Atlas Critical Minerals Corporation explores and develops critical minerals projects in Brazil for energy, technology, aerospace and defense applications. News about ATCX centers on its portfolio of rare earths, nuclear-grade graphite, uranium, titanium and iron ore assets, including updates on graphite mineral rights, rare earth metallurgical testing at the Alto do Paranaíba Project, and operations at the Rio Piracicaba Iron Ore Project.
Company updates also cover Nasdaq listing and public-offering milestones, technical leadership appointments, analyst coverage, shareholder voting matters, capital-structure disclosure and risk factors tied to exploration and development activities.
Atlas Technical Consultants (ATCX) has secured a significant contract worth $2.6 million for special inspection and materials testing services at the University of California San Diego's Theatre District Living and Learning Neighborhood project. This contract spans three years and involves providing services for a mixed-use development including five buildings with a capacity of approximately 2,000 student beds, alongside facilities such as an auditorium and conference center. This partnership highlights Atlas's ongoing collaboration with UCSD on various important projects.
Atlas Technical Consultants (Nasdaq: ATCX) has successfully completed the acquisition of WesTest LLC, a provider of transportation-related testing and inspection services. This strategic move enhances Atlas's presence and cross-selling abilities in the transportation sector. CEO L. Joe Boyer highlighted the integration of WesTest's team and clientele as a substantial opportunity for growth, driven by increased investments from state Departments of Transportation (DOTs). The acquisition's terms remain undisclosed, but it marks a significant step in expanding Atlas’s service offerings.
Atlas Technical Consultants (NASDAQ: ATCX) announced the completion of its exchange offer and consent solicitation for outstanding warrants. Following the offer, a total of 19,759,386 public warrants and 3,750,000 private placement warrants were tendered, representing approximately 98.80% and 100% of their respective categories. As a result, Atlas will exchange remaining untendered warrants at a ratio of 0.1665 shares per warrant, effective December 3, 2020. Due to the low number of outstanding warrants, Nasdaq will suspend trading and delist them as of November 18, 2020.
Atlas Technical Consultants (NASDAQ: ATCX) announced the completion of its Exchange Offer and Consent Solicitation for warrants, with results showing a 98.80% participation from public warrants and 100% from private placement warrants. As of November 18, 2020, the company will issue 4,349,174 shares of Class A common stock in exchange for these warrants, increasing the total outstanding shares to 10,116,516. Additionally, nearly 99% of the outstanding warrants approved a Warrant Amendment, executed on November 17, 2020.
Atlas Technical Consultants (Nasdaq: ATCX) has announced a new three-year contract valued at approximately $5 million with the California Department of Transportation (Caltrans), District 8. The contract involves on-call materials field testing and inspections across Riverside and San Bernardino counties, covering a significant area of 28,650 square miles and numerous state routes. Alta Vista, a subsidiary of Atlas, is recognized for its expertise in materials engineering and has a longstanding relationship with Caltrans, enhancing Atlas's service offerings in critical infrastructure projects.
Atlas Technical Consultants (NASDAQ: ATCX) has filed an amendment to its SEC Registration Statement, initially filed on October 19, 2020. This amendment updates the registration to include unaudited financial data up to September 30, 2020, associated with its exchange offer for public and private placement warrants. The offering period for the exchange will end on November 16, 2020. BofA Securities, Inc. is managing the exchange offer, and holders can withdraw warrants prior to the expiration date. The full terms are detailed in the Schedule TO and Prospectus/Offer to Exchange.
Atlas Technical Consultants (Nasdaq: ATCX) reported solid Q3 2020 results, posting gross revenue of $120.5 million and net revenue of $97.9 million, despite impacts from COVID-19. The company achieved a net income of $0.6 million, inclusive of $6.5 million in one-time costs. Adjusted EBITDA reached $19.0 million, representing 19.4% of net revenue. The acquisition of Alta Vista bolstered the backlog to a record $638 million. The company also launched a warrant exchange offer to enhance its capital structure and raised its full-year Adjusted EBITDA outlook to $61-$64 million.
Atlas Technical Consultants (Nasdaq: ATCX) announced the appointment of Raquel G. Richmond to its board of directors, effective November 2, 2020. With over 25 years of experience in financial and professional services, Richmond currently serves as a Senior Account Manager at Greenup Industries. Previously, she was a Project Manager for the U.S. Army Corps of Engineers on a $14 billion infrastructure project. Brian Ferraioli, chairman of the board, expressed confidence in her ability to contribute to the company’s mission-critical technical services.
Atlas Technical Consultants (Nasdaq: ATCX) will release its third quarter 2020 financial results on November 9, 2020, after market close. A conference call will follow at 5:00 p.m. ET for a review of the results and a Q&A session. The call can be accessed via phone or through a live webcast on the company's investor relations website. Atlas, headquartered in Austin, Texas, provides professional testing, inspection, engineering, and consulting services across various sectors, with over 3,300 employees and 100+ offices nationwide.
Atlas Technical Consultants announced an exchange offer and consent solicitation for its outstanding warrants to purchase shares of Class A common stock. The initiative aims to simplify the capital structure and minimize the dilutive impact of these warrants, assisting in future financing flexibility. Holders of the warrants have the opportunity to exchange them for shares at a rate of 0.185 shares per warrant. The Offer will continue until November 16, 2020, with 53.1% of warrant holders already consenting to amend the warrant agreement.