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Rodman & Renshaw Capital Group (RODM), the small-cap investment bank that is exiting the investment banking business to concentrate on its new DirectMarkets financial technology unit, may have to pursue a spinoff rather than a sale to maximize the banking unit's value, valuation professionals and attorneys said. More
Bullfrog Gold (BFGC) was granted full DTC eligibility after challenging a decision by the Depository Trust Co. to not provide electronic clearing and settlement services for the gold producer's stock, according to Harvey Kesner, a partner with law firm Sichenzia Ross Friedman Ference, which represented Bullfrog in the appeal. More
Hedge fund management firm Magnetar Capital is being investigated by securities regulators in connection with its participation in the selection of a portfolio of mortgage bonds that blew up during the financial crisis, according to The Wall Street Journal. More
A123 Systems (AONE), a developer of lithium-ion phosphate batteries that is raising $50 million from a private placement of convertible debt, has hired a strategic adviser to help evaluate its prospects after the company posted $125 million loss in the first quarter due to a recall of battery packs to Fisker Automotive. More
Rodman & Renshaw Capital Group, the most active PIPE placement agent, said it plans to focus on developing its DirectMarkets automated electronic platform for private placements and is "assessing and exploring strategic alternatives for its investment banking business." More
JP Morgan Securities is underwriting a $75 million at-the-market offering facility for Otter Tail Corp. (OTTR), whose businesses include a regulated electric utility, wind power and infrastructure development, as it completes an overhaul that involved the sale of a number of businesses. More
Emera Inc., a regulated power company serving Nova Scotia, is investing another $105.5 million in a private placement financing by Algonquin Power & Utilities (AQUNF) to fund the Canadian utility company's acquisition of a stake in a 480-megawatt U.S. wind power portfolio and gas transmission businesses in the U.S. Midwest. More
MLV & Co. is underwriting a $20 million at-the-marketing offering facility for Echo Therapeutics (ECTE) to fund development of its technology to allow for painless, needle-free skin permeation for use in hospitals and critical care units and by people with diabetes. More
Martin Currie Ltd., a Scotland-based fund management group, agreed to pay more than $14 million in fines to settle charges brought by U.S. and U.K. regulators that it fraudulently used one of its China-focused funds to rescue another. More
Attorney Jeffrey Potash has joined law firm DLA Piper's corporate and securities practice as a partner in New York. More
Arias Resource Capital Management is investing at least $22.6 million as part of a $45.2 million private placement of common stock of Dia Bras Exploration (DBEXF), a Canadian metals and mining company with assets in Mexico and Peru, to fund development of its Mexican properties. More
J.P. Morgan Securities is the sole book-running manager and Cowen and Co. is the co-manager on a $74.4 million confidentially marketed public offering of common stock of Dynavax Technologies (DVAX) to fund the commercial launch of its drug candidate HEPLISAV as an immunization against hepatitis B for adults. More
David Johnson, a long-time capital markets partner with O'Melveny & Myers, was named as the new head of the law firm's Hong Kong office. More
Hudson Bay Capital Management is among a group investing $29.2 million in a private placement of common stock and warrants of KIT digital (KITD), a money losing provider of software to manage and distribute video content. More
C. K. Cooper & Co. and Ladenburg Thalmann & Co. are arranging an $18.6 million private placement of common stock of Saratoga Resources (SARA), an oil and gas exploration and production company with assets in Louisiana, to accelerate its drilling program. More
Fund managers Kayne Anderson Rudnick Investment Management, Swank Capital and Salient Partners, and Greek shipping company Capital Maritime & Trading are investing $140 million in a private placement of convertible preferred units of master limited partnership Capital Products Partners (CPLP) that it will use to repay debt. More
Lazard is arranging a $50 million private placement of convertible debt and warrants to qualified institutional buyers for A123 Systems (AONE).
The financing is to be used for general corporate purposes, including development of A123 System's Nanophosphate lithium-ion phosphate batteries and systems. More
Jon Carnes has a confession to make. "I am Alfred Little," he said by phone from his Vancouver, British Columbia, home.
The anonymous blogger known as Alfred Little is being sued in New York State Supreme Court by Silvercorp Metals (SVM) over claims that he made false statements that damaged the company. More
Oryon Technologies (ORYN), a developer of lighting technology, has completed a reverse merger.
The Addison, Texas-based company has developed and licensed technology that allows lighting in everything from keypads to athletic clothing, according to its merger filing. More
David Blech of Manhattan pleaded guilty to two criminal charges of manipulating the shares of biotech companies Pluristem Therapeutics (PSTI) and Intellect Neurosciences (ILNS). More
Fund manager Central Park Financial has agreed to provide a $25 million equity line to medical device maker Alphatec Holdings (ATEC) to provide working capital. More
Rodman & Renshaw Capital Group (RODM), the most active PIPE placement agent in nine of the past 10 years, said its shareholders approved its name change to Direct Markets Capital Group as expected at the firm's annual meeting. More
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