Dawson Geophysical Enters Asset Purchase Deal With Wilks Brothers, Breckenridge Geophysical
Dawson Geophysical Co. (DWSN) announced Friday that it has entered into an asset purchase agreement with Wilks Brothers, LLC and Breckenridge Geophysical, LLC, pursuant to which the Company purchased substantially all of the Breckenridge assets related to seismic data acquisition services other than its multi-client data library.
The transaction is effective immediately and Dawson extended offers of employment to relevant employees of Breckenridge to continue supporting the acquired assets and business. The parties plan to begin integration of the acquired assets and business into Dawson’s operations as soon as possible.
Total consideration for the transaction is 7.00 million shares of Dawson common stock. 1.19 million shares were issued at the time of closing, and the remaining 5.81 million shares are in the form of a convertible note, which will only convert following shareholder approval at a meeting Dawson plans to convene as soon as practicable.
Chinese President To Meet Putin In Moscow Next Week
Chinese President Xi Jinping will meet his Russian counterpart Vladimir Putin in Moscow next week to hold talks aimed at strengthenening the relationship between the two major powers.
The Kremlin said the two leaders would discuss a “comprehensive partnership and strategic co-operation”.
The visit, which will be the first by the Chinese leader to Russia since Putin’s forces attacked Ukraine more than a year ago, is seen as a powerful show of Beijing’s support for Moscow.
Xi has emerged more powerful with his election as President for an unprecedented third term.
The summit was announced by Beijing and the Kremlin Friday.
China’s Foreign Ministry said the three-day visit, at the invitation of Putin, will kick off Monday an that the focus of the talks would be the war in Ukraine.
“China’s proposition boils down to one sentence, which is to urge peace and promote talks,” foreign ministry spokesman Wang Wenbin told reporters.
The two sides will sign a number of “important bilateral documents”, according to the Kremlin.
The West did not yield to Beijing’s proposal to intervene to end the war.
A Los Angeles Dinner for an Italian Design Legend
Gaetano Pesce was the guest of honor at a meal celebrating his show at the Future Perfect gallery in the Hollywood Hills.
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Ford Recalls 1.5 Mln Vehicles To Fix Issues With Brakes, Wipers
Ford Motor Co. (F) is recalling nearly 1.5 million vehicles to fix two issues.
In the first one, the auto giant is recalling 1.3 million Ford Fusion and Lincoln MKX midsized cars made between 2013 and 2018, to fix issues with leaky brake hoses, according to the National Highway Traffic Safety Administration.
According to the NHTSA, the front brake hoses may rupture and leak brake fluid. A brake fluid leak will increase brake pedal travel and extend the distance needed to stop the vehicle, increasing the risk of a crash.
Ford dealers will replace the front brake hoses, free of charge. Interim letters notifying owners of the safety risk are expected to be mailed April 17, 2023.
The second recall involves over 222,000 F-150 pickups from the 2021 model year. According to the NHTSA, the windshield wiper arms may break, causing the windshield wipers to fail. Inoperative windshield wipers can reduce visibility in certain conditions, increasing the risk of a crash.
Ford dealers will inspect and replace the wiper arms, as necessary, free of charge. Owner notification letters are expected to be mailed March 27, 2023.
Ford has already recalled over a million F-Series trucks and Ford Expedition and Lincoln Navigator SUVs for similar issues, according to Consumer Reports.
Activision Blizzard Gains After UK Competition Authority Softens Probe Into Deal With Microsoft
Activision Blizzard, Inc. (ATVI) shares are gaining more than 7 percent on Friday morning trade after the British competition authority narrowed the scope of its probe into the proposed Microsoft-Activision deal.
The authority said it is no longer concerned that the proposed $75 billion deal could lessen competition in console gaming.
Currently, shares are at $85.45, up 7.24 percent from the previous close of $79.68 on a volume of 7,096,150.
Incyte Slides On Issue Of Complete Response Letter From FDA For Ruxolitinib
Incyte Corp. (INCY) shares are down more than 5 percent on Friday morning trade after the company announced that the U.S. Food and Drug Administration or FDA has issued a complete response letter for ruxolitinib extended-release tablets, saying that it cannot approve the application in its present form. Ruxolitinib is a JAK1/JAK2 inhibitor for once-daily use in the treatment of certain types of myelofibrosis, polycythemia vera and graft-versus-host disease.
The FDA acknowledged that the New Drug Application met its objective of bioequivalence. Incyte said it intends to meet with the FDA to determine appropriate next steps.
Currently, shares are at $68.37, down 5.38 percent from the previous close of $72.26 on a volume of 1,013,034.
Opening Bell Analysts Research Calls for Friday, March 24
This report was sent to Briefing.com subscribers earlier today.
Research calls posted earlier this morning are available here.
> St James’s Place PLC (STJPF) upgraded to Buy from Hold at HSBC Securities
> XPeng (XPEV) downgraded to Mkt Perform from Outperform at Bernstein; tgt lowered to $12
> Adaptimmune Therapeutics (ADAP) initiated with a Buy at Bryan Garnier; tgt $3.60
> America Movil SA (AMX) initiated with a Buy at Lightshed Partners
> Celsius (CELH) added to Best Ideas List at Wedbush; tgt $115
> Immatics N.V. (IMTX) initiated with a Buy at Bryan Garnier; tgt $16
> Immunocore (IMCR) initiated with a Buy at Bryan Garnier; tgt $16
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