Research Desk Line-up: American Superconductor Post Earnings Coverage
LONDON, UK / ACCESSWIRE / June 14, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for American Electric Technologies Inc. (NASDAQ: AETI). Long-term investor, JCH Crenshaw Holdings, LLC, revealed on June 12, 2017, that it had started confidential discussions with the management team and Board of Directors of American Electric Technologies Inc. ("The Company" or "AETI") in May 2017. The discussions focused on the performance of AETI and exploration of strategic alternatives for the Company. For immediate access to our complimentary reports, including today's coverage, register for free now at:
Discover more of our free reports coverage from other companies within the Industrial Electrical Equipment industry. Pro-TD has currently selected American Superconductor Corporation (NASDAQ: AMSC) for due-diligence and potential coverage as the Company announced on May 25, 2017, its financial results for Q4 and full year FY17. Tune in to our site to register for a free membership, and be among the early birds that get our report on American Superconductor when we publish it.
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Focus of the discussion
JCH Crenshaw and its affiliates are long-term investors in the Company since 2012 and owned 14.1% stake in AETI as on March 22, 2017. The confidential discussions between JCH Crenshaw and AETI started after the signing of confidentiality agreement by both parties on May 20, 2017. The discussion covered a wide range of topics including the Company's current business, strategy, capital structure, results of operations, and financial position.
However, the primary focus of the discussion was to explore strategic alternatives to unlock value for the Company as well as future role of JCH Crenshaw and its investment. The strategic alternatives discussed include sale of the Company / business, change in control of the Company including change in top management, organization structure etc. The discussion also explored the possibility for JCH Crenshaw to make further investments in the Company by way of purchase of preferred or equity investments, arrangement of debt financing, asset sale, etc. These discussions do not in any way guarantee that it will result in a transaction. The JCH Crenshaw reserves the right to take any future actions with regards to the investment in AETI including addition or reduction of its stake in the Company.
The other focus of discussion was with regards to the pricing of common stock once JCH Crenshaw exercised its Stock Purchase Warrants which were issued in 2012. These warrants see the conversion of the Series A Preferred Stock into common Stock. In March 2017, when the Company had announced the sale of AETI's senior secured Term Note, Casey Crenshaw had entered into an agreement wherein payment of cash dividends on and redemption of the Series A Preferred Stock was postponed. As a result of forgoing the payment of cash dividends earlier, the Company wanted to make adjustments in the conversion price of the common share being issued to JCH Crenshaw on exercising the warrant.
AETI confirmed on June 12, 2017, that it is in discussion with JCH Crenshaw and its representative Casey Crenshaw regarding potential business strategies, opportunities, and financing. Casey Crenshaw, a Director of the Company
Commenting on the matter Charles Dauber, President and CEO of AETI said:
"Casey Crenshaw has been a valued investor and member of the Board of Directors since 2012 and we look forward to the discussions."
The Company has reiterated that there can be no guarantees that these discussions will result in a transaction and that it will only make any announcements only if concrete plans are in place.
Houston Texas based American Electric Technologies, Inc. was founded in Beaumont Texas in 1946. It is a leading provider of power delivery solutions to the global energy industry. The Company is well positioned in the upstream, midstream, and downstream oil and natural gas markets. The Company also has significant presence in the power generation and distribution sector at the same time it participates in complimentary sectors like the marine vessel market and the general industrial markets.
Its global sales, support and manufacturing operations are located at Beaumont, Texas and Houma, Louisiana in the US, and at Rio de Janeiro, Macaé, and Belo Horizonte, in Brazil. In addition, AETI has minority interests in two joint ventures, which have facilities located in Xian, China and Singapore.
Last Close Stock Review
At the close of trading session on Tuesday, June 13, 2017, American Electric Technologies' stock price rose 6.90% to end the day at $1.55. A total volume of 8.08 thousand shares were exchanged during the session. At Tuesday's closing price, the stock's net capitalization stands at $13.22 million.
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