Onyx Acquisition (NASDAQ:ONYX) Stock, Quote.Headers.trade-ideas

Onyx Acquisition Co I is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses.

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Market Wrap for Monday, July 1: Stocks Rise, But Finish Off Session Highs 

Onyx Acquisition Co. I - Class A Ordinary Shares

Onyx Acquisition Co I

Onyx Corp

Onyx Gold corp

Onyx Acquisition Co. I (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ONYXU#NASDAQ">ONYXU</a>, ONYX, ONYXW)))) (&quot;Onyx&quot; or the &quot;Company&quot;) announced today that it is in advanced discussions with Helios Investment Partners (&quot;Helios&quot;) about a potential business combination which would result in the creation of a new publicly listed energy transition infrastructure platform, Helios Energy Transition Infrastructure (&quot;HETI&quot;), focused on the development of natural gas and low-carbon energy infrastructure businesses and assets in Africa (the &quot;Proposed Transaction&quot;).
HETI currently owns and is developing a portfolio of strategic infrastructure assets and businesses delivering the energy transition in Africa. This portfolio spans the natural gas, LNG and power value chain comprising liquefaction, storage, regasification, pipeline infrastructure and power plants, supplying gas and power to over 200 industrial customers and utilities across Africa on a long-term contracted basis. The portfolio supports the displacement of expensive and polluting coal and liquid fuels with cleaner, more affordable natural gas in its target markets. In addition, HETI is developing a pipeline of low-carbon fuel (blue and green hydrogen) and renewable/low-carbon power projects which will utilize best-in-class partnerships and technology to take advantage of Africa&#39;s renewable resource advantage and proximity to global end markets to support the global Net Zero ambition.
The Proposed Transaction is expected to be valued at an Enterprise Value of approximately&nbsp;$1 billion, and the Company is targeting a completion of the merger in the second half of 2023. There is no binding agreement with respect to the Proposed Transaction, and negotiations remain subject to significant contingencies, including the completion of due diligence, the negotiation and execution of a mutually acceptable definitive agreement, confirmation and documentation of fully committed financing, and requisite shareholder approvals. There can be no assurances that the Company will successfully negotiate a definitive agreement, or that the Proposed Transaction will be consummated.
If the proposal to amend Onyx&#39;s Amended and Restated Memorandum and Articles of Association (the &quot;Articles&quot;) to extend the date by which it must consummate an initial business combination from February 5, 2023 to August 7, 2023 (the &quot;Extension&quot;, and such proposal, the &quot;Extension Amendment Proposal&quot;) is approved at the Company&#39;s extraordinary general meeting at 9:30 a.m. Eastern Time on January 26, 2023 (the &quot;Meeting&quot;), and the Extension is implemented, the Company&#39;s sponsor, Onyx Acquisition Sponsor Co. LLC, has agreed to contribute (the &quot;Contribution&quot;) into the Company&#39;s trust account the lesser of (x) an aggregate of&nbsp;$120,000&nbsp;or (y)&nbsp;$0.035&nbsp;per share for each public share that is not redeemed at the Meeting for each monthly period (commencing on February 7, 2023 and ending on the 7th day of each subsequent month), or portion thereof, that is needed by the Company to complete the Proposed Transaction until August 7, 2023. &nbsp;Accordingly, the amount deposited per share will depend on the number of public shares that remain outstanding after redemptions in connection with the Extension and the length of the extension period that will be needed to complete the Proposed Transaction. For the avoidance of doubt, the maximum aggregate contributions to the trust account shall not exceed&nbsp;$720,000&nbsp;based on six monthly Contributions. Each monthly contribution into the Company&#39;s trust account shall take the form of a non-interest bearing, unsecured loan which will be repayable by the Company upon consummation of an initial business combination.&nbsp; If the Company does not consummate an initial business combination by August 7, 2023, the promissory note will be repaid only from funds held outside of the trust account or will be forfeited, eliminated or otherwise forgiven. The Contribution is conditioned on the approval of the Extension Amendment Proposal and the implementation of the Extension. The proceeds held in the trust account will continue to be invested in United States government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under the Investment Company Act of 1940, as amended, as determined by the Company, until the earlier of: (i) the completion of its initial business combination and (ii) the distribution of the Trust Account.
Additionally, as previously announced, the holders of the Company&#39;s outstanding Class B ordinary shares (the &quot;founder shares&quot;) expect to convert all these shares into Class A ordinary shares of the Company, in accordance with the terms of the Articles, prior to any redemption in connection with the Extension Amendment Proposal.&nbsp;For the avoidance of doubt, notwithstanding any conversion of the founder shares, the holders thereof will not be entitled to receive any monies held in the trust account as a result of their ownership of any Class A ordinary shares.
Shareholders as of November 23, 2022 (the &quot;Record Date&quot;) can vote, even if they have sold their shares since the Record Date. Shareholders who have not yet submitted their proxies or otherwise voted are encouraged to vote as soon as possible. If any such shareholders have questions or need assistance in connection with the Meeting, please contact the Company&#39;s proxy solicitor, Morrow Sodali LLC, by calling (800) 662-5200, or banks and brokers can call collect at (203) 658-9400, or by emailing&nbsp;<a href="https://www.globenewswire.com/Tracker?data=rjtNUsSVleGcntIMmPkcYwUhBl2nTuy9vZSUsc272fwwaLe56nI-LiTCrbxCeGuogppgbwcmPMAr0urwTC1uuckv1gYEd5_f3Ff3_3kEgC3KhF9zifdSyEjf8hNFOUUgYRHVJRfvdiP2hyqnxqkU_g==" target="_blank">ONYX.info@investor.morrowsodali.com</a>.

ONYXU

Onyx Acquisition Co. I Announces Update On Potential Business Combination And Increased Sponsor Contribution

The U.S. stock market continued its near-term rally on Monday as the major averages look to make back losses from two weeks ago. 

The Dow came close to re-taking the 15,000 level on a closing basis, but a late day sell-off sent the widely watched blue-chip average out just below that mark. The leader on the day was the Nasdaq, which registered a gain of just under one percent. 

The greenback was slightly lower on the session while bonds closed slightly higher. 

Major Averages

The Dow rose around 65 points, or 0.44 percent, to 14,975. 

The S&amp;P 500 added almost 9 points, or 0.54 percent, to close at 1,615. 

The Nasdaq rose 31 points, or 0.92 percent, to 3,434. 

ISM Index

The ISM Index rose to 50.9 in June from 49.0 in May. This compared to consensus expectations which expected the ISM Index to rise to 50.5. For a more detailed look at the index's performance in June check out this <a href="http://www.benzinga.com/news/13/07/3721023/ism-manufacturing-index-rises-in-june-as-new-orders-production-rise-employment-fa">Benzinga Exclusive</a>. 

Construction Spending

Construction spending rose 0.5 percent in May compared to an increase of 0.1 percent in April. This was in-line with consensus estimates. 

Commodities

The energy complex rose along with stocks on Monday. NYMEX crude futures climbed 1.42 percent to $97.93 while Brent crude contracts added 0.79 percent to $102.97. Natural gas rose 0.42 percent to $3.58. 

Precious metals also rose on Monday. COMEX gold futures jumped 2.29 percent to $1,251.70 while silver was last up 0.49 percent to $19.57. Copper surged 3.24 percent to $3.1565 on Monday. 

The grains complex was largely lower to start the week. Heading into the closing bell, corn futures were down almost 2 percent while wheat had lost 0.42 percent. Movers in soft commodities included sugar and cotton. Sugar futures were last trading down 1.36 percent while cotton had risen a little less than 2 percent. 

Bonds

Bonds were slightly higher to start the trading week. Near the close of equity trading, the iShares Barclays 20+ Year Treasury Bond ETF (NYSE: <a class="ticker" href="/stock/tlt#NYSE">TLT</a>) was up 0.20 percent to $110.41. 

At last check, yields were as follows: The 2-Year Note was yielding 0.35 percent while the 5-Year yield was at 1.38 percent. The 10-Year Note and 30-Year Bond were yielding 2.48 percent and 3.48 percent, respectively. 

Currencies

The U.S. Dollar was slightly lower on Monday. Heading into the closing bell, the PowerShares DB US Dollar Index Bullish ETF (NYSE: <a class="ticker" href="/stock/uup#NYSE">UUP</a>), which tracks the performance of the greenback versus a basket of foreign currencies, has lost 0.24 percent to $22.50. 

The closely watched EUR/USD pair was last up 0.31 percent to $1.3059. Other movers included the USD/JPY, which rose 0.54 percent and the AUD/USD, which added 0.81 percent on the session. 

Volatility and Volume

The VIX was lower late on Monday, but not my much. At last check, the widely watched barometer of volatility expectations had lost around 2 percent to 16.51. 

Volume was lighter than usual on the day. Around 108 million SPDR S&amp;P 500 ETF (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>) shares traded hands compared to a 3-month daily average of 144 million. 

Stock Movers

Onyx Pharmaceuticals (NASDAQ: <a class="ticker" href="/stock/onyx#NASDAQ">ONYX</a>) jumped almost 51 percent after the company said that it had rejected a bid which valued Onyx at a 38 percent premium to Friday's closing price from Amgen. Onyx said that it is seeking potential buyers in the wake of the unsolicited bid from Amgen. 

Best Buy (NYSE: <a class="ticker" href="/stock/bby#NYSE">BBY</a>) climbed almost 9 percent after Credit Suisse resumed coverage on the stock with a Outperform rating. The firm also hiked its price target by 25 percent to $40. 

Acura Pharmaceuticals (NASDAQ: <a class="ticker" href="/stock/acur#NASDAQ">ACUR</a>) added better than 16 percent late on Monday after the company said that Pfizer will expand commercialization of a pain drug that uses Acura's tamper-resistant technology. 

Endologix (NASDAQ: <a class="ticker" href="/stock/elgx#NASDAQ">ELGX</a>) had risen nearly 6 percent late on Monday after the company raised its full-year revenue outlook. 

Zynga (NASDAQ: <a class="ticker" href="/stock/znga#NASDAQ">ZNGA</a>) climbed better than 11 percent intra-day on Monday after a report surfaced that the company could name a new CEO. 

Steinway Musical Instruments (NYSE: <a class="ticker" href="/stock/lvb#NYSE">LVB</a>) rose around 16 percent on Monday after the company agreed to be acquired by private equity firm Kohlberg &amp; Co. in a $438 million cash deal. 

InterDigital (NASDAQ: <a class="ticker" href="/stock/idcc#NASDAQ">IDCC</a>) lost almost 13 percent on Monday after an administrative judge overseeing patent-infringement claims against Nokia, Huawei Technologies, and ZTE Corp. ruled that only one of the company's patents had been infringed, but that the patent was invalid. 

Insemed (NASDAQ: <a class="ticker" href="/stock/insm#NASDAQ">INSM</a>) fell around 20 percent after Phase III data showed that a once-daily dose of the company's drug Arikace for pseudomonas aeruginosa in cystic fibrosis patients was not inferior to a twice-daily dosage of another drug. Investors, however, were hoping that the treatment would show superiority to the alternative medication.

SEC Suspends Trading In Onyx Svc & Solutions

Onyx Service &amp; Solutions Inc (OTCQB: ONYX) received confirmation today that their shipping consolidator in China has collected and shipped the solar panels and associated equipment for their new West Bay Lodge Project in Roatan, Honduras. The consolidator expects arrival in Roatan early next week via air freight. 

ONYX Management has arranged for Company installation personnel to arrive on Roatan on December 29th and 30th, ahead of the solar equipment delivery. Arrangements have also been made for local personnel to participate in the project installation. 

ONYX had announced a Letter of Intent (LOI) with West Bay Lodge back on October 10th, which called for constructing a solar power project to power the resort – which is located near the famous West Bay Beach, the most popular tourist destination on the Island of Roatan, Honduras. Since the announcement of the LOI, ONYX and West Bay Lodge have worked together to specify the project scope and finalize the project parameters. 

ONYX management has purposely taken a different course than most other solar companies, deciding to forgo competing against coal-fired electricity producers or depending on government subsidies to make a profit. After detailed research of the worldwide markets for power, ONYX management identified sectors that relied on costly diesel generated electricity, such as Roatan, to focus on as its target market – due to the opportunity for greater profit margins. The Company has focused primarily on competing in Latin America and the Caribbean, but international recognition has led to recent invitations for the Company to apply their business model in India and the Philippines.

Contracts

ONYX Receives Confirmation That Solar Panels for Honduras Project Have Been Shipped   

Onyx Service &amp; Solutions Inc. (OTC: ONYX) today announced that on December 15, 2011 its Board of Directors declared a 3-for-1 split of its common stock. The split will be effectuated in the form of a stock dividend to shareholders of record on December 30, 2011. Subject to FINRA approval, the company's transfer agent will process the dividend with an effective date of January 4, 2012. Shareholders will receive two additional shares for each share of common stock held on the record date. 

As of today, there are 22,309,000 shares of the company's common stock issued and outstanding. Immediately following the distribution of the stock dividend, there will be 66,927,000 shares of the company's common stock issued and outstanding.

Stock Split

Onyx Service & Solutions Announces 3-for-1 Stock Split   

Onyx Acquisition

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Onyx Acquisition (NASDAQ:ONYX) Stock, Quote.Headers.trade-ideas