Velan | Jotup

Flowserve intends to terminate the Arrangement Agreement as Regulatory Approval from France will not be obtained

Retrieved on:

Thursday, October 5, 2023

Euro-Excellence Inc v Kraft Canada Inc, TSX, VLN, Regulation, Arrangement, Sale, Lease, Flowserve, Velan

As previously disclosed, the conclusion of the transactions set out in the Arrangement Agreement was conditional on the Regulatory Approvals, including one from France.

Key Points:

As previously disclosed, the conclusion of the transactions set out in the Arrangement Agreement was conditional on the Regulatory Approvals, including one from France.
In order to meet that key condition, Flowserve offered a package of remedies and undertakings to the French Authorities.
Flowserve has consequently informed Velan of its intention to terminate the Arrangement Agreement following the Outside Date.
Velan will resume operations as an independent business, free of the covenants and other restrictions of the Arrangement Agreement.

Flowserve Announces French Regulatory Rejection of Velan Transaction

Retrieved on:

Thursday, October 5, 2023

“We are obviously disappointed with the French government’s decision,” said Scott Rowe, Flowserve President and Chief Executive Officer.

Key Points:

“We are obviously disappointed with the French government’s decision,” said Scott Rowe, Flowserve President and Chief Executive Officer.
“We do not believe the decision aligns with the French government’s stated goal of encouraging foreign investment into France’s economy.
Throughout this process, Flowserve worked diligently and proactively to address all of the concerns that were raised by the French government.
We sincerely appreciate the efforts of our Flowserve associates and Velan team members who worked so tirelessly on the transaction.

Flowserve Hosts 2023 Analyst Day and Issues 2027 Financial Targets

Retrieved on:

Thursday, September 28, 2023

Engineering, Chemicals, Plastics, Oil, Gas, Manufacturing, Energy, Other Manufacturing, Appendix, Velan, EPS, Acquisition, GAAP, Flowserve, FX, Insurance, Adjustment

2 Figures exclude any impact from potential acquisitions or foreign exchange rates.

Key Points:

2 Figures exclude any impact from potential acquisitions or foreign exchange rates.
Please see historical reconciliations of GAAP to Adjusted figures and key assumptions available in the appendix of the 2023 Analyst Day presentation.
Flowserve will post its Analyst Day presentation to its website before the presentation begins this morning.
Additionally, shareholders and other interested parties can register for the live webcast, which can be accessed at www.flowserve.com under the “Investor Relations” section or through this link .

Flowserve and Velan Extend the Outside Date of their Arrangement Agreement

Retrieved on:

Thursday, August 31, 2023

VLN, Velan, Arrangement, Toyota Canada Inc., Flowserve, TSX, FLS, NYSE, Reinsurance

DALLAS and MONTREAL, Aug. 31, 2023 (GLOBE NEWSWIRE) -- Flowserve Corporation (NYSE: FLS) and Velan Inc. (“Velan”) (TSX: VLN) today announced that they have extended the outside date (the “Outside Date”) of the arrangement agreement made as of February 9, 2023, among Velan, 14714750 Canada Inc. (“Purchaser”) and Flowserve US Inc., as amended by the first amendment to the arrangement agreement dated March 27, 2023 (the “Arrangement Agreement”).

Key Points:

DALLAS and MONTREAL, Aug. 31, 2023 (GLOBE NEWSWIRE) -- Flowserve Corporation (NYSE: FLS) and Velan Inc. (“Velan”) (TSX: VLN) today announced that they have extended the outside date (the “Outside Date”) of the arrangement agreement made as of February 9, 2023, among Velan, 14714750 Canada Inc. (“Purchaser”) and Flowserve US Inc., as amended by the first amendment to the arrangement agreement dated March 27, 2023 (the “Arrangement Agreement”).
In accordance with the definition of Outside Date in the Arrangement Agreement, given that the Regulatory Approvals (as such term is defined in the Arrangement Agreement) have not all been obtained at this time, Velan and Purchaser have given written notices to each other that they each wish to extend the Outside Date for an additional 30 days to October 7, 2023.

Flowserve and Velan Extend the Outside Date of their Arrangement Agreement

Retrieved on:

Thursday, August 31, 2023

Other Manufacturing, Manufacturing, VLN, Velan, Arrangement, Multimedia, Toyota Canada Inc., Flowserve, Corporation, TSX, FLS, NYSE, Reinsurance, Engineered wood

Flowserve Corporation (NYSE: FLS) and Velan Inc. (“Velan”) (TSX: VLN) today announced that they have extended the outside date (the “Outside Date”) of the arrangement agreement made as of February 9, 2023, among Velan, 14714750 Canada Inc. (“Purchaser”) and Flowserve US Inc., as amended by the first amendment to the arrangement agreement dated March 27, 2023 (the “Arrangement Agreement”).

Key Points:

Flowserve Corporation (NYSE: FLS) and Velan Inc. (“Velan”) (TSX: VLN) today announced that they have extended the outside date (the “Outside Date”) of the arrangement agreement made as of February 9, 2023, among Velan, 14714750 Canada Inc. (“Purchaser”) and Flowserve US Inc., as amended by the first amendment to the arrangement agreement dated March 27, 2023 (the “Arrangement Agreement”).
In accordance with the definition of Outside Date in the Arrangement Agreement, given that the Regulatory Approvals (as such term is defined in the Arrangement Agreement) have not all been obtained at this time, Velan and Purchaser have given written notices to each other that they each wish to extend the Outside Date for an additional 30 days to October 7, 2023.
This press release features multimedia.
View the full release here: https://www.businesswire.com/news/home/20230831303175/en/

Flowserve Corporation Reports Second Quarter 2023 Results; Raises 2023 Financial Guidance

Retrieved on:

Tuesday, August 1, 2023

Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced its financial results for the second quarter ended June 30, 2023.

Key Points:

Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced its financial results for the second quarter ended June 30, 2023.
On a constant currency basis2, total bookings were up $69.0 million or 6.6%
Original equipment bookings were $520.1 million, up $2.1 million or 0.4%.
On a constant currency basis2, original equipment bookings were up $1.1 million or 0.2%
Aftermarket bookings were $590.9 million, up $64.9 million or 12.3%.
“The improved operating environment, combined with our internal process changes, has Flowserve delivering at a much higher level.

Flowserve and Velan Extend the Outside Date of their Arrangement Agreement

Retrieved on:

Tuesday, August 1, 2023

Other Manufacturing, Steel, Machinery, Packaging, Machine Tools, Metalworking & Metallurgy, Engineering, Chemicals, Plastics, Manufacturing, Flowserve, TSX, VLN, Velan, Arrangement, Corporation, FLS, NYSE, Toyota Canada Inc., Reinsurance

Flowserve Corporation (NYSE: FLS) and Velan Inc. (“Velan”) (TSX: VLN) today announced that they have extended the outside date (the “Outside Date”) of the arrangement agreement made as of February 9, 2023, among Velan, 14714750 Canada Inc. (“Purchaser”) and Flowserve US Inc., as amended by the first amendment to the arrangement agreement dated March 27, 2023 (the “Arrangement Agreement”).

Key Points:

Flowserve Corporation (NYSE: FLS) and Velan Inc. (“Velan”) (TSX: VLN) today announced that they have extended the outside date (the “Outside Date”) of the arrangement agreement made as of February 9, 2023, among Velan, 14714750 Canada Inc. (“Purchaser”) and Flowserve US Inc., as amended by the first amendment to the arrangement agreement dated March 27, 2023 (the “Arrangement Agreement”).
In accordance with the definition of Outside Date in the Arrangement Agreement, given that the Regulatory Approvals (as such term is defined in the Arrangement Agreement) have not all been obtained at this time, Velan and Purchaser have given written notices to each other that they each wish to extend the Outside Date for an additional 30 days to September 7, 2023.

Climate Tech Leader XNRGY Appoints Yves Leduc as Co-President and Chief Operating Officer

Retrieved on:

Wednesday, July 12, 2023

XNRGY aims to become one of the largest providers of climate solutions products in the industry.

Key Points:

XNRGY aims to become one of the largest providers of climate solutions products in the industry.
Led by industry pioneers with decades of combined working experience, XNRGY is on a mission to reduce the carbon footprint of commercial buildings.
Mr. Leduc is a transformative business leader with over 25 years of deep experience in strategic, manufacturing, brand marketing, new product development, and operational roles.
Mr. Leduc said, "I am honored to join XNRGY, already a leader in the energy transition.

Court Approves Plan of Arrangement For Acquisition of Velan by Flowserve

Retrieved on:

Tuesday, May 16, 2023

Flowserve, BMG Canada Inc v Doe, Superior court, Lease purchase contract, VLN, TSX, Arrangement, Solano County Superior Court, SEDAR, Velan

MONTREAL, May 16, 2023 (GLOBE NEWSWIRE) -- Velan Inc. (“Velan”) (TSX: VLN) today announced that the Superior Court of Québec has issued a final order approving the previously announced plan of arrangement attached to the arrangement agreement made as of February 9, 2023 among Velan, 14714750 Canada Inc. (the “Purchaser”) and Flowserve US Inc., as amended by the first amendment to the arrangement agreement dated March 27, 2023 (the “Arrangement Agreement”) pursuant to which all of Velan’s issued and outstanding shares of Velan (the “Shares”) would be acquired for $13.00 per Share in cash by the Purchaser, a wholly owned subsidiary of Flowserve Corporation (the “Arrangement”).

Key Points:

MONTREAL, May 16, 2023 (GLOBE NEWSWIRE) -- Velan Inc. (“Velan”) (TSX: VLN) today announced that the Superior Court of Québec has issued a final order approving the previously announced plan of arrangement attached to the arrangement agreement made as of February 9, 2023 among Velan, 14714750 Canada Inc. (the “Purchaser”) and Flowserve US Inc., as amended by the first amendment to the arrangement agreement dated March 27, 2023 (the “Arrangement Agreement”) pursuant to which all of Velan’s issued and outstanding shares of Velan (the “Shares”) would be acquired for $13.00 per Share in cash by the Purchaser, a wholly owned subsidiary of Flowserve Corporation (the “Arrangement”).
The Arrangement remains subject to customary closing conditions, including the regulatory approvals and clearances.
The completion of the Arrangement is expected to occur in the third quarter of 2023 (calendar year).
Further information regarding the Arrangement can be found in the management information circular filed by Velan on April 4, 2023, which is available at https://www.velan.com/en/company/investor_relations and under Velan’s profile on SEDAR at www.sedar.com .

InspireMD Announces Private Placement of Up to $113.6 Million

Retrieved on:

Monday, May 15, 2023

TCAR, OrbiMed, Stroke, Velan, NPS, TEL, NSPR, CAS, EPS, Pharmaceutical industry, Soleus muscle

TEL AVIV, Israel and MIAMI, May 15, 2023 (GLOBE NEWSWIRE) -- InspireMD, Inc. (Nasdaq: NSPR), developer of the CGuard™ Embolic Prevention Stent System (EPS) for the prevention of stroke, today announced that the Company has signed a securities purchase agreement with certain healthcare-focused institutional investors that have agreed to provide up to $113.6 million in gross proceeds to InspireMD through a private placement that includes initial upfront funding of $42.2 million. The financing is being led by Marshall Wace with participation from OrbiMed, Rosalind, Nantahala, Soleus, Velan and certain InspireMD Board members.

Key Points:

Led by Marshall Wace with participation from OrbiMed, Rosalind, Nantahala, Soleus, Velan and certain InspireMD Board members
TEL AVIV, Israel and MIAMI, May 15, 2023 (GLOBE NEWSWIRE) -- InspireMD, Inc. (Nasdaq: NSPR), developer of the CGuard™ Embolic Prevention Stent System (EPS) for the prevention of stroke, today announced that the Company has signed a securities purchase agreement with certain healthcare-focused institutional investors that have agreed to provide up to $113.6 million in gross proceeds to InspireMD through a private placement that includes initial upfront funding of $42.2 million.
The financing is being led by Marshall Wace with participation from OrbiMed, Rosalind, Nantahala, Soleus, Velan and certain InspireMD Board members.
“We are very pleased to have achieved this important milestone with leading fundamental healthcare investors who have chosen to participate in this transformational financing of our company,” stated Marvin Slosman, chief executive officer of InspireMD.
“Advancing our growing product pipeline, including our new CGuard Prime Transfemoral (CAS) delivery system along with our SwitchGuard trans carotid (TCAR) neuroprotection system (NPS), positions our company to serve the entire carotid revascularization market, continuing our mission of delivering implant focused patient outcomes.”