jgrabar
8 months ago
NOTICE TO LONG-TERM SHAREHOLDERS OF CUMMINS INC. (NYSE: CMI): GRABAR LAW OFFICE IS INVESTIGATING CLAIMS ON YOUR BEHALF
Current Cummins Inc. (NYSE: CMI) shareholders who have held Cummins shares since prior to April 30, 2019, can seek corporate reforms, the return of funds back to the company, and a court approved incentive award at no cost to them whatsoever. To participate or learn more at no cost to you visit: https://grabarlaw.com/the-latest/cummins-shareholder-investigation/
Grabar Law Office is investigating claims on behalf of Cummins shareholders. The investigation concerns whether certain officers and directors of Cummins have breached their fiduciary duties owed to the company.
Why: On January 10, 2024, the Department of Justice and State of California announced that diesel engine manufacturer Cummins agreed to pay a record $1.675 billion civil penalty for vehicle emissions test cheating.
In addition, a securities fraud class action complaint has been filed that further alleges that Cummins, via certain of its officers and directors, made materially false and/or misleading statements and/or failed to disclose that: (1) Contrary to its post-April 2019 Announcement assurances about its commitment to compliance, Cummins continued to produce engines with unlawful emission defeating devices from 2019 to 2023; (2) accordingly, Cummins understated its legal and regulatory risk, and overstated its commitment to environmental protection; and (3) as a result, Cummins’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Enterprising Investor
9 months ago
Cummins Announces Final Results of Exchange Offer and Finalizes Separation of Atmus Filtration Technologies Inc. (3/18/24)
Today, Cummins Inc. (NYSE: CMI) (“Cummins”) announced the final results of its previously announced offer to its shareholders to exchange their shares of Cummins common stock for shares of Atmus Filtration Technologies Inc. (NYSE: ATMU) (“Atmus”) common stock owned by Cummins. The exchange offer expired at 12:00 midnight, New York City time, at the end of the day on March 13, 2024.
Pursuant to the exchange offer, Cummins has accepted 5,574,051 shares of Cummins common stock in exchange for 67,054,719 shares of Atmus common stock.
Because the exchange offer was oversubscribed, Cummins accepted only a portion of the shares of its common stock that were validly tendered and not properly withdrawn, on a pro rata basis in proportion to the number of shares tendered. Shareholders who owned fewer than 100 shares of Cummins common stock, or an “odd-lot,” who validly tendered all of their shares, were not subject to proration, in accordance with the terms of the exchange offer. All shares validly tendered by eligible “odd-lot” shareholders were accepted. The final proration factor of 6.99255200% was applied to all other validly tendered shares of Cummins common stock that were subject to proration to determine the number of such shares that were accepted.
Following completion of the exchange offer, Cummins did not retain any outstanding shares of Atmus common stock.
“Through this final separation, we are pleased to bring the greatest value to both Cummins and Atmus shareholders,” said Jennifer Rumsey, Chair and Chief Executive Officer of Cummins. “Cummins will continue its focus on advancing innovative power solutions, while Atmus is now well positioned to advance its filtration technologies, grow into new markets, and help both existing and new customers be successful. We are proud of our employees’ hard work and all who were involved to ensure a successful separation, and we are excited to see what the future holds for both Cummins and Atmus.”
Based on the final count by the exchange agent, Broadridge Corporate Issuer Solutions, LLC, the final results of the exchange offer are as follows:
Total number of shares of Cummins common stock validly tendered and not validly withdrawn: 65,176,180
Shares tendered that were subject to proration: 64,081,568
“Odd-lot” shares tendered that were not subject to proration: 1,094,612
Total number of shares of Cummins common stock accepted: 5,574,051
Shares of Cummins common stock tendered but not accepted for exchange will be returned to the tendering shareholders in book-entry form promptly. In addition, the exchange agent will promptly credit shares of Atmus common stock for distribution in the exchange offer in book-entry form to accounts maintained by the Atmus transfer agent for tendering shareholders whose shares of Cummins common stock were accepted in the exchange offer. Cash in lieu of fractional shares of Atmus common stock will be delivered after the exchange agent has aggregated all fractional shares and sold them in the open market.
Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC served as dealer managers for the exchange offer.
About Cummins
Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. Headquartered in Columbus, Indiana, Cummins employs approximately 75,500 people committed to powering a more prosperous world. It operates a robust distribution and support network in more than 190 countries and territories. Cummins reported net sales of approximately $34.1 billion for the year ended December 31, 2023.
https://www.businesswire.com/news/home/20240318925736/en/
Enterprising Investor
9 months ago
Cummins Announces Final Exchange Ratio of 12.0298 in Split-Off of Atmus Filtration Technologies Inc. (3/11/24)
Today, Cummins Inc. (NYSE: CMI) (“Cummins”) announced the final exchange ratio for its previously announced split-off exchange offer to Cummins shareholders to exchange their shares of common stock of Cummins for shares of common stock of Atmus Filtration Technologies Inc. (NYSE: ATMU) (“Atmus”) currently held by Cummins.
For each share of Cummins common stock that is validly tendered and not properly withdrawn by shareholders and that is accepted by Cummins pursuant to the exchange offer, Cummins will deliver 12.0298 shares of Atmus common stock to or at the direction of any such tendering shareholder.
Based on the final exchange ratio, Cummins currently expects to accept for exchange approximately 5,574,051 shares of Cummins common stock if the exchange offer is fully subscribed. Because the exchange offer will be subject to proration if the exchange offer is oversubscribed, the number of shares of Cummins common stock that Cummins accepts in the exchange offer may be less than the number of shares validly tendered by Cummins shareholders.
The exchange offer is currently scheduled to expire at 12:00 midnight, New York City time, at the end of the day on March 13, 2024, unless terminated or extended.
Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the dealer managers for the exchange offer.
About Cummins
Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. Headquartered in Columbus, Indiana, Cummins employs approximately 75,500 people committed to powering a more prosperous world. It operates a robust distribution and support network in more than 190 countries and territories. Cummins reported net sales of approximately $34.1 billion for the year ended December 31, 2023.
https://www.businesswire.com/news/home/20240311061899/en/
Enterprising Investor
9 months ago
Retail Investors Could Make $2,000 on Cummins Exchange Offer. Here’s How. (3/08/24)
Story by Andrew Bary
An exchange offer by Cummins, the diesel engine maker, for shares in Atmus Filtration Technologies allows small investors to fully participate and potentially make about $2,000 on the trade in the next week or so.
The $1.5 billion exchange offer, which expires on March 13, is appealing because Cummins investors will be able to swap their shares for Atmus at a 7% discount, subject to certain conditions. That means a Cummins holder would get $107.53 of Atmus stock for every $100 of Cummins stock tendered, according to Cummins.
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Cummins shares were up 1.8% to $271.02 Friday, while Atmus was down 2.2% to $23.60. The S&P 500 was down 0.5%.
The offer is expected to be oversubscribed, resulting in a proration, meaning participating Cummins holders likely will get just a fraction of their shares exchanged for Atmus stock. The proration is expected to be about 10%, meaning a Cummins holder who wants to swap 1,000 shares may get only 10% of that stake, or 100 shares, exchanged for Atmus.
There is, however, a so-called odd-lot exception to the proration. Small investors who hold less than 100 shares of Cummins and tender their entire investments won’t be subject to proration. This is similar to what occurred in Johnson & Johnson’s exchange offer for Kenvue last summer.
This can allow investors to buy 99 shares of Cummins and fully participate in the tender.
Here is some rough potential math. An investor could buy 99 shares of Cummins for about $26,700 and then participate in the tender. The holder stands to get $107.53 for every $100 of Cummins stock tendered, or about $28,700. That is a profit of around $2,000.
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However, an S-4 filing states that those who hold less than 100 shares, but don’t fully tender all their stock, will be subject to proration.
What are the risks? Atmus stock could fall between the time the investor buys the Cummins stock and when the investor gets the Atmus shares, which should occur in the next two weeks or so. There also is a cap of about 13.4 on the number of Atmus shares that Cummins will pay out. The current ratio is below that cap at around 12.
The ratio will be set based on volume weighted average price of Cummins and Atmus stock on March 7, 8, and 11. The pricing information is updated daily on a website.
While the tender deadline is March 13, individual brokerage firms have their own deadlines for retail clients. For Schwab (and TD Ameritrade) customers, the deadline is March 11. Schwab customers could purchase the stock Friday (for settlement Tuesday) and be able to participate in the tender process.
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For clients of Fidelity Investments, the deadline is March 12, with Fidelity handling tenders on March 13 on a best-efforts basis by 2 p.m. Eastern.
Atmus makes filters for trucks, heavy equipment, trains, and other applications. It was taken public in May 2023, when 19.5% of the company, or 16.2 million shares, were issued at $19.50 a share and Cummins retained 80.5%, or 67 million shares. Those 67 million shares will be swapped in the exchange offer.
Atmus is an inexpensive stock relative to other filtration companies such as Donaldson. Its stock trades for about 10 times projected 2024 earnings, based on the company’s guidance of $2.10 to $2.35 in profit this year.
https://www.msn.com/en-us/money/markets/retail-investors-could-make-2-000-on-cummins-exchange-offer-here-s-how/ar-BB1jzErP
pack10
3 years ago
I'm somewhat surprised no one posted the news on the new 15 liter engine cummins just announced.
As a former logistic manager who ran a fleet of trucks I agree with what Cummins is saying about THIS GAME CHANGER ENGINE. Yes it has the potential to be a game changer. And yes just in time for the infrastructure that will hav e numerous companies buying heavy duty dump trucks, cement mixers, and heavy duty equipment. The biggest advantage I can see in this new engine is the weight reduction. 500# is a big deal in many of these trucks, hauling cement, gravel, for road construction and just all around use. top it all off its NatGas power.
ITMS
7 years ago
Cummins Inc (NYSE:CMI) Tanks After Tesla Semi Debut
Today, most of the leading truck engine manufacturers are coming under heavy selling pressure after electric vehicle maker, Tesla Inc (NASDAQ:TSLA), announced that they are now making electric trucks. Truck engine stocks such as Cummins Inc (NYSE:CMI), Paccar Inc (NASDAQ:PCAR) and Navistar International Corp (NYSE:NAV) are plunging lower on the news.
Cummins Inc (NYSE:CMI) is trading lower by $6.82 to $160.32 a share. Traders should note that CMI stock is now testing its daily chart 200-day moving average. At this time, this important moving average is holding up as support, but a close below this critical moving average would be negative for the stock. The next major support level for CMI stock would be around the $150.00 area. This is where CMI was defended in August 2017 and should serve as a major support when initially retested. Keep this level on the radar for CMI stock as a major bounce level.
Nicholas Santiago
InTheMoneyStocks
pack10
8 years ago
Check out this latest news
The Obama administration is expected to issue final rules today reducing greenhouse gas emissions from trucks over the next decade, likely one of the last major climate-related rules President Obama will issue before he leaves office.The final regulations, which aim to cut 1B metric tons of emissions, will be a game-changer for tractor-trailers, buses and other large vehicles with model years 2021 through 2027.
CMI already has a complaint engine for this new regulation. I feel this could be a gold mine for CLNE, WPRT, and CMI.
Hulk Hogan is God
9 years ago
Not Coates, they haven't even tested their "engine" yet.
Still waiting for "parts", lol. That company does nothing but make promises, sell shares, then forget. For literally years of sub penny pink. Recycle, stick to Cummins, it's real.
stay long
9 years ago
This technology applies not just to the Cummins engine but can be adapted to all engines. Coates is a start up company with technology never before developed.
This information is a few months old but here is your answer in the words of the Coates CEO, Mr George Coates:
COATES INTERNATIONAL, LTD. HAS BEEN CONTACTED BY CERTAIN PEOPLE, ENTITIES AND INSTITUTIONS TO EXPLAIN HOW THE COMPANY CAN CLAIM THAT THE COATES CSRV PATENTED INTERNAL COMBUSTION ENGINE IS THE MOST ADVANCED IN THE WORLD
Wall Township, NJ – (Marketwired – July 9, 2015) Coates International, Ltd. (OTC PINK: COTE) (the “Company”) Directors asked Company President and CEO, Mr. George J. Coates, to respond.
Comments:
The poppet valve engine has been around for more than 100 years and the poppet valves, camshafts, cam followers, rockers, tappets, and push rods are the biggest problems in the design of the poppet valve internal combustion engine. Manufacturers have tried everything to make the poppet valve engine more efficient adding more poppet valves, overhead camshafts, turbo chargers, and super chargers. All of these attempts have made very little improvements that will never meet with new regulations, EPA and carbon reduction world standards, it will be quite impossible to create a poppet valve engine that will meet the new required standards of internal combustion engine thermal efficiencies.
On the other hand, here at Coates International, Ltd. we have designed the most advanced CSRV internal combustion engine in the world. We claim this because of the following:
1. In a N.14 or 855 Cummins industrial engine, we eliminate 2,700 parts and components out of that engine.
2. Eliminate the oil pressure supply to the head of the engine and only utilize the engine oil pressure for the cranks shaft bearing supply to the lower half of the cylinders.
3. We replace all 2,700 parts with only two assembly CSRV rotating shafts and two floating seals for each cylinder.
4. Greater volumetric efficiency up to double that of the poppet valve has been achieved.
5. Utilizing higher compression ratios of 12 to 1 and up to 20 to 1. Poppet valve engines in vehicles using gasoline are approximately 11 to 1, Caterpillar, Cummins 8.5 to 1 operating on natural gas and only operate as stand by emergency systems and not constant operating service.
6. The Coates CSRV engines have been independently tested and have proven results with more (H.P.), higher (R.P.M.s), lower fuel consumption, higher thermal efficiencies while producing lower harmful emissions released into our atmosphere.
7. The Coates CSRV engines operate on natural gas, CNG, LNG, propane, hydrogen, gasoline, diesel, and a combination of these fuels.
8. Poppet valves cannot operate higher than 8.5 to 1 compression ratio operating on LNG, CNG because the poppet valves are constantly in the combustion chamber and get red hot, when the constant temperature of the combustion chamber exceeds 2,400° F when it does, it manufactures No X. (oxides of nitrogen) and Co. (carbon monoxide) and uses much more fuel the engine thermal efficiency is reduced. The governments around the world are asking the impossible of the poppet engine.
9. The Coates CSRV Spherical Rotary Valve System constantly rotates away from the combustion chamber heat using incoming air to cool the inlet and cooling the exhaust with a water cooling system through the center of the exhaust assembly shaft; 35 gallons of water per minute.
10. There is no servicing or adjusting or maintenance to the CSRV system for the life of the engine.
11. Engine oil changes are extended to 50,000 miles or more.
12. The reason poppet valve engines do not last operating on natural gas; this fuel does not have any lubricating properties contained in it. As a result, number 1. piston rings in poppet valve engines wear out in a very short time.
13. The Coates CSRV engines incorporate the patented Coates sequential fuel injection system that injects a minute amount of diesel fuel in with the natural gas that the engine operates on. This prevents excessive wear on number one piston rings.
- Incorporating higher compression ratios
- Incorporating greater volumetric efficiencies
- Less moving parts
- Utilizing a stoic metric mixture throughout the acceleration curve creates the highest thermal efficient internal combustion engine
All this technology was invented and designed by Mr. George J. Coates and his son, Gregory G. Coates, over more than 20 years. Many patents have been awarded from the USA and from most industrial countries around the world.
All of the above technology and design is the reason that we call this CSRV engine ((the most advanced internal combustion engine in the world.)) There is nothing out there that compares.
I hope this answers all of the questions that we have been receiving.
http://www.coatesengine.com/
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