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In a blank-check offering, a company with no operations sells stock to fund future acquisitions.
Concerned about the possibility of future additional dilution, NRG proposed that Yield effect a recapitalization in which Class A shareholders would receive one non-voting share for each Class A share and the nonvoting shares could be used by Yield to fund future acquisitions, without diluting NRG's voting interest.
In January he raised $585 million in a bond offering to fund future acquisitions.
Armor Holdings will use proceeds from the shares it sells to fund future acquisitions, for business development opportunities and for general corporate and working capital purposes.
Analysts welcome the earlier-than-expected loan repayment and said the cash will allow the financial institution to fund future acquisitions.
The capital will also be used to fund future acquisitions, network build-out and for 'general corporate purposes' (new coffee machines ftw!).
Similar(51)
The bronze, "Artemis and the Stag," belonged to the Buffalo, N.Y.-based Albright-Knox Gallery, and was sold along with over 200 works of art to help fund future acquisitions for the gallery's modern and contemporary collections.
UBS also said it hoped for news on possible acquisitions: Capita has indicated the April equity placing, raising £274m, was almost all to fund future M&A.
The bank suggested Hikma could be on the acquisition trail after announcing a bond issue: Hikma [on Wednesday] announced their potential first bond issuance, which we believe could be partly to fund future M&A plans.
And "we could fund any future acquisitions, dividend payments and repurchases of common stock or debt with our internally available cash, cash equivalents and marketable securities, cash generated from operations, additional borrowings or from the issuance of additional securities".
It's satisfying to fund the future musical genius…why not the future Nobel Prize Winner?
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CEO of Professional Science Editing for Scientists @ prosciediting.com