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AmeriServ Financial Announces the Election of J. Michael Adams, Jr. as Independent Chairman of the Board of Directors

Also Elects Kim W. Kunkle as Vice Chairman

Thanks Retired Board Members Allan R. Dennison and Sara A. Sargent for Years of Service

JOHNSTOWN, Pa.–(BUSINESS WIRE)–
AmeriServ Financial, Inc. (NASDAQ: ASRV) (“AmeriServ” or the “Company”) today announced that J. Michael Adams, Jr. has been elected non-executive Chairman of the Company’s Board of Directors (the “Board”). In addition, AmeriServ announced that Kim W. Kunkle has been elected non-executive Vice Chairman of the Board. Mr. Adams, who previously held the role of Vice Chairman, succeeds Allan R. Dennison following his recent retirement from the Board.

Mr. Adams commented:

“I want to thank the Board for electing Kim and myself to these important roles at this critical juncture for AmeriServ. There is significant runway for AmeriServ to continue enhancing value for shareholders, customers, employees and the community it serves. As we navigate the current banking sector dislocation in the near-term, we are equally focused on strengthening our operations and seizing new market opportunities over the long-term. I also want to take this moment to convey the full Board’s gratitude to Allan, who helped usher in new initiatives and guide AmeriServ to a strong post-pandemic recovery during his chairmanship. We wish Allan and Sara A. Sargent, who has also retired from the Board, the very best following their years of exceptional service.”

The Board’s decision to elect Messrs. Adams and Kunkle to their new roles reflects its commitment to balancing experience and institutional knowledge with the integration of new members and fresh perspectives. Over the past three years, the Board has added four new independent members as part of its strategic refreshment. The Board intends to continue enhancing AmeriServ’s corporate governance and recruiting new directors with additive skillsets.

Mr. Adams concluded:

“We are extremely proud that AmeriServ is a valuable community institution headquartered in Johnstown, with geographic reach throughout Western Pennsylvania and Western Maryland. This presence is helping us to attract excellent directors as we continue to add new skills and expertise to our boardroom. We recently welcomed two new, highly qualified directors in Richard “Rick” W. Bloomingdale and David J. Hickton. The Board looks forward to working with them to pursue the exciting opportunities for long-term value creation that are ahead.”

J. Michael Adams, Jr. Biography

Mr. Adams is the managing member of Mike Adams & Associates LLC, a Pittsburgh-based consulting firm. He has over three decades of professional experience, including serving as legal counsel to numerous private businesses, public institutions, boards and commissions. Mr. Adams also previously served as chairman of the Board of Directors of the Daily News Publishing Co., a privately held company.

He received a B.S. from Carnegie Mellon University and a J.D. from University of Pittsburgh School of Law.

Kim W. Kunkle Biography

Mr. Kunkle has served since 1984 as the president and CEO of Laurel Holdings, Inc., a closely held private company with wholly owned subsidiaries involved in underground utility construction, plumbing, janitorial services, metal machining, industrial tool distribution, and pipeline rehabilitation. Laurel Holdings employs more than 200 people in western Pennsylvania.

He received a B.A. in management science from Duke University.

About AmeriServ Financial, Inc.

AmeriServ Financial, Inc. is the parent of AmeriServ Financial Bank and AmeriServ Trust and Financial Services Company in Johnstown, Pennsylvania. The Company’s subsidiaries provide full-service banking and wealth management services through 17 community offices in southwestern Pennsylvania and Hagerstown, Maryland. The Company also operates loan production offices in Altoona and Monroeville, Pennsylvania. On March 31, 2023, AmeriServ had total assets of $1.346 billion and a book value of $6.18 per common share. For more information, visit www.ameriserv.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230622735524/en/

Longacre Square Partners

Greg Marose / David Reingold, 646-277-8813

[email protected] / [email protected]

KEYWORDS: United States North America Pennsylvania

INDUSTRY KEYWORDS: Banking Asset Management Professional Services Finance

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Bowman Expands Southwest Gas On-Call Engagement into Southern Nevada

RESTON, Va.–(BUSINESS WIRE)–
Bowman Consulting Group Ltd. (“Bowman” or the “Company”) (NASDAQ: BWMN) announced that the Company has been selected by Southwest Gas Corporation’s Southern Nevada division for a new multi-year, on-call engineering and land survey services contract. This is in addition to recent extensions of the firm’s similar Southern Arizona contracts. Bowman’s teams will provide engineering, design and planning, and survey services including right-of-way, property line stakeout, high-pressure line cut sheets and legal exhibits, along with other related services, as required.

The Southern Nevada contract is the first Southwest Gas engagement for Bowman in the state. Since 2014, Bowman has delivered survey, civil engineering, design, and planning services to Southwest Gas’ Arizona Central and Southern divisions. During that time, Bowman established a relationship built on responsiveness and process improvement that has enabled teaming on hundreds of projects per year and elevated Southwest Gas to one of the Company’s largest clients.

Southwest Gas Corporation provides natural gas service to more than 2 million customers throughout Arizona, Nevada, and portions of California. The company is dedicated to investing in sustainable and responsible business practices that protect the environment, preserve natural resources and safeguard customers and employees.

“Southwest Gas is a leading utility and trusted services provider to its customers,” said Gary Bowman, chairman and CEO of Bowman. “We are focused on supporting utility system operators contending with various pipe types and extreme weather events by providing services oriented toward facility fortification, resilience assurance, and infrastructure modernization. For nearly a decade, we have deployed highly skilled professionals to work side-by-side with Southwest Gas field teams. We are pleased to expand our partnership with Southwest Gas into Nevada as one of their trusted utility services partners.”

About Bowman Consulting Group Ltd. (Bowman): Headquartered in Reston, Virginia, Bowman is an engineering services firm delivering infrastructure solutions to customers who own, develop, and maintain the built environment. With approximately 1,700 employees in more than 75 offices in the United States, Bowman provides a variety of planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN. For more information, visit bowman.com or investors.bowman.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230622167943/en/

Investor Relations Contacts:

Bruce Labovitz, 703.787.3403

[email protected]

Larry Clark, 310.622.8223

[email protected]

General Media Contact:

Jennifer Kamienski, 201.519.4536

[email protected]

KEYWORDS: United States North America Virginia

INDUSTRY KEYWORDS: Professional Services Engineering Oil/Gas Manufacturing Energy Consulting

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Redfin Report: The Spring 2023 Homebuying Season Never Happened

Near-7% mortgage rates are preventing both would-be homebuyers and would-be sellers from entering the market. Construction of new single-family homes is near its highest level in almost two decades, providing some hope for an uptick in inventory by next year.

SEATTLE–(BUSINESS WIRE)–
(NASDAQ: RDFN) — As spring turns into summer, it’s official: The traditionally hot spring homebuying season didn’t come to fruition in 2023. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. This year, instead of the calendar determining the homebuying season, the Federal Reserve is dictating when people buy and sell. And so far, the Fed’s actions are suggesting they wait.

Pending home sales fell 16% from a year earlier during the four weeks ending June 18. But even though sales are relatively tepid, Redfin’s Homebuyer Demand Index—a measure of requests for tours and other early-stage buying services from Redfin agents—is up 11% year over year. Additionally, there are more house hunters than there are homes hitting the market. New listings of homes for sale are down 24% from a year ago, and the total number of homes for sale is down 8%, the biggest drop in over a year.

Elevated mortgage rates are responsible for the drops on both the demand and supply sides. With average rates sitting above 6% all spring, pushing the typical U.S. monthly housing payment up near record highs, many would-be buyers are sitting on the sidelines, waiting for rates to come down. And the buyers who are out there are having a hard time finding listings, with many prospective sellers staying put, hanging onto their relatively low rates: Nearly all homeowners with a mortgage have a rate below 6%.

The continuing inventory shortage is bolstering home prices. The median U.S. home-sale price dropped just 1% year over year this week, the smallest decline in more than three months. On a local level, prices have started leveling off: They fell in 25 of the 50 most populous metros, compared with 29 a month ago. In San Jose, CA, for instance, the median sale price is up roughly 2% year over year, marking the first increase after eight straight months of declines.

“There are two things that would jumpstart the housing market: A big drop in mortgage rates and/or a big surge of new listings,” said Redfin Deputy Chief Economist Taylor Marr. “Neither of those things happened this spring; instead, rates rose and new listings dropped to record lows. And with one or two more interest-rate hikes expected this year, mortgage rates are likely to remain elevated at least through the summer, continuing to limit both demand and supply.”

“But even though there wasn’t much of a spring homebuying season this year, there was a spring building season,” Marr continued. “That means there’s hope for more listings somewhat soon, with homebuilders working to fill the inventory bucket. Builders broke ground on more single-family homes in May than almost any month in nearly two decades, which could expand buyers’ options by the end of the year.”

Leading indicators of homebuying activity:

• The daily average 30-year fixed mortgage rate was 6.9% on June 21, down from a half-year high of 7.14% a month earlier. For the week ending June 15, the average 30-year fixed mortgage rate was 6.69%, down slightly from 6.71% the week before but still close to the highest rate since November.

• Mortgage-purchase applications during the week ending June 16 rose 2% from a week earlier, seasonally adjusted, marking the second straight week of increases. Purchase applications were down 32% from a year earlier.

• The seasonally adjusted Redfin Homebuyer Demand Index was down slightly from a week earlier during the week ending June 18. It was up 11% from a year earlier, the fourth consecutive annual increase. Demand was dropping at this time in 2022 as mortgage rates rose.

• Google searches for “homes for sale” were up 13% from a month earlier during the week ending June 17, and down about 11% from a year earlier.

• Touring activity as of June 18 was up 14% from the start of the year, compared with a 4% decrease at the same time last year, according to home tour technology company ShowingTime. Tours increased slowly during this time last year as mortgage rates shot up.

Key housing market takeaways for 400+ U.S. metro areas:

Unless otherwise noted, this data covers the four-week period ending June 18. Redfin’s weekly housing market data goes back through 2015. For bullets that include metro-level breakdowns, Redfin analyzed the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.

• The median home sale price was $382,861, down 1% from a year earlier, the smallest decline in more than three months. Price declines have been shrinking for the last two months.

• Home-sale prices declined in 25 metros, with the biggest drops in Austin, TX (-11% YoY), Las Vegas (-9.1%), Detroit (-8%), Los Angeles (-7.1%) and Phoenix (-6.8%).

• Sale prices increased most in Fort Lauderdale, FL (8.6%), Miami (8.5%), Providence, RI (5.5%), Milwaukee (5.2%) and Virginia Beach, VA (5.1%).

• The median asking price of newly listed homes was $397,225 up 0.3% from a year earlier.

• The monthly mortgage payment on the median-asking-price home was $2,628 at a 6.69% mortgage rate, the average for the week ending June 15. That’s down slightly from the record high hit three weeks earlier, but up 8% ($190) from a year earlier.

• Pending home sales were down 15.7% year over year, continuing a 13-month streak of double-digit declines.

• Pending home sales fell in all metros Redfin analyzed. They declined most in Milwaukee (-28% YoY), Providence (-26.3%), Seattle (-25.6%), Portland, OR (-24.8%) and San Diego (-23.4%).

• New listings of homes for sale fell 24% year over year, roughly on par with the declines over the last two months.

• New listings declined in all metros Redfin analyzed. They fell most in Las Vegas (-42.3% YoY), Phoenix (-42%), Oakland, CA (-38.8%), Seattle (-37.4%) and San Diego (-36.2%).

• Active listings (the number of homes listed for sale at any point during the period) dropped 8.1% from a year earlier, the biggest drop in over a year. Active listings were up slightly from a month earlier; typically, they post month-over-month increases at this time of year.

• Months of supply—a measure of the balance between supply and demand, calculated by the number of months it would take for the current inventory to sell at the current sales pace—was 2.5 months, the lowest level in nearly a year. Four to five months of supply is considered balanced, with a lower number indicating seller’s market conditions.

• 32.9% of homes that went under contract had an accepted offer within the first two weeks on the market, down from 36% a year earlier.

• Homes that sold were on the market for a median of 27 days, the shortest span since August. That’s up from a near-record low of 19 days a year earlier.

• 36.3% of homes sold above their final list price. That’s the highest share since last August but is down from 53% a year earlier.

• On average, 5.3% of homes for sale each week had a price drop, up from 4.8% a year earlier.

• The average sale-to-list price ratio, which measures how close homes are selling to their final asking prices, was 100%. That means homes are selling for exactly their asking price, on average, for the first time in 10 months. That’s down from 102.2% a year earlier.

To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-spring-homebuying-season-never-happened

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country’s #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we’ve saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, email [email protected]. To view Redfin’s press center, click here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230622780164/en/

Redfin Journalist Services:

Kenneth Applewhaite, 206-588-6863

[email protected]

KEYWORDS: United States North America Washington

INDUSTRY KEYWORDS: Commercial Building & Real Estate Technology Construction & Property Software Internet Retail Data Management Residential Building & Real Estate Online Retail

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Abacus Life to Participate in Fireside Chat with IPO Edge and The Palm Beach Hedge Fund Association Friday, June 23 at 9:00am ET

ORLANDO, Fla. & BOCA RATON, Fla.–(BUSINESS WIRE)–
Abacus Settlements, LLC (d/b/a Abacus Life) and Longevity Market Assets, LLC (together “Abacus” or the “Company”), a leading buyer of life insurance policies and vertically integrated alternative asset manager specializing in specialty insurance products, will participate in a virtual fireside chat with The Palm Beach Hedge Fund Association and IPO Edge Friday, June 23, 2023 at 9:00am ET.

The live event will feature Abacus President and CEO, Jay Jackson and will be moderated by IPO Edge Editor-in-Chief John Jannarone who will discuss:

• Abacus’ business combination with East Resources Acquisition Company (NASDAQ: ERES);

• Current ownership structure and growth story;

• Abacus’ business model;

• Scale of the business and growth projections;

• Expectations for capital raises or new investors in the next couple of years;

• Abacus’ acquisition strategy whether core or opportunistic;

• Recent or forward-looking growth metrics;

The hour-long video session will include a Q&A with the audience. Interested parties can submit their questions ahead of the event via email to [email protected].

To register for the event, please CLICK HERE.

Abacus Life has entered into a definitive merger agreement with East Resources Acquisition Corporation (NASDAQ: ERES) (“ERES”), a special purpose acquisition company, that will result in Abacus becoming a publicly listed company. Upon closing of the transaction, which is expected to close on June 30, 2023, the combined company will be named Abacus Life, Inc. and is expected to remain listed on Nasdaq under the new ticker symbol “ABAL.”

About Abacus

Abacus is a leading vertically integrated alternative asset manager specializing in life insurance products. Since 2004, the company has purchased life insurance policies from consumers seeking liquidity and has actively managed those policies over time (via trading, holding, and/or servicing). With over $2.9 billion in face value of policies purchased, Abacus has helped thousands of clients maximize the value of life insurance.

Over the past 18 years, the company has built an institutionalized origination and portfolio management process that is supported by a 83-person team, long-term relationships with 78 institutional partners and 30,000 financial advisors, and the ability to operate in 49 states. The company has serviced approximately $950 million in policies and has managed assets for large asset managers and third-party investment funds.

Abacus’ leadership team averages 20+ years of experience and have been innovators since the life settlements industry’s inception in the mid-90s.

The company is a proud member of the Life Insurance Settlements Association (LISA) and complies with HIPAA and privacy laws to maintain and protect confidentiality of financial, health, and medical information. Abacus is also proud to be a BBB Accredited Business with an A+ rating.

www.Abacuslife.com

About East Resources Acquisition Company

East Resources Acquisition Company, led by Terrence (Terry) M. Pegula, is a blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in North America.

Forward-Looking Statements

This communication contains certain forward-looking statements within the meaning of the federal securities laws with respect to the transaction, including statements regarding the anticipated benefits of the transaction, the anticipated timing of the transaction, the future financial condition and performance of Abacus and expected financial impacts of the transaction (including future revenue and pro forma enterprise value) and the platform and markets and expected future growth and market opportunities of Abacus. These forward-looking statements generally are identified by the words “believe,” “predict,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “scales,” “representative of,” “valuation,” “potential,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions or the negatives of these terms or variations of them. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are inherently subject to risks and uncertainties. These forward‐looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are beyond ERES’s or Abacus’s control, are difficult or impossible to predict and may differ from assumptions. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of ERES’s securities, (ii) the risk that the transaction may not be completed by ERES’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by ERES, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the requisite approvals of ERES’s stockholders and Abacus’s owners, the satisfaction of the minimum aggregate transaction proceeds amount following any redemptions by ERES’s public stockholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the transaction, (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement relating to the transaction, (vi) the effect of the announcement or pendency of the transaction on Abacus’s business or employee relationships, operating results and business generally, (vii) the risk that the transaction disrupts current plans and operations of Abacus, (viii) the risk of difficulties in retaining employees of Abacus as a result of the transaction, (ix) the outcome of any legal proceedings that may be instituted against Abacus or against ERES related to the merger agreement or the transaction, (x) the ability to maintain the listing of ERES’s securities on a national securities exchange, (xi) changes in the competitive industries in which Abacus operate, variations in operating performance across competitors, changes in laws and regulations affecting Abacus’s business and changes in the combined capital structure, (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the transaction, and the ability to identify and realize additional opportunities, (xiii) risks related to the uncertainty of Abacus’s projected financial information, (xiv) current and future conditions in the global economy, including as a result of the impact of the COVID-19 pandemic, (xv) the risk that demand for Abacus’s life settlement and related offerings does not grow as expected, (xvi) the ability of Abacus to retain existing customers and attract new customers, (xvii) the potential inability of Abacus to manage growth effectively, (xviii) the potential inability of Abacus to grow its market share of the life settlement industry or to achieve efficiencies regarding its operating model or other costs, (xix) negative trends in the life settlement industry impacting the value of life settlements, including increases to the premium costs of life insurance policies, increased longevity of insureds, and errors in the methodology and assumptions of life expectancy reports, (xx) legal challenges by insurers relating to the validity of the origination or assignment of certain life settlements, (xxi) the enforceability of Abacus’s intellectual property rights, including its trademarks and trade secrets, and the potential infringement on the intellectual property rights of others, (xxii) Abacus’s dependence on senior management and other key employees, (xxiii) the risk of downturns and a changing regulatory landscape in the industry in which Abacus operates, and (xxiv) costs related to the transaction and the failure to realize anticipated benefits of the transaction or to realize estimated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions. The foregoing list of factors is not exhaustive.

Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should carefully consider the foregoing factors and the other risks and uncertainties which will be more fully described in the “Risk Factors” section of the proxy statement discussed below and other documents filed by ERES from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers of this communication are cautioned not to put undue reliance on forward-looking statements, and Abacus and ERES assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Abacus nor ERES gives any assurance that any of Abacus or ERES, or the combined company, will achieve expectations.

Additional Information About the Proposed Transaction and Where to Find It

This communication relates to the proposed transaction between ERES and Abacus. In connection with the proposed transaction, ERES has filed with the SEC a preliminary proxy statement on Schedule 14A (the “proxy statement”). ERES will also file other documents regarding the transaction with the SEC. Before making any voting decision, investors, security holders and other interested persons of ERES and Abacus are urged to read the proxy statement (including all amendments and supplements thereto), which is currently available, and all other relevant documents filed or that will be filed with the SEC in connection with the transaction as they become available because they will contain important information about the transaction. Investors, security holders and other interested persons will be able to obtain free copies of the proxy statement and all other relevant documents filed or that will be filed with the SEC by ERES through the website maintained by the SEC at www.sec.gov. The documents filed by ERES with the SEC also may be obtained free of charge upon written request to ERES at 7777 NW Beacon Square Boulevard, Boca Raton, Florida.

Participants in the Solicitation

ERES, Abacus and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from ERES stockholders in connection with the transaction. A list of the names of such directors and executive officers and information regarding their interests in the transaction are or will be contained in the proxy statement. You can find more information about ERES’s directors and executive officers in ERES’s Annual Report on Form 10-K for the year ended December 31, 2021, which ERES filed with the SEC on June 22, 2022. You may obtain free copies of these documents as described in the preceding paragraph.

No Offer or Solicitation

This communication does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, sale, or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act, or an exemption therefrom.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230622118729/en/

East Resources Acquisition Company

Investor Contact: Kelly Seward

[email protected]

Abacus Life Investor Relations

[email protected]

Abacus Life Public Relations

[email protected]

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Professional Services Other Professional Services Insurance Finance Asset Management Banking

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BigCommerce Named a Major Contender in 2023 Digital Commerce Platform PEAK Matrix^® by Everest Group

Open SaaS platform recognized for flexibility and agility to meet evolving enterprise expectations as the market shifts toward more composable and modular architectures

AUSTIN, Texas–(BUSINESS WIRE)–BigCommerce (Nasdaq: BIGC), a leading Open SaaS ecommerce platform for fast-growing and established B2C and B2B brands, today announced it has been named a Major Contender in Everest Group’s 2023 Digital Commerce Platform PEAK Matrix^®. BigCommerce scored second to highest among competitors in both Visibility and Capability.

“Given the rapid ecommerce market shifts and expectations, enterprises need architectures best equipped for agility and composable commerce is becoming the preferred model. Everest Group’s recognition reflects BigCommerce’s ability to provide the flexibility and deliver on these needs in today’s fast-paced ecommerce space,” said Meghan Stabler, senior vice president at BigCommerce. “We continue to invest in our capabilities to best serve our merchants all over the world, especially against an ever-changing macroeconomic backdrop, that ensures their staying power. BigCommerce’s high placement in the Major Contender quadrant proves this.”

According to Everest Group, the pandemic caused a massive spike in the demand for digital commerce, especially from small and mid-size enterprises that revamped their online presence strategy. The post-pandemic world continues to experience a rise in this demand. As customer touchpoints increase and customer purchase journeys become more complex, digital commerce platform providers are evolving their offerings to meet evolving enterprise expectations.

In this report, Everest Group assessed 21 technology providers across all industries and geographies. The study is based on Everest Group’s annual RFI process for the calendar year 2022, interactions with leading technology providers, client reference checks and an ongoing analysis of the digital commerce market.

To learn more about BigCommerce’s enterprise ecommerce solutions, click here.

About BigCommerce

BigCommerce (Nasdaq: BIGC) is a leading open software-as-a-service (SaaS) ecommerce platform that empowers merchants of all sizes to build, innovate and grow their businesses online. BigCommerce provides merchants sophisticated enterprise-grade functionality, customization and performance with simplicity and ease-of-use. Tens of thousands of B2C and B2B companies across 150 countries and numerous industries use BigCommerce to create beautiful, engaging online stores, including Ben & Jerry’s, Molton Brown, S.C. Johnson, Skullcandy, Solo Stove, Ted Baker and Vodafone. Headquartered in Austin, BigCommerce has offices in London, Kyiv, San Francisco, and Sydney. For more information, please visit www.bigcommerce.com or follow us on Twitter, LinkedIn, Instagram and Facebook.

BigCommerce® is a registered trademark of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230622786689/en/

Dana Marruffo

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Online Retail Retail Technology Software Networks Internet

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Soluna Holdings’ CEO John Belizaire Addresses Shareholders in Open Letter, Publishes Earnings Power Highlighting Path to Profitability

ALBANY, N.Y.–(BUSINESS WIRE)–
Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (“SCI”), a developer of green data centers for Bitcoin mining and other intensive computing applications, announced an open letter to shareholders from Soluna Holdings CEO, John Beliziare.

A longer version of the letter as well as an earnings power presentation can be found on Soluna’s website.

Open Letter to Shareholders from John Belizaire, CEO of Soluna Holdings, Inc.

Dear Shareholders,

As the new CEO of Soluna Holdings, Inc., I want to share my reflections on the past year and outline our path ahead, and I want to acknowledge the challenges we faced and commend the resilience and adaptability of our organization.

In 2022, we had ambitious plans to energize over 100 MW of new data centers powered by renewable energy but changes in the business environment got in the way. Key players in the crypto ecosystem collapsed. The war in Ukraine negatively impacted our financing options and power costs.

We adapted. We changed our strategy and continued pursuing our goals. We secured project-level financing with Spring Lane Capital and implemented cost-cutting measures, including staff layoffs, while maintaining our focus on Project Dorothy, our flagship project in Texas.

Looking ahead to 2023, our primary focus is on energizing and commercializing Project Dorothy. We received final approval from the Texas regulator, ERCOT, and closed a transaction with Spring Lane Capital to provide the liquidity to complete the 25 MW Project Dorothy 1A. We signed a Joint Venture agreement with Navitas Global, a significant step towards building a 25 MW proprietary mining business at Project Dorothy 1B. Project Sophie in Kentucky secured a 25 MW hosting agreement, which is expected to enhance profitability and serve as the core business model as we begin plans for Project Dorothy 2, which holds great potential for capital-efficient growth.

We are a leading curtailment solutions provider with an expertise in renewable energy and a strong reputation for solving the industry’s biggest challenge, wasted energy. Our behind-the-meter energy costs are among the best in the industry, resulting in solid returns on invested capital. Our pipeline of behind-the-meter projects exceeds 700 MW, and even a fraction of this pipeline has the potential to drive substantial growth and profitability. All of which positions us to achieve positive cash flow from operations in the second half of 2023.

Our proprietary modular design data centers combined with our proprietary MaestroOS(™), enable us to optimize operations, generate strong cash flows and are architected to generate a two-year return of capital invested.

I firmly believe in our mission of making renewable energy a superpower using computing as a catalyst. The passing of the Inflation Reduction Act of 2022 represents a significant opportunity in the renewable energy space, with more projects being built around the grid and congestion becoming a larger issue.

Bitcoin’s prominence in the crypto space and its increasing need for secure solutions make it a perfect fit for our curtailed energy approach, and the rise of AI presents further growth and diversification opportunities for our company.

I extend my deepest gratitude to all of you for your continued support of Soluna and our long-term mission. We are committed to executing our plans and generating value for our shareholders.

Sincerely,

John Belizaire

CEO

Soluna Holdings, Inc.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Soluna Holdings, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Soluna’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, further information regarding which is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and Soluna Holdings, Inc. undertakes no duty to update such information, except as required under applicable law.

About Soluna Holdings, Inc (SLNH)

Soluna Holdings, Inc. is the leading developer of green data centers that convert excess renewable energy into global computing resources. Soluna builds modular, scalable data centers for computing intensive, batchable applications such as Bitcoin mining, AI, and machine learning. Soluna provides a cost-effective alternative to battery storage or transmission lines. Soluna uses technology and intentional design to solve complex, real-world challenges. Up to 30% of the power of renewable energy projects can go to waste. Soluna’s data centers enable clean electricity asset owners to ‘Sell. Every. Megawatt.’

View source version on businesswire.com: https://www.businesswire.com/news/home/20230621322670/en/

Sam Sova

Founder and CEO

SOVA

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Technology Other Energy Utilities Oil/Gas Coal Alternative Energy Security Energy Nuclear Telecommunications Software Networks Internet Environment Hardware Electronic Design Automation Data Management

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