Virgin Galactic Holdings Inc. has raised about $460 million with a public offering of 20.5 million fresh stock shares – an attempt to offset business interruptions resulting from the coronavirus. The space tourism company reported no revenue for the quarter ended June 30, and a loss of $62.5 million, or -30 cents a share. That’s compared to a loss of $44 million, or -23 cents a share, on revenue of $638,000 in the same quarter last year. “During the period, our operations were impacted by the COVID-19 pandemic, despite our efforts to minimize disruption,” Chief Space Officer George Whitesides said in a statement. In a statement, the company said it would use the cash injection for “general corporate purposes, including working capital, general and administrative matters and capital expenditures.”
San Fernando Valley
Toy company MGA Entertainment Inc. announced in late July that it will team up with videogame publisher Nighthawk Interactive on a game to support the launch of its fall line of the popular fashion doll brand, L.O.L. Surprise! Launched in 2016, L.O.L Surprise! (L.O.L. stands for “Li’l Outrageous Littles”) rose to become the toy industry’s best-selling product in 2017. MGA has since continued to expand the line, popular with little girls, most notably in 2019 with L.O.L. O.M.G. (“Outrageous Millennial Girls”) fashion dolls. The pending L.O.L. Surprise! Switch game will feature new characters, fashions and surprises to be revealed along the way, according to MGA. The video game will launch globally, exclusively for the Nintendo Switch device.
A cyberattack on software provider Blackbaud has resulted in the theft of customer data from California State University – Northridge. Blackbaud notified its clients July 16 that between February and May, hackers breached its network and stole data from the company’s customer servers. Based in Charleston, S.C., Blackbaud provides cloud hosting and customer management solutions for CSUN and other universities in the CSU system. Earlier this month, CSUN issued a letter to staff and students notifying them of the school’s involvement in the hack. Blackbaud said in a statement that the stolen data did not include credit card information, bank account information, or Social Security numbers. It paid a ransom demand so the hackers would delete the stolen data. “We have no reason to believe that any data went beyond the cybercriminal, was or will be misused; or will be disseminated or otherwise made available publicly.”
Cinedigm Corp. announced it would make “The Bob Ross Channel” available on the XUMO streaming television service. The Sherman Oaks entertainment content distributor is making the channel, featuring the late painting instructor, available as both a free, ad-supported linear channel and on a free, ad-supported video-on-demand basis. Ross’ show, “The Joy of Painting,” aired from 1983 to 1994 on PBS. Tony Huidor, Cinedigm’s general manager of digital networks, said the company wanted to bring more exposure to Ross’s iconic show.
Universal Pictures in late July struck a historic deal with cinema exhibitor AMC Entertainment Holdings Inc. that allows the production studio to make its films available for premium video-on-demand after just 17 days of play in U.S. theaters. The deal is a radical shift from the long-accepted industry standard 90-day window before studios can make their movies available for home viewing. It leaves just three full weekends for AMC’s U.S. theaters to enjoy exclusive showing rights to Universal’s films. Also included in the agreement are titles from Focus Features, a division of NBCUniversal. The companies said in a statement they “will begin discussions surrounding international distribution agreements in the countries in Europe and the Middle East served by AMC,” in the coming weeks. The deal marks the end of a public conflict between Universal and AMC regarding video-on-demand’s potential to undercut the traditional theater model, spurned by the successful rollout of Universal’s “Trolls World Tour,” as a $19.99 rental on home video-on-demand platforms.
ICF Industries in Van Nuys has entered into a consulting agreement with Agri-Dynamics Inc., a sustainable farming company in New York that focuses on hemp production for CBD. Under the terms of the deal, ICF will receive 50 million common shares in Agri-Dynamics, which is publicly traded with the ticker “AGDY” on the over-the-counter market. Shares are currently trading at 14 cents, giving ICF’s stake a value of approximately $700,000. ICF said in a statement it has already received 30 million shares. Another 10 million shares will be paid on both the first and second anniversary dates of the agreement. ICF, a subsidiary of Here to Serve Holding Corp., is a distributor of industrial and construction products including stuccoes, plasters, concretes and more. It also has consulting and sales lines of business. Here to Serve Chief Executive Paul Riss said in a statement ICF plans to use its executive industries division, which offers corporate advisory and marketing services, to help Agri-Dynamics achieve “pink sheets current status, as we recently did for a CBD company.”
After several years at the Westfield Promenade shopping center, the Woodland Hills Post Office will move to 21200 Oxnard St. The new location will open Aug. 24, near Oxnard Street and Variel Avenue. Medical device company Thermo Fisher Scientific was the previous tenant of the 52,581-square-foot, single-story commercial building. The Promenade site, one of the last operating businesses at the nearly empty mall owned by Unibail-Rodamco-Westfield, will close at 3 p.m. Aug. 21. USPS took over the former Macy’s space in 2017 after it had to move from its location on Clarendon Street because of a redevelopment project. “The Postal Service’s lease for the Post Office expired, and it was forced to relocate to 6101 Owensmouth Ave. on a temporary basis three years ago,” USPS said in a statement, referring to the Promenade. “The Owensmouth facility was always intended to be a temporary location.”
Santa Clarita Valley
Dedeaux Properties, in a joint venture with Stockbridge Capital Group, has paid $28.4 million for a vacant 214,436-square-foot warehouse and distribution center on 11 acres at 24903 Avenue Kearny. It is within the 1,100-acre master planned Valencia Industrial Center. The property most recently served as the regional distribution center for global pharmaceutical company AmerisourceBergen, which vacated the facility in late 2019. With interior clear heights up to 30 feet, the property offers full drive-around access and includes 27 loading doors as well as exclusive truck access through a separate driveway and security gate. Dedeaux plans to completely renovate the facility including the addition of new creative office space, interior finishes and lighting as well as expanding the dock-high loading positions.
Memory care community Silverado Thousand Oaks is nearing completion and has opened its welcome center for prospective residents and their families. The newly constructed, 37,000-square-foot facility is Silverado’s first in Ventura County and fifth in the Los Angeles area. It’s expected to be fully operational by December. Ronda Wilkin has been named administrator of the facility. Located at 980 Warwick Ave., site is built to serve 82 residents.
The Economic Development Collaborative of Ventura County has received nearly $2.5 million in federal CARES Act funding for a local business loan program. The sum, allocated by the Commerce Department’s Economic Development Administration, will be added to the collaborative’s revolving loan fund, bringing it to $5 million, which is to be distributed over the next 24 months. Qualifying Ventura County businesses can apply for loans of $10,000 to $250,000 with a fixed 4.2 percent interest rate and 7-year repayment term. The collaborative’s director of lending, Marvin Boateng, said in a statement, “The Economic Development Administration is one of the EDC’s oldest partners. “We greatly appreciate their more than 24 years of continued financial support.”