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Time of India
4 days ago
- Business
- Time of India
Firefly Aerospace ignites Wall Street as it raises $868 million in biggest space IPO. All about SpaceX rival
Firefly Aerospace, a market leading space and defense technology raised $868 million in its initial public offering, selling more than 19 million shares at $45 each. Firefly Aerospace began trading on Nasdaq Thursday after raising $868.3 million in the largest US listing this year by a space tech company. That is ahead of both Trive Capital-backed Karman Holdings and Voyager Technologies, which went public earlier this year, reports news agency Reuters. Firefly Aerospace impressed Wall Street with its $45 per share IPO, topping recent launches from others in the sector like Karman Holdings and Voyager Technologies. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Firefly Aerospace is scheduled to begin trading Thursday on the Nasdaq stock exchange under the ticker symbol (NASDAQ:FLY). Firefly Aerospace, which achieved a successful moon landing earlier this year, intends to allocate a portion of its IPO proceeds toward debt reduction, according to its prospectus. ALSO READ: VA terminates major union contracts and it will impact over 400,000 federal workers. What's at stake for you? Live Events In 2024, the company generated approximately $61 million in revenue, marking a 10% rise from the previous year. However, its net loss widened significantly—from $136 million in 2023 to $231 million in 2024. The company's research and development expenses jumped 27% to nearly $150 million, largely fueled by ongoing work on its Eclipse rocket and Elytra vehicle. U.S. defense contractor Northrop Grumman, which invested $50 million into Firefly in May, is one of the three suppliers of solid rocket motors to the U.S. Goldman Sachs, J.P. Morgan, Jefferies and Wells Fargo Securities are the lead underwriters for the IPO. All about Firefly Aerospace Located in Cedar Park, Texas, Firefly Aerospace was founded in 2017 and is a space and defense technology company. Firefly specializes in cost-effective launch vehicles and spacecraft, including lunar landers, to provide space launch and mission services. In other words, the company helps get satellites and other vehicles into space. ALSO READ: $1,702 stimulus check in August: Last chance to apply for PDF closes soon. Check key dates, eligibility, tax implication Firefly specializes in small- to medium-lift launch vehicles, as well as lunar landers and orbital vehicles. The Texas-based company focuses on cost-effective rockets and spacecraft, and made headlines in March with its Blue Ghost lander – becoming only the second private firm ever to pull off a successful moon landing. With over $1.1 billion in contracts lined up and recent backing from defense giant Northrop Grumman, Firefly is deepening its presence in national security. "Firefly has already demonstrated responsive launch capabilities and delivered a lunar payload-proof points that matter to the Space Force and NASA," Ali Javaheri, emerging technology analyst at PitchBook, told Reuters. ALSO READ: Teens can be ICE agents as US drops age cap. Check eligibility criteria, benefits and more "Investors will likely focus on backlog growth, gross margin trends as production scales, and Firefly's cash runway post-IPO," Javaheri said. The company had a backlog of roughly $1.1 billion and more than 30 planned launches under contract as of March 31. The company, however, expects to incur net losses for the next several years, according to filings. Firefly faces stiff competition in the space industry, most notably from Elon Musk's powerhouse, SpaceX. While SpaceX employs roughly 13,000 people (according to PitchBook), Firefly operates with a leaner team of over 800. The company prides itself on its nimbleness, claiming it can launch a satellite into orbit with just 24 hours' notice.
Yahoo
12-06-2025
- Business
- Yahoo
Lawsuit accusing Casey's of anti-competitive conspiracy is settled out of court
A lawsuit accusing Casey's General Stores and an Iowa Board of Regents member of colluding with others as part of an illegal conspiracy to limit competition at fuel pumps has been settled out of court. The lawsuit was filed 10 weeks ago in the U.S. District Court for the Southern District of Iowa by JF Acquisitions, a North Carolina company that builds and installs gasoline pumps at convenience stores. The defendants in the case are Seneca Cos., based in Des Moines; OWL Services, a Michigan corporation; and Trive Capital Management, a Texas private equity firm. Although the lawsuit claims Ankeny-based Casey's and Iowa Board of Regents member JC Risewick are involved in the alleged conspiracy, they are not named as defendants in the case. Risewick is the chief strategy officer for OWL Services and the former owner of Seneca, according to Board of Regents records. More: Ankeny-based Casey's sees record stock price on strong fiscal year 2025 report JF Acquisitions alleged Trive has been consolidating the gas-pump distribution and servicing industry throughout the United States. Trive is alleged to have created OWL Services, which the lawsuit calls 'a rollup of several fuel-dispenser distribution, installation and service companies.' In 2024, the lawsuit claims, Trive quietly added an OWL competitor, Seneca, to its portfolio and never publicly announced the deal or informed regulators of it due to 'obvious competition concerns.' This lack of disclosure extended to a state conflict-of-interest report filed by Risewick, the Iowa Board of Regents member, the lawsuit claims. Risewick allegedly disclosed his affiliation with Seneca and OWL, but not with Trive — a 'potentially relevant omission given the fact that the University of Iowa Foundation is a limited partner in multiple Trive funds,' the lawsuit claims. Following Trive's acquisition of Seneca, the lawsuit claims, the defendants allegedly engaged in 'exclusionary and predatory conduct' aimed at cementing their combined market power and diminishing competition in the fuel-dispenser distribution and servicing market in Iowa and southern Illinois. The defendants allegedly did this by entering into what JF Acquisitions called 'an unlawful conspiracy — including each of the defendants and Casey's General Stores, one of JF's most significant customers nationally and the largest convenience store chain in the Midwest region — pursuant to which Casey's has agreed with defendants that it will all but entirely boycott JF' in Iowa and southern Illinois. The lawsuit alleges that as part of the purported conspiracy, Risewick wrote to one fuel-distribution company 'in an effort to thwart JF's entry into the market.' The lawsuit appears to then quote from the Risewick letter, but all of the relevant text was redacted from public view. The lawsuit also appeared to quote from 'private text messages,' including one from the head of procurement for Casey's to Risewick — although, again, the actual content of the purported text message was redacted from the court filing. Risewick was appointed to the Iowa Board of Regents on June 21, 2022, by Gov. Kim Reynolds. His term expires in 2031. The lawsuit alleged conspiracy to restrain trade in violation of the Sherman Act, as well as conspiracy to restrain and monopolize trade in violation of state law. The case was recently dismissed after the plaintiffs and defendants filed a joint motion for dismissal stating they had 'resolved the claims asserted in this action.' Although some of the court filings in the case are sealed from public view, it appears the defendants in the case did not file an answer to the lawsuit before the matter was settled. At the same time that case was settled, a federal lawsuit that Seneca filed against JF Acquisitions and D&H United Fueling Solutions in 2024 was settled. In that case, Seneca claimed it had considered entering into a business agreement with the defendants but the deal fell through. The two defendants were then left with the prospect of heightened competition in the market and, the lawsuit claimed, they 'hatched a scheme to attack Seneca's business' by poaching Seneca employees, despite an alleged no-compete agreement. JF Acquisitions and D&H United Fueling Solutions denied any wrongdoing in the matter. The case was dismissed late last month after all of the parties filed a motion for dismissal, stating they had executed a settlement agreement resolving all of the claims in the case. Find this story at Iowa Capital Dispatch, which is part of States Newsroom, a network of news bureaus supported by grants and a coalition of donors as a 501c(3) public charity. Iowa Capital Dispatch maintains editorial independence. Contact Editor Kathie Obradovich for questions:kobradovich@ This article originally appeared on Des Moines Register: Casey's competitive conspiracy lawsuit settled out of court
Yahoo
28-03-2025
- Business
- Yahoo
Trive Capital faces lawsuit over alleged fuel infrastructure scheme
A fuel station supplier has filed a lawsuit against Trive Capital and two of its portfolio companies in federal court in Iowa claiming that the companies restricted competition in the US Midwest for gas pump distribution and servicing, which led to increased fuel prices, reported Reuters. According to the complaint, Trive, Seneca Companies and OWL Services effectively blocked JF Petroleum Group from entering the Iowa and southern Illinois market using acquisitions to consolidate US pump distribution and servicing. JF Petroleum Group claimed the action to be in violation of the US antitrust law. The complaint further alleges that the defendants tried to obstruct Casey's, the third-largest convenience store chain in the US, from engaging in business with JF Petroleum. Dallas-based Trive, which manages more than $8bn in investments, responded to the allegations by stating, 'the case and claims against Trive, OWL Services, and Seneca Companies are without merit'. The company expressed its intention to contest the lawsuit. A lawyer for JF Petroleum at the McGuireWoods law firm has yet to respond to a request for comment. Headquartered in North Carolina, JF Petroleum supplies and maintains fuel pumps for petrol and diesel at prominent retail stations nationwide. This lawsuit escalates the ongoing conflict between Trive's Seneca, which offers fuelling equipment and support services, and JF Petroleum. In a separate lawsuit, Seneca has accused JF Petroleum of interfering with existing and potential agreements with customers and employees, a claim that JF Petroleum has denied. JF Petroleum claims to have invested millions of dollars in expanding into Iowa and southern Illinois, only to face 'illegal obstacles at every turn'. The lawsuit seeks unspecified monetary damages and a court order to halt the alleged anti-competitive business practices. In a related development, Steelhead liquefied natural gas (LNG) initiated legal proceedings in December last year against Cedar LNG, Pembina Pipeline and ARC Resources in British Columbia, Canada. The Vancouver-based LNG company alleges that the defendants wilfully exploited proprietary information for the benefit of the Cedar LNG project. "Trive Capital faces lawsuit over alleged fuel infrastructure scheme" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Reuters
25-03-2025
- Business
- Reuters
Private equity firm Trive sued over alleged fuel infrastructure scheme
March 25 (Reuters) - A fuel station supplier sued Trive Capital and two of its portfolio companies in federal court in Iowa on Monday, claiming they restricted competition in the U.S. Midwest for gas pump distribution and servicing, driving up fuel prices. The lawsuit, opens new tab from JF Petroleum Group said Trive, Seneca Companies and OWL Services used acquisitions to consolidate U.S. pump distribution and servicing for years and conspired to block JF from the market in Iowa and southern Illinois, in violation of U.S. antitrust law. The defendants also tried to curtail Casey's, the third largest convenience store chain in the United States, from doing business with JF Petroleum, according to the complaint. Dallas-based Trive, which boasts more than $8 billion in investments under management, in a statement said "the case and claims against Trive, OWL Services and Seneca Companies are without merit" and and said they would fight the lawsuit. A lawyer for JF Petroleum at law firm McGuireWoods did not immediately respond to a similar request. North Carolina-based JF Petroleum distributes and services pumps for gas and diesel at major retail stations across the country. The lawsuit escalates a feud between Trive's Seneca, which provides fueling equipment and support services, and rival JF Petroleum. Seneca is suing JF Petroleum in a separate lawsuit, accusing it of interfering with existing and potential agreements with customers and employees. JF Petroleum has denied the allegations. JF Petroleum in its lawsuit said it had invested millions of dollars to expand into Iowa and Southern Illinois, but 'has faced unlawful obstacles at every turn.' The lawsuit seeks unspecified monetary damages and a court order that would stop the alleged anticompetitive business practices. The case is JF Acquisition LLC v Seneca Companies Inc et al, U.S. District Court for the Southern District of Iowa, No. 4:25-cv-00104-SHL-WPK. For plaintiff: Nicholas Giles of McGuireWoods, and Samuel Jones of Shuttleworth & Ingersoll
