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FICO® Score Remains the Most Widely Used Credit Score in the Securitization Market, Keeping Lender Confidence

FICO® Score Remains the Most Widely Used Credit Score in the Securitization Market, Keeping Lender Confidence

Study finds more than 95% of asset-backed securitizations rely on FICO® Scores

SAN JOSE, Calif.–(BUSINESS WIRE)–
Recent data from independent research firm, Mercator Advisory Group, now a part of Javelin Strategy & Research, found that asset-backed securitizations (ABS) continue to rely heavily on the FICO® Score as a risk and opportunity metric used to indicate credit quality in capital markets. The study found that more than 95% of asset-backed securitizations across seven collateral classes (i.e., Auto Leasing, Subprime Auto, Prime Auto, Student Loans, Time Shares, Consumer Finance, and Credit Cards) relied on FICO Scores to value their asset-backed securitizations in 2022. Year-to-date, FICO Scores remain at the top of the order for the collateral classes in the study.

“By far, FICO Scores are the dominant method to measure asset-backed securitization risk. There is some noise claiming alternative scores have traction, but if you look at the few firms that moved away from the FICO Score, you will often see deteriorating loan losses. Testing internal scores is one thing; moving away from the industry standard is another,” said Brian Riley, Co-Head of Payments Research at Javelin Strategy & Research. “Shifting credit scores, as losses rise, breaks the continuity that investors need to grade a portfolio. The FICO Score has proven to be consistent, predictable, and reliable over time. At a time when inflation and rising interest rates are a big concern, investors must have steady metrics that depict the ABS risk.”

The study continues a 60-month review process and confirms the FICO® Score remains the dominant credit score used to assess credit risk in the securitization market. As lenders continue to navigate economic uncertainty, while facing rising interest rates and consumer price increases, lenders have continued to rely on FICO Scores when they brought asset-backed securitizations to Wall Street. Javelin has reviewed public ABS issued in eight asset classes in the U.S. between 2016 and 2022 to examine FICO Score usage. The FICO Score remains the dominant metric for indicating credit risk in the seven collateral classes with activity graded by top credit reporting agencies. Motorcycle securitizations, usually part of the eight collateral classes, did not have activity in 2022.

FICO® Scores are used throughout the credit lifecycle, from acquisitions to applications, and credit management. One reason that the score plays such an important role in the ABS process is that it is a risk management metric used everywhere throughout the payment function. Lenders understand what the FICO Score means and know it is predictive across consumer collateral classes.

For more information about the predictive power of FICO® Scores and the newest and most powerful FICO Score, FICO® Score 10 T, visit: https://www.fico.com/en/latest-thinking/white-paper/fico-score-10-and-fico-score-10-t-model-assessment.

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 215 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in nearly 120 countries do everything from protecting 2.6 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency. Learn more at www.fico.com.

Julie Huang

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Software Banking Accounting Professional Services Data Management Consumer Technology Security Other Consumer Finance Other Technology Consulting

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Freelancers Surge as Marketers Face Layoffs, Reject Office Return: New Study from Fiverr Pro

The majority of marketing leaders (54%) have more freelancers on their team this year compared to previous years

80% of marketing leaders know of marketing professionals who have become freelancers as a result of either layoffs or return to office policies

85% of marketing leaders surveyed conducted layoffs since the start of 2022

52% of marketing professionals would not even consider applying for a job if it required them to be in the office full-time

NEW YORK, Sept. 28, 2023 (GLOBE NEWSWIRE) — Fiverr International Ltd. (NYSE: FVRR), the company that is changing how the world works together, today released new research from Fiverr Pro, Fiverr’s premium solution for medium to large businesses seeking top professional talent, revealing how marketing professionals are increasingly leaning on freelancers. The findings include the percentage of marketing leaders who have conducted layoffs in the last year, the job titles that were cut, and the resulting skills gaps that freelancers are being tapped to replenish.

Additionally, the survey details the staffing and recruiting challenges that marketing leaders are facing; marketing employees are not comfortable with return to office (RTO) policies.

Marketing Leaders Have Slashed Their Full-time Workforce

The research shows that a staggering 85%1 of marketing leaders surveyed conducted layoffs this year or last year, resulting in a loss of various skills, with the top three being Marketing Manager (37%), Digital Marketing (31%), and Market Research (30%). Of the marketing leaders who conducted layoffs, 83% turned to freelancers for specific expertise that was lost.

“The unpredictability of the U.S. economy has forced many marketing leaders to lay off full-time workers, which has left entire teams with missing roles that impact productivity,” said General Manager of Fiverr Pro, Shai-Lee Spigelman. “As these leaders look to stabilize their business and fill those gaps, we’re seeing freelancers as a solution that positively benefits the entire team — providing support to full-time employees, bringing in new ideas, and maintaining strong business momentum.”

Freelancers Support and Benefit Marketing Workforces

On average, 45% of marketing leaders’ teams are made up of freelancers, and the majority (54%) have more freelancers on their team this year compared to previous years — this is particularly true for organizations with over 100 employees.

When it comes to why freelancers were brought in, the top reasons were to support full-time employees (63%), support specific projects (57%), and benefit from new skills (56%). As a result, 74% of full-time and part-time employees say they felt supported by the freelancers their companies brought in the last year, demonstrating that freelance talent is a solution that benefits both marketing leaders and employees.

Conflict between Managers and Employees Over RTO

When it comes to RTO, 95% of surveyed marketing leaders have RTO policies in place, and 85%3 of them believe in the RTO policy they are enforcing. In fact, 62% of marketing leaders say that employee response to the RTO policy has been positive. However, 61% of full-time or part-time marketing professionals have looked at freelance opportunities because of their current employer’s RTO policy. The difference in these responses reveals a disconnect between the marketing leaders and their employees.

RTO is not just a problem with retention, it’s also hindering recruitment. The survey revealed the majority of marketing professionals (53%) would not consider applying for a job if it required them to be in the office full-time or even part-time, citing flexibility (53%) and commuting time (43%) as the top reasons. However, there may be hope, as 86% of marketing leaders with RTO policies in place agree that they need to consider offering increased flexibility to staff to help alleviate the back-to-office push.

“Looking to the future, I urge marketing leaders who are building their teams and planning their 2024 strategies to seriously consider these new workforce challenges and the impact they may have on the future of their organizations,” continued Spigelman. “Additionally, considering different solutions like freelancers to meet these challenges is key to staying competitive in this rapidly evolving industry. If they don’t, marketing departments and teams will only continue to lose valuable talent to more flexible options and risk being obsolete.”

For more information on Fiverr Pro, Fiverr’s powerhouse end-to-end solution for larger organizations in today’s dynamic business landscape, visit pro.fiverr.com.

The research was conducted by Censuswide among a sample of 502 marketing, advertising, brand, growth, PR/communications, and SEO leaders in the US (aged 18+) and 1,009 marketing, advertising, brand, growth, PR/communications, and SEO professionals in the US (aged 18+). The data was collected between 8.30.23 – 9.8.23. Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct, which is based on the ESOMAR principles.

1 This stat is the reverse of those who selected ‘We did not conduct layoffs this or last year’

2 ‘Very supported’ and ‘Somewhat supported’ responses combined

3’ Strongly agree’ and ‘Somewhat agree’ responses combined

4 ‘Yes, because of layoffs’ and ‘Yes, because of RTO policies’, and ‘Yes, both’ responses combined

About Fiverr

Fiverr’s mission is to change how the world works together. We exist to democratize access to talent and to provide talent with access to opportunities so anyone can grow their business, brand, or dreams. From small businesses to Fortune 500, over 4 million customers worldwide worked with freelance talent on Fiverr in the past year, ensuring their workforces remain flexible, adaptive, and agile. On Fiverr, you can find over 600 skills, ranging from programming to 3D design, digital marketing to content creation, from video animation to architecture.

Fiverr companies include ClearVoice, CreativeLive, Working Not Working, SLT Consulting and Stoke Talent. Don’t get left behind – come be a part of the future of work by visiting fiverr.com, read our blog, and follow us on Twitter,Instagram, and Facebook.

Media Contacts:

Tommy Lee
[email protected] 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4ce3915b-a649-4918-a544-bcce936e8565



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VMware Positioned as a Leader in the IDC MarketScape for Worldwide SD-WAN Infrastructure

VMware Positioned as a Leader in the IDC MarketScape for Worldwide SD-WAN Infrastructure

PALO ALTO, Calif.–(BUSINESS WIRE)–
VMware, Inc. (NYSE: VMW) today announced that it has been positioned as a Leader in the IDC MarketScape: Worldwide SD-WAN Infrastructure 2023 Vendor Assessment (doc #US50471623, September 2023). VMware was previously named a Leader in the 2021 IDC MarketScape for Worldwide SD-WAN Infrastructure vendor assessment.

VMware’s SD-WAN platform was recognized for several strengths including its up-and-coming cloud-based security tools portfolio, management tool integrations, work-from-home services, and integrated network visibility and analytics solutions. The report states, “VMware’s SD-WAN has integrations with a variety of other management tools from VMware, which make VMware’s SD-WAN a strong choice for VMware customers and gives the company significant opportunity to expand its SD-WAN customer base.”

“We’ve evolved VMware SD-WAN to provide enterprises more flexibility and efficiency as they navigate their cloud, hybrid work, and edge journeys,” said Abe Ankumah, vice president and general manager, SD-WAN and SASE, VMware. “We’re pleased to be named a Leader in the IDC MarketScape report as we believe it’s a testament to our commitment to providing our customers with ubiquitous and reliable connectivity to users and devices everywhere.”

Enhanced Orchestration Capabilities for the Software-Defined Edge

Built with the idea that the cloud is the network, VMware SD-WAN is focused on multi-cloud and SaaS connectivity, hybrid worker connectivity, and edge-native applications. According to the IDC MarketScape, “VMware SD-WAN provides a transport independent overlay that can work across any combination of circuits. It can dynamically optimize traffic over multiple links, enabling secure (encrypted) connectivity to enterprise data centers, public SaaS & IaaS clouds, as well as remote and hybrid workers.”

VMware SD-WAN’s new management platform, VMware Edge Cloud Orchestrator (formerly VMware SASE Orchestrator), provides a cloud-delivered, multi-tenant, multi-tiered, single-pane of glass for network, security, analytics, and AIOps capabilities. In addition to supporting SD-WAN, the management interface also supports VMware’s SASE services (SD-WAN, SD-Access, Secure Access, Cloud Web Security, and Edge Network Intelligence).

At VMware Explore 2023 Las Vegas, VMware announced the new VMware Edge Cloud Orchestrator capabilities to help customers plan, deploy, run, visualize, and manage their edge environments in a friction-free manner – allowing them to run edge-native applications focused on business outcomes. The VMware Edge Cloud Orchestrator will deliver holistic edge management by providing a single console to manage edge compute infrastructure, networking, and security. VMware Edge Cloud Orchestrator is key enabler of VMware’s software-defined edge – a distributed digital infrastructure that runs workloads and edge native applications across a number of locations, close to endpoints that are producing and consuming data.

Additional Resources

About IDC MarketScape

IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.

About VMware

VMware is a leading provider of multi-cloud services for all apps, enabling digital innovation with enterprise control. As a trusted foundation to accelerate innovation, VMware software gives businesses the flexibility and choice they need to build the future. Headquartered in Palo Alto, California, VMware is committed to building a better future through the company’s 2030 Agenda. For more information, please visit www.vmware.com/company.

VMware, VMware Edge Cloud Orchestrator and Explore are registered trademarks or trademarks of VMware, Inc. or its subsidiaries in the United States and other jurisdictions. This article may contain hyperlinks to non-VMware websites that are created and maintained by third parties who are solely responsible for the content on such websites.

Media Contact

Eloy Ontiveros

VMware Global Communications

Phone: 1 650 427 6145

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Apps/Applications Technology Mobile/Wireless Security Other Technology Telecommunications Software Networks Data Management

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Floor & Decor Announces Grand Opening of Nanuet, New York Store

Floor & Decor Announces Grand Opening of Nanuet, New York Store

– Leading high-growth retailer specializing in hard-surface flooring offers homeowners and professionals the industry’s broadest in-stock selection of tile, natural wood, natural stone and more celebrates its ninth store in the New York City Metropolitan Area –

ATLANTA–(BUSINESS WIRE)–Floor & Decor (NYSE: FND), the leading high-growth retailer specializing in hard-surface flooring for homeowners and professionals, has announced the grand opening of its ninth store in the New York City Metropolitan Area, with the addition of its newest location in Nanuet, New York.Located at 32 S Middletown Road the warehouse store and design center will open with a team of about 50 full-time and part-time associates led by Salvatore Calamia, the store Chief Executive Merchant.

“We’re thrilled to announce our newest store location in Nanuet,” said Calamia. “For more than two decades, Floor & Decor has had the opportunity to serve professionals and homeowners throughout the nation, and we are excited to expand our footprint yet again in New York with this new location. We look forward to becoming part of the community and welcoming our newest neighbors into our store and making their renovation journeys easier, inspired and more affordable.”

In celebration of the grand opening, Floor & Decor is hosting a ribbon cutting ceremony on October 11, at 2:00 pm ET with the with the Nanuet Chamber of Commerce and Rockland County Chamber of Commerce. In addition, guests can enjoy coffee and pastries from Roasted Coffee and Rockland Bakery and meet New York Giants Alumni, Jeff Feagles.

Calling All PROs

In appreciation of its valued builders, contractors, architects, designers, remodelers, flooring installers and realtors, Floor & Decor welcomes its PRO network to the new location with a special PRO VIP Grand Opening event on October 10. PROs can visit www.flooranddecor.com/nanuetpro to RSVP and register to win $10,000 and other great prizes like Floor & Decor gift cards and more. During the event, visitors will get to meet the PRO Services Team, interact with supplier representatives, and learn about Floor & Decor’s PRO services and industry-leading Pro Premier Rewards program.

“Building relationships with our local professionals is very important to us. Their success is our success,” said Calamia.

$5,000 Floor Makeover Sweepstakes

In addition, the Nanuet Floor & Decor store will give away a $5,000 Floor Makeover and two tickets to the New York Giants vs the Philadelphia Eagles as part of its grand opening festivities. Now through December 12, 2023, customers have the chance to register to win these prizes at http://www.floormakeovernynj2023.com/.

Store Facts & Features

  • Location: 32 S Middletown Road Nanuet, NY 10954

  • Regular store hours: Monday – Friday 7am-7pm, Saturday 8am-7pm, Sunday 10am-6pm

  • Phone Number: 845-215-6119

Floor & Decor is one of Fortune’s 100 fastest-growing companies, and in April 2023, Floor & Decor was named to Yelp’s “Most Loved Brands” list, which honors the most loved brands on the consumer reviews platform.

For more information on Floor & Decor, please visit https://www.flooranddecor.com/ and on Facebook (www.facebook.com/flooranddecor).

About Floor & Decor: Founded in 2000, Atlanta-based Floor & Decor is a leading high-growth specialty retailer of hard-surface flooring, operating more than 200 warehouse-format stores and five design studios across 36 states. The stores offer homeowners and professionals the industry’s broadest in-stock selection of tile, wood, natural stone, and laminate and luxury vinyl plank under one roof. In addition, Floor & Decor stocks the necessary tools, decorative materials, wall tile, and related accessories for hard-surface flooring projects. Stores carry over 1 million square feet of in-stock flooring and offer free design services, as well as a dedicated pro sales team. The company directly sources products from manufacturers around the globe, which enables it to bring innovative flooring trends to its customers, at everyday low prices. Floor & Decor has locations nationwide, but each store is bolstered by a local focus that creates a store experience and mix of products that meet the needs of each market served.

MEDIA CONTACT: Anne LeZotte

Floor & Decor

[email protected]

770-468-4949

KEYWORDS: United States North America New York Georgia

INDUSTRY KEYWORDS: Interior Design Retail Architecture Luxury Home Goods Specialty Construction & Property

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Benchmarking Study Shows Streamlined Structural Variant Detection and High Concordance for OGM Compared to Chromosomal Microarray Analysis, the Global Standard in Genetic Disease Analysis

SAN DIEGO, Sept. 28, 2023 (GLOBE NEWSWIRE) — Bionano Genomics, Inc. (Nasdaq: BNGO) today announced the publication of the first peer-reviewed benchmarking study to compare optical genome mapping (OGM) to the current global standard in molecular analysis of constitutional genetic disorders, chromosomal microarray analysis (CMA).

The study evaluated the potential of OGM to measure all classes of variant types covered by CMA, including gains, losses, aneuploidy, triploidy and absence of heterozygosity, in indications including unexplained developmental delay/intellectual disability (DD/ID), autism spectrum disorders (ASD), and multiple congenital anomalies (MCA). The study also compared the performance of OGM to methods such as karyotyping (KT) and fluorescence in situ hybridization (FISH), which are used in conjunction with CMA to resolve duplications or when CMA results suggest the presence of a translocation.

Key Findings:

  • OGM was 100% concordant with CMA for the detection of pathogenic variants (46 out of 46 pathogenic variants detected in 36 samples)
  • OGM was 98% concordant with CMA for the detection of clinically significant structural variants (60 out of 61 clinically significant variants detected by OGM were in agreement with CMA results; 1 variant was called a duplication by CMA and called an insertion by OGM)
  • In 22% of samples (12 out of 55 samples), the higher resolution of OGM allowed for better refinement of the structure of the genome compared with CMA alone
  • In 3 cases where CMA results implied unbalanced derivative chromosomes, OGM was able to detect the translocation (fusion)

“According to guidelines, CMA is the global standard for molecular analysis of constitutional genetic disorders. Additionally, KT and FISH are needed as a reflex when researchers must confirm a translocation or locate a duplication.

CMA remains the current global standard because short-read whole genome sequencing (WGS) remains too expensive to run at sufficient depth to offer comparable resolution to what CMA provides, and low-pass WGS is typically only cost-effective with high sample volumes. The gap between long-read sequencing and CMA is even greater than the gap between short-read WGS and CMA.

It is important for the research community to have a benchmarking study comparing OGM to CMA, especially for genetic disorders, since OGM has a comparatively cost-effective workflow with simple interpretation and analysis. We are pleased to see the study findings confirm OGM’s full concordance with CMA and its potential to eliminate the need for reflex testing with FISH and KT, based on its higher resolution,” commented Erik Holmlin, president and chief executive officer of Bionano.

The publication can be viewed here.

About Bionano

Bionano is a provider of genome analysis solutions that can enable researchers and clinicians to reveal answers to challenging questions in biology and medicine. The Company’s mission is to transform the way the world sees the genome through OGM solutions, diagnostic services and software. The Company offers OGM solutions for applications across basic, translational and clinical research. Through its Lineagen, Inc. d/b/a Bionano Laboratories business, the Company also provides diagnostic testing for patients with clinical presentations consistent with autism spectrum disorder and other neurodevelopmental disabilities. The Company also offers an industry-leading, platform-agnostic software solution, which integrates next-generation sequencing and microarray data designed to provide analysis, visualization, interpretation and reporting of copy number variants, single-nucleotide variants and absence of heterozygosity across the genome in one consolidated view. The Company additionally offers nucleic acid extraction and purification solutions using proprietary isotachophoresis technology. For more information, visit www.bionano.com, www.bionanolaboratories.com or www.purigenbio.com. 

Unless specifically noted otherwise, Bionano’s OGM products are for research use only and not for use in diagnostic procedures.

Forward-Looking Statements of Bionano

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “can,” “could,” “may” “potential” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances and the negatives thereof) convey uncertainty of future events or outcomes and are intended to identify these forward-looking statements. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the potential of OGM to measure all classes of variant types covered by CMA in indications including DD/ID, ASD and MCA and eliminate the need for reflex testing with FISH and KT, based on its higher resolution; and other statements that are not historical facts.

Each of these forward-looking statements involves risks and uncertainties. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include the risks and uncertainties associated with: the impact of geopolitical and macroeconomic developments, such as recent and future bank failures, the ongoing Ukraine-Russia conflict, related sanctions, and any global pandemics, on our business and the global economy; challenges inherent in developing, manufacturing and commercializing products; our ability to further deploy new products and applications and expand the markets for our technology platforms; failure of our OGM solutions to measure all classes of variant types covered by CMA in a manner consistent with the study results described in this press release; future study results that contradict or do not support the study results described in this press release; our expectations and beliefs regarding future growth of the business and the markets in which we operate; changes in our strategic and commercial plans; our ability to obtain sufficient financing to fund our strategic plans and commercialization efforts; and including the risks and uncertainties described in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2022 and in other filings subsequently made by us with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. We are under no duty to update any of these forward-looking statements after the date they are made to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date the statements are made. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements contained in this press release.

CONTACTS

Company Contact:

Erik Holmlin, CEO
Bionano Genomics, Inc.
+1 (858) 888-7610
[email protected]

Investor Relations:

David Holmes
Gilmartin Group
+1 (858) 888-7625
[email protected]



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Moelis & Company is the 2023 American Gambling Awards Dealmaker of the Year

Moelis & Company is the 2023 American Gambling Awards Dealmaker of the Year

NEW YORK–(BUSINESS WIRE)–
The American Gambling Awards is pleased to announce Moelis & Company LLC (“Moelis”) is the 2023 “Dealmaker of the Year.” The American Gambling Awards are produced by Gambling.com Group Limited (Nasdaq: GAMB) (“Gambling.com Group” or the “Group”), a leading provider of player acquisition services for the regulated global online gambling industry.

Moelis acted as financial advisor to PointsBet for the completed acquisition of PointsBet’s U.S. business by Fanatics subsidiary Fanatics Betting & Gaming (FBG) for $225 million in June 2023. The deal helped facilitate Fanatics’ long-awaited entrance into the online sports betting sector — giving FBG access to PointsBet’s portfolio of U.S. gaming licenses and full suite of proprietary technology to help it scale rapidly – while providing PointsBet shareholders with significant capital return and the most attractive risk-adjusted value outcome for its U.S. business. Judges noted the deal represents a landmark transaction that will further shape the American online gaming landscape.

Charles Gillespie, Chief Executive Officer of Gambling.com Group, said, “Fanatics’ acquisition of PointsBet’s U.S. business could immediately see the largest sports and collectibles licensee in the world compete with industry titans, and Moelis’ role as advisor for the transaction makes it very deserving of receiving the Dealmaker of the Year award. Moelis has intimate knowledge of the global gaming industry and a proven track record in complex, cross-border transactions.”

For more information about the American Gambling Awards, including a full list of winners, please visit the awards website: www.gambling.com/us/awards.

About Gambling.com Group Limited

Gambling.com Group Limited (Nasdaq: GAMB) (the “Group”) is a multi-award-winning performance marketing company and a leading provider of digital marketing services active in the online gambling industry. Founded in 2006, the Group has offices globally, primarily operating in the United States and Ireland. Through its proprietary technology platform, the Group publishes a portfolio of premier branded websites including Gambling.com, Bookies.com, RotoWire.com and Casinos.com. The Group owns and operates more than 50 websites in seven languages across 15 national markets covering all aspects of the online gambling industry, including iGaming and sports betting, and the fantasy sports industry.

Media:

Lucas Smith, Gambling.com Group, [email protected]

Jordan Bieber, 5W Public Relations, [email protected]

Investors:

Peter McGough, Gambling.com Group, [email protected]

Richard Land, Norberto Aja, JCIR, [email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Sports Entertainment Professional Services Internet General Sports Technology Asset Management General Entertainment Marketing Communications Electronic Games Finance Casino/Gaming

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Sunrun Closes $715 million Senior Securitization of Residential Solar & Battery Systems and Raises $253 million of Additional Subordinated Financing

SAN FRANCISCO, Sept. 28, 2023 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of residential solar, storage and energy services, today announced it has closed the securitization of leases and power purchase agreements, known as Sunrun’s solar-as-a-service offering, and raised additional subordinated non-recourse financing.

“We are pleased with Sunrun’s record-setting transaction, placing the largest ever residential solar securitization for the industry and subsequently raising additional non-recourse financings, ”
said Danny Abajian, Sunrun’s Chief Financial Officer.
“Sunrun’s execution demonstrates our non-recourse, asset level financing strategy provides attractive capital to fuel growth, with strong advance rates, allowing unit-level cash generation over time without increasing leverage at the parent level.”

The securitization transaction was structured with two pari passu tranches of A- rated notes (the “Class A-1” and “Class A-2”, respectively and together the “Class A”) and a single class of BB+ (“Class B”) rated notes. The $440mm Class A-1 notes were marketed in a public asset backed securitization whereas the $275mm Class A-2 notes were privately placed. The Class A-1 and A-2 notes were both priced with a coupon of 6.60%. Strong investor demand for the Class A-1 notes resulted in a spread of 240bps and a yield of 6.78%, while also enabling the Class A-1 notes to be upsized by $100mm to $440mm. The spread of 240bps represents an improvement of 25bps from Sunrun’s 2023-1 asset backed securitization in May 2023. The Class A-1 and A-2 notes represent an advance rate of approximately 67.4% of the securitization share of the aggregate discounted solar asset balance (i.e., contracted cash flows available for debt servicing) using a 6% discount rate. The Class A-1 and A-2 notes have an expected weighted average life of 6.53 years, an Anticipated Repayment Date of July 30, 2030 and a final maturity date of January 30, 2059.   

Similar to prior transactions, Sunrun raised an additional subordinated subsidiary-level non-recourse financing totaling $253mm (secured, in part, by the distributions from the Class B notes), after the securitization transaction closed, which increased the cumulative advance rate obtained by Sunrun.

The terms associated with the securitization and subsequent subordinated non-recourse financing, taken together with related tax equity proceeds, upfront incentives, and customer prepayments, net of transaction fees and required cash reserves, are equivalent to a cumulative advance rate that is consistent with the company’s prior commentary of approximately 79% to 84% of the company’s contracted Subscriber Value metric using a 6% discount rate. Sunrun obtained actual net proceeds that slightly exceeded this range in the most recent series of transactions, with the debt sizing benefiting from approximately a quarter of the assets in these financings being seasoned as they have been placed in service over 6 years ago. In connection with including these seasoned assets in the financing, Sunrun also repaid $255 million in total debt, including senior and subordinated term loans maturing in 2024 and 2029, respectively.

Deutsche Bank Securities was the sole structuring agent and served as joint bookrunner along with Atlas SP Securities, BofA Securities, and MUFG Securities Americas. Citigroup Global Markets, Credit Agricole Securities, ING Financial Markets, J.P. Morgan Securities, SG Americas Securities, TD Securities, and Truist Securities served as co-managers for the securitization.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.


Investor & Analyst Contact:


Patrick Jobin
Senior Vice President, Finance & IR
[email protected]


Media Contact:


Wyatt Semanek
Director, Corporate Communications
[email protected]

About Sunrun

Sunrun Inc. (Nasdaq: RUN) is the nation’s leading home solar, storage, and energy services company. Founded in 2007, Sunrun pioneered home solar service plans to make local clean energy more accessible to everyone for little to no upfront cost. Sunrun’s innovative home storage solution brings families affordable, resilient, and reliable energy. The company can also manage and share stored solar energy to provide benefits to households, utilities, and the electric grid while reducing our reliance on polluting energy sources. For more information, please visit www.sunrun.com.

Forward Looking Statements

This communication contains forward-looking statements related to Sunrun (the “Company”) within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements related to: the Company’s financial and operating guidance and expectations; the Company’s business plan, trajectory, expectations, market leadership, competitive advantages, operational and financial results and metrics (and the assumptions related to the calculation of such metrics); the Company’s momentum in its business strategies including its ESG efforts, expectations regarding market share, total addressable market, customer value proposition, market penetration, financing activities, financing capacity, product mix, and ability to manage cash flow and liquidity; the growth of the solar industry; trends or potential trends within the solar industry, our business, customer base, and market; the Company’s ability to derive value from the anticipated benefits of partnerships, new technologies, and pilot programs; anticipated demand, market acceptance, and market adoption of the Company’s offerings, including new products, services, and technologies; expectations regarding the growth of home electrification, electric vehicles, virtual power plants, and distributed energy resources; the Company’s ability to manage suppliers, inventory, and workforce; supply chains and regulatory impacts affecting supply chains; the Company’s leadership team and talent development; the legislative and regulatory environment of the solar industry and the potential impacts of proposed, amended, and newly adopted legislation and regulation on the solar industry and our business; the ongoing expectations regarding the Company’s storage and energy services businesses and anticipated emissions reductions due to utilization of the Company’s solar systems; and factors outside of the Company’s control such as macroeconomic trends, bank failures, public health emergencies, natural disasters, acts of war, terrorism, geopolitical conflict, or armed conflict / invasion, and the impacts of climate change. These statements are not guarantees of future performance; they reflect the Company’s current views with respect to future events and are based on assumptions and estimates and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements. The risks and uncertainties that could cause the Company’s results to differ materially from those expressed or implied by such forward-looking statements include: the Company’s continued ability to manage costs and compete effectively; the availability of additional financing on acceptable terms; worldwide economic conditions, including slow or negative growth rates and inflation; volatile or rising interest rates; changes in policies and regulations, including net metering, interconnection limits, and fixed fees, or caps and licensing restrictions and the impact of these changes on the solar industry and our business; the Company’s ability to attract and retain the Company’s business partners; supply chain risks and associated costs; realizing the anticipated benefits of past or future investments, partnerships, strategic transactions, or acquisitions, and integrating those acquisitions; the Company’s leadership team and ability to attract and retain key employees; changes in the retail prices of traditional utility generated electricity; the availability of rebates, tax credits and other incentives; the availability of solar panels, batteries, and other components and raw materials; the Company’s business plan and the Company’s ability to effectively manage the Company’s growth and labor constraints; the Company’s ability to meet the covenants in the Company’s investment funds and debt facilities; factors impacting the home electrification and solar industry generally, and such other risks and uncertainties identified in the reports that we file with the U.S. Securities and Exchange Commission from time to time. All forward-looking statements used herein are based on information available to us as of the date hereof, and we assume no obligation to update publicly these forward-looking statements for any reason, except as required by law.

Citations to industry and market statistics used herein may be found in our Investor Presentation, available via the “Investor Relations” section of Sunrun’s website at https://investors.sunrun.com.



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Massachusetts Council on Gaming and Health Wins the 2023 American Gambling Awards Responsible Gaming Award

Massachusetts Council on Gaming and Health Wins the 2023 American Gambling Awards Responsible Gaming Award

NEW YORK–(BUSINESS WIRE)–
The American Gambling Awards is pleased to announce the Massachusetts Council on Gaming and Health (MACGH) has won the 2023 “Responsible Gaming Award.” The American Gambling Awards is produced by Gambling.com Group Limited (Nasdaq: GAMB) (“Gambling.com Group” or the “Group”), a leading provider of player acquisition services for the regulated global online gambling industry.

In collaboration with the Massachusetts Gaming Commission, the MACGH created and operates a Voluntary Self-Exclusion program (VSE) — the first of its kind in North America. Such programs limit or block access to gambling services for individuals who have volunteered to be excluded and have proven to be very effective at reducing gambling related harm. The MACGH conducted an online advertising campaign to raise awareness about their VSE program. This proactive outreach, combined with multilingual support in over 18 languages, shows clear leadership from MACGH.

Charles Gillespie, Chief Executive Officer of Gambling.com Group, said, “The Massachusetts Council on Gaming and Health has been a leader in developing prevention and intervention strategies for at-risk players. Many regulators and other stakeholders across the U.S. industry could learn from the MACGH and other self-exclusion success stories around the world. These programs work, and I hope to see more such schemes emerge across the regulated American landscape to ensure consumers have all the tools necessary to limit their access to gambling services, where needed.”

“This recognition from the American Gambling Awards and Gambling.com Group motivates us to continue developing innovative, responsible gaming initiatives,” said MACGH Chief Executive Officer Marlene Warner. “We hope our Voluntary Self-Exclusion program inspires other jurisdictions to adopt similar measures to promote informed gambling choices.”

For more information about the American Gambling Awards, including a full list of winners, please visit the awards website: www.gambling.com/us/awards.

About Gambling.com Group Limited

Gambling.com Group Limited (Nasdaq: GAMB) (the “Group”) is a multi-award-winning performance marketing company and a leading provider of digital marketing services active in the online gambling industry. Founded in 2006, the Group has offices globally, primarily operating in the United States and Ireland. Through its proprietary technology platform, the Group publishes a portfolio of premier branded websites including Gambling.com, Bookies.com, RotoWire.com and Casinos.com. The Group owns and operates more than 50 websites in seven languages across 15 national markets covering all aspects of the online gambling industry, including iGaming and sports betting, and the fantasy sports industry.

For further information, please contact:

Media:

Lucas Smith, Gambling.com Group, [email protected]

Jordan Bieber, 5W Public Relations, [email protected]

Investors:

Peter McGough, Gambling.com Group, [email protected]

Richard Land, Norberto Aja, JCIR, [email protected]

KEYWORDS: New York Massachusetts United States North America

INDUSTRY KEYWORDS: Casino/Gaming Entertainment Online

MEDIA:

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Theriva Biologics to Participate in the Emerging Growth Conference

ROCKVILLE, Md., Sept. 28, 2023 (GLOBE NEWSWIRE) — Theriva Biologics (NYSE American: TOVX), a diversified clinical-stage company developing therapeutics designed to treat cancer and related diseases in areas of high unmet need, today announced that Company’s Management will provide a corporate update and participate in one-on-one investor meetings at the Emerging Growth Conference, to be held virtually from October 4-5, 2023.

The Emerging Growth Conference

Format: Corporate presentation and one-on-one investor meetings
Presentation Date: Thursday, October 5, 2023
Presntation Time: 9:40 AM ET
Registration Link: click here

The webcast of the presentation will also be available through the conference portal and on the Emerging Growth YouTube Channel. The replay of the presentation will be accessible in the “Investors” section of the company’s website, https://www.therivabio.com, under “Events.”

About Theriva Biologics, Inc.
Theriva Biologics (NYSE American: TOVX), is a diversified clinical-stage company developing therapeutics designed to treat cancer and related diseases in areas of high unmet need. The Company’s subsidiary Theriva Biologics, S.L., has been developing a new oncolytic adenovirus platform designed for intravenous (IV), intravitreal and antitumoral delivery to trigger tumor cell death, improve access of co-administered cancer therapies to the tumor, and promote a robust and sustained anti-tumor response by the patient’s immune system. The Company’s lead clinical-stage candidates are: (1) VCN-01, an oncolytic adenovirus designed to replicate selectively and aggressively within tumor cells, and to degrade the tumor stroma barrier that serves as a significant physical and immunosuppressive barrier to cancer treatment; (2) SYN-004 (ribaxamase) which is designed to degrade certain commonly used IV beta-lactam antibiotics within the gastrointestinal (GI) tract to prevent microbiome damage, thereby limiting overgrowth of pathogenic organisms such as VRE (vancomycin resistant Enterococci) and reducing the incidence and severity of acute graft-versus-host-disease (aGVHD) in allogeneic hematopoietic cell transplant (HCT) recipients); and (3) SYN-020, a recombinant oral formulation of the enzyme intestinal alkaline phosphatase (IAP) produced under cGMP conditions and intended to treat both local GI and systemic diseases. For more information, please visit Theriva Biologics’ website at www.therivabio.com.

For further information, please contact:

Investor Relations:

Chris Calabrese
LifeSci Advisors, LLC
[email protected]
917-680-5608
Source: Theriva Biologics, Inc.



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Baudax Bio Announces Orphan Drug Designation Granted by U.S. FDA for TI-168 for the Treatment of Hemophilia A with Inhibitors

MALVERN, Pa., Sept. 28, 2023 (GLOBE NEWSWIRE) — Baudax Bio, Inc. (the “Company” or “Baudax Bio”) (NASDAQ: BXRX), a biotechnology company focused on developing T cell receptor (“TCR”) therapies utilizing human regulatory T cells (“Tregs”), as well as a portfolio of clinical stage Neuromuscular Blocking Agents (“NMBs”) and an associated reversal agent, today announced that U.S. Food and Drug Administration (FDA) has granted orphan drug designation to its lead clinical candidate TI-168 for the treatment of Hemophilia A with inhibitors. TI-168 is the Company’s next-generation, FVIII specific Treg therapy designed to reliably and effectively address Hemophilia A patients with FVIII inhibitors.

“We are very pleased with the FDA’s decision to grant orphan drug designation to TI-168, which we believe highlights the urgent need for innovation and new therapeutic options for Hemophilia A patients,” said Gerri Henwood, President and Chief Executive Officer of Baudax Bio. “We believe this is an important therapeutic area, with established preclinical proof of concept in TI-168 through successes observed in Hemophilia A with inhibitors in animal models. With an Investigational New Drug (IND) application already FDA-cleared, we believe we can activate the Phase 1/2a Clinical Trial of TI-168 for Treatment of hemophilia A with inhibitors with a modest initial budget, and advance this therapy to further clinical investigation in early 2024.”

The FDA’s Office of Orphan Products Development grants orphan status to drugs being developed to treat, diagnose, or prevent a rare disease or condition affecting fewer than 200,000 people in the United States. Orphan Drug Designation is designed to provide drug developers with various benefits to support the development of novel drugs, including the potential for market exclusivity for seven years upon FDA approval, eligibility for tax credits for qualified clinical trials, waiver of application fees, reduced annual product fees, clinical protocol assistance and potential qualification for expedited development programs.

About Baudax Bio

Baudax Bio is a biotech company focused on innovative products for certain auto-immune conditions, of which many but not all, are orphan drug conditions as well as acute care and related settings. The combined company will further the development of Treg therapy specific to HA (pipeline candidate TI-168). TI-168 is a next-generation, FVIII specific Treg therapy designed to reliably and effectively address Hemophilia A patients with FVIII inhibitor. By combining the patented Treg culture method and TeraImmune designed FVIII-specific TCR, the Company has successfully demonstrated the therapeutic concept of FVIII TCR-Treg therapy in controlling of FVIII ADA in a hemophilic animal model. The lead program TI-168 has shown encouraging pre-clinical data and the FDA has cleared an IND to commence a Phase 1/2a clinical trial for the treatment of Hemophilia A with inhibitors.

In addition, over time, the combined company will advance the development of TeraImmune’s innovative immune-cell therapies, leveraging a dual Treg manufacturing platform consisting of both natural regulatory Tregs isolated from patients and induced Tregs converted from a patient’s T-effector (“Teff”) cells. This Treg platform technology is designed for conditions that suppress unwanted immune reactions and includes the allogenic, or off-the-shelf, Tregs obtained from Umbilical Cord Blood for the treatment of skin diseases such as Atopic Dermatitis. For more information, please visit www.baudaxbio.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect Baudax Bio’s expectations about its future performance and opportunities that involve substantial risks and uncertainties. When used herein, the words “anticipate,” “believe,” “estimate,” “may,” “upcoming,” “plan,” “target,” “goal,” “intend,” and “expect,” and similar expressions, as they relate to Baudax Bio, are intended to identify such forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on Baudax Bio’s current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, clinical results and other future conditions. Such forward-looking statements are subject to a number of material risks and uncertainties including but not limited to those set forth under the caption “Risk Factors” in Baudax Bio’s most recent Annual Report on Form 10-K filed with the SEC and its subsequent filings with the SEC. Any forward looking statement speaks only as of the date on which it was made. Neither Baudax Bio, nor any of its affiliates, advisors or representatives, undertake any obligation to publicly update or revise any forward-looking statement, whether as result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing Baudax Bio’s views as of any date subsequent to the date hereof.

Investor Relations Contact:

Mike Moyer
LifeSci Advisors
[email protected]