On Wednesday, Shares of Chesapeake Energy Corporation (NYSE:CHK), added 6.75% and closed at $6.80 in the last trading session. The last trading range of the stock ranges between $6.45 and $6.90. Chesapeake Energy Corporation (CHK) recently offered an update on the noteworthyimprovements in its capital structure following recent transactions. Recently, the company closed a private placement of $1.25 billion of unsecured convertible senior notes, with a provisional call feature that will give Chesapeake an opportunity to convert the debt to equity in three years if the company’s stock trades above 130% of the conversion price for a specified period. The company’s cash on hand as of September 30, and pro forma for the convertible debt issuance, was about $1.0 billion with no borrowings on its revolving bank credit facility.
In Addition To, recently the company closed privately negotiated purchase and exchange agreements under which the company exchanged about 110.3 million shares of its common stock for (i) 134,000 shares of 5.00% Cumulative Convertible Preferred Stock (Series 2005B), (ii) 606,271 shares of 5.75% Cumulative Convertible Preferred Stock and (iii) 553,007 shares of 5.75% Cumulative Convertible Preferred Stock (Series A). This amount of preferred stock represents about $1.2 billion of liquidation value, which was exchanged at a discount of over 40 percent. As a result of these exchange transactions, the company’s common shares presently outstanding are about 886 million, before giving effect to future dilution from convertible securities.
Fifth Third Bancorp (NASDAQ:FITB), jumped 1.32% and closed at $20.74 in the last trading session. The last trading range of the stock ranges between $20.44 and $20.89. The company’s Market capitalization is $15.99 Billion with the total Outstanding Shares of 766.37Million. Fifth Third Bancorp (FITB) declared recently that its Equipment Financing group is expanding its market presence. The team will now operate as four distinct regions: South, North Central, Midwest and East.
“Organizing our team under the construct of four regions facilitates us to streamline our processes,” said Tom Partridge, president of Fifth Third Equipment Finance. “As a result, we’re able to better serve our existing and prospective customers, which is our number one priority.”
As part of the new structure, Fifth Third designated a managing director to lead each region.
Bob Davies brings more than 25 years of experience to lead the East Region. This includes Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia and West Virginia.
Lance King will lead the South Region, covering Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, Oklahoma, South Carolina and Texas. He brings more than 20 years of experience to his role.
Bob Krefting will oversee the Midwest Region, which includes Indiana, Kentucky, Michigan and Ohio. He has more than 35 years of experience, counting 13 years with Fifth Third.
Dave Schlaf, who brings more than 30 years of experience to the team, will lead the North Central Region. This covers Arizona, California, Colorado, Kansas, Illinois, Iowa, Minnesota, Missouri, Nebraska, New Mexico, North Dakota, Oregon, South Dakota, Utah, Washington, Wisconsin and Wyoming.
Merrimack Pharmaceuticals Inc (NASDAQ:MACK), REMAIN FLAT and closed at $5.96 in the last trading session. The last trading range of the stock ranges between $5.89 and $6.09. During the 52-week trading session the minimum price at which share price traded, registered at $4.39 and reached to max level of $10.85. Merrimack Pharmaceuticals, Inc. (MACK) recently declared a major corporate restructuring with the objective of prioritizing its research and development on a focused set of systems biology-derived oncology products and strengthening its financial runway. As part of this move, Merrimack is right away implementing a 22% reduction in headcount and eliminating more than $200 million in expected costs over the next two years. In line with this restructuring, the Board of Directors has accepted the resignation of President and CEO Robert Mulroy, effective right away.
In order to accelerate this change, the Board of Directors has designated Chairman of the Board Gary Crocker as interim President and CEO. “The Board is committed to focusing our resources. This major restructuring will allow us to plannedally align our pipeline with our core capabilities and prioritize ongoing clinical development efforts while improving our financial flexibility,” stated Mr. Crocker. “We believe this sharper focus will drive efficiency and innovation and promote the interests of not only our shareholders and employees, but also of cancer patients worldwide. The realization of shareholder value will become as intense a focus for Merrimack as our strength in innovation and development. The Board is convinced that there is tremendous inherent value within Merrimack that can be unlocked.”
In line with delivering the new aims of innovation and efficiency, John Dineen, Chairman of the Organization and Compensation Committee and former CEO of GE Healthcare, will lead the CEO search process. “We are grateful to Bob and acknowledge his leadership of Merrimack over the years,” said Mr. Dineen.