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CGG: CGG Expands High-Performance Computing Capacity with New UK HPC Hub

 


CGG Expands High-Performance Computing Capacity with New UK HPC Hub

Paris, France – April 12, 2022


To support continued differentiation in its core business and accelerate the development of its new activities, CGG is significantly expanding its high-performance computing (HPC) capacity and associated service offerings. The company recently signed a lease to build a new European HPC hub in Southeast England that will become operational in H1 2023 and increase its cloud HPC capacity by up to 100 petaflops.

Peter Whiting, EVP, Geoscience, CGG, said: “The expansion of our HPC capability at this new UK facility supports both the continued advance of our industry-leading subsurface imaging technology and services, as well as the growth of our specialized HPC offerings to new and existing clients in the energy, environmental and other industry sectors. It reflects CGG’s strategy of continued leadership in specialized digital sciences, through the dedication of considerable resources, R&D efforts and partnership initiatives to deliver highly differentiated digital capabilities that address our clients’ advanced HPC, software, cloud and digital transformation requirements.”

Building on over a decade of cutting-edge HPC innovations and experience, including liquid cooling to implement high power density and high-efficiency full-immersion environments at its Houston facility, the new UK HPC Hub will leverage new innovations in all areas, including industrial HPC and energy efficiency to bring significant advantages to specialized HPC application. In addition, as part of CGG’s commitment to green energy and reduction of its GHG Scope 2 emissions to meet its pledge to become carbon neutral by 2050, the new hub will be powered with 100% renewable energy, as are CGG’s other UK operating sites.


About CGG

CGG (www.cgg.com) is a global geoscience technology leader. Employing around 3,300 people worldwide, CGG provides a comprehensive range of data, products, services and solutions that support our clients to more efficiently and responsibly solve complex natural resource, environmental and infrastructure challenges. CGG is listed on the Euronext Paris SA (ISIN: 0013181864).


Contacts

Group Communications & Investor Relations
Christophe Barnini
Tel: + 33 1 64 47 38 11
E-Mail: [email protected]

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VEON confirms notification from Nasdaq on minimum share price requirement

PR Newswire

AMSTERDAM, April 12, 2022 /PRNewswire/ — VEON Ltd. (NASDAQ: VEON) (Euronext Amsterdam: VEON), a leading global provider of connectivity and digital services, today confirms that on 7 April 2022 VEON received notification from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) that VEON is not in compliance with the minimum bid price requirement set forth in Nasdaq’s Listing Rule 5550(a)(2).

The Minimum Bid Price notification has no immediate effect on the continued listing status of VEON’s American Depositary Shares (“ADSs”) on Nasdaq. Furthermore, VEON’s business operations are not affected by the receipt of the notification.

Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of USD 1.00 per share and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of VEON’s ADSs for the 30 consecutive business days ended 6 April 2022, VEON no longer meets the minimum bid price requirement.

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), VEON has an initial grace period of 180 calendar days, or until 4 October 2022 (the “Compliance Period”), to regain compliance with the minimum bid price requirement. During this time, VEON’s common stock will continue to be listed and traded on Nasdaq. If, at any time during the Compliance Period, the bid price for VEON’s ADSs closes at USD 1.00 or more for a minimum of 10 consecutive business days, Nasdaq will provide notification to VEON that it complies with the minimum bid price requirement, unless Nasdaq exercises its discretion to extend this 10 day period requirement pursuant to Nasdaq Listing Rule 5810(c)(3)(F). 

In the event VEON does not regain compliance within the 180 calendar day Compliance Period and it complies with all other listing standards and requirements, VEON may be eligible for an additional 180 calendar day Compliance Period.

VEON intends to monitor the closing bid price of its ADSs and may, if appropriate, consider available options to regain compliance with the minimum bid price requirement. There can be no assurance that VEON will regain compliance with the minimum bid price requirement during the Compliance Period, secure a second period of 180 days to regain compliance or maintain compliance with the other Nasdaq listing requirements.

VEON is also listed on the Euronext Amsterdam Stock Exchange and the Minimum Bid Price notification from Nasdaq does not affect VEON’s compliance status with its Euronext Amsterdam listing.

Disclaimer

This release contains “forward-looking statements”, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, expectations regarding management plans. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events.

About VEON

VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and internet services. For more information visit: www.veon.com

Contact Information

VEON
Investor Relations
Nik Kershaw
[email protected]
+31 20 79 77 200

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SOURCE VEON Ltd

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Myovant Sciences and Pfizer Provide Update on Supplemental New Drug Application for MYFEMBREE® for the Management of Moderate to Severe Pain Associated with Endometriosis

BASEL, Switzerland and NEW YORK, April 12, 2022 (GLOBE NEWSWIRE) — Myovant Sciences (NYSE: MYOV) and Pfizer (NYSE: PFE) announced today an update on the Supplemental New Drug Application (sNDA) for MYFEMBREE® (relugolix 40 mg, estradiol 1 mg and norethindrone acetate 0.5 mg) for the management of moderate to severe pain associated with endometriosis.

In accordance with the ongoing review of the application, on April 6, 2022, the U.S. Food and Drug Administration (FDA) provided notice to the companies that the agency identified deficiencies that preclude discussion of labeling and/or post-marketing requirements and commitments at this time. The FDA did not provide additional detail. The FDA noted that the letter does not reflect a final decision on the pending sNDA and that the application is still under review.

Myovant and Pfizer will continue to work with the FDA to determine next steps with the application.

About MYFEMBREE
®

MYFEMBREE (relugolix, estradiol, and norethindrone acetate) is the first once-daily oral treatment for heavy menstrual bleeding associated with uterine fibroids in premenopausal women approved by the U.S. Food and Drug Administration, with a treatment duration of up to 24 months. MYFEMBREE contains relugolix, which reduces the amount of estrogen (and other hormones) produced by ovaries, estradiol (an estrogen) which may reduce the risk of bone loss, and norethindrone acetate (a progestin) which is necessary when women with a uterus (womb) take estrogen.

For full prescribing information including Boxed Warning and patient information, please click here.

Indications and Usage

MYFEMBREE is indicated for the management of heavy menstrual bleeding associated with uterine leiomyomas (fibroids) in premenopausal women. Limitations of Use: Use of MYFEMBREE should be limited to 24 months due to the risk of continued bone loss which may not be reversible.

Important Safety Information

BOXED WARNING: THROMBOEMBOLIC DISORDERS AND VASCULAR EVENTS

Estrogen and progestin combination products, including MYFEMBREE, increase the risk of thrombotic or thromboembolic disorders including pulmonary embolism, deep vein thrombosis, stroke and myocardial infarction, especially in women at increased risk for these events.

MYFEMBREE is contraindicated in women with current or a history of thrombotic or thromboembolic disorders and in women at increased risk for these events, including women over 35 years of age who smoke or women with uncontrolled hypertension.

CONTRAINDICATIONS

MYFEMBREE is contraindicated in women with any of the following: high risk of arterial, venous thrombotic, or thromboembolic disorder; pregnancy; known osteoporosis; current or history of breast cancer or other hormone-sensitive malignancies; known hepatic impairment or disease; undiagnosed abnormal uterine bleeding; known hypersensitivity to components of MYFEMBREE.
        
WARNINGS AND PRECAUTIONS
Thromboembolic Disorders: Discontinue immediately if an arterial or venous thrombotic, cardiovascular, or cerebrovascular event occurs or is suspected. Discontinue at least 4 to 6 weeks before surgery associated with an increased risk of thromboembolism, or during periods of prolonged immobilization, if feasible. Discontinue immediately if there is sudden unexplained partial or complete loss of vision, proptosis, diplopia, papilledema, or retinal vascular lesions and evaluate for retinal vein thrombosis as these have been reported with estrogens and progestins.

Bone Loss: MYFEMBREE may cause a decrease in bone mineral density (BMD) in some patients, which may be greater with increasing duration of use and may not be completely reversible after stopping treatment. Consider the benefits and risks in patients with a history of low trauma fracture or risk factors for osteoporosis or bone loss, including medications that may decrease BMD. Assessment of BMD by dual-energy X-ray absorptiometry (DXA) is recommended at baseline and periodically thereafter. Consider discontinuing MYFEMBREE if the risk of bone loss exceeds the potential benefit.

Hormone-Sensitive Malignancies: Discontinue MYFEMBREE if a hormone-sensitive malignancy is diagnosed. Surveillance measures in accordance with standard of care, such as breast examinations and mammography are recommended. Use of estrogen alone or estrogen plus progestin has resulted in abnormal mammograms requiring further evaluation.

Depression, Mood Disorders, and Suicidal Ideation: Promptly evaluate patients with mood changes and depressive symptoms including shortly after initiating treatment, to determine whether the risks of continued therapy outweigh the benefits. Patients with new or worsening depression, anxiety, or other mood changes should be referred to a mental health professional, as appropriate. Advise patients to seek immediate medical attention for suicidal ideation and behavior and reevaluate the benefits and risks of continuing MYFEMBREE.

Hepatic Impairment and Transaminase Elevations: Steroid hormones may be poorly metabolized in these patients. Instruct women to promptly seek medical attention for symptoms or signs that may reflect liver injury, such as jaundice or right upper abdominal pain. Acute liver test abnormalities may necessitate the discontinuation of MYFEMBREE use until the liver tests return to normal and MYFEMBREE causation has been excluded.

Gallbladder Disease or History of Cholestatic Jaundice: Discontinue MYFEMBREE if signs or symptoms of gallbladder disease or jaundice occur. For women with a history of cholestatic jaundice associated with past estrogen use or with pregnancy, assess the risk-benefit of continuing therapy. Studies among estrogen users suggest a small increased relative risk of developing gallbladder disease.

Elevated Blood Pressure: For women with well-controlled hypertension, monitor blood pressure and stop MYFEMBREE if blood pressure rises significantly.

Change in Menstrual Bleeding Pattern and Reduced Ability to Recognize Pregnancy: Advise women to use non-hormonal contraception during treatment and for one week after discontinuing MYFEMBREE. Avoid concomitant use of hormonal contraceptives. MYFEMBREE may delay the ability to recognize pregnancy because it alters menstrual bleeding. Perform testing if pregnancy is suspected and discontinue MYFEMBREE if pregnancy is confirmed.

Risk of Early Pregnancy Loss: MYFEMBREE can cause early pregnancy loss. Exclude pregnancy before initiating and advise women to use effective non-hormonal contraception.

Uterine Fibroid Prolapse or Expulsion: Advise women with known or suspected submucosal uterine fibroids about the possibility of uterine fibroid prolapse or expulsion and instruct them to contact their physician if severe bleeding and/or cramping occurs.

Alopecia: Alopecia, hair loss, and hair thinning were reported in phase 3 trials with MYFEMBREE. Consider discontinuing MYFEMBREE if hair loss becomes a concern. Whether the hair loss is reversible is unknown.

Effects on Carbohydrate and Lipid Metabolism: More frequent monitoring in MYFEMBREE-treated women with prediabetes and diabetes may be necessary. MYFEMBREE may decrease glucose tolerance and result in increased blood glucose concentrations. Monitor lipid levels and consider discontinuing if hypercholesterolemia or hypertriglyceridemia worsens. In women with pre-existing hypertriglyceridemia, estrogen therapy may be associated with elevations in triglycerides levels leading to pancreatitis. Use of MYFEMBREE is associated with increases in total cholesterol and LDL-C.

Effect on Other Laboratory Results: Patients with hypothyroidism and hypoadrenalism may require higher doses of thyroid hormone or cortisol replacement therapy. Use of estrogen and progestin combinations may raise serum concentrations of binding proteins (e.g., thyroid-binding globulin, corticosteroid-binding globulin), which may reduce free thyroid or corticosteroid hormone levels. Use of estrogen and progestin may also affect the levels of sex hormone-binding globulin, and coagulation factors.

Hypersensitivity Reactions: Immediately discontinue MYFEMBREE if a hypersensitivity reaction occurs.

ADVERSE REACTIONS

Most common adverse reactions for MYFEMBREE (incidence ≥3% and greater than placebo) were hot flush/hyperhidrosis/night sweats, abnormal uterine bleeding, alopecia, and decreased libido. These are not all the possible side effects of MYFEMBREE.

DRUG INTERACTIONS

P-gp Inhibitors: Avoid use of MYFEMBREE with oral P-gp inhibitors. If use is unavoidable, take MYFEMBREE first, separate dosing by at least 6 hours, and monitor patients for adverse reactions.

Combined P-gp and Strong CYP3A Inducers: Avoid use of MYFEMBREE with combined P-gp and strong CYP3A inducers.

LACTATION

Advise women not to breastfeed while taking MYFEMBREE.

ABOUT MYOVANT SCIENCES 
Myovant Sciences aspires to redefine care for women and for men through purpose-driven science, empowering medicines, and transformative advocacy. Founded in 2016, Myovant has executed five successful Phase 3 clinical trials across oncology and women’s health leading to two regulatory approvals by the U.S. Food and Drug Administration for men with advanced prostate cancer, women with heavy menstrual bleeding associated with uterine fibroids, respectively. The company also has received regulatory approvals by the European Commission (EC) and the United Kingdom (UK) Medicines and Healthcare products Regulatory Agency for women with symptomatic uterine fibroids. Additionally, Myovant has two regulatory submissions under review, a Marketing Authorization Application in advanced prostate cancer and a supplemental New Drug Application in endometriosis-associated pain. The Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency adopted a positive opinion recommending the approval of ORGOVYX® (relugolix, 120 mg) for the treatment of adult patients with advanced hormone-sensitive prostate cancer. The CHMP recommendation is under review by the European Commission. Myovant is conducting a Phase 3 study to evaluate the prevention of pregnancy in women with uterine fibroids or endometriosis. Myovant is also developing MVT-602, an investigational oligopeptide kisspeptin-1 receptor agonist, which has completed a Phase 2a study for female infertility as part of assisted reproduction. Sumitovant Biopharma, Ltd., a wholly owned subsidiary of Sumitomo Pharma Co., Ltd., is Myovant’s majority shareholder. For more information, please visit www.myovant.com. Follow @Myovant  on Twitter and LinkedIn. 

ABOUT PFIZER: BREAKTHROUGHS THAT CHANGE PATIENTS’ LIVES

At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and manufacture of health care products, including innovative medicines and vaccines. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as one of the world’s premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 170 years, we have worked to make a difference for all who rely on us. We routinely post information that may be important to investors on our website at www.Pfizer.com.

In addition, to learn more, please visit us on www.Pfizer.com and follow us on Twitter at @Pfizer and @Pfizer News, LinkedIn, YouTube and like us on Facebook at Facebook.com/Pfizer.

MYOVANT FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Myovant Sciences’ forward-looking statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties, assumptions, and other factors known and unknown that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by the forward-looking statements.  In this press release, forward-looking statements include, but are not limited to, all statements reflecting Myovant Sciences’ plans and expectations with respect to its sNDA for MYFEMBREE for the management of moderate to severe pain associated with endometriosis.  Risks and uncertainties include, among other things, uncertainties regarding the commercial success of MYFEMBREE; the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from the clinical studies; whether and when applications may be filed in any additional jurisdictions for MYFEMBREE for the management of moderate to severe pain associated with endometriosis or in any jurisdictions for any other potential indications for MYFEMBREE; whether and when the FDA may approve the sNDA for MYFEMBREE for the management of moderate to severe pain associated with endometriosis and whether and when regulatory authorities in any jurisdictions may approve any such other applications for MYFEMBREE that may be pending or filed, which will depend on myriad factors, including making a determination as to whether the product’s benefits outweigh its known risks and determination of the product’s efficacy and, if approved, whether MYFEMBREE will be commercially successful; decisions by regulatory authorities impacting labeling, manufacturing processes, safety and/or other matters that could affect the availability or commercial potential of MYFEMBREE; whether our collaboration with Pfizer will be successful; uncertainties regarding the impact of COVID-19 and the Ukraine conflict on Myovant’s business, operations and financial results; and competitive developments.

For a further discussion of factors that could materially affect Myovant Sciences’ operations and future prospects or which could cause actual results to differ materially from expectations, see the risks and uncertainties listed in Myovant Sciences’ filings with the United States Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in Myovant Sciences’ Quarterly Report on Form 10-Q filed on January 26, 2022, as such risk factors may be amended, supplemented, or superseded from time to time. These risks are not exhaustive. New risk factors emerge from time to time and it is not possible for Myovant Sciences’ management to predict all risk factors, nor can Myovant Sciences assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. You should not place undue reliance on the forward-looking statements in this press release, which speak only as of the date hereof, and, except as required by law, Myovant Sciences undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of such statements.

PFIZER DISCLOSURE NOTICE

The information contained in this release is as of April 12, 2022. Pfizer assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.

This release contains forward-looking information about MYFEMBREE® (relugolix 40 mg, estradiol 1 mg, and norethindrone acetate 0.5 mg), including a potential indication in the U.S. for the management of moderate to severe pain associated with endometriosis, including its potential benefits, that involves substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, uncertainties regarding the commercial success of MYFEMBREE; the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from the clinical studies; whether and when applications may be filed in any additional jurisdictions for MYFEMBREE for the management of moderate to severe pain associated with endometriosis or in any jurisdictions for any other potential indications for MYFEMBREE; whether and when the FDA may approve the supplemental new drug application for the management of moderate to severe pain associated with endometriosis and whether and when regulatory authorities in any jurisdictions may approve any such other applications for MYFEMBREE that may be pending or filed, which will depend on myriad factors, including making a determination as to whether the product’s benefits outweigh its known risks and determination of the product’s efficacy and, if approved, whether MYFEMBREE will be commercially successful; decisions by regulatory authorities impacting labeling, manufacturing processes, safety and/or other matters that could affect the availability or commercial potential of MYFEMBREE; whether our collaboration with Myovant Sciences will be successful; uncertainties regarding the impact of COVID-19 on Pfizer’s business, operations and financial results; and competitive developments.

A further description of risks and uncertainties can be found in Pfizer’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and in its subsequent reports on Form 10-Q, including in the sections thereof captioned “Risk Factors” and “Forward-Looking Information and Factors That May Affect Future Results”, as well as in its subsequent reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at www.sec.gov and www.pfizer.com.

Myovant Contacts

Investor Relations
Myovant Sciences, Inc.
[email protected]

Media Relations
Myovant Sciences, Inc.
[email protected]

Pfizer Contacts

Media Relations
+1 (212) 733-1226
[email protected]

Investor Relations
+1 (212) 733-4848
[email protected]



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Hoth Therapeutics, Inc. Announces Pricing of $7.0 Million Underwritten Public Offering Priced At-The-Market

PR Newswire


NEW YORK
, April 11, 2022 /PRNewswire/ — Hoth Therapeutics, Inc. (NASDAQ: HOTH), a patient-focused biopharmaceutical company, today announced the pricing of its underwritten public offering of 8,235,294 shares of common stock (the “Common Stock”) at a public offering price of $0.85 per share, priced at-the-market under Nasdaq rules, for aggregate gross proceeds of approximately $7.0 million, prior to deducting underwriting discounts, commissions, and other offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 1,235,294 shares of Common Stock at the public offering price per share, less the underwriting discounts and commissions, to cover over-allotments, if any.

The offering is expected to close on or about April 14, 2022, subject to satisfaction of customary closing conditions.

The Company intends to use the net proceeds from this offering for general corporate and working capital purposes.

EF Hutton, division of Benchmark Investments, LLC, is acting as sole book-running manager for the offering.

The proposed offering of the Common Stock described above is being offered by the Company pursuant to a “shelf” registration statement on Form S-3 (File No. 333-236887) filed with the Securities and Exchange Commission (SEC) and declared effective by the SEC on March 11, 2020, and the accompanying prospectus contained therein.

A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website. 

Copies of the prospectus supplement and the accompanying prospectus relating to this offering may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting EF Hutton, division of Benchmark Investments, LLC Attention: Syndicate Department, 590 Madison Avenue, 39th Floor, New York, NY 10022, by email at [email protected], or by telephone at (212) 404-7002.

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. Any offer, if at all, will be made only by means of the prospectus supplement and accompanying prospectus forming a part of the effective registration statement.

About Hoth Therapeutics, Inc.

Hoth Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing new generation therapies for unmet medical needs. Hoth’s pipeline development is focused to improve the quality of life for patients suffering from skin toxicities associated with cancer therapy, mast-cell derived cancers and anaphylaxis, Alzheimer’s Disease, atopic dermatitis and other indications. To learn more, please visit https://ir.hoththerapeutics.com/.

Forward-Looking Statement

This press release includes forward-looking statements based upon Hoth’s current expectations which may constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995 and other federal securities laws, and are subject to substantial risks, uncertainties and assumptions. These statements concern Hoth’s business strategies; the timing of regulatory submissions; the ability to obtain and maintain regulatory approval of existing product candidates and any other product candidates Hoth may develop, and the labeling under any approval Hoth may obtain; the timing and costs of clinical trials, the timing and costs of other expenses; market acceptance of Hoth’s products; the ultimate impact of the current Coronavirus pandemic, or any other health epidemic, on Hoth’s business, its clinical trials, its research programs, healthcare systems or the global economy as a whole; Hoth’s intellectual property; Hoth’s reliance on third party organizations; Hoth’s competitive position; Hoth’s industry environment; Hoth’s anticipated financial and operating results, including anticipated sources of revenues; Hoth’s assumptions regarding the size of the available market, benefits of Hoth’s products, product pricing, timing of product launches; management’s expectation with respect to future acquisitions; statements regarding Hoth’s goals, intentions, plans and expectations, including the introduction of new products and markets; and Hoth’s cash needs and financing plans. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. You should not place undue reliance on these forward-looking statements, which include words such as “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” or similar terms, variations of such terms or the negative of those terms. Although Hoth believes that the expectations reflected in the forward-looking statements are reasonable, Hoth cannot guarantee such outcomes. Hoth may not realize its expectations, and its beliefs may not prove correct. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including, without limitation, market conditions and the factors described in the section entitled “Risk Factors” in Hoth’s most recent Annual Report on Form 10-K and Hoth’s other filings made with the U.S. Securities and Exchange Commission. All such statements speak only as of the date of this press release. Consequently, forward-looking statements should be regarded solely as Hoth’s current plans, estimates, and beliefs. Hoth cannot guarantee future results, events, levels of activity, performance or achievements. Hoth does not undertake and specifically declines any obligation to update or revise any forward-looking statements to reflect new information, future events or circumstances or to reflect the occurrences of unanticipated events, except as may be required by applicable law.

Investor Contact:

LR Advisors LLC
Email: [email protected]
www.hoththerapeutics.com
Phone: (678) 570-6791

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SOURCE Hoth Therapeutics, Inc.

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S&P Global Market Intelligence Global Bank Rankings: European Banks Slid Down Rankings as They Scaled Back Operations in the U.S. amid Competition

PR Newswire

Chinese banks retain top slots while U.S. banks improve in rankings


NEW YORK
, April 11, 2022 /PRNewswire/ — European banks lost some of their dominance in global asset size rankings in 2021, while major Chinese lenders maintained their lead as the world’s biggest financial institutions, according to the Global Bank Rankings published by S&P Global Market Intelligence, an annual ranking of the 100 largest banks in the world in terms of total assets.

Twenty-six of the 37 European lenders on the list of the world’s 100 largest banks slid down the rankings by between one and nine notches as of 2021-end from a year ago. The total assets of all European banks on the list contracted 2.16% to $36.9 trillion in 2021 from $37.7 trillion a year earlier.

“European lenders saw their balance sheets shrink as their home markets offered slower economic growth relative to the rest of the world. Several European lenders also scaled back their stateside operations after facing strong competition from major U.S. lenders,” said Nathan Stovall, Principal Analyst at S&P Global Market Intelligence.

Spain’s Banco Bilbao Vizcaya Argentaria SA, for instance, slid one place to No. 47 after selling a 639-branch business in the U.S. with almost $103 billion in total assets. HSBC Holdings PLC, however, maintained its position at No. 8 as its pivot to Asia’s wealth management business helped offset the impact of the sale of its retail banking operations in the U.S. and France.

Meanwhile, major Chinese banks – Industrial & Commercial Bank of China Ltd., China Construction Bank Corp., Agricultural Bank of China Ltd. and Bank of China Ltd. – kept their top four positions with an expanded balance sheet, widening their lead over most other banks in the world.

“Beijing has been pushing banks to lend more to infrastructure projects and small businesses while cutting key interest rates to free up more liquidity for lending,” Stovall said. “The policy goal was to speed up economic recovery, which started slowing again in the second half of 2021 amid a wave of bond defaults by property developers.”

Major U.S. banks, such as JPMorgan Chase & Co., Bank of America Corp. and The Goldman Sachs Group Inc., saw an expansion in their balance sheets in 2021, pushing their asset size rankings higher. JPMorgan and Bank of America moved up the ranks by one and two notches to No. 5 and No. 7, respectively.

“Government efforts to mitigate the economic impact of the pandemic flooded the markets with liquidity and inflated U.S. bank balance sheets,” Stovall said. “The absence of government stimulus and the Fed’s efforts to combat elevated inflation, including through the reduction of its $9 trillion balance sheet, will lead to slower balance sheet growth in the future.”

Regional rankings from the Global Bank Rankings series covering the U.S., Europe, Asia-Pacific, Latin America & Caribbean, and African and the Middle East will also be available in the coming weeks.

To access the Top 100 list, or any of the regional bank rankings, please contact [email protected].

About S&P Global Market Intelligence 

At S&P Global Market Intelligence, we understand the importance of accurate, deep and insightful information. We integrate financial and industry data, research and news into tools that help track performance, generate alpha, identify investment ideas, perform valuations and assess credit risk. Investment professionals, government agencies, corporations and universities around the world use this essential intelligence to make business and financial decisions with conviction. 

S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI), the world’s foremost provider of credit ratings, benchmarks and analytics in the global capital and commodity markets, offering ESG solutions, deep data and insights on critical business factors. S&P Global has been providing essential intelligence that unlocks opportunity, fosters growth and accelerates progress for more than 160 years. For more information, visit www.spglobal.com/marketintelligence. 

Media Contact 

SungHa Park

S&P Global Market Intelligence
+82 2 6001 3128
[email protected]

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SOURCE S&P Global Market Intelligence

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Airspan Networks Holdings Inc. Reports 2021 Results, With Strong Momentum in 5G Private Networks, Continued Fixed Wireless Access Expansion, Key Partnerships With Tech’s Most Admired Companies

Airspan Networks Holdings Inc. Reports 2021 Results, With Strong Momentum in 5G Private Networks, Continued Fixed Wireless Access Expansion, Key Partnerships With Tech’s Most Admired Companies

  • $177.3 Million Annual Revenue
  • First year as a NYSE American publicly traded company
  • Continued industry leadership through innovative R&D team led to two industry innovation awards, including for the Airspan 5G Network-in-a-Box
  • Strengthened management bench with several key hires to execute global growth strategy, including new President and COO Glenn Laxdal
  • Airspan CEO Eric Stonestrom appointed chairman of the Company’s board of directors. Replaces Tom Huseby, who continues to serve on the board
  • Continued ramp up of private networks capabilities and portfolio, with several key partnerships with some of tech’s most admired companies including Amazon Web Services (AWS), Cisco, Dell, HPE and Qualcomm
  • Named lead RAN vendor for growing Midwestern broadband provider expanding rural wireless broadband network access using Airspan CBRS and FWA solutions

BOCA RATON, Fla.–(BUSINESS WIRE)–
Airspan Networks Holdings Inc. (NYSE American: MIMO), which provides ground-breaking, disruptive software and hardware for 5G networks, and a pioneer in end-to-end Open RAN solutions, today announced results for the fourth quarter and year ended December 31, 2021.

Key Fourth Quarter Financial Highlights

  • Revenue of $50.4 million, up 29% sequentially from third quarter 2021, down 38% year-over-year compared to exceptional performance in fourth quarter 2020, following COVID lockdowns
  • Gross margin of 41.1% compared to 44.0% in third quarter 2021, and 45.8% in fourth quarter 2020, with the majority of the variance due to supply chain pressures.
  • Net loss of $19.6 million, compared to a net loss of $27.0 million in third quarter 2021, and net income of $8.3 million for fourth quarter 2020
  • Adjusted EBITDA (non-GAAP measure) was a loss of $8.0 million compared to a loss of $10.4 million in third quarter 2021 and income of $12.7 million in fourth quarter 2020
  • Loss per share was 27 cents, compared to income per share of 14 cents in the fourth quarter 2020.

Fourth Quarter Successes and Recognition

  • Strengthening strong CBRS market position with the launch of Airspan’s first 5G CBRS product: the Airspan AirStrand 2200 solution was the first CBRS 5G Stand Alone small cell radio approved by the FCC for use on US networks. It follows the successful completion of 5G interoperability tests in the CBRS spectrum band (n48), which lays the groundwork for the launch of next generation CBRS-based devices using Airspan 5G and Open RAN software and hardware for cable operator customers and other vertical markets.
  • One of the “Best Pilot Programs” In the US/Fixed Wireless Access Market: Mimosa by Airspan beat out its FWA and Wi-Fi solutions competitors to win the RAN provider business for Amarillo, Texas’ government stimulus-funded Digital Divide program, Amarillo Connected. In addition, Airspan extended its sales resources aggressively to capture business via stimulus revenue, leveraging Airspan’s leading FWA portfolio across a multitude of broadband connectivity programs.
  • Leveraging international government stimulus for 5G deployments: In addition to US government stimulus funding broadband deployments, Airspan is a member in a consortium of industry and academic partners that secured funding from the UK Department of Digital, Culture, Media and Sport (DCMS).

Full Year 2021 Financial Highlights

  • Began trading as a public company on August 16, 2021 under the ticker symbol, MIMO
  • Annual revenue of $177.3 million, up 3% year-over-year compared to 2020
  • Product and software license revenue up 13% year-over-year compared to 2020
  • Gross margin of 44% compared to 48.6% in 2020
  • Net loss of $70.5 million, compared to a net loss of $25.6 million for the full year 2020
  • Adjusted EBITDA (non-GAAP measure) was a loss of $29.1 million, compared to a loss of $9.4 million for the full year 2020
  • Loss per share was $1.09, compared to a loss per share of 43 cents for the full year 2020.

Full Year 2021 Successes and Recognition

Stonestrom Appointed Chairman

Airspan’s CEO Eric Stonestrom has been appointed chairman of the Company’s board of directors. He replaces Tom Huseby, who continues to serve on the board.

Supply Chain Update

Demand for our products is strong, though supply chain challenges are still leading to increasingly long lead times. We continue to work hard in a number of ways to mitigate these challenges, finding alternative components, instituting multiple technological design changes and working closely with our partners. In this environment supply chain pressures center primarily around component availability, higher spot purchase prices for hardware components and increased shipping costs. While we have begun to pass some of these expenses on to customers through price increases, we expect the increased cost impact of components and freight to continue. We anticipate such supply chain challenges to extend through 2022.

Relationships with Some of the Tech World’s Most Admired Companies: AWS, Cisco, Dell, HPE and Qualcomm

“We are seeing an explosion of interest in enterprise 5G private network solutions,” said Airspan Chairman and CEO Eric Stonestrom. “In conjunction, we recently announced several key partnerships and working relationships with some of tech’s most admired companies, while at Mobile World Congress. These partnerships include Amazon Web Services (AWS), Cisco, Dell, HPE and Qualcomm, as we ramp up our private networks capabilities and portfolio.”

New President/COO Named to Execute Growth Strategy

Airspan recently named Glenn Laxdal as its new President and COO, to execute the growth strategy and scale the business, overseeing operations, customer service and product management divisions, along with the Broadband Airspan by Mimosa organization. Laxdal is a senior technology executive with over 25 years of global experience in the wireless, software and computing industries.

“Bringing on the right leaders with the ability and experience to execute on our aggressive plans is a critical component of our strategy for long-term, sustainable growth,” said Stonestrom. “Glenn is focused on accelerating our plans to grow revenue and market share to take advantage of the tremendous market opportunities for 5G, Open RAN, Private Networks and Fixed Wireless Access (FWA) solutions.”

Business Outlook

We anticipate first quarter 2022 revenue of approximately $38 million with gross margin of approximately 32%. Both figures were impacted by significant supply chain costs and challenges from COVID-19 restrictions in Asia.

The information with respect to first quarter 2022 above is preliminary, based upon Airspan’s estimated and currently available information and is subject to revision based upon, among other things, Airspan’s financial closing procedures. The Company’s actual results may differ from these estimates due to the completion of its financial closing procedures and final adjustments and other developments that may arise between the date of this news release and the time the Company’s condensed consolidated financial statements for the first quarter 2022 are completed. Readers are cautioned not to place undue reliance on these estimates.

Earnings Conference Call

A conference call with Airspan executives will be held tomorrow, Tuesday, April 12 at 8:30 am ET. It can be accessed through a toll-free dial-in, 1-877-589-7296, or 1-215-268-9906 (local), by requesting the Airspan call, as well as on the Airspan investor relations website, ir.airspan.com/. An audio replay will be available on the Airspan investor relations site following the call.

About Airspan

Airspan Networks Holdings Inc. (NYSE American: MIMO) is a U.S.-based provider of groundbreaking, disruptive software and hardware for 5G networks, and a pioneer in end-to-end Open RAN solutions that provide interoperability with other vendors. As a result of innovative technology and significant R&D investments to build and expand 5G solutions, Airspan believes it is well-positioned with 5G indoor and outdoor, Open RAN, private networks for enterprise customers and industrial use applications, fixed wireless access (FWA), and CBRS solutions to help mobile network operators of all sizes deploy their networks of the future, today. With over one million cells shipped to 1,000 customers in more than 100 countries, Airspan has global scale. For more information, visit www.airspan.com.

Cautionary Statement Regarding Forward-Looking Statements

This news release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, Airspan’s plans, objectives, expectations and intentions with respect to future operations, products and services; projected financial performance, and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. Any such forward-looking statements are based upon the current beliefs and expectations of Airspan’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond Airspan’s control.

Actual results, performance or achievements may differ materially, and potentially adversely, from any forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond Airspan’s control, which may include, among other things: the risk of downturns and the possibility of rapid change in the highly competitive industry in which we operate; changes in laws and regulations affecting our business; the risk that we and our current and future collaborators are unable to successfully develop and commercialize our products or services, or experience significant delays in doing so; the risk that we do not achieve or sustain profitability; the risk that we will need to raise additional capital to execute our business plan, which may not be available on acceptable terms or at all; the risk that we experience difficulties in managing our growth and expanding operations; the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations; the risk of product liability or regulatory lawsuits or proceedings relating to our products and services; and the risk that we are unable to secure our intellectual property. For further information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission. All information set forth herein speaks only as of the date hereof in the case of information about Airspan or the date of such information in the case of information from persons other than Airspan, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. Forecasts and estimates regarding Airspan’s industry and end markets are based on sources we believe to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part.

Non-GAAP Measures

This news release references non-GAAP measures. Non-GAAP measures do not have a standardized meaning and are, therefore, unlikely to be comparable to similar measures presented by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with GAAP. Non-GAAP financial measures referred to in this report are labeled as “non-GAAP measure.”

AIRSPAN NETWORKS HOLDINGS INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except for share data)

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

2021

 

2020

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

62,937

 

 

$

18,196

 

Restricted cash

 

 

185

 

 

 

422

 

Accounts receivable, net of allowance of $309 and $374 at December 31, 2021 and 2020, respectively

 

 

57,980

 

 

 

70,621

 

Inventory

 

 

17,217

 

 

 

12,019

 

Prepaid expenses and other current assets

 

 

18,833

 

 

 

8,602

 

Total current assets

 

 

157,152

 

 

 

109,860

 

Property, plant and equipment, net

 

 

7,741

 

 

 

4,833

 

Goodwill

 

 

13,641

 

 

 

13,641

 

Intangible assets, net

 

 

6,438

 

 

 

7,629

 

Right-of-use assets, net

 

 

6,585

 

 

 

7,882

 

Other non-current assets

 

 

3,942

 

 

 

3,837

 

Total assets

 

$

195,499

 

 

$

147,682

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

29,709

 

 

$

36,849

 

Deferred revenue

 

 

2,902

 

 

 

7,521

 

Other accrued expenses

 

 

26,967

 

 

 

22,538

 

Senior term loan, current portion

 

 

3,187

 

 

 

–

 

Subordinated debt

 

 

10,577

 

 

 

10,065

 

Current portion of long-term debt

 

 

275

 

 

 

298

 

Total current liabilities

 

 

73,617

 

 

 

77,271

 

Long-term debt

 

 

–

 

 

 

2,087

 

Subordinated term loan – related party

 

 

37,991

 

 

 

34,756

 

Senior term loan

 

 

37,876

 

 

 

36,834

 

Convertible debt

 

 

41,343

 

 

 

–

 

Other long-term liabilities

 

 

20,924

 

 

 

17,147

 

Total liabilities

 

 

211,751

 

 

 

168,095

 

 

 

 

 

 

 

 

 

 

Stockholders’ deficit:

 

 

 

 

 

 

 

 

Common stock, $0.0001 par value; 250,000,000 shares authorized; 72,335,952 and 59,710,047 shares issued and outstanding at December 31, 2021 and 2020, respectively

 

 

7

 

 

 

6

 

Additional paid-in capital

 

 

749,592

 

 

 

674,906

 

Accumulated deficit

 

 

(765,851

)

 

 

(695,325

)

Total stockholders’ deficit

 

 

(16,252

)

 

 

(20,413

)

Total liabilities and stockholders’ deficit

 

$

195,499

 

 

$

147,682

 

AIRSPAN NETWORKS HOLDINGS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except for share data)
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

December 31,

 

 

Year Ended

December 31,

 

 

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products and software licenses

 

$

44,684

 

 

$

73,818

 

 

$

151,172

 

 

$

134,338

 

Maintenance, warranty and services

 

 

5,692

 

 

 

7,728

 

 

 

26,111

 

 

 

38,617

 

Total revenues

 

 

50,376

 

 

 

81,546

 

 

 

177,283

 

 

 

172,955

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products and software licenses

 

 

28,836

 

 

 

43,196

 

 

 

95,442

 

 

 

84,375

 

Maintenance, warranty and services

 

 

849

 

 

 

1,031

 

 

 

3,870

 

 

 

4,477

 

Total cost of revenues

 

 

29,685

 

 

 

44,227

 

 

 

99,312

 

 

 

88,852

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

20,691

 

 

 

37,319

 

 

 

77,971

 

 

 

84,103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

15,923

 

 

 

13,906

 

 

 

63,350

 

 

 

52,858

 

Sales and marketing

 

 

8,682

 

 

 

7,274

 

 

 

33,839

 

 

 

28,738

 

General and administrative

 

 

12,631

 

 

 

4,565

 

 

 

40,878

 

 

 

16,555

 

Amortization of intangibles

 

 

294

 

 

 

359

 

 

 

1,191

 

 

 

1,733

 

Loss on sale of assets

 

 

–

 

 

 

–

 

 

 

–

 

 

 

22

 

Total operating expenses

 

 

37,530

 

 

 

26,104

 

 

 

139,258

 

 

 

99,906

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from operations

 

 

(16,839

)

 

 

11,215

 

 

(61,287

)

 

 

(15,803

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(4,233

)

 

 

(1,746

)

 

 

(12,813

)

 

 

(6,422

)

Change in fair value of warrant liability and derivatives, net

 

 

895

 

 

 

(1,566

)

 

 

4,116

 

 

 

(3,322

)

Gain on extinguishment of debt

 

 

–

 

 

 

–

 

 

 

2,096

 

 

 

–

 

Other expense, net

 

 

(743

)

 

 

(709

)

 

 

(3,328

)

 

 

(878

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income before income taxes

 

 

(20,920

)

 

 

7,194

 

 

(71,216

)

 

 

(26,425

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax benefit

 

 

1,314

 

 

1,152

 

 

690

 

 

782

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(19,606

)

 

$

8,346

 

$

(70,526

)

 

$

(25,643

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) earnings per share – basic and diluted

 

$

(0.27

)

 

$

0.14

 

$

(1.09

)

 

$

(0.43

)

Weighted average shares outstanding – basic and diluted

 

 

72,183,563

 

 

 

59,710,047

 

 

 

64,509,718

 

 

 

59,710,047

 

 

AIRSPAN NETWORKS HOLDINGS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)
 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

December 31,

 

 

2021

 

2020

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(70,526

)

 

$

(25,643

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

4,294

 

 

 

4,640

 

Foreign exchange (gain) loss on long-term debt

 

 

(14

)

 

 

26

 

Gain on extinguishment of debt

 

 

(2,096

)

 

 

—

 

Change in fair value of warrants and derivatives

 

 

(7,940

)

 

 

—

 

Share-based compensation expense

 

 

10,577

 

 

 

2,643

 

Loss on disposal of property, plant and equipment

 

 

22

 

 

 

3

 

Bad debt expense

 

 

289

 

 

 

5

 

Total adjustments

 

 

5,132

 

 

 

7,317

 

 

 

 

 

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Decrease (increase) in accounts receivable

 

 

12,352

 

 

 

(30,345

)

(Increase) decrease in inventory

 

 

(5,198

)

 

 

5,123

 

Decrease in prepaid expenses and other current assets

 

 

(6,547

)

 

 

(517

)

Increase in other operating assets

 

 

(105

)

 

 

(380

)

(Decrease) increase in accounts payable

 

 

(10,790

)

 

 

12,012

 

Increase in deferred revenue

 

 

(4,619

)

 

 

(2,514

)

Increase in other accrued expenses

 

 

4,429

 

 

 

5,104

 

Increase in other long-term liabilities

 

 

616

 

 

 

5,889

 

Increase in accrued interest on long-term debt

 

 

8,571

 

 

 

3,587

 

Net cash used in operating activities

 

 

(66,685

)

 

 

(20,367

)

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(6,033

)

 

 

(2,226

)

Net cash used in investing activities

 

 

(6,033

)

 

 

(2,226

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Repayments of line of credit, net

 

 

—

 

 

 

(1,993

)

Borrowings under senior term loan

 

 

—

 

 

 

6,005

 

Borrowings under other long-term debt

 

 

—

 

 

 

2,073

 

Proceeds from the Business Combination, issuance of convertible debt and PIPE financing, net of issuance costs paid

 

 

115,501

 

 

 

—

 

Proceeds from the exercise of stock options

 

 

1,074

 

 

 

—

 

Proceeds from the sale of Series G stock, net

 

 

—

 

 

 

21,913

 

Proceeds from the sale of Series H stock, net

 

 

505

 

 

 

8,074

 

Proceeds from the issuance of Series H warrants

 

 

142

 

 

 

2,126

 

Net cash provided by financing activities

 

 

117,222

 

 

 

38,198

 

 

 

 

 

 

 

 

 

 

Net increase in cash, cash equivalents and restricted cash

 

 

44,504

 

 

 

15,605

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash, beginning of year

 

 

18,618

 

 

 

3,013

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash, end of year

 

$

63,122

 

 

$

18,618

 

The following tables present the reconciliation of net (loss) income, the most directly comparable GAAP measure, to Adjusted EBITDA:

 

 

 

Three Months Ended

 

 

Dec. 31,

 

Sept. 30,

($ in thousands)

 

2021

 

2021

Net loss

 

$

(19,606

)

 

$

(26,953

)

 

 

 

 

 

 

 

 

 

Adjusted for:

 

 

 

 

 

 

 

 

Interest expense

 

 

4,233

 

 

 

3,630

 

Income tax (benefit) charge

 

 

(1,314

)

 

 

457

Depreciation and amortization

 

 

1,177

 

 

 

988

 

EBITDA

 

 

(15,510

)

 

 

(21,878

)

Share-based compensation expense

 

 

8,427

 

 

 

661

 

Change in fair value of warrant liability and derivatives

 

 

(895

)

 

 

(11,562

)

Transaction costs allocated to the warrants

 

 

–

 

 

 

3,824

 

Management Incentive Plan expense related to Business Combination

 

 

–

 

 

 

18,513

 

Adjusted EBITDA

 

$

(7,978

)

 

$

(10,442

)

 

 

Three Months Ended

December 31,

($ in thousands)

 

2021

 

2020

Net (loss) income

 

$

(19,606

)

 

$

8,346

 

 

 

 

 

 

 

 

 

Adjusted for:

 

 

 

 

 

 

 

 

Interest expense

 

 

4,233

 

 

 

1,746

 

Income tax benefit

 

 

(1,314

)

 

 

(1,152

)

Depreciation and amortization

 

 

1,177

 

 

 

1,016

 

EBITDA

 

 

(15,510

)

 

 

9,956

Share-based compensation expense

 

 

8,427

 

 

 

1,161

 

Change in fair value of warrant liability and derivatives

 

 

(895

)

 

 

1,566

 

Adjusted EBITDA

 

$

(7,978

)

 

$

12,683

 

 

Year Ended

December 31,

($ in thousands)

 

2021

 

2020

Net loss

 

$

(70,526

)

 

$

(25,643

)

 

 

 

 

 

 

 

 

 

Adjusted for:

 

 

 

 

 

 

 

 

Interest expense

 

 

12,813

 

 

 

6,422

 

Income tax benefit

 

 

(690

)

 

 

(782

)

Depreciation and amortization

 

 

4,294

 

 

 

4,640

 

EBITDA

 

 

(54,109

)

 

 

(15,363

)

Share-based compensation expense

 

 

10,577

 

 

 

2,643

 

Change in fair value of warrant liability and derivatives

 

 

(7,940

)

 

 

3,322

 

Transaction costs allocated to the warrants

 

 

3,824

 

 

 

–

 

Management Incentive Plan expense related to Business Combination

 

 

18,513

 

 

 

–

 

Adjusted EBITDA

 

$

(29,135

)

 

$

(9,398

)

 

Investor Relations Contact:

Brett Scheiner

561-893-8660

[email protected]

Media Contact:

Howie Waterman

917-359-5505

[email protected]

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Telecommunications Software Networks Internet Hardware Technology Mobile/Wireless Other Technology

MEDIA:

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Asia Pacific’s IT, Business Services Market Up in Q1, But Growth Remains Uneven, ISG Index™ Finds

Asia Pacific’s IT, Business Services Market Up in Q1, But Growth Remains Uneven, ISG Index™ Finds

Combined market, XaaS and managed services segments each up 28% for the quarter, but down versus strong Q4

SYDNEY–(BUSINESS WIRE)–
Asia Pacific’s IT and business services market grew by 28 percent in the first quarter, but demand slowed dramatically from a record fourth quarter as the region continues to produce uneven results, according to the latest state-of-the-industry report from Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm.

The Asia Pacific ISG Index™, which measures commercial outsourcing contracts with annual contract value (ACV) of US $5 million or more, shows full-year ACV for the combined market—including both as-a-service (XaaS) and managed services—reached US $4.2 billion, up 28 percent, but that was the region’s lowest growth rate in the last four quarters. First-quarter ACV was off 10 percent from the region’s fourth-quarter high of US $4.7 billion, the steepest quarter-over-quarter drop in more than two years.

“This is the fourth straight quarter the region has produced ACV of at least US $4 billion, but sequential growth has been uneven,” said Scott Bertsch, partner and regional leader, ISG Asia Pacific. “It’s been a bit of a roller coaster ride recently, with each new quarterly high followed by a sequential drop in ACV.”

As with the broader market, XaaS spending rose 28 percent in the first quarter, to US $3.7 billion, but was down 1 percent from the fourth quarter. Infrastructure-as-a-Service (IaaS) rose 30 percent, to US $3.3 billion, but was down 1 percent against the prior quarter, while Software-as-a-Service (SaaS) advanced 14 percent over 2021, to US $400 million, but was flat with Q4.

Managed services, likewise, grew 28 percent in the first quarter, to US $498 million, but dropped 47 percent against the fourth quarter. The 28 percent year-over-year growth rate was the slowest in the last four quarters, with the three preceding quarters averaging 54 percent annual growth.

Within managed services, IT outsourcing (ITO) was up 31 percent, to US $370 million, but was down 50 percent against Q4. Business process outsourcing (BPO) grew 18 percent, to US $128 million, but fell 33 percent versus the fourth quarter.

The region generated 45 managed services contract awards in the first quarter, up 50 percent versus a soft first quarter last year, but down 26 percent versus a much-stronger Q4. The year-over-year growth in volume was driven entirely by the smallest band of contract awards measured by the ISG Index – those falling within the US $5 million to US $10 million range. Contract awards at this level were up 94 percent versus last year.

From a geographical perspective, Australia-New Zealand, at US $114 million of managed services ACV, was down 5 percent year on year, and off 77 percent against a very strong Q4. Both South Korea (up 67 percent) and Japan (up 25 percent) advanced versus the prior year off a small base, while the ASEAN region was up significantly as it posted its third straight quarter with ACV of more than US $100 million.

2022 Global Forecast

ISG is forecasting the global market for cloud-based XaaS (IaaS and SaaS) will grow 22 percent for the year, up from its 20 percent forecast last quarter, while the global market for managed services is expected to grow 5.1 percent, unchanged from last quarter’s forecast.

About the ISG Index™

The ISG Index™ is recognized as the authoritative source for marketplace intelligence on the global technology and business services industry. For 78 consecutive quarters, it has detailed the latest industry data and trends for financial analysts, enterprise buyers, software and service providers, law firms, universities and the media. In 2016, the ISG Index was expanded to include coverage of the fast-growing as-a-service market, measuring the significant impact cloud-based services are having on digital business transformation. ISG also provides ongoing analysis of automation and other digital technologies in its quarterly ISG Index presentations.

For more information about the ISG Index, visit this webpage.

About ISG

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 800 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

Will Thoretz, ISG

+1 203 517 3119

[email protected]

Erik Arvidson, Matter Communications for ISG

+1 617 755 2985

[email protected]

KEYWORDS: Australia/Oceania Australia Asia Pacific

INDUSTRY KEYWORDS: Consulting Data Management Professional Services Technology Software

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GreenPower Announces Participation in Upcoming Industry Conferences

PR Newswire


LOS ANGELES
, April 11, 2022 /PRNewswire/ — GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV) (“GreenPower”), a leading manufacturer and distributor of zero emission electric powered vehicles serving the cargo, delivery, shuttle, transit, and school bus markets, today announced its participation in several major industry conferences and events in the second quarter of 2022.

GreenPower will be showcasing its all-electric, zero-emission vehicle line, meeting with consumers, customers and the investor community. 

See below for a full itinerary of events the company will be participating in.


National Association of Fleet Administrators (NAFA) Institute and Expo


April 11-13 in Columbus, Ohio

  • The NAFA Expo brings together fleet professionals from all over North America in the corporate, government, public safety, utility and education segments.
  • GreenPower will be exhibiting in booth #934 with the EV Star Cargo Plus.


CALACT Spring Conference & Expo


April 19-22 in Newport Beach, Calif.

  • CALACT represents the interests of small, rural, and specialized transportation providers.
  • GreenPower will be showcasing its passenger transport capabilities with EV Star ADA.


Advanced Clean Transportation (ACT) Expo


May 9-12 in Long Beach, Calif.

  • The ACT Expo is North America’s largest advanced transportation technology and clean fleet event.
  • GreenPower will be displaying BEAST, EV Star ADA, the EV Star Cargo and available for briefings at booth #911.

Oklahoma Transit Association (OTA) Spring Conference

May 23-25 in Norman, Okla.

  • OTA represents urban, small urban, suburban, rural and tribal transit agencies in Oklahoma, and is the leading voice in the state for public transit.

CalStart Zero-Emission Truck Showcase

June 7-8 in Fontana, Calif.

  • The Zero-Emission Truck showcase, sponsored by CARB and CALSTART, will showcase HVIP eligible vehicles and offer a hands-on experience through a ride and drive.
  • GreenPower will be showcasing its cargo transport capabilities with the EV Star Cargo on display and the EV Star CC featured at the ride and drive.


Government Fleet Expo and Conference


May 23-26 in Detroit, Mich.

  • Government Fleet Expo is the largest annual conference for public fleets and is known for their conference program and immersive exhibitions serving public fleet professionals.
  • GreenPower will be showcasing the EV Star Cargo at booth #627.


School Transportation News Expo


June 3-7 in Indianapolis, Ind.

  • The School Transportation News Expo brings together industry leaders and consumers to discuss topics and conversations that make a difference in the school bus industry.
  • GreenPower will showcase its new electric BEAST school bus which spotlights its expert student transport capabilities at booth #309.


American Association of Airport Executives Conference & Exposition


June 5-8 in Seattle, Wash.

  • The American Association of Airport Executives Conference and Expo features resources and solutions to elevate airport operations. 
  • GreenPower will be exhibiting in booth #607.

Oregon Pupil Transportation Association (OPTA) Summer Conference and Trade Show

June 20-23 in Welches, Ore.

  • OPTA Summer show will bring together the latest innovations in student transit and provide leadership training for industry professionals.
  • GreenPower will showcase its new electric BEAST school bus, and industry leader in safety and efficiency.

For more information, visit https://greenpowermotor.com/.

Media and Investor Contacts:

Allie Potter, Skyya PR
[email protected] 

Mike Cole, Investor Relations
[email protected] 
(949) 444-1341

About GreenPower Motor Company
GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van and a cab and chassis. GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. GreenPower was founded in Vancouver, Canada with primary operational facilities in southern California. Listed on the Toronto exchange since November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August 2020. For further information go to www.greenpowermotor.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. © 2022 GreenPower Motor Company Inc. All rights reserved.

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SOURCE GreenPower Motor Company

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GOL Announces 1Q22 Investor Update

PR Newswire

SÃO PAULO, April 11, 2022 /PRNewswire/ — GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and B3: GOLL4), (“GOL” or “Company”), Brazil’s largest airline, today provides an Investor Update on its expectations for the first quarter of 2022. The information below is preliminary and unaudited. The Company will discuss its 1Q22 results in a conference call on April 28, 2022.



Overall Commentary

  • GOL expects a Loss per Share (EPS) and a Loss Per American Depositary Share (EPADS) for 1Q22 of approximately R$1.981 and US$0.781, respectively.
  • EBITDA margin for the quarter is expected to be approximately 11%2, an increase compared to the quarter ended in March 2021 (-15.9%).
  • Passenger unit revenue (PRASK) expected for the first quarter is expected to be up approximately 45% year over year.
  • Non-fuel unit costs (CASK Ex-Fuel) are expected to decrease approximately 4%2 compared to the first quarter of the prior year, primarily due to increased productivity (increased in ASKs, aircraft utilization and operating efficiency) and the appreciation of the Brazilian Real versus the U.S. Dollar. Fuel unit costs (CASK Fuel) are expected to increase by approximately 48% year-over-year, driven by a 60% the increase in the average jet fuel price which was partially offset by a more fuel efficient fleet resulting in an 3.7% reduction e fuel consumption per flight hour.
  • GOL’s financial leverage, as measured by the Net Debt3/EBITDA2,4 ratio was approximately 10.7x at the end of the March 2022 quarter (10.0x in IFRS-16). Total liquidity at quarter-end is expected to be at R$3.3 billion5.

 


Preliminary and Unaudited Projection



March Quarter 2022

EBITDA Margin2

~11%

EBIT Margin2

~ -5%

Other Revenue (cargo, loyalty, other)

~7% of total revenues

Average fuel price per liter

R$ 4.62

Average exchange rate

R$ 5.26



March Quarter 2022 vs.
March Quarter 2021

Passenger unit revenue (PRASK)

Up ~45%

CASK Ex-fuel2

Down ~4%

Total Demand – RPK

Up 46%

Total Capacity – ASK

Up 44%

Total Capacity – Seats

Up 49%

1.  Excluding gains and losses on currency and Exchangeable Senior Notes.

2.  Recurring operating results; excludes non-recurring maintenance costs related to fleet transformation of approximately R$92 million in 1Q22 and R$114 million in 1Q21.

3.  Including 7x annual aircraft lease payments and excluding perpetual bonds.

4.  Last twelve months.

5.  Cash and cash equivalents, restricted cash, accounts receivable and deposits.

Investor Relations

[email protected] 

www.voegol.com.br/ir

+55(11) 2128-4700

About GOL Linhas Aéreas Inteligentes S.A.
GOL is the largest airline in Brazil, leader in the corporate and leisure segments. Since founded in 2001, the Company has the lowest unit cost in Latin America, thus democratizing air transportation. The Company has alliances with American Airlines and Air FranceKLM, besides several codeshare and interline agreements available to Customers, bringing more convenience and simple connections to any place served by these partnerships. With the purpose of “Being the First for All”, GOL offers the best travel experience to its passengers, including: the largest number of seats and more space between seats; the greatest platform with internet, movies and live TV; and the best frequent-flyer program, SMILES. In cargo transportation, GOLLOG delivers orders to different regions in Brazil and abroad. The Company has a team of 15,000 highly qualified aviation professionals focused on Safety, GOL’s #1 value, and operates a standardized fleet of 135 Boeing 737 aircraft. The Company’s shares are traded on the NYSE (GOL) and the B3 (GOLL4). For further information, visit www.voegol.com.br/ri.

Disclaimer
The information contained in this press release has not been subject to any independent audit or review and contains “forward-looking” statements, estimates and projections that relate to future events, which are, by their nature, subject to significant risks and uncertainties. All statements other than statements of historical fact contained in this press release including, without limitation, those regarding GOL’s future financial position and results of operations, strategy, plans, objectives, goals and targets, future developments in the markets in which GOL operates or is seeking to operate, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “will”, “may”, “project”, “estimate”, “anticipate”, “predict”, “seek”, “should” or similar words or expressions, are forward-looking statements. The future events referred to in these forward-looking statements involve known and unknown risks, uncertainties, contingencies and other factors, many of which are beyond GOL’s control, that may cause actual results, performance or events to differ materially from those expressed or implied in these statements. These forward-looking statements are based on numerous assumptions regarding GOL’s present and future business strategies and the environment in which GOL will operate in the future and are not a guarantee of future performance. Such forward-looking statements speak only as at the date on which they are made. None of GOL or any of its affiliates, officers, directors, employees and agents undertakes any duty or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. None of GOL or any of its affiliates, officers, directors, employees, professional advisors and agents make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. Although GOL believes that the estimates and projections in these forward-looking statements are reasonable, they may prove materially incorrect and actual results may materially differ. As a result, you should not rely on these forward-looking statements.

Non-GAAP Measures
To be consistent with industry practice, GOL discloses so-called non-GAAP financial measures which are not recognized under IFRS or U.S. GAAP, including “Net Debt”, “Adjusted Net Debt”, “total liquidity” and “EBITDA”. The Company’s management believes that disclosure of non-GAAP measures provides useful information to investors, financial analysts and the public in their review of its operating performance and their comparison of its operating performance to the operating performance of other companies in the same industry and other industries. However, these non-GAAP items do not have standardized meanings and may not be directly comparable to similarly-titled items adopted by other companies. Potential investors should not rely on information not recognized under IFRS as a substitute for the GAAP measures of earnings or liquidity in making an investment decision.

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SOURCE GOL Linhas Aéreas Inteligentes S.A.

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Kaleido Biosciences Investor Alert: Kaplan Fox Investigates Potential Securities Fraud at Kaleido Biosciences, Inc.

NEW YORK, April 11, 2022 (GLOBE NEWSWIRE) — Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Kaleido Biosciences, Inc. (“Kaleido Biosciences” or the “Company”) (Nasdaq: KLDO).

On September 3, 2021, Kaleido Biosciences filed a Form 8-K with the SEC disclosing that on August 27, 2021, “the Company received a Warning Letter from the U.S. Food and Drug Administration (FDA) for failure to submit an investigational new drug application (IND) prior to conducting two clinical studies, K031 and K032, of the Company’s MMT KB109 in subjects with COVID-19.” The Company also stated that the Warning Letter followed receipt of a Form FDA 483 that was provided to the Company in March 2021 at the conclusion of a clinical inspection. Following this news, Company shares fell 5.5% to close at $6.01 per share on September 7, 2021, the first trading day following the news.

Subsequently, on October 5, 2021, the Company disclosed non-IND results for its therapy candidate KB295 evaluating Microbiome Metabolic Therapy in its controlled non-IND clinical study K030 in subjects with mild-to-moderate ulcerative colitis. Following this news, Company shares fell over 9.6% to close at $5.26 per share on October 5, 2021.

Then, on January 28, 2022, after market, the Company filed a Form 8-K with the SEC stating that the Company had decided to halt work on a planned Phase 2 chronic obstructive pulmonary disease study. Following this news, Company shares fell 8% to close at $1.74 per share on January 28, 2022.

Finally, on April 8, 2022, the Company disclosed that it had delivered formal notice to the Nasdaq Stock Market that the Company intends to voluntarily delist its common stock from the Nasdaq in connection with the Company’s cessation of all operations. Following this news, Kaleido Biosciences shares fell nearly 82% to close at $0.2699 per share on April 8, 2022.

If you purchased or otherwise acquired Kaleido Biosciences securities and would like to discuss our investigation, please contact us by emailing [email protected] or by calling (646) 315-9003.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this investigation, your rights, or your interests, please contact:

Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: [email protected]

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: [email protected]