GTEC renames itself Global Defense Technology & Systems Inc., commonly referred to as GTEC, is renaming itself Sotera Defense Solutions Inc.
The McLean company said the name Sotera is derived from Greek mythology and represents the spirit of safety, preservation and deliverance from harm. Officials said the new name reflects the company’s focus on meeting national security needs.
GTEC’s name and brand change follows the completion of the company’s previously announced acquisition by an affiliate of Ares Management LLC for about $315 million.
Capital One takes over Kohl’s credit cards
Kohl’s Department Stores has completed the transfer of its branded credit card business to Capital One Financial Corp.
Capital One picks up 20 million existing Kohl’s credit card accounts as part of a seven-year agreement. Kohl’s will continue to be responsible for customer service, advertising and marketing for its Kohl’s branded charge accounts.
GenVec shareholders OK reverse stock split
GenVec Inc. shareholders approved a 1-for-10 reverse stock split in a bid to keep the Gaithersburg biotech’s Nasdaq listing.
The company was notified by Nasdaq in November that its stock price, which fell below $1 a share more than a year ago, no longer met listing requirements. The company was given until May 9 for its stock to trade at a price of at least $1 for 10 consecutive trading days.
