Flex to Sell $2 Billion of Axiom Solutions' Series A Convertible Preferred Shares
MT newswire2026/10/05 13:0309:03 AM EDT, 10/05/2026 (MT Newswires) -- Flex (FLEX) said Monday it has agreed to sell $2 billion of Series A convertible preferred shares of its Axiom Solutions International business to funds affiliated with General Catalyst, Koch Equity Development, and other co-investors. General Catalyst will have the right to nominate one director to Axiom's board after the separation of Axiom into an independent, public company in Q1 of 2027, Flex said. The convertible preferred stock pays a 10% annual cash dividend before the spin-off, lowering to 6% per year in cash or 7% if paid in kind following the separation, subject to increases five years after the spin-off, the company said. Flex will use proceeds from the investment to fund a part of the purchase price of Axiom's pending acquisition of EPC Power, repay any equity bridge or other funding related to the acquisition, pay dividends on the convertible preferred stock, or for general corporate purposes, it said. Shares of Flex were up 2% pre-bell.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BUZZ - Driven by active trading, the Australian Securities Exchange (ASX) is on track for its best week in two months
October 9 – The stock price of ASX ASX.AX, the operator of the Australian Securities Exchange, has risen more than 3.8% so far this week, on track for its best weekly performance since early August. On Thursday, Citi raised its annual earnings per share (EPS) forecast for ASX by 2%, citing continued strong trading activity. On Friday, the stock was up as much as 0.3% to 60.79 AUD. Citi also holds a positive view of ASX’s new CEO, Anthony Attia, agreeing with his approach of bringing in external talent and modernizing technology. Including the latest gain, the stock is up 18% year-to-date. (For the convenience of non-English speakers, Reuters provides automated translations of its reports into several other languages. Since automated translations may contain errors or lack context, Reuters does not guarantee the accuracy of the translation. The automated translation is provided solely for the convenience of readers, and Reuters accepts no liability for any damage or loss arising from the use of the automated translation.)
Goldman Sachs upgrades Palantir (PLTR.US) to "Buy" with a price target of $230, optimistic about AI growth continuing through 2027.
Goldman Sachs has upgraded enterprise software company Palantir from "Neutral" to "Buy," citing the company's recent underperformance in stock price and increased valuation attractiveness.
Today's Fear and Greed Index drops to 59, indicating the market is in a "Greed" state.
The global PC market faces a "winter"! Q3 shipments plunged by over 20%, Apple (AAPL.US) gains market share against the trend
Due to supply constraints and inventory pre-stocking impacting sales, the personal computer (PC) market plummeted by over 20% year-on-year in the third quarter. Despite the overall market downturn, Apple outperformed the industry and achieved a gain in market share.
Crypto prices
More
