Market Overview

Benzinga's Small Cap Movers for Wednesday March 6, 2013


Below are highlights from Benzinga's daily coverage of small cap securities making big moves:

Asset Acceptance Capital Corp

Shares of Asset Acceptance Capital Corp (NASDAQ: AACC), the Warren, MI purchaser and collector of charged-off consumer debt, rose 12% Wednesday on 43 times average volume.

Encore Capital (NASDAQ: ECPG) and Asset Acceptance Capital (NASDAQ: AACC) announced Wednesday that Encore has entered into an agreement to acquire Asset Acceptance Capital Corp. Under the terms of the agreement, Encore will acquire Asset Acceptance for $6.50 per share, which represents a total equity value of approximately $200 million, representing a 24 percent premium to AACC's 30 day volume weighted average share price.

The acquisition is expected to close during the second quarter of this year.

Asset Acceptance Capital Corp closed at $6.46 on Wednesday.

Ballard Power Systems

Ballard Power Systems (NASDAQ: BLDP), the Burnaby, BC provider of PEM (proton exchange membrane) fuel cell technology, rose 56% Wednesday on 34 times average volume.

Ballard Power Systems announced Wednesday, the signing of an agreement with Volkswagen Group for a major Engineering Services contract to advance development of fuel cells for use in powering demonstration cars in Volkswagen's fuel cell automotive research program. The contract term is for 4-years, with an option for a 2-year extension. The expected contract value is in the range of C$60-100 million.

Ballard Power Systems closed at $1.31 on Wednesday.

American Apparel

Shares of American Apparel (NYSE: APP), the Los Angeles, CA manufacturer, distributor, and retailer of branded fashion-basic apparel, rose 22% Wednesday on 8 times average volume.

American Apparel announced Tuesday, that it currently intends, subject to market and other conditions, to offer senior secured notes in a private offering. The Notes, if offered, will be offered only to “qualified institutional buyers” in the United States in accordance with Rule 144A under the Securities Act of 1933, as amended, and to non-U.S. persons pursuant to Regulation S under the Securities Act. The Company intends to use the net proceeds of any such offering of the Notes to repay certain indebtedness and for general corporate purposes. The Company may at any time elect to no longer pursue a possible Notes offering.

American Apparel closed at $1.88 on Wednesday.

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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