Author: Emily Brice (page 1 of 2)

RLJ Lodging deal creates third largest REIT by enterprise value

BETHESDA, MD – RLJ Lodging Trust announced Monday that it has agreed to acquire FelCor Lodging Trust Inc. in a $1.2 billion all-stock transition.Screen Shot 2017-04-24 at 10.26.48 AM

Post-merger, RLJ is expected to have a total value of $7 billion, creating the largest public REIT by enterprise value. The combined company will have ownership in 160 hotels.

The deal will give RLJ significant growth in highly desirable markets and will broaden geographic and brand diversity.

“Merging with FelCor expands our geographic footprint in highly-desirable markets on the West Cost, while strengthening our presence in other coastal markets in the East and South,” said RLJ’s President and CEO Ross H. Bierkan.

RLJ, which is based in Bethesda, Maryland, said it expects to achieve cost savings of approximately $22 million by combining the two company’s operations.

RLJ’s shares opened Monday morning at $23.49, down 5.7 percent from Friday’s close, and FelCor’s shares opened at $7.85, up 7.24 percent from Friday’s close.

The filing can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

McCormick plans to cut $400 million in costs by 2019

SPARKS, MD – McCormick & Co. announced Tuesday that it plans to cut $400 million in costs and reach $5 billion in sales within the next three years.img-logo-mccormick_200x200

The company’s objectives include an increase in annual sales growth of 4 percent to 6 percent, as well as an increase in earnings per share of 9 percent to 11 percent.

Analysts currently project that the spice manufacturer will report revenue of $4.56 billion in 2017 and revenue of $4.72 billion in 2018.

McCormick said during its investor day that plans to continue innovation through new product platforms, greater use of technology in product development, increased digital marketing and greater accountability across all operations and functions.

“Across both our consumer and industrial segments, we are executing on strategies to drive exceptional growth, and to convert that growth to higher profit and strong cash flow,” said President and CEO Lawrence Kurzius.

McCormick & Co.’s shares opened on Tuesday at $98.01.

The filing can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Cumberland-based Moose Curve Holdings seeks to raise $1 million

CUMBERLAND, MD – A Cumberland, Maryland based company is seeking to raise $1 million by selling shares in a private stock offering, according to a Securities and Exchange Commission filing.MDBW-logo-draft-yellow-whitebg

Moose Curve Holdings filed the Form D on March 28. It did not disclose what it intended to do with the proceeds.

The company is owned and operated by Greg Pappas, who is president of Alliance Publishing and Marketing.  Before that, he was president of Allegany Marketing.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.

The form can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Marriott executive Rodriguez sells over $1 million in shares

marriottBETHESDA, MD – The chief human resources officer of Marriott International Inc. sold more than $1 million worth of stock in the company, according to a Securities and Exchange Commission filing..

David Rodriguez sold the 11,112 shares at a price of $90, according to a Form 4 filed with the SEC.

Rodriguez has been a part of the human resource senior leadership team since 1998 and was appointed to the board of directors of the Committee for Excellence that focuses on advancing employee well-being and inclusion in 2005.

He now directly own 31,325 shares in the company worth more than $2.8 million.

Marriott was founded in 1927, and Marriott International was founded in 1993 when the parent company split into Marriott International and Host Marriott Corp. Marriott International manages and franchises more than 5,700 properties in over 110 countries.

The company’s shares on Wednesday afternoon were $91.44, up $2.17, or 2.37 percent.

The filing can be found here.

This story is from the Maryland Business Newswire, a service of UNC-Chapel HiIl’s School of Media and Journalism

Regenxbio reports larger loss due to clinical trials

ROCKVILLE, MD – Regenxbio Inc., a clinical-stage biotechnology company that works with gene therapy, reported a larger loss in its fourth quarter due to the increase in operating costs of clinical trials. regenxbio logo

The Rockville, Maryland-based company reported a net loss of $19.6 million, or 74 cents per share, in the fourth quarter. That compares to a loss of $5.2 million, or 20 cents per share, in the fourth quarter of 2015.

The results beat analyst estimates by a penny.

Revenue decreased from $4.4 million to $1.7 million for its fourth quarter. The overall revenue was less than analyst expectations of $2.35 million.

The company also reiterated that it expects full-year 2017 cash burn to be between $75 million and $85 million. That money will be used to support the continued development of its lead product candidate products.

Its share closed Tuesday at $20.85, up $1.20, or 6.11 percent.

The filing can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Sinclair Broadcast exec sells $2.8 million in shares

HUNT VALLEY, MD –- The executive secretary of Sinclair Broadcasting Group Inc. sold $2.8 million of shares in the company.Screen Shot 2017-03-01 at 6.43.36 PM

J. Duncan Smith sold 16,471 shares at a price of $40.29 and another 53,529 shares at a price of $40.10, according to a Form 4 filed with the Securities and Exchange Commission.

After gifting his shares, Smith only has 185 shares left.

Sinclair Broadcasting was founded in the 1970s and is one of the leading broadcast companies in the United States. They engage viewers with compelling news, entertainment and sports content, while providing their advertisers means to connect with mass audiences.

On March 1, it was reported that Sinclair and Tribune Media, one of the largest television broadcasting companies, have been communicating regarding a possible a merger or acquisition.

Sinclair Broadcasting shares closed on March 1 at $41.80, up $1.25 or 3.08 percent increase, for the day.

The filing can be found here.

This story is from the Maryland News Wire, a service of the UNC-Chapel Hill’s School of Media and Journalism

Senseonics reports fourth-quarter loss, beats estimates

GERMANTOWN, MD — Medical technology company Senseonics Holdings Inc. reported a fourth-quarter loss of 11 cents per share that beat Wall Street expectations by a penny.

The net loss was $9.9 million, or 11 cents per share. Analysts were expecting a net loss of 12 cents per share.

Fourth-quarter revenue was $300,000 compared to no revenue that was earned in the fourth quarter of 2015 due to the expansion of distribution.senseonics-holdings-inc-logo

In 2016, Senseonics Holdings presented pre-market approval for Eversense, the company’s glucose monitoring system, to the Food and Drug Administration and launched the product to distribution partners in Sweden, Italy, The Middle East and Africa.

“In the year ahead, we look forward to continuing the momentum throughout 2017, with the completion of significant regulatory milestone in the United States and meaningful commercial sales ramp in Europe,” said Chief Executive Officer Tim Goodnow in a statement.

Sales and marketing expenses increased $500,000, research and development expenses increased $800,000, while administrative expenses decreased $300,000.

Its shares fell 1 cents to $2.31 in Friday afternoon trading.

The filing can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

QuoYou, website for athletes, raises $325,000

BALTIMORE, MD – QouYou PBC, a Baltimore-based company that allows athletes to broadcast their skills and talents for additional exposure, raised $325,000 in a private stock offering, according to a Securities and Exchange Commission filing.QU Foundation

QouYou filed the form D on Feb. 14. It not disclose what it intended to do with the proceeds.

The company is operated by Simon Bate and Steve Arzoni. QouYou was founded in 2014 and is a registered 50(c)(3) non-profit organization. It is a global community that is driven by an “athlete-to-athlete, peer-to-peer” model that empowers and inspires athletes to participate in sports.

The QouYou Foundation exists to enable disadvantaged and aspiring athletes around the world to participate in sport. The company has the mission to supply new and pre-owned sports appeal and equipment to underserved communities.

Users can search athletes by age, gender, and type of sport including aquatic, cycling, endurance, martial arts, snow and more.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after their first sell their securities.

The form can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Brekford Corp. sells 80 percent of vehicle services business

HANOVER, MD. — Brekford Corp., a Hanover, Maryland-based company that provides automated traffic safety enforcement solutions, announced that it agreed to sell an 80-percent stake in its vehicle services business for $6 million to LB&B Associates Inc., headquartered in Columbia, Maryland.Brekford

Proceeds from the sale will be used to retire all long-term debt of the company, and provide capital necessary for expansion. The transaction is expected to close by Feb. 28 and the company will sell its shares for $4 million in cash and a $2 million promissory note.

“LB&B will bring significant resources and national expansion capabilities to what is already a leading public safety solutions business,” said President and Chief Operating Officer Rod Hillman. “Brekford shareholders will benefit from a continuing minority ownership in the business as well as new growth capital for the aggressive expansion of our ATSE business in the United States and Latin America.”

Brekford’s clients include the Maryland State Police, the Florida Highway Patrol, the Pentagon, Amtrak and Baltimore County.

The company’s shares closed Monday at 10 cents and were up 0.42 percent from the previous day.

The filing can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Bethesda-based Pinkard group raises $19 million

BETHESDA, MD—Pinkard Group, a Bethesda, Maryland-based real estate investment and development company, raised $19 million in a fund to invest in real estate, according to a Securities and Exchange Commission filing.The Pinkard Group

Pinkard Fund II LLC filed the Form D on Jan. 30. The exact amount of shares sold totaled to $19,190,000. It reported that the proceeds were to be used for customary management fees and performance fees given to the company and its affiliates.

Pinkard Partners II LLC is a subsidiary of the Pinkard Fund and is operated by Robert M. Pinkard and Peter C. Kleeblatt. The company was founded in 2010 and capitalizes on global real estate opportunities and relationships in the greater Washington, DC area.

Investments the company has taken include residential, corporate and commercial real estate projects.

When filing a Reg D exemption, companies do not have to register their offering of securities with the SEC, but they must file a Form D electronically with the SEC after they first sell their securities.

The form can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism 

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