BlackBerry Limited - BB STOCK NEWS

BlackBerry Limited (NYSE: BB) has announced the amendment of its indenture for the 3.75% unsecured convertible debentures, allowing for their optional redemption. The redemption of the US$605 million principal will occur on September 1, 2020, at 101.6854508% of the principal amount. Additionally, BlackBerry has updated its 1.75% convertible debentures private placement with Fairfax Financial, reducing the subscription from US$535 million to US$365 million. This amendment is expected to align with the company’s goals of reducing debt and interest expense.

BlackBerry Limited (NYSE: BB) announced the mass production of the IPU-03, an autonomous driving domain controller developed with Desay SV Automotive, now integrated into Xpeng Motors' P7 electric vehicle. This system uses BlackBerry's QNX® OS for Safety to ensure real-time monitoring and decision-making for safe driving. The IPU-03 is designed to meet stringent automotive safety requirements, exemplifying BlackBerry's commitment to intelligent security and innovative automotive technology.

BlackBerry Limited (NYSE: BB) announced additional details on its refinancing of US$605 million in 3.75% unsecured convertible debentures set to mature on November 13, 2020. The company will transition to 1.75% debentures with a three-year term and a conversion price of US$6.00, a 25% premium to market value. The refinancing aims to reduce overall indebtedness and interest costs while avoiding potential dilution. Fairfax Financial will exchange its holdings in the current debentures for the new ones, safeguarding against becoming a control person.

BlackBerry Limited (NYSE: BB) has launched a free open-source tool called PE Tree for cybersecurity professionals, enhancing malware reverse engineering efficiency. This tool, initially for internal use, allows users to visualize Portable Executable (PE) files in a tree-view format and integrates with Hex-Rays' IDA Pro decompiler. Eric Milam emphasized the need for advanced tools as cyber threats grow, with over 1 billion malware types currently in existence, increasing by 100 million annually. PE Tree supports Windows, Linux, and Mac operating systems.

BlackBerry Limited (NYSE: BB) has expanded its partnership with Vodafone to offer BlackBerry AtHoc as an emergency alert and crisis communications solution. The collaboration will serve clients like Greater Manchester Police and Greater Manchester Fire and Rescue Service, enabling secure communications and real-time alerts. This partnership builds on their ongoing relationship since 1999 and aims to enhance operational efficiency during critical events, ensuring safety and quick information exchange.

BlackBerry Limited (NYSE: BB) partners with Canoo to provide the QNX operating system for advanced driver-assistance systems (ADAS) in Canoo's semi-autonomous electric vehicles (EVs). The collaboration includes licensing the QNX OS for Safety 2.0, crucial for secure autonomous vehicle features. Canoo aims to launch its first production vehicles with level 2 autonomy by late 2021, targeting a market expected to reach nearly $600 billion by 2026. BlackBerry's QNX technology is already embedded in over 175 million vehicles globally, demonstrating its established presence in the automotive industry.

BlackBerry Limited (NYSE: BB) announced a consent from 88.39% of holders of its 3.75% unsecured convertible debentures to redeem these debentures before November 13, 2020. The company plans to redeem US$605 million worth of debentures at a price of 101.6854% on or about September 1, 2020. Simultaneously, BlackBerry obtained commitments to issue US$535 million in new 1.75% convertible debentures convertible at US$6.00 per share. This restructuring aims to reduce interest expenses by over 58% and enhance liquidity, with Fairfax Financial continuing as a key lender.

BlackBerry Limited (NYSE: BB) reported Q1 Fiscal 2021 results, with non-GAAP revenue of $214 million and GAAP revenue of $206 million, down from $267 million and $247 million respectively year-over-year. The company posted a GAAP loss of $1.14 per share, primarily due to a $594 million goodwill impairment charge. Despite challenges in the auto sector, demand for BlackBerry's security solutions rose amid increased remote working. The company holds $955 million in cash, but has not provided a financial outlook for the fiscal year due to economic uncertainty.

On June 23, 2020, BlackBerry Limited (NYSE: BB; TSX: BB) announced the successful election of nine director nominees during its annual shareholder meeting. Notable results include John Chen receiving 95.70% approval and V. Prem Watsa with 90.15%. The elected directors are set to serve until the next annual meeting. BlackBerry, headquartered in Waterloo, Ontario, specializes in intelligent security software, securing over 500 million endpoints globally, including 175 million vehicles. With a vision to enhance cybersecurity, BlackBerry integrates AI and machine learning into its solutions.