Double Digit Stock Winners: CEI, MBOT, BORR
2:42 pm Monday, December 27th, 2021
Camber Energy (NYSEAMERICAN:CEI) jumps in early trading on news that it will receive a $25M loan and issue warrants entitling the lender to purchase up to 50M common shares exercisable at $10 and $20 per share. Camber President and CEO James Doris says the financing terms are “the most favorable terms the company has been able to negotiate in its history.” The loan is subject to conditions, including Camber obtaining on or before Dec. 31 approval of the increase in its authorized common stock as outlined in the proxy statement filed with the SEC last month.
Microbot Medical (NASDAQ:MBOT) soars 46.7% premarket after entering into a strategic collaboration agreement with Stryker (NYSE:SYK), a global medical technology company. The company will collaborate with Stryker’s Neurovascular division to integrate its neurovascular instruments with Microbot’s LIBERTY Robotic System to develop dedicated robotic procedural kits for use in certain neurovascular procedures. Other details are not disclosed.
Borr Drilling (NYSE:BORR) +6% after saying it reached agreements in principle with its largest creditors, the Singaporean yards, to refinance and defer $1.4B of debt maturities and delivery installments during 2023-25. The company calls the move “a major step forward” in its target to address its debt maturities and commitments currently due in 2023. Borr also will make $22.4M in cash repayments on the accrued costs and capitalized PIK interest owed to the shipyards during 2022-23 in addition to previous agreements; the company plans to raise ~$30M in new equity to cover the payments. Borr also expects to have at least 18 rigs operating by the middle of 2022, generating a significantly higher level of adjusted EBITDA compared to the $20M reported in Q3 with 13 rigs operating.
