ORBCOMM

Big premium on sale of ORBCOMM didn’t catch everyone by surprise

Michael Walkley, an analyst at Canaccord Genuity, had a target of $13 on the share price of ORBCOMM (NASDAQ: ORBC). He raised it from $11, and he says it was well above what other analysts were projecting. It also looked that it might be overly bullish given that the price of the electronic logging device and IoT provider was firmly stuck below $8.

On Thursday, that $13 price wasn’t realized when it was announced the company was being sold for $11.50 per share. But in the announcement of its...

https://s29755.pcdn.co/news/big-premium-on-sale-of-orbcomm-didnt-catch-everyone-by-surprise

News Alert: ORBCOMM being acquired by private equity firm in $1.1B deal

ORBCOMM (NASDAQ: ORBC), a leading provider of ELDs and other Internet of Things (IoT) technology, is being acquired by private equity company GI Partners. 

The price for ORBCOMM is $11.50 per share. That is a significant premium over the closing price Wednesday on the Nasdaq of $7.57 per share. The company’s 52-week high is $9.25 per share, recorded on Jan. 21. The roughly 52% premium over the current share price is in the ballpark of the 50% premium over the 90-day volume-weighted average share...

https://www.freightwaves.com/news/news-alert-orbcomm-being-acquired-by-private-equity-firm-in-1-1b-deal

Orbcomm reports fourth-quarter loss of $14.8M

Orbcomm Inc. (NASDAQ: ORBC) on Wednesday reported a fourth-quarter net loss of $14.8 million, with a per-share loss of 19 cents.

The 19 cents per-share loss for the fourth quarter was largely the result of a $11.7 million loss on debt extinguishment, Orbcomm said. Adjusted to extinguish debt, the loss was 4 cents per share. 

“While the pandemic caused significant disruption, we showed our resilience,” Marc Eisenberg, president and chief executive officer of Orbcomm, said during the company’s...

https://s29755.pcdn.co/news/orbcomm-reports-fourth-quarter-loss-of-$148m

Ports are at the heart of supply chain digitalisation

Ports and terminals are at the centre of the digitalisation process in the container shipping industry, as one of the integral parts of the supply chain. The improvements on their operational efficiency, the increase in their security and safety and the enhancement of the connection between their digital tools with shipping lines’ technology systems have been at the forefront in the digital transition of the industry.

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The post Ports are at...

https://container-news.com/ports-are-at-the-heart-of-supply-chain-digitalisation/

The Daily Dash: DOT unveils autonomous plan; LTL volumes still strong

The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, the U.S. Department of Transportation has laid out its strategic plan for safely deploying autonomous trucks and passenger vehicles. Plus, less-than-truckload volumes stayed strong in December and XPO has identified who will lead its logistics spinoff.

DOT lays out an autonomous plan

The U.S. Department of Transportation has released a long-awaited strategy for deploying autonomous vehicles on...

https://www.freightwaves.com/news/he-daily-dash-dot-unveils-autonomous-plan-ltl-volumes-still-strong

ELD provider ORBCOMM jettisons high-priced debt for new capital structure

ORBCOMM, a major supplier of electronic logging devices and other telematics solutions, is entering 2021 with a significantly different balance sheet than it has been carrying in recent years.

Last month, the company announced it had reached a refinancing agreement with a group of banks led by JP Morgan Chase. The $200 million refinancing was done as a private transaction. 

As a result, Orbcomm’s previously publicly traded debt has been retired and no longer carries a rating from S&P Global...

https://s29755.pcdn.co/news/eld-provider-orbcomm-jettisons-high-priced-debt-for-new-capital-structure

Making the connection, ORBCOMM deploys LoRa

Safety, security and supply chain control are all about communication, but without connectivity there can be no visibility and ORBCOMM says that its latest LoRa narrow band connections are all about connectivity.

The satellite and communications provider is offering customers the opportunity to connect to an Internet of Things (IoT) enabled device that will allow the user to monitor and control the internal container space so that the cargo owner can be certain, not only when the cargo will...

https://container-news.com/making-the-connection-orbcomm-deploys-lora/

Orbcomm reports third-quarter loss of $5.5M

Orbcomm Inc. (NASDAQ: ORBC) on Wednesday reported a third-quarter net loss of $5.5 million, with a per-share loss of $0.07.

The Rochelle Park, New Jersey-based company posted revenue of $61.7 million in the period, compared to $69.1 million during the third-quarter of 2019, a 10.7% decrease.

Company officials said the decline in revenue can partly be attributed to “certain customers in the oil and gas and heavy equipment markets that limited usage of our services in response to the ongoing...

https://www.freightwaves.com/news/orbcomm-reports-third-quarter-loss-of-55m

Career Tracks: Blume Global hires CFO

Logistics and supply chain solutions provider Blume Global has hired Tom Williams as its new chief financial officer.

Most recently, Williams led the finance team at Steelwedge as CFO and managed its acquisition by E2Open. Prior to Steelwedge, Williams served as CFO for Evestment Inc., the world’s largest institutional investment database. He has more than three decades of experience in finance, including leadership roles at public companies including Manhattan Associates and Sterling Commerce.

“T...

https://www.freightwaves.com/news/career-tracks-blume-global-hires-cfo

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