Benzinga's Microcap Movers for Thursday August 23, 2012
Below are highlights from Benzinga's daily coverage of small cap and microcap securities making big moves:
Shares of Hemispherx Biopharma (NYSE: HEB), the Philadelphia, PA specialty pharmaceutical company, rose 18.24% Thursday on almost 8 times average volume.
Hemispherx Biopharma stated on August 23, 2012, we amended our Restated and Amended By-Laws (the "By-Laws") in accordance with a prior directive of our Board of Directors to reduce the quorum, solely for the 2012 annual meeting of stockholders, from holders of a majority in voting power of the outstanding shares of stock to the holders of one-third in voting power of the outstanding shares of stock. The reason for the reduced quorum is the concern that we will not be able to obtain the usual 50% quorum and the 2012 annual meeting will have to be postponed. With approximately 40% of our shares being held by persons or organizations in Europe, we historically have had difficulty obtaining a quorum. We had to adjourn our 2008 annual meeting of stockholders on three occasions due to a lack of a quorum until we amended our Bylaws to reduce the quorum for that meeting. Our Board again amended our Bylaws to reduce the quorum requirement solely for the 2009, 2010 and 2011 Meetings.
Hemispherx Biopharma closed at $0.59 on Thursday.
Shares of Presstek (NASDAQ: PRST), the Greenwich, CT supplier of digital offset printing solutions, rose 13.95% Thursday on 58 times average volume.
Presstek announced Thursday that it has entered into a definitive merger agreement under which it would be acquired by MAI Holdings, Inc., an entity affiliated with American Industrial Partners Capital Fund IV, L.P.
Under the terms of the agreement and plan of merger, which has been unanimously approved by the Company's Board of Directors, Presstek's shareholders will receive $0.50 in cash for each share of Common Stock. This represents a premium of 16.3% over closing share price of the Common Stock on August 22, 2012. The agreement is subject to the approval of shareholders and other customary closing conditions and is expected to close during the fourth quarter of 2012. In connection with the transaction, AIP has obtained the agreement of Presstek's largest shareholder, IAT Reinsurance Company, Ltd. and its affiliates, which own 24.5% of the outstanding Common Stock, to vote in favor of the merger at the special shareholders meeting to be called for that purpose, subject to certain conditions.
Presstek closed at $0.49 on Thursday.
China BAK Battery
Shares of China BAK Battery (NASDAQ: CBAK), the China-based manufacturer of lithium-based battery cells, rose 56.35% Thursday on 14 times average volume.
China BAK Battery announced Thursday that the Company has received a sample order to supply its lithium-ion batteries to FAW-Volkswagen Automotive Co., Ltd. ("FAW-Volkswagen"), a major passenger sedan joint-venture of FAW Group Corporation and Volkswagen AG .
China BAK plans to deliver three lithium-ion battery units to FAW-Volkswagen by the end of September 2012. FAW-Volkswagen will utilize the Company's lithium-ion battery units to power its electric cars and to test the performance and reliability of the battery units.
"FAW-Volkswagen is a leading passenger car manufacturer in China and we look forward to delivering our lithium-ion battery units to power its new electric car. Our cooperation with FAW-Volkswagen demonstrates our technological strength and market recognition. Upon successful testing, we expect to expand the scope of our cooperation and hope to receive additional orders," commented Mr. Xiangqian Li, CEO of China BAK.
China BAK Battery closed at $0.55 on Thursday.
The information in this article is taken from public sources, press releases, and websites that cannot always be verified. Please note that investing in microcap stocks is highly speculative. The companies mentioned here are for information purposes only. Benzinga makes no claim as to the suitability of these stocks as an investment. Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.
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