Unusual 11 Mid-Day Movers 10/24: (UNIS) (MBVT) (ACCO) Higher; (TDW) (INO) (BCC) Lower

October 24, 2016 12:59 PM EDT
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Unilife Corp. (Nasdaq: UNIS) 92.6% HIGHER; Unilife filed its 10-K for 2016. The company also updated on its convertible notes agreement with Amgen.

Tidewater Inc. (NYSE: TDW) 45.0% LOWER; As previously reported, Tidewater has been in discussions with its principal lenders and noteholders to amend the company's various debt arrangements to obtain relief from certain covenants. Pending the resolution of those discussions, the company received limited waivers from the necessary lenders and noteholders which waived compliance with these covenants until October 21, 2016. The company has now received extensions of these waivers until November 11, 2016.

Merchants Bancshares, Inc. (Nasdaq: MBVT) 30.1% HIGHER; Community Bank System and Merchants Bancshares announced that they have entered into a definitive agreement under which Community Bank System will acquire Merchants Bancshares, parent company of Merchants Bank in a cash and stock transaction for total consideration valued at approximately $304 million. The transaction has been unanimously approved by the boards of directors of both companies.

ACCO Brands Corporation (NYSE: ACCO) 19.4% HIGHER; reported Q3 EPS of $0.29, $0.01 better than the analyst estimate of $0.28. Revenue for the quarter came in at $431.3 million versus the consensus estimate of $432.25 million. ACCO Brands Corporation sees FY2016 EPS of $0.84-$0.86, versus the consensus of $0.83.

Real Goods Solar (Nasdaq: RGSE) 18.0% HIGHER; In accordance with the terms of the Senior Secured Convertible Notes due April 1, 2019, on October 17, 2016 the Company’s board of directors approved, and authorized the Company’s officers to implement, a temporary reduction of the fixed conversion price of the Notes. On each of October 17, 2016 and October 20, 2016, the Company offered to holders (each, a “Holder”) of the Notes a temporary reduction of the fixed conversion price to $1.35 per share of the Company’s Class A common stock (the “Reduced Conversion Price”), in each case, for a period of 24 hours. As a result, Holders converted an aggregate of approximately $3.2 million of principal and interest due under the Notes at the Reduced Conversion Price and the Company issued 1,217,108 shares of the Company’s Class A common stock. The Company expects to continue to offer the Holders the ability to convert the remaining amounts owed under the Notes at the Reduced Conversion Price, or another amount of reduced fixed conversion price, as deemed appropriate and in the Company’s interest.

Inovio Pharmaceuticals, Inc. (Nasdaq: INO) 15.6% LOWER; announced that the U.S. Food and Drug Administration (FDA) has placed a clinical hold on its proposed phase III clinical program for VGX-3100. A clinical hold is a notification issued by the FDA to a trial sponsor to delay a proposed clinical trial or suspend an ongoing clinical trial. This study has not yet been initiated and has not enrolled or dosed subjects. Additionally, the hold does not pertain to any of Inovio’s other ongoing clinical studies.

Boise Cascade (NYSE: BCC) 14.2% LOWER; reported Q3 EPS of $0.26, $0.31 worse than the analyst estimate of $0.57. Revenue for the quarter came in at $1.07 billion versus the consensus estimate of $1.09 billion. The Company expects its capital expenditures during 2016 to be $85-$95 million, inclusive of capital spending associated with the recently acquired EWP facilities. During 2017, the Company expects its capital expenditures to be $70-$80 million.

Moleculin Biotech, Inc. (Nasdaq: MBRX) 14.0% LOWER; continuing lower following volatile trading late last week.

Middleburg Financial (Nasdaq: MBRG) 11.2% HIGHER; will merge with Access National.

Access National Corporation (Nasdaq: ANCX) 10.9% LOWER; Access National and Middleburg Financial Corporation (Nasdaq: MBRG) announced the signing of a definitive agreement to combine in a strategic merger.

EnSync, Inc. (NYSE: ESNC) 10.2% HIGHER; reported that due to the failure of SPI Solar Inc. (fka Solar Power Inc.) to meet its purchase obligations under its supply agreement with the Company, the Company has delivered a formal Notice of Default to SPI. In this Notice of Default, the Company informed SPI that to cure its breach of the supply agreement, by November 23, 2016 SPI would need to (1) purchase and pay for Products (and related Services) (as such terms are defined in the supply agreement) from EnSync with a minimum total aggregated 5 MW of rated power, with discharge time of two or more hours and (2) order additional Products (and related Services) from EnSync with an additional minimum total aggregated 10 MW of rated power, with discharge time of two or more hours, including paying a 50 percent deposit for those Products (and related Services). If SPI fails to meet these requirements, the Company intends to terminate the supply agreement.

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