Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Roots Corp. (ROOT-T) announced that Meghan Roach will become its chief executive officer, effective immediately. Ms. Roach was appointed interim CEO of the company in January. Before that she was the interim chief financial officer. She joins Roots from Searchlight Capital Partners, the company’s largest shareholder.
The company said Ms. Roach will forgo her salary and potential bonus payments for the remainder of 2020 “given the unprecedented circumstances created by the COVID-19 pandemic.”
Sprott Inc. (SII-T) announced a 1-for-10 share consolidation and says it has applied to list on the New York Stock Exchange.
“Our planned listing on the NYSE represents an important milestone for Sprott as we believe it will create greater exposure for the company and attract an expanded and diverse group of institutional and retail investors in the United States," stated CEO Peter Grosskopf. "As the large majority of our clients reside in the United States, the listing will allow us to more fully explore synergies between our client base and shareholders.”
It said the consolidation will reduce the number of issued and outstanding common shares from 253 million to 25.3 million. The change is expected to take effect on May 28.
In a note, Desjardins Securities analyst Gary Ho called the impact of the move to list on the NYSE "slightly positive."
“While these initiatives were previously disclosed on its [first quarter] conference call, we believe this could be a catalyst for increased exposure to U.S. clients (retail and institutional) as the majority of SII’s clients reside in the US,” Mr. Ho wrote in a May 28 note. He has a “hold” on the stock and price target of $3.75. The stock closed at $3.80 on Monday.
Westport Fuel Systems Inc. (WPRT-T) announced the company has been awarded a competitive tender bid by the Egyptian International Gas Technology Company (GASTEC) to supply 6,300 compressed natural gas (CNG) sequential injection fuel systems into the Egyptian market in 2020.
GASTEC owns the largest network of CNG stations and conversion centers in Egypt, the company said.
IBI Group (IBG-T) announced that it been awarded the re-advertised 511NY travel information system contract for the New York State Department of Transportation (NYSDOT). It said the new software-as-a-service (SaaS) contract started on May 1 and includes the ongoing delivery of the 511NY web, interactive voice response (IVR) and mobile applications.
“This win adds to IBI Group’s portfolio of North American traveller information systems clients, including 10 deployments across the United States,” the company stated.
Patriot One Technologies Inc. (PAT-X) announced that its Xtract Technologies subsidiary has secured a $157,000 contract with Canada’s Department of National Defence through the Public Works and Government Services Canada Division, as part of the Innovative Solutions Canada Program.
“The contract is for a project looking to provide better situational awareness for Canadian firefighters,” the company stated. “The outcome will be a solution that will provide innovative devices, applications, personal protective equipment and technology to help firefighters work in a more head-up hands-free (HU/HF) mode of operation on the fire ground.”