Micronetics Jumps On Acquistion News (APC, DMND, AMPE, NOIZ, MRCY)
Anadarko Petroleum Corporation (NYSE:APC) jumped over 1% in the pre-market session after the company its partners make another major natural gas discovery in the Rovuma Basin offshore northern Mozambique that may add 30Tcf to the recoverable resources already discovered. The discovery could raise the stakes in the takeover battle for APC partner Cove Energy (CNVGF.PK), perhaps sparking a higher bid from Shell (RDS.A).
Diamond Foods, Inc. (NASDAQ:DMND) slid about 6% as the company announced that it will not meet the previously disclosed June 11, 2012 Nasdaq deadline to file its quarterly reports on Form 10-Q for the periods ended October 31, 2011, and January 31, 2012 as well as April 30, 2012. As a result, Diamond expects to receive a delisting determination letter from the Nasdaq Listing Qualifications Department for failure to comply with Nasdaq Rule 5250(c)(1). Upon receipt of the determination letter, Diamond intends to request a Nasdaq hearing to appeal any delisting determination and to report on its plan for compliance with Nasdaq’s listing rules.
Ampio Pharmaceuticals, Inc. (NASDAQ:AMPE) soared 13% after it reported positive results from a small trial for Optina, a diabetes-related drug that is taken orally.
Dr. David Bar-Or, Ampio’s Chief Science Officer (CSO), explained The primary end point for efficacy was central subfield retinal thickness as measured by Optical Coherence Tomography (OCT) and reported in microns. The study was double masked and included 32 patients with moderate to severe diabetic macular edema (range 316-707microns) that were treated orally with either placebo or one of three doses of Optina(TM). Central retinal thickness and retinal volumes were measured at baseline and at 4 and 12 weeks of treatment.
Micronetics Inc. (NASDAQ:NOIZ) skyrocketed 94% in the pre-market session after Mercury Computer Systems Inc. (NASDAQ:MRCY) agreed to buy the company via merger for $14.80 per share. This represents a fully diluted equity value of approximately $71.7 million and an enterprise value of approximately $75.4 million, including $3.7 million of net debt as of March 31, 2012. The acquisition will be funded with available cash and is expected to be immediately accretive to EBITDA. Subject to finalization of purchase accounting, the transaction is also anticipated to be accretive on a GAAP basis within 12 months of the closing date.