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SelectQuote, Inc. Announces Special Meeting to Approve Reverse Stock Split

SelectQuote, Inc. Announces Special Meeting to Approve Reverse Stock Split

OVERLAND PARK, Kan.–(BUSINESS WIRE)–
SelectQuote, Inc. (NYSE: SLQT) (the “Company”) announced today that it plans to hold a special meeting of stockholders to seek approval to amend the Company’s Sixth Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) to effect, at the discretion of the Board of Directors (the “Board”), a reverse stock split of the Company’s common stock, $0.01 par value per share (the “Common Stock”). Holders of record of the Common Stock as of the close of business on January 11, 2023 will be entitled to notice of and to vote at the special meeting, which is scheduled to be held on March 2, 2023. The time, location, and other details regarding the special meeting, including the ratio or range of ratios at which the reverse stock split may be effected, will be communicated to stockholders at a later date via proxy materials that will be filed with, and subject to review by, the Securities and Exchange Commission (the “SEC”).

The reverse stock split would not affect any stockholder’s percentage ownership interest or proportionate voting power, except to the extent that it results in a stockholder receiving cash or other consideration in lieu of a fractional share, and would have no impact on the Company’s business operations or any of its outstanding indebtedness. The Board may revoke the proposal and cancel the special meeting at any time if it determines that the reverse stock split is no longer in the best interests of the Company and its stockholders. Even if the meeting occurs and the amendment to the Certificate of Incorporation is approved, the Board may delay or abandon the reverse stock split at any time prior to the effective time of the reverse stock split if the Board determines that the reverse stock split is no longer in the best interests of the Company or its stockholders.

Additional Information and Where to Find It

This communication may be deemed to be solicitation material in connection with the proposal to be submitted to the Company’s stockholders at its special meeting seeking approval of an amendment to the Certificate of Incorporation to effect a reverse stock split (the “Reverse Split Proposal”). This press release does not contain all the information that should be considered concerning the Reverse Split Proposal and is not intended to form the basis of any investment decision or any other decision in respect of the Reverse Split Proposal. In connection with the Reverse Split Proposal, the Company plans to file a preliminary proxy statement on Schedule 14A with the SEC. Stockholders and other interested persons are urged to read the preliminary proxy statement and all other relevant documents filed with the SEC, including, once available, the definitive proxy statement, as such documents will contain important information about the Company and the Reverse Split Proposal.

When available, the definitive proxy statement and other relevant materials for the Reverse Split Proposal will be mailed to stockholders of the Company as of the record date for the special meeting. Investors and security holders will also be able to obtain the documents (when available) free of charge at the SEC’s website, www.sec.gov, or via the Company’s website, www.selectquote.com.

Participants in Solicitation

The Company and its directors and executive officers may be deemed participants in the solicitation of proxies from the Company’s stockholders with respect to the Reverse Split Proposal. A list of the names of those directors and executive officers and a description of their interests in the Company is contained in the Company’s definitive proxy statement in connection with its 2022 Annual Meeting, which proxy statement was filed with the SEC and is available free of charge at the SEC’s website, www.sec.gov, or the Company’s website, www.selectquote.com. To the extent such holdings of the Company’s securities may have changed since that time, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the interests of such participants will be contained in the definitive proxy statement in connection with the special meeting when available.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements reflect the Company’s current views with respect to, among other things, future events. Forward-looking statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts and are based on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, and expected future developments, as well as other factors we believe are appropriate under the circumstances. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Although we believe the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied in these forward-looking statements due to a number of factors, many of which are beyond our control, including the price of our common stock at any given time, the voting results on any proposal submitted to the Company’s stockholders, and other factors under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended June 30, 2022 and in other filings that the Company has made and may make with the SEC in the future. All of the forward-looking statements made in this press release are qualified by these cautionary statements. You should not place undue reliance on these forward-looking statements, which are made only as of the date of this press release. Except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise.

About SelectQuote

Founded in 1985, SelectQuote (NYSE: SLQT) provides solutions that help consumers protect their most valuable assets: their families, health, and property. The company pioneered the model of providing unbiased comparisons from multiple, highly-rated insurance companies allowing consumers to choose the policy and terms that best meet their unique needs. Two foundational pillars underpin SelectQuote’s success: a strong force of highly-trained and skilled agents who provide a consultative needs analysis for every consumer, and proprietary technology that sources and routes high-quality leads.

With an ecosystem offering high touchpoints for consumers across Insurance, Medicare, Pharmacy, and Value-Based Care, the company now has four core business lines: SelectQuote Senior, SelectQuote Healthcare Services, SelectQuote Life, and SelectQuote Auto and Home. SelectQuote Senior serves the needs of a demographic that sees around 10,000 people turn 65 each day with a range of Medicare Advantage and Medicare Supplement plans. SelectQuote Healthcare Services is comprised of the SelectRx Pharmacy, a specialized medication management pharmacy, and Population Health, which proactively connects its members with best-in-class healthcare services that fit each member’s unique healthcare needs. The platform improves health outcomes and lowers healthcare costs through proactive engagement and access to high-value healthcare solutions.

Investor Relations:

Sloan Bohlen

877-678-4083

[email protected]

Media:

Matt Gunter

913-286-4931

[email protected]

KEYWORDS: Kansas United States North America

INDUSTRY KEYWORDS: Finance Health Professional Services Pharmaceutical Insurance

MEDIA:

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BNY Mellon Municipal Bond Infrastructure Fund, Inc. (NYSE: DMB) Announces Distribution

BNY Mellon Municipal Bond Infrastructure Fund, Inc. (NYSE: DMB) Announces Distribution

NEW YORK–(BUSINESS WIRE)–
BNY Mellon Municipal Bond Infrastructure Fund, Inc. (NYSE: DMB)today announced a distribution of $0.0400 per share of common stock, payable on January 3, 2023 to shareholders of record at the close of business on December 19, 2022. The ex-dividend date is December 16, 2022. The previous distribution announced in November was $0.0400 per share of common stock.

The Fund intends to make regular monthly distributions to its common shareholders at a level rate based on its projected performance. At times, to maintain a stable level of distributions, the Fund may pay out less than all of its net investment income or, in addition to paying out current net investment income, the Fund may pay out accumulated undistributed income, or may return capital. As market conditions and portfolio performance may change, the rate of distributions on the Fund’s shares of common stock and the Fund’s distribution policy could change.

Important Information

BNY Mellon Investment Adviser, Inc., the investment adviser for the Fund, is part of BNY Mellon Investment Management. BNY Mellon Investment Management is one of the world’s largest asset managers, with $1.8 trillion in assets under management as of September 30, 2022. Through an investor-first approach, BNY Mellon Investment Management brings to clients the best of both worlds: specialist expertise from eight investment firms offering solutions across every major asset class, backed by the strength, stability, and global presence of BNY Mellon. Additional information on BNY Mellon Investment Management is available on www.bnymellonim.com.

BNY Mellon Investment Management is a division of BNY Mellon, which has $42.2 trillion in assets under custody and/or administration as of September 30, 2022. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund’s investment returns and principal values 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 the Fund will achieve its investment objective.

This release is for informational purposes only and should not be considered as investment advice or a recommendation of any particular security.

For Press Inquiries:

BNY Mellon Investment Adviser, Inc.

Courtney Woolston

(212) 635-6027

For Other Inquiries:

BNY Mellon Securities Corporation

The National Marketing Desk

240 Greenwich Street

New York, New York 10286

1-800-334-6899

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

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Macquarie Global Infrastructure Total Return Fund Inc. Announces Monthly Distribution

Macquarie Global Infrastructure Total Return Fund Inc. Announces Monthly Distribution

NEW YORK–(BUSINESS WIRE)–
The Board of Directors of Macquarie Global Infrastructure Total Return Fund Inc. (NYSE:MGU) (“Fund”) declared on December 2, 2022, a regular distribution for the month ending November 30, 2022 of $0.13 per share.

Based on the Fund’s net asset value (“NAV”) per share of $28.45 and New York Stock Exchange closing market price of $24.25 on November 30, 2022, the $0.13 per share distribution is equal to an annualized distribution rate of 5.48% at NAV and 6.43% at market price.

A portion of the distributions may be treated as paid from sources other than net income, including, but not limited to, short-term capital gain, long-term capital gain and return of capital. The final determination of the source of all distributions in 2022, including the percentage of qualified dividend income, will be made by the Fund after December 31, 2022.

This distribution will be payable on December 30, 2022, to shareholders of record on December 23, 2022, with an ex-dividend date of December 22, 2022.

About the Fund

Macquarie Global Infrastructure Total Return Fund Inc., a diversified closed-end fund, is listed on the New York Stock Exchange. The Fund’s investment adviser is Delaware Management Company (“Investment Adviser”), a series of Macquarie Investment Management Business Trust, which is a subsidiary of Macquarie Management Holdings, Inc. (“MMHI”). MMHI is a subsidiary, and subject to the ultimate control, of Macquarie Group Limited. Macquarie Asset Management is a global asset manager that aims to deliver positive impact for everyone. Trusted by institutions, pension funds, governments, and individuals to manage more than $US508 billion in assets globally,1 we provide access to specialist investment expertise across a range of capabilities including infrastructure, green investments & renewables, real estate, agriculture & natural assets, asset finance, private credit, equities, fixed income and multi asset solutions.

The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets (which includes the aggregate of the Fund’s average daily net assets plus proceeds from any outstanding borrowings used for leverage) in equity and equity-like securities and instruments, such as common stocks, preferred stocks, convertible securities and hybrid securities issued by US and non-US issuers (Infrastructure Issuers) that primarily own or operate Infrastructure Assets. “Infrastructure Assets” are an underlying foundation of basic services, facilities and institutions upon which the growth and development of a community depends and may provide the necessities of everyday life, such as fresh water, roads, airports, utilities, power, steam heating systems, hospitals, schools and other social services.

Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. An investor should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. Forward-looking statements are based on information that is available on the date hereof, and neither the Investment Adviser nor any other person affiliated with the Investment Adviser has any duty to update any forward-looking statements. Important factors that could affect actual results to differ from these statements include, among other factors, material, negative changes to the asset class and the actual composition of the portfolio.

Delaware Management Company is an indirect wholly owned subsidiary of Macquarie Group Limited (MGL). Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

1 As of September 30, 2022

© 2022 Macquarie Management Holdings, Inc.

Investor/Broker Inquiries

Tel: 866 567-4771

E-mail: [email protected]

Web:www.macquarieim.com/mgu

Media Inquiries

Lee Lubarsky

347 302-3000

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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Momentus Inc. Announces Resignation of Jikun Kim

Momentus Inc. Announces Resignation of Jikun Kim

SAN JOSE–(BUSINESS WIRE)–
Momentus Inc. (NASDAQ: MNTS) (“Momentus” or the “Company”), a U.S. commercial space company that offers transportation and other in-space infrastructure services, today announced that Jikun Kim, Momentus Chief Financial Officer, will resign from his role effective January 6, 2023. Momentus will announce a successor for Kim at a later date.

Kim joined Momentus in September 2020 as Chief Financial Officer. In this role, he led the Company’s accounting and financial planning and analysis group. He oversaw the Company’s Special Purpose Acquisition Company transaction that closed in August 2021 and the process of listing Momentus on the NASDAQ exchange.

“Jikun provided leadership at Momentus during a significant transformation as the organization evolved from a private company with the promise of good ideas into a public company now starting to deliver on those ideas with space infrastructure services,” said Momentus Chief Executive Officer John Rood. “We thank Jikun for his tenure in the CFO role and wish him all the best as he pursues new endeavors.”

“Momentus rose to the challenge of reinventing itself as it worked to bring its initial capabilities to market,” said Kim. “The Company’s progress, particularly in the past year, is extraordinary. I’m proud to have been part of this effort and to have put in place a strong team with a solid foundation of financial tools and processes that will serve the Company well in the future.”

About Momentus

Momentus is a U.S. commercial space company that offers in-space infrastructure services, including in-space transportation, hosted payloads and in-orbit services. Momentus believes it can make new ways of operating in space possible with its planned in-space transfer and service vehicles that will be powered by an innovative water plasma-based propulsion system that is under development.

Forward-Looking Statements

This press release contains certain statements which may constitute “forward-looking statements” for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements regarding Momentus’ or its management team’s expectations, hopes, beliefs, intentions or strategies regarding future events or circumstances, and are not guarantees of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Momentus’ control. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to risks and uncertainties included under the heading “Risk Factors” in the Annual Report on Form 10-K filed by the Company on March 9, 2022, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at investors.momentus.space. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Investors

Darryl Genovesi at [email protected]

Media

Jessica Pieczonka at [email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Air Transport Other Transport

MEDIA:

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Molecular Templates, Inc. to Present Interim Results on MT-5111 at the 45th Annual San Antonio Breast Cancer Symposium (SABCS) and Participate at the 64th American Society of Hematology (ASH) Annual Meeting

AUSTIN, Texas, Dec. 02, 2022 (GLOBE NEWSWIRE) — Molecular Templates, Inc. (Nasdaq: MTEM, “Molecular Templates,” or “MTEM”), a clinical-stage biopharmaceutical company focused on the discovery and development of proprietary targeted biologic therapeutics, engineered toxin bodies (ETBs), today announced that they will present a poster on interim clinical results for the MT-5111 program at the San Antonio Breast Cancer Symposium (SABCS) which will take place December 6 – December 10, 2022 at the Henry B. Gonzalez Convention Center in San Antonio, TX. Molecular Templates will also participate in one-on-one meetings at the 64th American Society of Hematology (ASH) Annual Meeting which will take place December 10 – December 13, 2022 at the Ernest N. Morial Convention Center in New Orleans, LA. In-person and virtual meetings may be scheduled directly with Molecular Templates.

45

th

Annual San Antonio Breast Cancer Symposium (SABCS)

  • Format: Poster presentation
  • Title/Poster Number: A phase 1 study of the novel immunotoxin MT-5111 in patients with HER2+ tumors: interim results, Poster Number OT2-11-01
  • Time/Date: 5:00 – 6:15 PM CST, Wednesday December 7, 2022
  • Location: Hall 1, Henry B. Gonzalez Convention Center, San Antonio, TX and accessible via corporate website

64

th

American Society of Hematology (ASH) Annual Meeting

  • Format: One-on-one meetings
  • Dates: December 10, 2022 – December 13, 2022
  • Location: Ernest N. Morial Convention Center, New Orleans, LA and Virtual

About Molecular Templates

Molecular Templates is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted biologic therapeutics. Molecular Templates’ proprietary drug platform technology, known as engineered toxin bodies, or ETBs, leverages the resident biology of a genetically engineered form of Shiga-like Toxin A subunit to create novel therapies with potent and differentiated mechanisms of action for cancer and other serious diseases.

Forward-Looking Statements

This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the “Act”). Molecular Templates disclaims any intent or obligation to update these forward-looking statements and claims the protection of the Act’s Safe Harbor for forward-looking statements.  All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position, future revenue, projected expenses, prospects, plans and objectives of management are forward-looking statements. In addition, when or if used in this press release, the words “potential,” “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict” and similar expressions and their variants, as they relate to Molecular Templates may identify forward-looking statements. Examples of such statements include, but are not limited to, statements regarding the safety or potential efficacy of Molecular Templates’ drug or biologic candidates, including the anticipated benefits of MT-6402, MT-5111, MT-0169, and MT-8421 and Molecular Templates’ next-generation ETBs; statements relating to the development of MT-6402, MT-5111, MT-0169, MT-8421 and next-generation ETBs; the expected timing for submitting various IND applications and conducting studies, opening sites and generating data;
the expected participation and presentation at upcoming conferences; the expected timing for providing updates on MT-6402, MT-5111, MT-0169, and MT-8421, as well as Molecular Templates’ earlier stage pipeline of ETBs, including any pre-clinical data; and Molecular Templates’ belief that its proprietary biologic drug platform technology, of ETBs, provides for a differentiated mechanism of action for cancer and other serious diseases.

Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual events or results may differ materially from those discussed in the forward-looking statements as a result of various factors including, but not limited to, the uncertainties inherent in the preclinical and clinical development process; whether Molecular Templates’ cash resources will be sufficient to fund its continuing operations for the periods and/or trials anticipated; Molecular Templates’ ability to timely enroll patients in its clinical trials; the ability of Molecular Templates’ to protect its intellectual property rights; risks from global pandemics including COVID-19; and legislative, regulatory, political and economic developments, as well as those risks identified under the heading “Risk Factors” in Molecular Templates’ filings with the SEC. There can be no assurance that any of Molecular Templates’ drug or biologic candidates will be successfully developed, manufactured or commercialized, that final results of clinical trials will be supportive of regulatory approvals required to market products, or that any of the forward-looking information provided herein will be proven accurate. Any forward-looking statements contained in this press release speak only as of the date hereof, and Molecular Templates specifically disclaims any obligation to update any forward-looking statement, whether because of new information, future events or otherwise.

Contact:

Dr. Grace Kim
Head of Investor Relations
[email protected]



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Cullinan Oncology Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

CAMBRIDGE, Mass., Dec. 02, 2022 (GLOBE NEWSWIRE) — Cullinan Oncology, Inc. (Nasdaq: CGEM) (“Cullinan”), a biopharmaceutical company focused on modality-agnostic targeted oncology for patients with cancer, today announced that the compensation committee of the Company’s Board of Directors granted stock option awards to purchase an aggregate of 86,000 shares of its common stock to three employees outside Cullinan Oncology, Inc’s 2021 Stock Option and Incentive Plan. The stock options were granted as an inducement material to the individuals entering into employment with Cullinan, in accordance with Nasdaq Listing Rule 5635(c)(4).

Three employees received options to purchase an aggregate of 86,000 shares of Cullinan’s common stock on December 1, 2022 and have an exercise price of $12.26, which is equal to the closing price of Cullinan’s common stock on December 1, 2022. Each option has a ten-year term and vests over four years, with 25 percent of the original number of shares underlying each option vesting on the one-year anniversary of the vesting commencement date and then in equal installments for 36 months thereafter, subject to the employee’s continued service with Cullinan through the applicable vesting dates.

About Cullinan Oncology

Cullinan Oncology, Inc. (NASDAQ: CGEM) is a biopharmaceutical company dedicated to creating new standards of care for patients with cancer. We innovate without borders to find the most promising clinic-ready cancer therapies, whether from our own discovery efforts or through exceptional engagement with our academic and industry partners. Anchored in a deep understanding of immuno-oncology and translational cancer medicine, we leverage our scientific excellence in small molecules and biologics to create differentiated ideas, identify unique targets, and select the optimal modality to develop transformative therapeutics across cancer indications. Powered by our novel research model, we push conventional boundaries from candidate selection to cancer therapeutic, applying rigorous early experimentation to fast-track only the most promising assets to the clinic and ultimately commercialization. As a result, our diversified pipeline is strategically built with assets that activate the immune system or inhibit key oncogenic drivers across a wide range of modalities, each with the potential to be the best or first in their class.
Our people possess deep scientific expertise, seek innovation openly, and exercise creativity and urgency to deliver on our promise to bring new therapeutic solutions to patients with cancer. Learn more about our Company at www.cullinanoncology.com, and follow us on LinkedIn and Twitter.



Contacts
Investor Relations
Chad Messer
+1 203.464.8900
[email protected]

Media
Rose Weldon
+1 215.801.7644
[email protected]

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Mercurity Fintech Holding Inc. Announced Closing of $5 Million Private Investment in Public Equity (PIPE) Financing

Shenzhen, China, Dec. 02, 2022 (GLOBE NEWSWIRE) — Mercurity Fintech Holding Inc. (the “Company” or “MFH”) (Nasdaq: MFH), a digital fintech group powered by blockchain technology, today announced that on November 30, 2022, in connection with its private offering (the “PIPE”), it entered into a Securities Purchase Agreement (the “SPA”) with two investors to offer and sell the Company’s units, each consisting of one ordinary share and three warrants (each, a “Warrant” and collectively, the “Warrants”) for total gross proceeds of $5 million (the “Proceeds”). Net proceeds from the PIPE financing are expected to be used to advance the Company’s business development activities for working capital and other general corporate purposes.

Among other purposes, the Company intends to use part of the Proceeds to grow its cryptocurrency consultation services in the U.S., including obtaining the “BitLicense” from New York State Department of Financial Services for digital currency related activities although the Company cannot provide any assurance on actually obtaining the “BitLicense” in the near future or at all. “We thank our investors for their confidence in the broad potential of the Company and their support that allows us to accelerate the development of the existing pipeline and further expand the platform,” said the CEO of the Company Shi Qiu.

Pursuant to the SPA, the Company shall issue an aggregate of 3,676,470,589 units at a purchase price of $0.00136 per unit for a total of approximately $5,000,000. Each unit shall consist of one ordinary share and three warrants, with each warrant entitling the investor to purchase one ordinary share at the exercise price of $1/360th per ordinary share subject to certain adjustments and conditions set forth therein. The warrants shall have a term of three years from the issuance date. In connection with the consummation of the PIPE offering, the Company shall pay its financial advisor up to $250,000 out of the gross proceeds as compensation for the advisor’s business and financial advisory services.

The securities described above were sold in a private placement and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the “SEC”) or an applicable exemption from such registration requirements.

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

About Mercurity Fintech Holding Inc. 

Mercurity Fintech Holding Inc. is a digital fintech group powered by blockchain technology. The Company’s primary business scope includes digital asset trading, asset digitization, cross-border remittance and other services, providing compliant, professional, and highly efficient digital financial services to its customers. The Company recently began to narrow in on Bitcoin mining, digital currency investment and trading, and other related fields. This shift has enabled the company to deepen its involvement in all aspects of the blockchain industry, from production to circulation.


Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

For more information, please contact:

International Elite Capital Inc. 
Vicky Chueng 

Tel: +1(646) 866-7989 
Email: [email protected]



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Connect Biopharma Announces Receipt of NASDAQ Deficiency Notice Regarding Minimum Bid Price Requirement

SAN DIEGO and TAICANG, SUZHOU, China, Dec. 02, 2022 (GLOBE NEWSWIRE) — Connect Biopharma Holdings Limited (Nasdaq: CNTB) (Connect Biopharma or the Company), a global clinical-stage biopharmaceutical company developing T cell-driven therapies to treat inflammatory diseases, today announced that, on November 28, 2022, it received a letter from the Listings Qualifications Department of the Nasdaq Stock Market LLC (Nasdaq) indicating that, for the last 30 consecutive business days, the bid price for the Company’s American Depositary Shares (ADSs) had closed below the minimum $1.00 per share requirement for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5550(a)(2).

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days, or until May 29, 2023, to regain compliance. The letter states that the Nasdaq staff will provide written notification that the Company has achieved compliance with Rule 5550(a)(2) if at any time before May 29, 2023, the bid price of the Company’s ADSs closes at $1.00 per share or more for a minimum of ten consecutive business days. The Nasdaq letter is only a notification of deficiency and has no immediate effect on the listing or trading of the Company’s ADSs and the ADSs will continue to trade on the Nasdaq Global Market under the symbol “CNTB.”

The Company will monitor the bid price of its ADSs between now and May 29, 2023, and fully intends to resolve the deficiency and evaluate its available options for regaining compliance with Nasdaq’s minimum bid price rule within the compliance period.

If the Company does not regain compliance with Rule 5550(a)(2) by May 29, 2023, the Company may be eligible for an additional 180 calendar day compliance period. To qualify, the Company would be required to first transfer to the Nasdaq Capital Market and then meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and would need to provide written notice of its intention to cure the deficiency during the second compliance period.

About Connect Biopharma Holdings Limited

Connect Biopharma is a U.S. and China-based clinical-stage biopharmaceutical company dedicated to improving the lives of patients with inflammatory diseases through the development of therapies derived from T cell research. The Company is building a rich pipeline of proprietary small molecules and antibodies, using functional T cell assays, to screen and discover potent product candidates against validated immune targets. The Company’s lead product candidate, CBP-201, is an antibody designed to target interleukin-4 receptor alpha in development for the treatment of atopic dermatitis and asthma. The Company’s second most advanced product candidate, CBP-307, is a modulator of S1P1 T cell receptor and is in development for the treatment of ulcerative colitis. The Company’s third product candidate, CBP-174, is a peripherally acting antagonist of histamine receptor 3, in development for the treatment of pruritus associated with atopic dermatitis.

FORWARD-LOOKING STATEMENTS

Connect Biopharma cautions that statements included in this press release that are not a description of historical facts are forward-looking statements. Words such as “may,” “could,” “will,” “would,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “intend,” “predict,” “seek,” “contemplate,” “potential,” “continue” or “project” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements. These statements include the Company’s statements regarding whether and when the Company can demonstrate and maintain compliance with the Nasdaq listing rules, including with respect to the minimum bid price requirement. The inclusion of forward-looking statements should not be regarded as a representation by Connect Biopharma that any of its plans will be achieved. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in the Company’s business and other risks described in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 20-F filed with the SEC on March 31, 2022, and its other reports. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Connect Biopharma undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof. Further information regarding these and other risks is included in Connect Biopharma’s filings with the SEC which are available from the SEC’s website (www.sec.gov) and on Connect Biopharma’s website (www.connectbiopharm.com) under the heading “Investors.” All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.

 



INVESTOR CONTACT:
Ina McGuinness
805.427.1372
[email protected]

MEDIA
Deanne Eagle
917.837.5866
[email protected]

Posted on

Energous Corporation Grants Inducement Restricted Stock Units to New Employees

Energous Corporation Grants Inducement Restricted Stock Units to New Employees

SAN JOSE, Calif.–(BUSINESS WIRE)–
Energous Corporation (Nasdaq: WATT), a leading developer of RF-based charging for wireless power networks, today announced that it has issued inducement restricted stock units (“RSUs”) to one new, non-executive employee.

On November 16, 2022, one new, non-executive employee was issued RSUs covering a total of 7,500 shares of common stock under the Company’s 2017 Equity Inducement Plan (the “Inducement Plan”). The RSUs vest over three years with one-third vesting annually on the anniversary of the applicable employee’s hire date, contingent upon the employee’s continued service through each applicable vesting date. Each RSU is subject to the terms and conditions of the Inducement Plan and the terms and conditions of the respective award agreement covering each granted RSU. The grant of the RSUs was approved by the compensation committee of the Company’s board of directors and was granted as an inducement to the new employee commencing employment with the Company, in accordance with Nasdaq Marketplace Rule 5635(c)(4).

To learn more about Energous, please visit Energous.com or follow the company on Twitter, Facebook and LinkedIn.

About Energous Corporation

Energous Corporation (Nasdaq: WATT) is the Wireless Power Network global leader. Its award-winning WattUp® solution is the only technology that supports both contact and distance charging through a fully compatible ecosystem. Built atop fast, efficient, and highly scalable RF-based charging technology, WattUp is positioned to offer improvements over older, first-generation coil-based charging technologies in power, efficiency, foreign device detection, freedom of movement and overall cost for industrial and retail IoT, smart homes, smart cities and medical devices. Energous develops silicon-based wireless power transfer (WPT) technologies and customizable reference designs, and provides worldwide regulatory assistance, a reliable supply chain, quality assurance, and sales and technical support to global customers. The company received the world’s first FCC Part 18 certification for at-a-distance wireless charging and has been awarded over 200 patents for its WattUp wireless charging technology to-date.

Safe Harbor Statement

This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements may describe our future plans and expectations and are based on the current beliefs, expectations and assumptions of Energous. These statements generally use terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “estimate,” “anticipate” or other similar terms. Examples of our forward-looking statements in this release include, but are not limited to, our statements about the future of the global wireless charging industry, statements about our technology and its expected functionality and statements with respect to expected company growth. Factors that could cause actual results to differ from current expectations include: uncertain timing of any necessary regulatory approvals; timing of customer product development and market success of customer products; our dependence on distribution partners; and intense industry competition. We urge you to consider those factors, together with the other risks and uncertainties described in our most recent annual report on Form 10- K as filed with the Securities and Exchange Commission (SEC), any subsequently filed quarterly reports on Form 10-Q, as well as any other documents that may have been subsequently filed by Energous, from time to time, with the SEC, in evaluating our forward-looking statements. In addition, any forward-looking statements represent Energous’ views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. Energous does not assume any obligation to update any forward-looking statements unless required by law.

Energous Corporate Communications:

Gordon Bell

[email protected]

Energous Investor Relations:

Padilla IR

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Electronic Design Automation Semiconductor Data Management Technology Internet Hardware

MEDIA:

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Friedman Industries, Incorporated Announces Second Quarter Results and Provides Near-term Outlook

LONGVIEW, Texas, Dec. 02, 2022 (GLOBE NEWSWIRE) — The Company announced today its results of operations for the fiscal second quarter.

For the quarter ended September 30, 2022 (the “2022 quarter”), the Company recorded net earnings of $2,470,908 ($0.34 diluted earnings per share) on sales of $149,692,409 compared to net earnings of $13,177,614 ($1.91 diluted earnings per share) on sales of $92,570,895 for the quarter ended September 30, 2021 (the “2021 quarter”).

The 2022 quarter was a period of considerable margin compression associated with declining hot-rolled coil (“HRC”) prices throughout the quarter. Prior to the quarter, HRC prices experienced a significant and abrupt increase in reaction to the Russian invasion of Ukraine. HRC prices increased approximately 60% from the beginning of March 2022 to the end of April 2022 and then declined approximately 47% by the end of the 2022 quarter. The compressed physical margins were partially offset by net hedging related gains of approximately $2,259,000 for the 2022 quarter. In comparison, the 2021 quarter was the most profitable quarter in the Company’s history with results driven by a historic rise in HRC prices creating a high margin environment in a period of historically high steel prices.

“The 2022 quarter presented significant challenges due to the declining HRC price trend entering the quarter and continuing throughout the quarter,” said Michael J. Taylor, President and Chief Executive Officer. “A combination of sales strategy, inventory management and hedging protection allowed us to remain profitable in a period of significant headwinds to profitability. Successful execution of strategy in challenging periods like the 2022 quarter is what affirms the potential we see in Friedman,” Taylor concluded.

SUMMARY OF OPERATIONS (unaudited)            
               
   Three Months Ended September 30,
     Six Months Ended September 30,
    2022     2021     2022     2021
               
Net Sales $ 149,692,409   $ 92,570,895   $ 311,495,499   $ 158,487,334
               
Total costs and other              
income or loss   146,486,892     75,078,581     293,632,524     126,726,343
               
Earnings before              
income taxes   3,205,517     17,492,314     17,862,975     31,760,991
               
Income taxes   734,609     4,314,700     4,207,693     7,271,580
               
               
Net earnings $ 2,470,908   $ 13,177,614   $ 13,655,282   $ 24,489,411
               
Net earnings per share:              
Basic $ 0.34   $ 1.91   $ 1.88   $ 3.55
Diluted $ 0.34   $ 1.91   $ 1.88   $ 3.55

 

COIL SEGMENT OPERATIONS

Coil segment sales for the 2022 quarter totaled $129,722,213 compared to $78,323,927 for the 2021 quarter. The increase in sales was driven by an increase in sales volume partially offset by a decline in the average selling price. Inventory tons sold increased from approximately 43,000 tons in the 2021 quarter to approximately 106,500 tons in the 2022 quarter. The significant increase in sales volume was primarily attributable to the facilities and inventory acquired from Plateplus, Inc. on April 30, 2022 which accounted for approximately 65,000 tons of the 106,500 tons sold in the 2022 quarter. The average per ton selling price of coil segment inventory decreased from approximately $1,884 per ton in the 2021 quarter to approximately $1,228 per ton in the 2022 quarter. Coil segment operations recorded an operating loss of approximately $1,118,000 for the 2022 quarter compared to an operating profit of approximately $24,273,000 for the 2021 quarter.

TUBULAR SEGMENT OPERATIONS

Tubular segment sales for the 2022 quarter totaled $19,970,196 compared to $14,246,968 for the 2021 quarter. Sales increased due to an increase in the average selling price per ton partially offset by a slight decrease in tons sold. The average per ton selling price of tubular segment inventory increased from approximately $1,223 per ton in the 2021 quarter to approximately $1,883 per ton in the 2022 quarter. Tons sold decreased from approximately 11,500 tons in the 2021 quarter to approximately 10,500 tons in the 2022 quarter. The tubular segment recorded operating profits of approximately $3,341,000 and $1,997,000 for the 2022 quarter and 2021 quarter, respectively.

OUTLOOK

The Company expects sales volume of approximately 105,000 tons for its third quarter of fiscal 2023. The third quarter volume expectation is slightly lower than the second quarter volume due primarily to the impact of holidays during the third quarter of fiscal 2023. The Company expects slight margin improvement during the third quarter and for hedging activities to benefit the quarter’s results. At the end of November 2022, multiple domestic steel producers announced price increases for hot-rolled coil. If the announced price increases gain acceptance, the Company would expect margin improvement entering the fourth fiscal quarter with additional margin improvement anticipated if steel mills were to announce further price increases.

ABOUT FRIEDMAN INDUSTRIES

Friedman Industries, Incorporated (“Company”), headquartered in Longview, Texas, is a manufacturer and processor of steel products with operating plants in Hickman, Arkansas; Decatur, Alabama; East Chicago, Indiana; Granite City, Illinois; Sinton, Texas and Lone Star, Texas. The Company has two reportable segments: coil products and tubular products. The coil product segment consists of the operations in Hickman, Decatur, East Chicago, Granite City and Sinton where the Company processes hot-rolled steel coils. The Hickman, East Chicago and Granite City facilities operate temper mills and corrective leveling cut-to length lines. The Sinton and Decatur facilities operates stretcher leveler cut-to-length lines. The Sinton facility is a newly constructed facility with operations commencing in October 2022. The tubular product segment consists of the operations in Lone Star where the Company manufactures electric resistance welded pipe and distributes pipe through its Texas Tubular Products division.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, and such statements involve risk and uncertainty. Forward-looking statements include those preceded by, followed by or including the words “will,” “expect,” “intended,” “anticipated,” “believe,” “project,” “forecast,” “propose,” “plan,” “estimate,” “enable,” and similar expressions, including, for example, statements about our business strategy, our industry, our future profitability, growth in the industry sectors we serve, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions, future production capacity, product quality and estimates and projections of future activity and trends in the oil and natural gas industry.  These forward-looking statements may include, but are not limited to, financial results for the quarter ended September 30, 2022, everything under the header “outlook” above, including sales volumes, margins, hedging results, and potential price increases, expectations as to financial results during the Company’s upcoming fiscal quarters, future changes in the Company’s financial condition or results of operations, future production capacity, product quality and proposed expansion plans. Forward-looking statements may be made by management orally or in writing including, but not limited to, this news release.  

Forward-looking statements are not guarantees of future performance. These statements are based on management’s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Although forward-looking statements reflect our current beliefs, reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements.

Actual results and trends in the future may differ materially depending on a variety of factors including, but not limited to, changes in the demand for and prices of the Company’s products, the continuing impact of the COVID-19 pandemic, changes in government policy regarding steel, changes in the demand for steel and steel products in general and the Company’s success in executing its internal operating plans, changes in and availability of raw materials, our ability to satisfy our take or pay obligations under certain supply agreements, unplanned shutdowns of our production facilities due to equipment failures or other issues, increased competition from alternative materials and risks concerning innovation, new technologies, products and increasing customer requirements. Accordingly, undue reliance should not be placed on our forward-looking statements. Such risks and uncertainty are also addressed in our Management’s Discussion and Analysis of Financial Condition and Results of Operations and other sections of the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including the Company’s Annual Report on Form 10-K and its other Quarterly Reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except to the extent law requires.

For further information, please refer to the Company’s Form 10-Q as filed with the SEC on December 2, 2022 or contact Alex LaRue, Chief Financial Officer – Secretary and Treasurer, at (903)758-3431.