NOVI’s reconfigurable satellites enable significant reductions in capital cost for constellation deployment Cubic Corp. (CUB) news for Monday includes the adoption of a limited shareholder rights plan sending CUB stock soaring higher. The definitive collection of the best investing stories Business Insider published during the week ended September 22.
Richmond, VA, Sept. 22, 2020 (GLOBE NEWSWIRE) — The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has made a follow-on investment in Arlington, Va.-based NOVI, developer of the next generation of hardware and data analytics platforms for the new space, infrastructure and manufacturing verticals. Since CIT’s initial investment in early 2019, the company has accelerated strategic outreach and development on its first commercial technology. The additional capital from GAP Funds will be used to accelerate their commercial go‐to‐market strategy and support key hires.
NOVI is focused on combining machine learning and data fusion to provide a new approach for edge intelligence in ground, aerial and Low Earth Orbit (LEO) applications. Today’s small-satellites represent single-payload “point-solutions” without on-board data fusion or processing. NOVI’s patent-pending, reconfigurable, additively-manufactured structures enable flexible and rapid customization as a low-cost, experimental test platform to accommodate different payload types, and on-board processing and data fusion for coincident gathering of multiple signals.
“Over the last year, NOVI has rapidly grown our team and received five new contracts. We have a unique opportunity to capture the growing demand for multi-sensor platforms, and to move space activity into the next generation of satellites,” said Dr. Amit Mehra, Managing Partner, NOVI. “Our core capabilities are centered around development of aerospace hardware that is tightly coupled with data fusion and machine-learning based processing of multi-sensor data, which leads to significant reductions in capital cost for constellation deployments. We are grateful for the continued support of CIT GAP Funds, which will enable us to build out and execute on our go-to-market strategy.”
NOVI’s solutions are aimed at replacing large and expensive legacy systems, and have been recognized numerous times so far in 2020:
- Awarded a $992,999 firm-fixed-price agreement by the Air Force Research Laboratory, Wright-Patterson Air Force Base, for the development of a flexible small-satellite platform for rapid deployment and qualification of experimental payloads.
- Received an Air Force Phase II Small Business Innovation Research (SBIR) contract to use neural net algorithms for automatic identification of common distress types in drone-based images of roadways and parking lots, and use custom software to convert the results to a Pavement Condition Index (PCI).
- Awarded a National Science Foundation (NSF) SBIR grant to conduct research and development work to demonstrate on-board data fusion and processing for multi-sensor small satellites.
“Since CIT’s initial investment in 2019, NOVI has proven their potential to disrupt the new space industry. The need for low earth orbit constellations is growing, such as earth imaging and remote sensing, IoT, weather forecasting, high bandwidth connectivity, and a host of other critical use cases,” said Marco Rubin, Senior Investment Director, CIT GAP Funds. “NOVI’s innovations will have an impact on the future of space activity, and CIT looks forward to their continued success.”
About NOVI, LLC
NOVI is developing the next generation of integrated hardware and inspection analytics solutions for the space and defense, infrastructure and manufacturing industries. For more information, please visit https://novillc.com/.
About CIT GAP Funds
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, cleantech, and life science companies with a high potential for achieving rapid growth and generating a significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Since its inception in 2005, CIT GAP Funds has deployed $30.2 million in capital across 237 investments, including 16 companies in designated Opportunity Zones. CIT GAP Funds’ investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel, and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit www.citgapfunds.org.
About the Center for Innovative Technology (CIT)
Investing in Virginia’s Growth | CIT concentrates on the early commercialization and seed funding stages of innovation, helping innovators and tech entrepreneurs launch and grow new companies, create high paying jobs and accelerate economic growth throughout the entire state of Virginia. Founded in 1985, CIT accelerates next generation technologies and technology companies through commercialization, capital formation, market development initiatives, and expansion of broadband throughout Virginia. Our programs include | CIT GAP Funds | Commonwealth Research Commercialization Fund (CRCF) | Virginia Founders Fund | Broadband/Rural Broadband | Smart Communities | Cybersecurity | Unmanned Systems | SBIR/STTR Support (Small Business Innovation Research (SBIR) & Small Business Technology Transfer (STTR) programs) | University Partnerships | Startup Company Mentoring & Engagement. CIT’s CAGE Code is 1UP71. For more information, visit www.cit.org or follow CIT on Twitter and LinkedIn. Note: Novi is a 2019 Commonwealth Research Commercialization Fund (CRCF) award recipient.
Center for Innovative Technology
Herndon, Virginia, UNITED STATES
Author: Center for Innovative Technology
Cubic Corp. News: Why CUB Stock Is Soaring 35% Today
Cubic Corp. (NYSE:CUB) news for Monday includes the adoption of a shareholder rights plan sending CUB stock soaring.
The shareholder rights plan has Cubic Corp. granting all shareholder one right for each outstanding share of CUB stock that they own. The adoption of the plan is limited and will last until Sept. 19 of next year.
Cubic Corp. adopted the shareholder rights plan in response to Elliott Management acquiring a stake of 15% in the company via direct ownership and derivatives position. The company has expressed its interest in acquiring Cubic Corp..
The problem here is that Cubic Corp. isn’t looking to be acquired. The company didn’t put itself up for sale. Also, its Board of Directors believes that its best for the company to remain under its own ownership.
The adoption of the rights plan gives Cubic Corp. time to look over any offers made by Elliott Management without having to worry about a hostile takeover. The plan triggers once an entity gains a 15% stake in the company, which Elliott Management has done.
David F. Melcher, lead independent director of Cubic Corp., said the following about the news.
“Cubic’s Board is committed to creating long-term value and ensuring that our shareholders are able to realize the full potential of their investment in the Company. The adoption of the Rights Plan is intended to provide the Board with time to make informed decisions and prevent any third party from obtaining control of Cubic in a manner and at a price that are not in the best interests of Cubic’s shareholders.”
CUB stock was up 34.8% as of Monday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
William White, InvestorPlace Writer
Managing the latest correction — stock picks from market-crushing expert — options-trading secrets
After a recent bout of selling, the S&P 500 finds itself as the next major US index on the brink of a 10% correction. It joins the comparatively tech-heavy Nasdaq Composite, which has been in correction territory for a couple weeks.
Between these stock struggles and near-record-low bond yields, it’s become increasingly difficult to find market returns. That’s forced the world’s foremost investing experts to adjust their strategies on the fly.
Troy Gayeski, co-chief investment officer of $7.5 billion SkyBridge Capital, is one notable example of someone getting creative amid slim pickings. He recently shared with Business Insider the less-traveled corners of the market he’s eyeing — and broke down a trio of hedge funds he’s piling into.
Meanwhile, strategists at Society Generale have just about had it with lofty tech-sector valuations. They recently shared a few compelling alternative to tech stocks, including trades poised to turn around after getting pummeled by the pandemic.
And at Morgan Stanley, one market-research chief warns that investors aren’t worried enough about the prospect of higher rates. The firm suggests three portfolio shifts traders can make to safeguard portfolios.
Going beyond this array of actionable advice, see below Business Insider’s best Investing stories of the week. They include a wide array of additional recommendations, strategies, and tips for navigating uncertainty.
Thanks for reading!
Paul Lambert, the portfolio manager of the $88.5 million Tocqueville Opportunity Fund, returned 45% to investors last year.
The 34-year-old investor has returned 23% year to date and is sifting through opportunities in the technology, healthcare, and industrials sectors. He makes the case for five high-conviction winning stocks in his portfolio.
Read the full story here:
Tony Saliba, a legendary options trader and author of “Managing Expectations,” almost blew through $50,000 that was allotted to him before cultivating a successful methodology.
Saliba refers to his trading approach as a “matrix.” He essentially employs three strategies and militantly controls his risk. According to a 1989 interview with Jack Schwager for his classic “Market Wizards” series, Saliba strung together 70 straight months of profits exceeding $100,000.
Read the full story here:
Cyril Moulle-Berteaux, head of global multi-asset team, and Andrew Slimmon, senior portfolio manager at Morgan Stanley Investment Management, shared their contrarian views about the US elections, the stock market, and a vaccine in a recent panel discussion.
The two senior investors are positioning their portfolios to buy cheap stocks across countries and sectors as others crowd into large-cap tech names or wait on the sidelines.
Read the full story here:
Seeking experts who are willing to name names? Look no further:
- A Wall Street firm says investors should buy these 15 cheap, high-earning stocks now to beat the market in 2021 as more expensive companies fall behind
- GOLDMAN SACHS: Buy these 21 stocks on track for years of market-beating growth that could make them future giants — even rivals to the FAANGs
- Jefferies handpicks the 17 best stocks spanning multiple sectors to buy now — and details why each company’s future looks ‘particularly attractive,’ even in a downturn
- MORGAN STANLEY: Buy these 6 stocks poised for gains as the economic recovery continues and Congress mulls more coronavirus stimulus
As we enter the homestretch of the 2020 presidential campaigns, listen in on Tuesday, September 29, at 1 p.m. ET for a live conversation with Business Insider’s politics team.
Topics covered will include: What to expect at the much-anticipated first presidential debate, the inner workings of the Trump and Biden campaigns, and the expected battle over the election results after the November 3 vote.
The yield on a traditional 60/40 portfolio is now one-third its historical, 120-year norm, while stocks are trading at elevated multiples. In fact, as the chart above shows, the return is the lowest in history.
That’s led at least one Wall Street investment chief to advise against owning stocks.
“Those with true multi-generational wealth should probably have little or no exposure to a market trading at nearly 30x Normalized EPS,” said Doug Ramsey of The Leuthold Group.
“We were already in the middle innings of this digital transformation, and COVID-19 has brought forward a lot of demand.”
— Paul Lambert — the portfolio manager of the $88.5 million Tocqueville Opportunity Fund, which returned 45% to investors last year — setting up his five top stock picks right now
Author: Joe Ciolli