Annuncio • Nov 22
OmegaX, Inc. completed the acquisition of Pivotal Systems Corporation (ASX:PVS) OmegaX, Inc. entered into a definitive merger agreement to acquire Pivotal Systems Corporation (ASX:PVS) for AUD 0.08 million on November 10, 2023. Upon close of the transaction, Pivotal will be de-listed from the ASX. Under the Transaction, after the repayment of external debt, redemption of the Pivotal's RBI Preferred Stock and payment of transaction expenses and bonuses, Pivotal shareholders and CDI holders will receive AUD 0.0001 per share/CDI in cash.
The transaction is subject to approval required by the Antitrust Laws and ASX approval. The transaction is not subject to any financing conditions. Pivotal’s Board has approved the transaction. Pivotal shareholders representing approximately 52% of the common stock and 100% of the RBI preferred stock have approved the transaction. The transaction is expected to complete on November 20, 2023. Yuji Sun of King & Wood Mallesons LLP is legal advisor to OmegaX. Martin Nichols of DLA Piper LLP (US) is the legal advisor to Anzu RBI Mezzanine Preferred GP, LLC.
OmegaX, Inc. completed the acquisition of Pivotal Systems Corporation (ASX:PVS) on November 21, 2023. Annuncio • Nov 15
OmegaX, Inc. entered into a definitive merger agreement to acquire Pivotal Systems Corporation (ASX:PVS) for AUD 0.08 million. OmegaX, Inc. entered into a definitive merger agreement to acquire Pivotal Systems Corporation (ASX:PVS) for AUD 0.08 million on November 10, 2023. Upon close of the transaction, Pivotal will be de-listed from the ASX. Under the Transaction, after the repayment of external debt, redemption of the Pivotal's RBI Preferred Stock and payment of transaction expenses and bonuses, Pivotal shareholders and CDI holders will receive AUD 0.0001 per share/CDI in cash.
The transaction is subject to approval required by the Antitrust Laws and ASX approval. The transaction is not subject to any financing conditions. Pivotal’s Board has approved the transaction. Pivotal shareholders representing approximately 52% of the common stock and 100% of the RBI preferred stock have approved the transaction. The transaction is expected to complete on November 20, 2023. Yuji Sun of King & Wood Mallesons LLP is legal advisor to OmegaX. Martin Nichols of DLA Piper LLP (US) is the legal advisor to Anzu RBI Mezzanine Preferred GP, LLC. Annuncio • Nov 14
Pivotal to Be Delisted from ASX on Completion of the Transaction Pivotal Systems Corporation ("Pivotal" or the "Company") announced that it has entered into a definitive merger agreement (Merger Agreement) to be acquired by OmegaX, Inc, a California corporation (Transaction). Subject to satisfaction of the remaining conditions, Pivotal will be delisted from ASX on completion of the Transaction. Indicative timetable for the removal of Pivotal from the Official List of ASX is 20 November 2023. Annuncio • Oct 18
Pivotal Systems Corporation Resolves Outstanding Claims Pivotal Systems Corporation reached a comprehensive settlement with Flow Devices and Systems Inc. ("FDS") as well as Bhushan Somani and other affiliates resolving all outstanding claims regarding intellectual property among the parties. In the settlement, FDS provided a comprehensive release for Pivotal as well as its customers, distributors, suppliers, and other related parties. Following the settlement, a dismissal with prejudice was filed by both parties dismissing FDS' existing claims against Pivotal in United States District Court for the Northern District of California. FDS and Bhushan Somani agreed that Pivotal Systems is not liable for infringement of the Patent, and each agree that neither they nor any Affiliates (as described in the Settlement Agreement) will ever assert any claim for patent infringement against Pivotal Systems Corporation or any of the Pivotal Systems Releasees (as defined in the Settlement Agreement). In the litigation, Pivotal Systems Corporation was represented by The Norton Law Firm PC and DLA Piper. Flow Devices and Systems was represented by SML Avvocati PC and the Mahesh Law Group. Neither Pivotal nor FDS admitted any wrongdoing in the settlement. Annuncio • Sep 29
Pivotal Systems Corporation announced that it has received $0.6 million in funding On September 29, 2023, Pivotal Systems Corporation closed the transaction. The company has received $400,000 in second and final tranche. The company has raised $600,000 in the transaction. Reported Earnings • Sep 03
First half 2023 earnings released: US$0.02 loss per share (vs US$0.067 loss in 1H 2022) First half 2023 results: US$0.02 loss per share (improved from US$0.067 loss in 1H 2022). Revenue: US$2.78m (down 69% from 1H 2022). Net loss: US$6.11m (loss narrowed 39% from 1H 2022). Revenue is forecast to grow 61% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Global Semiconductor industry. Annuncio • Sep 02
Pivotal Systems Corporation announced that it has received $0.2 million in funding from Anzu Partners, LLC Pivotal Systems Corporation announced a private placement of $200,000 promissory note on September 1, 2023. The transaction included participation from new lender, Anzu RBI Mezzanine Preferred GP, LLC, managed by returning lender, Anzu Partners, LLC. Annuncio • Jun 29
Pivotal Systems Corporation has completed a Follow-on Equity Offering in the amount of AUD 4.870891 million. Pivotal Systems Corporation has completed a Follow-on Equity Offering in the amount of AUD 4.870891 million.
Security Name: Chess Depositary Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 90,496,250
Price\Range: AUD 0.008
Discount Per Security: AUD 0.00048
Security Name: Chess Depositary Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 253,340,134
Price\Range: AUD 0.008
Discount Per Security: AUD 0.00032
Security Name: Chess Depositary Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 31,264,414
Price\Range: AUD 0.008
Discount Per Security: AUD 0.00048
Security Name: Chess Depositary Interests
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 233,760,563
Price\Range: AUD 0.008
Discount Per Security: AUD 0.00032
Transaction Features: Rights Offering Annuncio • Jun 13
Pivotal Systems Corporation Appoints Joseph Monkowski to the Board of Directors as an Executive Director Pivotal Systems Corporation announced the appointment of President and Chief Technology Officer, Joseph Monkowski to its Board of Directors as an Executive Director. In addition, the Board is in advanced discussions with an Australian Independent Non-Executive Director candidate to further strengthen the Board. Joseph Monkowski has extensive experience in the semiconductor industry focused on providing process equipment and metrology solutions for next generation device manufacturing. Joe founded Pivotal in 2003 and has led the Company's research and development activities as Chief Technology Officer. Prior to joining Pivotal, Monkowski was the SVP of Business Development for Advanced Energy Industries, where he led the company's M&A strategy to expand its product portfolio and position the company as a market leader in the semiconductor subsystems space. Previously, he held senior executive positions at Pacific Scientific, Photon Dynamics and Lam Research, where he served as EVP and CTO. During his career, Monkowski led efforts todesign and build a number of leading CVD and plasma etch systems, winning the R&D 100 award and multiple Semiconductor International Best Product awards. He has authored numerous patents and publications. Annuncio • May 30
Pivotal Systems Corporation Announces Not Seek Re-Election of Jason Korman as Non-Executive Director Pivotal Systems Corporation announced that Mr. Jason Korman, non-executive director has informed the company that he will not seek re-election as a director of the company and will retire as a director at the conclusion of the company's annual general meeting (AGM) on 13 June 2023. Annuncio • May 05
Pivotal Systems Corporation, Annual General Meeting, May 25, 2023 Pivotal Systems Corporation, Annual General Meeting, May 25, 2023, at 11:00 AUS Eastern Standard Time. Agenda: To consider ratification of Armanino LLP as auditor for the financial year ended 31 December 2022; to consider re-Election of Jason Korman as a Director; to consider Issue of options to CEO and Director, Kevin Hill; to consider ratification of agreement to issue Broker Options to Foster Stockbroking Pty Limited; and to consider other matters. Breakeven Date Change • Apr 17
Forecast to breakeven in 2023 The analyst covering Pivotal Systems expects the company to break even for the first time. New forecast suggests the company will make a profit of US$3.60m in 2023. Earnings growth of 126% is required to achieve expected profit on schedule. Board Change • Apr 17
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Peter McGregor was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Mar 16
Forecast to breakeven in 2023 The analyst covering Pivotal Systems expects the company to break even for the first time. New forecast suggests the company will make a profit of US$3.60m in 2023. Earnings growth of 126% is required to achieve expected profit on schedule. Board Change • Mar 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Peter McGregor was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 14
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Peter McGregor was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 30
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Peter McGregor was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 06
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Non-Executive Director Peter McGregor was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 03
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Non-Executive Director Peter McGregor was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Oct 21
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Non-Executive Director Peter McGregor was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 02
First half 2022 earnings released: US$0.067 loss per share (vs US$0.012 loss in 1H 2021) First half 2022 results: US$0.067 loss per share (down from US$0.012 loss in 1H 2021). Revenue: US$9.02m (down 34% from 1H 2021). Net loss: US$10.0m (loss widened US$8.63m from 1H 2021). Over the next year, revenue is forecast to grow 65%, compared to a 18% growth forecast for the Semiconductor industry in Australia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 61% per year, which means it is significantly lagging earnings. Board Change • Jul 30
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Non-Executive Director Peter McGregor was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 28
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Non-Executive Director Peter McGregor was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 06
Full year 2021 earnings released: US$0.059 loss per share (vs US$0.11 loss in FY 2020) Full year 2021 results: US$0.059 loss per share (up from US$0.11 loss in FY 2020). Revenue: US$29.2m (up 34% from FY 2020). Net loss: US$7.25m (loss narrowed 44% from FY 2020). Over the next year, revenue is forecast to grow 18%, compared to a 25% growth forecast for the industry in Australia. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Board Change • Apr 06
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Non-Executive Director Peter McGregor was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 02
Full year 2021 earnings released: US$0.038 loss per share (vs US$0.08 loss in FY 2020) Full year 2021 results: US$0.038 loss per share (up from US$0.08 loss in FY 2020). Revenue: US$29.2m (up 33% from FY 2020). Net loss: US$4.65m (loss narrowed 49% from FY 2020). Over the next year, revenue is forecast to grow 18%, compared to a 25% growth forecast for the industry in Australia. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Board Change • Mar 22
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Non-Executive Director Peter McGregor was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 27
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: US$0.032 loss per share (up from US$0.08 loss in FY 2020). Revenue: US$29.2m (up 33% from FY 2020). Net loss: US$3.91m (loss narrowed 57% from FY 2020). Revenue exceeded analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 18%, compared to a 26% growth forecast for the industry in Australia. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Breakeven Date Change • Feb 13
Forecast breakeven date moved forward to 2022 The analyst covering Pivotal Systems previously expected the company to break even in 2023. New forecast suggests losses will reduce by 59% to 2021. The company is expected to make a profit of US$800.0k in 2022. Average annual earnings growth of 110% is required to achieve expected profit on schedule. Board Change • Feb 08
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Non-Executive Director Peter McGregor was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 25
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Non-Executive Director Peter McGregor was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 08
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Non-Executive Director Peter McGregor was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Nov 05
Forecast to breakeven in 2022 The analyst covering Pivotal Systems expects the company to break even for the first time. New forecast suggests the company will make a profit of US$836.2k in 2022. Average annual earnings growth of 83% is required to achieve expected profit on schedule. Board Change • Nov 05
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Peter McGregor was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Oct 01
Forecast to breakeven in 2023 The 2 analysts covering Pivotal Systems expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$1.90m in 2023. Average annual earnings growth of 105% is required to achieve expected profit on schedule. Board Change • Oct 01
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Non-Executive Director Peter McGregor was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 30
First half 2021 earnings released: US$0.012 loss per share (vs US$0.044 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: US$13.6m (up 35% from 1H 2020). Net loss: US$1.41m (loss narrowed 72% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 136% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Breakeven Date Change • Jul 30
No longer forecast to breakeven The analyst covering Pivotal Systems no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of US$3.60m in 2022. New forecast suggests the company will make a loss of US$400.0k in 2023. Board Change • Jul 30
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Peter McGregor was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Jun 03
Pivotal Systems Corporation announced that it has received $13 million in funding from Anzu Partners On June 3, 2021, Pivotal Systems Corporation (ASX:PVS) closed the transaction. The company issued 3,000 shares for gross proceeds of $3,000,000.