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Cubic Corporation (NYSE:CUB) has secured a multi-year contract with Omaha Metro Transit for its Umo Pass solution, enhancing fare payment and accessibility for riders. Umo Pass, a cloud-based platform, allows seamless transit payments through various touchless options, including mobile apps and smart cards. Set to launch in summer 2021, it will be available for over 170 vehicles and ticket vending machines. The initiative follows an extended free fare period for the ORBT service, which has already achieved over 130,000 rides since its November 2020 launch.
Cubic Corporation (NYSE: CUB) has announced that its shareholders approved the merger agreement with Veritas Capital at a special meeting on April 27, 2021. The acquisition will see Veritas and Evergreen Coast Capital Corporation acquire Cubic for $75.00 per share in cash, with approximately 70.3% of shareholders voting in favor. The transaction is pending regulatory approvals and other closing conditions, with completion anticipated in the second calendar quarter of 2021.
Cubic Corporation (NYSE:CUB) announced that its Independent Director, Denise Devine, received the Rev. Joseph C. Bartley, OSA Alumni Medallion from Villanova School of Business. This prestigious award honors alumni for outstanding career achievements and community service. Devine, a dedicated alumna, has significantly contributed to Villanova and serves on various advisory boards. The award was presented during a virtual event on April 23, 2021. This recognition underscores the leadership and community involvement of Cubic's board members.
Cubic Corporation (NYSE:CUB) is expanding its Compass automated fare collection system to Metro Vancouver's HandyDART, a paratransit service for individuals with disabilities. As of March 2021, installations have begun on three buses. This initiative will allow HandyDART riders to utilize electronic payment options, including contactless cards and mobile payments, enhancing accessibility and reducing cash handling. Following a contract secured in October 2020, Cubic plans to deliver over 1,200 pieces of equipment, with full installations commencing in July 2021.
Cubic Corporation (NYSE:CUB) announced the launch of Clipper on iPhone and Apple Watch in partnership with the Metropolitan Transportation Commission (MTC), providing a contactless payment method for transit in the San Francisco Bay Area. The Clipper app enables users to manage their Clipper card, check balances, and top-up cash values using Apple Pay, enhancing convenience and safety during commutes. This digital payment solution, set to expand to Google Pay in May, simplifies the user's transit experience, promoting social distancing and reducing physical interactions amidst ongoing COVID-19 safety procedures.
Cubic Corporation (NYSE: CUB) has accepted a revised acquisition proposal from Veritas Capital and Evergreen Coast Capital, increasing the price to $75.00 per share in cash. This represents a 69% premium over the stock price prior to acquisition interest. The transaction is valued at approximately $3.0 billion, including debt assumption. Cubic's Board determined that this proposal offers superior certainty and timing compared to an alternative offer of $78.00 per share from ST Engineering. A special shareholder meeting is scheduled for April 27, 2021.
Cubic Corporation (NYSE:CUB) announced that John Roberti, Senior Vice President of Government Relations and Strategy, has been appointed to the board of the National Defense University (NDU) Foundation. The NDU Foundation supports the National Defense University, emphasizing national security education and leadership development. Roberti's military background and experience in defense will aid in fostering cooperation between the private sector and defense-related initiatives. His role is expected to enhance the NDU Foundation's mission and impact in national security matters.
Cubic Corporation (NYSE:CUB) has secured a contract exceeding $10 million from the Department of Defense (DoD) via the National Spectrum Consortium to develop a dual-band, high-performance Wireless Network Communications Transceiver (WNCT) for military applications. This initiative supports the DoD’s "5G to Next G" program, enhancing wireless communications for the military. The project, which utilizes Nuvotronics’ patented technology, promises improved connectivity with low latency and operational resiliency. Collaboration involves key partners including Nokia and the U.S. Army over a three-year period.
Cubic Corporation (NYSE:CUB) announced a $5 million contract awarded to its subsidiary Nuvotronics to develop a Wideband Global Satellite Surrogate Payload for the U.S. Army. This payload will enhance communication capabilities during scenarios where traditional SATCOM access is compromised. Nuvotronics will leverage its innovative PolyStrata technology, allowing significant size and performance improvements in radio frequency components. The project aims to ensure tactical communications remain operational even in denied environments, reflecting Cubic's commitment to supporting military effectiveness.
Cubic Corporation (NYSE: CUB) has received an unsolicited acquisition proposal from Singapore Technologies Engineering (SGX: S63) offering $76 per share. This proposal follows Cubic's existing merger agreement with Veritas Capital at $70 per share, which remains valid. The Board of Directors is currently evaluating the STE proposal for its potential benefits against the Veritas deal while maintaining their recommendation for shareholders to support the ongoing merger. No action is required from Cubic shareholders at this time.
