 compared to fiscal 2024. He expects monthly postpaid phone churn to be up in the second half of 2025, reflecting the current competitive environment. Swinburne noted that this higher churn is partially offset by the expectation that gross adds growth will remain healthy, as Verizon's sales channels have been delivering this year. As per the analyst, it will be challenging for Verizon shares to re-rate higher unless the financial growth and/or KPIs improve from current levels. He also noted that broadband additions were lower than expected in second-quarter and have lowered our outlook. However, he expected Verizon to deliver on the 8-9mm FWA customer guidance by 2028. A low housing growth and low move environment along with increased broadband competition are weighing on Verizon's net additions, Swinburne noted. Swinburne projected fiscal 2025 revenue of $138.41 billion and adjusted EPS of $4.68. VZ Price action: VZ stock is trading lower by 0.59% to $42.71 at publication on Wednesday. Image via Shutterstock Latest Ratings for VZ Date Firm Action From To Jan 2022 JP Morgan Downgrades Overweight Neutral Jan 2022 Tigress Financial Maintains Buy Dec 2021 Daiwa Capital Initiates Coverage On Neutral View More Analyst Ratings for VZ View the Latest Analyst Ratings Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? VERIZON COMMUNICATIONS (VZ): Free Stock Analysis Report This article Churn Concerns Weigh On Verizon's Wireless Outlook Despite Financial Gains originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
