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Stryve Foods, Inc. Reports Fiscal 2022 Fourth Quarter and Full Year Results

Full Year’22 Sales of $29.9M, Q4 Net Loss to $4.5M and Adjusted EBITDA Loss of $3.5M

2022 Transformational Turnaround Positions Company for Accelerated Sales and Margins

2023 Net Sales Guidance in a Range of $28.0M to $34.0M

PLANO, Texas, April 03, 2023 (GLOBE NEWSWIRE) — Stryve Foods, Inc. (“Stryve” or “the Company”) (NASDAQ: SNAX), an emerging healthy snack and eating platform disrupting traditional consumer packaged goods (CPG) categories, and a leader in the air-dried meat snack industry in the United States, today reports financial and operating results for the three and twelve months ended December 31, 2022.

Chris Boever, Chief Executive Officer, commented, “Our 2022 transformation is progressing as planned. As we discussed last quarter, simplifying our business, executing pricing actions and attacking operating expenses were crucial components to building the foundation for our future. In the fourth quarter, we successfully reduced operating expenses by 55%, implemented a customer and SKU rationalization eliminating low quality sales. We streamlined the organizational structure and delivered double digit improvement in pricing.   While there are still components of the transformation to complete, the progress the team made has been impressive. I would like to thank my Stryve teammates and the board for their efforts and support.

“We have collaborated with our retail partners, listened to the voice of the consumer, and have dramatically improved our offerings to drive distribution and consumption. From this, we have refreshed our packaging to work harder at retail and invested to unlock huge advancements in our product quality. These actions have been extremely well received by retailers across the country, and as a direct result of these efforts, we will experience significant distribution gains, starting in the second quarter, across multiple retail channels, c-store, mass, natural, and in grocery. In addition, our productivity program is now in place, with several projects across the enterprise in motion. The organization’s focus on the core portfolio, executing on the fundamentals will deliver acceleration in revenues and margin expansion starting in our second quarter.

“Looking back at Q4, we successfully maintained stable gross margins in the back half, and again delivered our best quarterly Adjusted EBITDA Loss in the Company’s history.   Our first pass productivity improvements have shown up in our numbers with materially lower cash operating expenses. I am confident that we will be able to drive further positive financial outcomes this year.

“Based on 52-week data in measured channels alone, we delivered retail sales growth of 27% in 2022, exceeding the overall category performance, earning share. This was largely attributed to our gains in distribution and price/mix acceleration. We expect to continue to build on this progress, while maintaining rigorous discipline on our execution. I am proud of what the team has accomplished in 2022. The demands were challenging last year, and the rewards of our efforts are beginning to show up with improved execution, expanding distribution, and enhanced merchandising of our great tasting, on-trend, healthier brands; Stryve, Vacadillos, Kalahari, and Braaitime,” Boever concluded.

Alex Hawkins, Chief Financial Officer, said, “This progress demonstrates our ability to turnaround the business and drive meaningful improvements throughout the organization. With significantly improved price/mix, better procurement, and improving yields, we have made significant strides in fixing our unit economics and have stabilized our gross margins in the back half of 2022. We have also made significant progress reducing cash operating expenses, which further narrows losses and the monthly cash burn. We’ve established a leaner, more productive organization, streamlined our operations and offerings to accelerate to profitability in the future.

“As we outlined last quarter, we’ve removed a significant amount of low-quality volume from the business. As evidenced by our Q4 results, we believe the rationalized base business is approximately $20M of run rate net sales upon which we look to grow from in 2023. While the lower volumes have affected our gross margins in the short term due to lower plant utilization, it has allowed us to drive meaningful improvements throughout our supply chain. And, as our plant volumes increase to support our distribution wins in Q2, we expect to see a several-point improvement in our gross margins. And subject to any externalities, we expect that with consistent volumes gross margins to scale into the mid-30s by year-end.

“In 2023, we expect we will be mostly flat with the potential for some modest growth overall versus FY 2022. However, when compared to our rationalized base, we’re projecting in excess of 40% growth in our quality core revenues.

“Our full-year 2023 net sales projections are in a range of $28 to $34 million with the first quarter representing our turnarounds’ trough but looking directionally similar to the last two quarters on top and bottom-line results. We expect to see a step function change in revenue and margins beginning in our second quarter as we fulfill our retail expansions. This ramp in quality revenues from Q1 to Q2 requires a significant investment in working capital, which has put pressure on our liquidity position. We are addressing this dynamic carefully to ensure successful execution because we believe that by doing so we will be able to show dramatically improved operating results and growth trajectory starting in Q2. Our estimates assume we navigate those dynamics and these projections are based on our view of today’s macro climate and could be adjusted if we see material changes or volatility in macro conditions,” concluded Hawkins.

The results shown in this release are preliminary pending the finalization of the Company’s 10-K and represent management’s expectations of what the audited results will be. The Company expects to file its completed 10-K in the coming days.

Fourth Quarter 2022 Highlights

  • Net sales of $5.4 million, compared to $6.8 million in the year-ago quarter.   Net sales declined primarily due to the Company’s SKU rationalization project, which included the discontinuation of slow-moving, lower gross margin items and non-profitable accounts.    
  • Gross profit of $1.2 million, or 22.3% of net sales, compared to gross profit of $755 thousand, or 11.0% of net sales, in the 2021 quarter.   These results still reflect a drag on gross margins stemming from reduced volume and labor/overhead absorption in the quarter which management believes should be alleviated in the second quarter of 2023 as new distribution wins come online.
  • Operating loss of ($4.3) million, compared to operating loss of ($11.5) million in the 2021 fourth quarter.  
  • Net loss of ($4.5) million, or ($0.14) per share, compared to a net loss of ($12.0) million, or ($0.58) per share, in the 2021 fourth quarter.  
  • Adjusted loss per share of ($0.13) 1 for the fourth quarter of 2022, which compares favorably to Adjusted loss per share of ($0.55) for the year-ago period.
  • Adjusted EBITDA loss1 of ($3.5) million for the 2022 fourth quarter, compared to ($10.6) million in the prior year quarter.

1 Adjusted EBITDA and Adjusted loss per share are a non-GAAP financial measure as defined and reconciled to GAAP below.

Full Year 2022 Highlights

  • Net sales of $29.9 million for the full year, compared to $30.1 million versus the prior year. Net sales declined in part due to the Company’s SKU rationalization project in the back half, which included the discontinuation of slow-moving, lower gross margin items and non-profitable accounts.    
  • Gross profit (loss) of ($711) thousand for 2022, compared to gross profit of $10.3 million, or 34.1% of net sales in the 2021 period. The decline in gross profit year-over-year was due to a combination of 1) a channel-to-market shift from direct-to-consumer to retail stores; 2) margin pressure from inflation on all input costs and prior leadership’s hesitation to implement price increases; 3) significant promotional activity primarily from a limited-time retailer-specific event that occurred in the second quarter of 2022. These challenges to gross margin have been addressed by new leadership through price increases, SKU and customer portfolio rationalization, and other productivity initiatives.
  • Operating loss of ($32.2) million for the year, compared to an operating loss of ($31.3) million in the 2021 prior year period. Although second half cash operating expenses were reduced by more than 50% compared to the prior year, 2022 included non-cash write-offs of certain non-core assets and significant one-time charges from restructuring efforts under new leadership that were recorded, primarily in the second quarter of the year.
  • Net loss of ($33.1) million, or ($1.08) per share for the year, compared to a net loss of ($32.0) million, or ($2.16) per share in the 2021 prior year period.  
  • Adjusted loss per share of ($0.91) 1 for the full year of 2022, was adjusted for restructuring charges, stock-based compensation, and other items, which compares favorably to Adjusted loss per share of ($2.19) for the year-ago period.
  • Adjusted EBITDA loss1 of ($25.0) million for the year, compared to a ($27.8) million Adjusted EBITDA loss in the comparable period.

1 Adjusted EBITDA and Adjusted loss per share are a non-GAAP financial measure as defined and reconciled to GAAP below.

Conference Call

The Company will conduct a conference call today at 9:00 a.m. Eastern Time to discuss financial and operating results for the quarter and full year ended December 31, 2022. To access the call live by phone, dial (844) 826-3035 and ask for the Stryve Foods call at least 10 minutes prior to the start time. A telephonic replay will be available through April 17, 2023, by calling (844) 512-2921 and using passcode ID:10176514. A webcast of the call will also be available live and for later replay on the Company’s Investor Relations website at https://ir.stryve.com/news-events.

About Stryve Foods, Inc. 
Stryve is an emerging healthy snacking and food company that manufactures, markets and sells highly differentiated healthy snacking and food products that Stryve believes can disrupt traditional snacking and CPG categories. Stryve’s mission is “to help Americans eat better and live happier, better lives.” Stryve offers convenient products that are lower in sugar and carbohydrates and higher in protein than other snacks and foods. Stryve’s current product portfolio consists primarily of air-dried meat snack products marketed under the Stryve®, Kalahari®, Braaitime®, and Vacadillos® brand names. Unlike beef jerky, Stryve’s all-natural air-dried meat snack products are made of beef and spices, are never cooked, contain zero grams of sugar*, and are free of monosodium glutamate (MSG), gluten, nitrates, nitrites, and preservatives. As a result, Stryve’s products are Keto and Paleo diet friendly. Further, based on protein density and sugar content, Stryve believes that its air-dried meat snack products are some of the healthiest shelf-stable snacks available today.

Stryve distributes its products in major retail channels, primarily in North America, including grocery, club stores and other retail outlets, as well as directly to consumers through its ecommerce websites and through the Amazon platform.

For more information about Stryve, visit www.stryve.com or follow us on social media at @stryvebiltong.

* All Stryve Biltong and Vacadillos products contain zero grams of added sugar, with the exception of the Chipotle Honey flavor of Vacadillos, which contains one gram of sugar per serving.

Cautionary Note Regarding Forward-Looking Statements

Certain statements made herein are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “may”, “will”, “would”, “could”, “intend”, “aim”, “believe”, “anticipate”, “continue”, “target”, “milestone”, “expect”, “estimate”, “plan”, “outlook”, “objective”, “guidance” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, including, but not limited to, statements regarding Stryve’s plans, strategies, objectives, targets and expected financial performance. These forward-looking statements reflect Stryve’s current views and analysis of information currently available. This information is, where applicable, based on estimates, assumptions and analysis that Stryve believes, as of the date hereof, provide a reasonable basis for the information and statements contained herein. These forward-looking statements involve various known and unknown risks, uncertainties and other factors, many of which are outside the control of Stryve and its officers, employees, agents and associates. These risks, uncertainties, assumptions and other important factors, which could cause actual results to differ materially from those described in these forward-looking statements, include: (i) the inability to achieve profitability due to commodity prices, inflation, supply chain interruption, transportation costs and/or labor shortages; (ii) the ability to recognize the anticipated benefits of the Business Combination or meet financial and strategic goals, which may be affected by, among other things, competition, supply chain interruptions, the ability to pursue a growth strategy and manage growth profitability, maintain relationships with customers, suppliers and retailers and retain its management and key employees; (iii) the risk that retailers will choose to limit or decrease the number of retail locations in which Stryve’s products are carried or will choose not to carry or not to continue to carry Stryve’s products; (iv) the possibility that Stryve may be adversely affected by other economic, business, and/or competitive factors; (v) the effect of the COVID-19 pandemic on Stryve; (vi) the possibility that Stryve may not achieve its financial outlook; (vii) risks around the Company’s ability to continue as a going concern and (viii) other risks and uncertainties described in the Company’s public filings with the SEC. Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those projections and forward-looking statements are based.

Investor Relations Contact:

Three Part Advisors, LLC
Sandy Martin or Phillip Kupper
[email protected] or [email protected]
214-616-2207 or 817-778-8339

-Financial Statements Follow-



Stryve Foods, Inc.

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

    For The Three Months

Ended December 31, 		  For The Year

Ended December 31,
    2022   2021   2022   2021
(In thousands)   (unaudited)    
                 
SALES, net   $ 5,409     $ 6,834     $ 29,946     $ 30,082  
                                 
COST OF GOODS SOLD (exclusive of depreciation shown separately below)     4,203       6,079       30,657       19,814  
                                 
GROSS (LOSS) MARGIN   $ 1,206     $ 755     $ (711 )   $ 10,268  
                                 
OPERATING EXPENSES                                
Selling expenses   $ 1,801     $ 8,252     $ 14,674     $ 26,125  
Operations expense     728       1,258       4,392       4,522  
Salaries and wages     2,469       2,299       10,505       9,276  
Depreciation and amortization expense     495       428       1,961       1,622  
One-time prepaid media reserve                                
(Gain) / loss on disposal of fixed assets     (0 )     33       (75 )     11  
Total operating expenses     5,493       12,270       31,457       41,556  
                                 
OPERATING LOSS     (4,287 )     (11,515 )     (32,168 )     (31,288 )
                                 
OTHER (EXPENSE) INCOME                                
Interest expense     (337 )     (313 )     (896 )     (3,028 )
PPP loan forgiveness     –       –       –       1,670  
Change in fair value of Private Warrants     8       40       108       253  
Gain on debt extinguishment     –       –       –       545  
Other (expense) income     –       (139 )     (259 )     (112 )
Total other (expense) income     (329 )     (412 )     (1,047 )     (672 )
                                 
NET LOSS BEFORE INCOME TAXES     (4,616 )     (11,927 )     (33,215 )     (31,960 )
                                 
Income taxes     (111 )     30       (75 )     30  
                                 
NET LOSS   $ (4,505 )   $ (11,957 )   $ (33,140 )   $ (31,990 )
                                 
Loss per common share:                                
Basic and diluted   $ (0.14 )   $ (0.58 )   $ (1.08 )   $ (2.16 )
                                 
Weighted average shares outstanding:                                
Basic and diluted     31,180,959       20,585,732       30,722,769       14,821,319  

Stryve Foods, Inc.

Unaudited Condensed Consolidated Balance Sheets

(in thousands)

    December 31,   December 31,
    2022   2021
(In thousands)        
ASSETS                
CURRENT ASSETS                
Cash and cash equivalent   $ 623     $ 2,217  
Accounts receivable, net     2,489       3,113  
Inventory, net     8,259       7,216  
Prepaid media spend, net of reserve     –       450  
Prepaid expenses and other current assets     1,551       2,043  
Total current assets     12,922       15,039  
                 
Property and equipment, net     8,817       6,826  
Right of use asset, net     5,010       767  
Deferred Tax Asset     –       –  
Goodwill     8,450       8,450  
Intangible asset, net     4,362       4,604  
Prepaid media spend, net of reserve and net of current portion     –       1,085  
Other assets     –       4  
TOTAL ASSETS   $ 39,560     $ 36,775  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                
CURRENT LIABILITIES                
Accounts payable   $ 3,010     $ 3,098  
Accrued expenses     1,728       1,635  
Current portion of lease liability     328       168  
Line of credit     1,046       3,500  
Current portion of long-term debt     969       3,447  
Total current liabilities     7,081       11,848  
                 
Long-term debt, net of current portion     3,697       120  
Lease liability, net of current portion     4,734       599  
Financing obligation – related party operating lease     7,500       7,500  
Deferred tax liability, net     1       67  
Deferred stock compensation liability     90       71  
Warrant liability     21       128  
TOTAL LIABILITIES     23,124       20,333  
                 
COMMITMENTS AND CONTINGENCIES                
STOCKHOLDERS’ EQUITY                
Preferred stock – $0.0001 par value, 10,000,000 shares authorized, 0 shares issued and outstanding     –       –  
Class A common stock – $0.0001 par value, 400,000,000 shares authorized, 25,727,783 and 8,633,755 shares issued and outstanding, respectively     2       1  
Class V common stock – $0.0001 par value, 200,000,000 shares authorized, 6,299,603 and 11,502,355 shares issued and outstanding, respectively     1       1  
Additional paid-in-capital     133,685       100,551  
Accumulated deficit     (117,252 )     (84,111 )
TOTAL STOCKHOLDERS’ EQUITY     16,436       16,442  
                 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 39,560     $ 36,775  

Stryve Foods, Inc.

Unaudited Condensed Consolidated Statement of Cash Flows

(in thousands)

    Year Ended
    December 31,

2022 		  December 31,

2021
(In thousands)        
         
CASH FLOWS FROM OPERATING ACTIVITIES                
Net loss   $ (33,140 )   $ (31,990 )
Adjustments to reconcile net loss to net cash used in operating activities:                
Depreciation expense     1,719       1,376  
Amortization of intangible assets     242       245  
Amortization of debt issuance costs     30       533  
Amortization of right-of-use asset     221       170  
Deferred income taxes     (66 )     –  
(Gain) loss on disposal of fixed assets     (75 )     11  
Gain on debt extinguishment     –       (545 )
Prepaid media reserve     1,489       –  
Obsolete inventory reserve     538       –  
Interest income on members loan receivable     –       (27 )
Bad debt expense     372       1,078  
Forgiveness on paycheck protection program loan     –       (1,670 )
Stock based compensation expense     1,079       550  
Change in fair value of Private Warrants     (108 )     (253 )
Forgiveness of Notes Receivable     –       1,701  
Changes in operating assets and liabilities:                
Accounts receivable     39       (3,512 )
Inventory     (1,581 )     (3,843 )
Income taxes receivables and payables, net     (26 )     11  
Vendor deposits     4       31  
Prepaid media spend     46       (787 )
Prepaid expenses and other current assets     705       (1,491 )
Accounts payable     (88 )     (742 )
Accrued liabilities     119       1,049  
Operating lease obligations     (168 )     (136 )
Net cash used in operating activities   $ (28,649 )   $ (38,241 )
                 
CASH FLOWS FROM INVESTING ACTIVITIES                
Cash paid for purchase of equipment     (3,759 )     (1,435 )
Cash received for sale of equipment     124       67  
Net cash used in investing activities   $ (3,635 )   $ (1,368 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES                
Investment from Andina     –       36,136  
PIPE capital raise     32,311       –  
Exercise of Prefunded Warrants     1       –  
Repurchase of member shares     –       (100 )
Post closing adjustment of Business Combination Agreement     (238 )     –  
Borrowings on long-term debt     4,000       200  
Repayments on long-term debt     (5,031 )     (4,472 )
Borrowings on related party debt     –       13,904  
Repayments on related party debt     –       (7,612 )
Borrowings on short-term debt     5,632       14,884  
Repayments on short-term debt     (5,650 )     (11,199 )
Debt issuance costs     (335 )     (507 )
Net cash provided by financing activities   $ 30,690     $ 41,234  
                 
Net change in cash and cash equivalents     (1,594 )     1,625  
Cash and cash equivalents at beginning of period     2,217       592  
Cash and cash equivalents at end of period   $ 623     $ 2,217  

Reconciliation of GAAP to Non-GAAP Information

Stryve uses non-GAAP financial information and believes it is useful to investors as it provides additional information to facilitate comparisons of historical operating results, identify trends in operating results, and provide additional insight on how the management team evaluates the business. Stryve’s management team uses EBITDA, Adjusted EBITDA, and Adjusted Earnings Per Share to make operating and strategic decisions, evaluate performance and comply with indebtedness related reporting requirements. Below are details on this non-GAAP measure and the non-GAAP adjustments that the management team makes in the definition of EBITDA, Adjusted EBITDA and Adjusted Earnings Per Share. Stryve believes this non-GAAP measure should be considered along with net income (loss), the most closely related GAAP financial measure. A reconciliation between EBITDA and net income (loss) is below:

    Three Month

Period Ended 		  Three Month

Period Ended 		  Year ended   Year ended
    Dec 31, 2022   Dec 31, 2021   Dec 31, 
2022 		  Dec 31, 
2021
                 
(In thousands)                
Net loss before income taxes   $ (4,617 )   $ (11,927 )   $ (33,215 )   $ (31,960 )
Interest expense     337       313       896       3,028  
Depreciation and amortization     495       428       1,961       1,622  
EBITDA   $ (3,785 )   $ (11,186 )   $ (30,358 )   $ (27,310 )
Additional Adjustments*:                                
PPP loan forgiveness     –       –       –       (1,670 )
Severances and One-Time Employee Related Costs     82       –       1,713       –  
One-Time Reserves and Write Downs     –       –       2,562       –  
Stock based compensation expense     241       550       1,052       550  
Non-cash compensation expense     –       –       –       1,701  
Comparability adjustment – Public vs. Private     –       –       –       (1,049 )
Adjusted EBITDA   $ (3,461 )   $ (10,637 )   $ (25,031 )   $ (27,779 )
                                 
                                 
                                 
      Three Month

Period Ended 		      Three Month

Period Ended 		      Year Ended       Year Ended  
      Dec 31, 2022       Dec 31, 2021       Dec 31, 2022       Dec 31, 2021  
                                 
(In thousands except share and per share information)                                
Net loss   $ (4,505 )   $ (11,957 )   $ (33,140 )   $ (31,990 )
Weighted average shares outstanding     31,180,959       20,585,732       30,722,769       14,821,319  
Basic & Diluted Net Loss per Share   $ (0.14 )   $ (0.58 )   $ (1.08 )   $ (2.16 )
Additional Adjustments:                                
PPP loan forgiveness     –       –       –       (0.11 )
Severances and One-Time Employee Related Costs     0.00       –       0.06       –  
One-Time Reserves and Write Downs     –       –       0.08       –  
Stock based compensation expense     0.01       0.03       0.03       0.04  
Non-cash compensation expense     –       –       –       0.11  
Comparability adjustment – Public vs. Private     –       –       –       (0.07 )
Adjusted Earnings per Share   $ (0.13 )   $ (0.55 )   $ (0.91 )   $ (2.19 )



Posted on

Perspective Therapeutics Expands Management Team And Names Andrew Bright as Executive Vice-President of Brachytherapy

The appointment advances Perspective Therapeutics
’
journey to become a global leader in the manufacturing and distribution of
therapeutic
Cesium-131 brachytherapy
radioisotope
seeds
designed for
the treatment of a variety of cancers
.

RICHLAND, WA & CORALVILLE, IA, April 03, 2023 (GLOBE NEWSWIRE) —  Perspective Therapeutics, Inc. (“Perspective”) (NYSE AMERICAN: CATX), a precision oncology company developing alpha-particle therapies and complementary diagnostic imaging agents and an innovator in seed brachytherapy powering expanding treatment options for multiple cancers, expands management team and names Andrew Bright as Executive Vice-President of Brachytherapy. The appointment advances Perspective Therapeutics’ aspirations as a global leader in the manufacturing and distribution of Cesium-131 brachytherapy radioisotope seeds. Brachytherapy seeds have been designed to treat a variety of cancers including prostate, head & neck, lung and brain.

Thijs Spoor, Perspective Therapeutics’ CEO commented on the appointment: “We are delighted to have a senior leader of Andrew Bright’s caliber helm Perspective Therapeutics’ commercial brachytherapy business. The greater brachytherapy team and sales force equally share in my enthusiasm and look forward to mobilizing the commercial arm to new heights under his leadership. As a brachytherapy industry veteran, pioneer and advocate, we have no doubt Andrew will be able to move the needle in order to promote our catalog of Cesium-131 products which currently serve as a highly customized and effective treatment for the rapid recovery of patients in the fight against prostate cancer and other cancers throughout the body.”

Mr. Bright brings to this role over 30 years in leadership roles within the medical device industry, including over 20 years in brachytherapy. Mr. Bright was part of the commercial enterprise responsible for initial widespread adoption and growth of brachytherapy in the 1990’s and was involved in the development and introduction of some of the most successful and clinically relevant products in the industry. Additionally he has extensive US, European, South American and Pacific Rim experience. He also has prior commercial experience, launching therapeutic radiopharmaceuticals in both Europe and North America.

“Perspective Therapeutics’ brachytherapy team is second to none and I’m excited to be part of a group dedicated to bringing the benefits of Cesium-131 therapy to as many patients and physicians as possible,” said Mr. Bright. “I’ve long believed brachytherapy is an underutilized option for treating a variety of cancers; one that delivers precisely targeted therapy from the inside, with minimal side effects and unsurpassed cancer cure rates.”

About Perspective Therapeutics, Inc.

Perspective Therapeutics, Inc., is a medical technology and radiopharmaceutical company that is pioneering advanced treatment applications for cancers throughout the body. The Company is the sole producer of Cesium-131 brachytherapy seeds and has a proprietary technology that utilizes the isotope lead-212 to deliver powerful alpha radiation specifically to cancer cells via specialized targeting peptides. The Company is also developing complementary imaging diagnostics that incorporate the same targeting peptides which provide the opportunity to personalize treatment and optimize patient outcomes. This “theranostic” approach enables the ability to see the specific tumor and then treat it to potentially improve efficacy and minimize toxicity associated with many other types of cancer treatments.

The Company’s melanoma (VMT01) and neuroendocrine tumor (VMT-α-NET) programs are entering Phase 1/2a imaging and therapy trials for the treatment of metastatic melanoma and neuroendocrine tumors at several leading academic institutions. The Company has also developed a proprietary lead-212 generator to secure isotope supply for clinical trial and commercial operations.

For more information, please visit the Company’s website at www.perspectivetherapeutics.com.

Safe Harbor Statement

Statements in this news release about Perspective Therapeutics, Inc.’s (the “Company”) future expectations, beliefs, intentions, and strategies regarding the future, and all other statements in this news release, other than historical facts, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). This statement is included for the express purpose of availing the Company of the protections of the safe harbor provisions of the PSLRA. It is important to note that actual results and ultimate corporate actions could differ materially from those in such forward-looking statements based on such factors as whether the results of studies of using Cesium-131 in conjunction with immunotherapy combinations are conducted on the anticipated timelines or are successful; whether the Company’s anticipated product pipeline is achieved; whether the anticipated benefits of the Company’s therapies are realized; training and use of the Company’s products; market acceptance and recognition of the Company’s products; the Company’s ability to enforce its intellectual property rights; whether ongoing patient results are favorable and in line with the conclusions of clinical studies and initial patient results; successful completion of future research and development activities; whether we, our distributors, and our customers will successfully obtain and maintain all required regulatory approvals and licenses to market, sell, and use our products in their various forms; the procedures and regulatory requirements mandated by the FDA for animal trials, human trials, clinical studies, Phase I and II approvals and 510(k) approval and reimbursement codes; changes in applicable laws and regulations; and other risks detailed from time to time in the Company’s reports filed with the SEC.

Unless required to do so by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For more information regarding risks and uncertainties that could affect the Company’s results of operations or financial condition, please review the definitive Proxy Statement filed on November 7, 2022, and our Form 10-K filed on September 28, 2022, with the SEC.



Investor Relations Contact:
LifeSci Advisors
Chuck Padala
E: [email protected]

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Bakkt Completes Acquisition of Apex Crypto

Bakkt Completes Acquisition of Apex Crypto

Acquisition is expected to significantly expand client verticals, drive scale, and bolster path to profitability

Parties Secure all Regulatory Approvals

ALPHARETTA, Ga.–(BUSINESS WIRE)–
Bakkt Holdings, Inc. (NYSE: BKKT) (the “Company” or “Bakkt”), a technology platform that unlocks crypto and drives loyalty, today announced that the Company has completed its acquisition of Apex Crypto LLC (“Apex Crypto”). The parties have secured all required regulatory approvals.

“This acquisition marks an exciting new chapter for Bakkt, significantly advancing portions of our crypto roadmap, helping us tap into a universe of 5.8 million crypto-enabled accounts, and further establishing Bakkt as the B2B2C crypto provider of choice,” said Gavin Michael, CEO of Bakkt. “We’re looking forward to welcoming the Apex Crypto team members to Bakkt and working together to accelerate our growth and strategy.”

Apex Crypto is a turnkey platform for integrated crypto trading, developed to meet the growing needs of fintechs, trading apps, neobanks and their customers. Apex Crypto supports clients with a robust solution for execution, clearing, custody, cost basis and tax services, facilitating the delivery of frictionless crypto investing. With over 30 clients and $12.5B cryptocurrency traded since inception, the acquisition of Apex Crypto provides immediate scale on day one. Further, as part of the transaction, Bakkt will work to bring its leading platform solutions to the 220+ clients served by the combined businesses within Apex Fintech Solutions.

This transaction is expected to bolster Bakkt’s path to profitability – delivering revenue diversification and synergies to the Company as it scales its offerings. Bakkt expects that this acquisition will accelerate its product innovation and development, with more advanced crypto solutions that will offer its partners expanded options and functionality. Joint capabilities will unlock new opportunities that appeal to the next generation of consumers, such as crypto rewards, as well as the potential to enter international markets through partners.

About Bakkt

Founded in 2018, Bakkt builds technology that connects commerce. Our vision is to connect the digital economy by offering one platform for cryptocurrency, loyalty, and commerce. We enable our partners and clients to deliver new opportunities to their customers through SaaS and API solutions that unlock crypto and drive loyalty, powering engagement and performance. Bakkt is headquartered in Alpharetta, GA. For more information, visit:

https://www.bakkt.com/ | Twitter @Bakkt | LinkedIn https://www.linkedin.com/company/bakkt/.

About Apex Crypto

Apex Crypto is a cryptocurrency platform that provides integrated trading and investing through licensing arrangements with broker-dealers and financial advisors. Apex Crypto holds crypto assets in separate accounts with seamless money movements from customers’ linked brokerage accounts while adhering to legal and regulatory guidelines.

Advisors

Goldman Sachs & Co. LLC served as an exclusive financial advisor and Wilson Sonsini Goodrich and Rosati, PC, and Alston & Bird LLP acted as legal advisors to Bakkt. Sidley Austin LLP and Ketsal PLLC acted as legal advisors to Apex Crypto and Apex Fintech Solutions Inc. and Tusk Strategies LLC served as regulatory advisor.

Bakkt-C

Note on Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, but are not limited to, statements regarding the closing of the Apex Crypto acquisition and the resulting impacts from that acquisition and Bakkt’s guidance, plans, objectives, expectations and intentions with respect to future operations, products, services and the application of Bakkt’s available cash, among others. Forward-looking statements can be identified by words such as “will,” “likely,” “expect,” “continue,” “anticipate,” “estimate,” “believe,” “intend,” “plan,” “projection,” “outlook,” “grow,” “progress,” “potential” or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of Bakkt’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and beyond Bakkt’s control. Actual results and the timing of events may differ materially from the results anticipated in such forward-looking statements as a result of the following factors, among others: Bakkt’s ability to grow and manage growth profitably; changes in Bakkt’s business strategy; changes in the market in which Bakkt competes, including with respect to its competitive landscape, technology evolution or changes in applicable laws or regulations; changes in the markets that Bakkt targets; disruptions in the crypto market that subject Bakkt to additional risks, including the risk that banks may not provide banking services to Bakkt; the possibility that Bakkt may be adversely affected by other economic, business, and/or competitive factors; the inability to launch new services and products or to profitably expand into new markets and services; the inability to execute Bakkt’s growth strategies, including identifying and executing acquisitions and Bakkt’s initiatives to add new clients; Bakkt’s ability to successfully integrate the Apex Crypto business and employees and to achieve the expected benefits from the acquisition; Bakkt’s failure to comply with extensive government regulation, oversight, licensure and appraisals; uncertain regulatory regime governing blockchain technologies and crypto; the inability to develop and maintain effective internal controls and procedures; the exposure to any liability, protracted and costly litigation or reputational damage relating to Bakkt’s data security; the impact of any goodwill or other intangible assets impairments on Bakkt’s operating results; the impact of any pandemics or other public health emergencies; Bakkt’s inability to maintain the listing of its securities on the New York Stock Exchange; and other risks and uncertainties indicated in Bakkt’s filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on such forward-looking statements. Such forward-looking statements relate only to events as of the date on which such statements are made and are based on information available to us as of the date of this press release. Unless otherwise required by law, we undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events.

Investor Relations

Ann DeVries, Head of Investor Relations

[email protected]

Media

Lauren Post, Head of Communications

[email protected]

KEYWORDS: Georgia United States North America

INDUSTRY KEYWORDS: Professional Services Technology Cryptocurrency Fintech Electronic Commerce Digital Cash Management/Digital Assets

MEDIA:

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Bridge Investment Group Completes Acquisition of Newbury Partners to Capitalize on Growing Secondaries Opportunity

Bridge Investment Group Completes Acquisition of Newbury Partners to Capitalize on Growing Secondaries Opportunity

SALT LAKE CITY–(BUSINESS WIRE)–
Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or the “Company”) today announced it has completed its previously announced $320.1 million cash acquisition of substantially all of the business of Newbury Partners LLC (“Newbury”), an investment manager that specializes in acquiring limited partnership interests in private equity funds through secondary transactions.

Newbury is a leader in the secondaries market, with a focus on acquiring limited partnership interests in established buyout, growth equity and venture capital funds. Founded in 2006, Newbury has raised over $6.2 billion of capital across five dedicated funds and has invested in over 500 underlying interests on behalf of more than 250 limited partners worldwide. With $4.3 billion in fee-earning AUM as of December 31, 2022, Newbury’s experienced management team has a decades-long track record of investment performance. Newbury has a diverse portfolio, attractive institutional investor base, and a strong competitive position in the secondaries market.

Robert Morse, Executive Chairman of Bridge, said, “This acquisition and our expansion into the attractive secondaries sector further diversifies our strong platform and positions Bridge for accelerated growth. We believe secondary investments are increasing in appeal to a growing group of investors and we are excited to add Newbury’s expertise to our platform.”

Bridge CEO Jonathan Slager added, “We are pleased to complete this strategic acquisition, which is expected to be immediately accretive to Bridge’s core earnings metrics. With our shared investment philosophy, Bridge and Newbury are well positioned to capitalize together on significant opportunities within the growing alternative investment sector, including the opportunity to expand into adjacent secondaries asset classes.”

Richard Lichter, Vice Chairman and Founder of Newbury, said, “We are energized by the opportunities to unlock Newbury’s full potential through this transaction and partnership with Bridge. It is clear that we have a common vision, and we look forward to executing and driving our shared success as part of the Bridge platform.”

Advisors

Latham & Watkins LLP and Kirkland & Ellis LLP served as legal advisors to Bridge on this transaction. Berkshire Global Advisors was financial advisor and Proskauer Rose LLP served as legal advisor to Newbury.

About Bridge Investment Group

Bridge is a leading, alternative investment manager, diversified across specialized asset classes, with approximately $48.5 billion of assets under management as of December 31, 2022, including assets under management related to the acquisition of Newbury Partners which closed on March 31, 2023. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select verticals across real estate, credit, renewable energy and secondaries funds.

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. All statements other than statements of historical facts may be forward-looking statements, including statements relating to the expected effects of the transaction with Newbury; the expected benefits of the transaction, including future synergies and growth opportunities; and the future business and prospects of Bridge and Newbury. In some cases, you can identify forward-looking statements by terms such as “outlook,” “could,” “believes,” “expects,” “potential,” “opportunity,” “continues,” “may,” “will,” “should,” “over time,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “foresees” or negative versions of those words, other comparable words or other statements that do not relate to historical or factual matters. Accordingly, we caution you that any such forward-looking statements are based on our beliefs, assumptions and expectations as of the date made, taking into account all information available to us at that time. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties that are difficult to predict and beyond our control. Actual results may differ materially from those express or implied in the forward-looking statements as a result of a number of factors, including but not limited to those risks described from time to time in our filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. Bridge undertakes no duty to publicly update any forward-looking statements herein, on the webcast/conference call, or otherwise, whether as a result of new information, future developments or otherwise, except as required by law. Nothing in this press release constitutes an offer to sell or solicitation of an offer to buy any securities of the Company or any investment fund managed by the Company or its affiliates.

Shareholder Relations:

Bonni Rosen

Bridge Investment Group Holdings Inc.

[email protected]

Media:

Charlotte Morse

Bridge Investment Group Holdings Inc.

[email protected]

(877) 866-4540

Jonathan Keehner / Kara Brickman / Erik Carlson

Joele Frank, Wilkinson Brimmer Katcher

(212) 355-4449

KEYWORDS: Utah United States North America

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

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A Novel Immunotherapeutic Approach to Treating Aging-Associated Diseases

HCW Biologics Published a Pivotal Scientific Paper in Aging Cell

Subcutaneous Administration of HCW9218 Systemically Reduces Senescent Cells and 
Alleviates Senescence-Associated Secretory Phenotype Factors in Mice

MIRAMAR, Fla., April 03, 2023 (GLOBE NEWSWIRE) — HCW Biologics Inc. (the “Company” or “HCW Biologics”) (NASDAQ: HCWB), a clinical-stage biopharmaceutical company focused on discovering and developing novel immunotherapies to lengthen healthspan by disrupting the link between inflammation and age-related diseases, published a pivotal scientific paper in Aging Cell entitled, “Immunotherapeutic approach to reduce senescent cells and alleviate senescence-associated secretary phenotype in mice,” with Dr. Hing C. Wong, the Company’s Founder and CEO, as lead and corresponding author. The Company is currently evaluating one of its lead product candidates, HCW9218, a bifunctional immunotherapeutic compound, in patients with chemo-resistant/chemo-refractory advanced pancreatic cancer and solid tumors. In this publication, the Company demonstrates HCW9218 may have much broader therapeutic potential beyond cancer to other age-related diseases and conditions because of its ability to promote cell-mediated mechanisms to reduce senescent cells and alleviate the proinflammatory factors they secrete, known as senescence-associated secretory phenotype (“SASP”) factors, as shown in mice.

Cellular senescence is a form of irreversible growth arrest accompanied by phenotypic and metabolic changes, resistance to apoptosis, and activation of damage-sensing signaling pathways. Senescence is considered a stress response that can be induced by a wide range of intrinsic and extrinsic insults, including oxidative and genotoxic stress, DNA damage, telomere attrition, oncogenic activation, mitochondrial dysfunction, or exposure to chemotherapeutic agents. Senescent cells remain metabolically active, and they can influence tissue homeostasis through their SASP factors.  

Senescence is considered a physiologic process that is important in promoting wound healing, regeneration, and many other vital functions. However, stressors cause accumulation of senescent cells which modifies the microenvironment in tissues and organs and creates chronic, sterile inflammation. This drives aging and age-related diseases, such as diabetes, osteoporosis, fibrotic diseases, cardiovascular diseases, dementia, renal failure, sarcopenia, macular degeneration, and neurodegenerative diseases, as well as other conditions such as long-haul COVID-19. Senescent-cell removal improves healthspan and life span in experimental animal models. Thus, senescent-cell reduction and SASP neutralization (senomorphic) therapies are being vigorously pursued for a healthy longevity.

Dr. Wong founded HCW Biologics in 2018 with the vision of discovering novel immunotherapeutics to treat age-related diseases and improve healthspan. The Company is driven by its belief that age-related, chronic, low-grade inflammation, or “inflammaging,” is a significant contributing factor to several age-related diseases and conditions. The induction and retention of low-grade inflammation in an aging human body is mainly the result of the accumulation of non-proliferative but metabolically active senescent cells.

Scientists from the Company hypothesized that an immunotherapeutic agent that rejuvenates a dysfunctional immune system and neutralizes transforming growth factor-β (“TGF- β”) can act as an effective senescent-cell reducing and senomorphic drug. In the Aging Cell publication, HCW Biologics’ scientists demonstrated that HCW9218 can be safely administered subcutaneously to reduce senescent cells and alleviate SASP in mice because of its capabilities to stimulate immune cells and neutralize TGF-β.

Dr. Wong stated, “We believe that HCW9218 has the potential to redefine the approach for treating aging conditions and age-related diseases. Aged immune systems can often breakdown and stop operating the way they were intended, and this opens the door to problems that diminish healthspan and longevity.” He continued, “In many ways, this paper presents our seminal work on aging based on our primary premise that rejuvenating the immune system creates a systemic change that reduces senescence and SASP factors. We have seen that HCW9218 can do both, even under conditions where the stressors of cellular senescence are poorly defined or unknown.”

HCW9218 is currently being evaluated in two initial-stage clinical trials with the primary objectives to determine safety, maximum tolerated dose, and the recommended Phase 2 dose. The ongoing studies are an investigator-sponsored Phase 1 clinical trial to evaluate HCW9218 in the treatment of advanced solid tumors at the Masonic Cancer Center, University of Minnesota, and a Company-sponsored multicenter Phase 1b clinical trial to evaluate HCW9218 in advanced pancreatic cancer. There have been no dose-limiting toxicities reported in either trial to date. The Company believes the Phase 1/1b studies will be completed in 2023.

In the Aging Cell publication, Dr. Wong highlighted the work done in diabetic db/db and naturally-aged mice. In the diabetic db/db mouse models, the authors showed that subcutaneous administration of HCW9218 reduced senescent islet β cells and SASP resulting in improved gene expression related to glucose tolerance, insulin resistance, and aging index. Long-term studies also showed that HCW9218 treatment improved the physical performance without compromising the healthspan of naturally-aged mice. Dr. Wong stated, “The long-term changes we observed in the expression of inflammation and senescence-associated genes in naturally-aged mice appeared to ‘turn back the clock’. That is, treatment with HCW9218 appears to reverse the expression pattern of key circadian-rhythm genes, as well as genes associated with metabolism and fibrosis in the liver. These data point toward the possibility that we have created a new class of immunotherapeutics for age-related diseases that will fundamentally change the way these diseases are treated.”

About Aging Cell:

Aging Cell is a monthly peer-reviewed, open access journal that aims to publish the highest quality, innovative research addressing fundamental issues in the biology of aging. You may access the article, “Immunotherapeutic approach to reduce senescent cells and alleviate senescence-associated secretary phenotype in mice,” via this link: http://doi.org/10.1111/acel.13806

About HCW Biologics:

HCW Biologics is a clinical-stage biopharmaceutical company focused on discovering and developing novel immunotherapies to lengthen healthspan by disrupting the link between chronic, low-grade inflammation, and age-related diseases, such as cancer, cardiovascular diseases, diabetes, neurodegenerative diseases, autoimmune diseases, as well as other conditions such as long-haul COVID-19. The Company has combined a deep understanding of disease-related immunology with its expertise in advanced protein engineering to develop the TOBI™ (Tissue factOr-Based fusIon) discovery platform. The Company uses its TOBI™ discovery platform to generate designer, novel multi-functional fusion molecules with immunotherapeutic properties. The invention of HCW Biologics’ two lead molecules, HCW9218 and HCW9302, was made via the TOBI™ discovery platform. The Masonic Cancer Center, University of Minnesota, has initiated a Phase 1 clinical trial to evaluate HCW9218 in chemo-refractory/chemo-resistant solid tumors that have progressed after prior chemotherapies (Clinicaltrials.gov: NCT05322408). The Company is also enrolling patients in a Company-sponsored Phase 1b/2 clinical trial to evaluate HCW9218 in chemo-refractory/chemo-resistant advanced pancreatic cancer (Clinicaltrials.gov: NCT05304936). The Company’s lead molecule for its regulatory T cell expansion program, HCW9302, is currently undergoing IND-enabling studies for an autoimmune indication.

Forward Looking Statements:

Statements in this press release contain “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “expect,” “believe,” “will,” “may,” “should,” “estimate,” “project,” “outlook,” “forecast” or other similar words, including the expected completion date for Phase 1/1b clinical trials; the ability of HCW9218 to be an effective senescent-cell reducing and senomorphic drug against age-related diseases; the ability of HCW9218 to rejuvenate the immune system and create systemic changes that reduce senescence and SASP factors without compromising the healthspan; and the ability of HCW9218 to affect expression of circadian-rhythm, metabolism and liver fibrosis genes; and statements regarding the potential for HCW9218 to redefine or fundamentally change the approach for treating aging conditions and age-related diseases, or constitute a new class of immunotherapeutics. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ include, but are not limited to, the risks and uncertainties that are described in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”) on March 28, 2023 and in other filings filed from time to time with the SEC. Forward-looking statements contained in the press release are made as of as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

Company Contact:

Rebecca Byam
CFO
HCW Biologics Inc.
[email protected] 



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Kiromic BioPharma Submits Investigational New Drug Application for Phase 1 Trial with Deltacel for Non-Small Cell Lung Cancer

Kiromic BioPharma Submits Investigational New Drug Application for Phase 1 Trial with Deltacel for Non-Small Cell Lung Cancer

Deltacel is Being Developed as an Allogeneic, Non-Viral, Non-Engineered Off-the-Shelf Gamma Delta T-Cell Therapy

HOUSTON–(BUSINESS WIRE)–Kiromic BioPharma, Inc. (NASDAQ: KRBP) (“Kiromic” or the “Company”), a clinical-stage fully-integrated biotherapeutics company using its proprietary DIAMOND® artificial intelligence and data mining platform to develop cell therapies with a focus on immuno-oncology, announces the submission of an Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA) for a Phase 1 clinical trial to evaluate KB-GDT-01, or Deltacel, in combination with an anti-tumor therapy for the treatment of non-small cell lung cancer (NSCLC).

Deltacel is the Company’s allogeneic, non-viral, non-engineered off-the-shelf Gamma Delta T-cell (GDT) therapy. The Company is seeking to address the significant unmet need of applying cell therapy to treat solid malignancies, which comprise 90% of all cancers, including NSCLC.

“Submitting this IND brings us one step closer to beginning human clinical testing with this incredible science and providing a promising treatment option to the tens of thousands of patients living with non-small cell lung cancer. While this is the second most common type of cancer, lung cancer is the leading cause of cancer deaths in the United States, accounting for about 1 in 5 of all cancer deaths,” stated Pietro Bersani, Chief Executive Officer of Kiromic BioPharma. “This milestone, achieved on March 31, 2023, is a tremendous accomplishment by our team, and we look forward to initiating clinical testing upon IND acceptance by the FDA.”

About Kiromic BioPharma

Kiromic BioPharma, Inc. is a clinical-stage, fully integrated biotherapeutics company using its proprietary DIAMOND® artificial intelligence (AI) 2.0 target discovery engine to detect, develop and commercialize celltherapies with a focus on immuno-oncology. Kiromic is developing a multi-indication allogeneic cell therapy platform that exploits the natural potency of Gamma Delta T-cells to target solid cancers. Kiromic’s DIAMOND® AI is where data science meets target identification to dramatically compress the years and hundreds of millions of dollars required to develop a live drug. The Company maintains offices in Houston, Texas. To learn more, visit www.kiromic.com and connect with us on Twitter and LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. Kiromic makes such forward-looking statements pursuant to the safe harbor provisions of the United States Private Securities Litigation Reform Act, Section 21E of the Securities Exchange Act of 1934, as amended, and other federal securities laws. All statements other than statements of historical facts are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as: “will,” “potential,” “could,” “can,” “believe,” “intends,” “continue,” “plans,” “expects,” “anticipates,” “estimates,” “may,” or the negative of these terms or other comparable terminology. These forward-looking statements include, but are not limited to, statements regarding: Kiromic’s ability to achieve its objectives and Kiromic’s financing strategy and availability of funds. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties discussed in our Annual Report on Form 10-K for the year ended December 31, 2021, and as detailed from time to time in our other SEC filings. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Such forward-looking statements relate only to events as of the date of this press release. We undertake no obligation to update any forward-looking statements except to the extent required by law.

Kiromic BioPharma

Linda Phelan Dyson, MPH

Global Head, Corporate Communications

[email protected]

281-468-7683

LHA Investor Relations

Tirth T. Patel

[email protected]

212-201-6614

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Oncology Health FDA General Health Clinical Trials Pharmaceutical Biotechnology

MEDIA:

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New Study Demonstrates that Oportun Products are on Average Eight Times Less Expensive Than Other Alternatives

SAN CARLOS, Calif., April 03, 2023 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT), a mission-driven fintech and digital banking platform, today released findings from the latest True Cost of a Loan Study conducted by the Financial Health Network (FHN). The new study found that Oportun’s loan products on average are eight times less expensive than other alternatives for a typical borrower.

The 2022 analysis compares Oportun unsecured installment loans of $500, $1,500, and $3,000 to alternative products for Oportun borrowers based on the most likely options that a hypothetical subprime borrower might access.

FHN’s analysis found that across the three loan amounts, alternative products could cost eight times more on average than an Oportun loan of equal amount.

  • For a $500 loan, alternative products could cost ten times more on average than an Oportun loan.
  • For a $1,500 loan, alternative products could cost six times more on average than an Oportun loan.
  • For a $3,000 loan, alternative products could cost four times more on average than an Oportun loan.

“Providing affordable and inclusive loan products that help our members integrate into the financial mainstream by establishing a FICO® score is an important part of our mission to put their financial goals within reach and help them build a better financial future,” said Matt Jenkins, Chief Operations Officer for Oportun. “The True Cost of a Loan study clearly demonstrates that Oportun is an affordable alternative for hardworking people who would otherwise be denied by other lenders or would have to pay a much higher cost for a similar loan product.”

Since inception, Oportun has extended more than $15.5 billion in responsible and affordable loans, primarily in low- and moderate-income communities, saved its members more than $2.3 billion in interest and fees, and helped its neobanking members save an average of more than $1,800 annually. In addition, Oportun’s credit-building lending products have helped more than 1 million people to begin establishing a credit history.

About Oportun 
Oportun (Nasdaq: OPRT) is a digital banking platform that puts its 1.9 million members’ financial goals within reach. With intelligent borrowing, savings, budgeting, and spending capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $15.5 billion in responsible and affordable credit, saved its members more than $2.3 billion in interest and fees, and helped our members save an average of more than $1,800 annually. For more information, visit Oportun.com.

Investor Contact

Dorian Hare
(650) 590-4323
[email protected]

Media Contact

Usher Lieberman
(650) 769-9414
[email protected]



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Wejo Announces Fourth Quarter and Full-Year 2022 Results

Company continues to pursue robust enterprise opportunity building on successful execution in 2022

MANCHESTER, United Kingdom, April 03, 2023 (GLOBE NEWSWIRE) — Wejo Group Limited (NASDAQ: WEJO) (“Wejo” or the “Company”), a global leader in cloud and software analytics for connected, electric, and autonomous mobility, today announced financial results and key performance indicators (“KPIs,” as defined under the Non-GAAP Financial Measures and Key Performance Indicators section below) for the fourth quarter and fiscal year ended December 31, 2022.

Richard Barlow, Founder and Chief Executive Officer said, “Wejo delivered an outstanding year operationally, accomplishing the objectives we set out in 2022, including growth in key KPIs, expansion into new products and services and continued strong revenue growth, despite significant cost reductions. We expect these trends to continue into 2023 with revenue projected to grow almost 200% at the mid-point of our guidance and additional cost reductions expected to improve our Adjusted EBITDA, which we believe will allow us to pull forward our cash-flow breakeven point to mid-2024.”

Full-Year
2022
Financial Highlights

  • Net Revenue for 2022 increased to $8.4 million, up 227% compared to the full-year 2021, driven by an increase in the Traffic Management product line of the Wejo Marketplace Data Solutions, which itself increased by $4.4 million, driven by an increase in the average net revenue per customer. Additionally, there was strong growth in Wejo Software & Cloud Solutions business line revenue of $1.5 million, which was driven by the completion of a significant Wejo Software & Cloud Solutions project.
  • Net loss for 2022 was $159.3 million and Adjusted EBITDA loss1 was $97.2 million in the period as a result of expansion into new markets, product development, and higher public company costs, partially offset by increased revenues.
  • Gross Bookings increased by approximately 124% to $18.8 million in 2022 compared to the full-year 2021, demonstrating both new customer growth expansion of existing customer relationships in 2022.1
  • Annual Recurring Revenue (“ARR”) as of December 31, 2022 was $8.4 million, up 87% as compared with the prior year, as the Company remains focused on delivering multi-year subscription deals and reflecting an increase in our average contract length.1
  • Total Contract Value (“TCV”) as of December 31, 2022 increased 92% to $39.4 million compared with the prior year as the Company continues to secure additional new business and expand opportunities with existing customers. The increase in Total Contract Value represents the greater net revenue the Company expects to deliver in the future.1
  • Gross Bookings per average monetizable connected vehicle in 2022 was $1.47 per vehicle, up 97% from $0.75 in 2021. We expect Gross Bookings per vehicle to continue to significantly expand as we roll out new product lines to multiple market verticals in the Wejo Marketplace Data Solutions and customers in Wejo Software & Cloud Solutions, allowing us to achieve greater revenue from our data.1
  • Net retention revenue (“NRR”) in 2022 was 107%, demonstrating that we are growing with, and retaining, our existing customer base as we add new products and insights. NRR measures year-over-year revenue growth from existing customers at the start of the period over the prior rolling four-quarter period. NRR factors in the impact of customer turnover and expansions and reductions in services provided to existing customers.1

Fourth
-Quarter
2022
Financial Highlights

  • Net revenue increased 166% in the quarter compared to the quarter ended December 31, 2021 to $3.6 million.
  • Gross bookings increased 74% in the quarter compared to the quarter ended December 31, 2021 to $5.4 million.1

Business Highlights

Over the past year, Wejo notably:

  1. Took a major step towards being fully capitalized through to our projected cash flow breakeven point in mid-2024 with the announcement of the business combination agreement with TKB Critical Technologies 1 (“TKB”). Wejo believes that upon closing the business combination, along with an anticipated PIPE raise, we can raise over $100 million. PIPE strategic investor outreach has begun, and we are making strong progress towards solidifying a base of strategic investors, including potential anchor investments, ahead of our planned institutional investor outreach. The Company is targeting to raise incremental bridge capital in early to mid-second quarter to have the funding needed to get to the completion of the TKB business combination and the PIPE closing.
  2. Brought forward its targeted cash flow breakeven point from mid-2025 to mid-2024 after a 40% reduction in cash burn in 2022. Wejo also recently announced another projected 50% reduction in cash burn by the end of 2023.
  3. Launched Wejo Real Time Traffic Intelligence (“Wejo RTTI”), a real-time traffic intelligence solution that can be utilized by public agencies, civil engineering firms, mapping and navigation providers, and logistics companies to get a more accurate view of real-time road conditions. These insights allow for a significant impact on road safety and congestion, while enabling more efficient vehicle routing within a community by utilizing easily digestible real-time traffic data.
  4. Was awarded new business from state Departments of Transportation subsequent to the end of the year, including Texas, Georgia and Virginia. In addition to data insights, Wejo RTTI is part of the products we have committed to the state of Texas, which will provide an up-to-the-minute, accurate and comprehensive picture of traffic and road conditions at any given time, to help improve overall efficiency and safety on road networks.
  5. Expanded the Company’s relationship with Ford to offer End-to-End Insurance Solutions in the United States. Wejo offerings will help the vehicle insurance industry better validate customer supplied details, identify and minimize insurance fraud, offer more accurate dynamic pricing models, and reduce risks for safer journeys and less stress on policymakers and customers.

John Maxwell, Chief Financial Officer, said, “We are making significant progress on our efforts to capitalize the business to reach our projected cash flow breakeven point. In addition to strong progress on our PIPE efforts with strategic investors, we are working to raise capital that will bridge us to these transactions. We reduced our monthly cash burn by 40% from the start to the end of 2022, and we are targeting another 50% reduction in our cash burn to get to under $3 million by the end of 2023. Our focus on reduced cash burn, the deployment of our long-term capital strategy and continued strong revenue performance are key steps to fully funding Wejo to cash flow breakeven in mid-2024.”

Guidance

Wejo’s expects full-year 2023 net revenue in the range of $20 million to $30 million and Adjusted EBITDA loss in the range of $45 million to $55 million.

Business Update Call Details

Wejo will host a business update call to discuss the third quarter results today, Monday, April 3, at 8:30 am EST. The call will be hosted by Chief Executive Officer, Richard Barlow and Chief Financial Officer, John Maxwell, and can be accessed on the Investor Relations page of Wejo’s website at investors.wejo.com.

Investors and other stakeholders should note that Wejo currently announces material information using SEC filings, press releases, public conference calls, and webcasts. In the future, Wejo will continue to use these channels to distribute material information about the Company and may also utilize its website and/or various social media sites to communicate vital information about the Company, key personnel, latest brands and services, trends, novel marketing campaigns, corporate initiatives, and other matters. Information that the Company posts on its website or on social media channels could be deemed material; therefore, the Company encourages investors, the media, our customers, business partners and other stakeholders interested in Wejo to review the information posted on its website, as well as the following social media channels: LinkedIn, Twitter, and Instagram.

About Wejo

Wejo Group Limited is a global leader in cloud and software analytics for connected, electric, and autonomous mobility, revolutionizing the way we live, work and travel by transforming and interpreting historic and real-time vehicle data. The Company enables smarter mobility by organizing trillions of data points from 20.8 million vehicles, of which 13.9 million were active on the platform transmitting data in near real-time, and over 94.6 billion journeys globally as of December 31, 2022, across multiple brands, makes and models, and then standardizing and enhancing those streams of data on a vast scale. Wejo partners with ethical, like-minded companies and organizations to turn that data into insights that unlock value for consumers. With the most comprehensive and trusted data, information, and intelligence, Wejo is creating a smarter, safer, more sustainable world for all. Founded in 2014, Wejo has offices in Manchester, UK and in regions where Wejo does business around the world. For more information, visit: www.wejo.com.

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release, including statements regarding the Company’s future operating results and financial position, business strategy and plans, objectives of management for future operations are forward-looking statements. These statements are based on the Company’s current expectations, assumptions, estimates and projections. These statements involve known and unknown risks, uncertainties and other important factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements are based on management’s current expectations and assumptions regarding the Company’s business, the economy and other future conditions.

These forward-looking statements generally are identified by the words “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “future,” “intend,” “may,” “opportunity,” “plan,” “potential,” “project,” “representative of,” “scales,” “should,” “strategy,” “valuation,” “will,” “will be,” “will continue,” “will likely result,” “would,” and similar expressions (or the negative versions of such words or expressions). Forward-looking statements are based on current assumptions, estimates, expectations, and projections of the management of Wejo Group Limited (the “Company” or “Wejo”) and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the projected financial information, anticipated growth rate and market opportunity of the Company; (ii) the ability to maintain the listing of the Company’s common shares and Company warrants on the NASDAQ Stock Market LLC; (iii) the Company’s public securities’ potential liquidity and trading; (iv) the Company’s ability to continue as a going concern; (v) the Company’s ability to raise financing in the future and access to capital facilities; (vi) the Company’s ability to close its pending merger with TKB; (vii) the Company’s success in retaining or recruiting, or changes required in, our officers, key employees or directors; (viii) the impact of the regulatory environment and complexities with compliance related to such environment, including compliance with restrictions imposed by federal law and data/privacy law in “internet of things” milieu; (ix) economic impacts, including inflation and a potential recession; (x) the Company’s ability to successfully implement cost reduction initiatives; (xi) the impact of war, acts of terrorism, mass casualty events, social unrest, civil disturbance or disobedience; and (xii) factors relating to the business, operations and financial performance of the Company and its subsidiaries. The foregoing list of factors that may affect the business, financial condition or operating results of Wejo is not exhaustive. Additional factors are set forth in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), and further information concerning Wejo may emerge from time to time. In particular, you should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s (i) Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on April 3, 2023, and (ii) other documents filed or to be filed by the Company with the SEC. There may be additional risks that Wejo does not presently know or that Wejo currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Readers are urged to consider these factors carefully in evaluating these forward-looking statements.

Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based, except as required by law, whether as a result of new information, future events, or otherwise. The Company gives no assurance that it will achieve its expectations.

Non-GAAP Financial Measures and Key Performance Indicators

This release discloses the Company’s Adjusted EBITDA, which is a non-GAAP financial measure. The Company defines Adjusted EBITDA as Net Income or Loss from operations, excluding: (1) share-based payments to employees and third-party vendors; (2) depreciation of equipment and amortization of intangible assets; (3) transaction related bonuses and costs; and (4) restructuring charges (when applicable). Other key performance indicators include: Total Contract Value (defined as the projected value of all contracts we have ever signed to-date with our customers), Annual Recurring Revenue (calculated by taking the gross Monthly Recurring Revenue (“MRR”) for the last month of the reporting period and multiplying it by twelve months. MRR for each month is calculated by aggregating revenue from customers with contracts with more than four months in duration and includes recurring software licenses, data licenses, and subscription agreements), Gross Bookings (defined as the total projected value of contracts signed in the relevant period, excluding taxes and renewal options available to customers in future periods), and monetizable vehicles on platform, Net Retention Revenue (defined as the the year-over-year revenue growth from existing customers at the start of the period over the prior rolling four-quarter period). Important information regarding such measures is contained in the definitions included in this release and in Appendix I, the reconciliation of Adjusted EBITDA to the closest comparable U.S. GAAP measure, Net loss. The Company and its management believe that this non-GAAP measure and the KPIs are useful to investors in measuring the comparable results of the Company period-over-period. Wejo does not reconcile its forward-looking non-GAAP financial measure, Adjusted EBITDA, to the corresponding U.S. GAAP measure, Net loss, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible. Wejo is unable to provide guidance for this reconciling item because we cannot determine its probable significance, as certain items are outside of our control and cannot be reasonably predicted due to the fact that these items could vary significantly from period to period. Accordingly, reconciliation to the corresponding U.S. GAAP financial measure for this forward-looking non-GAAP financial measure is not available without unreasonable effort.

Contacts

Investors:
Tahmin Clarke
[email protected]

Idalia Rodriguez
Arbor Advisory Group
[email protected]

Press:
Ben Hohmann
[email protected]

Wejo Group Limited
Consolidated Balance Sheets
(in thousands, except share and per share amount)
 
    December 31,  
      2022       2021    
Assets          
Current assets:          
Cash   $ 8,626     $ 67,322    
Accounts receivable, net     4,264       1,416    
Forward Purchase Agreement     2,687       45,611    
Prepaid expenses and other current assets     6,727       17,518    
Total current assets     22,304       131,867    
Property and equipment, net     474       651    
Operating lease right-of-use asset     452       —    
Intangible assets, net     7,337       9,489    
Other assets     566       —    
Total assets   $ 31,133     $ 142,007    
Liabilities and Shareholders’ (Deficit) Equity          
Current liabilities:          
Accounts payable, including due to related party of $967 and $1,464, respectively   $ 21,851     $ 15,433    
Accrued expenses and other current liabilities     26,599       21,089    
Current portion of operating lease liability     431       —    
Secured Convertible Notes     11,390       —    
Income tax payable     —       282    
Total current liabilities     60,271       36,804    
Non-current liabilities:          
Long term debt, net of unamortized debt discount and debt issuance costs     36,426       33,705    
Long term portion of operating lease liability     21       —    
Warrant liability – GM Securities Purchase Agreement     343       —    
Public Warrants     594       12,650    
Exchangeable Right liability     403       11,154    
Other non-current liability     1,838       —    
Total liabilities     99,896       94,313    
Commitments and contingencies          
Shareholders’ (deficit) equity          
Common shares, $0.001 par value, 634,000,000 shares authorized; 109,461,562 and 93,950,205
shares issued and outstanding as of December 31, 2022 and 2021, respectively		     109       94    
Additional paid in capital     445,478       415,304    
Accumulated deficit     (529,204 )     (369,951 )  
Accumulated other comprehensive income     14,854       2,247    
Total shareholders’ (deficit) equity     (68,763 )     47,694    
Total liabilities and shareholders’ (deficit) equity   $ 31,133     $ 142,007    
 

Wejo Group Limited
Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share amounts)
 
    Year Ended December 31,
      2022       2021  
Revenue, net   $ 8,396     $ 2,566  
Costs and operating expenses:        
Cost of revenue (exclusive of depreciation and
amortization shown separately below)		     7,739       3,583  
Technology and development     33,893       26,265  
Sales and marketing     20,569       22,920  
General and administrative     62,104       104,144  
Depreciation and amortization     4,037       4,411  
Total costs and operating expenses     128,342       161,323  
Loss from operations     (119,946 )     (158,757 )
Interest expense     (5,249 )     (9,597 )
Other expense, net     (33,645 )     (49,067 )
Loss before taxation     (158,840 )     (217,421 )
Income tax expense     (413 )     (357 )
Net loss     (159,253 )     (217,778 )
Other comprehensive income:        
Foreign currency exchange translation adjustment     12,607       2,541  
Total comprehensive loss   $ (146,646 )   $ (215,237 )
Net loss per common share – basic and diluted   $ (1.58 )   $ (5.00 )
Weighted-average common shares – basic and diluted     100,795,106       43,553,504  
 

Wejo Group Limited
Consolidated Statements of Cash Flows
(in thousands)
 
    Year Ended December 31,
      2022       2021  
Operating activities        
Net loss   $ (159,253 )   $ (217,778 )
Adjustments to reconcile net loss to net cash used in operating activities:        
Amortization of debt discount     2,649       5,163  
Loss on issuance on financial instruments measured at fair value     4,116       65,641  
Change in estimated fair value on financial instruments measured at fair value     15,762       (41,095 )
Loss on extinguishment of convertible loans     —       25,598  
Gain on settlement of Forward Purchase Agreement     —       (399 )
Expenses relating to capital raising activities     799       —  
Gain on disposal of property and equipment     —       (4 )
Depreciation and amortization     4,037       4,411  
Non-cash share-based compensation expense     6,938       52,316  
Non-cash expense settled by issuance of commitment shares     3,000       —  
Non-cash loss (gain) on foreign currency remeasurement     11,929       (1,354 )
Changes in operating assets and liabilities:        
Accounts receivable     (2,849 )     (727 )
Prepaid expenses and other current assets     9,373       (9,775 )
Accounts payable     8,177       (1,361 )
Accrued expenses and other current liabilities     8,889       12,516  
Income tax payable     (372 )     282  
Other non-current liability     1,885       —  
Other assets     (581 )     —  
Net cash used in operating activities     (85,501 )     (106,566 )
Investing activities        
Purchases of property and equipment     (311 )     (562 )
Development of internal software     (2,565 )     (2,716 )
Net cash used in investing activities     (2,876 )     (3,278 )

Financing activities        
Proceeds from issuance of ordinary shares to PIPE investors, net of issuance costs     —       122,717  
Proceeds from Virtuoso Business Combination     —       70,308  
Proceeds from issuance of common shares, net of transaction costs     18,358       —  
Proceeds from issuance of warrants to purchase common shares     1,894       —  
Proceeds from exercise of warrants to purchase common shares     —       606  
Proceeds from issuance of Secured Convertible Notes, net of discount     9,500       —  
Proceeds from exercise of options     —       2,086  
Proceeds from issuance of convertible loans, net of transaction costs     —       16,222  
Payment of issuance costs of convertible loans     —       (1,004 )
Net proceeds from issuance of long-term debt     —       31,865  
Payment of issuance costs of long-term debt     —       (638 )
Payment of Virtuoso Business Combination costs     (2,238 )     —  
Repayment of other loan     —       (84 )
Settlement of Forward Purchase Agreement     2,473       2,517  
Advance payment of Forward Purchase Agreement     —       (75,012 )
Repayment of related party debt     —       (10,142 )
Net cash provided by financing activities     29,987       159,441  
Effect of exchange rate changes on cash     (306 )     3,304  
Net (decrease) increase in cash     (58,696 )     52,901  
Cash at beginning of period     67,322       14,421  
Cash at end of period   $ 8,626     $ 67,322  
Non-cash investing and financing activities        
Property and equipment purchases in accounts payable   $ —     $ 90  
Advanced Subscription Agreements converted into common shares   $ —     $ 12,757  
Virtuoso Business Combination costs included in accounts payable and accrued expenses   $ 6,159     $ 8,476  
Expense related to capital raising activities included in accounts payable and accrued expenses   $ 799     $ —  
Conversion of convertible loan notes   $ —     $ 106,252  
Convertible note issued through settlement of accounts payable and recognition of prepaid revenue share costs   $ —     $ 4,813  
Net liabilities acquired in the Virtuoso Business Combination through issuance of common shares   $ —     $ 1,966  
Supplemental cash flow information        
Taxes paid   $ 543     $ 56  
Interest paid   $ 2,399     $ 863  

Wejo Group Limited
Reconciliation of Net Loss to Adjusted EBITDA
(in thousands)
 
    Year Ended December 31,
      2022       2021  
Net loss   $ (159,253 )   $ (217,778 )
Income tax expense     413       357  
Loss before taxation     (158,840 )     (217,421 )
Interest expense     5,249       9,597  
Other expense, net     33,645       49,067  
Loss from operations     (119,946 )     (158,757 )
Add:        
Depreciation and amortization     4,037       4,411  
Transaction-related bonus     —       26,656  
Transaction-related costs     11,558       7,686  
Share-based payments     7,102       52,316  
Adjusted EBITDA   $ (97,249 )   $ (67,688 )
 

___________________
1 These metrics are non-GAAP measures or KPIs.

 



Posted on

Applebee’s Celebrates Spring with $6 Cerveza & Sips

Applebee’s Celebrates Spring with $6 Cerveza & Sips

Say goodbye to winter with the latest Mucho CocktailsTM and Modelo Especial Draft at Applebee’s®

GLENDALE, Calif.–(BUSINESS WIRE)–
Spring forward with Applebee’s $6 Cerveza & Sips, the latest Mucho Cocktails made with premium spirits designed to cure the winter blues.*

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230403005159/en/

Applebee’s Celebrates Spring with $6 Cerveza & Sips (Photo: Business Wire)

Applebee’s Celebrates Spring with $6 Cerveza & Sips (Photo: Business Wire)

Make a splash with the Tipsy Shark – garnished with a gummi shark**, this fun, tropical margarita features 1800 Reposado Tequila, blue curacao, passion fruit, pineapple, cherry and lime. Or, soak up the sun with the Strawberry Daq-a-Rita, our half-margarita, half-daiquiri frozen combination made with Patron Silver Tequila, Bacardi, strawberry and margarita mix.

Applebee’s Mucho Cocktails are made with premium spirits and served in a signature Mucho glass. Plus, for those who prefer to sit back and relax at home, guests can enjoy both the Tipsy Shark and Strawberry Daq-a-Rita To-Go at participating locations.*

For those who prefer sipping on a cold beer, Applebee’s is also offering a limited time offer on a Modelo Especial draft served in the brand’s signature Brewtus glass.

“We love giving our guests a variety of premium drinks at affordable prices,” says Patrick Kirk, vice president of beverage innovation at Applebee’s. “And we’re excited to offer a Modelo draft in addition to two new, top-shelf Mucho margaritas. Our guests are eager to hit the patio to soak up sunshine, belly up to the bar for some baseball on the big screens, or celebrate Cinco de Mayo soon. No matter the occasion, our $6 Cerveza & Sips will make those moments better.”

To find your local restaurant to dine in, visit Applebees.com/restaurants. To order Applebee’s To Go or delivery, visit Applebees.com or the Applebee’s mobile app (iOS, Google).

For even more exclusive deals and specials, guests can sign up to be a part of the neighborhood. Join Applebee’s E-Club and receive a welcome offer!

*Must be 21+. Void where prohibited. Tax & gratuity excluded. Dine-in only, except where carry-out alcohol is permitted by law. Participation may vary. While supplies last.

**Gummi shark contains gelatin.

About Applebee’s®

As one of the world’s largest casual dining brands, Applebee’s Neighborhood Grill + Bar serves as America’s kitchen table, offering guests a lively dining experience that combines simple, craveable American fare with classic drinks and local drafts. Applebee’s makes it easy for family and friends to connect with one another, whether it’s in a dining room or in the comfort of a living room, Eatin’ Good in the Neighborhood™ is a familiar and affordable escape from the everyday. Applebee’s restaurants are owned and operated by entrepreneurs dedicated to more than serving great food, but also building up the communities that we call home. From raising money for local charities to hosting community fundraisers, Applebee’s is always Doin’ Good in the Neighborhood®. Applebee’s franchise operations consisted of 1,678 Applebee’s restaurants in the United States, two U.S. territories and 11 countries outside the United States as of March 1, 2023. This number does not include seven domestic Applebee’s ghost kitchens (small kitchens with no store-front presence, used to fill off-premise orders) and 15 Applebee’s international ghost kitchens. Applebee’s is franchised by subsidiaries of Dine Brands Global Inc. [NYSE: DIN], which is one of the world’s largest full-service restaurant companies.

Follow us:

Instagram: @applebees

Twitter: @applebees

Facebook: www.facebook.com/applebees

For media inquiries, email us at [email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Retail Restaurant/Bar Food/Beverage Wine & Spirits

MEDIA:

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Photo
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Applebee’s Celebrates Spring with $6 Cerveza & Sips (Photo: Business Wire)
Posted on

Completion of CEO Transition

GEORGETOWN, Cayman Islands, April 03, 2023 (GLOBE NEWSWIRE) — StoneCo Ltd. (Nasdaq: STNE; B3: STOC31) (“Stone” or the “Company”) today announced that on March 31, 2023, the Company completed the transition of leadership roles, by which Pedro Zinner assumed the position of CEO of Stone. Thiago Piau, former CEO, joined the Company’s Board as a director and member of the Finance and Risk committee on February 15, 2023, as previously announced.

About StoneCo

StoneCo is a leading provider of financial technology and software solutions that empower merchants to conduct commerce seamlessly across multiple channels and help them grow their businesses.

Contact:

Investor Relations
[email protected]