Latest news for Paladin Energy Ltd (OTC:PALAD) Stock

Munich,,Bavaria,,Germany,-,March,31,2023:,Paladin,Energy,Is

Government

Regulations

Commodities

FCUUF

OSIIF

PALAD

SLSSF

Paladin Energy&#39;s board of directors notified shareholders that the acquisition of Fission Uranium is under review.

Paladin&#39;s $846M Fission Uranium Deal Draws Scrutiny As Canadian Regulators Flag Foreign Investments

Australian miner Paladin Energy is acquiring Fission Uranium for $833 million, combining assets and diversifying portfolio in a booming uranium market.

Paladin Energy Buys Fission Uranium For $833M, Expands Canadian Footprint

Paladin Energy Ltd

PALADIN ENERGY LTD by Paladin Energy Ltd.

UBS analyst Jay Sole maintains Gap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GAP#NYSE">GAP</a>) with a Sell and raises the price target from $14 to $16.

News

Price Target

Analyst Ratings

UBS Maintains Sell on Gap, Raises Price Target to $16

UBS analyst Mark Carden maintains BJ's Wholesale Club (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BJ#NYSE">BJ</a>) with a Buy and raises the price target from $102 to $108.

UBS Maintains Buy on BJ's Wholesale Club, Raises Price Target to $108

UBS analyst Steven Fisher maintains Deere (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>) with a Neutral and raises the price target from $404 to $462.

UBS Maintains Neutral on Deere, Raises Price Target to $462

UBS analyst Karl Keirstead maintains Salesforce (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) with a Neutral and raises the price target from $275 to $360.

UBS Maintains Neutral on Salesforce, Raises Price Target to $360

Jefferies analyst Lloyd Byrne maintains Bloom Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BE#NYSE">BE</a>) with a Hold and raises the price target from $12 to $22.

Jefferies Maintains Hold on Bloom Energy, Raises Price Target to $22

Jefferies analyst Jonathan Petersen maintains SL Green Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLG#NYSE">SLG</a>) with a Hold and raises the price target from $70 to $72.

Jefferies Maintains Hold on SL Green Realty, Raises Price Target to $72

Ocean Biomedical, Inc. (NASDAQ: OCEA), today announced that on November 18, 2024, it received a notice from The Nasdaq Stock Market LLC ("Nasdaq") stating that because the Company has not yet filed its Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the "Form 10-Q"), the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic reports with the Securities and Exchange Commission (the "SEC").
Ocean Biomedical is delayed in filing the Form 10-Q as a result of previously disclosed developments with respect to filing of its 10-K for the year ended December 31, 2023.
The current notice will have no immediate effect on the listing or trading of Ocean Biomedical's common stock on Nasdaq, although there can be no assurances that further delays in the filing of the Form 10-Q will not have an impact on the listing or trading of the company's common stock. On October 16, 2024, Staff notified the Company that since it failed to timely file its Form 10-K for the year ended December 31, 2023, and its Forms 10-Q for the periods ended March 31, 2024 and June 30, 2024, the Company's securities were subject to delisting. The Company is now delinquent in the filing its form 10-Q for the period ended September 30, 2024. Accordingly, this matter serves as an additional basis for delisting the Company's securities from The Nasdaq Stock Market. This is formal notification that the Nasdaq Hearings Panel (the "Panel") will consider this matter in their decision regarding the Company's continued listing on The Nasdaq Capital Market, which hearing is scheduled for December 16, 2024. The Company intends to file the delinquent Forms 10-Q and 10-K as soon as practicable.

OCEA

Ocean Biomedical Announces Receipt Of Notice From Nasdaq Regarding Late Filing Of Quarterly Report

DA Davidson analyst Gil Luria maintains Procore Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PCOR#NYSE">PCOR</a>) with a Neutral and raises the price target from $60 to $70.

PCOR

DA Davidson Maintains Neutral on Procore Technologies, Raises Price Target to $70

Chesapeake Utilities Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPK#NYSE">CPK</a>) ("Chesapeake Utilities" or the "Company") today announced that it has established an at-the-market equity offering program (the "ATM Program") under which it may, from time to time, sell shares of its common stock having an aggregate sales price of up to $100,000,000 (the "Shares"). Chesapeake Utilities has entered into an equity distribution agreement with each of RBC Capital Markets, LLC, Barclays Capital Inc., Janney Montgomery Scott LLC, Ladenburg Thalmann &amp; Co. Inc., Guggenheim Securities, LLC, Citizens JMP Securities, LLC, M&amp;T Securities, Inc., Maxim Group LLC, PNC Capital Markets LLC, and Siebert Williams Shank &amp; Co., LLC (collectively, the "Sales Agents"), as sales agents. Pursuant to the equity distribution agreement, sales of the Shares may be made in transactions deemed to be "at-the-market offerings," as defined in Rule 415 under the Securities Act of 1933, as amended, including by sales made directly on or through the New York Stock Exchange. Chesapeake Utilities intends to use the proceeds from the sales, if any, of the Shares for general corporate purposes, including, but not limited to, financing of capital expenditures, repayment of short-term debt, financing acquisitions, investing in subsidiaries, and general working capital purposes.

Offerings

Chesapeake Utilities Corporation Announces $100M At-The-Market Equity Offering Program

DA Davidson analyst Gil Luria maintains NVIDIA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) with a Neutral and raises the price target from $90 to $135.

NVDA

DA Davidson Maintains Neutral on NVIDIA, Raises Price Target to $135

DA Davidson analyst Gil Luria maintains Elastic (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESTC#NYSE">ESTC</a>) with a Neutral and raises the price target from $75 to $115.

ESTC

DA Davidson Maintains Neutral on Elastic, Raises Price Target to $115

<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42131449/with-gary-gensler-preparing-to-quit-in-2025-secs-crypto-cases-likely-to-quietly-go-away-amid-trumps-pro-bitcoin-stance-says-pantera-capitals-katrina-paglia">President-elect Donald Trump</a> needs to find someone else to replace US Securities and Exchange Commission chair Gary Gensler. 
The Details: According to <a href="https://www.bloomberg.com/news/articles/2024-11-22/robinhood-s-gallagher-drops-out-of-sec-chair-consideration?sref=TBDibEcD">Bloomberg</a>, Dan Gallagher, chief legal officer at Robinhood Markets, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) has removed himself from consideration as head of the SEC.
Gallagher expressed his intention to remain at Robinhood in an emailed statement. 
&#8220;It is always an honor to have your name in the mix for an incredibly important job like SEC Chairman. However, I have made it clear that I do not wish to be considered for this position,&#8221; Gallagher said.&nbsp;
&#8220;I am committed to Robinhood and our millions of customers who represent the new generation of retail investors.&#8221;
Read More: <a href="https://www.benzinga.com/general/social-media/24/11/42119493/rumble-eyes-buying-bitcoin-could-it-be-the-next-microstrategy">Rumble CEO Considers Bitcoin Investment, Engages Michael Saylor As Shares Rally</a>
Gallagher has been Robinhood's chief legal officer since 2020. He steered the company through the GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) meme stock saga and Trump considered him a top <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41212008/trump-considers-robinhood-exec-dan-gallagher-for-sec-chair-if-re-elected">contender for the position</a>. He was a Republican SEC commissioner from 2011 to 2015, and previously served in other senior roles in the agency. 
The crypto community favored Gallagher, feeling he would <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41876266/bitcoin-blasts-past-82000-buy-everything-you-can-says-bernstein">help to advance</a> pro-crypto regulatory change.
Among the other names being floated for SEC chair include: Robert Stebbins, the SEC's former general counsel; Paul Atkins, former SEC commissioner; and Brian Brooks, former <a href="https://www.benzinga.com/trading-ideas/movers/24/11/42053981/trump-sec-pick-speculation-sends-this-altcoin-soaring-past-bitcoin-and-ethereum-in-daily-gains">cryptocurrency executive</a> and former acting comptroller of the currency. 
As for Gallagher, he will stay on as head legal counsel at Robinhood.&nbsp;
"I will remain a vocal and consistent advocate for positive change in our markets,&#8221; Gallagher said. He added that he is &#8220;excited to work with the incoming Trump Administration, including the next SEC Chairman and the SEC staff, to promote innovation and provide more opportunity for retail investors.&#8221;
Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Robinhood shares ended Friday's session up 4.45% at $36.65. 
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/movers/24/11/41949068/bitcoin-could-reach-1-million-by-2037-economist-says-buy-of-a-lifetime-opportunity">Bitcoin Could Reach $1 Million By 2037, Economist Says: &#8216;Buy Of A Lifetime&#8217; Opportunity</a></li>
</ul>
Image: Shutterstock

Fintech news covering the emerging Financial Technology services sector

Fintech

Legal

HOOD

MKTX

Robinhood's Gallagher Bows Out Of SEC Chair Consideration Under Incoming Trump Administration

Jefferies analyst Omar Nokta maintains Navigator Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVGS#NYSE">NVGS</a>) with a Buy and maintains $20 price target.

NVGS

Jefferies Maintains Buy on Navigator Holdings, Maintains $20 Price Target

Despite widespread anticipation that NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)'s quarterly results would dictate Wall Street's year-end trajectory, the stock market delivered a robust weekly rebound — even in the absence <a href="https://www.benzinga.com/quote/NVDA/news">of its AI darling.</a>
While the semiconductor titan beat analyst expectations on both earnings and revenue for the third quarter, Nvidia's stock remained flat for the week.
Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), the parent company of Google, faced sharp turbulence. Shares tumbled after the U.S. Department of Justice called for the divestiture of Chrome in a bid to curb Google's dominance in search and digital advertising.
The sell-off wiped out over $120 billion in market capitalization on Thursday alone.
A <a href="https://www.benzinga.com/tech/24/11/42140450/doj-targets-google-chrome-poll-shows-64-oppose-alphabet-breakup-youtube-seen-as-top-prize">recent Benzinga poll indicates</a> 64% of respondents oppose breaking up Alphabet, with YouTube viewed as the company's most valuable asset.
On the economic front, <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42141413/us-business-activity-soars-to-31-month-highs-in-november-small-caps-rally-dow-tops-44000">U.S. private sector activity expanded significantly</a> in November, as reflected in S&amp;P Global's Purchasing Managers' Index surveys. The services sector, in particular, surged at its fastest pace since March 2022, while price pressures continued to recede, creating less headwinds for the Federal Reserve.
Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rally shows no signs of cooling, with the cryptocurrency notching its fourth consecutive week of gains and hovering around the <a href="https://www.benzinga.com/24/11/42130693/bitcoins-path-to-100k-inevitable-but-leverage-to-the-gills-warns-mike-novogratz-predicts-80k-correction-ahead">historic $100,000 threshold.</a>
The U.S. dollar also maintained its upward momentum, rising for the eighth straight week to <a href="https://www.benzinga.com/news/econ-s/24/11/42138717/dollar-hits-2-year-highs-as-europes-recession-signals-spark-euro-pound-sell-offs">reach two-year highs.</a> This latest rally, however, stemmed largely from external turmoil, as escalating geopolitical tensions between Russia and Ukraine, coupled with worsening economic momentum in Europe, triggered sharp weekly sell-offs in the euro and the British pound.
<h1 class="wp-block-heading">You might have missed…</h1>
<h1 class="wp-block-heading">Trump Backs Drilling</h1>
President-elect Donald Trump advocates for increased fossil fuel production with his &#8220;drill, baby, drill&#8221; policy. In contrast, Elon Musk, co-leader of the proposed Department of Government Efficiency (DOGE), envisions a future dominated by solar energy. UBS analysts recommend investors consider renewable energy stocks following their <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42130859/as-trump-backs-drill-baby-drill-his-doge-co-lead-elon-musk-believes-all-energy-generation-will-be-solar-heres-what-ubs-recommends-after-election-dip">election-induced market dip.</a>
<h1 class="wp-block-heading">Trump Crypto Clarity</h1>
Cathie Wood of Ark Invest anticipates the Trump administration will provide regulatory clarity for Bitcoin and other digital assets, potentially incorporating them into <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42136536/ark-invests-cathie-wood-says-team-trump-would-give-regulatory-clarity-for-bitcoin-and-other-digital-assets-which-they-may-put-in-the-treasurys-strategic-reserve">the Treasury&#8217;s strategic reserve</a>.
<h1 class="wp-block-heading">GM Eyes F1</h1>
General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) is reportedly preparing to enter Formula One in 2026, potentially partnering with Andretti Autosport. This move would mark GM&#8217;s first foray into F1, aligning with its global <a href="https://www.benzinga.com/24/11/42135392/general-motors-gears-up-for-potential-f1-entry-in-2026-report">motorsport expansion strategy.</a>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42137929/2025-us-economy-outlook-cloudier-than-normal-jpmorgan-says-boom-bust-scenarios">2025 US Economy Outlook &#8216;Cloudier Than Normal,&#8217; JPMorgan Says: Boom, Bust Scenarios</a></li>
</ul>
Photo: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Large Cap

Forex

Global

Economics

Tech

$BTC

GOOG

GOOGL

Wall Street Rebounds Without Its AI Darling's Boost, King Dollar Maintains Dominance While Bitcoin Defies Gravity: This Week In The Markets

Rosenblatt analyst Catharine Trebnick maintains Zoom Video Comms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>) with a Buy and maintains $78 price target.

Rosenblatt Maintains Buy on Zoom Video Comms, Maintains $78 Price Target

Bill Gates outspent fellow billionaire Jeff Bezos to construct one of the <a href="https://www.benzinga.com/general/entertainment/24/09/40860724/bezos-doesnt-sunbathe-alone-on-his-25m-a-year-superyacht-as-he-hosts-kim-kardashian-leonard">most expensive yachts ever</a>. Yet, he doesn&#8217;t seem too keen on owning it for himself.
What Happened: The Microsoft co-founder, known for his <a href="https://www.benzinga.com/general/education/24/10/41580000/bill-gates-turns-69-5-things-you-might-not-know-about-microsoft-co-founder">emphasis on sustainable energy</a>, commissioned a superyacht to be made using fuel cells.
The groundbreaking vessel, known as Breakthrough, has completed its sea trials. It is also set to be sold after Gates passed on buying it, as <a href="https://luxurylaunches.com/transport/bill-gates-645-million-fuel-cell-superyacht-has-finally-completed-its-extensive-sea-trials-powered-by-liquid-hydrogen-stored-at-a-bone-chilling-423f-nearly-as-cold-as-outer-space-the-mammo.php">reported </a>by LuxuryLaunches.
The $645 million superyacht is powered by liquid hydrogen, and stored at -423 degrees Fahrenheit. That makes it nearly as cold as outer space.
Along with using hydrogen power to travel, the yacht&#8217;s amenities are powered with emission-free energy thanks to green hydrogen.
Breakthrough completed trials near Amsterdam. The boat now heads to Edmiston, a seller of luxury yachts.
Coming in at 390 feet long, the Breakthrough is not quite as long as Bezos&#8217; 417-foot Koru vessel. Recall how the Amazon.com founder had difficulty getting the $500-million boat <a href="https://www.benzinga.com/news/22/08/28385974/jeff-bezos-500-million-superyacht-has-been-relocated-after-bridge-controversy-avoids-getting-egged-i">out of a shipyard.</a>
The Koru, which has its own support vessel spanning 250 feet long, comes with estimated annual operating costs of $25 million.
Breakthrough comes with an even higher price tag and is the first superyacht to be fuel-cell powered. It also features many amenities fit for Gates: a library, movie theater, basketball court, pool and onboard fully equipped hospital.
You may not be a billionaire like Bill Gates, but you can uncover hidden gems in the stock market using our proprietary data and pattern recognition — <a href="https://www.benzinga.com/general/entertainment/24/10/41187322/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet">check out five stocks flying under the radar that deserve your attention.</a>
What&#8217;s Next: Gates not taking ownership of the superyacht could take away from the huge fuel-cell accomplishment. Also, there are relatively few potential owners who can afford the $645 million price tag.
"The brief was to build the greenest and most environmentally advanced yacht ever built, without compromise," Edmiston CEO Jamie Edmiston previously said, as <a href="https://www.forbes.com.au/life/boats/first-look-at-game-changing-1-billion-hydrogen-superyacht/">reported </a>by Forbes. "It was a huge challenge, but one that the team has embraced and delivered on."
It is unknown why Gates decided not to take ownership of the superyacht he commissioned.
Gates, the sixth-richest person in the world, is worth an estimated $160 billion according to <a href="https://www.bloomberg.com/billionaires/?sref=TBDibEcD">Bloomberg</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/entertainment/24/09/40778448/bill-gates-says-retirement-sounds-awful-how-warren-buffett-inspires-billionaire-to-keep-wor">Bill Gates Says Retirement &#8216;Sounds Awful,&#8217; How Warren Buffett Inspires Billionaire To Keep Working</a></li>
</ul>
Image via Flickr/ World Economic Forum

Education

Bill Gates Has Superyacht Powered By Liquid Nitrogen: It's Already For Sale After Sea Trials

The Company has been and continues to work diligently to complete the financial reporting process for the Form 10-Q and will file it as soon as possible. At the same time, the Company is continuing to work on implementing changes to address the issues that have caused delays in its timely filing or reports with the SEC. With the Thanksgiving Holiday next week, we will be unable to file the Form 10-Q until the first or second week of December. At that time, we will also refile the pending Registration Statement on Form S-1 (File No. 333-279091) (the "Form S-1").

TPCS

TechPrecision Receives Notification From Nasdaq Related To Delayed Quarterly Report

SSKN

Strata Skin Sciences Files For Mixed Shelf Offering Of Up To $25M

Trident Digital Tech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TDTH#NASDAQ">TDTH</a>) reported $378.84 thousand in sales this quarter. This is a 21.27 percent decrease over sales of $481.17 thousand the same period last year.

Earnings

TDTH

Trident Digital Tech H1 Sales $378.84K Down From $481.17K YoY

SWAG

Stran & Company Notified Of Nasdaq Deficiency Due To Delayed Filing Of Q3 2024 Form 10-Q, Violating Listing Rule 5250(c)(1)

Paladin Energy Ltd (AU:PDN) has released an update. Paladin Energy Ltd has successfully completed a share consolidation on a 10-for-1 basis followi...

Paladin Energy Completes Share Consolidation

Paladin Energy Ltd (AU:PDN) has released an update. Paladin Energy Ltd has successfully completed a share consolidation on a ten-for-one basis foll...

Paladin Energy Finalizes Share Consolidation

There's a lot to be optimistic about in the Energy sector as 2 analysts just weighed in on Paladin Energy Ltd (PALAD – Research Report) and Whiteha...

Analysts Offer Insights on Energy Companies: Paladin Energy Ltd (OtherPALAD) and Whitehaven Coal Limited (OtherWHITF)

In a report released today, Regan Burrows from Bell Potter maintained a Buy rating on Paladin Energy Ltd (PALAD – Research Report), with a price ta...

Bell Potter Reaffirms Their Buy Rating on Paladin Energy Ltd (PALAD)

In a report released today, Paul McTaggart from Citi maintained a Buy rating on Paladin Energy Ltd (PALAD – Research Report), with a price target o...

Paladin Energy Ltd (PALAD) Receives a Buy from Citi

In a report released today, Andrew Hines from Shaw and Partners maintained a Buy rating on Paladin Energy Ltd (PALAD – Research Report), with a pri...

Paladin Energy Ltd (PALAD) Gets a Buy from Shaw and Partners

Paladin Energy Ltd (AU:PDN) has released an update. Paladin Energy Ltd has successfully commenced commercial uranium production at the Langer Heinr...

Paladin Energy Ramps Up Uranium Production

Paladin Energy Ltd (AU:PDN) has released an update. Paladin Energy Ltd has successfully recommenced commercial uranium production at its Langer Hei...

Paladin Energy Resumes Uranium Production

Shaw and Partners Sticks to Their Buy Rating for Paladin Energy Ltd (PALAD)

There's a lot to be optimistic about in the Energy sector as 2 analysts just weighed in on Origin Energy Limited (OGFGF – Research Report) and Pala...

Analysts Offer Insights on Energy Companies: Origin Energy Limited (OtherOGFGF) and Paladin Energy Ltd (OtherPALAD)

OGFGF

WHITF

Canadian regulators put Paladin Energy&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PALAD#OTC">PALAD</a>) acquisition of Fission Uranium (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/FCUUF#OTCQX">FCUUF</a>) under review, <a href="https://www.benzinga.com/topic/canada">citing national security concerns</a>.



What Happened: Paladin Energy agreed in June to acquire Fission Uranium for CAD 1.14 billion ($846 million). The Subiaco, Australia-based miner looked to capitalize on<a href="https://www.benzinga.com/m-a/24/06/39463905/paladin-energy-buys-fission-uranium-for-833m-expands-canadian-footprint"> rising uranium prices</a> by consolidating assets. 



However, Canada's Minister of Innovation, Science and Industry, François-Philippe Champagne, flagged the acquisition for review under section 25.3 of the Investment Canada Act (ICA), which assesses foreign investments for potential national security risks.



Why It Happened: The Canadian government's decision to review the takeover stems from ongoing tensions surrounding Chinese<a href="https://www.benzinga.com/markets/commodities/24/03/37513662/the-answer-cannot-be-china-canadas-wilkinson-says-mining-scrutiny-intensifies-as-srg-scraps-d"> investments in national resources</a>. 



The matter escalated earlier this year when parliament clashes prompted Natural Resources Minister Jonathan Wilkinson to explicitly state that "the answer (to capital issues) cannot be investment from Chinese state-owned industries. 



Recent cases of blocked transactions include Yintai Gold‘s agreement to buy Canadian gold explorer Osino Resources (OTC:<a class="ticker" href="https://www.benzinga.com/stock/OSIIF#OTC">OSIIF</a>), Zijin Mining's unsuccessful bid for a 15% stake in Vancouver-based Solaris Resources (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SLSSF#OTC">SLSSF</a>)



In this case, CGN Mining Company, a subsidiary of China General Nuclear Power, holds an 11.26% stake in Fission Uranium. Meanwhile, China National Nuclear Corporation owns a 25% interest in Paladin's flagship Langer Heinrich mine in Namibia and is one of the company's major lenders.



Paladin <a href="https://www.paladinenergy.com.au/wp-content/uploads/2024/10/61229015.pdf">stated</a>, &#8220;there can be no certainty that the court will grant the final order, or that ICA clearance will be forthcoming, or that the arrangement will be successfully completed."



Why It Matters: The proposed acquisition would transform Paladin into a major player in the uranium market. The combined market cap would equal approximately $3.1 billion with control of 10% of global uranium output.



This consolidation could significantly influence the uranium supply chain. This impacts global energy markets and national security, especially for countries reliant on uranium for nuclear power and defense purposes.



Market Reaction: Fission Uranium stock dropped 1.98% in the trading session, closing at $CA 0.99.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/commodities/24/10/41150239/investors-look-to-gold-as-middle-east-tensions-rise-how-israel-iran-conflict-could-impact-pri">Investors Look To Gold As Middle East Tensions Rise: How Israel-Iran Conflict Could Impact Prices</a></li>
</ul>



Image: Shutterstock

Paladin's $846M Fission Uranium Deal Draws Scrutiny As Canadian Regulators Flag Foreign Investments

Australian uranium miner Paladin Energy (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PALAD#OTC">PALAD</a>) is acquiring Canadian Fission Uranium Corp (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/FCUUF#OTCQX">FCUUF</a>) for C$1.14 billion ($833 million) in an all-stock transaction. This transaction confirms the elevated mergers and acquisition trend amid a resurgence, with uranium prices doubling from an average of $50 per pound in 2023 to over $100 per pound <a href="https://www.benzinga.com/news/large-cap/24/02/37215578/goldman-sachs-enters-uranium-derivatives-market-as-prices-double-to-102-per-pound">earlier this year</a>.



The acquisition integrates Fission Uranium&#8217;s assets, including the advanced-stage Triple R deposit at the PLS project, situated within Canada&#8217;s renowned Athabasca Basin, with Paladin&#8217;s existing portfolio. The PLS project has the potential for a 10-year mine life and produces 9.1 million pounds of uranium oxide annually.



"Fission is a natural fit for our portfolio," Paladin Energy CEO Ian Purdy <a href="https://www.paladinenergy.com.au/wp-content/uploads/2024/06/61212801.pdf">said</a> in an announcement. &#8220;The addition of PLS creates a leading Canadian development hub alongside Paladin's Michelin project, with exploration upside across all Canadian properties.&#8221;



Now read: <a href="https://www.benzinga.com/government/24/06/39457718/exclusive-major-automakers-target-lithium-supply-from-american-battery-technology-co">EXCLUSIVE: Major Automakers Target Lithium Supply From American Battery Technology Co.</a>



Under the terms of the agreement, each Fission shareholder will receive 0.1076 Paladin shares for each Fission share held, valuing Fission shares at C$1.30 each. This represents a 25.8% premium to Fission&#8217;s closing price of C$1.03 on June 21, 2024. The deal implies a total equity value of C$1.14 billion for Fission Uranium.



Fission's board has recommended that shareholders vote in favor of the transaction, which does not require Paladin's shareholders' approval. Once completed, existing Paladin and Fission shareholders will own approximately 76% and 24% of the combined entity, respectively.



The acquisition brings significant strategic benefits, including a combined mineral resource of 544 million pounds of uranium oxide and ore reserves of 157 million pounds.



Fission President and CEO Ross McElroy highlighted the merger&#8217;s strategic alignment and risk mitigation.



"The transaction significantly de-risks the mine-building financing at PLS, with cash flow generation from the producing Langer Heinrich mine in Namibia and a strong balance sheet creating an opportunity to fund the development of PLS through debt and internally generated cash flows," he noted.



The deal also benefits from the combined entity's diversified geographic presence, which spans Canada, Namibia, and Australia and has a proforma market capitalization of approximately $3.5 billion. This diversified portfolio positions the company to capitalize on the favorable long-term fundamentals of the uranium market.



Advisors for the transaction include Macquarie Capital as financial advisor and Fasken Martineau DuMoulin LLP as Canadian legal advisor for Paladin, while Fission engaged SCP Resource Finance as financial advisor and Blake, Cassels &amp; Graydon LLP as legal advisor. Cantor Fitzgerald served as financial advisor to Fission's Special Committee.



Paladin has applied to list on the Toronto Stock Exchange concurrent with the transaction&#8217;s closing, which should happen by September 2024.



Read Next:



<ul>
<li> <a href="https://www.benzinga.com/news/large-cap/24/06/39439661/pilbara-minerals-sets-aside-800m-to-expand-flagship-lithium-operation-in-australia">Pilbara Minerals Sets Aside $800M To Expand Flagship Lithium Operation In Australia</a></li>
</ul>



 Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get started!



Photo: Shutterstock

Comments

Paladin Energy Ltd

News

Latest news for Paladin Energy Ltd (OTC:PALAD) Stock

Wednesday, October 02, 2024

Monday, June 24, 2024

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga