Market Newsdesk

December 8, 2021 2:03 am

Stanley Black & Decker to Sell Security Business for $3.2 Billion to Securitas

Announces $4 Billion Share Repurchase Plan Expected to be Executed in 2022

Sale Sharpens Stanley Black & Decker’s Strategic Focus on its Core Businesses

PR Newswire

NEW BRITAIN, Conn., Dec. 8, 2021 /PRNewswire/ — Stanley Black & Decker (NYSE: SWK) today announced it has signed a definitive agreement for the sale of most of its Security assets to Securitas AB (STO: SECU B) for $3.2 billion in cash. The proposed transaction includes Stanley Black & Decker’s Commercial Electronic and Healthcare Security business lines (“Security”). The businesses carry 2021 forecasted revenues of approximately $1.7 billion with an adjusted EBITDA margin in the low double-digits, implying a purchase price multiple of approximately 16 trailing adjusted EBITDA.

Net proceeds from the sale are expected to be used to fund, in part, an approximately $4 billion share repurchase which is planned to be completed in 2022. The transaction does not include Stanley Access Technologies, which is a leader in the industry with state-of-the-art automatic door solutions.

James M. Loree, Stanley Black & Decker’s CEO, stated, “The sale of Security is consistent with our commitment to generating substantial shareholder value and allows us to sharpen our strategic focus on growing our core businesses while also returning capital to investors through a significant share buyback. This transaction is a result of our active approach to portfolio management, and the attractive valuation we received reflects the investments we made in transforming our Security business over the last several years. The business is well positioned for ongoing growth within Securitas, a global leader in the security industry. On behalf of the entire Stanley Black & Decker organization, I want to thank our Security team members for their valuable contributions over the years.”

Magnus Ahlqvist, Securitas AB President & CEO, said, “We are incredibly excited to join forces with Stanley Security and are confident that we will form a winning team. Together, we will be perfectly placed to deliver outstanding expertise and potential for innovation which will create extraordinary opportunities not only for our shareholders, but for our colleagues and our hundreds of thousands of customers around the world.”

Donald Allan, Jr., Stanley Black & Decker’s President & Chief Financial Officer commented, “Three years ago we initiated a digital transformation in Security with investments in people, new partnerships and innovative commercial solutions to establish these businesses as leaders with a strong growth trajectory in their respective markets. The team has made incredible progress and the new combination with Securitas will provide them the best platform for the next stage of success. I want to personally thank my colleagues from Stanley Security on the outstanding amount of energy and passion they put into this transformation to make this phase a success.

“Our use of approaching $3 billion of net proceeds towards a planned $4 billion share repurchase program that we expect to complete in 2022 is consistent with our long-term capital allocation strategy focused on value maximization. Overall, this transaction will allow us to simultaneously strengthen Stanley Black & Decker’s core market position while returning significant value to our shareholders.”

The transaction has been approved by the Boards of Directors of Stanley Black & Decker and Securitas and is expected to close in the first half of 2022, but timing is contingent upon receiving regulatory approvals and other customary closing conditions.

The approximately $4 billion share repurchase program is expected to commence in 2022 with $2.0 – $2.5 billion expected to occur in the first quarter and the remainder the Company expects to complete in the summer of 2022. The Company’s capital allocation strategy reflects its commitment to substantial capital return, strong investment grade credit ratings and opportunistic strategic value-creating M&A.

The Company is reaffirming its full-year 2021 EPS guidance of $9.70 – $10.05 on a GAAP basis and $10.70 – $10.90 on a non-GAAP adjusted basis.

About STANLEY Commercial Electronic Security & Healthcare

STANLEY Commercial Electronic Security is a global provider of integrated security, health, and safety solutions and services. STANLEY is trusted by customers across the globe for innovative technology; seamless installation and integration; reliable maintenance; 24/7 monitoring; and insightful analytics. STANLEY is guided by its vision of building safer, healthier, and more efficient environments, with a purpose of helping the world progress. Learn more at stanleysecurity.com.

STANLEY Healthcare’s mission is to empower caregivers – all those who make the world more caring. By connecting caregivers to essential information and to those in their care networks, STANLEY Healthcare helps organizations to deliver connected, productive and safe care. Our solutions are some of the most trusted in the industry, relied on by thousands of healthcare organizations worldwide. We live our mission through active involvement in our communities and through healthcare advocacy.

About Securitas

Securitas is a leading intelligent security solutions partner. Our guarding, electronic security, fire and safety, and risk management solutions enable more than 150 000 clients to see a different world. We are present in 48 markets, and our innovative, data-driven approach makes us a trusted partner to many of the world’s best-known companies. Our 355,000 employees live our values of integrity, vigilance and helpfulness, and our purpose is to help make your world a safer place.

About Stanley Black & Decker

Headquartered in New Britain, Connecticut, Stanley Black & Decker, an S&P 500 company, is a leading $14.5 billion global diversified industrial with 56,000 employees in more than 60 countries who make the tools, products and solutions to deliver on its Purpose, For Those Who Make The World. The Company operates the world’s largest tools business featuring iconic brands such as DEWALT, STANLEY, BLACK+DECKER and CRAFTSMAN; the world’s second largest commercial electronic security company; and is a global industrial leader of highly engineered solutions within its engineered fastening and infrastructure businesses. Learn more at www.stanleyblackanddecker.com

Investor Contacts:

Dennis Lange

Vice President, Investor Relations
[email protected]
(860) 827-3833

Cort Kaufman

Director, Investor Relations
[email protected]
(860) 515-2741

Christina Francis

Director, Investor Relations
[email protected]
(860) 438-3470

Media Contacts:

Shannon Lapierre

Chief Communications Officer
[email protected]
(860) 259-7669

Debora Raymond

Vice President, Public Relations
[email protected]
(203) 640-8054

Cautionary Note Regarding Forward-Looking Statements

Cautionary Note Regarding Forward-Looking Statements Stanley Black & Decker makes forward-looking statements in this press release which represent its expectations or beliefs about future events and financial performance. Forward-looking statements are identifiable by words such as “believe,” “anticipate,” “expect,” “intend,” “plan,” “will,” “may” and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements made in this press release, include, but are not limited to, statements concerning: consummation of the Security sale transaction; certain forward-looking guidance of earnings per share and projections of the anticipated impact of the transaction; expected 2021 revenues of the Security business; opportunities for future growth; and the Company’s capital allocation strategy and share repurchase program and the amount, timing and results in terms of shareholder value therefrom.

You are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are not guarantees of future events and involve risks, uncertainties and other known and unknown factors that may cause actual results and performance to be materially different from any future results or performance expressed or implied by such forward-looking statements, including, but not limited to, the failure to consummate, or a delay in the consummation of, the Security sale transaction for various reasons; (including but not limited to failure to receive, or delay in receiving, required regulatory approvals and meet customary closing conditions); the failure to undertake or complete, or a delay in the timing of, the share repurchase program; and failure to realize the expected benefits of the Company’s capital allocation strategy and share repurchase program.

Forward-looking statements made herein are also subject to risks and uncertainties, described in: Stanley Black & Decker’s 2020 Annual Report on Form 10-K, its subsequently filed Quarterly Reports on Form 10-Q; and other filings Stanley Black & Decker makes with the Securities and Exchange Commission. In addition, actual results could differ materially from those suggested by the forward-looking statements, and therefore you should not place undue reliance on the forward-looking statements. Stanley Black & Decker makes no commitment to revise or update any forward-looking statements to reflect events or circumstances occurring or existing after the date of any forward-looking statement.

View original content to download multimedia:https://www.prnewswire.com/news-releases/stanley-black–decker-to-sell-security-business-for-3-2-billion-to-securitas-301439861.html

SOURCE Stanley Black & Decker

December 8, 2021 2:03 am

Race for quality office assets in major cities spurred by ESG and limited supply – 2022 Global Investor Outlook reveals

Investing with intent becoming as clear a priority as financial performance

LONDON and TORONTO, Dec. 08, 2021 (GLOBE NEWSWIRE) — Leading diversified professional services and investment management company Colliers (NASDAQ and TSX: CIGI) reveals quality office assets in major metropolitan markets like London, New York, Tokyo, and Sydney have retained their allure and will be in high demand next year. Core and core-plus office spaces are the top global strategy picks, with 60% of investors stating these as their investment preference for 2022, a 50% increase from last year.

Their appeal not only stems from the realization that office demand is here to stay, particularly in cities supported by strong transport infrastructure and high amenity values, but also the ease of large-scale capital deployment that office assets represent. The rising cost of construction, viewed by 4 in 5 (81%) investors as a pain point, limiting new builds, renovations, and retrofit projects amplify the race to core. Investors expect core office values to increase by up to or more than 10% over the next 12 months due to the stark imbalance between demand and supply.

“Based on our 2022 Global Investor Outlook, pent-up demand and delayed transactions will translate into momentum next year. However, investors face an increasingly complex and competitive marketplace, coloured by new regulations and COVID-19 uncertainties. With the amount of dry powder readily available, offices in Tier 1 cities are seen as safe haven assets that offer an attractive route to deploy capital,” said Tony Horrell, Head of Global Capital Markets at Colliers.

Investing with intent

This year’s report shows ESG (environmental, social, governance) considerations are prominent, with nearly 3 in 4 investors integrating environmental factors into their strategies. This desire to invest with intent is both a means of future-proofing their assets and responding to stakeholder and societal pressures requiring them to respond to the climate crisis.

Sustainability is creating a greater chasm between newer, high-quality assets in prime space and older, second-hand stock in city submarkets. To protect their portfolios, investors are concentrating on Grade-A buildings that prioritize sustainability and wellness credentials, while disposing of aging, non-compliant assets that risk potential obsolescence if they are not regarded as retrofit opportunities to capitalize. This recalibration of assets under management will drive market turnover.

“COP26 has reinforced that the next 10 years are imperative to the future of our planet,” said Chris Pilgrim, Director of Global Capital Markets. “The pandemic, climate-related disruptions, and growing recognition of social inequality are prompting investors to adopt a more robust approach to sustainability-related risks. As the number of ESG regulatory requirements continue to soar, we expect investors will be rushing to sell potential stranded assets to avoid discounted prices later.”

Partnership key to realizing diversified portfolios

The pandemic introduced new risks and heightened others for certain real estate assets. Investors are looking for more ways to ensure their portfolios are resilient and diversified, exploring specialized assets such as data centres, life science facilities, affordable and student housing that benefit from their strong ties to demographic and societal trends.

“Joint ventures, local partnerships, and M&A strategies are great for savvy investors who want to get ahead. Alternative assets present compelling investment cases, but their unique characteristics make teaming up with the right partner essential. There is a clear need for expertise to fill knowledge gaps and safely guide capital, particularly those in nascent sectors,” said Damian Harrington, Head of Global Capital Markets Research.

Other key findings from the Colliers 2022 Global Investor Outlook include:

Logistics: Industrial and logistics assets are the most attractive asset class overall, with 69% of investors choosing this as the preferred sector globally, due to the surging demand for e-commerce.
Retail: Grocery-linked convenience assets are the most popular retail asset type, accounting for 60% of the retail vote globally, yet some segments of retail such as luxury high-street are making a comeback. Shopping centres are ripe for conversion to last-mile logistics or mixed-use assets, with 30-50% of investors expressing interest in opportunistic and value-add strategies.
Multifamily/build-to-rent: Investors’ optimism about the broad range of residential opportunities connected closely to economic and demographic trends is driving higher investment volumes in all markets in 2021. Multifamily is the third most popular sector, with 42% of investors expressed an interest in in 2022.

About the Colliers 2022 Global Investor Outlook

The second edition of our annual outlook for global property investors is based on a focused survey undertaken by 300+ investors across the globe and in-depth interviews with our regional Capital Markets leaders. The findings and opinions featured in the report are shaped by their responses.

About Colliers

With operations in 65 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners, and investors. For more than 26 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.6 billion ($4.0 billion including affiliates) and $46 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.

Media Contact

Andrea Cheung
Global Manager, Communications
[email protected]
416-324-6402

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e04b6dab-b5ef-404f-8e65-f8fe0c7ad901

December 8, 2021 1:16 am

Adicet Bio, Inc. Announces Pricing of Public Offering of Common Stock

MENLO PARK, Calif. and BOSTON, Dec. 08, 2021 (GLOBE NEWSWIRE) — Adicet Bio, Inc. (“Adicet”) (Nasdaq: ACET), a biotechnology company discovering and developing allogeneic gamma delta CAR T cell therapies for cancer and other diseases, today announced the pricing of an underwritten public offering of 6,250,000 shares of its common stock at a public offering price of $14.00 per share. Adicet also granted the underwriters a 30-day option to purchase up to an additional 937,500 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be $87.5 million, excluding any exercise of the underwriters’ option to purchase additional shares. All of the shares in the offering are to be sold by Adicet. The offering is expected to close on or about December 10, 2021, subject to the satisfaction of customary closing conditions.

Jefferies and Guggenheim Securities are acting as joint book-running managers for the offering. Truist Securities is acting as passive book-runner for the offering. BTIG, H.C. Wainwright & Co. and JonesTrading are acting as co-managers for the offering.

The shares are being offered by Adicet pursuant to a shelf registration statement that was previously filed with, and subsequently declared effective on March 30, 2021 by, the U.S. Securities and Exchange Commission (SEC). A preliminary prospectus supplement relating to and describing the terms of the offering was filed with the SEC on December 7, 2021. The final prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus relating to the offered securities may be obtained from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2^nd Floor, New York, NY 10022, by telephone at (877) 821-7388, or by email at [email protected]; or Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, or by email at [email protected].

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

About Adicet

Adicet Bio, Inc. is a biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer and other diseases. Adicet is advancing a pipeline of “off-the-shelf” gamma delta T cells, engineered with chimeric antigen receptors and T cell receptor-like antibodies to enhance selective tumor targeting, facilitate innate and adaptive anti-tumor immune response, and improve persistence for durable activity in patients.

Forward-Looking Statements

This press release contains “forward-looking statements” of Adicet within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including without limitation, statements related to the anticipated public offering of shares. These forward-looking statements include, but are not limited to, those relating to Adicet’s expectations regarding the anticipated closing of the public offering. Any forward-looking statements in this press release are based on management’s current expectations and beliefs of future events, and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties related to completion of the public offering on the anticipated terms, or at all, include, but are not limited to, market conditions and the satisfaction of customary closing conditions related to the public offering. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause Adicet’s actual results to differ from those contained in the forward-looking statements, see the section entitled “Risk Factors” in Adicet’s most recent annual report on Form 10-K filed on March 12, 2021 and our subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed with the SEC, as well as discussions of potential risks, uncertainties, and other important factors in Adicet’s other filings with the SEC, including those contained or incorporated by reference in the preliminary prospectus supplement related to the proposed public offering to be filed with the SEC. All information in this press release is as of the date of the release, and Adicet undertakes no duty to update this information unless required by law.

Adicet Bio, Inc.

Investor and Media Contacts

Anne Bowdidge
[email protected]

Source: Adicet Bio, Inc.

December 8, 2021 1:03 am

WISeKey’s CEO, Carlos Moreira, to Present the Company’s Unique NFT Technologies at the Imperial Capital Security Investor Conference on December 15

WISe
K
ey
’s
CEO
,
Carlos Moreira
,
to
P
resent
the Company’s
U
nique NFT Technologies at
the
Imperial Capital Security Investor Conference on December 15

Geneva – December 8, 2021 – WISeKey International Holding Ltd. (“WISeKey,” SIX: WIHN / Nasdaq: WKEY), a leading global Semi-conductor, AI and IoT company, today announced that its CEO, Carlos Moreira will present at the Imperial Capital Security Investor Conference on Wednesday, December 15, 2021, at the InterContinental New York Barclay. WISeKey’s main presentation is scheduled for 10:30 am ET.

WISeKey’s presentation will focus on the new NFT blockchain technology of its WISe.ART Marketplace showcased during the International Art Week – Art Basel Miami. The WISe.ART Marketplace has received international attention and will gradually include and auction historical art pieces, documents/letters from the 15th century, watches, sports cards and many other luxury items. The owners of these items to be auctioned will be benefiting from WISeKey’s NFT WISe.Art platform which in addition to offering an authenticated and signed version of the actual digital asset, it also creates an irreversible link to the physical object, provides proof of ownership, provenance, and a set of contracts describing future use and monetization streams.

About WISeKey

WISeKey (NASDAQ: WKEY; SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large-scale digital identity ecosystems for people and objects using Blockchain, AI, and IoT respecting the Human as the Fulcrum of the Internet. WISeKey microprocessors secure the pervasive computing shaping today’s Internet of Everything. WISeKey IoT has an installed base of over 1.6 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens, etc.). WISeKey is uniquely positioned to be at the leading edge of IoT as our semiconductors produce a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications predict the failure of their equipment before it happens.

Our technology is Trusted by the OISTE/WISeKey’s Swiss-based cryptographic Root of Trust (“RoT”) provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain, and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit www.wisekey.com.

Press and investor contacts:

WISeKey International Holding Ltd
Company Contact: Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
[email protected]

WISeKey Investor Relations (US)
Contact: Lena Cati
The Equity Group Inc.
Tel: +1 212 836-9611
[email protected]

Disclaimer:

This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties, and other factors, which could cause the actual results, financial condition, performance, or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

December 8, 2021 12:08 am

Visa Introduces Crypto Advisory Services to help Partners Navigate a New Era of Money Movement

Visa Introduces Crypto Advisory Services to help Partners Navigate a New Era of Money Movement

The case for crypto is getting stronger for financial institutions; new global research finds nearly 40% of crypto owners would be likely to switch primary banks to one that offers crypto products

SAN FRANCISCO–(BUSINESS WIRE)–
Visa (NYSE: V), the world’s leader in digital payments, today announced the launch of Visa’s Global Crypto Advisory Practice, an offering within Visa Consulting & Analytics (VCA) designed to help clients and partners advance their own crypto journey. This comes at a moment when digital currencies are taking greater hold in the popular consciousness – according to research released today from Visa, awareness of crypto among financial decision makers surveyed is near universal at 94% around the world.ⁱ

For financial institutions eager to attract or retain customers with a crypto offering, retailers looking to delve into NFTs, or central banks exploring digital currencies, understanding the crypto ecosystem is a vital first step. Through their work with more than 60 crypto platforms, Visa’s global network of consultants and product experts have deep expertise to help financial institutions evaluate the crypto opportunity, develop concrete strategies, and pilot new user experiences and innovations like crypto rewards programs and CBDC-integrated consumer wallets.

VISA STUDY EXPLORES CONSUMER ATTITUDES AND ADOPTION OF CRYPTO

Client interest in building crypto solutions comes as new Visa research shows significant awareness and adoption among consumers globally. In a new global study, “The Crypto Phenomenon: Consumer Attitudes & Usage,” Visa found that nearly one-third of respondents have directly engaged with crypto – either as an investment vehicle or as a medium of exchange. And globally, nearly 40% of crypto owners surveyed report they would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months.

“Crypto represents a technological shift for money movement and digital ownership,” said Antony Cahill, Deputy CEO, Visa, Europe. “As consumers change their approach to investing, where they bank, and their views on the future of money, every financial institution will need a crypto strategy.”

Surveying more than 6,000 financial decision makers across eight markets (Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the U.K. and U.S.), the Visa study uncovered the following insights:

The crypto headlines are having an impact. Awareness of crypto is almost universal at 94% globally among survey participants with discretion over their household finances.
A significant segment is using or investing with crypto: Nearly one in three crypto-aware adults already own or use cryptocurrency, and the majority of that group (62%) say their use has increased in the past year.
Engagement is higher in emerging markets. 37% of crypto-aware consumers in emerging markets use or own crypto compared to 29% in developed markets.
Key motivators include wealth-building and belief in crypto as the future of financial services. The biggest drivers of owning and using cryptocurrency are to take part in the “financial way of the future” (42%) and to build wealth (41%) – both forward looking motivators.
Crypto-linked cards and crypto rewards are attractive. Among current crypto owners, 81% express interest in crypto-linked cards, which allow you to convert and spend crypto at the retailers where you shop in the same way you can use a debit or credit card. 84% are interested in crypto rewards, which allow you to earn crypto as a reward for your card spending.
Consumers are willing to switch banks in search of crypto products. Globally, 18% of survey participants say they would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months. This is particularly true for emerging markets, which jumps to 24%. Among consumers who already own cryptocurrency, nearly 40% are willing to make the switch.

To download “The Crypto Phenomenon: Consumer Attitudes & Usage” and learn more, click here.

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.

About Visa Consulting & Analytics

Visa Consulting & Analytics (VCA) is the payments consulting advisory arm of Visa. This group is a client-facing global team of more than 700 payments consultants, data scientists and economists in more than 75 cities. The combination of our deep payments expertise, our breadth of data and our economic intelligence allows us to identify actionable insights, recommendations and solutions that drive better business decisions and measurable outcomes for clients.

VCA is ideally positioned to work with clients to help formulate a digital currencies strategy, capabilities assessment, business case, and go-to-market approach, including build-partner-buy considerations. Similarly, subject matter experts can assist in areas such as product development, innovation and design, and marketing strategy and execution.

Disclaimer

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to, among other things, our future operations, prospects, developments, strategies, business growth. Forward-looking statements generally are identified by words such as “believes,” “estimates,” “expects,” “intends,” “may,” “projects,” “could,” “should,” “will,” “continue” and other similar expressions. All statements other than statements of historical fact could be forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond our control and are difficult to predict. We describe risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, any of these forward-looking statements in our filings with the SEC. Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise.

Case studies, comparisons, statistics, research and recommendations are provided “AS IS” and intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. Visa Inc. neither makes any warranty or representation as to the completeness or accuracy of the information within this document, nor assumes any liability or responsibility that may result from reliance on such information. The information contained herein is not intended as investment, tax, or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.

ⁱSurvey Methodology

This study, conducted in partnership with LRW, a Material Company, included 9 focus groups and 10 in-depth interviews total in the United States, Germany, and Argentina from July 14th –July 26th of 2021, and collected 6,430 online survey responses across Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the US, and the UK between August 25th and September 13th, 2021.

The research reflects the views and opinions of online populations in these markets and is demographically representative based on age, gender, household income, region and ethnicity. In order to qualify for the survey, respondents had to:

Be at least 18 years old
If 25 years old or older, have a household income of at least $35,000 (or market equivalent)
Have shared or joint financial decision-making responsibility in their households

Amongst this group, participants were furthered screened on their awareness of cryptocurrency: those who indicated awareness of cryptocurrency were invited to participate in the full survey on crypto attitudes and usage. Screening rates were captured to size this group among all online adults.

Stats referring to “Crypto Owners” represent a combined figure for survey respondents who identify as “Active Owners,” defined as respondents who have used cryptocurrency to send or receive money, buy goods, or to accept payment at least once and “Passive Owners,” who are defined as respondents who have purchased cryptocurrency as an investment but have not transferred/transacted with it.

For the full survey methodology, please view the report, available here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211207006007/en/

Ian Burge, Visa Communications Lead – [email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Professional Services Technology Other Technology Finance Consulting Banking

MEDIA:

Logo

December 8, 2021 12:05 am

CooTek Announces Third Quarter 2021 Unaudited Results

PR Newswire

SHANGHAI, Dec. 8, 2021 /PRNewswire/ — CooTek (Cayman) Inc. (NYSE: CTK) (“CooTek” or the “Company”), a global mobile internet company, today reported unaudited financial results for the third quarter ended September 30, 2021.

Third Quarter 2021 Highlights

Net revenues were US$51.1 million, a decrease of 52% from US$105.7 million during the same period last year.
Gross profit was US$42.0 million, a decrease of 58% from US$98.9 million during the same period last year.
Gross profit margin was 82.2%, compared with 93.6% during the same period last year.
Net loss was US$0.4 million, compared with net income of US$0.3 million last quarter, and net loss of US$22.0 million during the same period last year.
Adjusted net income^[1] (Non-GAAP) was US$0.4 million, compared with adjusted net income (Non-GAAP) US$1.1 million last quarter, and adjusted net loss (Non-GAAP) of US$20.5 million during the same period last year.
The Company’s portfolio products^[2] contributed approximately 99% of total revenues, with a focus on three main categories: online literature, mobile games and scenario-based content apps.

September 2021 Operational Highlights

Average daily active users (“DAUs”) of the Company’s portfolio products were 18.7 million, a decrease of 32% from 27.7 million in September 2020. Monthly active users (“MAUs”) of the Company’s portfolio products were 57.2 million, a decrease of 40% from 94.8 million in September 2020.
Average DAUs of the Company’s online literature products were 5.0 million, a decrease of 50% from 10.0 million in September 2020. MAUs of the Company’s online literature products were 13.5 million, a decrease of 54% from 29.5 million in September 2020. The average daily reading time^[3] of our online literature product in the Chinese market, Fengdu Novel’s users was approximately 153 minutes in September 2021, which remained stable compared with 153 minutes in June 2021.
Average DAUs of the Company’s TouchPal Smart Input were 101.3 million. MAUs of the Company’s TouchPal Smart Input were 132.5 million.

“We have been consistently focused on the achievement of group-level profitability despite uncertainties in the Chinese mobile advertising market,” commented Mr. Karl Zhang, CooTek’s Chairman. “We are encouraged by the solid business fundamental of Fengdu Novel, which continued to contribute efficiently to the overall gross margin of the group. At the same time, we have been further strengthening our exposure in the overseas mobile games and online literature markets based on our recently launched Metaverse and NFT plan. We developed and published 14 new mobile games in the third quarter of 2021 and currently have a pipeline of 15-20 games in the fourth quarter of 2021 with 2 key mobile casual games.”

Mr. Robert Cui, CooTek’s CFO further commented, “We have been committed to optimizing our product portfolio in the global market with continuous concentration on the group-level profitability. We made our strategic initiative in expanding the scale of our overseas mobile games segment which has provided exciting and satisfying business upside since the second quarter of 2021. We remain confident in further enhancing our business model targeting at a long-term sustainable growth.”

(in millions)	Portfolio Products
	Portfolio Products		Including: Online literature
	DAUs	MAUs	DAUs	MAUs
Sep’ 19	23.9	67.5	2.0	11.0
Dec’ 19	24.7	74.6	4.8	19.3
Mar’ 20	25.2	89.2	7.3	29.1
Jun’ 20	23.9	83.5	8.1	28.4
Sep’ 20	27.7	94.8	10.0	29.5
Dec’ 20	27.8	85.8	10.2	29.5
Mar’ 21	20.3	58.6	7.5	20.1
Jun’ 21	23.5	70.0	6.7	18.1
Sep’ 21	18.7	57.2	5.0	13.5

Third Quarter 2021 Financial Results

Net Revenues

(in US$ thousands, except percentage)	3Q 2021	2Q 2021	3Q 2020	QoQ % Change	YoY % Change

Mobile Advertising Revenues	49,767	82,078	104,842	(39)%	(53)%
Other Revenues	1,374	1,139	815	21%	69%
Total Net Revenues	51,141	83,217	105,657	(39)%	(52)%

Net revenues were US$51.1 million, a decrease of 52% from US$105.7 million during the third quarter of 2020 and a decrease of 39% from US$83.2 million during the last quarter. The decrease compared with the same quarter of 2020 was primarily due to a decrease in mobile advertising revenues.

Mobile advertising revenues were US$49.8 million, a decrease of 53% from US$104.8 million during the third quarter of 2020 and a decrease of 39% from US$82.1 million during the last quarter. The decrease compared with the same quarter of 2020 was primarily due to the restructuring of portfolio products in the Chinese mobile games and scenario-based content apps categories.

Our portfolio products focus on three categories: online literature, scenario-based content apps and mobile games. Mobile games accounted for approximately 56%, online literature accounted for approximately 39%, and scenario-based content apps accounted for approximately 4% in the third quarter of 2021.

Cost and Operating Expenses

	3Q 2021		2Q 2021		3Q 2020		QoQ % Change	YoY % Change
(in US$ thousands, except percentage)	US$	% of revenue	US$	% of revenue	US$	% of revenue	QoQ % Change	YoY % Change

Cost of revenues	9,165	18%	8,801	10%	6,784	6%	4%	35%
Sales and marketing	28,687	56%	59,787	72%	107,842	102%	(52)%	(73)%
Research and development	9,223	18%	9,709	12%	8,204	8%	(5)%	12%
General and administrative	4,011	8%	4,879	6%	3,707	4%	(18)%	8%
Other operating (income) loss, net	(938)	(2)%	(1,459)	(2)%	1,064	1%	(36)%	(188)%
Total Cost and Expenses	50,148	98%	81,717	98%	127,601	121%	(39)%	(61)%

Share-based compensation expenses by function
Cost of revenues	30	0.1%	54	0.1%	75	0.1%	(44)%	(60)%
Sales and marketing	20	0.0%	14	0.0%	59	0.1%	43%	(66)%
Research and development	308	0.6%	456	0.5%	815	0.8%	(32)%	(62)%
General and administrative	453	0.9%	317	0.4%	492	0.5%	43%	(8)%
Total share-based compensation expenses	811	1.6%	841	1.0%	1,441	1.5%	(4)%	(44)%

Cost of revenues was US$9.2 million, a 35% increase from US$6.8 million during the same period last year, and an increase of 4% from US$8.8 million during the last quarter. The year-over-year increase was primarily due to an increase in content costs we paid to our signed authors and third-party content providers for the publishing and licensing of relevant online literature works.

Gross profit was US$42.0 million, a decrease of 58% from US$98.9 million during the same period last year, and a decrease of 44% from US$74.4 million last quarter. Gross profit margin was 82.2%, compared with 93.6% in the same period last year and 89.4% last quarter.

Sales and marketing expenses were US$28.7 million, a decrease of 73% from US$107.8 million during the same period last year, and a decrease of 52% from US$59.8 million last quarter. As a percentage of total revenues, sales and marketing expenses accounted for 56%, compared with 102% during the same period last year, and 72% last quarter. The sequential and year-over-year decrease in sales and marketing expenses as a percentage of total net revenues was primarily due to the continuous transition of the strategy in relation to the acquisition of new users and the retention of existing users which resulted in the reduction of the user acquisition costs.

Research and development expenses were US$9.2 million, an increase of 12% from US$8.2 million during the same period last year and a decrease of 5% from US$9.7 million last quarter. The sequential decrease was primarily due to a decrease in salary and payroll expenses associated with technology R&D staff and share-based compensation expenses, and was partially offset by increase in third-party outsourcing fee. The year-over-year increase was primarily due to an increase in salary and payroll expenses associated with technology R&D staff, and was partially offset by decline in share-based compensation expenses. As a percentage of total net revenues, research and development expenses accounted for 18%, compared with 8% during the same period last year and 12% last quarter.

General and administrative expenses were US$4.0 million, an increase of 8% from US$3.7 million during the same period last year and a decrease of 18% from US$4.9 million last quarter. The sequential decrease was mainly due to a decrease in listing expenses and bad debt provision, and was partially offset by a rise in share-based compensation. The year-over-year increase was mainly due to an increase in salary and payroll expenses associated with G&A staff and bad debt provision, and was partially offset by decline in listing expenses and professional service fee. As a percentage of total net revenues, general and administrative expenses accounted for 8%, compared with 4% during the same period last year and 6% during last quarter.

Other operating income, net was US$0.9 million, compared with other operating loss, net of US$1.1 million during the same period last year and other operation income, net of US$1.5 million last quarter. The other operating income mainly included government subsidy received.

Interest expense, net was US$2.0 million, compared with interest expense, net of US$7 thousand during the same period last year and interest expense, net of US$1.3 million last quarter. The interest expense increased was mainly due to the increase in interest expense on convertible note.

Net loss was US$0.4 million, compared with net loss of US$22.0 million during the same period last year and a net income of US$0.3 million last quarter.

Adjusted net
income was US$0.4 million, compared with adjusted net loss of US$20.5 million in the same period last year and adjusted net income of US$1.1 million last quarter. The sequential decrease of profitability compared with the adjusted net income in the last quarter was mainly due to the decrease in revenues. The achievement of profitability compared with the adjusted net loss the same quarter last year was mainly due to the decrease in sales and marketing expenses as a percentage of total revenues driven by the continuous transition of the strategy in relation to the acquisition of new users and the retention of existing users.

(in US$ thousands, except percentage)	3Q 2021	2Q 2021	3Q 2020	QoQ % Change	YoY % Change

Net (Loss) Income	(444)	264	(21,964)	(268)%	(98)%
Add: Share-based compensation related to share options and restricted share units	811	841	1,441	(4)%	(44)%
Adjusted Net Income (Loss) (Non-GAAP)	367	1,105	(20,523)	(67)%	(102)%

In the three months ended September 30, 2021, basic and diluted net loss per ADS were US$0.007 and US$0.007, and basic and diluted adjusted net income (Non-GAAP) per ADS were US$0.006 and US$0.006 respectively.

Balance Sheet and Cash Flows

As of September 30, 2021, cash, cash equivalents and restricted cash were US$36.2 million, compared with US$39.0 million as of June 30, 2021.

Net cash inflow from operating activities during the third quarter of 2021 was US$5.0 million, compared with net cash outflow from operating activities of US$14.4 million for the same period in 2020 and net cash outflow from operating activities of US$17.5 million during the last quarter. Cash inflow from operating activities during the third quarter of 2021 was mainly due to the decrease in accounts receivable driven primarily by the collection of receivable, and partially offset by the decrease in accounts payable primarily driven by the decrease of our user acquisition costs.

Net cash outflow from financing activities during the third quarter of 2021 was US$6.8 million, compared with net cash outflow from financing activities of US$2.2 million for the same period in 2020 and net cash outflow from financing activities of US$0.1 million during the last quarter. Net cash outflow from financing activities during the third quarter of 2021 was mainly due to the voluntary redemption of convertible note of US$4.2 million, and net cash outflow of US$3.9 million from the aggregate effect of proceeds from and repayment of bank borrowing, and partially offset by the net proceeds of US$1.4 million from a registered direct offering, upon which the Company sold US$1.5 million of ADSs on August 16, 2021.

Conference Call and Webcast

CooTek’s management team will host a conference call at 8:00 AM U.S. Eastern Time on December 8, 2021 (9:00 PM Beijing Time on the same day), following the results announcement.

The dial-in details for the live conference call are:

United States:	866-548-4713
Hong Kong:	800-961-105
Mainland China:	4001-209-101
International:	1-323-794-2093
Passcode:	9181320

Please dial in 15 minutes before the call is scheduled to begin. When prompted, ask to be connected to the CooTek (Cayman) Inc. call.

A live webcast and archive of the conference call will be available on the Investor Relations section of CooTek’s website at https://ir.cootek.com/.

About CooTek (Cayman) Inc.

CooTek is a mobile internet company with a global vision that offers content-rich mobile applications, focusing on three categories: online literature, scenario-based content apps and mobile games. CooTek’s mission is to empower everyone to enjoy relevant content seamlessly. CooTek’s user-centric and data-driven approach has enabled it to release appealing products to capture mobile internet users’ ever-evolving content needs and helps it rapidly attract targeted users.

Non-GAAP Financial Measure

To supplement the unaudited consolidated financial information prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), the Company uses non-GAAP financial measure of adjusted net loss that is adjusted from results based on GAAP to exclude the impact of share-based compensation, and Adjusted EBITDA that is net loss excluding interest income and expense, income taxes, depreciation and amortization, and share-based compensation. The measure should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.

The Company believes that the non-GAAP measure help identify underlying financial and business trends relating to the Company’s results of operations that could otherwise be distorted by the effect of certain expenses that the Company include in loss from operations and net loss. By making the Company’s financial results comparable period over period, the Company believes adjusted net loss and Adjusted EBITDA provides useful information to better understand the Company’s historical business operations and future prospects and allows for greater visibility with respect to key metrics used by the management in financial and operational decision-making. In order to mitigate these limitations, the Company has provided specific information regarding the GAAP amounts excluded from the non-GAAP measure. The table at the bottom of this press release includes details on the reconciliation between GAAP financial measure that is most directly comparable to the non-GAAP financial measure the Company has presented.

Safe Harbor Statement

This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “optimistic” and similar statements. CooTek may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about CooTek’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: CooTek’s mission and strategies; future business development, financial conditions and results of operations; the expected growth of the mobile internet industry and mobile advertising industry; the expected growth of mobile advertising; expectations regarding demand for and market acceptance of our products and services; competition in mobile application and advertising industry; relevant government policies and regulations relating to the industry and the development and impacts of COVID-19. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and CooTek does not undertake any obligation to update such information, except as required under applicable law.

For investor enquiries, please contact:

CooTek (Cayman) Inc.
Mr. Robert Yi Cui
Email: [email protected]

ICA Investor Relations (Asia) Limited
Mr. Kevin Yang
Phone: +86-21-8028-6033
E-mail: [email protected]

CooTek (Cayman) Inc.
Unaudited Condensed Consolidated Statement of Operations
(in thousands, except for share and per share data)

	Three Months Ended			Nine Months Ended
	September 30,	June 30,	September 30,	September 30,
	2020	2021	2021	2020	2021
	US$	US$	US$	US$	US$

Net revenues	105,657	83,217	51,141	339,066	215,910
Cost of revenues	(6,784)	(8,801)	(9,165)	(17,057)	(26,832)
Gross Profit	98,873	74,416	41,976	322,009	189,078
Operating expenses:
Sales and marketing expenses	(107,842)	(59,787)	(28,687)	(316,277)	(159,210)
Research and development expenses	(8,204)	(9,709)	(9,223)	(23,154)	(27,969)
General and administrative expenses	(3,707)	(4,879)	(4,011)	(11,144)	(14,447)
Other operating (loss) income, net	(1,064)	1,459	938	(228)	3,200
Total operating expenses	(120,817)	(72,916)	(40,983)	(350,803)	(198,426)
(Loss) income from operations	(21,944)	1,500	993	(28,794)	(9,348)
Interest (expense) income , net	(7)	(1,336)	(2,031)	227	(3,681)
Foreign exchange (loss) gain, net	(13)	19	(25)	(13)	(250)
Fair value change of derivatives	—	85	656	—	741
(Loss) income before income taxes	(21,964)	268	(407)	(28,580)	(12,538)
Income tax expense	—	—	—	(3)	—
Share of loss in equity method investment	—	(4)	(37)	—	(41)
Net (loss) income	(21,964)	264	(444)	(28,583)	(12,579)
Net (loss) income per ordinary share
Basic	(0.007)	0.0001	(0.0001)	(0.01)	(0.004)
Diluted	(0.007)	0.0001	(0.0001)	(0.01)	(0.004)
Weighted average shares used in calculating net (loss) income per ordinary share
Basic	3,070,510,051	3,238,319,836	3,330,388,021	3,086,630,271	3,235,801,001
Diluted	3,070,510,051	3,279,417,127	3,330,388,021	3,086,630,271	3,235,801,001
Non-GAAP Financial Data
Adjusted Net (Loss) Income	(20,523)	1,105	367	(24,777)	(9,623)
Adjusted EBITDA	(19,318)	3,428	3,317	(22,263)	(3,178)

Unaudited Condensed Consolidated Balance Sheets
(in thousands, except for share and per share data)

	As of
	June 30, 2021	September 30, 2021
	US$	US$

ASSETS
Current assets:
Cash and cash equivalents	35,667	36,011
Restricted cash	3,293	197
Short-term investment	50	50
Accounts receivable, net of allowance for doubtful accounts of US$1,180 as of June 30, 2021 and US$1,152 as of September 30, 2021, respectively	31,451	16,422
Prepaid expenses and other current assets	8,966	11,757
Total current assets	79,427	64,437
Property and equipment, net	4,100	3,977
Intangible assets, net	326	285
Operating lease right-of-use assets^[4]	1,818	1,423
Long-term investments	620	582
Other non-current assets	1,211	1,236
TOTAL ASSETS	87,502	71,940
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities
Accounts payable	50,245	35,436
Short-term borrowings	15,162	11,256
Accrued salary and benefits	6,555	8,387
Operating lease liabilities, current^[4]	1,322	1,095
Accrued expenses and other current liabilities	6,685	10,077
Convertible notes	16,243	12,591
Derivative liabilities	1,577	921
Deferred revenue	3,086	2,480
Total current liabilities	100,875	82,243
Other non-current liabilities	391	369
Operating lease liabilities, non-current^[4]	231	142
TOTAL LIABILITIES	101,497	82,754

Unaudited Condensed Consolidated Balance Sheets (continued):
(in thousands, except for share and per share data)

	As of
	June 30, 2021	September 30, 2021
	US$	US$

Shareholders’ Deficit:
Ordinary shares	33	34
Treasury shares	(5,229)	(5,229)
Additional paid-in capital	206,159	209,703
Accumulated deficit	(213,099)	(213,544)
Accumulated other comprehensive loss	(1,859)	(1,778)
Total Shareholders’ Deficit	(13,995)	(10,814)
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT	87,502	71,940

Unaudited Condensed Consolidated Statement of Cash Flows
(in thousands, except for share and per share data)

	Three Months Ended			Nine Months Ended
	September 30,	June 30,	September 30,	September 30,
	2020	2021	2021	2020	2021
	US$	US$	US$	US$	US$


Net cash (used in) provided by operating activities	(14,393)	(17,540)	4,985	5,969	(35,529)
Net cash provided by (used in) investing activities	12,266	(565)	(771)	(2,362)	(1,695)
Net cash (used in) provided by financing activities	(2,183)	(135)	(6,810)	(2,937)	23,205
Net (decrease) increase in cash and cash equivalents	(4,310)	(18,240)	(2,596)	670	(14,019)
Cash, cash equivalents, and restricted cash at beginning of period	64,921	56,127	38,960	59,966	49,622
Effect of exchange rate changes on cash and cash equivalents	400	1,073	(156)	375	605
Cash, cash equivalents, and restricted cash at end of period	61,011	38,960	36,208	61,011	36,208

Reconciliations of GAAP and Non-GAAP Results

(in thousands, except for share and per share data)

Three Months Ended

Nine Months Ended

September 30,

June 30,

September 30,

2020

2021

2020

2021

US$

Net (Loss) Income

(21,964)

264

(444)

(28,583)

(12,579)

Add:

Share-based compensation related to share options and
restricted share units

1,441

841

811

3,806

2,956

Adjusted Net (Loss) Income (Non-GAAP)*

(20,523)

1,105

367

(24,777)

(9,623)

Add:

Interest expense (income), net

1,336

2,031

(227)

3,681

Income taxes

—

Depreciation and amortization

1,198

987

919

2,738

2,764

Adjusted EBITDA (Non-GAAP)*

(19,318)

3,428

3,317

(22,263)

(3,178)

* The tax impact to the non-GAAP adjustments is zero.

^[1] “Adjusted net income” (Non-GAAP) is a non-GAAP measure, which is defined as net loss excluding share-based compensation related to share options and restricted share units. For further information, please see “Non-GAAP Financial Measures” and “Reconciliations of GAAP and non-GAAP results” at the bottom of this release.

^[2] “Portfolio products” is to the mobile applications that we develop and provide to our users and business partners, which exclude TouchPal Smart Input and TouchPal Phonebook.

^[3] “Average daily reading time” for any day is calculated by dividing (i) the sum of time spent on reading books on our Fengdu Novel for such day, by (ii) the number of Fengdu Novel users who spent time on reading books for such day. The average daily reading time for any month is calculated by dividing (i) the sum of average daily reading time for each day in such month, by (ii) the number of days in such month.

^[4] On January 1, 2021, the Company adopted ASC 842, the new lease standard, using the modified retrospective method.

View original content:https://www.prnewswire.com/news-releases/cootek-announces-third-quarter-2021-unaudited-results-301439811.html

SOURCE CooTek (Cayman) Inc.

December 8, 2021 12:03 am

Visa Introduces Crypto Advisory Services to Help Partners Navigate a New Era of Money Movement

Visa Introduces Crypto Advisory Services to Help Partners Navigate a New Era of Money Movement

“We’ve seen a material shift in our clients’ mindset in the last year, from a desire to explore and experiment with crypto, to actually building a strategy and product roadmap,” said Carl Rutstein, Global Head, Visa Consulting & Analytics. Today, Visa is engaging with clients and partners in every region, including the U.S., where Visa’s team is working with UMB Financial Corporation.

“We came to Visa to learn more about digital currency and the use cases that are most relevant for various business lines as we serve our customers in the years ahead,” said Uma Wilson, executive vice president, chief information and product officer at UMB Bank.“VCA helped us begin to explore a roadmap of a strategy – from product and partner selection to cross-functional considerations such as Technology, Finance, Risk, and Compliance.”

VISA STUDY EXPLORES CONSUMER ATTITUDES AND ADOPTION OF CRYPTO

“Crypto represents a technological shift for money movement and digital ownership,” said Terry Angelos, SVP, and global head of fintech, Visa. “As consumers change their approach to investing, where they bank, and their views on the future of money, every financial institution will need a crypto strategy.”

The crypto headlines are having an impact. Awareness of crypto is almost universal at 94% globally among survey participants with discretion over their household finances.
A significant segment is using or investing with crypto: Nearly one in three crypto-aware adults already own or use cryptocurrency, and the majority of that group (62%) say their use has increased in the past year.
Engagement is higher in emerging markets. 37% of the crypto-aware consumers surveyed in emerging markets use or own crypto, compared to 29% in developed markets.
Key motivators include wealth-building and belief in crypto as the future of financial services. The biggest drivers of owning and using cryptocurrency are to take part in the “financial way of the future” (42%) and to build wealth (41%) – both forward looking motivators.
Crypto-linked cards and crypto rewards are attractive. Among current crypto owners, 81% express interest in crypto-linked cards, which allow you to convert and spend crypto at the retailers where you shop in the same way you can use a debit or credit card. 84% are interested in crypto rewards, which allow you to earn crypto as a reward for your card spending.
Consumers are willing to switch banks in search of crypto products. Globally, 18% of survey participants say they would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months. This is particularly true for emerging markets, which jumps to 24%. Among consumers who already own cryptocurrency, nearly 40% are willing to make the switch.

To download “The Crypto Phenomenon: Consumer Attitudes & Usage” and learn more, click here.

About Visa Inc.

About Visa Consulting & Analytics

Disclaimer

¹Survey Methodology

This study, conducted in partnership with LRW, a Material Company, included 9 focus groups and 10 in-depth interviews total in the United States, Germany, and Argentina from July 14th – July 26th of 2021, and collected 6,430 online survey responses across Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the U.S., and the U.K. between August 25th and September 13th, 2021.

Be at least 18 years old
If 25 years old or older, have a household income of at least $35,000 (or market equivalent)
Have shared or joint financial decision-making responsibility in their households

For the full survey methodology, please view the report, available here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211207006223/en/

Allee McDermott

Visa Inc.

[email protected]

KEYWORDS: California Germany Australia Argentina Brazil Hong Kong Australia/Oceania United States South America United Kingdom North America Asia Pacific Africa Europe South Africa

INDUSTRY KEYWORDS: Professional Services Technology Other Technology Finance Consulting Banking

MEDIA:

December 7, 2021 11:12 pm

PNM Declares Preferred Dividend

PR Newswire

ALBUQUERQUE, N.M., Dec. 7, 2021 /PRNewswire/ — The Board of Directors of Public Service Company of New Mexico, a subsidiary of PNM Resources (NYSE: PNM), declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable January 14, 2022 to shareholders of record at the close of business December 27, 2021.

Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2020 consolidated operating revenues of $1.5 billion. Through its regulated utilities, Public Service Company of New Mexico and Texas-New Mexico Power Company, PNM Resources provides electricity to approximately 800,000 homes and businesses in New Mexico and Texas. Public Service Company of New Mexico serves its customers with a diverse mix of generation and purchased power resources totaling 3.1 gigawatts of capacity, with a goal to achieve 100% emissions-free energy by 2040. For more information, visit the company’s website at www.PNMResources.com.

CONTACTS:
Analysts	Media
Lisa Goodman	Ray Sandoval
(505) 241-2160	(505) 241-2782

View original content to download multimedia:https://www.prnewswire.com/news-releases/pnm-declares-preferred-dividend-301439795.html

SOURCE PNM Resources, Inc.

December 7, 2021 10:42 pm

Patrick Industries, Inc. Announces Pricing of Offering of $225,000,000 Convertible Senior Notes Due 2028

PR Newswire

ELKHART, Ind., Dec. 7, 2021 /PRNewswire/ — Patrick Industries, Inc. (NASDAQ: PATK) (“Patrick” or the “Company”) announced today the pricing of its private offering of $225,000,000 aggregate principal amount of its convertible senior notes due 2028 (the “Notes”) in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Company also granted the initial purchasers of the Notes an option to purchase, within a 13-day period beginning on, and including, the initial closing date of the offering, up to an additional $33,750,000 aggregate principal amount of the Notes. The sale of the Notes to the initial purchasers is expected to settle on or about December 13, 2021, subject to customary closing conditions, and is expected to result in approximately $217 million in net proceeds to the Company, after deducting the initial purchasers’ discount and estimated offering expenses payable by the Company (assuming no exercise of the initial purchasers’ option to purchase additional Notes) but before deducting the net cost of the convertible note hedge and warrant transactions referred to below.

The Notes will bear interest at a rate of 1.75% per year, payable semiannually in arrears on June 1 and December 1 of each year, beginning on June 1, 2022, and will mature on December 1, 2028, unless earlier redeemed, repurchased or converted. The initial conversion rate for the Notes is 9.9887 shares of the Company’s common stock per $1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately $100.11 per share and which represents a premium of approximately 30% over the $77.01 per share last reported sale price of the Company’s common stock on December 7, 2021). Prior to June 1, 2028, the Notes may be converted at the option of the holders only upon the occurrence of specified events and during certain periods, and thereafter until the close of business on the second scheduled trading day immediately preceding the maturity date, the Notes may be converted at any time. The Company will satisfy any conversion by paying cash up to the aggregate principal amount of the Notes to be converted and by paying or delivering, as the case may be, cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the Notes being converted. The Company may redeem for cash all or any portion of the Notes, at its option, on or after December 5, 2025 if the closing sale price per share of the Company’s common stock exceeds 130% of the conversion price of the Notes for a specified period of time. The redemption price will be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The Notes will be senior unsecured obligations of the Company. The Notes will be guaranteed on a senior unsecured basis by each of the Company’s current and future wholly-owned domestic subsidiaries that guarantee the Company’s borrowings under its senior secured credit facility and certain of its outstanding existing senior notes.

In connection with the offering, the Company entered into privately negotiated convertible note hedge transactions with certain of the initial purchasers of the Notes or affiliates thereof and/or other financial institutions (in this capacity, the “option counterparties”). The Company also entered into warrant transactions with the option counterparties. The convertible note hedge transactions are expected generally to reduce potential dilution to the Company’s common stock upon any conversion of the Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, as the case may be. However, the warrant transactions could separately have a dilutive effect to the extent that the market value per share of the Company’s common stock exceeds upon expiration the applicable strike price of the warrants. The strike price of the warrant transactions will initially be $123.2160 per share, which represents a premium of 60% over the last reported sale price of the Company’s common stock on December 7, 2021 and is subject to certain adjustments under the terms of the warrant transactions.

In connection with establishing their initial hedges of the convertible note hedge and warrant transactions, the option counterparties or their respective affiliates expect to purchase shares of the Company’s common stock and/or enter into various derivative transactions with respect to the Company’s common stock concurrently with or shortly after the pricing of the Notes. This activity could increase (or reduce the size of any decrease in) the market price of the Company’s common stock or the Notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the Company’s common stock and/or purchasing or selling the Company’s common stock or other securities of the Company in secondary market transactions following the pricing of the Notes prior to the maturity of the Notes (and are likely to do so during any observation period related to a conversion of the Notes). This activity could also cause or avoid an increase or a decrease in the market price of the Company’s common stock or the Notes, which could affect the ability of noteholders to convert the Notes and, to the extent the activity occurs during any observation period related to a conversion of the Notes, it could affect the number of shares and value of the consideration that a noteholder will receive upon conversion of the Notes.

The Company intends to use a portion of the net proceeds from the offering to pay the cost of the convertible note hedge transactions described above (after such cost is partially offset by the proceeds to the Company from the sale of the warrant transactions described above). The Company expects to use the remaining net proceeds from the offering for general corporate purposes, including acquisitions. Pending these uses, the Company intends to use the remainder of the net proceeds from the offering to repay a portion of the amounts due under its current credit facility.

If the initial purchasers exercise their option to purchase additional Notes, the Company expects to sell additional warrants to the option counterparties and use a portion of the net proceeds from the sale of the additional Notes, together with the proceeds from the sale of the additional warrants, to enter into additional convertible note hedge transactions with the option counterparties. Any remaining proceeds will be used for the purposes as described above.

The offer and sale of the Notes are not being registered under the Securities Act, or the securities laws of any other jurisdiction. The Notes may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the Securities Act and any applicable state securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes or the guarantees nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Any offers of the Notes and the guarantees will be made only by means of a private offering memorandum. The Notes and any shares of the Company’s common stock issuable upon conversion have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements. The Notes being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the applicable private offering memorandum.

Patrick Industries, Inc.

Patrick Industries (NASDAQ: PATK) is a leading component solutions provider for the RV, marine, manufactured housing and various industrial markets – including single and multi-family housing, hospitality, institutional and commercial markets. Founded in 1959, Patrick is based in Elkhart, Indiana, with over 11,000 employees and 160 businesses across the United States.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements related to future results, our intentions, beliefs and expectations or predictions for the future, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any projections of financial performance or statements concerning expectations as to future developments should not be construed in any manner as a guarantee that such results or developments will, in fact, occur. There can be no assurance that any forward-looking statement will be realized or that actual results will not be significantly different from that set forth in such forward-looking statement. Information about certain risks that could affect our business and cause actual results to differ from those expressed or implied in the forward-looking statements are contained in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, and in the Company’s Forms 10-Q for subsequent quarterly periods, which are filed with the Securities and Exchange Commission (“SEC”) and are available on the SEC’s website at www.sec.gov. Each forward-looking statement speaks only as of the date of this press release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date on which it is made.

View original content to download multimedia:https://www.prnewswire.com/news-releases/patrick-industries-inc-announces-pricing-of-offering-of-225-000-000-convertible-senior-notes-due-2028–301439786.html

SOURCE Patrick Industries, Inc.

December 7, 2021 10:40 pm

Verra Mobility Announces Pricing Of Public Offering Of Common Stock By A Selling Stockholder

PR Newswire

MESA, Ariz., Dec. 7, 2021 /PRNewswire/ — Verra Mobility (NASDAQ: VRRM) (“Verra Mobility” or the “Company”), a leading provider of smart mobility technology solutions, announced today the pricing of an underwritten public offering of 8,207,821 shares of its Class A Common Stock by a selling stockholder of the Company. The Company will not receive any of the proceeds from the sale of the shares being offered by the selling stockholder. Settlement is scheduled for December 10, 2021, subject to customary closing conditions.

BofA Securities is acting as the sole underwriter for the offering.

An automatic shelf registration statement on Form S-3 (including a prospectus) relating to these securities became effective upon filing with the Securities and Exchange Commission (the “SEC”). The Offering is being made solely by means of a prospectus supplement and the accompanying prospectus. Copies of the preliminary prospectus supplement and, when available, final prospectus supplement and related prospectus relating to the offering may be obtained by contacting: BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attn: Prospectus Department, Email: [email protected].

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

About Verra Mobility

Verra Mobility is committed to developing and using the latest in technology and data intelligence to help make transportation safer and easier. As a global company, Verra Mobility sits at the center of the mobility ecosystem – one that brings together vehicles, devices, information, and people to solve complex challenges faced by our customers and the constituencies they serve.

Verra Mobility serves the world’s largest commercial fleets and rental car companies to manage tolling transactions and violations for millions of vehicles. As a leading provider of connected systems, Verra Mobility processes millions of transactions each year through integration and connectivity with hundreds of tolling and issuing authorities. Verra Mobility also fosters the development of safe cities, partnering with law enforcement agencies, transportation departments, and school districts across North America, operating thousands of red-light, speed, bus lane and school bus stop arm safety cameras. Arizona-based Verra Mobility operates in North America, Europe, Asia, and Australia. For more information, visit www.verramobility.com.

Forward-Looking Statements

This press release contains forward-looking statements that address the public offering, are subject to substantial risks, uncertainties, and assumptions. You should not place reliance on these statements. These statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may” or similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Risks and uncertainties that may affect future results include those described from time to time in the Company’s filings with the SEC and on the SEC website, www.sec.gov. These forward-looking statements represent the judgment of the Company as of the date of this release, and the Company disclaims any intent or obligation to update forward-looking statements. This press release should be read in conjunction with the information included in the Company’s other press releases, reports and other filings with the SEC. Understanding the information contained in these filings is important in order to fully understand the Company’s reported financial results and our business outlook for future periods.

Investor Relations Contact

[email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/verra-mobility-announces-pricing-of-public-offering-of-common-stock-by-a-selling-stockholder-301439783.html

SOURCE Verra Mobility