Shares of Workhorse Group  (WKHS) – Get Report rose Monday after the electric delivery truck maker announced it will sell $200 million of four-year, 4% senior secured convertible notes to two unnamed institutional lenders.

The proceeds will be used to increase and accelerate production volume, advance new products to market, replace previous higher cost financings, and support current working capital and other general corporate purposes, the company said in a statement Monday.

Workhorse shares traded at $27.22, up 1.68%, in premarket trading. The stock has soared 781% this year through Friday as investors have rushed into electric vehicle stocks.

Workhorse also has forged an agreement with the unnamed holder of its existing 4.5% convertible notes to exchange the $70 million outstanding principal for shares of the company’s common stock. After this transaction, Workhorse will have more than $270 million in cash available.

As for the notes being purchased, they will initially be convertible into common stock by the holders at $36.14 a share, a 35% over Friday’s closing price. The interest rate may be reduced to 2.75% under certain conditions. Workhorse has the option to make interest payments in cash or stock.

The company expects that the note sale and the note exchange will occur on or about Wednesday.

“With this financing in place, we can more quickly advance our production efforts heading into 2021 by increasing our supply chain component volumes, hiring more manufacturing employees and automating certain sub-assembly processes,” Workhorse CEO Duane Hughes said.

“We can also accelerate our production timeline for new, high-demand customer products, including a refrigeration truck for grocery applications as well as a purpose-built class 2 delivery van,” Hughes added.

(Bloomberg) — The dollar may tumble to its lows of 2018 on the rising likelihood of Joe Biden winning the U.S. election and progress on a coronavirus vaccine, according to Goldman Sachs Group Inc.

“The risks are skewed toward dollar weakness, and we see relatively low odds of the most dollar-positive outcome — a win by Mr. Trump combined with a meaningful vaccine delay,” strategists including Zach Pandl wrote in a note Friday. “A ‘blue wave’ U.S. election and favorable news on the vaccine timeline could return the trade-weighted dollar and DXY index to their 2018 lows.”



chart, histogram: Hedge funds turned bearish on the greenback for first time since 2018 in August


© Bloomberg
Hedge funds turned bearish on the greenback for first time since 2018 in August

The ICE U.S. Dollar Index has fallen almost 3.5% this year — trading just over the 93 level on Monday — as investors reacted to unprecedented pandemic-related monetary stimulus from the Federal Reserve and rock-bottom interest rates. The gauge traded below 89 in 2018, a level which would imply a further slide of more than 4%.

Loading...

Load Error

Goldman joins the likes of UBS Asset Management and Invesco Ltd. in predicting a weaker dollar as Biden extends his lead over President Donald Trump with less than three weeks to election day. It recommends investors short the dollar against a volatility-weighted basket consisting of the Mexican peso, South African rand and Indian rupee.

The strategists also suggest buying the euro, Canadian and Australian dollars against the greenback. The firm is keeping open long recommendations for the yuan through unhedged Chinese government bonds.

“The wide margin in current polls reduces the risk of a delayed election result, and the prospect for near-term vaccine breakthroughs may provide a backstop for risky assets,” they wrote.

Read more: Trump-Biden Volatility Is Giving Traders Butterflies: QuickTake

(Updates pricing in third paragraph.)

For more

TOKYO (Reuters) – Japanese trading house Mitsui & Co Ltd plans to sell its remaining stakes in coal-fired power stations by the end of the decade as it shifts to gas from coal to help achieve its 2050 net zero emission target, its chief executive told Reuters.

FILE PHOTO: People walk past the logo of Japanese trading company Mitsui & Co in Tokyo, Japan, Jan. 10, 2018. REUTERS/Toru Hanai/File Photo

“We still own stakes in coal-fired plants in Indonesia, China, Malaysia and Morocco, but our goal is to make it zero by 2030,” Mitsui CEO Tatsuo Yasunaga said in an interview on Friday.

The comment – Mitsui’s first on selling out of coal-fired power generation – comes as firms worldwide move away from coal to cut harmful carbon dioxide emissions and slow climate change.

Mitsui, which generates about two-thirds of profit from energy and metals, is also shifting away from oil.

“With the COVID-19 crisis, we have postponed investment in a few upstream oil deals, but our liquefied natural gas (LNG) projects are on track,” he said.

Through equity holdings, Mitsui’s energy assets comprise 78,000 barrels per day (bpd) of crude oil and 181,000 bpd in gas measured in oil-equivalent terms.

Its crude ratio will decline by 2030 due to the scheduled launch in about four years of LNG projects in Mozambique and arctic Russia, Yasunaga said.

“Renewable energy can’t replace all other power sources in one fell swoop. Gas goes well with volatile renewable energy as gas-fired power generation is easy to switch on and off,” he said, adding Mitsui is also keen on cleaner energy such as offshore wind farms and hydrogen projects.

Outside of energy and resources, Mitsui is betting on healthcare, especially through Malaysian hospital operator IHH Healthcare Bhd of which

A Regeneron executive and one of its directors sold $1 million worth of stocks two days after President Donald Trump announced he was taking their therapeutic, recent filings from the Securities and Exchange Commission reveal.



a sign on the side of a building: Regeneron Begins Human Trials Of Coronavirus Antibody Cocktail


© Michael Nagle
Regeneron Begins Human Trials Of Coronavirus Antibody Cocktail

Last Friday night, the White House announced that as part of Trump’s treatment for coronavirus, he had received Regeneron’s experimental antibody cocktail that has not passed formal trials or been approved by the Food and Drug Administration.

One day later, the president appeared in a video posted to his Twitter account about his treatment at Walter Reed National Military Medical Center.

“They gave me Regeneron,” he said, saying the company name instead of the treatment’s name, REGN-COV2. “It was like, unbelievable. I felt good immediately. I felt as good three days ago as I do now.”

At another point in the video he said that the therapeutics he was given were “miracles…we have things happening that look like they’re miracles coming down from God.”

“I think this was a blessing from God that I caught [the virus], I think it was a blessing in disguise,” Trump said in the video. “I caught it, I heard about this drug, I said, ‘Let me take it’ … and it was incredible the way it worked.”

“I call that a cure,” he said. “It’s a cure.”

After the video posted, Regeneron’s stock jumped over 3 percent in after-hours trading.

On Monday, when markets opened, Regeneron stock prices surged $33 to $598 a share. That day, Joseph Goldstein, who sits on the company’s board of directors, and SVP and Head of Commercial Marion McCourt exercised stock options that let them sell a total of 10,200 shares for a net profit of over $1 million. According to filings,

“The introduction of partners would allow us to pursue both current opportunities as well as those we expect to emerge not only in North America but also in Australia, while putting less pressure on our balance sheet and freeing up significant existing capital,” Charlton said at the company’s annual shareholders’ meeting.

Transurban North America officials said Friday the company’s intent to bring in other investors will not impact the Northern Virginia operations. Transurban will continue to manage the express lanes, they said.

“Our commitment to the region and the commonwealth is long term,” Emeka Moneme, vice president of corporate strategy and innovation at Transurban North America, said. “There is no change in day-to-day management and/or operation of the facilities. We remain very, very committed to this region.”

The sale plan is not prompted by the industry’s losses during the coronavirus pandemic, company officials said Friday. They said the company had been developing the strategy to bring in an equity partner for over a year.

The Northern Virginia operations were severely affected by the changes in traffic patterns during the pandemic — more so than Transurban’s other operations in Australia and Montreal.

Traffic on the 95, 395 and 495 Express Lanes hit a low in April when it was down by 80 percent, according to Transurban’s recent trading update. Through mid-June, average daily traffic was still at about 60 percent of pre-pandemic levels.

Daily traffic in the North American facilities, which include Montreal, fell 28 percent in the third quarter of this year compared with last year, to 112,000 daily trips, according to the company’s September update. The 95 and 495 Express Lanes saw some of the highest drops, 33 percent and 49 percent respectively, among all the Transurban toll facilities.

Company reports attribute declines in traffic and revenue to weak