Welcome to our dedicated page for CUB news (Ticker: CUB), a resource for investors and traders seeking the latest updates and insights on CUB stock.
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Cubic Corporation announced the launch of SmarTrip® on Google Pay, in collaboration with the Washington Metropolitan Area Transit Authority and NXP Semiconductors. This innovation allows Metro riders to pay for public transport using their Android phones, eliminating the need for a physical SmarTrip card. Users can purchase and reload their SmarTrip cards directly from their mobile devices. The initiative aims to enhance the commuter experience across Washington, D.C., Maryland, and Virginia, serving a population of around 4 million with 91 rail stations and 1,500 buses.
Cubic Corporation has partnered with CVEDIA to enhance its GRIDSMART products by utilizing CVEDIA's synthetic data technology. This collaboration aims to improve deep learning models for intelligent transportation systems (ITS) and enhance safety for drivers and vulnerable road users at intersections. The GRIDSMART product, installed in nearly 10,000 intersections globally, employs real-time computer vision technology for vehicle and pedestrian tracking. The partnership, which started in 2019, seeks to eliminate training data bottlenecks and enhance algorithm performance through advanced AI models.
Cubic Corporation (NYSE:CUB) has finalized its sale to Veritas Capital and Evergreen Coast Capital for approximately $3.0 billion, including debt assumption. Announced initially on February 8, 2021, the transaction received shareholder approval on April 27, 2021. Cubic shareholders will receive $75.00 per share in cash, and trading of Cubic's stock on the NYSE will cease on May 25, 2021. The company will continue its operations in San Diego, ensuring a seamless transition for customers and employees.
Cubic Corporation (NYSE: CUB) has partnered with the Chicago Transit Authority (CTA) and Pace Suburban Bus to launch the virtual Ventra card on Google Pay, offering a contactless fare payment option for Android users in the Chicago area. This initiative simplifies transit travel by eliminating the need for a physical card, allowing users to pay by tapping their phones. The Ventra app, launched in 2020, enhances user experience with an integrated trip planner and improved ticket access.
On May 24, 2021, S&P Dow Jones Indices announced that The Joint Corp. (JYNT) will replace Cubic Corp. (CUB) in the S&P SmallCap 600 index effective May 27, 2021. This change is part of an acquisition process where Veritas Capital is acquiring Cubic, pending final closing conditions. The addition of The Joint Corp. represents a strategic shift in the index, as it falls under the Health Care sector, unlike Cubic, which is in the Industrials sector.
Cubic Corporation (NYSE:CUB) announced a collaboration with the Metropolitan Transportation Commission to launch mobile fare payments on NFC-enabled Android phones.
Through the Google Pay and the Clipper mobile app, riders can enjoy contactless payment options, purchase Clipper cards, top up balances, and manage their accounts easily. This development addresses safety concerns amid COVID-19, allowing essential workers to maintain social distancing and avoid physical interactions on public transit. The Clipper system services 24 Bay Area transit agencies, enhancing convenience for commuters.
Cubic Corporation (NYSE:CUB) announced that its Cubic Transportation Systems division, in partnership with Taoti Creative, won the Platinum Level Hermes Creative Award for the 2021 Electronic Media category with the animated video “Meet Umo”. This award recognizes excellence in creative work across multiple categories. The video, aimed at educating users about the Umo platform, was launched on January 26, 2021, showcasing its benefits for safe and seamless travel experiences.
Cubic Corporation (NYSE:CUB) announced the launch of Umo Pass in partnership with the Rogue Valley Transportation District (RVTD), renewing their existing transit fare payment system. This upgrade allows RVTD riders to enjoy a seamless fare payment experience across 30 buses, with features like fare capping and stored value options. Passengers can load a minimum of $5 into their Umo Pass accounts and won't pay for additional rides once they reach the daily or monthly cap. This initiative aims to enhance the financial flexibility and convenience for RVTD's transit users.
Cubic Corporation (NYSE: CUB) reported financial results for Q2 FY21, showing a 7% increase in sales to $343.4 million. The net loss narrowed to $36.0 million ($1.14 per share) from $39.3 million ($1.25 per share) in Q2 FY20. Adjusted EPS improved to $0.15 from a loss of $0.12. Adjusted EBITDA surged to $22.7 million compared to $4.5 million in the prior year. The company anticipates the acquisition by Veritas Capital and Evergreen Coast Capital will close in Q2 2021, pending regulatory approvals.
