Corporate action

First Trust Advisors Announces Proposed Reorganization of Four First Trust Advised Closed-End Funds into Three abrdn Advised Closed-End Funds

Retrieved on: 
Monday, October 23, 2023
Asset Management, Professional Services, Finance, Sale, FINRA, Registration statement, FTA, Proxy, General Motors Chapter 11 reorganization, FSD, AIB (NI), Funding, Investment, Trustee, ACP, FTP, Prospectus, Private equity, Fund, NAV, Corporate action, Financial services, Security (finance), Financial adviser

Each Acquired Fund Board believes that the applicable Reorganization is in the best interest of the Acquired Fund.

Key Points: 
  • Each Acquired Fund Board believes that the applicable Reorganization is in the best interest of the Acquired Fund.
  • Each Reorganization is intended to be treated as tax-free reorganization for U.S. federal income tax purposes.
  • Each Reorganization is a separate transaction, and no Reorganization is contingent upon any other Reorganization.
  • In the United States, abrdn is the marketing name for the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited, abrdn Asia Limited, abrdn Private Equity (Europe) Limited and abrdn ETFs Advisors LLC.

RVL Pharmaceuticals plc Announces Prepackaged Reorganization of Certain U.S. Subsidiaries

Retrieved on: 
Thursday, October 12, 2023
Bankruptcy, Pharmacy, Interest, LLP, RVL, Ernst & Young, Corporate action, Growth, United States bankruptcy court, United States Bankruptcy Court for the Southern District of New York, Ropes & Gray, Blepharoplasty, Patient, Security (finance), Financial services, Athyrium

BRIDGEWATER, N.J., Oct. 12, 2023 (GLOBE NEWSWIRE) -- RVL Pharmaceuticals plc (“RVL” or “the Company”), a specialty pharmaceutical company focused on the commercialization of UPNEEQ® (oxymetazoline hydrochloride ophthalmic solution), 0.1%, for the treatment of acquired blepharoptosis, or droopy eyelid, in adults, today announced that certain of its U.S. operating subsidiaries, RevitaLid Pharmaceutical Corp., RVL Pharmaceuticals, Inc. and RVL Pharmacy, LLC (the “RVL Subsidiaries”), have reached an agreement with their sole secured lenders, funds managed by Athyrium Capital Management (“Athyrium”), and other key stakeholders, to effectuate a change of control transaction through prepackaged bankruptcy cases commenced in the United States Bankruptcy Court for the District of Delaware today (the “Reorganization”). The Reorganization provides a structured pathway for the RVL Subsidiaries to significantly reduce their debt, while enabling them to streamline operations, maintain jobs and position themselves under new ownership. As a result of the Reorganization, RVL is expected to commence the wind-down of any remaining operations of the Company and its subsidiaries, other than the RVL Subsidiaries. RVL’s public equity is expected to be cancelled upon completion of its wind-down, anticipated to be during 2024, likely resulting in no recovery to public shareholders.

Key Points: 
  • The Reorganization provides a structured pathway for the RVL Subsidiaries to significantly reduce their debt, while enabling them to streamline operations, maintain jobs and position themselves under new ownership.
  • As a result of the Reorganization, RVL is expected to commence the wind-down of any remaining operations of the Company and its subsidiaries, other than the RVL Subsidiaries.
  • The Reorganization contemplates that all of RVL Subsidiaries’ vendors, suppliers, and customers will be unaffected by the Reorganization, and their employees will remain employed by these entities.
  • The RVL Subsidiaries have filed a series of “First Day Motions” with the United States Bankruptcy Court for the District of Delaware.

Unrivaled Brands Files S-4; Announces Corporate Reorganization to become Blüm

Retrieved on: 
Tuesday, October 10, 2023
Annual general meeting, OTCQB, Reverse stock split, Proxy, Prospectus, Form, Corporate action, NUALS Arts and Literary Annual Meet, Exchange, Securities and Exchange Commission (Philippines), Sale, WHEN, Suite, Security (finance), Holding company, Unrivaled, Shareholder

SANTA ANA, Calif., Oct. 10, 2023 (GLOBE NEWSWIRE) -- Unrivaled Brands, Inc. (OTCQB: UNRV) (“Unrivaled,” “Unrivaled Brands,” or the “Company”), a Nevada cannabis company with operations throughout California, announced today that it intends to implement a reorganization in which a new Delaware holding company, Blum Holdings, Inc. (“Blüm”), would become the publicly traded holding company of Unrivaled Brands and its subsidiaries (the “Reorganization”).

Key Points: 
  • SANTA ANA, Calif., Oct. 10, 2023 (GLOBE NEWSWIRE) -- Unrivaled Brands, Inc. (OTCQB: UNRV) (“Unrivaled,” “Unrivaled Brands,” or the “Company”), a Nevada cannabis company with operations throughout California, announced today that it intends to implement a reorganization in which a new Delaware holding company, Blum Holdings, Inc. (“Blüm”), would become the publicly traded holding company of Unrivaled Brands and its subsidiaries (the “Reorganization”).
  • Any outstanding securities convertible or exercisable for shares of Unrivaled common stock will become securities convertible or exercisable for shares of Blüm common stock.
  • In connection with the Reorganization, Blüm has filed a registration statement on Form S-4 that includes a preliminary proxy statement of Unrivaled Brands and a preliminary prospectus of Blüm, and Unrivaled Brands and Blüm may file with the SEC other relevant documents in connection with the proposed Reorganization.
  • Unrivaled Brands and its directors, executive officers and certain other members of management and employees may be deemed to be participants in the solicitation of proxies from Unrivaled Brands’ stockholders in connection with the Reorganization.

Brookfield Public Securities Group LLC Announces Closing of the Reorganization of Center Coast Brookfield MLP & Energy Infrastructure Fund into Center Coast Brookfield Midstream Focus Fund

Retrieved on: 
Monday, October 9, 2023
Corporate action, CEN, NYSE, Financial services

NEW YORK, Oct. 09, 2023 (GLOBE NEWSWIRE) -- Brookfield Public Securities Group LLC (“Brookfield”) announced today that the reorganization of Center Coast Brookfield MLP & Energy Infrastructure Fund (NYSE: CEN) into Center Coast Brookfield Midstream Focus Fund (the “Focus Fund”) (the “Reorganization”) was completed prior to the open of the New York Stock Exchange on October 9, 2023.

Key Points: 
  • NEW YORK, Oct. 09, 2023 (GLOBE NEWSWIRE) -- Brookfield Public Securities Group LLC (“Brookfield”) announced today that the reorganization of Center Coast Brookfield MLP & Energy Infrastructure Fund (NYSE: CEN) into Center Coast Brookfield Midstream Focus Fund (the “Focus Fund”) (the “Reorganization”) was completed prior to the open of the New York Stock Exchange on October 9, 2023.
  • In the Reorganization, the Focus Fund acquired all of the assets and liabilities of CEN in a tax-free transaction in exchange solely for Class I (CCCNX) shares.
  • CCCNX shares issued to CEN stockholders have an aggregate net asset value equal to the aggregate net asset value of CEN’s common shares outstanding as of the close of trading on October 6, 2023.
  • Each stockholder of CEN received the number of CCCNX shares corresponding to his or her proportionate interest in the common shares of CEN, less the costs of the Reorganization.

Central Valley Community Bancorp and Community West Bancshares to Merge

Retrieved on: 
Wednesday, October 11, 2023
Banking, Professional Services, Finance, Multimedia, Community West Bancshares, Acquisition, Community Bank, Central Bank Center, Organization, United Company, CWB, Corporate action, Vice, Sierra Nevada, Bank, Lucien Plourde, Community bank, Security (finance), Management, Drug, Central Coast, Central California

Central Valley Community Bancorp (Central Valley), (NASDAQ: CVCY), headquartered in Fresno, California, together with its banking subsidiary, Central Valley Community Bank (CVCB) and Community West Bancshares (Community West) (NASDAQ: CWBC), parent company of Community West Bank (CWB), headquartered in Goleta, California, announced today the signing of an Agreement of Reorganization and Merger, dated October 10, 2023, pursuant to which the companies will combine in an all-stock merger transaction.

Key Points: 
  • Central Valley Community Bancorp (Central Valley), (NASDAQ: CVCY), headquartered in Fresno, California, together with its banking subsidiary, Central Valley Community Bank (CVCB) and Community West Bancshares (Community West) (NASDAQ: CWBC), parent company of Community West Bank (CWB), headquartered in Goleta, California, announced today the signing of an Agreement of Reorganization and Merger, dated October 10, 2023, pursuant to which the companies will combine in an all-stock merger transaction.
  • Under the terms of the agreement, Community West Bancshares will merge with and into Central Valley Community Bancorp and Community West Bank will merge with and into Central Valley Community Bank.
  • Under the terms of the agreement, Community West Bancshares shareholders will be entitled to receive 0.79 shares of Central Valley Community Bancorp common stock for each share of Community West Bancshares common stock.
  • “Central Valley Community Bank has steadily and profitably grown for over 43 years, building a highly attractive franchise in California’s San Joaquin Valley and Greater Sacramento region,” said James J. Kim, President and CEO of Central Valley Community Bancorp and Central Valley Community Bank.

Croatia Modernizes Their Capital Markets Infrastructure with Montran

Retrieved on: 
Thursday, October 12, 2023
Partnership, Central Depository Services, Central securities depository, STP, ISO, CSD, Growth, Corporate action, Islamabad Wildlife Management Board, Eurozone, Security (finance)

ZAGREB, Croatia, Oct. 12, 2023 /PRNewswire/ -- On September 11, 2023, Croatia's financial landscape took a bold step into the future. Središnje Klirinško Depozitarno Društvo (SKDD), also known as the Central Depository & Clearing Company of Croatia, announced the successful launch of its new Central Securities Depository (CSD) platform. This new platform enables the commencement of operations on the European securities settlement platform, TARGET2-Securities (T2S).

Key Points: 
  • Središnje Klirinško Depozitarno Društvo (SKDD), also known as the Central Depository & Clearing Company of Croatia, announced the successful launch of its new Central Securities Depository (CSD) platform.
  • This new platform enables the commencement of operations on the European securities settlement platform, TARGET2-Securities (T2S).
  • This milestone achievement realized in partnership with Montran, signifies a pivotal moment in the evolution of Croatia's Capital Markets Infrastructure.
  • "We are confident this platform will drive innovation and growth in the Croatian capital market."

Croatia Modernizes Their Capital Markets Infrastructure with Montran

Retrieved on: 
Thursday, October 12, 2023
Partnership, Central Depository Services, Central securities depository, STP, ISO, CSD, Growth, Corporate action, Islamabad Wildlife Management Board, Eurozone, Security (finance)

ZAGREB, Croatia, Oct. 12, 2023 /PRNewswire/ -- On September 11, 2023, Croatia's financial landscape took a bold step into the future. Središnje Klirinško Depozitarno Društvo (SKDD), also known as the Central Depository & Clearing Company of Croatia, announced the successful launch of its new Central Securities Depository (CSD) platform. This new platform enables the commencement of operations on the European securities settlement platform, TARGET2-Securities (T2S).

Key Points: 
  • Središnje Klirinško Depozitarno Društvo (SKDD), also known as the Central Depository & Clearing Company of Croatia, announced the successful launch of its new Central Securities Depository (CSD) platform.
  • This new platform enables the commencement of operations on the European securities settlement platform, TARGET2-Securities (T2S).
  • This milestone achievement realized in partnership with Montran, signifies a pivotal moment in the evolution of Croatia's Capital Markets Infrastructure.
  • "We are confident this platform will drive innovation and growth in the Croatian capital market."

Mallinckrodt plc (in examinership) Receives U.S. Court Approval for Financial Restructuring Plan

Retrieved on: 
Tuesday, October 10, 2023
Bankruptcy, Chapter 11, Title 11, United States Code, Wachtell, Lipton, Rosen & Katz, Latham & Watkins, Trust, United States bankruptcy court, Guggenheim Partners, The Company, Patient, AlixPartners, Security (finance), Mallinckrodt, Corporate action

Siggi Olafsson, President and Chief Executive Officer of Mallinckrodt, said, "We are pleased to achieve this important milestone and look forward to moving ahead as a stronger company.

Key Points: 
  • Siggi Olafsson, President and Chief Executive Officer of Mallinckrodt, said, "We are pleased to achieve this important milestone and look forward to moving ahead as a stronger company.
  • We appreciate the significant support of our financial stakeholders, which has enabled us to reach this point quickly and without interruption to our patients, customers, employees or business partners."
  • Upon emergence, Mallinckrodt will eliminate approximately $1.9 billion of total funded debt and ownership of the business will transition to the Company's creditors.
  • Guggenheim Securities, LLC is serving as investment banker, and AlixPartners LLP is serving as restructuring advisor.

Mallinckrodt plc (in examinership) Receives U.S. Court Approval for Financial Restructuring Plan

Retrieved on: 
Tuesday, October 10, 2023
Bankruptcy, Chapter 11, Title 11, United States Code, Wachtell, Lipton, Rosen & Katz, Latham & Watkins, Trust, United States bankruptcy court, Guggenheim Partners, The Company, Patient, AlixPartners, Security (finance), Mallinckrodt, Corporate action

Siggi Olafsson, President and Chief Executive Officer of Mallinckrodt, said, "We are pleased to achieve this important milestone and look forward to moving ahead as a stronger company.

Key Points: 
  • Siggi Olafsson, President and Chief Executive Officer of Mallinckrodt, said, "We are pleased to achieve this important milestone and look forward to moving ahead as a stronger company.
  • We appreciate the significant support of our financial stakeholders, which has enabled us to reach this point quickly and without interruption to our patients, customers, employees or business partners."
  • Upon emergence, Mallinckrodt will eliminate approximately $1.9 billion of total funded debt and ownership of the business will transition to the Company's creditors.
  • Guggenheim Securities, LLC is serving as investment banker, and AlixPartners LLP is serving as restructuring advisor.

Gouverneur Bancorp, Inc. Announces Stockholder and Member Approval of Conversion and Further Extension of Conversion Offering

Retrieved on: 
Friday, September 29, 2023
OTC Markets Group, MHC, Sale, Bank, Corporate action, Security (finance), Insurance

Prior to the expiration of the community offering, Gouverneur Bancorp, Inc. may also commence a syndicated community offering to sell the shares of common stock not subscribed for in the subscription offering or the community offering and will publicly announce the commencement of any such syndicated community offering.

Key Points: 
  • Prior to the expiration of the community offering, Gouverneur Bancorp, Inc. may also commence a syndicated community offering to sell the shares of common stock not subscribed for in the subscription offering or the community offering and will publicly announce the commencement of any such syndicated community offering.
  • All questions concerning the conversion and stock offering or requests for stock offering materials should be directed to the Stock Information Center at (877) 643-8198 (toll-free).
  • Gouverneur Bancorp, Inc. must sell at least 722,500 shares of its common stock in the stock offering in order to complete the conversion and stock offering.
  • Completion of the conversion and stock offering is also subject to the receipt of final regulatory approvals and the satisfaction of other customary closing conditions.