Advanced Emissions Solutions, Inc. (NASDAQ:ADES) rose Tuesday after the company announced it initiated a strategic alternatives review. The company also swung to a profit in the first quarter.
The company, out of Greenwood Village, Colorado, announced Monday that, in connection with the strategic review process, the Company has engaged Ducera Partners, LLC as its financial advisor and Gibson, Dunn & Crutcher LLP to serve as its legal advisor to assist with the evaluation process.
The intention is to complete the strategic review process in a timely fashion. However, there is no assurance that the review process will result in pursuing or completing any transaction, and no timetable has been set for completion of this process. The Company will provide an update when further disclosure is necessary or appropriate.
Said Interim CEO Greg Markin, "Due to our manufacturing assets, product and technology expertise, along with the strategic transactions completed during the last 12 months, we are in an advantaged positioned within the activated carbon market.
"This unique position offers us the opportunity to evaluate the best use of our strategic assets. With our RC cash flows scheduled to cease at the end of this year and the expected elimination of our remaining term loan balance during the second quarter of this year, we feel that today’s announcement is a prudent step toward ensuring we maximize shareholder value. We will remain highly focused on executing our business plan throughout this process."
ADES jumped 42 cents, or 9.1%, to $5.05.
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