Market Newsdesk

LIMASSOL, Cyprus, Dec. 02, 2024 (GLOBE NEWSWIRE) — Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a diversified global shipping company, announces that on November 13, 2024, it entered, through a separate wholly-owned subsidiary, into an agreement with an unaffiliated third party for the sale of the M/V Ariana A, a 2005-built 2,700 TEU containership vessel, for a price of $16.5 million. The vessel is expected to be delivered to its new owner during the first quarter of 2025.

The Company expects to record during the first quarter of 2025 a net loss of approximately $3.3 million from the sale of the M/V Ariana A, excluding any transaction-related costs.

About Castor Maritime Inc.

Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of oceangoing cargo vessels.

Castor owns a fleet of 13 vessels, with an aggregate capacity of 0.9 million dwt, consisting of four Kamsarmax dry bulk vessels, five Panamax dry bulk vessels, one Ultramax dry bulk vessel, two 2,700 TEU containership vessels, including the M/V Ariana A, and one 1,850 TEU containership vessel.

For more information, please visit the Company’s website at www.castormaritime.com. Information on our website does not constitute a part of this press release.

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. We are including this cautionary statement in connection with this safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”, “potential”, “will”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of current or historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these forward-looking statements, including these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward‐looking statements include generally: the effects of the spin-off of our tanker business, our business strategy, expected capital spending and other plans and objectives for future operations, dry bulk and containership market conditions and trends, including volatility in charter rates (particularly for vessels employed in short-term time charters or index linked period time charters), factors affecting supply and demand, fluctuating vessel values, opportunities for the profitable operations of dry bulk and container vessels and the strength of world economies, changes in the size and composition of our fleet, our ability to realize the expected benefits from our past or future vessel acquisitions, our ability to realize the expected benefits of vessel acquisitions, increased transactions costs and other adverse effects (such as lost profit) due to any failure to consummate any sale of our vessels, our relationships with our current and future service providers and customers, including the ongoing performance of their obligations, dependence on their expertise, compliance with applicable laws, and any impacts on our reputation due to our association with them, our ability to borrow under existing or future debt agreements or to refinance our debt on favorable terms and our ability to comply with the covenants contained therein, in particular due to economic, financial or operational reasons, our continued ability to enter into time or voyage charters with existing and new customers and to re-charter our vessels upon the expiry of the existing charters, changes in our operating and capitalized expenses, including bunker prices, dry-docking, insurance costs, costs associated with regulatory compliance, and costs associated with climate change, our ability to fund future capital expenditures and investments in the acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the delivery and commencement of operations dates, expected downtime and lost revenue), instances of off-hire, due to vessel upgrades and repairs, fluctuations in interest rates and currencies, including the value of the U.S. dollar relative to other currencies, any malfunction or disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity breach, existing or future disputes, proceedings or litigation, future sales of our securities in the public market and our ability to maintain compliance with applicable listing standards, volatility in our share price, including due to high volume transactions in our shares by retail investors, potential conflicts of interest involving affiliated entities and/or members of our board of directors, senior management and certain of our service providers that are related parties, general domestic and international political conditions or events, including armed conflicts such as the war in Ukraine and the conflict in the Middle East, acts of piracy or maritime aggression, such as recent maritime incidents involving vessels in and around the Red Sea, sanctions, “trade wars”, global public health threats and major outbreaks of disease, changes in seaborne and other transportation, including due to the maritime incidents in and around the Red Sea, fluctuating demand for dry bulk and container vessels and/or disruption of shipping routes due to accidents, political events, international sanctions, international hostilities and instability, piracy or acts of terrorism, changes in governmental rules and regulations or actions taken by regulatory authorities, including changes to environmental regulations applicable to the shipping industry, accidents, the impact of adverse weather and natural disasters and any other factors described in our filings with the SEC. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication, except to the extent required by applicable law. New factors emerge from time to time, and it is not possible for us to predict all or any of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these foregoing and other risks and uncertainties. These factors and the other risk factors described in this press release are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements. Given these uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements.

CONTACT DETAILS

For further information please contact:

Petros Panagiotidis
Castor Maritime Inc.
Email: [email protected]

Media Contact:
Kevin Karlis
Capital Link
Email: [email protected]

New York, N.Y., Dec. 02, 2024 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear or “the Company”), a leading vertically integrated advanced nuclear energy and technology company developing portable clean nuclear energy solutions, today announced that its senior executives will attend, present on panels and participate in the upcoming Benchmark Company’s 13th Annual Discovery One-on-One Conference held at the New York Athletic Club on December 11th, 2024.

“I look forward to participating on panel discussions in this year’s Discovery Conference with the Benchmark Company,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “This event provides a timely platform to connect with investors and share insights into NANO Nuclear’s growth strategy and upcoming plans. I look forward to participating in productive discussions and building new relationships that support our long-term vision.”

The conference is designed to facilitate impactful engagement between investors and companies, featuring presentations from over 50 publicly traded micro- and small-cap companies and attracting 250 institutional investors. This exclusive event offers a focused setting for meaningful dialogue and strategic networking opportunities.

Figure 1 – NANO Nuclear Energy Inc. Executives will Participate in the Benchmark Company’s 13

^th

Annual Discovery One-on-One Conference.

“The United States’ nuclear energy industry is experiencing significant momentum, and we believe NANO Nuclear is well positioned to capitalize on these exciting developments,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “The Benchmark Conference provides an excellent platform to engage with institutional investors and highlight the value we are creating for our shareholders.”

About NANO Nuclear Energy, Inc.

NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable microreactor technology, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

Led by a world-class nuclear engineering team, NANO Nuclear’s products in technical development are “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

For more corporate information please visit: https://NanoNuclearEnergy.com/

For further information, please contact:

Email: [email protected]
Business Tel: (212) 634-9206

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Cautionary Note Regarding Forward Looking Statements

This news release, the conference described herein, and statements in connection with this news release or related events contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “seek,” “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, some of which may be beyond our control. Readers are cautioned that actual results may differ materially and adversely from the results implied in forward-looking statements. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology, including difficulties with design and testing, cost overruns, regulatory delays and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the business of a start-up business operating a highly regulated industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all of the factors that could cause actual results to differ from those discussed in any forward-looking statement, and the Company therefore encourages investors to review other factors that may affect future results in the Company’s filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Readers are cautioned not to place undue reliance on forward-looking statements, which apply only as of the date of this news release, and forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

Attachment

• NANO Nuclear Energy Inc

LAS VEGAS, Dec. 02, 2024 (GLOBE NEWSWIRE) — AWS re:Invent 2024 – Skyhawk Security, the originator of cloud threat detection and response (CDR), is adding an Interactive Cloud Threat Detection and Response capability to its groundbreaking platform. The new capability adds real-time user interaction to verify suspicious activity of both human and non-human identities (NHIs) that are the root cause of an alert. This closes context gaps between SOCs, cloud teams and identity owners, which reduces the load on the SOC, dramatically shortens Mean Time to Respond (MTTR), better protects against cloud breaches and aligns with zero trust frameworks.

Typically, there is very little context when a real-time alert comes into the SOC, along with hundreds of others, as part of the threat detection flow. This makes it difficult for the team to understand if a legitimate user’s anomalous activity or an attacker’s activity triggered the alert. Today 70% of attacks and data breaches in the cloud involve stolen or leaked identity credentials, in which hackers use compromised logins without penetrating the cloud infrastructure security.

To cut through this confusion, Skyhawk continuously monitors cloud asset behaviors, including users, roles, machines, functions and more. If a behavior deviates from the norm, the new Interactive CDR automatically sends a notification to the user owning the asset or identity, asking them to authorize and validate the activities that triggered the alert. This aligns with zero trust and the core concept of CDR’s detection flow, which happens regardless of the user’s role or location, even inside the network, eliminating the assumption that users inside the perimeter are trustworthy.

Interactive CDR goes to the source via a different factor not connected to the cloud nor the enterprise identity, which may be compromised, adding a multi-factor layer of verification. The response gives the SOC the missing context from the best source of information – the owner of the asset or the user who is supposedly executing these activities in the cloud.

Putting the suspected source in the loop quickly verifies whether the activity is legitimate or indicates compromised credentials, aligning with the zero trust principle of “never trust, always verify.” The results make threat detection crowd sourced, thus more accurate, shortens MTTR to seconds, reduces the load on the SOCs, puts focus on the real threats and helps prevent breaches.

The groundbreaking Interactive CDR technology is built on an AI agent framework that decides the best interactive action to take in each case. End-user interaction notifications can leverage existing enterprise applications, including Teams and Slack, or a dedicated Skyhawk mobile application. The capability to automatically respond, such as by disabling an identity and its sessions, provides immediate containment strategies, preventing the potential lateral movement of malicious actors and reducing the risk of a breach.

Other advantages of interactive response include:

• Faster MTTR: Faster incident resolution through enhanced user engagement to secure accounts and a stronger, more efficient defense against cloud data breaches
• Interactive Protection: Real-time distributed detection and verification of activities verified with the source or owner, reducing the window of opportunity for attackers to exploit compromised credentials or vulnerabilities
• Minimized Disruption: Legitimate actions are quickly cleared, avoiding unnecessary investigations, allowing the SOC to focus on real suspicious activities to immediately address
• Improved Security Efficiency: Security teams can focus on actual threats, as context-aware false positives are resolved quickly through user verification, reducing manual investigation efforts
• Added on top of Skyhawk’s Proactive CDR: Proactive CDR helps pre-verify scenarios that are agreed to be malicious and their response. The new capability adds another protection mechanism on top

“Skyhawk’s Interactive Cloud Threat Detection is a powerful new capability and a result of our continuous innovation and commitment to prevent cloud breaches for our many customers,” said Chen Burshan, CEO of Skyhawk Security. “Interactive CDR, when combined with our proactive CDR, which helps prepare for incidents before they occur, interactively adds context when alerts do occur. It bridges the gap between SOC and cloud teams, adds real-time activity context and closes the gap between threat exposure and threat management in a single comprehensive, synergetic platform.”

Organizations interested in learning more about interactive response can visit Skyhawk’s website. To learn more about Skyhawk Security’s comprehensive product offering, visit https://skyhawk.security/. For continuing updates follow Skyhawk Security on LinkedIn and Twitter. 

About Skyhawk Security

Skyhawk Security is the originator of Cloud Threat Detection and Response (CDR), leveraging a multi-layer AI-based approach to identify and stop cloud threats before they become breaches. Skyhawk revolutionizes CDR with its Continuous Proactive Protection, an AI-powered Autonomous Purple Team, enabling security teams to take a proactive approach to cloud security for the very first time. Led by a team of cyber security and cloud professionals who built the original CSPM category, Skyhawk’s platform evolves cloud security posture management far beyond scanning and static configuration analysis, continuously adapting and improving threat detection so that it is always aligned with the cloud architecture. Skyhawk Security is a spin-off of Radware® (NASDAQ:RDWR).

Media Contact:

Sherlyn Rijos-Altman
Montner Tech PR
[email protected]

STOCKHOLM, Dec. 02, 2024 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) announced today an update to the Nasdaq Stockholm Main Market rulebook, effective from 1 January 2025. This update will streamline the listing review process for companies seeking to list on Nasdaq Stockholm simultaneously with or within 12 months of a listing on the U.S. exchanges, including the Nasdaq Stock Exchange and the New York Stock Exchange.

As the first of several listing simplification initiatives, Nasdaq Europe is focused on driving capital markets integration and leading the development of EU capital markets and listing environment.

Currently, the dual listing process is largely conducted independently in the US and Sweden, resulting in the duplication of time and resource-intensive tasks. Under the new model, companies approved to list in the US will still be reviewed through the Nasdaq Stockholm listing process but will no longer require a separate review by a listing auditor when applying for a dual listing on Nasdaq Stockholm. This task, associated with costs and efforts, is redundant for a company that has already been validated according to standards that are equivalent or similar.

Adam Kostyál, President of Nasdaq Stockholm, stated, “Simplifying the process for European companies to dual list in the US and Europe represents a significant milestone in our ability to strengthen the competitiveness of Europe’s markets and economies, and further enhance Europe’s long-term economic growth – two key objectives underpinning the Capital Market Union’s policy platform. The new rule removes friction for companies to attract both European and U.S. investors, benefiting not just our European companies but also providing retail investors with better access to a wider range of investment opportunities.”

Roland Chai, President of Nasdaq European Markets, added: “Reducing obstacles in the listing processes for issuers to access European markets is key to increasing European competitiveness and we are determined to ensure issuers have maximum access to European investors. Nasdaq has been continuously implementing a program of simplification across Nasdaq’s European exchanges, and further market access efficiencies will be rolled out across Nasdaq’s six EU markets. With top rankings in leading tech sectors like medtech, biotech, and renewable energy, as well as delivering annual returns of over eight percent on average over the period 1966-2023, the highest globally, Nasdaq’s Europe’s leadership demonstrates the transformative power of well-executed capital markets integration in the EU.”

For more information regarding the upcoming rulebook changes: https://www.nasdaq.com/market-regulation/nordic/main-market-rules

Nasdaq Media Contact

Erik Gruvfors
+46 73 449 78 12
[email protected]   

About Nasdaq 

Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com. 

-NDAQG-

Fast Track designation is designed to expedite clinical development and regulatory review timelines

Enrolling patients in the GLEAM trial for SC291 in B-cell mediated autoimmune diseases, including systemic lupus erythematosus; expect to report initial clinical data in 2025

SEATTLE, Dec. 02, 2024 (GLOBE NEWSWIRE) — Sana Biotechnology, Inc. (NASDAQ: SANA), a company focused on changing the possible for patients through engineered cells, today announced that the U.S. Food and Drug Administration (FDA) granted Fast Track designation for SC291 in relapsed/refractory systemic lupus erythematosus (SLE), which includes extrarenal lupus and lupus nephritis. Fast Track is a process designed to facilitate the development and expedite the review of drugs to treat serious conditions and fill an unmet medical need.

SC291, a hypoimmune (HIP)-modified CD19-directed allogeneic CAR T therapy, is being evaluated in Sana’s GLEAM trial in patients with B-cell mediated autoimmune diseases including lupus nephritis, extrarenal lupus, and antineutrophil cytoplasmic antibody (ANCA)-associated vasculitis. Sana is enrolling patients in this study and expects to share initial data in 2025.

“We are pleased to receive Fast Track designation from the FDA for SC291, which highlights the need for new treatment options for patients with relapsed/refractory SLE,” said Dhaval Patel, M.D., Ph.D., Chief Scientific Officer of Sana. “As a HIP-modified allogeneic CAR T therapy with a scaled manufacturing process that produces hundreds of patient doses per manufacturing run, SC291 has the potential to serve as a universal off-the-shelf therapy that can address this large unmet need. We look forward to sharing initial data from the ongoing GLEAM trial.”

About SC291 in B-cell mediated Autoimmune Diseases

SC291 is a CD19-directed allogeneic CAR T cell therapy developed using Sana’s hypoimmune platform. Our allogeneic T cell programs use T cells from healthy donors to generate CAR T therapies that, in this case, target CD19, a protein expressed on the cell surface of B cells. B cells drive disease pathology in many autoimmune diseases, and therapies that target B cells have been efficacious across multiple autoimmune diseases. Emerging data in the field support the concept that deeper tissue B cell depletion can be associated with greater efficacy and a reasonable safety profile. CD19-directed CAR T therapy introduces a new option, in which the CAR T is the effector cell that depletes B cells throughout the body. Our goal is to develop SC291 in various settings, using our existing hypoimmune allogeneic CAR T manufacturing platform, to deliver with scale for these large unmet needs.

About Sana Biotechnology

Sana Biotechnology, Inc. is focused on creating and delivering engineered cells as medicines for patients. We share a vision of repairing and controlling genes, replacing missing or damaged cells, and making our therapies broadly available to patients. We are a passionate group of people working together to create an enduring company that changes how the world treats disease. Sana has operations in Seattle, WA, Cambridge, MA, South San Francisco, CA, Bothell, WA and Rochester, NY. For more information about Sana Biotechnology, please visit https://sana.com/.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements about Sana Biotechnology, Inc. (the “Company,” “we,” “us,” or “our”) within the meaning of the federal securities laws, including those related to the Company’s vision, progress, and business plans; expectations for its development programs, product candidates and technology platforms, including its preclinical, clinical and regulatory development plans and timing expectations; the potential of SC291 to serve as a universal off-the-shelf therapy for patients with relapsed/refractory SLE; expectations regarding the timing of initial data from the GLEAM trial; the association between deeper tissue B cell depletion and greater efficacy and a reasonable safety profile; and the ability to develop SC291 in various settings, using the Company’s existing hypoimmune allogeneic CAR T manufacturing platform, to deliver with scale for B-cell mediated autoimmune diseases. All statements other than statements of historical facts contained in this press release, including, among others, statements regarding the Company’s strategy, expectations, cash runway and future financial condition, future operations, and prospects, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “design,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. The Company has based these forward-looking statements largely on its current expectations, estimates, forecasts and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. In light of the significant uncertainties in these forward-looking statements, you should not rely upon forward-looking statements as predictions of future events. These statements are subject to risks and uncertainties that could cause the actual results to vary materially, including, among others, the risks inherent in drug development such as those associated with the initiation, cost, timing, progress and results of the Company’s current and future research and development programs, preclinical and clinical trials, as well as economic, market and social disruptions. For a detailed discussion of the risk factors that could affect the Company’s actual results, please refer to the risk factors identified in the Company’s SEC reports, including but not limited to its Annual Report on Form 10-Q dated November 8, 2024. Except as required by law, the Company undertakes no obligation to update publicly any forward-looking statements for any reason.

Investor Relations & Media:

Nicole Keith
[email protected]
[email protected]

MONTCLAIR, N.J., Dec. 02, 2024 (GLOBE NEWSWIRE) — 180 Degree Capital Corp. (“180 Degree Capital”) (NASDAQ: TURN), noted today that the average discount between its estimated daily net asset value per share (“NAV”) and its daily closing stock price during November 2024 and year-to-date through the end of November 2024, were approximately 21% and 20%, respectively.¹ This discount was approximately 26% on November 29, 2024, the last day of trading of the month.

As previously disclosed in a press release on November 13, 2023, 180 Degree Capital’s Board of Directors (the “Board”) has set two measurement periods of 1) January 1, 2024 to December 31, 2024, and 2) January 1, 2025 to June 30, 2025, in which it will evaluate the average discount between TURN’s estimated daily NAV and its closing stock price pursuant to a Discount Management Program. Should TURN’s common stock trade at an average daily discount to NAV of more than 12% during either of these measurement periods, the Board will consider all available options at the end of each measurement period including, but not limited to, a significant expansion of 180 Degree Capital’s current stock buyback program of up to $5 million, cash distributions reflecting a return of capital to shareholders, a tender offer, or other strategic options.

“While it has certainly taken longer than we anticipated or desired, November 2024 provides an example of the type of performance that we continue to believe is possible in future periods,” said Kevin M. Rendino, Chief Executive Officer of 180 Degree Capital. “For the month of November, our NAV increased by approximately 26%. Our investment thesis in Brightcove, Inc. (BCOV), ultimately proved correct with its announced sale to Bending Spoons for approximately $233 million, or $4.45 per share. The cost basis of our position immediately prior to this announcement was approximately $2.55 per share. As we noted in our release discussing the transaction, BCOV is a perfect example of the companies we seek to invest in. We believe we have additional companies with similar profiles in our portfolio and are actively working with them through our constructive activism to lead to what we believe could be significant value-unlocking events.”

“In addition to the BCOV announcement, our strong performance in November 2024, was aided by our active portfolio management throughout the month,” added Daniel B. Wolfe, President of 180 Degree Capital. “We increased certain positions on weakness following earnings announcements that proceeded to increase in value from their lows. We also took advantage of the sudden increase in value of Quantum Corporation (QMCO) to monetize our position in that company. In November, QMCO advanced from a low closing price per share of $2.96 to a high closing price per share of $21.77. We sold the entirety of our approximately 223,000 shares of QMCO into this rally.   We believe the rally was driven by posts on Reddit and the market’s near-term obsession with owning quantum computing-related companies. While QMCO is not technically a quantum computing company, we believe it likely benefited from having “quantum” in its name. Yes, that is crazy to us, but such naïve and incorrect associations are becoming all too common in the public markets.”

Mr. Rendino concluded, “As 180 Degree Capital’s Board continues to evaluate all potential options regarding our Discount Management Program, it is important to remember that 180 Degree Capital itself is in a position of strength to drive value creation for its shareholders. I cannot say it enough, the 12.7% ownership position of management and the Board of 180 Degree Capital, built largely through open market purchases, should make it abundantly clear that there is alignment of interests with regard to taking steps to increase 180 Degree Capital’s stock price and create value for all shareholders. Our gross total return on our public portfolio holdings of approximately +212% since 180 Degree Capital’s inception in 2017 through November 30, 2024, was approximately 2.7x the approximately +79% total return of the Russell Microcap Index. We believe this performance kept 180 Degree Capital’s predecessor company from potential insolvency given that the decline in our NAV over the same period of approximately 31% was largely due to declines in the value of the legacy private portfolio. Our public market performance has been the primary source of value creation since 2017. While the increase in NAV for November 2024 of approximately 26% is not an indication of future returns, it demonstrates what we continue to believe is possible from a concentrated portfolio of what we believe to be undervalued companies. BCOV was a core position. We have additional core positions that we currently believe have similar or larger upside to their current valuations. We will continue to focus on creating value for all of 180 Degree Capital’s shareholders, and we look forward to discussing these efforts in more detail as we are able to do so.”

About 180 Degree Capital Corp.

180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 and its holdings can be found on its website at www.180degreecapital.com.

Press Contact:
Daniel B. Wolfe
Robert E. Bigelow
180 Degree Capital Corp.
973-746-4500
[email protected]

Forward-Looking Statements

This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the Company’s current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release. Please see the Company’s securities filings filed with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the Company’s business and other significant factors that could affect the Company’s actual results. Except as otherwise required by Federal securities laws, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties. Any discussion of past performance is not an indication of future results. Investing in financial markets involves a substantial degree of risk. Investors must be able to withstand a total loss of their investment. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions.   The reference and link to the website www.180degreecapital.com has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release. 180 is not responsible for the contents of third-party websites.

1. Daily estimated NAVs used for the discount calculation outside of quarter-end dates are determined as prescribed in 180’s Valuation Procedures for Level 3 assets. Non-investment-related assets and liabilities used to determine estimated daily NAV are those reported as of the end of the prior quarter.