Market Newsdesk

ROCHESTER, N.Y., March 07, 2025 (GLOBE NEWSWIRE) — Vaccinex, Inc. (OTC: VCNX) (“Vaccinex” or the “Company”), a clinical-stage biotechnology company pioneering a differentiated approach to treating neurodegenerative disease by blocking astrogliosis and neuroinflammation through the inhibition of SEMA4D, today announced that it has notified the Nasdaq Stock Market (“Nasdaq”) of its decision to delist the Company’s shares of common stock, par value $0.0001 per share (the “Common Stock”), from Nasdaq. Trading in the Common Stock on Nasdaq has been suspended since December 18, 2024.

Vaccinex intends to file a Form 25 with the Securities and Exchange Commission on or about March 17, 2025 to remove its Common Stock from listing on Nasdaq.

The Company’s decision to delist follows its receipt of notice dated December 16, 2024, that the Nasdaq Hearings Panel had determined to delist the Company’s securities from Nasdaq, and the subsequent suspension of trading. Nasdaq would have otherwise filed a Form 25 in due course.

The Company plans to continue to focus on development of its lead product, pepinemab, to treat Alzheimer’s disease and cancer through partnerships, grants and other financing avenues.

About Vaccinex Inc.

Vaccinex, Inc. is pioneering a differentiated approach to treating slowly progressive neurodegenerative diseases and cancer through the inhibition of semaphorin 4D (SEMA4D). The Company’s lead drug candidate, pepinemab, blocks SEMA4D, a potent biological effector that it believes triggers damaging inflammation in chronic diseases of the brain and prevents infiltration and activation of immune cells in tumors. Pepinemab was studied as a monotherapy in the Phase 1b/2 SIGNAL-AD study in Alzheimer’s Disease, and the Company has previously published promising Phase 2 data in Huntington’s disease. Vaccinex believes pepinemab could also be an important contributor to combination therapy in AD. In oncology, pepinemab is being evaluated in combination with KEYTRUDA® in the Phase 1b/2 KEYNOTE-B84 study in recurrent or metastatic head and neck cancer (HNSCC) and in combination with BAVENCIO® in a Phase 1b/2 study in patients with metastatic pancreatic adenocarcinoma (PDAC). The oncology clinical program also includes several investigator-sponsored studies in solid tumors including breast cancer and melanoma.

Vaccinex has global commercial and development rights to pepinemab and is the sponsor of the KEYNOTE-B84 study which is being performed in collaboration with Merck Sharp & Dohme Corp, a subsidiary of Merck and Co, Inc.  Kenilworth, NJ, USA.

KEYTRUDA is a registered trademark of Merck Sharp & Dohme Corp., a subsidiary of Merck & Co. Inc., Kenilworth, NJ, USA. BAVENCIO®/avelumab is provided by Merck KGaA, Darmstadt, Germany, previously as part of an alliance between the healthcare business of Merck KGaA, Darmstadt, Germany and Pfizer.

About Pepinemab

Pepinemab is a humanized IgG4 monoclonal antibody designed to block SEMA4D, which can bind to plexin-B1 receptors to trigger collapse of the actin cytoskeleton in cells and lead to loss of homeostatic functions of astrocytes and other glial cells in the brain and of dendritic cells in immune tissue. Pepinemab appears to have been well-tolerated with a favorable safety profile in multiple clinical trials in different neurological and cancer indications.

Forward Looking Statements

To the extent that statements contained in this press release are not descriptions of historical facts regarding Vaccinex, Inc. (“Vaccinex,” “we,” “us,” or “our”), they may be forward-looking statements reflecting management’s current beliefs and expectations. Such statements include, but are not limited to, statements identified by words such as “may,” “will,” “intends,” “plans,” “expects,” and similar expressions or their negatives (as well as other words and expressions referencing future events, conditions, or circumstances). These statements include, among others, those regarding the expected timing of the delisting from Nasdaq and expected benefits of delisting. These statements are based on our current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as required by law, we assume no obligation to update these forward-looking statements. For a further discussion of these and other factors that could cause future results to differ materially from any forward-looking statement, see the section titled “Risk Factors” in our periodic reports filed with the Securities and Exchange Commission and the other risks and uncertainties described in Vaccinex’s most recent year-end Annual Report on Form 10-K and subsequent SEC filings.

Investor Contact

Elizabeth Evans, PhD
Chief Operating Officer, Vaccinex, Inc.
(585) 766-2033
[email protected]

VANCOUVER, British Columbia, March 07, 2025 (GLOBE NEWSWIRE) — Methanex Corporation (TSX:MX) (Nasdaq:MEOH) released its 2024 Sustainability Report today to share its progress on the sustainability topics that are most material to the company and its stakeholders.

“I am proud of our global team’s commitment to safety and Responsible Care^® and our best-ever safety performance achievement in 2024. Our safety performance puts us in the top ten per cent for safety performance among the American Chemistry Council’s Responsible Care members.¹ The Sustainability Report outlines Methanex’s 2024 activities, including how we protect and develop our people, minimize our impact on the environment and contribute to our communities.” said Rich Sumner, President and CEO of Methanex. “I am pleased to report on our progress towards fulfilling our sustainability commitments and outline the strategies we are implementing to achieve our sustainability objectives across the organization.”

Methanex is the world’s largest producer and supplier of methanol. We make an essential product that improves everyday life and provides solutions for a sustainable future. To read Methanex’s full 2024 Sustainability Report please click here.

Methanex is a Vancouver-based, publicly traded company and is the world’s largest supplier of methanol globally. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol “MX” and on the Nasdaq Stock Market in the United States under the trading symbol “MEOH”. Methanex can be visited online at www.methanex.com.

For further information, contact:

Media Inquiries

Nina Ng
Manager, Global Communications
+1-604-661-2600 or Toll Free: +1-800-661-8851

Investor Inquiries

Sarah Herriott
Director, Investor Relations
+1-604-661-2600 or Toll Free: +1-800-661-8851

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¹ We compare ourselves against companies with more than 100 employees.

GUADALAJARA, Mexico, March 07, 2025 (GLOBE NEWSWIRE) — Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announced the following:

Pursuant to a resolution adopted by our board of directors on February 24, 2025, and in accordance with Articles 180, 181, 182 and other applicable articles of the Mexican General Corporate Law and Article 35 of the Company’s by-laws, Grupo Aeroportuario del Pacífico, S.A.B. de C.V. invites its shareholders to the General Ordinary Shareholders’ Meeting on April 24, 2025 at 12:00 p.m. in Ballroom 3, 3rd floor of the Hilton Midtown Hotel, located at Av. López Mateos 2405-300, Col. Italia Providencia, Guadalajara, Jalisco, Mexico, to discuss the following:

ANNUAL GENERAL ORDINARY SHAREHOLDERS’ MEETING

AGENDA

I. In compliance with Article 28, Section IV of the Mexican Securities Market Law, the following will be presented and, if applicable, submitted for approval:

1. The Chief Executive Officer’s report regarding the results of operations for the fiscal year ended December 31, 2024, in accordance with Article 44, Section XI of the Mexican Securities Market Law and Article 172 of the Mexican General Corporate Law, together with the external auditor’s report, with respect to the Company on an unconsolidated basis in accordance with Mexican Financial Reporting Standards (“MFRS”), as well as with respect to the Company and its subsidiaries on a consolidated basis in accordance with International Financial Reporting Standards (“IFRS”), each based on the Company’s most recent financial statements under both standards, as well as the 2024 Sustainability Report.
2. Board of directors’ opinion to the Chief Executive Officer’s report.
3. Board of directors’ report in accordance with Article 172, clause b, of the Mexican General Corporate Law, regarding the Company’s main accounting policies and criteria, as well as the information used to prepare the Company’s financial statements.
4. Report on transactions and activities undertaken by the Company’s board of directors during the fiscal year ended December 31, 2024, pursuant to the Mexican Securities Market Law. 
5. The annual report on the activities undertaken by the Audit and Corporate Practices Committee in accordance with Article 43 of the Mexican Securities Market Law, as well as the ratification of the actions of the various committees, and release from further obligations.
6. Report on the Company’s compliance with tax obligations for the fiscal year from January 1 to December 31, 2023, and an instruction to Company officials to comply with tax obligations corresponding to the fiscal year from January 1 and ended December 31, 2024, in accordance with Article 26, Section III of the Mexican Fiscal Code.

II. As a result of the reports in item I above, ratification of the actions of our board of directors and management and release from further obligations in the fulfillment of their duties.

III. Presentation, discussion, and submission for approval of the Company’s financial statements for the fiscal year from January 1 to December 31, 2024, on an unconsolidated basis, in accordance with MFRS for purposes of calculating legal reserves, net income, fiscal effects related to dividend payments and capital reduction, as applicable. The financial statements of the Company and its subsidiaries on a consolidated basis in accordance with IFRS for their publication to financial markets, with respect to our operations that took place during the fiscal year from January 1 to December 31, 2024, and approval of the external auditor’s report regarding both aforementioned financial statements.

IV. Proposal to approve from the Company’s net income for the fiscal year ended December 31, 2024, reported in its unconsolidated financial statements, presented in the agenda item III above and audited in accordance with MFRS, which was Ps. 8,279,790,417.00 (EIGHT BILLION TWO HUNDRED SEVENTY-NINE MILLION SEVEN HUNDRED NINETY THOUSAND, FOUR HUNDRED SEVENTEEN PESOS 00/100 M.N.), the allocation of the entire amount towards increasing the Company’s retained earnings account, without separating an amount for the Company’s legal reserves, given that the account currently represents more than 20% of the historical common stock of the Company, thereby meeting the requirement established in Article 20 of the Mexican General Corporate Law. In addition, proposal to cancel from the Company’s current legal reserves such amount exceeding 20% of the historical common stock of the Company, in accordance with the requirements established in Articles 20 and 21 of the Mexican General Corporate Law and allocating said excess amount to the Company’s retained earnings account.

V. Presentation, discussion and submission for approval that from the retained earnings account which amounts to a total of Ps. 18,864,285,272.00 (EIGHTEEN BILLION EIGHT HUNDRED SIXTY-FOUR MILLION TWO HUNDRED EIGHTY-FIVE THOUSAND TWO HUNDRED SEVENTY-TWO PESOS 00/100 M.N.), a dividend be declared equal to Ps.16.84 (SIXTEEN PESOS 84/100 M.N.) pesos per share, to be paid to the holders of each share outstanding on the payment date, excluding any shares repurchased by the Company in accordance with Article 56 of the Mexican Securities Market Law; any amounts of retained earnings account remaining after the payment of such dividend will remain in the retained earnings account. The dividend will be payable in one or more installments within 12 (twelve) months after April 24, 2025.

VI. Cancellation of any amounts outstanding under the Share Repurchase Program approved at the General Ordinary Shareholders’ Meetings that took place on April 25, 2024, amounting to Ps. 2,500,000,000.00 (TWO BILLION FIVE HUNDRED MILLION PESOS 00/100 M.N.). Additionally, the approval of Ps. 2,500,000,000.00 (TWO BILLION FIVE HUNDRED MILLION PESOS 00/100 M.N.) as the maximum amount to be allocated toward the repurchase of the Company’s shares or credit instruments that represent such shares for the 12-month period following April 24, 2025, in accordance with Article 56, Section IV of the Mexican Securities Market Law. 

VII. The report regarding the designation or ratification of the four members of the board of directors and their respective alternates named by the Series BB shareholders.

VIII. Ratification and/or designation of the persons that will serve as members of the Company’s Board of Directors, as designated by any holder or group of holders of Series B shares that owns, individually or collectively, 10% or more of the Company’s common stock.

IX. Ratification and/or designation of the persons that will serve as members of the Company’s board of directors, as designated by the Series B shareholders and certification of independence.

X. Ratification and/or designation of the Chairman of the Company’s board of directors, in accordance with Article 16 of the Company’s by-laws.

XI. Ratification of the compensation paid to the members of the Company’s board of directors during the 2024 fiscal year and determination of the compensation to be paid in 2025.

XII. Ratification and/or designation of the member of our board of directors designated by the Series B shareholders to serve as a member of the Company’s Nominations and Compensation Committee, in accordance with Article 28 of the Company’s bylaws.

XIII. Ratification and/or designation of the President of the Audit and Corporate Practices Committee.

XIV. The report concerning compliance with Article 29 of the Company’s bylaws regarding acquisitions of goods or services or contracting of projects or asset sales that are equal to or greater than US$ 3,000,000.00 (THREE MILLION U.S. DOLLARS), or its equivalent in Mexican pesos or other legal tender in circulation outside Mexico, or, if applicable, regarding transactions with relevant shareholders.

XV. Appointment and designation of special delegates to appear before a notary public and present the resolutions adopted at this meeting for formalization. Adoption of the resolutions deemed necessary or convenient in order to fulfill the decisions adopted in relation to the preceding agenda items.

Shareholders are reminded that in accordance with Article 36 of the Company’s by-laws, only those shareholders registered in the Company’s share registry as holders of one or more of the Company’s shares will be admitted into the shareholders’ meetings, and they will be admitted only if they have obtained an admission card. The share registry will close three (3) business days prior to the date of this meeting.

In order to attend the meeting, at least one (1) business day prior to the meeting: (i) shareholders must deposit with the Company their stock certificates, shares or a receipt of deposit of shares from S.D. Indeval Institución para el Depósito de Valores, S.A. de C.V. (“Indeval”) or from a local or foreign financial institution, and (ii) brokerage firms and other depositors at Indeval should present a listing containing the name, address, nationality and number of shares of the shareholders they will represent at the meeting.  In exchange for these documents, the Company will issue, in accordance with the Company’s bylaws, an admission card and/or the forms required under Article 49, Section III of the Mexican Securities Market Law in order to be represented.  In order to attend the meeting, shareholders must present the admission card and/or the corresponding form.

Shares deposited in order to gain admittance to these meetings will only be returned, via a voucher that will have been given to the shareholder or his/her representative.

Shareholders may be represented by proxy at the meetings by any person designated by a power of attorney signed before two witnesses or as otherwise authorized by law. However, concerning the Company’s capital stock traded on a stock exchange, the proxy or proxies may only verify their identities via Company forms.  These will be available to all shareholders, including any stockbrokers, during the time period specified in Article 173 of the Mexican General Corporate Law.

Following the publication of this announcement, all shareholders and their legal representatives will have free and immediate access to all information and documents related to each of the topics included in the meeting agendas, as well as all proxy forms that must be presented by persons representing shareholders. These documents will be available at the Company’s offices located at Av. Mariano Otero #1249-B, 6th Floor, Col. Rinconada del Bosque, Guadalajara, Jalisco 44530 or at Arquímedes #19, 4th Floor, Col. Bosque de Chapultepec, C.P. 11580, Alcaldía Miguel Hidalgo, Mexico City, Mexico 11580.

Shareholders are invited to contact the Company should they need any additional information. 

Company Description

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concesiones Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the operation of Norman Manley International Airport in Kingston, Jamaica, and took control of the operation in October 2019.

This press release contains references to EBITDA, a financial performance measure not recognized under IFRS and which does not purport to be an alternative to IFRS measures of operating performance or liquidity. We caution investors not to place undue reliance on non-GAAP financial measures such as EBITDA, as these have limitations as analytical tools and should be considered as a supplement to, not a substitute for, the corresponding measures calculated in accordance with IFRS.

This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to several risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at [email protected]. GAP’s Audit Committee will be notified of all complaints for immediate investigation.

Alejandra Soto, Investor Relations and Social Responsibility Officer		[email protected]
Gisela Murillo, Investor Relations		[email protected]/+52 33 3880 1100 ext. 20294

– Granted Listing Extension from Nasdaq Hearing Panel –

QUINCY, Mass., March 07, 2025 (GLOBE NEWSWIRE) — Stran & Company, Inc. (“Stran” or the “Company”) (NASDAQ: SWAG) (NASDAQ: SWAGW), a leading outsourced marketing solutions provider that leverages its promotional products and loyalty incentive expertise, today provided a business update and reported financial results for the three and nine months ended September 30, 2024.

On March 3, 2025, the Nasdaq Hearings Panel informed the Company that it determined to grant the request of Stran to continue its listing on Nasdaq subject to three conditions. The first was that the Company become current on its financial filings, which the Company has met as of today through the filing of its Form 10-Q for the third quarter of 2024. The second was that the Company meet the Nasdaq minimum closing bid price requirement. As the Company previously reported, it received written notice on February 20, 2025 of regaining compliance with this requirement. The third was that the Company hold its annual shareholder meeting for 2024, which it intends to do in a timely manner following the filing of its Form 10-K for 2024.

Andy Shape, President and CEO of Stran, commented, “We are pleased to report our third-quarter 2024 financial results, marking our return to full compliance with Nasdaq’s periodic financial reporting requirement. With this milestone behind us, only our annual meeting remains in order to regain full Nasdaq compliance. For the three months ended September 30, 2024, sales grew by 2.4% to $20.1 million. Despite some reduced customer spending in the second half of 2024, we are confident that the recent acquisition of Gander Group will be a catalyst for revenue growth in 2025. Additionally, we have maintained a strong financial position, with $17.0 million in cash, cash equivalents, and investments as of September 30, 2024.”

“Importantly, during the quarter we acquired the strategic assets of Gander Group. This acquisition reinforces our commitment to expanding our market presence and delivering greater value to our clients and shareholders. Gander Group’s industry-leading expertise in casino continuity and loyalty programs perfectly complements our promotional solutions, creating powerful cross-selling opportunities and operational efficiencies. Additionally, welcoming Gander Group’s leadership strengthens our capabilities, allowing us to further enhance our offerings and drive long-term growth.”

“With our re-audited financials complete and filings up to date, we are fully focused on driving significant growth and expanding our market presence. As we look to 2025, we are optimistic about our trajectory, with strong organic growth opportunities and strategic initiatives positioning us for accelerated expansion. We look forward to capitalizing on these opportunities and reconnecting with our shareholders soon through our quarterly conference calls.”

Financial Results

Three Months Ended September 30, 2024 Results

Sales increased 2.4% to approximately $20.1 million for the three months ended September 30, 2024, from approximately $19.7 million for the three months ended September 30, 2023. For the Stran segment, the decrease was primarily due to lower spending from new and existing clients. For the Stran Loyalty Solutions, LLC (“SLS”) segment, the increase was due to the acquisition of the Gander Group assets in August 2024.

Gross profit decreased 7.0% to approximately $6.0 million, or 29.5% of sales, for the three months ended September 30, 2024, from approximately $6.4 million, or 32.5% of sales, for the three months ended September 30, 2023. For the Stran segment, the decrease in the dollar amount of gross profit was due to a decrease in sales of approximately $3.0 million, which was partially offset by a decrease in cost of sales of approximately $1.9 million. The decrease in gross profit margin for the Stran segment to 31.8% for the three months ended September 30, 2024 compared to 32.5% for the three months ended September 30, 2023 was primarily due to increases in product costs from vendors. For the SLS segment, the increase in the dollar amount was due to the acquisition of the Gander Group assets in August 2024.

Net loss for the three months ended September 30, 2024 was approximately $2.0 million, compared to net profit of approximately $1.3 million for the three months ended September 30, 2023. This change was primarily due to the increase in operating expenses along with the decrease in gross profit.

Nine Months Ended September 30, 2024 Results

Sales increased 4.9% to approximately $55.7 million for the nine months ended September 30, 2024, from approximately $53.1 million for the nine months ended September 30, 2023. For the Stran segment, the decrease was primarily due to lower spending from new and existing clients. For the SLS segment, the increase was due to the acquisition of the Gander Group assets in August 2024.

Gross profit decreased 0.1% to approximately $17.0 million, or 30.6% of sales, for the nine months ended September 30, 2024, from approximately $17.1 million, or 32.1% of sales, for the nine months ended September 30, 2023. For the Stran segment, the decrease in the dollar amount of gross profit was due to a decrease in sales of approximately $0.9 million, which was partially offset by a decrease in cost of sales of approximately $0.2 million. The decrease in gross profit margin for the Stran segment to 31.4% for the nine months ended September 30, 2024 compared to 32.1% for the nine months ended September 30, 2023 was primarily due to increases in product costs from vendors. For the SLS segment, the increase in the dollar amount was due to the acquisition of the Gander Group assets in August 2024.

Net loss for the nine months ended September 30, 2024 was approximately $3.6 million, compared to net loss of approximately $0.1 million for the nine months ended September 30, 2023. This change was primarily due to an increase in operating expenses.

About Stran

For over 30 years, Stran has grown to become a leader in the promotional products industry, specializing in complex marketing programs to help recognize the value of promotional products, branded merchandise, and loyalty incentive programs as a tool to drive awareness, build brands and impact sales. Stran is the chosen promotional programs manager of many Fortune 500 companies, across a variety of industries, to execute their promotional marketing, loyalty and incentive, sponsorship activation, recruitment, retention, and wellness campaigns. Stran provides world-class customer service and utilizes cutting-edge technology, including efficient ordering and logistics technology to provide order processing, warehousing and fulfillment functions. The Company’s mission is to develop long-term relationships with its clients, enabling them to connect with both their customers and employees in order to build lasting brand loyalty. Additional information about the Company is available at: www.stran.com.

Forward Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements include, but are not limited to, the Company’s expectations regarding synergies from its acquired businesses, its financial position and operating performance, its expectations regarding its business initiatives, the Company’s expectations about its operating performance, trends in its business, the effectiveness of its growth strategies, its market opportunity, and demand for its products and services in general. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Company’s periodic reports which are filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

Contacts:

Investor Relations Contact:

Crescendo Communications, LLC
Tel: (212) 671-1021
[email protected]

Press Contact:

Howie Turkenkopf
[email protected]

BALANCE SHEETS (in thousands, except share and per share amounts)
		September 30, 2024				December 31, 2023
ASSETS		(unaudited)
CURRENT ASSETS:
Cash and cash equivalents		$	10,036			$	8,059
Investments			6,934				10,393
Accounts receivable, net			13,748				16,223
Accounts receivable – related parties			1,092				853
Inventory			4,768				4,782
Prepaid corporate taxes			34				62
Prepaid expenses			1,310				953
Deposits			650				1,717
Other current assets			63				—
Total current assets			38,635				43,042
Property and equipment, net			1,727				1,521
OTHER ASSETS:
Intangible assets – customer lists, net			4,301				3,114
Intangible assets – trade name			654				—
Goodwill			2,542				—
Other assets			23				23
Right of use asset – office leases			930				1,336
Total other assets			8,450				4,473
Total assets		$	48,812			$	49,036
LIABILITIES AND STOCKHOLDER’S EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued expenses		$	6,194			$	4,745
Accrued payroll and related			1,537				2,568
Unearned revenue			3,002				1,116
Rewards program liability			3,000				875
Sales tax payable			212				344
Current portion of contingent earn-out liabilities			156				224
Current portion of installment payment liabilities			372				786
Current portion of lease liability			443				528
Total current liabilities			14,916				11,186
LONG-TERM LIABILITIES:
Long-term contingent earn-out liabilities			763				763
Long-term installment payment liabilities			339				639
Long-term lease liability			491				798
Total long-term liabilities			1,593				2,200
Total liabilities			16,509				13,386
Commitments and contingencies
STOCKHOLDER’S EQUITY:
Preferred stock, $0.0001 par value; 50,000,000 shares authorized, 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively			—				—
Common stock, $0.0001 par value; 300,000,000 shares authorized, 18,589,086 and 18,539,000 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively			2				2
Additional paid-in capital			38,436				38,263
Accumulated deficit			(6,156	)			(2,602	)
Accumulated other comprehensive loss			21				(13	)
Total stockholders’ equity			32,303				35,650
Total liabilities and stockholders’ equity		$	48,812			$	49,036

STATEMENTS OF OPERATIONS THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 (in thousands, except share and per share amounts)
		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2024				2023				2024				2023
						(Restated)								(Restated)
SALES
Sales		$	19,730			$	18,951			$	55,204			$	52,207
Sales – related parties			414				723				460				853
Total sales			20,144				19,674				55,664				53,060
COST OF SALES:
Cost of sales			13,873				12,719				38,278				35,348
Cost of sales – related parties			319				556				354				656
Total cost of sales			14,192				13,275				38,632				36,004
GROSS PROFIT			5,952				6,399				17,032				17,056
OPERATING EXPENSES:
General and administrative expenses			8,136				5,732				20,993				17,968
Total operating expenses			8,136				5,732				20,993				17,968
(LOSS) INCOME FROM OPERATIONS			(2,184	)			667				(3,961	)			(912	)
OTHER INCOME:
Other (expense) income			(22	)			202				(6	)			219
Interest income			64				183				239				467
Realized gain on investments			103				77				176				98
Total other income			145				462				409				784
(LOSS) INCOME BEFORE INCOME TAXES			(2,039	)			1,129				(3,552	)			(128	)
Provision (benefit) for income taxes			(1	)			(136	)			2				15
NET (LOSS) INCOME		$	(2,038	)		$	1,265			$	(3,554	)		$	(143	)
NET (LOSS) INCOME PER COMMON SHARE
Basic		$	(0.11	)		$	0.07			$	(0.19	)		$	(0.01	)
Diluted		$	(0.11	)		$	0.04			$	(0.19	)		$	(0.01	)
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING
Basic			18,589,086				18,534,772				18,584,359				18,514,875
Diluted			18,589,086				29,239,195				18,584,359				18,514,875

New York, NY, March 07, 2025 (GLOBE NEWSWIRE) — Spartan Capital Securities, LLC, a full-service investment banking firm, is pleased to announce a series of strategic transactions completed in February 2025, reinforcing its position as a trusted financial partner for companies across diverse industries.

Spartan Capital successfully served as the sole placement agent for Lipella Pharmaceuticals Inc. (Nasdaq: LIPO) in a $3.788 million private placement. This financing represents an important milestone in Lipella’s efforts to advance its clinical pipeline and address significant unmet medical needs under the leadership of CEO Dr. Jonathan Kaufman.

The firm also played a key role as Co-Placement Agent in Healthcare Triangle, Inc.’s (Nasdaq: HCTI) $15.2 million private placement, securing $14.2 million of the total offering. The proceeds will support Healthcare Triangle’s strategic acquisitions, general corporate purposes, and working capital needs, enabling the company to further its mission of driving digital transformation in healthcare and life sciences through cloud enablement, cybersecurity, and data analytics.

“These transactions highlight Spartan Capital’s ability to deliver meaningful results for our clients,” said John Lowry, CEO of Spartan Capital Securities, LLC. “We take pride in our role as a trusted partner, helping companies secure the capital they need to fuel innovation, execute strategic growth initiatives, and drive long-term success. Our investment banking team remains committed to delivering exceptional service and tailored financial solutions across diverse industries.”

Spartan Capital extends its gratitude to Sichenzia Ross Ference Carmel LLP for their expert legal representation of Spartan Capital in the Lipella Pharmaceuticals transaction and Sullivan & Worcester LLP for representing Lipella Pharmaceuticals. Additionally, we appreciate the contributions of RBW Capital Partners LLC (a division of Dawson James Securities, Inc.), Sichenzia Ross Ference Carmel LLP, and Manatt, Phelps & Phillips, LLP in the Healthcare Triangle placement.

These February transactions exemplify Spartan Capital Securities’ ongoing commitment to providing impactful investment banking solutions. With a deep understanding of market dynamics and a focus on delivering strategic financial solutions, Spartan Capital remains dedicated to supporting clients in achieving their long-term goals.

As we continue into 2025, Spartan Capital is excited about the opportunities ahead and remains committed to delivering excellence in investment banking.

About Spartan Capital Securities, LLC

Spartan Capital Securities, LLC is a full-service, integrated financial services firm providing strategic investment banking solutions to high-net-worth individuals and institutions. With deep market expertise and a steadfast commitment to client success, Spartan Capital continues to set the standard for excellence in the financial industry.

Contact:

Spartan Capital Securities, LLC
45 Broadway, 19th Floor
New York, NY 10006
[email protected]