Key Developments: Iridium Communications Inc (IRDM.O)
6.60USD
9 Feb 2010
$-0.18 (-2.65%)
$6.78
$6.70
$6.87
$6.49
583,043
287,511
$12.00
$6.39
Latest Key Developments
CORRECTION - Iridium Communications Inc. Issues FY 2010 EBITDA Outlook In-Line with Analysts' Estimates
CORRECTED TO READ IN THE SECOND SENTENCE "...analysts were expecting the Company to report EBITDA of $153 million...", NOT "...EBITDA of $253 million...". Iridium Communications Inc. announced that for fiscal 2010, it anticipates operational EBITDA to be in the range of $145-$155 million. According to Reuters Estimates, analysts were expecting the Company to report EBITDA of $153 million for the same period.
Iridium Communications Inc. Provides Satellite Data Links For Management And Recovery Solutions For Remote Communication Network Sites
Iridium Communications Inc. announced that Proactive Communications is deploying a new automated remote management (ARM) system that uses satellite data links provided by Iridium Communications Inc., for out-of-band backup access to remote communication network sites. Data Technology Solutions (DTS), an Iridium value-added reseller, is supplying the system, which uses ARM technology developed by Uplogix, an Iridium value-added manufacturer. The Uplogix system relies on Iridium's global satellite circuit-switched data service.
Iridium Communications Inc. Issues FY 2009 EBITDA Outlook Above Analysts' Estimates
Iridium Communications Inc. announced that for fiscal 2009, it expects operational EBITDA in the range of $126-$130 million. According to Reuters Estimates, analysts were expecting the Company to report EBITDA of $102 million for the same period.
Iridium Communications Inc. and H2OSatellite Provide Vital Communications Link for Beluga Shipping's Northeast Passage Transit
Iridium Communications Inc. and H2OSatellite provided critical satellite communications for Beluga Shipping's successful pioneering transit of the challenging Northeast Passage this summer. The Beluga ships relied on Iridium OpenPort high-bandwidth marine satellite systems supplied by H2OSatellite for voice and data links throughout their voyage through the extreme Northern waterways.
GHL Acquisition Corp. And Iridium Holdings LLC Announce Close of Transaction and Name Change
GHL Acquisition Corp. And Iridium Holdings LLC announced the close of their transaction. Effective immediately, GHL Acquisition's new name is Iridium Communications Inc., trading on the NASDAQ Global Select Market under the ticker symbols IRDM (common stock), IRDMW (warrants) and IRDMU (units). Additionally, Iridium announces the close of its offering of 16,000,000 newly issued shares of common stock.
GHL Acquisition Corp. Changes Exchange From AMEX To NASDAQ-Stock Exchange
The Stock Exchange reported that GHL Acquisition Corp. has changed its exchange from AMEX to NASDAQ.
GHL Acquisition Corp. Announces Pricing Of Common Stock Offering
GHL Acquisition Corp. announced that its offering of 16,000,000 newly issued shares of its common stock was priced at $10.00 per share. In addition, GHL Acquisition Corp. has granted the underwriters a 40-day option to purchase up to an additional 2,400,000 shares to cover over-allotments, if any. The offering is expected to close on September 29, 2009, subject to the satisfaction of customary closing conditions and the closing of the acquisition by GHL Acquisition of Iridium Holdings LLC. Raymond James and Associates, Inc. is acting as bookrunning manager, RBC Capital Markets Corporation is acting as co-lead manager and Stifel, Nicolaus & Company, Incorporated is acting as co-manager for the offering. GHL Acquisition Corp. will use the net proceeds from the offering to fund its previously announced repurchases of shares of its common stock and exchanges of its warrants, as well as for general corporate purposes.
GHL Acquisition Corp. Announces Resignation And Appointment Of CEO
GHL Acquisition Corp. announced that in order to permit GHL Acquisition to be in full compliance with the technical requirements of the listings standards of the Nasdaq Stock Market at the time of its anticipated listing on the Nasdaq Stock Market, Scott L. Bok has resigned from his position as Chief Executive Officer (CEO) of the Company; he will remain Chairman of the Company. It is anticipated that the Company will begin trading on the Nasdaq Stock Market on September 24, 2009 under the symbols IRDM, IRDMW and IRDMU, respectively. Robert H. Niehaus, formerly a Senior Vice President of the Company, will succeed Mr. Bok as Chief Executive Officer until completion of the acquisition by the Company of Iridium Holdings LLC.
GHL Acquisition Corp. Announces Additional Share Repurchase Agreements
GHL Acquisition Corp. announced that it has entered into additional agreements with certain holders of its common stock as a result of which an additional 399,300 shares of GHL Acquisition common stock will be repurchased upon closing of its acquisition of Iridium Holdings LLC. The aggregate number of GHL Acquisition common shares subject to repurchase agreements now totals 16,325,196. The agreements provide that the shares will be repurchased for a price per share equal to the greater of $10.10 per share and the price per share at which GHL Acquisition common stock are sold in a future public offering. The sellers of the shares have also granted GHL Acquisition a proxy over the shares to be repurchased, and GHL Acquisition intends to vote the repurchased shares in favor of the acquisition of Iridium at the special meeting of shareholders scheduled for September 23, 2009. The aggregate number of shares now subject to these agreements represents approximately 40.8% of the 40 million shares of common stock eligible to vote on the acquisition proposal at the special meeting. The repurchases of the shares are subject to the closing of the Iridium acquisition and GHL Acquisition intends to use the proceeds of a future offering of common stock to finance these repurchases. GHL Acquisition does not plan to enter into further share repurchase agreements prior to the closing of its acquisition of Iridium.
GHL Acquisition Corp. Announces Additional Share Repurchase Agreements
GHL Acquisition Corp. announced that it has entered into additional agreements with certain holders of its common stock as a result of which an additional 1,175,205 shares of GHL Acquisition common stock will be repurchased upon closing of its acquisition of Iridium Holdings LLC ("Iridium"). The aggregate number of GHL Acquisition common shares subject to repurchase agreements now totals 15,925,896. The agreements provide that the shares will be repurchased for a price per share equal to the greater of $10.10 per share and the price per share at which GHL Acquisition common stock are sold in a future public offering. The sellers of the shares have also granted GHL Acquisition a proxy over the shares to be repurchased, and GHL Acquisition intends to vote the repurchased shares in favor of the acquisition of Iridium at the special meeting of shareholders scheduled for September 23, 2009. The aggregate number of shares now subject to these agreements represents approximately 39.8% of the 40 million shares of common stock eligible to vote on the acquisition proposal at the special meeting. The repurchases of the shares are subject to the closing of the Iridium acquisition and GHL Acquisition intends to use the proceeds of a future offering of common stock to finance these repurchases. GHL Acquisition will continue its on-going discussions with certain other holders of its common stock regarding potential acquisitions of the shares held by such holders on similar terms.
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