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Biofrontera Inc. Appoints George Jones as Chief Commercial Officer

Woburn, MA, Aug. 11, 2025 (GLOBE NEWSWIRE) — Biofrontera Inc. (Nasdaq: BFRI) (the “Company”), a biopharmaceutical company focused on the development and commercialization of photodynamic therapy (PDT), today announced the appointment of George Jones as Chief Commercial Officer (CCO), starting August 25, 2025. In this role, Mr. Jones will oversee the Company’s commercial functions, including sales, marketing, and market access. He will report directly to CEO Dr. Hermann Luebbert.

This strengthening of the Company’s management follows the recent announcement of an agreement to acquire all rights and assets related to Ameluz® and RhodoLED® for the US market, including the FDA approval and all patents, from its former parent company – Biofrontera AG. As announced, the Company will now pay a monthly Ameluz® royalty between 12% and 15%, as opposed to the previously effective transfer pricing model which required payment of 25% to 35% of the net sales price per tube depending on timing and indication. These changes will bring Biofrontera significantly closer to cash break-even.

Hiring a CCO in this transformational situation will further strengthen the Company’s unparalleled commercial and clinical efforts in the PDT field. Mr. Jones brings over 25 years of extensive commercial leadership experience within the specialty pharmaceutical and biotech sectors.

Mr. Jones’ career is marked by a demonstrated ability to build and lead commercial organizations. At Currax Pharmaceuticals, as Vice President Global Marketing and Commercial Operations and one of the earliest employees following the company’s restructuring, he was instrumental in the build out of the commercial organization, including supporting the establishment of the marketing department, sales force and training functions. He guided the young company through a period of rapid growth while simultaneously navigating the early stages of the global pandemic. While at Currax Mr. Jones also led the development of a first-in-market digital ecosystem, driving direct patient demand via social media linked to telemedicine.

Prior to Currax, at Pernix Therapeutics, Mr. Jones was promoted to Vice President of Sales and Marketing and implemented an efficient and focused sales strategy that supported rapid growth while lowering the cost structure. Earlier in his career, at Depomed, Inc. while a Senior Director of Marketing, his efforts supported the company’s inorganic growth strategy successfully leading the marketing integration and re-launch of five product acquisitions.

Most recently, Mr. Jones served as Chief Operating Officer at UpScriptHealth. He was appointed to drive change and support the evolution of the leading telehealth technology platform. Under his guidance, UpScriptHealth achieved substantial growth, including a more than threefold increase in partnership revenues. This experience underscores his expertise in leveraging innovative channels to enhance patient access to therapies.

“George’s proven track record of building high-performing teams, driving sustainable growth, and delivering patient-centric commercial solutions at mid-sized pharmaceutical companies makes him the ideal leader to accelerate Biofrontera’s continued growth,” said Dr. Hermann Luebbert. “His deep expertise in commercial leadership combined with modern approaches like digital marketing will be invaluable as we continue to expand Ameluz® in the PDT space, and George’s extensive market access experience will be instrumental for our continued commercial success.”

“I am thrilled to join Biofrontera at such an exciting time in its evolution,” said Mr. Jones. “The company’s commitment to breakthrough dermatology treatments and its focus on patient outcomes align closely with my passion for bringing innovative therapies to market. I look forward to working with our commercial organization and cross-functional partners to deliver value for patients, physicians, and stockholders.”

About Biofrontera Inc.

Biofrontera Inc. is a U.S.-based biopharmaceutical company specializing in the development and treatment of dermatological conditions with a focus on PDT. The Company commercializes the drug-device combination Ameluz® with the RhodoLED® lamp series for PDT of AK, pre-cancerous skin lesions which may progress to invasive skin cancers. The Company performs clinical trials to extend the use of the products to treat non-melanoma skin cancers and moderate to severe acne. For more information, visit www.biofrontera-us.com and follow Biofrontera on LinkedIn and X.

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, as amended. These statements include, but are not limited to, statements relating to Biofrontera’s commercial opportunities and the commercial success of its licensed products. We have based these forward-looking statements on our current expectations and projections about future events. Nevertheless, actual results or events could differ materially from the plans, intentions and expectations disclosed in, or implied by, the forward-looking statements we make. These risks and uncertainties, many of which are beyond our control, include, but are not limited to: the uncertainties inherent in the initiation and conduct of clinical trials; availability and timing of data from clinical trials; whether results of earlier clinical trials or trials of Ameluz® in combination with BF-RhodoLED and/or RhodoLED XL in different disease indications or product applications will be indicative of the results of ongoing or future trials; uncertainties associated with regulatory review of clinical trials and applications for marketing approvals; the impact of any extraordinary external events; any changes in the Company’s relationship with its licensors; the ability of the Company’s licensors to fulfill their obligations to the Company in a timely manner; the Company’s ability to achieve and sustain profitability; whether the current global disruptions in supply chains will impact the Company’s ability to obtain and distribute its licensed products; changes in the practices of healthcare providers, including any changes to the coverage, reimbursement and pricing for procedures using the Company’s licensed products; whether the market opportunity for Ameluz® in combination with BF- RhodoLED and/or RhodoLED XL is consistent with the Company’s expectations; the Company’s ability to retain and hire key personnel; the sufficiency of cash resources and need for additional financing; and other factors that may be disclosed in the Company’s filings with the Securities and Exchange Commission (the “SEC”), which can be obtained on the SEC’s website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations and beliefs. The Company does not plan to update any such forward-looking statements and expressly disclaims any duty to update the information contained in this press release except as required by law. 

Contacts:
Investor Relations
Andrew Barwicki
1-516-662-9461
[email protected]



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Biohaven Ltd. Sued for Securities Law Violations – Investors Should Contact Levi & Korsinsky Before September 12, 2025 to Discuss Your Rights – BHVN

NEW YORK, Aug. 11, 2025 (GLOBE NEWSWIRE) — Levi & Korsinsky, LLP notifies investors in Biohaven Ltd. (“Biohaven Ltd.” or the “Company”) (NYSE: BHVN) of a class action securities lawsuit.

CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Biohaven Ltd. investors who were adversely affected by alleged securities fraud between March 24, 2023 and May 14, 2025. Follow the link below to get more information and be contacted by a member of our team:

https://zlk.com/pslra-1/biohaven-ltd-lawsuit-submission-form?prid=160447&wire=3

BHVN investors may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.

CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (i) The company’s product candidate, troriluzole’s regulatory prospects as a treatment for SCA, and/or the sufficiency of data that Biohaven submitted in support of troriluzole’s regulatory approval for this indication, were overstated; (ii) BHV-7000’s efficacy and clinical prospects as a treatment for bipolar disorder were likewise overstated; (iii) all the foregoing, once revealed, was likely to have a significant negative impact on Biohaven’s business and financial condition; and (iv) as a result, defendants’ public statements were materially false and misleading at all relevant times.

WHAT’S NEXT? If you suffered a loss in Biohaven Ltd. during the relevant time frame, you have until September 12, 2025 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.

WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.

CONTACT:

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com



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Novo Nordisk A/S Sued for Securities Law Violations – Investors Should Contact Levi & Korsinsky Before September 30, 2025 to Discuss Your Rights – NVO

NEW YORK, Aug. 11, 2025 (GLOBE NEWSWIRE) — Levi & Korsinsky, LLP notifies investors in Novo Nordisk A/S (“Novo” or the “Company”) (NYSE: NVO) of a class action securities lawsuit.

CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Novo investors who were adversely affected by alleged securities fraud between May 7, 2025 and July 28, 2025. Follow the link below to get more information and be contacted by a member of our team:

https://zlk.com/pslra-1/novo-nordisk-a-s-lawsuit-submission-form-3?prid=160463&wire=3

NVO investors may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.

CASE DETAILS: According to the complaint, defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of Novo’s growth potential; notably, that its asserted potential to capitalize on the compounded market greatly understated the potential impact of the personalization exception to the compounded GLP-1 exclusion and overstated the likelihood such patients would switch to Novo’s branded alternatives, and further greatly overstated the potential GLP-1 market or otherwise Novo’s capability to penetrate said markets to achieve continued growth. On July 29, 2025, Novo announced it was lowering its sales and profit outlook ahead of reporting its results for the second quarter of fiscal year 2025. The Company attributed the guide down on “lowered growth expectations for the second half of 2025” for both Wegovy and Ozempic due to “the persistent use of compounded GLP-1s, slower-than-expected market expansion and competition.” Following this news, the price of Novo’s common stock declined dramatically. From a closing market price of $69.00 per share on July 28, 2025, Novo’s stock price fell to $53.94 per share on July 29, 2025, a decline of about 21.83% in the span of just a single day.

WHAT’S NEXT? If you suffered a loss in Novo during the relevant time frame, you have until September 30, 2025 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.

WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.

CONTACT:

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com



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Levi & Korsinsky Reminds Alto Neuroscience, Inc. Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of September 19, 2025 – ANRO

NEW YORK, Aug. 11, 2025 (GLOBE NEWSWIRE) — Levi & Korsinsky, LLP notifies investors in Alto Neuroscience, Inc. (“Alto Neuroscience, Inc.” or the “Company”) (NYSE: ANRO) of a class action securities lawsuit.

CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Alto Neuroscience, Inc. investors who were adversely affected by alleged securities fraud. This lawsuit is on behalf of a class consisting of all persons and entities that purchased or otherwise acquired: (a) Alto common stock pursuant and/or traceable to the Offering Documents issued in connection with the Company’s initial public offering conducted on or about February 2, 2024; and/or (b) Alto securities between February 2, 2024 and October 22, 2024, both dates inclusive. Follow the link below to get more information and be contacted by a member of our team:

https://zlk.com/pslra-1/alto-neuroscience-inc-lawsuit-submission-form?prid=160445&wire=3

ANRO investors may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.

CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (i) The Company’s product pipeline, ALTO-100, was less effective in treating major depressive disorder than defendants had led investors to believe; (ii) accordingly, ALTO-100’s clinical, regulatory, and commercial prospects were overstated; (iii) as a result, Alto’s business and/or financial prospects were overstated; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

WHAT’S NEXT? If you suffered a loss in Alto Neuroscience, Inc. during the relevant time frame, you have until September 19, 2025 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.

WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.

CONTACT:

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com



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Levi & Korsinsky Notifies Shareholders of Lineage, Inc.(LINE) of a Class Action Lawsuit and an Upcoming Deadline

NEW YORK, Aug. 11, 2025 (GLOBE NEWSWIRE) — Levi & Korsinsky, LLP notifies investors in Lineage, Inc. (“Lineage, Inc.” or the “Company”) (NASDAQ: LINE) of a class action securities lawsuit.

CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Lineage, Inc. investors who were adversely affected by alleged securities fraud. This lawsuit is on behalf of all purchasers of Lineage common stock in or traceable to the registration statement used in connection with the Company’s July 26, 2024 initial public offering. Follow the link below to get more information and be contacted by a member of our team:

https://zlk.com/pslra-1/lineage-inc-lawsuit-submission-form?prid=160464&wire=3

LINE investors may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.

CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (a) Lineage was then experiencing sustained weakening in customer demand, as additional cold-storage supply had come on line, the Company’s customers destocked a glut of excessive inventory built up during the COVID-19 pandemic, and the Company’s customers shifted to maintaining leaner cold-storage inventories on a go-forward basis in response to changed consumer trends; (b) Lineage had implemented price increases in the lead-up to the IPO that could not be sustained in light of the weakening demand environment facing the Company; (c) Lineage was unable to effectively counteract the adverse trends listed in (a)-(b) above through the use of minimum storage guarantees or as a result of operational efficiencies, technological improvements, or its purported competitive advantages; (d) that, as a result of (a)-(c) above, rather than enjoying stable revenue growth, high occupancy rates, and steady rent escalation as represented in the registration statement, Lineage was in fact suffering from stagnant or falling revenue, occupancy rates, and rent prices; and (e) that, as a result of (a)-(d) above, Lineage’s financial results, business operations, and prospects were materially impaired.

WHAT’S NEXT? If you suffered a loss in Lineage, Inc. during the relevant time frame, you have until September 30, 2025 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.

WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.

CONTACT:

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com



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Proficient Auto Logistics Reports Second Quarter 2025 Financial Results

JACKSONVILLE, Fla., Aug. 11, 2025 (GLOBE NEWSWIRE) — Proficient Auto Logistics, Inc. (NASDAQ: PAL) (the “Company” or “Proficient”) today reported its financial results for the three months ended June 30, 2025, and comparative summary financial information for the Founding Companies (as defined below) on a combined basis for the three months ended June 30, 2024.

Second Quarter Summary (second quarter 2024 information on a combined basis)

Total Operating Revenue of $115.5 million, increased 21.4% from Q1 2025 and 8.4% from Q2 2024

Total Operating Income (Loss) of $0.1 million, versus ($2.4) million in Q1 2025 and $7.0 million in Q2 2024

Adjusted Operating Income(1) of $3.8 million, versus $1.2 million in Q1 2025 and $8.7 million in Q2 2024

Adjusted Operating Ratio(1) of 96.7% compared to 98.7% in Q1 2025 and 91.8% in Q2 2024

Total Units delivered of 631,426, an increase of 28% from Q1 2025 and 24% from Q2 2024

Rick O’Dell, Proficient’s Chief Executive Officer, commented, “In the second quarter, PAL delivered stronger revenue, largely from market share gains and the Brothers acquisition, demonstrating the importance of strategic execution in an uncertain environment. We are pleased to show improved profitability sequentially, though we have more work to do to control costs in a base market that continues to be weaker than expected coming into 2025. Month-to-month automotive sales rates have been volatile amidst changing tariff policy and cautious large purchase behavior by consumers. Our mandate is to deliver top quality service and operate efficiently while preserving the ability to scale up via share gains and acquisitions.”

Explanatory Note

On May 13, 2024, Proficient completed the initial public offering (the “IPO”) of its common stock and affected the acquisition of its Delta Auto Transport, Inc., Deluxe Auto Carriers, Inc., Sierra Mountain Group, Inc., Proficient Auto Transport, and Tribeca Automotive Inc. (collectively, the “Founding Companies”). For a full description of these transactions and subsequent acquisitions, please refer to our previously filed Form 10K.

The Company is providing below summary unaudited combined financial information for the three months ended June 30, 2025, with comparison to combined summary information from the preceding quarter ended March 31, 2025, and the year earlier quarter ended June 30, 2024. The summary unaudited combined financial information has been prepared by, and is the responsibility of, Proficient’s and the Founding Companies’ management. This information has not yet been subjected to audit, review or agreed-upon procedures of any audit firm, and therefore, there is no independent auditors’ opinion or any other form of assurance with respect thereto. Please refer to footnote 1 to the table for a description of periods included for the various acquired entities.

(1 ) Adjusted Operating Income and Adjusted Operating Ratio are non-GAAP financial measures. See “Summary Unaudited Combined Financial Information” on the following pages for additional information regarding the use of Adjusted Operating Income and Adjusted Operating Ratio and a reconciliation to the most comparable GAAP measure.
     

Summary Unaudited Combined Financial Information

(1)

($000s)     Three months ending –  
      6/30/2025       3/31/2025       6/30/2024  
Total Operating Revenue   $ 115,547     $ 95,206     $ 106,607  
                         
Total Operating (Loss) Income     125       (2,363 )     7,041  
                         
Addback:                        
Amortization of Intangibles     2,455       2,416       1,076  
Stock Compensation expense     1,221       1,183       613  
Adjusted Operating Income

(2)
 		    3,801       1,236       8,730  
                         
Adjusted Operating Ratio

(2)
 		    96.7 %     98.7 %     91.8 %
                         
(Loss) Income before income taxes     (1,882 )     (3,894 )     5,793  
                         
Addback:                        
Depreciation & Amortization     10,102       8,904       4,761  
Stock Compensation Expense     1,221       1,183       613  
Interest Expense     1,838       1,571       1,247  
Adjusted EBITDA

(3)
 		    11,279       7,764       12,414  
                         
Adjusted EBITDA Margin

(3)
 		    9.8 %     8.2 %     11.6 %

(1)   The amounts shown above reflect the unaudited summary combined financial results of the five Founding Companies for the full three-month periods presented without any pro forma adjustments that would give effect to the completion of the IPO or any related transaction expenses or adjustments recognized as a result of the IPO and concurrent Combinations. The results of Proficient (acquiror entity) are included in the three months ended June 30, 2025, March 31, 2025 and June 30, 2024; however, they reflect only those operating expenses incurred following the closing of the IPO on May 13, 2024. Amounts related to Auto Transport Group (“ATG”) and Brothers Auto Transport (“BAT”) are included only since acquisition on August 16, 2024, and April 1, 2025, respectively.
(2)   Our management team reviews Adjusted Operating Income and the related Adjusted Operating Ratio, both of which are non-GAAP financial measures, as a basis for comparing the results of financial reporting periods excluding the impact of non-cash expenses related to stock-based compensation expense and amortization of intangibles resulting from our acquisitions. These measures provide management with the requisite insight regarding progress on operating and integration initiatives. The table above provides a reconciliation of Adjusted Operating Income to the most comparable GAAP measure and Adjusted Operating Ratio flows from that.
(3)   Our management team reviews Adjusted EBITDA and Adjusted EBITDA Margin, both of which are non-GAAP financial measures, to measure the operating performance and financial condition of our business and to make strategic decisions. See the Appendix for additional information regarding the use of Adjusted EBITDA and a reconciliation to the most comparable GAAP measure and Adjusted EBITDA Margin flows from that.
     

Revenue and Profitability

(1)

    Three months ending –  
Select Operating Metrics   6/30/2025     3/31/2025     6/30/2024  
Unit Volume – Company Deliveries     220,578       163,754       152,714  
Revenue / Unit – Company Deliveries   $ 178.82     $ 185.38     $ 212.25  
                         
Unit Volume – Subhaulers     410,848       330,755       354,998  
Revenue / Unit – Subhaulers   $ 166.50     $ 173.14     $ 190.77  
                         
Percent Revenue, Company Deliveries     37 %     35 %     32 %
Percent Revenue, Subhaulers     63 %     65 %     68 %

(1 ) The amounts shown above reflect combined information for the five Founding Companies for the full three-month periods presented without any pro forma adjustments that would give effect to the completion of the IPO or any related transaction expenses or adjustments recognized as a result of the IPO and concurrent Combinations. Amounts related to ATG and BAT are included only since acquisition on August 16, 2024, and April 1, 2025, respectively.
     

Total revenue increased $20.3 million, or 21%, sequentially versus the first quarter of 2025, while unit volumes were up approximately 28%, as volume growth was modestly offset by a lower revenue per unit driven by customer mix and fewer spot buy opportunities in the quarter. The proportion of revenue delivered via company drivers increased to 37% in the quarter, improving truck asset utilization. Unit deliveries during the second quarter were up approximately 24% from the comparable period of 2024 while total revenue was up $8.9 million, or only 8.4%, compared to the second quarter of 2024, because of significantly lower revenue per unit year-over-year. The dedicated fleet portion of Proficient’s revenue was $3.8 million in the second quarter of 2025, compared to $4.3 million in the first quarter of 2025 and $7.3 million in the second quarter of last year.

The comparison of adjusted operating ratio year-over-year is negatively impacted by the step up in market value on fleet assets acquired when the IPO closed last year. The increased depreciation expense resulting from that step up in valuation represents 1.61% of the reported adjusted operating ratio for the most recent quarter.

Balance Sheet

The Company ended the second quarter with $13.6 million of cash and $90.2 million of debt (inclusive of $5.0 million drawn against its $20.0 million line of credit at the end of the quarter, down from $8.0 million drawn as of the end of the first quarter). This resulting net debt of approximately $76.6 million on June 30, 2025, equates to a net leverage ratio of 2.2x when compared to combined adjusted EBITDA of $35.2 million for the trailing twelve months.

The $90.2 million total debt also reflects full utilization of our $25.0 million term debt facility following the use of the undrawn capacity during the quarter to fund the cash portion of our BAT acquisition.

Conference Call

The Company will host an investor conference call at 5:00 p.m. EDT to discuss the results. Investors are invited to join the conference call by registering through the following link: https://register-conf.media-server.com/register/BIa8f63630c99c498cbbb1d9a5df394445, once registered, you will receive a dial-in and a unique pin to join the conference. You may also join the listen-only Webcast via https://edge.media-server.com/mmc/p/j5w37j4m.

About Proficient Auto Logistics

We are a leading specialized freight company focused on providing auto transportation and logistics services. Through the combination of seven industry-leading operating companies since our IPO in May 2024, we operate one of the largest auto transportation fleets in North America. We offer a broad range of auto transportation and logistics services, primarily focused on transporting finished vehicles from automotive production facilities, marine ports of entry, or regional rail yards to auto dealerships around the country.

Investor Relations:

Brad Wright
Chief Financial Officer and Secretary
Phone: 904-506-4317
email: [email protected]

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to possible or assume future results of our business, financial condition, results of operations, liquidity, plans and objectives. You can generally identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions. We have based these forward-looking statements largely on our current expectations and projections regarding future events and trends that we believe may affect our business, financial condition and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section entitled “Risk Factors” in our Annual Report on From 10-K (the “Annual Report”), and elsewhere in the Annual Report. Accordingly, you should not rely upon forward-looking statements as predictions of future events. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those projected in the forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements regarding: the economic conditions in the global markets in which we operate; our ability to successfully implement our business strategy, effectively respond to changes in market dynamics and customer preferences, and achieve the anticipated benefits and associated cost savings of such strategies and actions; our ability to recruit and retain qualified driving associates, independent contractors and third-party auto transportation and logistics companies; an increase in the frequency or severity of accidents or other claims; our expectations regarding the successful implementation of the Combinations; geopolitical developments and additional changes in international trade policies and relations; the effect of any international conflicts or terrorist activities, on the United States and global economies in general, the transportation industry, or us in particular, and what effects these events will have on our costs and the demand for our services; our ability to manage our network capacity and cost structure for capital expenditures and operating expenses, and match it to shifting and future customer volume levels; our ability to compete effectively against current and future competitors; our ability to maintain our profitability despite quarterly fluctuations in our results, whether due to seasonality, large cyclical events, or other causes; and our future financial and operating results; our expectations regarding the period during which we will qualify as an emerging growth company under the JOBS Act; and the sufficiency of our existing cash to fund our future operating expenses and capital expenditure requirements.

The forward-looking statements made in this document relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Appendix

Non-GAAP Financial Measure

We report our financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). However, management believes that EBITDA provides useful information in measuring our operating performance, generating future operating plans and making strategic decisions regarding allocation of capital. Management believes this information presents helpful comparisons of financial performance between periods by excluding the effect of certain non-recurring items.

Adjusted EBITDA

Adjusted EBITDA does not have a standardized meaning prescribed by GAAP and therefore it may not be comparable to similarly titled measures presented by other companies, and it should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

Adjusted EBITDA is defined as net income (loss) for the period adjusted for interest expense, net, income tax expense (benefit), depreciation and amortization expense and stock compensation expense.

Summary Unaudited Combined Financial Information 

(1)

Twelve months ending-   6/30/2025  
($000s)      
(Loss) Income before income taxes   $ (12,105 )
         
Addback:        
Depreciation & Amortization     35,918  
Stock Compensation Expense     4,611  
Interest Expense     6,777  
Adjusted EBITDA   $ 35,201  

  (1 ) The amounts shown above reflect combined information for the five Founding Companies for the twelve-month period presented without any pro forma adjustments that would give effect to the completion of the IPO or any related transaction expenses or adjustments recognized as a result of the IPO and concurrent Combinations. The results of Proficient (acquiror entity) are included in the twelve months ended June 30, 2025; however, they reflect only those operating expenses incurred following the closing of the IPO on May 13, 2024. Amounts related to ATG and BAT are included only since acquisition on August 16, 2024, and April 1, 2025, respectively
       

PROFICIENT AUTO LOGISTICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS


(unaudited) 
 
    Successor  
    June 30,

2025 		    December 31,

2024 		 
ASSETS            
Current assets:            
Cash and cash equivalents   $ 13,646,252     $ 15,398,714  
Accounts receivable, less allowance for credit losses (2025 – $189,916; 2024 – $134,372)     47,124,317       37,394,656  
Net investment in leases, current portion     236,913       266,447  
Maintenance supplies     1,600,211       1,356,814  
Assets held for sale     36,000       265,900  
Income tax receivable     871,414       2,944,742  
Prepaid expenses and other current assets     8,431,839       10,060,169  
Total current assets     71,946,946       67,687,442  
Property and equipment, net of accumulated depreciation and amortization (2025 – $28,350,632; 2024 – $15,541,572)     127,655,334       122,636,636  
Operating lease right-of-use assets     10,494,307       10,970,536  
Net investment in leases, less current portion     89,103       175,330  
Deposits     5,553,335       4,676,679  
Goodwill     174,090,117       169,056,675  
Intangible assets, net of amortization (2025 – $10,579,831; 2024 – $5,709,360)     129,840,169       132,490,640  
Other long-term assets     788,749       393,006  
Total assets   $ 520,458,060     $ 508,086,944  
                 
Liabilities, and stockholders’ equity                
Current liabilities:                
Accounts payable   $ 11,506,594     $ 9,829,355  
Accrued liabilities     26,108,485       21,826,519  
Income Tax Payable     42,470       –  
Finance lease liabilities, current portion     54,274       89,184  
Operating lease liabilities, current portion     1,902,908       1,825,970  
Long-term debt, current portion     22,555,270       19,052,903  
Total current liabilities     62,170,001       52,623,931  
                 
Long-term liabilities:                
Line of credit     5,000,000       7,000,000  
Finance lease liabilities, less current portion     –       8,343  
Operating lease liabilities, less current portion     8,791,344       9,258,234  
Long-term debt, less current portion     62,653,831       56,336,911  
Deferred tax liability, net     39,972,654       42,638,079  
Other long-term liabilities     2,341,923       2,241,923  
Total liabilities     180,929,753       170,107,421  
                 
Commitments and contingencies                
                 
Stockholders’ equity:                
Common stock, $0.01 par value; 50,000,000 shares authorized; 27,738,985 and 27,069,114 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively     277,389       270,691  
Additional paid in capital     353,047,533       346,756,929  
(Accumulated deficit) retained earnings     (13,796,615 )     (9,048,097 )
Total stockholders’ equity     339,528,307       337,979,523  
Total Liabilities and Stockholders’ Equity   $ 520,458,060     $ 508,086,944  
 

PROFICIENT AUTO LOGISTICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


(unaudited)
 
    Successor  
    Six months

ended

June 30,

2025 		    Three months

ended

June 30,

2025 		 
Operating revenue            
Revenue, before fuel surcharge   $ 194,987,487     $ 107,372,359  
Fuel surcharge and other reimbursements     12,230,095       6,802,255  
Other revenue     1,993,867       688,122  
Lease revenue     1,541,158       683,850  
Total operating revenue     210,752,607       115,546,586  
                 
Operating Expenses                
Salaries, wages and benefits     41,744,796       22,456,693  
Stock-based compensation     2,404,506       1,221,497  
Fuel and fuel taxes     12,845,111       6,779,856  
Purchased transportation     106,156,861       58,948,018  
Truck expenses     12,288,270       6,438,424  
Depreciation     14,135,559       7,646,980  
Intangible amortization     4,870,471       2,454,641  
Loss (gain) on sale of equipment     (226,314 )     (235,095 )
Insurance premiums and claims     10,341,191       5,382,512  
General, selling, and other operating expenses     8,429,304       4,327,702  
Total Operating Expenses     212,989,755       115,421,228  
Operating (loss) income     (2,237,148 )     125,358  
Other income and expense                
Interest expense     (3,408,796 )     (1,837,876 )
Acquisition costs     (311,807 )     (274,705 )
Other income, net     181,291       105,069  
Total other expense, net     (3,539,312 )     (2,007,512 )
Loss before income taxes     (5,776,460 )     (1,882,154 )
Income tax (benefit) expense     (1,027,942 )     (325,321 )
Net loss   $ (4,748,518 )   $ (1,556,833 )
                 
Loss Per Share                
Basic & Diluted   $ (0.17 )   $ (0.06 )
                 
Weighted Average Shares                
Basic & Diluted     27,341,813       27,611,515  



Posted on

Ark Restaurants Announces Financial Results for the Third Quarter of 2025

Ark Restaurants Announces Financial Results for the Third Quarter of 2025

NEW YORK–(BUSINESS WIRE)–
Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the third quarter ended June 28, 2025.

“The current quarter showed positive EBITDA of $1,791,000, down from the prior year comparable quarter, due in large part to the expense of our ongoing litigation involving our Bryant Park operations which exceeded $800,000 in the quarter,” said Michael Weinstein, Chairman and Chief Executive Officer. “Also, because the outcome and timing of the litigation remains unclear, our event business at the Bryant Park Grill has suffered which has had a decided impact on its revenue and cash flow. Net income (loss) was impacted by a non-cash impairment of assets at our Sequoia restaurant in Washington D.C., where the calculation of future cash flow no longer supports the value carried on our books. The D.C. market has been a difficult environment for us and most restaurants, but we remain committed to this location. There are several other adjustments which are delineated in our 10-Q and the table accompanying this release which affected our net income (loss). The rest of our portfolio performed well. Significantly, our operations at the New York-New York Hotel and Casino in Las Vegas increased cash flow despite softness on the Las Vegas Strip. Our Rustic Inn property in Florida and Robert in NYC continue to perform better than last year and the rest of our portfolio restaurants continue to meet expectations. Further, our Balance Sheet remains strong, supporting future growth.”

Financial Results

As of June 28, 2025, the Company had cash and cash equivalents of $12,325,000 and total outstanding debt of $3,859,000.

Total revenues for the 13 weeks ended June 28, 2025 were $43,715,000 versus $50,396,000 for the 13 weeks ended June 29, 2024. No revenues for El Rio Grande and the Tampa Food Court (see below) are included in the 13 weeks ended June 28, 2025. The 13 weeks ended June 29, 2024 includes revenues of $1,026,000 and $1,265,000 related to El Rio Grande and the Tampa Food Court, respectively. Excluding revenues related to El Rio Grande and the Tampa Food Court, revenues for the 13 weeks ended June 29, 2024 were $48,105,000.

Total revenues for the 39 weeks ended June 28, 2025 were $128,428,000 versus $140,139,000 for the 39 weeks ended June 29, 2024. No revenues for El Rio Grande are included in the 39 weeks ended June 28, 2025 and the 39 weeks ended June 28, 2025 includes revenues of $974,000 related to the Tampa Food Court. The 39 weeks ended June 29, 2024 includes revenues of $2,373,000 and $4,003,000 related to El Rio Grande and the Tampa Food Court, respectively. Excluding revenues related to El Rio Grande and the Tampa Food Court, revenues for the 39 weeks ended June 28, 2025 and June 29, 2024 were $127,454,000 and $133,763,000, respectively.

Excluding revenues related to El Rio Grande and the Tampa Food Court, Company-wide same store sales decreased 7.4% and 3.3% for the 13 and 39 weeks ended June 28, 2025, respectively, as compared to the same periods of the prior year. These decreases were attributable primarily to decreases in both catering and a la carte revenue at the Bryant Park Grill as a result of the negative publicity related to our dispute with the landlord.

The Company’s Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”), as adjusted, for the 13 weeks ended June 28, 2025 was $1,791,000 versus $3,375,000 for the 13 weeks ended June 29, 2024. Net income (loss) attributable to Ark Restaurants Corp. for the 13 weeks ended June 28, 2025, was $(3,454,000) or $(0.96) per basic and diluted share compared to net income of $640,000 or $0.18 per basic and diluted share for the 13 weeks ended June 29, 2024.

The Company’s EBITDA, as adjusted, for the 39 weeks ended June 28, 2025 was $2,479,000 versus $5,625,000 for the 39 weeks ended June 29, 2024. Net income (loss) attributable to Ark Restaurants Corp. for the 39 weeks ended June 28, 2025, which includes a full valuation allowance related to our deferred tax assets in the amount of $4,799,000, was $(9,548,000) or $(2.65) per basic and diluted share compared to net income of $561,000 or $0.16 per basic and $0.15 per diluted, respectively, for the 39 weeks ended June 29, 2024.

EBITDA is a Non-GAAP Financial Measure, accordingly, please see the table attached to this news release for the details of the adjustments made in arriving at EBITDA, as adjusted, for each period presented and “Non-GAAP Financial Information” at the end of this news release.

Other Matters

Bryant Park Grill & Cafe and The Porch at Bryant Park Leases

The Company’s agreements with the Bryant Park Corporation (the “Landlord”) (a private non-profit corporation that operates and maintains Bryant Park under agreements with the City of New York Department of Parks & Recreation), for the Bryant Park Grill & Cafe expired on April 30, 2025 and for The Porch at Bryant Park expired on March 31, 2025. In July of 2023 (for the Bryant Park Grill & Cafe) and September of 2023 (for The Porch at Bryant Park), the Company received requests for proposals (the “RFPs”) from the Landlord to which we responded on October 26, 2023. The agreements offered under the RFPs for both locations were for new 10-year agreements, with one five-year renewal option. In the second quarter of 2025, the Landlord stated publicly that it had selected a new operator for the Bryant Park Grill & Café and The Porch at Bryant Park. However, to the best of our knowledge, no agreements between the Landlord and the selected operator have received the approvals of either the City of New York Department of Parks & Recreation or the New York Public Library, both of which approvals are required before any new lease can become effective.

Management has been working with outside advisors in assisting with our efforts to obtain the extensions by ensuring the RFP awards process was both fair and transparent. On March 28, 2025, we filed a complaint in New York State Supreme Court (the “New York Action”), alleging among other things, that the bid process conducted by the Landlord was defective, failed to comply with the provisions of the agreements underlying the Landlord’s right to operate Bryant Park and violated applicable law; that a lease was being awarded to a lower bidder with a limited, unsuccessful track record in the hospitality business; and that the award of the Cafe lease violated our right of first lease under ourlease agreements. As part of the relief sought in the New York Action, we are requesting that the Court declare that, under the circumstances presented, the Landlord was required to accept—and should have accepted —our submitted bids. In addition, on March 28, 2025, we also filed a motion for a preliminary injunction in Court to enjoin the Landlord from commencing legal proceedings to evict the Company from the Bryant Park Grill & Café and The Porch at Bryant Park premises. On April 24, 2025, the Court denied the motion. We have filed a notice of appeal of the ruling. On April 29, 2025, we also filed a motion for a preliminary injunction in the New York State Supreme Court, Appellate Division, First Department. That motion is now pending. The Company has received from the Landlord a “notice to quit” the premises. the Company to terminate its tenancy. On June 16, 2025, the Company filed an amended complaint in the New York Action, adding a cause of action for age discrimination by the Landlord in its selection of a new operator for the Bryant Park Grill & Café and The Porch at Bryant Park. On June 26, 2025, the Landlord filed counterclaims against the Company in the New York Action seeking, among other things, to eject the Company from the Bryant Park Grill & Café and The Porch at Bryant Park premises. The Company has continued to make all required use and occupancy payments for the Bryant Park Grill & Café and The Porch at Bryant Park, and will continue to make such payments.

As of the date of this filing, we continue to operate the above properties as a holdover tenant and intend to do so until we are either awarded the lease extensions or ordered to vacate the premises. The underlying lawsuit filed by the Company to protect its rights continues, and we will pursue all available options to protect the Company’s interests.

Management, after consultation with legal counsel, is unable to predict the outcome of this matter at this time. While the outcome of these proceedings cannot be predicted with certainty, the Bryant Park Grill & Cafe and The Porch at Bryant Park, collectively, accounted for $19.7 million and $23.3 million of our total revenues for the 39 weeks ended June 28, 2025 and June 29, 2024, respectively, which represented approximately 15.4% and 16.7% of our total revenue for such periods, respectively. If the Company is unable to prevail in the above actions and/or is unable to extend or renew these leases on favorable terms, if at all, it could have a material adverse effect on our business, financial condition, and results of operations.

Credit Facility

On March 30, 2023, the Company entered into a Second Amended and Restated Credit Agreement (the “Credit Agreement”), with its lender, Bank Hapoalim B.M. (“BHBM”) which originally matured in on June 1, 2025. On May 29, 2025, the Company entered into an Omnibus Amendment to the Credit Agreement which: (i) extended the maturity date of the Credit Agreement to June 1, 2028, (ii) extended the due dates of the balloon payments of its outstanding promissory notes, (iii) reduced the maximum permitted obligations outstanding under the Credit Agreement from $30,000,000 to $20,000,000 (including the outstanding promissory notes), (iv) increased the minimum tangible net worth covenant from $22,000,000 to $28,000,000, and (v) removed the annual net income covenant.

Impairment losses on Right-of-Use and Long-lived Assets

During the 13 weeks ended June 29, 2024, impairment indicators were identified at our Sequoia property located in Washington, D.C. due to lower-than-expected operating results. Accordingly, the Company tested the recoverability of Sequoia’s ROU and long-lived assets and concluded they were not recoverable. Based on a discounted cash flow analysis, the Company recognized impairment charges of $1,561,000 and $939,000 related to Sequoia’s ROU and long-lived assets, respectively. The Company continued to monitor the performance of Sequoia throughout fiscal 2025 and as a result of lower-than-expected operating results we tested the recoverability of its ROU and long-lived assets as of June 28, 2025. Based on a discounted cash flow analysis, we recognized additional impairment charges of $2,940,000 and $1,760,000 during the 13 weeks ended June 28, 2025 related to Sequoia’s ROU and long-lived assets, respectively. Given the inherent uncertainty in projecting results of restaurants, the Company will continue to monitor the recoverability of the carrying value of the assets of Sequoia and several other restaurants on an ongoing basis. If expected performance is not realized, further impairment charges may be recognized in future periods, and such charges could be material.

Gain on the Termination of the Tampa Food Court Lease

On November 26, 2024, the Company agreed to terminate its lease for the food court at The Hard Rock Hotel and Casino in Tampa, FL and, accordingly, vacated the premises on December 15, 2024. In connection with this, Ark Hollywood/Tampa Investment LLC, a subsidiary of the Company, (in which we own a 65% interest) received a termination payment in the amount of $5,500,000, all obligations under the lease ceased and we recorded a gain, net of expenses in the amount of $5,235,000 during the 13 weeks ended December 28, 2024. During the 13 weeks ended March 29, 2025, Ark Hollywood/Tampa Investment LLC distributed approximately $1,710,000 of the net proceeds, after expenses, to the other equity holders of Ark Hollywood/Tampa Investment LLC.

Goodwill Impairment

Goodwill is the excess of cost over fair market value of tangible and intangible net assets acquired. Goodwill is not presently amortized but tested for impairment annually or when the facts or circumstances indicate a possible impairment of goodwill as a result of a continual decline in performance or as a result of fundamental changes in a market.

During the three months ended March 29, 2025, the Company identified a triggering event in accordance with the Financial Accounting Standards Board (“FASB”), Accounting Standards Update (“ASU”) 350-20, “Intangibles—Goodwill and Other,” primarily related to a decline in the Company’s stock price in the second quarter of fiscal 2025 and the continued uncertainty related to the expiration of the Bryant Park Grill & Cafe and The Porch at Bryant Park leases. As a result, the Company performed an interim quantitative impairment test and based on the results of the assessment, the fair value of our equity was determined to be less than its carrying amount. Accordingly, the Company recognized a non-cash impairment charge of the remaining balance of its goodwill in the amount of $3,440,000 in our consolidated condensed statements of operations 39 weeks ended June 28, 2025. The Company did not record any impairment to its goodwill during the 13 and 39 weeks ended June 29, 2024.

Gain on the Closure of El Rio Grande

In October 2024, the Company advised the landlord of El Rio Grande we would be terminating the lease and closing the property permanently. In connection with this notification, the Company recorded a loss of $876,000 during the year ended September 28, 2024. The property closed permanently on January 3, 2025 and was vacated and delivered to the landlord on April 30, 2025. Gains recognized are the result of refinements of estimates.

Conference Call and Webcast Information

Ark Restaurants will host a conference call on August 12, 2025 at 11:00 a.m. Eastern Time to review these results and discuss other topics.

The call can be accessed by dialing toll-free 1-877-407-4018 (Toll/International: 1-201-689-8471).

A live webcast of the call will be available by copying and pasting the following URL into your browser: https://viavid.webcasts.com/starthere.jsp?ei=1730325&tp_key=9a60582b75. A replay will be available approximately three hours following the call by dialing toll-free 1-844-512-2921 (Toll/International: 1-412-317-6671) using Access ID 13755360. The replay will be available until Tuesday, August 19, 2025, 11:59 p.m. Eastern Time.

About Ark Restaurants Corp.

Ark Restaurants owns and operates 16 restaurants and bars, 12 fast food concepts and catering operations primarily in New York City, Florida, Washington, DC, Las Vegas, Nevada and the gulf coast of Alabama. Three restaurants are located in New York City, one is located in Washington, DC, five are located in Las Vegas, Nevada, one is located in Atlantic City, New Jersey, four are located on the east coast of Florida and two are located on the Gulf Coast of Alabama. The Las Vegas operations include four restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel’s room service, banquet facilities, employee dining room and six food court concepts and one restaurant within the Planet Hollywood Resort and Casino. In Atlantic City, New Jersey, the Company operates a restaurant in the Tropicana Hotel and Casino. The Florida operations include the Rustic Inn in Dania Beach, Shuckers in Jensen Beach, JB’s on the Beach in Deerfield Beach, Blue Moon Fish Company in Lauderdale-by-the-Sea and the operation of six fast food facilities in Hollywood at the Hard Rock Hotel and Casino operated by the Seminole Indian Tribe. In Alabama, the Company operates two Original Oyster Houses, one in Gulf Shores and one in Spanish Fort.

Cautionary Note Regarding Forward-Looking Statements

Except for historical information, this news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve unknown risks, and uncertainties that may cause the Company’s actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that might cause such differences are discussed in the Company’s filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future.

Non-GAAP Financial Information

This news release includes non-generally accepted accounting principles (“GAAP”) performance measures. Although EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP, the Company believes the use of this non-GAAP financial measure enhances an overall understanding of the Company’s past financial performance as well as providing useful information to the investor because of its historical use by the Company as both a performance measure and measure of liquidity, and the use of EBITDA by virtually all companies in the restaurant sector as a measure of both performance and liquidity. However, investors should not consider this measure in isolation or as a substitute for net income (loss), operating income (loss), cash flows from operating activities or any other measure for determining the Company’s operating performance or liquidity that is calculated in accordance with GAAP as it may not necessarily be comparable to similarly titled measure employed by other companies.

ARK RESTAURANTS CORP.

Consolidated Condensed Statements of Operations

For the 13- and 39-week periods ended June 28, 2025 and June 29, 2024

(In Thousands, Except per share amounts)

 

 

13 Weeks Ended

June 28,

2025

 

13 Weeks Ended

June 29,

2024

 

39 Weeks Ended

June 28,

2025

 

39 Weeks Ended

June 29,

2024

 

 

 

 

 

 

 

 

 

TOTAL REVENUES

 

$

43,715

 

 

$

50,396

 

 

$

128,428

 

 

$

140,139

 

COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

Food and beverage cost of sales

 

 

12,060

 

 

 

13,304

 

 

 

35,650

 

 

 

37,512

 

Payroll expenses

 

 

15,280

 

 

 

17,479

 

 

 

46,103

 

 

 

49,969

 

Occupancy expenses

 

 

5,444

 

 

 

6,261

 

 

 

17,128

 

 

 

18,368

 

Other operating costs and expenses

 

 

6,038

 

 

 

6,305

 

 

 

17,422

 

 

 

18,233

 

General and administrative expenses

 

 

2,822

 

 

 

2,690

 

 

 

9,292

 

 

 

9,151

 

Depreciation and amortization

 

 

964

 

 

 

1,033

 

 

 

2,443

 

 

 

3,181

 

Gain on closure of El Rio Grande

 

 

(178

)

 

 

—

 

 

 

(173

)

 

 

—

 

Gain on termination of Tampa Food Court lease

 

 

—

 

 

 

—

 

 

 

(5,235

)

 

 

—

 

Impairment losses on right-of-use and long-lived assets

 

 

4,700

 

 

 

2,500

 

 

 

4,700

 

 

 

2,500

 

Goodwill impairment

 

 

—

 

 

 

—

 

 

 

3,440

 

 

 

—

 

Total costs and expenses

 

 

47,130

 

 

 

49,572

 

 

 

130,770

 

 

 

138,914

 

OPERATING INCOME (LOSS)

 

 

(3,415

)

 

 

824

 

 

 

(2,342

)

 

 

1,225

 

OTHER (INCOME) EXPENSE:

 

 

 

 

 

 

 

 

Interest expense, net

 

 

90

 

 

 

138

 

 

 

294

 

 

 

448

 

Other income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(26

)

Gain on sale of condominiums

 

 

(391

)

 

 

—

 

 

 

(391

)

 

 

—

 

Gain on forgiveness of PPP Loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(285

)

Total other (income) expense, net

 

 

(301

)

 

 

138

 

 

 

(97

)

 

 

137

 

INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES

 

 

(3,114

)

 

 

686

 

 

 

(2,245

)

 

 

1,088

 

Provision (benefit) for income taxes

 

 

81

 

 

 

(213

)

 

 

5,019

 

 

 

(202

)

CONSOLIDATED NET INCOME (LOSS)

 

 

(3,195

)

 

 

899

 

 

 

(7,264

)

 

 

1,290

 

Net income attributable to non-controlling interests

 

 

(259

)

 

 

(259

)

 

 

(2,284

)

 

 

(729

)

NET INCOME (LOSS) ATTRIBUTABLE TO ARK RESTAURANTS CORP.

 

$

(3,454

)

 

$

640

 

 

$

(9,548

)

 

$

561

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) ATTRIBUTABLE TO ARK RESTAURANTS CORP. PER COMMON SHARE:

 

 

 

 

 

 

 

 

Basic

 

$

(0.96

)

 

$

0.18

 

 

$

(2.65

)

 

$

0.16

 

Diluted

 

$

(0.96

)

 

$

0.18

 

 

$

(2.65

)

 

$

0.15

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:

 

 

 

 

 

 

 

 

Basic

 

 

3,605

 

 

 

3,604

 

 

 

3,605

 

 

 

3,604

 

Diluted

 

 

3,605

 

 

 

3,627

 

 

 

3,605

 

 

 

3,628

 

 

 

 

 

 

 

 

 

 

EBITDA Reconciliation:

 

 

 

 

 

 

 

 

Income (loss) before provision (benefit) for income taxes

 

$

(3,114

)

 

$

686

 

 

$

(2,245

)

 

$

1,088

 

Depreciation and amortization

 

 

964

 

 

 

1,033

 

 

 

2,443

 

 

 

3,181

 

Interest expense, net

 

 

90

 

 

 

138

 

 

 

294

 

 

 

448

 

EBITDA

 

$

(2,060

)

 

$

1,857

 

 

$

492

 

 

$

4,717

 

EBITDA, adjusted:

 

 

 

 

 

 

 

 

EBITDA (as defined)

 

$

(2,060

)

 

$

1,857

 

 

$

492

 

 

$

4,717

 

Non-cash stock-based compensation activity

 

 

(21

)

 

 

(723

)

 

 

60

 

 

 

(578

)

Gain on closure of El Rio Grande

 

 

(178

)

 

 

—

 

 

 

(173

)

 

 

—

 

Gain on termination of Tampa Food Court lease, net of non-

controlling interests

 

 

—

 

 

 

—

 

 

 

(3,365

)

 

 

—

 

Impairment losses on right-of-use and long-lived assets

 

 

4,700

 

 

 

2,500

 

 

 

4,700

 

 

 

2,500

 

Goodwill impairment

 

 

—

 

 

 

—

 

 

 

3,440

 

 

 

—

 

Gain on sale of condominiums

 

 

(391

)

 

 

—

 

 

 

(391

)

 

 

—

 

Gain on forgiveness of PPP Loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(285

)

Net income attributable to non-controlling interests

 

 

(259

)

 

 

(259

)

 

 

(2,284

)

 

 

(729

)

EBITDA, as adjusted

 

$

1,791

 

 

$

3,375

 

 

$

2,479

 

 

$

5,625

 

 

Anthony J. Sirica

(212) 206-8800

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Retail Restaurant/Bar Food/Beverage

MEDIA:

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Newmont Corporation Announces Pricing of its Tender Offers for $2 billion of Certain Outstanding Series of Notes

Newmont Corporation Announces Pricing of its Tender Offers for $2 billion of Certain Outstanding Series of Notes

DENVER–(BUSINESS WIRE)–
Newmont Corporation (NYSE: NEM, ASX: NEM, TSX: NGT, PNGX: NEM) (Newmont or the Company) announced today the pricing terms of its previously announced offers (each, a “Tender Offer” and, collectively, the “Tender Offers”) to purchase for cash up to $2,000,030,000 aggregate principal amount (the “Aggregate Cap”) of its outstanding series of notes listed in the table below (collectively, the “Notes”). The Tender Offers are being made pursuant to the terms and subject to the conditions set forth in the offer to purchase, dated July 28, 2025 (the “Offer to Purchase”). All capitalized terms not defined herein shall have the meanings ascribed to those terms in the Offer to Purchase.

The table below sets forth, among other things, the Total Consideration for each series of such Notes, as calculated at 10:00 a.m., Eastern Time, on August 11, 2025.

 

Title of Security

CUSIP

Aggregate Principal Amount Outstanding

Maximum Amount(1)

Acceptance Priority Level(2)

U.S. Treasury Reference Security

Bloomberg Reference Page

Fixed Spread

Reference Yield

Total Consideration(3)(4)

Pool 1 Tender Offers

2.800% senior notes due 2029

651639AX4

$631,564,000

$1,000,030,000

1

3.500% UST due September 30, 2029

FIT6

+20 bps

3.800%

$954.67

2.250% senior notes due 2030

651639AY2

$813,198,000

2

4.625% UST due September 30, 2030

FIT6

+20 bps

3.858%

$916.95

3.250% notes due 2030(5)

65163LAB5 / 65163LAH2 / 65163LAA7 / Q6684MAA1 / 65163LAG4 / Q6684MAD5 / Q66511AE8 / 65120FAD6

$536,601,000

3

0.625% UST due May 15, 2030

FIT6

+25 bps

3.834%

$964.28

Pool 2 Tender Offers

6.250% senior notes due 2039

651639AM8

$709,101,000

$1,000,000,000

1

4.250% UST due May 15, 2035

FIT1

+85 bps

4.265%

$1,113.14

4.875% senior notes due 2042

651639AP1

$961,648,000

2

5.000% UST due May 15, 2045

FIT1

+45 bps

4.819%

$956.73

5.750% notes due 2041(6)

65163LAD1 / 65163LAK5 / 65163LAC3 / Q6684MAB9 / 65163LAJ8 / Q6684MAE3 / Q66511AB4 / 65120FAB0

$499,987,000

3

5.000% UST due May 15, 2045

FIT1

+55 bps

4.819%

$1,040.52

(1)

The Pool 1 Maximum Amount of $1,000,030,000 represents the maximum aggregate principal amount of Notes in respect of the Pool 1 Notes that may be purchased in the Pool 1 Tender Offers. The Pool 2 Maximum Amount of $1,000,000,000 represents the maximum aggregate principal amount of Notes in respect of the Pool 2 Notes that may be purchased in the Pool 2 Tender Offers.

(2)

Subject to the Aggregate Cap, the Maximum Amounts and proration, if applicable, the aggregate principal amount of each series of Notes that is purchased in each Tender Offer will be determined in accordance with the applicable Acceptance Priority Level (in numerical priority order) specified in this column.

(3)

Includes an early tender payment of $50.00 per $1,000 principal amount of Notes of each series validly tendered (and not validly withdrawn) and accepted for purchase pursuant to the applicable Tender Offer.

(4)

The Total Consideration for each series of Notes validly tendered prior to or at the Early Tender Date and accepted for purchase is calculated using the applicable Fixed Spread and is inclusive of the applicable Early Tender Payment (as defined below). The Total Consideration for each series of Notes does not include the applicable Accrued Interest, which will be payable in addition to the applicable Total Consideration.

(5)

Notes with CUSIPs 65163LAB5, 65163LAH2, 65163LAA7, Q6684MAA1, 65163LAG4 and Q6684MAD5 are co-issued with Newcrest Finance Pty Limited. Notes with CUSIPs Q66511AE8 and 65120FAD6 are issued by Newcrest Finance Pty Limited.

(6)

Notes with CUSIPs 65163LAC3, Q6684MAB9, 65163LAJ8, Q6684MAE3, 65163LAD1 and 65163LAK5 are co-issued with Newcrest Finance Pty Limited. Notes with CUSIPs Q66511AB4 and 65120FAB0 are issued by Newcrest Finance Pty Limited.

In addition to the applicable Total Consideration for each series of Notes, holders who have validly tendered (and not validly withdrawn) their Notes at or prior to 5:00 p.m., Eastern Time, on August 8, 2025 (such time and date, the “Early Tender Deadline”) and whose Notes were accepted for purchase pursuant to the applicable Tender Offer will receive accrued and unpaid interest on the Notes accepted for purchase pursuant to the applicable Tender Offer from and including the most recent interest payment date to but excluding the Early Settlement Date, which is currently expected to be August 13, 2025.

The applicable Total Consideration listed in the table above will be paid per $1,000 principal amount of each series of Notes validly tendered and accepted for purchase pursuant to the applicable Tender Offer on the Early Settlement Date. Only holders of Notes who validly tendered and did not validly withdraw their Notes prior to or at the Early Tender Date are eligible to receive the applicable Total Consideration for Notes accepted for purchase.

BMO Capital Markets Corp., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as the dealer managers in connection with the Tender Offers (collectively, the “Dealer Managers”). D.F. King & Co., Inc. is acting as the information and tender agent in connection with the Tender Offers (the “Information and Tender Agent”). Requests for assistance relating to the Tender Offers or for additional copies of the Offer to Purchase or other related documents may be directed to BMO Capital Markets Corp. at (212) 702-1840 (collect) and (833) 418-0762 (toll free), Goldman Sachs & Co. LLC at (212) 934-0773 (collect) and (800) 828-3182 (toll free) and J.P. Morgan Securities LLC at (212) 834-3554 (collect) and (866) 834-4666 (toll free) or to the Information and Tender Agent at (212) 257-2639 (banks and brokers) and (866) 342-4881 (toll free). Holders of the Notes may also contact their broker, dealer, commercial bank, trust company or other nominee or intermediary for assistance concerning the Tender Offers. Holders of the Notes are urged to review the Offer to Purchase for the detailed terms of the Tender Offers and the procedures for tendering their Notes.

Neither the Offer to Purchase nor any related documents have been filed with the U.S. Securities and Exchange Commission, nor have any such documents been filed with or reviewed by any federal or state securities commission or regulatory authority of any country. No authority has passed upon the accuracy or adequacy of the Offer to Purchase or any related documents, and it is unlawful and may be a criminal offense to make any representation to the contrary.

This press release does not constitute an offer to purchase, or a solicitation of an offer to sell, or the solicitation of tenders with respect to, the Notes or any other securities. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, purchase or sale would be unlawful. The Tender Offers are being made solely pursuant to the Offer to Purchase and only to such persons and in such jurisdictions as is permitted under applicable law. None of Newmont, the Dealer Managers, the Information and Tender Agent or the trustees with respect to the Notes makes any recommendation as to whether holders of the Notes should tender, or refrain from tendering, all or any portion of the principal amount of their Notes pursuant to the Tender Offers, and no one has been authorized by any of them to make such a recommendation. Holders of the Notes must make their own decision as to whether to tender any of their Notes and, if so, the principal amount of their Notes to tender pursuant to the Tender Offers.

About Newmont

Newmont is the world’s leading gold Company and producer of copper, zinc, lead, and silver. Newmont’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, Newmont has been publicly traded since 1925.

At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining.

Cautionary Statement Regarding Forward Looking Statements:

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, which are intended to be covered by the safe harbor created by such sections and other applicable laws. All statements regarding the expiration and closing of the Tender Offers and future satisfaction of terms and subject to the conditions set forth in the offer to purchase that are not statements of historical fact are forward-looking statements. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including, but not limited to, general market conditions which might affect the Tender Offers and other factors identified in the offer to purchase and the Company’s periodic reports. For a discussion of such risks and other factors that might impact future looking statements, see Newmont’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 21, 2025, under the heading “Risk Factors,” and other factors identified in Newmont’s reports filed with the SEC, available on the SEC website or at www.newmont.com. Newmont does not undertake any obligation to release publicly revisions to any “forward-looking statement,” including, without limitation, outlook, to reflect events or circumstances after the date of this press release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued “forward-looking statement” constitutes a reaffirmation of that statement. Continued reliance on “forward-looking statements” is at investors’ own risk. Investors are also encouraged to review our Form 10-Q for the quarter ended June 30, 2025, filed on July 24, 2025.

Investor Contact – Global

Neil Backhouse

[email protected]

Investor Contact – Asia Pacific

Natalie Worley

[email protected]

Media Contact – Global

Shannon Brushe

[email protected]

Media Contact – Asia Pacific

Rosalie Cobai

[email protected]

KEYWORDS: North America United States Australia Australia/Oceania Canada Colorado

INDUSTRY KEYWORDS: Mining/Minerals Natural Resources

MEDIA:

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Cohen & Steers Announces Preliminary Assets Under Management and Net Flows for July 2025

PR Newswire


NEW YORK
, Aug. 11, 2025 /PRNewswire/ — Cohen & Steers, Inc. (NYSE: CNS) today reported preliminary assets under management of $88.6 billion as of July 31, 2025, a decrease of $353 million from assets under management of $88.9 billion at June 30, 2025. The decrease was due to market depreciation of $410 million and distributions of $152 million, partially offset by net inflows of $209 million.


Assets Under Management

(unaudited)



($ in millions)



AUM



  Net



Market



AUM



By investment vehicle:



6/30/2025



  Flows



App/(Dep)



Distributions



7/31/2025

Institutional Accounts:

  Advisory

$20,045

($66)

($117)

–

$19,862

  Subadvisory

14,341

(20)

(125)

(55)

14,141

Total Institutional Accounts  

34,386

(86)

(242)

(55)

34,003

Open-end Funds

42,962

294

(210)

(46)

43,000

Closed-end Funds

11,588

1

42

(51)

11,580

Total AUM


$88,936


$209


($410)


($152)


$88,583

About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.

Cision View original content:https://www.prnewswire.com/news-releases/cohen–steers-announces-preliminary-assets-under-management-and-net-flows-for-july-2025-302526836.html

SOURCE Cohen & Steers, Inc.

Posted on

ABERDEEN INVESTMENTS U.S. CLOSED-END FUNDS ANNOUNCE DISTRIBUTION PAYMENT DETAILS

PR Newswire


PHILADELPHIA
, Aug. 11, 2025 /PRNewswire/ — The following Aberdeen Investments U.S. Closed-End Funds (NYSE: ACP, AGD, AOD, ASGI, AWP, HQH, HQL, IFN, THQ, THW and NYSE American: FAX, FCO, IAF, VFL), announced today that the closed end funds in the chart directly below will pay the distributions indicated on a per share basis on August 29, 2025 to all shareholders of record as of August 22, 2025 (ex-dividend date August 22, 2025). These dates apply to the Funds listed below with the exception of the abrdn Healthcare Investors (HQH), the abrdn Life Sciences Investors (HQL), the abrdn Australia Equity Fund, Inc. (IAF) and the India Fund, Inc. (IFN) which will pay on September 30, 2025, to all shareholders of record as of August 22, 2025 (ex-dividend date August 22, 2025).


Ticker


Exchange


Fund


Amount

ACP

NYSE

abrdn Income Credit Strategies Fund

$   0.0775

AGD

NYSE

abrdn Global Dynamic Dividend Fund

$   0.1100

AOD

NYSE

abrdn Total Dynamic Dividend Fund

$   0.1000

ASGI

NYSE

abrdn Global Infrastructure Income Fund

$   0.2100

AWP

NYSE

abrdn Global Premier Properties Fund

$   0.0400

FAX

NYSE American

abrdn Asia-Pacific Income Fund, Inc.

$   0.1650

FCO

NYSE American

abrdn Global Income Fund, Inc.

$   0.0700

HQH

NYSE

abrdn Healthcare Investors

$   0.5100

HQL

NYSE

abrdn Life Sciences Investors

$   0.4200

IAF

NYSE American

abrdn Australia Equity Fund, Inc.

$   0.1200

IFN

NYSE

The India Fund, Inc.

$   0.4300

THQ

NYSE

abrdn Healthcare Opportunities Fund

$   0.1800

THW

NYSE

abrdn World Healthcare Fund

$   0.1167

VFL

NYSE American

abrdn National Municipal Income Fund

$   0.0500

FCO’s shares are currently trading at a premium to net asset value. The Board of Directors believes that the premium at which the Fund shares trade relative to net asset value is not likely to be sustainable. Shareholders participating in the Fund’s dividend reinvestment plan should note that at the current market price, the reinvestment of distributions occurs at a premium to net asset value.

At the end of each calendar year, a Form 1099-DIV will be sent to shareholders, which will state the amount and composition of each fund’s distributions and provide information with respect to their appropriate tax treatment for the prior calendar year. 

Each Fund’s distribution policy is subject to modification by the respective Board of Directors/Trustees at any time, and there can be no guarantee that the policy will continue. You should not draw any conclusions about any of these Funds’ investment performance from the amount of the distributions.

MANAGED DISTRIBUTION POLICY FUNDS 

ANNOUNCE DISTRIBUTION PAYMENT DETAILS

abrdn Global Infrastructure Income Fund (“ASGI”)

abrdn Healthcare Investors (“HQH”)

abrdn Life Sciences Investors (“HQL”)

abrdn Australia Equity Fund, Inc. (“IAF”)

The India Fund, Inc. (“IFN”)

abrdn Healthcare Opportunities Fund (“THQ”)

The above-noted Aberdeen Investments U.S. Closed-End Funds (the “Funds” or individually the “Fund”), today announced that the Funds will pay the distributions noted in the chart above on August 29, 2025 to all shareholders of record as of August 22, 2025 (ex-dividend date August 22, 2025). These dates apply to the Funds listed below with the exception of the abrdn Healthcare Investors (HQH), the abrdn Life Sciences Investors (HQL), the abrdn Australia Equity Fund, Inc. (IAF) and the India Fund, Inc. (IFN) which will pay on September 30, 2025, to all shareholders of record as of August 22, 2025 (ex-dividend date August 22, 2025).    

For abrdn Healthcare Investors (HQH), the abrdn Life Sciences Investors (HQL), the abrdn Australia Equity Fund, Inc. (IAF) and the India Fund, Inc. (IFN), this stock distribution will automatically be paid in newly issued shares of the Fund unless otherwise instructed by the shareholder. Shares of common stock will be issued at the lower of the net asset value (“NAV”) per share or the market price per share with a floor for the NAV of not less than 95% of the market price.  The valuation date for this stock distribution is September 17, 2025.  Fractional shares will generally be settled in cash, except for registered shareholders with book entry accounts at Computershare Investor Services who will have whole and fractional shares added to their account.

Shareholders may request to be paid their quarterly distributions in cash instead of shares of common stock by providing advance notice to the bank, brokerage or nominee who holds their shares if the shares are in “street name,” or by filling out in advance an election card received from Computershare Investor Services if the shares are in registered form. To receive the quarterly distribution payable in September 2025 in cash instead of shares of common stock, the bank, brokerage or nominee who holds the shares must advise the Depository Trust Company as to the full and fractional shares for which they want the distribution paid in cash by September 16, 2025, and written notification for the election of cash by registered shareholders must be received by Computershare Investor Services prior to September 16, 2025.          

Each Fund has adopted a distribution policy to provide investors with a stable distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital in reliance on an exemptive order granted by the Securities and Exchange Commission.

Under applicable U.S. tax rules, the amount and character of distributable income for each Fund’s fiscal year can be finally determined only as of the end of the Fund’s fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the “1940 Act”) and related rules, the Funds may be required to indicate to shareholders the estimated source of certain distributions to shareholders.

The following tables set forth the estimated amounts of the sources of the distributions for purposes of Section 19 of the 1940 Act and the rules adopted thereunder. The tables have been computed based on generally accepted accounting principles.  The tables include estimated amounts and percentages for the current distributions to be paid as well as for the cumulative distributions paid relating to fiscal year to date, from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital. The estimated compositions of the distributions may vary because the estimated composition may be impacted by future income, expenses and realized gains and losses on securities and currencies.

The Funds’ estimated sources of the current distributions to be paid and for its current fiscal year to date are as follows:


Estimated Amounts of Current Distribution per Share


Fund


Distribution Amount


Net Investment Income


Net Realized Short-Term
Gains*


Net Realized Long-Term Gains


Return of Capital

ASGI

$0.2100

$0.0294

14 %

$0.0063

3 %

$0.0756

36 %

$0.0987

47 %

HQH

$0.5100

–

–

$0.1836

36 %

$0.0408

8 %

$0.2856

56 %

HQL

$0.4200

–

–

$0.2457

58 %

–

–

$0.1743

42 %

IAF

$0.1200

$0.0168

14 %

–

–

$0.0300

25 %

$0.0732

61 %

IFN

$0.4300

–

–

–

–

$0.4300

100 %

–

–

THQ

$0.1800

–

–

$0.0036

2 %

–

–

$0.1764

98 %

 


Estimated Amounts of Fiscal Year to Date Cumulative Distributions per Share


Fund


Fiscal Year**
to Date Distribution Amount


Net Investment Income


Net Realized Short-Term
Gains*


Net Realized Long-Term Gains


Return of Capital

ASGI

$2.2300

$0.3122

14 %

$0.0669

3 %

$0.8028

36 %

$1.0481

47 %

HQH

$2.2400

–

–

$0.8064

36 %

$0.1792

8 %

$1.2544

56 %

HQL

$1.8200

–

–

$1.0647

58 %

–

–

$0.7553

42 %

IAF

$0.4900

$0.0686

14 %

–

–

$0.1225

25 %

$0.2989

61 %

IFN

$1.3000

–

–

–

–

$1.3000

100 %

–

–

THQ

$1.9800

–

–

$0.0396

2 %

–

–

$1.9404

98 %

* includes currency gains

** ASGI, HQH, HQL and THQ have a 9/30 fiscal year end. IAF has a 10/31 fiscal year end.  IFN has a 12/31 fiscal year end.

Where the estimated amounts above show a portion of the distribution to be a “Return of Capital,” it means that Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all the money that you invested in a Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”

The amounts and sources of distributions reported in this notice are only estimates and are not being 
provided for tax reporting purposes. The final determination of the source of all distributions for the current year will only be made after year-end. The actual amounts and sources of the amounts for tax 
reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal 
year and may be subject to change based on tax regulations. After the end of each calendar year, a Form 
1099-DIV will be sent to shareholders for the prior calendar year that will tell you how to report these distributions for federal income tax purposes.

The following table provides the Funds’ total return performance based on net asset value (NAV) over various time periods compared to the Funds’ annualized and cumulative distribution rates.


Fund Performance and Distribution Rate Information

Fund

Average Annual
Total Return on
NAV for the 5
Year Period
Ending
07/31/2025¹

Current Fiscal
Period’s
Annualized
Distribution Rate
on NAV²

Cumulative
Total Return on
NAV¹

Cumulative
Distribution Rate
on NAV²

ASGI

10.13 %

11.56 %

10.03 %

9.55 %

HQH

3.44 %

13.11 %

-5.37 %

9.99 %

HQL

3.50 %

12.55 %

-1.18 %

9.60 %

IAF

10.33 %

9.78 %

8.69 %

7.39 %

IFN

10.89 %

10.27 %

-5.05 %

5.29 %

THQ

3.92 %

12.80 %

-18.89 %

10.67 %


1 Return data is net of all fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund’s dividend reinvestment plan.


2 Based on the Fund’s NAV as of July 31, 2025.

Shareholders should not draw any conclusions about a Fund’s investment performance from the amount of the Fund’s current distributions or from the terms of the distribution policy (the “Distribution Policy”).

While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Funds may distribute any long-term capital gains more frequently than the limits provided in Section 19(b) under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Funds during the year may include net income, short-term capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Funds, to be taxed at a lower rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment in company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits, and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed the adjusted basis in the shares held, capital gain is recognized with a holding period based on the period the shares have been held at the date such amount is received.

The payment of distributions in accordance with the Distribution Policy may result in a decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause an increase in the Fund’s annual operating expense ratio and a decrease in the Fund’s market price per share to the extent the market price correlates closely to the Fund’s net asset value per share. The Distribution Policy may also negatively affect the Fund’s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution. Each Fund’s Board has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment, suspension or termination of the Distribution Policy may affect the Fund’s market price per share. Investors should consult their tax advisor regarding federal, state, and local tax considerations that may be applicable in their particular circumstances.

Circular 230 disclosure:  To ensure compliance with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

Aberdeen Investments Global is the trade name of Aberdeen’s investments business, herein referred to as “Aberdeen Investments” or “Aberdeen”. In the United States, Aberdeen Investments refers to the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited, and abrdn Asia Limited.

Closed-end funds are traded on the secondary market through one of the stock exchanges. A Fund’s investment return and principal value will fluctuate so that an investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund’s portfolio. There is no assurance that a Fund will achieve its investment objective. Past performance does not guarantee future results.

Closed end funds | Aberdeen

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SOURCE Aberdeen Investments U.S. Closed End Funds