Nutanix (NASDAQ: NTNX), a leader in enterprise cloud computing, today announced that Bain Capital Private Equity will make an investment of $750 million in Convertible Senior Notes to support the Companys growth initiatives.
Bain Capital Private Equity has deep technology investing experience and a strong track record of helping companies scale, said Dheeraj Pandey, Chairman, Co-Founder and CEO of Nutanix. Bain Capital Private Equitys investment represents a strong vote of confidence in our position as a leader in the hybrid cloud infrastructure (HCI) market and our profound culture of customer delight.
Nutanix is executing on a compelling vision for a differentiated hybrid cloud platform that provides flexible environments and is easily paired with other cloud platforms, commented David Humphrey, a Managing Director at Bain Capital Private Equity. We look forward to working closely with the Board and the management team to build on Nutanixs leadership position and realize its strong vision for the future, added Max de Groen, a Managing Director at Bain Capital Private Equity. In connection with the investment, Humphrey and de Groen will join the Nutanix Board of Directors following the close of the transaction, which is expected to occur in late September 2020.
We are pleased to establish this partnership with Bain Capital Private Equity and look forward to the contributions Dave and Max will make as new board members to build on Nutanixs success, concluded Ravi Mhatre, Lead Independent Director.
Bain Capital Private Equity has deep experience in the technology sector, having made investments in a wide range of companies including Applied Systems, BMC Software, CentralSquare Technologies, KIOXIA (formerly known as Toshiba Memory Corp.), NortonLifeLock Inc., Rocket Software, Symantec, Viewpoint Construction Software, Vertafore, Waystar, and Zelis.
Under the terms of the investment, Bain Capital Private Equity will purchase $750 million in aggregate principal amount Convertible Senior Notes (the Notes). The Notes will have an initial conversion price of $27.75 per share of the Companys Class A Common Stock, subject to customary anti-dilution and other adjustments. The initial conversion price of $27.75 represents a 30.6% premium to Nutanixs volume-weighted average price (VWAP) over the trailing five (5) trading day period prior to Bain Capital Private Equitys signing of the definitive agreement to acquire the Notes. In addition, at the 12-month anniversary of the original issuance of the Notes, depending on the achievement of financial milestones, the conversion price may be subject to an additional, one-time adjustment, to an amount in the range of $25.25 to $27.75 per share. The Notes will mature on September 15, 2026, unless earlier repurchased, redeemed or converted. The Notes bear 2.5% interest per year, with such interest to be paid in kind on Notes held by Bain Capital Private Equity through an increase in the principal amount of the Notes. In connection with this transaction, Nutanixs Board has authorized the repurchase of up to $125 million of its Class A common shares that are intended to offset the dilutive effect of any shares the Company may issue to settle the potential conversion of the Notes.
Additional information regarding this announcement may be found in a Form 8-K that will be filed today with the U.S. Securities and Exchange Commission.
In separate press releases issued today, Nutanix announced a CEO succession plan and financial results for the fiscal fourth quarter and fiscal year 2020. These announcements are available on the Nutanix Investor Relations website at ir.nutanix.com.
Goldman Sachs & Co. LLC is serving as exclusive financial advisor to and sole placement agent for Nutanix.
Nutanix is a global leader in cloud software and a pioneer in hyperconverged infrastructure solutions, making computing invisible anywhere. Organizations around the world use Nutanix software to leverage a single platform to manage any app at any location for their private, hybrid and multicloud environments. Learn more at www.nutanix.com or follow us on Twitter @nutanix.
Bain Capital Private Equity (www.baincapitalprivateequity.com) has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equitys global team of approximately 240 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital Private Equity has 20 offices on four continents. The firm has made primary or add-on investments in more than 875 companies since its inception. In addition to private equity, Bain Capital Private Equity invests across asset classes including credit, public equity, venture capital and real estate, managing approximately $100 billion in total and leveraging the firms shared platform to capture opportunities in strategic areas of focus.
This press release contains express and implied forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding: the investment by Bain Capital Private Equity in the Company, as described herein, including the Companys plans for the use of the proceeds and the timing thereof, as well as any expected benefits thereof on the Companys leadership and governance structure, future financial and operating performance, capital position, market share, and growth prospects; the expected appointment of new directors to the Companys Board, including the timing and benefits thereof; any potential adjustments to the conversion price of the Notes; the Companys plans to repurchase stock to offset the dilutive effect of the investment; and the Companys business plans, initiatives and objectives and its ability to execute such plans, initiatives and objectives in a timely manner, as well as the benefits and impact of such plans, initiatives and objectives. These forward-looking statements are not historical facts and instead are based on the Companys current expectations, estimates, opinions, and beliefs. Consequently, you should not rely on these forward-looking statements. The accuracy of such forward-looking statements depends upon future events and involves risks, uncertainties, and other factors, including factors that may be beyond the Companys control, that may cause these statements to be inaccurate and cause its actual results, performance or achievements to differ materially and adversely from those anticipated or implied by such statements, including, among others: failure to successfully close or realize the full benefits of the above-described investment, or unexpected difficulties or delays in successfully closing or realizing the full benefits of such investment; failure to successfully implement or realize the full benefits of, or unexpected difficulties or delays in successfully implementing or realizing the full benefits of, the Companys business plans, initiatives and objectives; failure to attract new and retain existing end-customers; failure to timely and successfully meet the needs of the Companys customers; delays in or lack of customer or market acceptance of the Companys new products, services, product features or technology; failure to meet expectations regarding the Companys platform, products, services and technology; the timing, breadth, and impact of the COVID-19 pandemic, including the actions the Company has taken to manage operating expenses in response thereto, on the Companys business, operations, and financial results, as well as the impact of the pandemic on the Companys customers, partners, and end markets; the failure to build strong leadership or manage the Companys business and any future growth effectively; and other risks detailed in Companys Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2020, filed with the U.S. Securities and Exchange Commission, or the SEC, on June 4, 2020. Additional information will also be set forth in Companys Annual Report on Form 10-K that will be filed for the fiscal year ended July 31, 2020, which should be read in conjunction with this press release. The Companys SEC filings are available on the Investor Relations section of the Companys website at ir.nutanix.com and on the SEC’s ir.nutanix.com and on the SECs website at www.sec.gov. These forward-looking statements speak only as of the date of this press release and, except as required by law, the Company assumes no obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any of these forward-looking statements to reflect actual results or subsequent events or circumstances.
2020 Nutanix, Inc. All rights reserved. Nutanix, the Nutanix logo, and all Nutanix product and service names mentioned herein are registered trademarks or trademarks of Nutanix, Inc. in the United States and other countries. All other brand names mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s).
Glancy Prongay & Murray LLP (GPM), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Progenity, Inc. (Progenity or the Company) (NASDAQ: PROG) investors concerning the Companys possible violations of the federal securities laws.
If you suffered a loss on your Progenity investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/progenity-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
In June 2020, Progenity completed its initial public offering (IPO), in which it approximately 6.7 million shares for $15.00 per share.
On August 13, 2020, Progenity announced its second quarter 2020 results in a press release. Therein, the Company disclosed that second-quarter revenues reflected a $10.3 million accrual for refunds to government payors, related to a settlement with the U.S. Department of Justice and several states to resolve claims that Progenity had fraudulently billed federal healthcare programs for prenatal tests and provided kickbacks to physicians to induce them to order Progenity tests for their patients.
On this news, the Companys share price fell $1.24, or 14%, to close at $7.71 per share on August 14, 2020.
Whistleblower Notice: Persons with non-public information regarding Progenity should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPMs nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPMs lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward-looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPMs attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPMs past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barrons, Investors Business Daily, Forbes, and Money.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Glancy Prongay & Murray LLP, Los AngelesCharles H. Linehan, 310-201-9150 or 888-773-92241925 Century Park East, Suite 2100Los Angeles, CA 90067www.glancylaw.com[email protected]
Vector Group Ltd. (NYSE: VGR) today announced that its Board of Directors has declared a regular quarterly cash dividend on its common stock of $0.20 per share. The quarterly cash dividend will be payable on September 29, 2020 to holders of record as of September 17, 2020.
Vector Group is a holding company for Liggett Group LLC, Vector Tobacco Inc., New Valley LLC, and Douglas Elliman Realty, LLC. Additional information concerning the company is available on the Company’s website, www.VectorGroupLtd.com.
As tens of thousands of Californians begin recovery from hundreds of lightning-caused fires burning throughout the state, Pacific Gas and Electric Company (PG&E) urges customers to follow important safety guidelines as they return to evacuation zones or burn areas.
Since August 16, five major wildfires and more than a dozen smaller ones have burned more than 850,000 acres in PG&Es service area in Northern and Central California.
The lightning-sparked wildfires have burned more than 1,500 structures and impacted nearly 40,000 PG&E electric customers.
PG&E has safely restored power to approximately 30,000 customers. In the meantime, crews continue to work to restore power to the approximately 9,000 customers who still are without power. Most of those customers, as of early this afternoon, are located in fire zones where PG&E crews cannot enter until CAL FIRE provides access, indicating that the situation is safe for our workers.
Below is a table showing the progress of customer outage restoration by fire zone areas. Currently there are approximately 9,000 customers without power, with about 8,300 customers in areas that are not currently accessible.
PG&Es highest priority is helping first responders safely access impacted areas by clearing roadways of any electrical assets downed during these wildfire events. Additionally, PG&E crews remove damaged trees that pose a hazard to first responders including CAL FIRE, and public safety personnel/agencies.
PG&E continues work to restore power to parts of its electric system that are near fires, but that ultimately werent affected.
Once CAL FIRE deems it safe to do so, PG&E crews will assess damage to its equipment and restore service in all areas. These steps include:
For customers, PG&E recommends the following safety tips for returning to homes and businesses in evacuation zones and burn areas.
When local first responders give you the direction that you may return home, please take these steps to protect your family and home.
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 23,000 employees, the company delivers some of the nation’s cleanest energy to 16 million people in Northern and Central California. For more information, visit pge.com and pge.com/news.
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