Latest news with #UACC
Argaam
22-05-2025
- Business
- Argaam
City Cement board recommends no dividend for H2 2024
City Cement Co. 's board of directors recommended on May 21 to withhold dividends for H2 2024. The decision aims to support its financial position until the completion of the acquisition deal, the company said in a statement to Tadawul. The recommendation will be submitted for approval in the upcoming shareholder meeting. City Cement last paid dividend for H1 2024 at 5% (SAR 0.5 per share), data compiled by Argaam showed. Last October, City Cement and Umm Al-Qura Cement Co. (UACC) signed a share-swap agreement, under which the latter will offer to acquire all UACC shares in exchange for newly-issued shares in City Cement. The table below highlights the acquisition details:
Yahoo
06-05-2025
- Automotive
- Yahoo
Why Vroom, Inc. (VRM) Is Surging in 2025
We recently published an article titled Why These 15 Vehicles & Parts Stocks Are Surging In 2025. In this article, we are going to take a look at where Vroom, Inc. (NASDAQ:VRM) stands against the other vehicles and parts stocks. Certain automotive companies have held up surprisingly well in the current environment, and that's especially true with companies that supply automotive parts. The high interest rate regime was supposed to crush automotive companies across the board, and early tariffs specifically targeted countries that produced the most automotive parts for the U.S. Even then. These stocks have done well since high interest rates have made it difficult for low-income consumers to buy new cars. Instead, they have opted for repairing their existing vehicles, which has been a tailwind for automotive parts companies for the past two years. The average age of vehicles was already at a record 12.6 years in 2024, so this tailwind isn't going away anytime soon. Customers who have higher incomes have kept on buying new vehicles. It is mostly because of them that consumer spending has held up across the board. Here are the biggest winners from this trend. Even during bear markets, there are pockets of the market that perform exceptionally well. For example, I identified 15 Financial Services Stocks that are up the Most in 2025 in another article. Methodology For this article, I screened the best-performing vehicles & parts stocks year-to-date. I will also mention the number of hedge fund investors in these stocks. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here). A close-up of a technician's hands meticulously reconditioning the car's mechanics. Number of Hedge Fund Holders In Q4 2024: N/A Vroom, Inc. (NASDAQ:VRM) is now primarily an automotive finance and AI analytics company, operating through its subsidiaries United Auto Credit Corporation (UACC) and CarStory, after discontinuing its used car e-commerce operations in early 2024. Vroom, Inc. (NASDAQ:VRM)'s stock performance in 2025 is heavily influenced by its emergence from Chapter 11 bankruptcy. The restructuring process discharged approximately $290 million in debt and involved the cancellation of old equity, followed by the issuance of new common stock and warrants. This successful emergence significantly improved the company's financial position.
Argaam
25-02-2025
- Business
- Argaam
Umm Al-Qura Cement says supporting City Cement in takeover deal
Umm Al-Qura Cement Co. (UACC) confirmed that City Cement Co. (CCC) has issued a firm intention to submit an offer to acquire full ownership in the former through a share-swap deal, in accordance with the Merger & Acquisition Regulations and the terms & conditions (T&Cs) entailed under the implementation agreement. In a statement to Tadawul today, Feb. 25, UACC said it is working with CCC to meet the required conditions for the proposed acquisition, including regulatory approvals. However, the transaction remains uncertain and is subject to the conditions outlined in the deal announcement. UACC's board of directors has yet to issue a shareholders' circular with its opinion on the proposed deal. Meanwhile, CCC, after securing the necessary approvals, should publish its offer document that will cover key transaction details. Both cement producers should convene their extraordinary general meetings (EGMs) to vote on the planned buyout. UACC confirmed that any material developments will be disclosed in due course. On Oct. 24, 2024, UACC and CCC announced signing a share-swap agreement, under which the latter will offer to acquire all UACC shares in exchange for newly-issued shares in CCC, according to Argaam 's data. The deal aligns with Article 26 of the Merger & Acquisition Regulations, the CMA's Rules on the Offer of Securities, and the T&Cs of the implementation agreement. The acquisition details are as follows:
CBS News
21-02-2025
- Politics
- CBS News
President Trump's comments on Ukraine-Russia war create uncertainty, concern for Minnesota's Ukrainian community
As President Trump works toward ending the war in Ukraine, he's also using Russian propaganda talking points. It's created concern and uncertainty in Minnesota's Ukrainian community. Leaders with the Ukrainian American Community Center in Minneapolis say they've been fielding calls of concern all week as Trump has escalated his feud with Ukrainian President Volodomyr Zelenskyy. "It's definitely very disturbing, very emotional," said Dima Blyshchak, the UACC president. "People [are] afraid of even coming to social events because people don't know what's going to happen." Trump this week blamed Ukraine for starting the war, which is not true. He called Zelenskyy "a dictator without elections," which is also not true. "[Vladimir] Putin is truly the dictator in this situation and he is the one who started the war," said Maria Doan with the UACC. "It was truly disheartening to hear such remarks made by this administration, especially given the fact that previously it was promised that President Trump was going to achieve peace through strength." Secretary of State Marco Rubio met this week with his Russian counterpart to talk about ending the war. National Security Advisor Mike Waltz responded to concerns that Ukraine wasn't part of those conversations. "In foreign policy world, they call it shuttle diplomacy," Waltz said. "We have to talk to both sides in order to get both sides to the table. President Trump is obviously very frustrated with President Zelenskyy, the fact that he hasn't come to the table, that he hasn't been willing to take this opportunity that we have offered." Ukrainian community leaders say something they feel no uncertainty about is being able to rely on their Minnesotan neighbors. "We are getting very strong support from the people," Blyshchak said. "People feel that sorrow with Ukrainians. We're all people. We're all human, and people understand that." The Ukrainian Center in Minneapolis is having an event Saturday to mark three years since the Russian invasion.
Yahoo
20-02-2025
- Automotive
- Yahoo
Vroom Provides Update on Relisting of Common Stock and Q4 2024 Liquidity
NEW YORK, February 20, 2025--(BUSINESS WIRE)--Vroom, Inc. (the "Company"), a leading automotive finance company and a data and AI-powered analytics and digital services platform supporting the automotive industry, today provided an update regarding the relisting of the Company's common stock on the Nasdaq Stock Market LLC and certain preliminary unaudited financial results for the fourth quarter 2024, following the Company's recapitalization of its previously issued unsecured convertible senior notes. Vroom has received approval for the relisting of its common stock on the Nasdaq Global Market under the ticker symbol VRM, with trading expected to commence on February 20, 2025 after the market opens. Vroom is also exploring the potential listing of its warrants on a national stock exchange. As of December 31, 2024, Vroom had estimated preliminary consolidated total cash and excess liquidity of $58 million dollars, including $29 million dollars of cash and cash equivalents and $28 million dollars of excess available liquidity on UACC's warehouse lines. These estimated preliminary figures are inclusive of the impact of approximately $7 million in cash disbursements during Q4 2024, related to the recapitalization. Financial Disclosure Advisory This release contains certain estimated preliminary financial results for the fourth quarter ended December 31, 2024. These estimates are based on the information available to the Company at this time. The Company's financial closing procedures for the fourth quarter and full year 2024 are not yet complete and, as a result, actual results may vary from the estimated preliminary results presented here due to the completion of the Company's financial closing and audit procedures. The estimated preliminary financial results have not been audited or reviewed by the Company's independent registered public accounting firm. These estimates should not be viewed as a substitute for the Company's full interim or annual financial statements. Accordingly, you should not place undue reliance on this preliminary data. About Vroom (Nasdaq: VRM) Vroom owns and operates United Auto Credit Corporation (UACC), a leading automotive lender serving the independent and franchise dealer market nationwide, and CarStory, a leader in AI-powered analytics and digital services for automotive retail. Prior to January 2024, Vroom also operated an end-to-end ecommerce platform to buy and sell used vehicles. Pursuant to its previously announced Value Maximization Plan, Vroom discontinued its ecommerce operations and wound down its used vehicle dealership business. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our anticipated financial performance for any period of time, including preliminary unaudited cash, excess liquidity and cash disbursements related to the recapitalization, for the fourth quarter and full year ending December 31, 2024, the commencement of trading of our common stock on the Nasdaq Global Market, the potential listing of our warrants on a national stock exchange, and the timing of any of the foregoing. These statements are based on management's current assumptions and are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from the forward-looking statements in this press release include: as a result of the prepackaged Chapter 11 case, our historical financial information will not be indicative of our future performance; we are subject to claims that were not discharged in the prepackaged Chapter 11 case, which could have a material adverse effect on our financial condition and results of operations; the prepackaged Chapter 11 case may cause us to experience increased levels of employee attrition; the prepackaged Chapter 11 case raises substantial doubt regarding our ability to continue as a going concern; our indebtedness and liabilities could limit the cash flow available for our operations, expose us to risks that could materially adversely affect our business, financial condition and results of operations and impair our ability to satisfy our debt obligations; we may not be able to comply with the continued listing rules on the Nasdaq Global Market; we may not be able to satisfy an initial listing rule on a national securities exchange for our warrants; our tax attributes and future tax deductions may be reduced or significantly limited as a result of the consummation of the plan of reorganization; there are risks associated with the discontinuance of our ecommerce operations and wind-down of our used vehicle dealership business; we may not generate sufficient liquidity to operate our business; as well as the other important risks and uncertainties identified under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, as updated by our Quarterly report on Form 10-Q for the quarter ended September 30, 2024, which is available on our Investor Relations website at and on the SEC website at All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances. View source version on Contacts Investor Relations: VroomJon Sandisoninvestors@
