Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Vecima Networks Inc. (VCM-T) said it expects record-breaking sales for its fiscal second quarter ended Dec. 31 in the range of $43-million to $44-million. Analysts were expecting revenue of $38.1-million, according to S&P Capital IQ.
“This is the highest quarterly revenue in Vecima’s entire 33-year history, representing year-over-year quarterly organic growth of between 43 per cent to 45 per cent, and sequential quarter-over-quarter organic growth of between 33 per cent to 35 per cent,” it stated.
“Swiftly growing demand for our Entra Distributed Access Architecture (DAA) solutions has propelled Vecima’s sales to new heights in Q2,” said Sumit Kumar, the company’s CEO. “With the cable industry’s transition to gigabit speeds via distributed access architecture now underway, customers worldwide are choosing Vecima’s DAA solutions to underpin their network infrastructure buildout.”
Vecima plans to release its second-quarter results on Feb. 10.
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Knight Therapeutics Inc. (GUD-T) announced today that its Colombian affiliate, Biotoscana Farma S.A. has received approval for Halaven (eribulin) injection for the treatment of adult patients with locally advanced or metastatic breast cancer.
The injection has shown to “significantly improve overall survival in patients with advanced or metastatic breast cancer after anthracycline and taxane treatment,” the company stated, adding that breast cancer is now the most frequently diagnosed cancer in Colombian women.
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Supremex Inc. (SXP-T), which makes envelopes and paper-based packaging, announced the reinstatement of its quarterly dividends after having suspended them in the early months of the pandemic.
The board declared a dividend of 2.5 cents per common share, payable on Feb. 15, to the shareholders of record at the close of business on Jan. 31.
“We reviewed our capital allocation strategy through the lens of sustained year-over-year revenue and EBITDA growth, a substantial reduction in leverage over the past several quarters and an increasingly favourable outlook in the business. We believe a balanced approach to capital deployment including capex, acquisitions, share buybacks and dividends is an attractive combination for shareholders,” stated Stewart Emerson, CEO of Supremex.
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Consolidated Uranium Inc. (CUR-X) said the OTC Markets Group Inc. requested the company issue a statement about promotional activity concerning its common shares after becoming aware of “certain promotional activities,” including the distribution of three promotional newsletter e-mails from third-party marketing and advertising firms retained by the company’s investor relations’ firm.
“Each of the newsletters presented factual statements regarding the company, its business and industry,” the company stated.
“The company understands this promotional activity may have coincided with increased trading activity in the common shares beginning on Dec. 30,” it said, adding that it doesn’t believe the promotional activities were a factor in any increase in trading volume.
After an inquiry by management, the company said one of its executive officers, directors sold shares within the past 90 days. “To the knowledge of the company, no controlling shareholders and third-party service providers have not sold or purchased shares of the company within the past 90 days.”
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Stingray Group Inc. (RAY.A-T; RAY.B-T) announced that it has acquired InStore Audio Network, the largest in-store audio advertising network in the United States for about $59-million. The price is subject to a specific earn-out mechanism, the company stated.
“With this acquisition, Stingray expands its retail-based digital audio advertising footprint in the United States and reaffirms its position as a leading global provider of state-of-the-art digital media solutions,” it stated. It said InStore Audio Network generated an estimated $18.5-million in revenues in the last year.
Read Josh O’Kane’s story on the deal here
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dentalcorp Holdings Ltd. (DNTL-T), a network of dental practices, announced a $100-million bought-deal offering. It has an agreement with a syndicate of underwriters led by CIBC Capital Markets, BMO Capital Markets and TD Securities Inc. that will buy 6,135,000 subordinate voting shares for $16.30 each.
The company said it intends to use the net proceeds to support its acquisition program, “which accelerated in the latter half of 2021 and is expected to remain strong in 2022.”
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Sundial Growers Inc. (SNDL-Q) announced it has agreed to sweeten the offer for Alcanna Inc. (CLIQ-T) shareholders as part of a previously announced merger agreement between the two companies.
Sundial and Alcanna have amended their October agreement to give Alcanna shareholders 8.85 common shares of Sundial and $1.50 in cash. That’s a change from an all-share consideration to a cash and share consideration mix, the companies stated in a release. The companies said the change represents a deemed value of approximately $8.43 per Alcanna share versus $8.37 previously.
Alcanna shareholders are expected to vote on the deal on Friday. The companies said Alcanna’s board has unanimously approved the revised consideration and amendment agreement.
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