Latest news with #stockoffering
Bloomberg
27-05-2025
- Business
- Bloomberg
Sell Your Crypto on the Stock Exchange
Last Tuesday, SharpLink Gaming Inc. was an online marketing company for sports betting with a stock price of about $2.91 per share and an equity market capitalization of about $2 million. It was listed on the Nasdaq, but only barely; a few weeks ago it had to do a reverse stock split to stay above Nasdaq's $1 minimum stock price, and it also didn't meet Nasdaq's minimum $2.5 million shareholders' equity requirement. So on Tuesday it announced a stock offering, raising $4.5 million at $2.94 per share, with a use of proceeds of 'regaining compliance with Nasdaq's minimum requirement for total stockholders' equity.' Though it added: 'We may elect to use a portion of the proceeds to acquire crypto currencies in connection with execution of the potential treasury strategy we currently have under consideration.' And why wouldn't it? SharpLink was only in the very most technical sense a US public company: It had a public listing, but with a $2 million market capitalization it did not really meet the requirements for a public listing, and its business — with revenue in the mid seven figures — did not really justify the expense and complexity of being a public company. In the past, that would be bad.
Globe and Mail
21-05-2025
- Business
- Globe and Mail
Ryman Hospitality Properties, Inc. Announces Closing of Upsized Common Stock Offering and Full Exercise of Underwriters' Over-Allotment Option
NASHVILLE, Tenn., May 21, 2025 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the 'Company') today announced the closing of its previously announced upsized underwritten registered public offering of 2,990,000 shares of its common stock, par value $0.01 per share, at a price to the public of $96.20 per share (the 'Offering'). The shares sold in the Offering included 390,000 shares sold following the May 20, 2025 exercise in full of the underwriters' option to purchase additional shares of common stock, which were delivered at the time of the closing of the Offering. As a result, the Company received aggregate net proceeds from the sale of the common stock of approximately $275 million, after deducting underwriting discounts and commissions and other estimated expenses of the Offering payable by the Company. Morgan Stanley, BofA Securities, J.P. Morgan and Wells Fargo Securities acted as active joint book-running managers for the Offering, and Deutsche Bank Securities, BTIG, Credit Agricole CIB, Scotiabank, SMBC Nikko and Raymond James acted as bookrunners for the Offering. The Company expects to contribute the net proceeds of the Offering to RHP Hotel Properties, LP (the 'Operating Partnership'). The Operating Partnership subsequently intends to use all of the net proceeds of the Offering to fund a portion of the approximately $865 million purchase price for the previously announced pending acquisition of the JW Marriott Phoenix Desert Ridge Resort & Spa located in Phoenix, Arizona (the 'Desert Ridge Acquisition') and to pay related fees and expenses of the Desert Ridge Acquisition. The balance of the purchase price of the Desert Ridge Acquisition will be funded with a combination of cash on hand and the net proceeds the Operating Partnership and RHP Finance Corporation (collectively, the 'Issuers') receive upon consummation of the Issuers' recently announced private placement of $625 million aggregate principal amount of senior notes due 2033 (the 'Notes'), which the Issuers upsized and priced on May 20, 2025 (the 'Private Placement'). The aggregate net proceeds from the Private Placement are expected to be approximately $614 million, after deducting the initial purchasers' discounts and commissions and estimated offering expenses. Subject to customary closing conditions, the Private Placement is expected to close on June 4, 2025. If the Desert Ridge Acquisition is not consummated, the Company intends to use the net proceeds of the Offering for general corporate purposes, and the Notes will be redeemed in accordance with a special mandatory redemption at a redemption price equal to 100% of the issue price of the Notes, plus accrued and unpaid interest, if any, up to, but excluding, the special mandatory redemption date. This press release shall not constitute an offer to sell or the solicitation of any offer to buy any securities, nor shall there be any sale of any securities 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 any such jurisdiction. About Ryman Hospitality Properties, Inc. Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company's holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns the JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company's hotel portfolio is managed by Marriott International and includes a combined total of 11,414 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas; and a majority interest in Southern Entertainment, a leading festival and events business. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company's financial results. Cautionary Note Regarding Forward-Looking Statements This press release contains statements as to the Company's beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the Desert Ridge Acquisition and the anticipated use of the net proceeds of the Offering and the Private Placement by the Company. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with the Desert Ridge Acquisition and the Private Placement including, but not limited to, the occurrence of any event, change or other circumstance that could delay the closing of the Desert Ridge Acquisition or the Private Placement, or result in the termination of the Private Placement or the transaction agreement for the Desert Ridge Acquisition; and adverse effects on the Company's common stock because of the failure to complete the Desert Ridge Acquisition or the Private Placement. Other factors that could cause results to differ are described in the filings made from time to time by the Company with the Securities and Exchange Commission and include the risk factors and other risks and uncertainties described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, and subsequent filings, including the Current Report on Form 8-K filed May 19, 2025. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.
Bloomberg
21-05-2025
- Business
- Bloomberg
David Webb Warns About CATL's Low Free Float in Hong Kong
Contemporary Amperex Technology Co. Ltd. 's recent Hong Kong stock offering, the world's largest listing this year, prompted a local activist investor to warn about the concentration of its shareholdings. Hong Kong only accounts for only 3.4% of all of the Chinese battery giant's shares as they're also listed in Shenzhen. Almost half of the ones in Hong Kong, or 77.46 million shares, are locked up from being sold until Nov. 19, leaving only a proportionally small number available as 'real free float,' David Webb said in his website.
Yahoo
12-05-2025
- Business
- Yahoo
CATL Starts Taking Investor Orders for World's Biggest Listing This Year
(Bloomberg) -- Contemporary Amperex Technology Co. Ltd. has started taking investor orders for a Hong Kong stock offering that is likely to be the world's biggest listing this year. A New Central Park Amenity, Tailored to Its East Harlem Neighbors As Trump Reshapes Housing Policy, Renters Face Rollback of Rights Is Trump's Plan to Reopen the Notorious Alcatraz Prison Realistic? What's Behind the Rise in Serious Injuries on New York City's Streets? NYC Warns of 17% Drop in Foreign Tourists Due to Trump Policies CATL, as the Chinese electric-vehicle battery giant is known, is seeking to raise as much as HK$41 billion ($5.3 billion), according to its listing document on Monday. That's if the deal is upsized and the greenshoe exercised on top of the base offering of up to HK$31 billion. The Fujian-based company is marketing shares at a maximum price of HK$263 each, or 1.4% lower than Friday's close in Shenzhen but roughly equivalent to Thursday's. Pricing could be decided as soon as Tuesday and the stock is expected to begin trading May 20. The share offering would more than double proceeds in Hong Kong's market for listings this year, which Bloomberg Intelligence predicts will surge to more than $22 billion. The bonanza's been driven by Chinese companies going ahead with their listing plans in the Asian financial hub despite the turmoil brought on by US President Donald Trump's tariffs, which have caused many deals to be postponed in America and Europe. CATL shares rose as much as 3.4% in Shenzhen trading, outperforming the benchmark index. CATL is offering about 118 million shares in the base offering, which could increase to around 136 million if the company upsizes the deal by 15%. With the greenshoe option, the company would be selling nearly 156 million shares. Cornerstone investors, which agree to hold shares from the deal for at least six months, have committed to buy about $2.6 billion worth of stock, according to the prospectus. They include Chinese state-owned oil company Sinopec, the Kuwait Investment Authority and alternative-asset manager Hillhouse Investment. CATL said it was doing the deal in the form of a so-called Regulation S offering, which doesn't allow sales to US onshore investors and exempts the issuer from certain US regulatory filing obligations, confirming an earlier Bloomberg News report. The limitations on certain types of US investors indicates that US-China tensions may be spilling into the new-listings landscape. The company also received a waiver from the Hong Kong exchange on the need to carry out a clawback mechanism, which would have required it to allocate more shares to retail investors if demand were high enough, according to the prospectus. The waiver allows for institutional investors to maintain a larger proportion of shares allocated for the Hong Kong listing. The share offering would more than double proceeds in Hong Kong's market for listings this year, which Bloomberg Intelligence predicts will surge to more than $22 billion. The bonanza's been driven by Chinese companies going ahead with their listing plans in the Asian financial hub despite the turmoil brought on by US President Donald Trump's tariffs, which have caused many deals to be postponed in America and Europe. The deal hasn't come without hurdles. The company was put on a Pentagon blacklist in January based on allegations of CATL's links to the Chinese military — something the company has denied repeatedly. The heat has spread to even some of the banks arranging the deal. In April, a US congressional committee publicly called on JPMorgan Chase & Co. and Bank of America Corp. to stop working on the listing because of CATL's alleged military links — again, denied by the company. But both American banks stuck with the deal. After the sale, CATL plans to use much of the proceeds for its ongoing international expansion in Europe, especially for a big factory in Hungary to supply top clients like Mercedes-Benz. That may help the company widen its lead in the industry, where it has a a market share of roughly 38%, comfortably ahead of its closest challenger, top EV maker BYD Co.'s 17%, according to SNE Research. As for Hong Kong, the deals keep on rolling. Chinese cancer drugmaker Jiangsu Hengrui Pharmaceuticals Co. is also gearing up for a big listing this month, people familiar with the matter have said. Besides JPMorgan and Bank of America, joint sponsors of CATL's offering include China International Capital Corp. and China Securities International. Goldman Sachs Group Inc., Morgan Stanley and UBS Group AG are also arranging the deal. CATL said it would pay the underwriters a fixed fee of 0.2% of the deal, including shares to be issued if the offering gets upsized and the greenshoe option is exercised. The banks may also receive a 0.6% incentive fee. (Updates with details about the breakdown of offered shares in the fourth paragraph, shares on in fifth, waiver on clawback in seventh and bank fees in the penultimate paragraph.) US Border Towns Are Being Ravaged by Canada's Furious Boycott How the Lizard King Built a Reptile Empire Selling $50,000 Geckos Maybe AI Slop Is Killing the Internet, After All With the New York Liberty, Clara Wu Tsai Aims for the First $1 Billion Women's Sports Franchise Pre-Tariff Car Buying Frenzy Leaves Americans With a Big Debt Problem ©2025 Bloomberg L.P. 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Yahoo
12-05-2025
- Business
- Yahoo
CATL Starts Taking Investor Orders for World's Biggest Listing This Year
(Bloomberg) -- Contemporary Amperex Technology Co. Ltd. has started taking investor orders for a Hong Kong stock offering that is likely to be the world's biggest listing this year. A New Central Park Amenity, Tailored to Its East Harlem Neighbors As Trump Reshapes Housing Policy, Renters Face Rollback of Rights Is Trump's Plan to Reopen the Notorious Alcatraz Prison Realistic? What's Behind the Rise in Serious Injuries on New York City's Streets? NYC Warns of 17% Drop in Foreign Tourists Due to Trump Policies CATL, as the Chinese electric-vehicle battery giant is known, is seeking to raise as much as HK$41 billion ($5.3 billion), according to its listing document on Monday. That's if the deal is upsized and the greenshoe exercised on top of the base offering of up to HK$31 billion. The Fujian-based company is marketing shares at a maximum price of HK$263 each, or 1.4% lower than Friday's close in Shenzhen but roughly equivalent to Thursday's. Pricing could be decided as soon as Tuesday and the stock is expected to begin trading May 20. The share offering would more than double proceeds in Hong Kong's market for listings this year, which Bloomberg Intelligence predicts will surge to more than $22 billion. The bonanza's been driven by Chinese companies going ahead with their listing plans in the Asian financial hub despite the turmoil brought on by US President Donald Trump's tariffs, which have caused many deals to be postponed in America and Europe. CATL shares rose as much as 3.4% in Shenzhen trading, outperforming the benchmark index. CATL is offering about 118 million shares in the base offering, which could increase to around 136 million if the company upsizes the deal by 15%. With the greenshoe option, the company would be selling nearly 156 million shares. Cornerstone investors, which agree to hold shares from the deal for at least six months, have committed to buy about $2.6 billion worth of stock, according to the prospectus. They include Chinese state-owned oil company Sinopec, the Kuwait Investment Authority and alternative-asset manager Hillhouse Investment. CATL said it was doing the deal in the form of a so-called Regulation S offering, which doesn't allow sales to US onshore investors and exempts the issuer from certain US regulatory filing obligations, confirming an earlier Bloomberg News report. The limitations on certain types of US investors indicates that US-China tensions may be spilling into the new-listings landscape. The company also received a waiver from the Hong Kong exchange on the need to carry out a clawback mechanism, which would have required it to allocate more shares to retail investors if demand were high enough, according to the prospectus. The waiver allows for institutional investors to maintain a larger proportion of shares allocated for the Hong Kong listing. The share offering would more than double proceeds in Hong Kong's market for listings this year, which Bloomberg Intelligence predicts will surge to more than $22 billion. The bonanza's been driven by Chinese companies going ahead with their listing plans in the Asian financial hub despite the turmoil brought on by US President Donald Trump's tariffs, which have caused many deals to be postponed in America and Europe. The deal hasn't come without hurdles. The company was put on a Pentagon blacklist in January based on allegations of CATL's links to the Chinese military — something the company has denied repeatedly. The heat has spread to even some of the banks arranging the deal. In April, a US congressional committee publicly called on JPMorgan Chase & Co. and Bank of America Corp. to stop working on the listing because of CATL's alleged military links — again, denied by the company. But both American banks stuck with the deal. After the sale, CATL plans to use much of the proceeds for its ongoing international expansion in Europe, especially for a big factory in Hungary to supply top clients like Mercedes-Benz. That may help the company widen its lead in the industry, where it has a a market share of roughly 38%, comfortably ahead of its closest challenger, top EV maker BYD Co.'s 17%, according to SNE Research. As for Hong Kong, the deals keep on rolling. Chinese cancer drugmaker Jiangsu Hengrui Pharmaceuticals Co. is also gearing up for a big listing this month, people familiar with the matter have said. Besides JPMorgan and Bank of America, joint sponsors of CATL's offering include China International Capital Corp. and China Securities International. Goldman Sachs Group Inc., Morgan Stanley and UBS Group AG are also arranging the deal. CATL said it would pay the underwriters a fixed fee of 0.2% of the deal, including shares to be issued if the offering gets upsized and the greenshoe option is exercised. The banks may also receive a 0.6% incentive fee. (Updates with details about the breakdown of offered shares in the fourth paragraph, shares on in fifth, waiver on clawback in seventh and bank fees in the penultimate paragraph.) US Border Towns Are Being Ravaged by Canada's Furious Boycott How the Lizard King Built a Reptile Empire Selling $50,000 Geckos Maybe AI Slop Is Killing the Internet, After All With the New York Liberty, Clara Wu Tsai Aims for the First $1 Billion Women's Sports Franchise Pre-Tariff Car Buying Frenzy Leaves Americans With a Big Debt Problem ©2025 Bloomberg L.P. Sign in to access your portfolio
