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ChampionX Corporation announced its voluntary stock exchange transfer to the Nasdaq Global Select Market from the New York Stock Exchange, effective December 31, 2020. Trading will begin on Nasdaq on January 4, 2021, retaining the ticker symbol CHX. The move aims to align with Nasdaq's technological advancements and ESG focus, enhancing operational efficiency and accessibility to innovative tools for customers and shareholders. ChampionX, formerly Apergy Corporation, specializes in chemistry solutions and technologies for oil and gas production.
ChampionX announced the results of its cash tender offer for certain senior notes, with valid tenders accepted totaling $22.95 million from the $300 million offering. The early tender premium has been extended to December 28, 2020, allowing holders to receive $1,010 per $1,000 principal amount. The early settlement date is set for December 15, 2020. J.P. Morgan is managing the offer, while D.F. King acts as the information agent. All terms and conditions are outlined in the Offer to Purchase document dated November 30, 2020.
ChampionX Corporation has initiated a cash tender offer to repurchase up to $100 million of its 6.375% Senior Notes due in 2026. The offer begins today, with an expiration set for December 28, 2020. Eligible holders who tender their notes by the early tender date, December 11, 2020, will receive a total consideration of $1,010.00 per $1,000 principal amount, which includes a premium. The company reserves the right to adjust the terms and conditions of the tender offer at any time.
ChampionX Corporation (NYSE: CHX) announced an exclusive collaboration with Modumetal Inc. to advance production-related technology. The agreement focuses on introducing Norris® Rod couplings enhanced with Modumetal's nanolaminate technology. Both companies will explore the feasibility of integrating this technology with production equipment to enhance reliability and reduce operating expenses for oil and gas operators. The collaboration aims to improve performance in challenging oil-well environments, marking a significant step in commercializing advanced materials.
ChampionX Corporation reported third quarter 2020 results, with revenues of $633.5 million and a net loss of $7.9 million. The company achieved an adjusted EBITDA of $86.8 million and generated $111.4 million in operating cash flow. ChampionX repaid $82 million in debt and increased its annualized cost synergy target from $75 million to $125 million. Despite a challenging environment due to COVID-19, pro forma revenues rose 3% sequentially, underpinned by strong free cash flow generation and strategic contract acquisitions.
ChampionX Corporation (NYSE: CHX) will report its third quarter 2020 operating results on October 28, 2020, post-market closure. A conference call is planned for October 29, 2020, at 9:00 a.m. CT to discuss the earnings details. The call can be accessed via a live webcast on ChampionX’s investor website or by phone. For US and Canada, the dial-in number is 1-888-424-8151, and for international participants, it is 1-847-585-4422. A replay will be available for 30 days after the call.
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