Harvard Corporate Governance

FEBRUARY 2, 2024

Cunningham and Carlos Juarez, Mayer Brown LLP, on Friday, January 26, 2024 Tags: Director , Executive Compensation , Retainers , Vesting Non-GAAP Adjustments: Impact of Merger and Acquisition Activity on Performance Targets and Results Posted by Mike Kesner and Steve Pakela, Pay Governance, on Saturday, January 27, 2024 Tags: Acquisition , GAAP , Generally (..)

Debt Financing 100

Debt Financing Banking Capital Structure Finance 100

Harvard Corporate Governance

JANUARY 11, 2024

2023 ISS Global Benchmark Policy Survey: Summary of Results. October 31, 2023. December 14, 2023. Endnotes 1 Kathy Belyeu et al. Institutional Shareholder Services. link] (go back) 2 United States Compensation Policies: Frequently Asked Questions. Institutional Shareholder Services. Glass Lewis. link] (go back)

Capital Structure 140

Capital Structure Finance 140

Benzinga

NOVEMBER 3, 2023

03, 2023 (GLOBE NEWSWIRE) -- Woodbridge International, a global mergers and acquisitions firm, is pleased to announce the acquisition of its client, Structural Building Components LLC by HB Capital. NEW HAVEN, Conn.,

Capital Structure 45

Capital Structure 45

Benchmark Report

JULY 21, 2023

EBITDA is used to evaluate a company’s profitability of its core operations by removing items dependent on capital structure, such as interest, Correctly calculating adjusted EBITDA is essential in an M&A transaction, and all parties must be familiar with the adjustments.

EBITDA 52

EBITDA Capital Structure Marketability Finance 52

Benzinga

FEBRUARY 29, 2024

Full Year 2023 Highlights 1 Revenues of $763.8 million acquisition of Infinite ID Fourth Quarter 2023 Highlights 1 Revenues of $202.6 Full Year 2023 Highlights 1 Revenues of $763.8 million acquisition of Infinite ID Fourth Quarter 2023 Highlights 1 Revenues of $202.6 million Net Income of $37.3 million, after the $217.7

EBITDA 40

EBITDA Dividends Technology Total Shareholder Return 40

Benzinga

APRIL 27, 2023

LOS ANGELES, CA, April 28, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- WPF Holdings, Inc. Under the existing capital structure of WPFH, voting control of WPFH remains with the Series A Preferred stock, which carries 51 percent of the total vote of all classes of stock, and the control of which has not changed.

Capital Structure 40

Capital Structure Equity 40

Benzinga

APRIL 27, 2023

LOS ANGELES, CA, April 27, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – WPF Holdings, Inc. Under the existing capital structure of WPFH, voting control of WPFH remains with the Series A Preferred stock, which carries 51 percent of the total vote of all classes of stock, and the control of which has not changed.

Capital Structure 40

Capital Structure Equity 40

Benzinga

JANUARY 5, 2023

05, 2023 (GLOBE NEWSWIRE) -- Solar Integrated Roofing Corp. This transaction not only helps to simplify and clean up our capital structure ahead of a planned 2023 Nasdaq listing of our common stock, it will allow us to unlock the full profit potential of our 2021 acquisition of Enerev," said George B. HENDERSON, Nev.,

Capital Structure 40

Capital Structure Marketability 40

Benzinga

NOVEMBER 2, 2023

02, 2023 (GLOBE NEWSWIRE) -- Abri SPAC I, Inc. The common stock of the combined company, which will operate as " Collective Audience, Inc." (" Collective Audience "), is expected to commence trading on Nasdaq Global Market under the ticker symbol " CAUD " on November 3, 2023. NEW YORK, Nov.

Capital Structure 45

Capital Structure Marketability Technology 45

Valutico

MAY 24, 2023

Weekly Valuation – Valutico | May 24, 2023 Link to the valuation About the company Oneok Inc., 2022 saw a robust cash and capital structure with a staggering USD 967 million adjusted EBITDA in Q4, up by 14% from the previous year. Share Price Performance Oneok Inc.’s

Discounted Cash Flow 52

Discounted Cash Flow EBIT EBITDA Capital Structure 52

Auto Dealer Valuation Insights

JULY 9, 2024

As detailed in a recent Wall Street Journal article, pension funds have boosted private equity allocations from just 3% of their portfolios in 2001 to 14% in 2023. Since the turn of the century, pension funds have increasingly turned to private equity investments in a bid to earn higher returns.

Equity 59

Equity Capital Structure 59

Benzinga

OCTOBER 24, 2023

Los Angeles, CA October 24, 2023 --( PR.com )-- Abri SPAC I, Inc. “Although the process was lengthy, the ability to list upon a senior stock exchange with streamlined capital structure and to enhance our financial profile is worth the extended timeline. Brent Suen and will be supported by an experienced 5-member board.

Capital Structure 40

Capital Structure Marketability Technology 40

Reynolds Holding

MAY 29, 2024

3] Such competition increased during 2023 and, especially, after the 2023 banking crisis, given the downtick in the syndicated loan markets, opening the way for private credit funds to increase their share in the market. 2] Preqin, ‘Preqin Global Report 2023: Private Debt’ (2023). [3]

Corporate Finance 53

Corporate Finance Finance Banking Equity 53

Auto Dealer Valuation Insights

JANUARY 3, 2023

As the calendar turns to 2023, I pray you aren’t reading this stuck in an airport waiting for lost luggage. Last week, Southwest Airlines ( NYSE: LUV) experienced significant disruptions and canceled thousands of flights following a winter blast smacking a large swath of the country.

Capital Structure 52

Capital Structure 52

Benzinga

OCTOBER 4, 2023

04, 2023 (GLOBE NEWSWIRE) -- Standard BioTools Inc. The combined company, with a pro-forma equity value of over $1 billion based on Standard BioTools' closing share price on October 3, 2023, will be a leading provider of differentiated multi-omics tools for research. Standard BioTools expects full year 2023 revenue of $100 -.

Technology 40

Technology Capital Structure Equity Marketability 40

Benzinga

FEBRUARY 8, 2023

08, 2023 (GLOBE NEWSWIRE) -- Post Holdings, Inc. The transaction is expected to be completed early in the second calendar quarter of 2023, Post's third quarter of fiscal year 2023, subject to closing conditions, including the expiration of waiting periods under United States ("U.S.") LOUIS, Feb. antitrust laws.

Net Present Value 40

Net Present Value EBITDA Capital Structure 40

Benzinga

AUGUST 23, 2023

SANUWAVE has over 550 UM systems in active use and generated 59% of its Q2 2023 revenue from consumable sales of single use applicators. · The proposed business combination values the combined company at a pro forma enterprise value of $127.5 23, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – SANUWAVE Health, Inc.

Equity 40

Equity Enterprise Value Capital Structure EBITDA 40

Benzinga

NOVEMBER 22, 2022

As a private company with additional support from Paine Schwartz, AgroFresh will have access to the financial resources it needs to invest further in R&D and expansion efforts, while enabling the Company to address its capital structure. The transaction is expected to close in the first quarter of 2023.

Capital Structure 40

Capital Structure Technology Marketability 40

Benzinga

AUGUST 13, 2024

over Q2 2023 ("year-over-year") to US$274.6 from Q2 2023 and grew US$15.2 000's) June 30, 2024 June 30, 2023 Variance to Q2 2023 (Excluding Armada) US$ % US$ % US$ % United States and Canada 1,599,955 81.0 million in total capital investments this quarter. In US$ unless otherwise noted FY 2023 - U.S.

Dividends 45

Dividends Capital Structure Finance Treasury 45

Benzinga

APRIL 12, 2023

Brookfield Infrastructure intends to maintain Triton's existing investment grade capital structure, uphold the highest operating and customer service standards for the benefit of Triton's customers and stakeholders, and help grow the business, aided by Brookfield Infrastructure's substantial access to long-term private capital.

Total Shareholder Return 40

Total Shareholder Return Capital Structure Enterprise Value Dividends 40

Benzinga

MARCH 1, 2024

million of Adjusted EBITDA 2 in 2023. The proceeds from the sale of our Tower business will provide Shentel with additional growth capital to support the planned expansion of our Glo Fiber line of business to approximately 600,000 homes and business passings by the end of 2026. million in revenue, $9.5

Capital Structure 45

Capital Structure EBITDA Finance Technology 45

Benzinga

DECEMBER 21, 2023

21, 2023 (GLOBE NEWSWIRE) -- SomaLogic, Inc. NASDAQ: SLGC ) today issued an open letter to stockholders highlighting the value maximizing merger entered into with Standard BioTools (NASDAQ: LAB ) on October 4, 2023. This process was publicly announced in March of 2023, providing ample opportunity for any potential partner to emerge.

Capital Structure 40

Capital Structure Dividends Equity Marketability 40

Reynolds Holding

MAY 10, 2023

Where the deal went forward, that often resulted in less available capital. Redemption rates soared in 2022 and have remained elevated in 2023. Industry: Telecommunications De-SPAC: March 29, 2022 Chapter 11: February 20, 2023 Debt: Total funded debt outstanding: $287.5 million $7.4 million $7.4 million $41.5 million $70.9

Going Concern Value 49

Going Concern Value Finance Equity Technology 49

Reynolds Holding

FEBRUARY 13, 2025

27] Unitranche Debt The other trend in private credit financing arrangements is the rise of single-tranche or unitranche loans, which eliminate the complex capital structure of first- and second-lien debt in favor of a single facility. [28] 6] Understanding Private Credit , Morgan Stanley (September 15, 2023), [link]. [7]

Banking 45

Banking Finance Marketability Equity 45

Reynolds Holding

OCTOBER 26, 2023

On October 10, 2023, the Financial Stability Board (the “FSB”) published a report (the “FSB Report”) [1] that examined the international resolution framework as applicable to global systemically important banks (“G-SIBs”). 3] See Robin Wigglesworth, “The regulatory nightmare of TLAC,” FT Alphaville (October 12, 2023). [4]

Banking 40

Banking Equity Capital Structure Marketability 40

Reynolds Holding

MAY 23, 2023

5] As Healy described it, failures at funds included 1) disregard of fiduciary standards, 2) lack of regulation of investment advisers, 3) complicated capital structures, 4) inadequate accounting, and 5) lack of supervision of mergers and consolidations. [6] 8] Based on Form ADV filings through March 31, 2023. 4] Ibid at 7. [5]

Banking 40

Banking Technology Marketability Capital Structure 40

Reynolds Holding

SEPTEMBER 11, 2024

Newell and Parkinson (2023) present the timeline of SVB’s supervisory ratings disclosed following bank failure, which suggests the examiners’ confusion and indecisiveness in updating the bank’s rating as the bank’s viability became more uncertain. [6] To reduce the risk, banks need higher equity capital in their capital structure.

Banking 45

Banking Marketability Capital Structure Finance 45

Reynolds Holding

APRIL 11, 2023

The constituent documents may also contain limitations on the voting rights that may be granted to preferred stock, and the company’s existing capital structure should be reviewed to ensure any new issuance does not violate the terms of existing securities.

Dividends 45

Dividends Capital Structure Equity 45

Simply Treasury

AUGUST 2, 2022

As always in the case of Directives, they must be transposed by the Member States, which must ensure that they do so before December 31, 2023, for application as of January 1, 2024, that is to say: tomorrow! The CMU aims to better balance bank financing against capital market financing. Transposition into National law.

Equity 52

Equity Risk Premium Banking Finance 52

Reynolds Holding

DECEMBER 10, 2023

Different Buyback Rationales – and Their Implementation Objectives We will consider each of the three corporate finance-based rationales for buybacks, being investment, capital restructuring and excess capital return or dividend.

Dividends 45

Dividends Total Shareholder Return Corporate Finance Finance 45

Benzinga

JULY 10, 2023

HOUSTON, Texas, July 10, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- SMG Industries Inc.

EBITDA 40

EBITDA Book Value Capital Structure Marketability 40

Valutico

DECEMBER 15, 2022

It is often used as it eases the comparability between companies from the same industry (without having to worry about asset or capital structure). . This is a very similar multiple to the EV/EBITDA excludes D&A (thus the asset structure). EV/EBITDA – Shows the ratio of Enterprise Value to the EBITDA of a company.

Precedent Transaction Analysis 52

Precedent Transaction Analysis Comparable Company Analysis EBITDA Enterprise Value 52

Valutico

DECEMBER 15, 2022

It is often used as it eases the comparability between companies from the same industry (without having to worry about asset or capital structure). . This is a very similar multiple to the EV/EBITDA excludes D&A (thus the asset structure). EV/EBITDA – Shows the ratio of Enterprise Value to the EBITDA of a company.

Precedent Transaction Analysis 52

Precedent Transaction Analysis Comparable Company Analysis EBITDA Enterprise Value 52

Appraiser Newsroom

JUNE 4, 2024

He was a on the Board of Trustees of the International Valuation Standards Council finishing his second term in 2023. In 2020, in full recognition of his outstanding services in the Society and contributions to the appraisal profession, the American Society of Appraisers gave him their Lifetime Achievement Award.

Business Valuation 59

Business Valuation Intangible Assets Appraisal Finance 59

Musings on Markets

FEBRUARY 27, 2023

In this post, I will focus on corporate debt in 2023, keeping in mind that it was a year where the tradeoffs changed, as interest rates rose to pre-2008 levels, and putting at risk those firms that had borrowed to capacity, or even beyond, at low interest rates.

Equity 52

Equity EBITDA Start-ups Net Debt 52

Reynolds Holding

MAY 28, 2025

4 Delaware capitalized on this misstep, combining a flexible General Corporation Law with a specialized Court of Chancery and establishing a model of statutory innovation and judicial expertise that persists today. SB 29 limits books-and-records demands and allows class-by-class voting waivers, aligning with modern capital structures.

Capital Structure 53

Capital Structure Equity Technology Marketability 53

Brian DeChesare

MAY 28, 2025

Private credit has exploded since the 2008 financial crisis, as new regulations and capital requirements drove many large banks away from their lending activities for middle-market companies. A: The main risk is the loss of principal, which lenders can mitigate via the seniority in the capital structure and the covenants.

Banking 59

Banking Marketability EBITDA Capital Structure 59