공시 • 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. 공시 • 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. 공시 • 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. Board Change • Nov 07
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. President, CTO & Executive Director Joe Monkowski was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 공시 • 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. 공시 • 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. 공시 • 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. 공시 • 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 공시 • 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. 공시 • 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. 공시 • 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. Reported Earnings • Apr 06
Full year 2022 earnings released: US$0.094 loss per share (vs US$0.059 loss in FY 2021) Full year 2022 results: US$0.094 loss per share (further deteriorated from US$0.059 loss in FY 2021). Revenue: US$18.2m (down 38% from FY 2021). Net loss: US$14.5m (loss widened 100% from FY 2021). Revenue is forecast to grow 40% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Semiconductor industry in Germany. Reported Earnings • Mar 04
Full year 2022 earnings released: US$0.094 loss per share (vs US$0.059 loss in FY 2021) Full year 2022 results: US$0.094 loss per share (further deteriorated from US$0.059 loss in FY 2021). Revenue: US$18.2m (down 38% from FY 2021). Net loss: US$14.5m (loss widened 100% from FY 2021). Board Change • Nov 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. 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 01
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 12% growth forecast for the Semiconductor industry in Germany. Board Change • Apr 27
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$0.059 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 16% growth forecast for the industry in Germany. Buying Opportunity • Mar 23
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 44%. The fair value is estimated to be US$0.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% per annum over the last 3 years. Earnings per share has grown by 103% per annum over the last 3 years. Buying Opportunity • Mar 05
Now 23% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be US$0.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% per annum over the last 3 years. Earnings per share has grown by 103% per annum over the last 3 years. Reported Earnings • Feb 26
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 16% growth forecast for the industry in Germany. Breakeven Date Change • Feb 12
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 • Dec 23
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 • Dec 21
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$836.2k in 2022. Average annual earnings growth of 83% is required to achieve expected profit on schedule.