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Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

Hudson’s Bay Co. (HBC-T) issued a statement late Monday saying its special committee of the board reaffirmed its unanimous recommendation that the privatization transaction with a group of existing shareholders “is in the best interests of the company and fair to the company’s other shareholders.”

It received an updated valuation requested from its independent valuator, TD Securities Inc. and fairness opinions provided by J.P. Morgan, Centerview Partners LLC and TD Securities. The special committee recommends minority shareholders vote in favour of the transaction at the special meeting of shareholders to be held on Feb. 27.

See also: HBC's Baker boosts bid for retailer, wins backing from Catalyst

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AutoCanada Inc. (ACQ-T) announced that it intends to complete a $125-million offering of five-year senior unsecured notes, which will be offered and sold to accredited investors. The company said it plans to amend and extend its existing credit facility for three years to include a $175-million revolving credit facility, a $750-million wholesale floorplan financing facility and a $25-million wholesale leasing facility, for total bank facilities of $950-million.

AutoCanada said it intends to use the net proceeds, together with borrowings under the new credit facility, to fund a cash tender offer for the purchase of any or all of the 2021 notes and the redemption of any 2021 notes not purchased under the tender offer.

The company also reported some preliminary fourth-quarter results, including expectations of revenue of about $805-million to $825-million, representing growth of approximately 4 per cent over the same period in 2018. Analysts are expecting revenue of $829.5-million, according to S&P Capital IQ.

The company said its unaudited financial statements for the fourth quarter will not be available until after the offering is completed

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Chemtrade Logistics Income Fund (CHE.UN-T) issued guidance late Monday, saying it expects 2020 adjusted EBITDA to range between $300-million and $350-million, below that of 2019.

“Generally, our businesses are performing well, but 2020 will be affected by a biennial turnaround at our North Vancouver chlor-alkali plant and by a once every five-year turnaround by a key refinery customer," stated CEO Mark Davis. "Also, while we are assuming near-term caustic soda weakness, we continue to believe that the long-term fundamentals for caustic soda, particularly in NE Asia remain favourable.”

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The Flowr Corp. (FLWR-X) announced that Irina Hossu will become the company’s new chief financial officer on March 29. Current CFO Alex Dann will remain with the company until the end of March.

The company also announced the departures of chief research and innovation officer Jason Broome and chief strategy officer Laurence Levi. Current chief policy and medical officer, Dr. Lyle Oberg, will transition to an advisory role and remain on the board, while board chairman Steve Klein will again assume the title of chief strategist, the company stated.

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Ballard Power Systems (BLDP-Q; BLDP-T) issued a release stating that its proton exchange membrane (PEM) fuel cell technology and products have now successfully powered Fuel Cell Electric Vehicles (FCEVs) in commercial heavy- and medium-duty motive applications for what it says is an “industry-leading cumulative total of more than 30 million kilometers (18.5 million miles) on roads around the globe.”

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Calfrac Well Services Ltd. (CFW-T) said it expects revenue for the fourth quarter to be between $310-million and $325-million, below estimates of $340.8-million. Adjusted EBITDA is expected to be between $26-million and $31-million and its loss before income taxes is expected to between $69-million and $74-million. The company expects to report its fourth-quarter and year-end results on March 5.

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TerrAscend Corp. (TER-C) announced that its executive chairman Jason Ackerman has been named interim CEO, replacing Michael Nashat, who will continue to serve as a member of the board and act as a strategic advisor, effective immediately.

Mr. Nashat, a company co-founder, is stepping down as the company expands its U.S. footprint. "Michael and the company's board have agreed that a U.S.-based leadership and operations team is necessary to align the company's efforts and resources across the rapidly expanding U.S. market," the company stated in a release. "Both Michael and the board are confident that Jason Ackerman is ready to lead those efforts given his strength in operations and discipline in building businesses."

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Superior Plus Corp. (SPB-T) announced that, following the completion of its strategic review process, it won’t proceed with a sale of specialty chemicals division “at this time.”

Superior stated in a release that it "intends to continue to operate and invest in both the energy distribution and specialty chemicals businesses, growing the businesses organically and through strategic acquisitions."

CEO Luc Desjardins said the sales process attracted “considerable interest” for the company’s specialty chemicals division. “The final bids, however, did not meet our expectations, and, at this point in time, we see higher value to our shareholders in continuing to run the business,” Mr. Desjardins said.

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