Market Newsdesk

NEW YORK, June 14, 2021 (GLOBE NEWSWIRE) — New York Mortgage Trust, Inc. (Nasdaq: NYMT) (the “Company”) announced today that its Board of Directors (the “Board”) declared a regular quarterly cash dividend of $0.10 per share on shares of its common stock for the quarter ending June 30, 2021. The dividend will be payable on July 26, 2021 to common stockholders of record as of the close of business on June 24, 2021.

In addition, the Board declared cash dividends on the Company’s 7.75% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”), 7.875% Series C Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”), 8.00% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”) and 7.875% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series E Preferred Stock”) as stated below.

Current Quarterly Preferred Stock Dividends

The Board declared cash dividends for the dividend period that began on April 15, 2021 and ends on July 14, 2021 as follows:

Class of Preferred Stock		Series B			Series C			Series D			Series E
Record Date		July 1, 2021			July 1, 2021			July 1, 2021			July 1, 2021
Payment Date		July 15, 2021			July 15, 2021			July 15, 2021			July 15, 2021
Cash Dividend Per Share		$0.484375			$0.4921875			$0.50			$0.4921875

About New York Mortgage Trust

New York Mortgage Trust, Inc. is a Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes. NYMT is an internally managed REIT in the business of acquiring, investing in, financing and managing primarily mortgage-related single-family and multi-family residential assets.

Forward-Looking Statements


When used in this press release, in future filings with the Securities and Exchange Commission (the “SEC”) or in other written or oral communications, statements which are not historical in nature, including those containing words such as “will,” “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “could,” “would,” “should,” “may” or similar expressions, are intended to identify “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and, as such, may involve known and unknown risks, uncertainties and assumptions. Statements regarding the following subject, among others, may be forward-looking: the payment of dividends.

Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results and outcomes could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation: changes in the Company’s business and investment strategy; changes in interest rates and the fair market value of the Company’s assets, including negative changes resulting in margin calls relating to the financing of the Company’s assets; changes in credit spreads; changes in the long-term credit ratings of the U.S., Fannie Mae, Freddie Mac, and Ginnie Mae; general volatility of the markets in which the Company invests; changes in prepayment rates on the loans the Company owns or that underlie the Company’s investment securities; increased rates of default or delinquency and/or decreased recovery rates on the Company’s assets; the Company’s ability to identify and acquire targeted assets, including assets in its investment pipeline; changes in relationships with the Company’s financing counterparties and the Company’s ability to borrow to finance its assets and the terms thereof; the Company’s ability to predict and control costs; changes in laws, regulations or policies affecting the Company’s business, including actions that may be taken to contain or address the impact of the COVID-19 pandemic; the Company’s ability to make distributions to its stockholders in the future; the Company’s ability to maintain its qualification as a REIT for federal tax purposes; the Company’s ability to maintain its exemption from registration under the Investment Company Act of 1940, as amended; risks associated with investing in real estate assets, including changes in business conditions and the general economy, the availability of investment opportunities and the conditions in the market for Agency RMBS, non-Agency RMBS, ABS and CMBS securities, residential loans, structured multi-family investments and other mortgage-, residential housing- and credit-related assets, including changes resulting from the ongoing spread and economic effects of COVID-19; and the impact of COVID-19 on the Company, its operations and its personnel.

These and other risks, uncertainties and factors, including the risk factors described in the Company’s reports filed with the SEC pursuant to the Exchange Act, could cause the Company’s actual results to differ materially from those projected in any forward-looking statements the Company makes. All forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise over time and it is not possible to predict those events or how they may affect the Company. Except as required by law, the Company is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For Further Information

Mari Nitta
Investor Relations Associate
Phone: 646-795-4066
Email: [email protected]

 

DEERFIELD, Ill., June 14, 2021 (GLOBE NEWSWIRE) — Surgalign Holdings, Inc. (“Surgalign”) (NASDAQ: SRGA), a global medical technology company focused on elevating the standard of care through the evolution of digital surgery, today announced that the closing of its previously announced registered direct offering for the issuance and sale of an aggregate of 28,985,508 shares of its common stock and warrants to purchase up to an aggregate of 28,985,508 shares of its common stock at a purchase price of $1.725 per share of common stock and related warrant. The warrants have an exercise price of $1.725 per share, will be immediately exercisable, and will expire three (3) years from the issuance date. The registered direct offering was priced at-the-market under Nasdaq rules.

H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

The gross proceeds from the offering were approximately $50 million before deducting placement agent fees and other offering expenses. Surgalign currently intends to use the net proceeds from the offering for working capital and general corporate purposes, including preparation for approval, utilization and ongoing development of its digital surgical guidance system.

The securities described above were offered pursuant to Surgalign’s shelf registration statement on Form S-3 (File No. 333-231719) filed with the Securities and Exchange Commission (the “SEC”) on May 23, 2019 and declared effective on June 14, 2019. Such securities were offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and the accompanying prospectus relating to the securities being offered in the registered direct offering have been filed with the SEC. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by e-mail: [email protected] or by telephone: (212) 856-5711.

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

About Surgalign Holdings, Inc.

Surgalign Holdings, Inc. is a global medical technology company committed to the promise of digital surgery and is building out its digital surgery platform to drive transformation across the surgical landscape. Uniquely aligned and resourced to advance the standard of care, Surgalign is building technologies surgeons will look to for what is truly possible for their patients. Surgalign is focused on bringing surgeons solutions that predictably deliver superior clinical and economic outcomes. Surgalign markets products throughout the United States and in more than 50 countries worldwide through an expanding network of top independent distributors. Surgalign, a member of AdvaMed, is headquartered in Deerfield, IL, with commercial, innovation and design centers in San Diego, CA, Marquette, MI, and Wurmlingen, Germany.

Forward Looking Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations, estimates and projections about our industry, our management’s beliefs and certain assumptions made by our management. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements. All statements other than statements of historical fact contained in this press release are forward-looking statements including, without limitation, all statements related to the intended use of net proceeds from the offering. The forward-looking statements are not guarantees of future performance and are based on certain assumptions including general economic conditions, as well as those within Surgalign’s industry, and numerous other factors and risks identified in Surgalign’s most recent Form 10-K and other filings with the SEC. Our actual results may differ materially from the anticipated results reflected in these forward-looking statements. Important factors that could cause actual results to differ materially from the anticipated results reflected in these forward-looking statements include risks and uncertainties relating to the following: (i) the risk of existing or potential litigation or regulatory action arising from the previously announced SEC and internal investigations and their findings; (ii) the identification of control deficiencies, including material weaknesses in internal control over financial reporting and the impact of the same; (iii) potential reputational damage that Surgalign has or may suffer as a result of the findings of the SEC and internal investigations and related litigation; (iv) general worldwide economic conditions and related uncertainties; (v) the continued impact of the COVID-19 novel coronavirus pandemic and Surgalign’s attempts at mitigation; (vi) the failure by Surgalign to identify, develop and successfully implement immediate action plans and longer-term strategic initiatives; (vii) the reliability of our supply chain; (viii) our ability to meet obligations, including purchase minimums, under our vendor and other agreements; (ix) the duration of decreased demand for our products; (x) whether or when the demand for procedures involving our products will increase; (xi) Surgalign’s access to adequate operating cash flow, trade credit, borrowed funds and equity capital to fund its operations and pay its obligations as they become due, and the terms on which external financing may be available, including the impact of adverse trends or disruption in the global credit and equity markets; (xii) our financial position and results, total revenue, product revenue, gross margin, and operations; (xiii) failure to realize, or unexpected costs in seeking to realize, the expected benefits of the recent Holo Surgical, Inc. (“Holosurgical”) acquisition, including the failure of Holosurgical’s products and services to be satisfactorily developed or achieve applicable regulatory approvals or as a result of the failure to commercialize and distribute its products; (xiv) the failure to effectively integrate Holosurgical’s operations with those of Surgalign; (xv) the failure to retain key personnel of Holosurgical; (xvi) the number of shares and amount of cash that will be required in connection with any post-closing milestone payments, including as a result of changes in the trading price of Surgalign’s common stock and their effect on the amount of cash needed by Surgalign to fund any post-closing milestone payments in connection with the acquisition; (xvii) the effect of the transaction on relationships with customers, suppliers and other third parties; (xviii) the diversion of management time and attention on the transaction and subsequent integration; (xix) the effect of the recent resignation of our auditor and our ability to engage and onboard our new auditor; (xx) the effect and timing of changes in laws or in governmental regulations; (xxi) market and other conditions, and (xxii) other risks described in our public filings with the SEC. These factors should be considered carefully, and undue reliance should not be placed on the forward-looking statements. Each forward-looking statement in this communication speaks only as of the date of the particular statement. Copies of Surgalign’s SEC filings may be obtained by contacting Surgalign or the SEC or by visiting Surgalign’s website at www.surgalign.com or the SEC’s website at www.sec.gov. We undertake no obligation to update these forward-looking statements except as may be required by law.

Jonathon Singer
Investor and Media Contact
[email protected]
+1 877-343-6832

ADXS-503 Phase 1/2 trial data presented at ASCO demonstrate disease control rate of 44% with durable clinical benefit observed beyond one year in patients with disease progression on KEYTRUDA^®

Expansion of off-the-shelf ADXS-HOT program with planned Phase 1 study in early prostate cancer with biochemical recurrence

Cash runway anticipated into fiscal 3

^rd

quarter of 2023

PRINCETON, N.J., June 14, 2021 (GLOBE NEWSWIRE) — Advaxis, Inc. (Nasdaq: ADXS), a clinical-stage biotechnology company focused on the development and commercialization of immunotherapy products today announces its financial results for the second quarter ended April 30, 2021 and provides a business update.

Second Quarter Ended April 30, 2021 Financial Results and Recent Key Accomplishments:

• Presented updated clinical data from the ongoing Phase 1/2 trial of ADXS-503 as a monotherapy and in combination with KEYTRUDA^® (pembrolizumab), Merck’s anti-PD-1 therapy, in non-small cell lung cancer (NSCLC) at the American Society of Clinical Oncology (ASCO) 2021 Annual Meeting
  • 10 patients have been treated with ADXS-503 as an add on therapy in patients failing pembrolizumab as last therapy with 10 patients evaluable for safety and 9 patients evaluable for efficacy
  • Combination therapy was well tolerated with no dose-limiting toxicities (DLTs) or added toxicity of the two drugs
  • The disease control rate (DCR) was 44% (4/9) with durable clinical benefit observed including a partial response (PR) and stable disease (SD) sustained for over a year, and another observed SD lasting over 6 months. An additional PR was maintained for approximately 4 months
  • Biomarker data demonstrate that patients who seem to achieve clinical benefit include those with PD-L1 expression ≥50%, secondary resistance disease to pembrolizumab and those who show proliferation and/or activation of NK and CD8+ T cells within the first weeks of therapy
  • Translational studies show antitumoral T-cell responses elicited against hot-spot mutation antigens and/or tumor associated antigens (TAAs), induction of proliferation and/or activation of pre-existing CD8+ T-cell clones, emergence of naive CD8+ T cell clones, and PD-1 and CD38 upregulation
  • Continuing to enroll patients for treatment with ADXS-503 in combination with KEYTRUDA^® (pembrolizumab) as first line therapy as well
• Presented data at the American Association for Cancer Research (AACR) 2021 Annual meeting, in collaboration with Precision for Medicine, on the development of a novel immunophenotyping assay to accurately evaluate PD-1 expression as a pharmacodynamic marker during PD-1 blockade treatment with pembrolizumab, and the correlation of changes in T cell populations with observed clinical activity in the ongoing ADXS-503 clinical trial
• Announced agreement with Columbia University Irving Medical Center to fund Phase 1 Study of ADXS-504 for the treatment of early prostate cancer with biochemical recurrence
• Achieved second milestone under ADXS-HER2 licensing agreement with OS Therapies
• Announced $20 million registered direct offering and concurrent private placement priced at-the-market with two healthcare-focused institutional investors to fund continued development and expansion of the Company’s product pipeline
• Cash balance at April 30, 2021 of $48.1 million providing the Company with an anticipated cash runaway into fiscal 3^rd quarter of 2023.

Management Commentary

“Our recent presentation at ASCO adds to the strong foundation of data which suggest treatment with ADXS-503 has the potential provide durable clinical benefit in patients with certain clinical characteristics and early T cell responses,” said Kenneth A. Berlin, President and Chief Executive Officer of Advaxis. “Achieving clinical benefit in patients with immediate prior progression on KEYTRUDA^® is particularly meaningful, suggesting that ADXS-503 has the potential to enhance and/or restore sensitivity to checkpoint inhibitors. These encouraging data, combined with our expanded set of translational data which show on-mechanism innate and adaptive immune stimulation, leave us confident that our off-the-shelf neoantigen immunotherapy may be an important new treatment option to expand the reach of immunotherapies in diverse treatment settings and indications. We will continue our progress with ADXS-503 in NSCLC and will expand our ADXS-HOT program to additional indications, with our planned study of ADXS-504 in early stage prostate cancer, and look forward to providing additional study updates in the coming months.”

Second Quarter Ended April 30, 2021 Financial Results

Research and development expenses for the second quarter of fiscal year 2021 were $4.34 million, compared with $3.92 for the second quarter of fiscal year 2020. The increase of $0.42 million was primarily attributable to winding down some legacy studies and losses on disposal of research-related property and equipment in connection with the termination of the office lease at the Company’s former location.

General and administrative expenses for the three months ended April 30, 2021 were at $3.35 million, compared to $2.65 million in the same three-month period in fiscal 2020. The increase of $0.7 million primarily relates to increases in sub-license fees and legal fees, amounts paid in settlement of shareholder demand letters and losses on disposal of other property and equipment in connection with the termination of the Company’s office lease at its former location.

As of April 30, 2021, the Company had approximately $48.1 million in cash and cash equivalents. The Company believes this is sufficient capital to fund its obligations, as they become due, in the ordinary course of business into the 3^rd fiscal quarter of 2023.

About Advaxis, Inc.
Advaxis, Inc. is a clinical-stage biotechnology company focused on the development and commercialization of proprietary Lm-based antigen delivery products. These immunotherapies are based on a platform technology that utilizes live attenuated Listeria monocytogenes (Lm) bioengineered to secrete antigen/adjuvant fusion proteins. These Lm-based strains are believed to be a significant advancement in immunotherapy as they integrate multiple functions into a single immunotherapy and are designed to access and direct antigen presenting cells to stimulate anti-tumor T cell immunity, activate the immune system with the equivalent of multiple adjuvants, and simultaneously reduce tumor protection in the tumor microenvironment to enable T cells to eliminate tumors.

To learn more about Advaxis, visit www.advaxis.com and connect on Twitter, LinkedIn, Facebook and YouTube.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are any statements that express the current beliefs and expectations of management, including but not limited to statements related to the expected clinical development of the Company’s drug product candidates, statements about the Company’s balance sheet position, including the sufficiency of the Company’s cash and cash equivalents to fund its obligations into the future, and statements related to the goals, plans and expectations for the Company’s ongoing clinical studies. These and other risks are discussed in the Company’s filings with the SEC, including, without limitation, its Annual Report on Form 10-K, filed on January 22, 2021, and its periodic reports on Form 10-Q and Form 8-K. Any statements contained herein that do not describe historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results, performance and achievements to differ materially from those discussed in such forward-looking statements. The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date they were made. The Company undertakes no obligation to update or revise forward-looking statements, except as otherwise required by law, whether as a result of new information, future events or otherwise.

KEYTRUDA^® is a registered trademark of Merck Sharp & Dohme Corp., a subsidiary of Merck & Co., Inc., Kenilworth, N.J., USA.

Contact:

Tim McCarthy, LifeSci Advisors, LLC
212.915.2564
[email protected] 

ADVAXIS, INC.
CONDENSED BALANCE SHEETS
(In thousands, except share and per share data)
	April 30, 2021				October 31,
	(Unaudited)				2020
ASSETS
Current Assets:
Cash and cash equivalents	$	48,110			$	25,178
Deferred expenses		1,333				1,808
Accounts receivable		1,375				–
Prepaid expenses and other current assets		1,295				865
Total current assets		52,113				27,851
Property and equipment (net of accumulated depreciation)		333				2,393
Intangible assets (net of accumulated amortization)		3,325				3,261
Operating right-of-use asset (net of accumulated amortization)		–				4,839
Other assets		–				182
Total assets	$	55,771			$	38,526
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,156			$	410
Accrued expenses		2,133				1,737
Common stock warrant liability		4,931				17
Current portion of operating lease liability		–				962
Deferred revenue		–				165
Total current liabilities		8,220				3,291
Operating lease liability, net of current portion		–				5,055
Total liabilities		8,220				8,346
Commitments and contingencies – Note 9
Stockholders’ equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized; Series B Preferred Stock; 0 shares issued and outstanding at April 30, 2021 and October 31, 2020; Liquidation preference of $0 at April 30, 2021 and October 31, 2020		–				–
Common stock – $0.001 par value; 170,000,000 shares authorized, 145,638,459 and 78,074,023 shares issued and outstanding at April 30, 2021 and October 31, 2020, respectively		146				78
Additional paid-in capital		467,227				440,840
Accumulated deficit		(419,822	)			(410,738	)
Total stockholders’ equity		47,551				30,180
Total liabilities and stockholders’ equity	$	55,771			$	38,526

ADVAXIS, INC.
CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except share and per share data)
	Three Months Ended								Six Months Ended
	April 30,								April 30,
	2021				2020				2021				2020
Revenue	$	1,375			$	250			$	2,990			$	253
Operating expenses:
Research and development expenses		4,344				3,922				6,914				8,781
General and administrative expenses		3,352				2,649				6,360				5,679
Total operating expenses		7,696				6,571				13,274				14,460
Loss from operations		(6,321	)			(6,321	)			(10,284	)			(14,207	)
Other income (expense):
Interest income, net		2				35				3				101
Net changes in fair value of derivative liabilities		995				14				968				(23	)
Other income (expense)		217				(1	)			229				(1	)
Net loss before income taxes		(5,107	)			(6,273	)			(9,084	)			(14,130	)
Income tax expense		–				50				–				50
Net loss	$	(5,107	)		$	(6,323	)		$	(9,084	)		$	(14,180	)
Net loss per common share, basic and diluted	$	(0.04	)		$	(0.10	)		$	(0.08	)		$	(0.25	)
Weighted average number of common shares, basic and diluted		123,145,051				60,572,632				111,895,403				56,107,657

ADVAXIS, INC.
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
	Six Months Ended
	April 30,
	2021				2020
OPERATING ACTIVITIES
Net loss	$	(9,084	)		$	(14,180	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock compensation		451				452
Employee stock purchase plan expense		–				1
Loss (gain) on change in value of warrants		(968	)			23
Loss on disposal of property and equipment		1,530				–
Loss on write-down of intangible assets		69				–
Abandonment of intangible assets		–				603
Depreciation expense		316				457
Amortization expense of intangible assets		135				181
Amortization of right-of-use asset		327				365
Net gain on write off of right-of-use asset and lease liability		(1,116	)			–
Change in operating assets and liabilities:
Accounts receivable		(1,375	)			–
Prepaid expenses, other current assets and deferred expenses		45				235
Other assets		182				1
Accounts payable and accrued expenses		1,142				(1,161	)
Deferred revenue		(165	)			–
Operating lease liabilities		(389	)			(397	)
Net cash used in operating activities		(8,900	)			(13,420	)
INVESTING ACTIVITIES
Proceeds from disposal of property and equipment		214				–
Cost of intangible assets		(268	)			(358	)
Net cash used in investing activities		(54	)			(358	)
FINANCING ACTIVITIES
Net proceeds of issuance of common stock and warrants		28,115				9,628
Warrant exercises		3,771				–
Proceeds from employee stock purchase plan		–				4
Net cash provided by financing activities		31,886				9,632
Net increase in cash and cash equivalents		22,932				(4,146	)
Cash and cash equivalents at beginning of period		25,178				32,363
Cash and cash equivalents at end of period	$	48,110			$	28,217
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for taxes	$	–			$	50
SUPPLEMENTAL DISCLOSURE OF NON-CASH AND FINANCING ACTIVITIES
Warrant liability reclassified into equity		–				2

NEW YORK, June 14, 2021 (GLOBE NEWSWIRE) — Vroom, Inc. (Nasdaq: VRM) (“Vroom”) today announced its intention to offer, subject to market and other conditions, $500,000,000 aggregate principal amount of convertible senior notes due 2026 (the “notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Vroom also expects to grant the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $75,000,000 aggregate principal amount of notes.

The final terms of the notes, including the initial conversion price, interest rate and certain other terms, will be determined at the time of pricing of the offering. When issued, the notes will be senior, unsecured obligations of Vroom, will accrue interest payable semi-annually in arrears and will mature on July 1, 2026, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their notes in certain circumstances and during specified periods. Vroom will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at Vroom’s election. The notes will be redeemable, in whole or in part (subject to a partial redemption limitation), for cash at Vroom’s option at any time, and from time to time, on or after July 6, 2024 and on or before the 40th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Vroom’s common stock exceeds 130% of the conversion price for a specified period of time. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

Vroom intends to use the net proceeds from the offering for general corporate purposes, including advertising and marketing, expansion of its proprietary logistics operations, increased resources in its customer experience team, technology development, working capital, operating expenses and capital expenditures. Vroom may also use a portion of the net proceeds to acquire or invest in businesses, products, services or technologies; however, Vroom does not have agreements or commitments for any material acquisitions or investments at this time.

The offer and sale of the notes and any shares of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful.

About Vroom, Inc.

Vroom is an innovative, end-to-end ecommerce platform designed to offer a better way to buy and a better way to sell used vehicles. The company’s scalable, data-driven technology brings all phases of the vehicle buying and selling process to consumers wherever they are and offers an extensive selection of vehicles, transparent pricing, competitive financing, and at-home pick-up and delivery. Vroom is based in New York and Houston and also operates the Texas Direct Auto and CarStory brands.

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements relating to the proposed offering. These statements are based on management’s current assumptions and are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties identified under the heading “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 filed with the SEC and our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC, as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC website at www.sec.gov. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. Vroom undertakes no obligation to update forward-looking statements to reflect future events or circumstances.

Investor Relations:
Vroom
Allen Miller
[email protected]

Source: Vroom, Inc.

DENVER, June 14, 2021 (GLOBE NEWSWIRE) — Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company” or “CPH”), a leading provider of concrete pumping and waste management services in the U.S. and U.K., reported financial results for its second quarter of fiscal year 2021 ended April 30, 2021.

Second Quarter Fiscal Year 2021 Summary vs. Second Quarter of Fiscal Year 2020 (where applicable)

• Revenue increased 4% to $76.9 million compared to $74.0 million.
• Gross margin increased 30 basis points to 43.3% compared to 43.0%.
• Net loss attributable to common shareholders improved significantly to $11.4 million or $(0.21) per diluted share, compared to a net loss attributable to common shareholders of $56.2 million or $(1.06) per diluted share.
  • The second quarter of 2021 included a $11.5 million non-cash loss on the revaluation of warrant liabilities compared to a $3.3 million non-cash gain in the same period of fiscal 2020.
  • The second quarter of 2020 included a $57.9 million non-cash goodwill and intangibles impairment charge due to the COVID-19 impact depressing the Company’s market capitalization.
• Adjusted EBITDA¹ increased 7% to $25.0 million compared to $23.5 million, with adjusted EBITDA margin increasing 80 basis points to 32.6% compared to 31.8%.
• Amounts outstanding under debt agreements was $376.1 million with net debt¹ of $362.4 million. Total available liquidity increased to $134.9 million as of April 30, 2021 compared to $118.4 million as of January 31, 2021.

Management Commentary

“Our second quarter continued to highlight the resilience of our business, the flexibility of our projects and the profitability of our model,” said Bruce Young, CEO of Concrete Pumping Holdings. “We experienced a record-setting cold weather event in our South and Central regional markets, yet we delivered a quarter that met our internal expectations. This included continued growth in our market share, strength in residential and infrastructure projects, and recovery in our commercial work. We also continued to demonstrate our strong financial profile with approximately $29 million in year-to-date free cash flow¹ that contributed to us improving total available liquidity to $134.9 million. Given our execution to date, we remain in a strong position to execute upon our strategic priorities and financial outlook in 2021.”

_______________
¹ Adjusted EBITDA, Adjusted EBITDA margin, net debt and free cash flow are financial measures that are not calculated in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). See “Non-GAAP Financial Measures” below for a discussion of the definitions of these non-GAAP financial measures and a reconciliation to their most comparable GAAP measures.

Second Quarter Fiscal Year 2021 Financial Results

Revenue in the second quarter of fiscal year 2021 increased 4% to $76.9 million compared to $74.0 million in the second quarter of fiscal year 2020. The increase was driven by increased revenue from the Company’s U.K. Operations and its U.S. Concrete Waste Management business.

Gross profit in the second quarter of fiscal year 2021 increased 5% to $33.3 million compared to $31.9 million in the year-ago quarter. Gross margin improved to 43.3% compared to 43.0% in the prior year quarter.

G&A expenses for the fiscal 2021 second quarter were $26.5 million compared to $26.4 million in the fiscal 2020 second quarter. As a percent of revenue, G&A expenses were 34.4% for the fiscal 2021 second quarter compared to 35.6% in the fiscal 2020 second quarter. Excluding amortization of intangible assets and stock-based compensation expense, G&A expenses were down $0.3 million year-over-year to $16.2 million (21.1% of revenue) from $16.4 million (22.2% of revenue).

Net loss attributable to common shareholders improved significantly to $11.4 million or $(0.21) per diluted share, compared to a net loss attributable to common shareholders of $56.2 million or $(1.06) per diluted share. As previously disclosed, the Company recently determined that its outstanding warrants should be accounted for as liabilities and recorded at fair value on the date of the transaction and subsequently re-measured to fair value at each reporting date. For the three months ended April 30, 2021 and 2020, the Company recognized a non-cash loss of $11.5 million and a non-cash gain of $3.3 million, respectively, associated with the change in fair value of warrant liabilities.

Excluding the after-tax impact from the $57.9 million goodwill and intangibles impairment charge in the second quarter of fiscal 2020 and the non-cash gains or losses from the revaluation of warrant liabilities during both years, net income to common shareholders for the second quarter of 2021 was $0.1 million or $0.00 per diluted share versus net loss to common shareholders of $3.9 million or $(0.08) per diluted share.

Adjusted EBITDA in the second quarter of fiscal year 2021 increased 7% to $25.0 million compared to $23.5 million in the year-ago quarter. Adjusted EBITDA margin increased to 32.6% compared to 31.8% in the year-ago quarter, with the improvement mainly due to the increase in revenues.

Liquidity

On April 30, 2021, the Company had debt outstanding of $376.1 million, net debt of $362.4 million and total available liquidity of $134.9 million.

Segment Results

U.S. Concrete Pumping.
Revenue in the second quarter of fiscal 2021 was $56.2 million compared to $57.5 million in the year-ago quarter. The decrease was primarily driven by severe weather conditions in Texas. Net loss in the second quarter improved to $0.9 million compared to a net loss of $44.3 million in the prior year quarter, which included the aforementioned goodwill impairment. Adjusted EBITDA was flat at $16.3 million compared to the year-ago quarter.

U.K. Operations.
Revenue in the second quarter of fiscal 2021 increased 41% to $11.9 million compared to $8.4 million in the year-ago quarter. The increase was attributable to the region’s recovery from the impacts of COVID-19. Net income in the second quarter improved to $0.4 million compared to a net loss of $16.0 million in the prior year second quarter, which included the goodwill impairment. Adjusted EBITDA improved 64% to $4.1 million compared to $2.5 million in the year-ago quarter.

U.S. Concrete Waste Management Services.
Revenue in the second quarter of fiscal 2021 increased 8% to $9.0 million compared to $8.3 million in the year-ago quarter. The increase was due to organic growth, pricing improvements and new product offerings. Net income in the second quarter was $0.8 million compared to $0.9 million in the prior year second quarter. Adjusted EBITDA was $4.0 million compared to $4.1 million in the year-ago quarter.

Fiscal Year 2021 Outlook

The Company continues to expect fiscal year 2021 revenue to range between $300.0 million to $310.0 million, Adjusted EBITDA to range between $105.0 million to $110.0 million, and free cash flow to range between $47.5 million and $52.5 million. The midpoint of the Company’s free cash flow outlook implies an 11% yield to its current market capitalization of approximately $470 million.

Conference Call

The Company will hold a conference call today at 5:00 p.m. Eastern time to discuss its second quarter 2021 results.

Date: Monday, June 14, 2021
Time: 5:00 p.m. Eastern time (3:00 p.m. Mountain time)
Toll-free dial-in number: 1-877-407-9039
International dial-in number: 1-201-689-8470
Conference ID: 13719885

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 1-949-574-3860.

The conference call will be broadcast live and available for replay here and via the investor relations section of the Company’s website at www.concretepumpingholdings.com.

A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through July 5, 2021.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13719885 

About Concrete Pumping Holdings

Concrete Pumping Holdings is the leading provider of concrete pumping services and concrete waste management services in the fragmented U.S. and U.K. markets, primarily operating under what we believe are the only established, national brands in both geographies – Brundage-Bone for concrete pumping in the U.S., Camfaud in the U.K., and Eco-Pan for waste management services in both the U.S. and U.K. The Company’s large fleet of specialized pumping equipment and trained operators position it to deliver concrete placement solutions that facilitate labor cost savings to customers, shorten concrete placement times, enhance worksite safety and improve construction quality. Highly complementary to its core concrete pumping service, Eco-Pan seeks to provide a full-service, cost-effective, regulatory-compliant solution to manage environmental issues caused by concrete washout. As of April 30, 2021, the Company provided concrete pumping services in the U.S. from a footprint of approximately 90 locations across 22 states, concrete pumping services in the U.K. from approximately 30 locations, and route-based concrete waste management services from 16 locations in the U.S. and 1 shared location in the U.K. For more information, please visit www.concretepumpingholdings.com or the Company’s brand websites at www.brundagebone.com, www.camfaud.co.uk, or www.eco-pan.com.

Forward‐Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” “outlook” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance, including the Company’s fiscal year 2021 outlook. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the impacts on the Company related to the recent accounting restatement, material weakness in internal control over financial reporting and the assessment of complex accounting issues, as disclosed in the Company’s From 10-K/A filed with the Securities and Exchange Commission (the “SEC”) on June 11, 2021 (The “Amended 10-K”); the impacts of the COVID-19 pandemic and related economic conditions on the Company; the outcome of any legal proceedings or demand letters that may be instituted against or sent to the Company or its subsidiaries; the ability of the Company to grow and manage growth profitably and retain its key employees; the ability to complete targeted acquisitions and realize the expected benefits from recent acquisitions; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission, including the risk factors in the Company’s latest Annual Report on Form 10-K, the Amended 10-K, and Quarterly Reports on Form 10-Q. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

Non-GAAP Financial Measures

Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). The Company believes that this non-GAAP financial measure provides useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company’s management also uses this non-GAAP financial measure to compare the Company’s performance to that of prior periods for trend analyses, determining incentive compensation and for budgeting and planning purposes. Adjusted EBITDA is also used in quarterly and annual financial reports prepared for the Company’s board of directors. The Company believes that this non-GAAP measure provides an additional tool for investors to use in evaluating the Company’s ongoing operating results and in comparing the Company’s financial results with competitors who also present similar non-GAAP financial measures.

Adjusted EBITDA is defined as net income calculated in accordance with GAAP plus interest expense, income taxes, depreciation, amortization, transaction expenses, loss on debt extinguishment, stock-based compensation, other income, net, and other adjustments. Adjusted EBITDA is not pro forma for acquisitions. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenue for the period presented. See below for a reconciliation of Adjusted EBITDA to net income (loss) calculated in accordance with GAAP.

Net debt is calculated as all amounts outstanding under debt agreements (currently this includes the Company’s term loan and revolving line of credit balances, excluding any offsets for capitalized deferred financing costs) measured in accordance with GAAP less cash. Cash is subtracted from the GAAP measure because it could be used to reduce the Company’s debt obligations. A limitation associated with using net debt is that it subtracts cash and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor the Company’s leverage and evaluate the Company’s consolidated balance sheet. See “Non-GAAP Measures (Reconciliation of Net Debt)” below for a reconciliation of Net Debt to amounts outstanding under debt agreements calculated in accordance with GAAP.

Free cash flow is defined as Adjusted EBITDA less net capital expenditures and cash paid for interest. This measure is not a substitute for cash flow from operations and does not represent the residual cash flow available for discretionary expenditures, since certain non-discretionary expenditures, such as debt servicing payments, are not deducted from the measure. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor and evaluate the cash flow yield of the business.

The financial statement tables that accompany this press release include a reconciliation of Adjusted EBITDA, net debt and free cash flow to the applicable most comparable U.S. GAAP financial measure. However, the Company has not reconciled the forward-looking Adjusted EBITDA guidance range and free cash flow range included in this press release to the most directly comparable forward-looking GAAP measures because this cannot be done without unreasonable effort due to the lack of predictability regarding the various reconciling items such as provision for income taxes and depreciation and amortization.

Current and prospective investors should review the Company’s audited annual and unaudited interim financial statements, which are filed with the U.S. Securities and Exchange Commission, and not rely on any single financial measure to evaluate the Company’s business. Other companies may calculate Adjusted EBITDA, net debt and free cash flow differently and therefore these measures may not be directly comparable to similarly titled measures of other companies.

As a result of the business combination between our predecessor, Industrea Acquisition Corp., and the private operating company formerly called Concrete Pumping Holdings, Inc. (the “Business Combination”), the Company is the acquirer for accounting purposes and CPH is the acquiree and accounting predecessor. The Company’s financial statement presentation distinguishes the Company’s presentations into two distinct periods, the period up to the Business Combination closing date (labeled “Predecessor”) and the period including and after that date (labeled “Successor”). The Business Combination was accounted for as a business combination using the acquisition method of accounting, and the Successor financial statements reflect a new basis of accounting that is based on the fair value of the net assets acquired. As the underlying business and financial results of the Successor and Predecessor entities are expected to be largely consistent, excluding the impact on certain financial statement line items that were impacted by the Business Combination, management has combined the fiscal year 2019 results of the Predecessor and Successor periods for comparability in certain tables below. Accordingly, in addition to presenting our results of operations as reported in our consolidated financial statements in accordance with GAAP, the tables below present the non-GAAP combined results for the fiscal year 2019.

Contact:

Company: Iain Humphries Chief Financial Officer 1-303-289-7497

Investor Relations: Gateway Investor Relations Cody Slach 1-949-574-3860 [email protected]

Concrete Pumping Holdings, Inc.
Consolidated Balance Sheets

		April 30,				October 31,
(in thousands, except per share amounts)		2021				2020
ASSETS
Current assets:
Cash and cash equivalents		$	13,714			$	6,736
Trade receivables, net			41,800				44,343
Inventory			4,555				4,630
Income taxes receivable			352				1,602
Prepaid expenses and other current assets			7,204				2,694
Total current assets			67,625				60,005
Property, plant and equipment, net			304,865				304,254
Intangible assets, net			171,213				183,839
Goodwill			225,012				223,154
Other non-current assets			712				1,753
Deferred financing costs			2,088				753
Total assets		$	771,515			$	773,758
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Revolving loan		$	1,087			$	1,741
Term loans, current portion			–				20,888
Current portion of capital lease obligations			100				97
Accounts payable			6,622				6,587
Accrued payroll and payroll expenses			10,838				13,065
Accrued expenses and other current liabilities			21,618				18,879
Income taxes payable			601				1,055
Total current liabilities			40,866				62,312
Long term debt, net of discount for deferred financing costs			368,388				343,906
Capital lease obligations, less current portion			330				380
Deferred income taxes			65,618				68,019
Warrant liabilities			18,485				7,031
Total liabilities			493,687				481,648
Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares issued and outstanding as of April 30, 2021 and October 31, 2020			25,000				25,000
Stockholders’ equity
Common stock, $0.0001 par value, 500,000,000 shares authorized, 56,575,186 and 56,463,992 issued and outstanding as of April 30, 2021 and October 31, 2020, respectively			6				6
Additional paid-in capital			371,703				367,681
Treasury stock			(461	)			(131	)
Accumulated other comprehensive income			4,563				(606	)
(Accumulated deficit) retained earnings			(122,983	)			(99,840	)
Total stockholders’ equity			252,828				267,110
Total liabilities and stockholders’ equity		$	771,515			$	773,758

Concrete Pumping Holdings, Inc.
Consolidated Statements of Operations

		Three Months Ended								Six Months Ended
(in thousands, except share and per share amounts)		April 30, 2021				April 30, 2020				April 30, 2021				April 30, 2020
Revenue		$	76,873			$	74,041			$	147,294			$	147,980
Cost of operations			43,570				42,174				84,128				83,965
Gross profit			33,303				31,867				63,166				64,015
Gross margin			43.3	%			43.0	%			42.9	%			43.3	%
General and administrative expenses			26,472				26,381				48,860				52,988
Goodwill and intangibles impairment			–				57,944				–				57,944
Transaction costs			55				–				84				–
Income (loss) from operations			6,776				(52,458	)			14,222				(46,917	)
Interest expense, net			(6,029	)			(8,765	)			(12,929	)			(18,268	)
Loss on extinguishment of debt			–				–				(15,510	)			–
Change in fair value of warrant liabilities			(11,456	)			3,254				(11,456	)			2,864
Other income, net			26				34				52				103
Loss before income taxes			(10,683	)			(57,935	)			(25,621	)			(62,218	)
Income tax expense (benefit)			170				(2,221	)			(2,478	)			(3,368	)
Net loss			(10,853	)			(55,714	)			(23,143	)			(58,850	)
Less preferred shares dividends			(499	)			(470	)			(1,006	)			(943	)
Less undistributed earnings allocated to preferred shares			–				–				–				–
Loss available to common shareholders		$	(11,352	)		$	(56,184	)		$	(24,149	)		$	(59,793	)
Weighted average common shares outstanding
Basic			53,465,799				52,782,663				53,303,302				52,752,884
Diluted			53,465,799				52,782,663				53,303,302				52,752,884
Net (loss) income per common share
Basic		$	(0.21	)		$	(1.06	)		$	(0.45	)		$	(1.13	)
Diluted		$	(0.21	)		$	(1.06	)		$	(0.45	)		$	(1.13	)

Concrete Pumping Holdings, Inc.  
Consolidated Statements of Cash Flows

		Six Months Ended
(in thousands, except per share amounts)		April 30, 2021				April 30, 2020
Net income (loss)		$	(23,143	)		$	(58,850	)
Adjustments to reconcile net income to net cash provided by operating activities:
Goodwill and intangibles impairment			–				57,944
Depreciation			13,991				13,015
Deferred income taxes			(2,926	)			(3,515	)
Amortization of deferred financing costs			1,419				2,076
Amortization of intangible assets			13,853				17,147
Stock-based compensation expense			4,022				2,850
Change in fair value of warrant liabilities			11,456				(2,864	)
Loss on extinguishment of debt			15,510				–
Net (loss) gain on the sale of property, plant and equipment			(869	)			(477	)
Payment of contingent consideration in excess of amounts established in purchase accounting			–				(526	)
Net changes in operating assets and liabilities (net of acquisitions):
Trade receivables, net			3,135				4,009
Inventory			161				127
Prepaid expenses and other current assets			(3,377	)			(5,209	)
Income taxes payable, net			750				301
Accounts payable			(145	)			(101	)
Accrued payroll, accrued expenses and other current liabilities			2,359				1,060
Net cash provided by operating activities			36,196				26,987
Cash flows from investing activities:
Purchases of property, plant and equipment			(16,672	)			(23,305	)
Proceeds from sale of property, plant and equipment			3,687				3,607
Net cash used in investing activities			(12,985	)			(19,698	)
Cash flows from financing activities:
Proceeds on long term debt			375,000				–
Payments on long term debt			(381,206	)			(10,444	)
Proceeds on revolving loan			138,239				143,559
Payments on revolving loan			(139,004	)			(127,404	)
Payment of debt issuance costs			(8,464	)			–
Payments on capital lease obligations			(47	)			(45	)
Purchase of treasury stock			(330	)			(131	)
Payment of contingent consideration established in purchase accounting			–				(1,161	)
Net cash provided by (used in) financing activities			(15,812	)			4,374
Effect of foreign currency exchange rate on cash			(421	)			(1,088	)
Net increase in cash and cash equivalents			6,978				10,575
Cash and cash equivalents:
Beginning of period			6,736				7,473
End of period		$	13,714			$	18,048

Concrete Pumping Holdings, Inc.
Segment Revenue

		Three Months Ended								Change
(in thousands)		April 30, 2021				April 30, 2020				$				%
U.S. Concrete Pumping		$	56,168			$	57,459			$	(1,291	)			-2.2	%
U.K. Operations			11,853				8,401				3,452				41.1	%
U.S. Concrete Waste Management Services			9,008				8,306				702				8.5	%
Corporate			625				625				–				0.0	%
Intersegment			(781	)			(750	)			(31	)			4.1	%
		$	76,873			$	74,041			$	2,832				3.8	%

		Six Months Ended								Change
(in thousands)		April 30, 2021				April 30, 2020				$				%
U.S. Concrete Pumping		$	108,484			$	112,564			$	(4,080	)			-3.6	%
U.K. Operations			21,633				19,086				2,547				13.3	%
U.S. Concrete Waste Management Services			17,430				16,589				841				5.1	%
Corporate			1,250				1,250				–				0.0	%
Intersegment			(1,503	)			(1,509	)			6				-0.4	%
		$	147,294			$	147,980			$	(686	)			-0.5	%

Concrete Pumping Holdings, Inc.
Segment Adjusted EBITDA and Net Income (Loss)

		Net Income (Loss)								Adjusted EBITDA
		Three Months Ended								Three Months Ended
(in thousands, except percentages)		April 30, 2021				April 30, 2020				April 30, 2021				April 30, 2020				$ Change				% Change
U.S. Concrete Pumping		$	(925	)		$	(44,303	)		$	16,306			$	16,319			$	(13	)			-0.1	%
U.K. Operations			402				(15,955	)			4,114				2,516				1,598				63.5	%
U.S. Concrete Waste Management Services			833				859				4,002				4,055				(53	)			-1.3	%
Corporate			(11,163	)			3,685				625				625				(0	)			0.0	%
		$	(10,853	)		$	(55,714	)		$	25,047			$	23,515			$	1,532				6.5	%

		Net Income (Loss)								Adjusted EBITDA
		Six Months Ended								Six Months Ended
(in thousands, except percentages)		April 30, 2021				April 30, 2020				April 30, 2021				April 30, 2020				$ Change				% Change
U.S. Concrete Pumping		$	(13,602	)		$	(46,790	)		$	31,592			$	33,166			$	(1,574	)			-4.7	%
U.K. Operations			(129	)			(16,848	)			6,861				5,127				1,734				33.8	%
U.S. Concrete Waste Management Services			1,450				1,225				7,702				7,804				(102	)			-1.3	%
Corporate			(10,862	)			3,563				1,250				1,250				(0	)			0.0	%
		$	(23,143	)		$	(58,850	)		$	47,405			$	47,347			$	58				0.1	%

Concrete Pumping Holdings, Inc.
Quarterly Financial Performance

(dollars in millions)		Revenue				Net Income (Loss) 1				Adjusted EBITDA 2				Capital Expenditures				Adjusted EBITDA less Capital Expenditures
Q1 2017		$	46			$	(6	)		$	14			$	4			$	9
Q2 2017		$	51			$	3			$	16			$	3			$	13
Q3 2017		$	55			$	4			$	18			$	1			$	18
Q4 2017		$	60			$	1			$	20			$	14			$	6
Q1 2018		$	53			$	18			$	16			$	7			$	9
Q2 2018		$	56			$	5			$	18			$	1			$	17
Q3 2018		$	66			$	5			$	22			$	11			$	11
Q4 2018		$	68			$	1			$	22			$	9			$	13
Q1 2019		$	58			$	(26	)		$	17			$	11			$	6
Q2 2019		$	62			$	(10	)		$	18			$	13			$	5
Q3 2019		$	79			$	3			$	31			$	4			$	27
Q4 2019		$	84			$	1			$	30			$	5			$	25
Q1 2020		$	74			$	(3	)		$	24			$	20			$	4
Q2 2020		$	74			$	(59	)		$	24			$	4			$	20
Q3 2020		$	77			$	3			$	30			$	6			$	24
Q4 2020		$	79			$	(2	)		$	30			$	6			$	24
Q1 2021		$	70			$	(12	)		$	22			$	8			$	15
Q2 2021		$	77			$	(11	)		$	25			$	5			$	20

¹ The Company (1) restated its consolidated financial statements as of October 31, 2019, for the Successor period from December 6, 2018 through October 31, 2019 and the unaudited interim periods within that period and (2) revised its consolidated financial statements as of October 31, 2020, for the fiscal year then ended and the unaudited interim periods within fiscal 2020 to reflect the Company’s warrants as liabilities. For further information, refer to the Company’s 10-K/A filed on June 11, 2021 with the Securities and Exchange Commission.

² Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). See “Non-GAAP Financial Measures” below for a reconciliation of such measure to its most comparable GAAP measure.

Concrete Pumping Holdings, Inc.
Reconciliation of Net Income (Loss) to Reported EBITDA to Adjusted EBITDA

	Predecessor
(dollars in thousands)	Q1 2017			Q2 2017			Q3 2017			Q4 2017			Q1 2018			Q2 2018			Q3 2018			Q4 2018			November 1, 2018 through December 5, 2018
Consolidated
Net income (loss)	$	(6,296	)	$	2,556		$	3,923		$	730		$	17,558		$	4,610		$	4,825		$	1,389		$	(22,575	)
Interest expense, net		6,386			6,095			5,456			4,811			5,087			5,126			5,477			5,735			1,644
Income tax expense (benefit)		646			592			1,822			697			(13,544	)		1,211			1,701			848			(4,192	)
Depreciation and amortization		6,229			5,919			6,390			8,616			6,110			6,293			6,150			7,070			2,713
EBITDA		6,965			15,162			17,591			14,854			15,211			17,240			18,153			15,042			(22,410	)
Transaction expenses		5,304			–			(465	)		(349	)		8			1,117			1,395			5,070			14,167
Loss on debt extinguishment		–			213			279			4,669			–			–			–			–			16,395
Stock based compensation		–			–			–			–			93			94			94			–			–
Other expense (income)		(39	)		(32	)		(19	)		(84	)		(12	)		(8	)		(14	)		(21	)		(6	)
Goodwill and intangibles impairment		–			–			–			–			–			–			–			–			–
Other adjustments		1,172			1,108			1,051			985			1,324			(471	)		2,674			2,161			1,442
Adjusted EBITDA	$	13,402		$	16,451		$	18,437		$	20,075		$	16,624		$	17,972		$	22,302		$	22,252		$	9,588

	(As Restated)
	Successor			S&P Combined (non-GAAP)			Successor
(dollars in thousands)	December 6, 2018 through January 31, 2019			Q1 2019			Q2 2019			Q3 2019			Q4 2019			Q1 2020			Q2 2020			Q3 2020			Q4 2020			Q1 2021			Q2 2021
Consolidated
Net income (loss)		(6,152	)		(28,727	)		(24,419	)		7,318			6,850			(3,137	)		(55,714	)		247			(2,648	)	$	(12,290	)	$	(10,853	)
Interest expense, net		5,592			7,236			9,318			9,843			10,127			9,503			8,765			8,364			7,777			6,900			6,029
Income tax expense (benefit)		(2,765	)		(6,957	)		1,572			(1,922	)		(188	)		(1,147	)		(2,221	)		(462	)		(1,147	)		(2,648	)		170
Depreciation and amortization		8,374			11,087			12,132			16,477			15,669			15,085			15,076			14,665			16,827			13,838			14,007
EBITDA		5,049			(17,361	)		(1,397	)		31,716			32,458			20,304			(34,094	)		22,814			20,809			5,800			9,353
Transaction expenses		–			14,167			1,282			176			63			–			–			–			–			29			55
Loss on debt extinguishment		–			16,395			–			–			–			–			–			–			–			15,510			–
Stock based compensation		–			–			361			1,625			1,633			1,467			1,383			1,357			7,247			672			3,350
Change in fair value of warrant liabilities		2,522			2,522			14,774			(4,556	)		(6,249	)		391			(3,254	)		2,734			391			–			11,456
Other expense (income)		(11	)		(17	)		(20	)		(28	)		12			(69	)		(33	)		(36	)		(31	)		(26	)		(26	)
Goodwill and intangibles impairment		–			–			–			–			–			–			57,944			–			–			–			–
Other adjustments		–			1,442			3,234			1,627			1,635			1,741			1,569			3,169			1,498			373			859
Adjusted EBITDA	$	7,560		$	17,148		$	18,234		$	30,560		$	29,552		$	23,834		$	23,515		$	30,038		$	29,914		$	22,358		$	25,047

Note: The Company restated/revised its 2019/2020 financial statements. Further details discussed above.

Concrete Pumping Holdings, Inc.
Reconciliation of Net Income (Loss) to Reported EBITDA to Adjusted EBITDA

		Three Months Ended								Six Months Ended
(dollars in thousands)		April 30, 2021				April 30, 2020				April 30, 2021				April 30, 2020
Consolidated
Net income (loss)		$	(10,853	)		$	(55,714	)		$	(23,143	)		$	(58,850	)
Interest expense, net			6,029				8,765				12,929				18,268
Income tax expense (benefit)			170				(2,221	)			(2,478	)			(3,368	)
Depreciation and amortization			14,007				15,076				27,844				30,162
EBITDA			9,353				(34,094	)			15,152				(13,788	)
Transaction expenses			55				–				84				–
Loss on debt extinguishment			–				–				15,510				–
Stock based compensation			3,350				1,383				4,022				2,850
Change in fair value of warrant liabilities			11,456				(3,254	)			11,456				(2,864	)
Other expense (income)			(26	)			(33	)			(52	)			(103	)
Goodwill and intangibles impairment			–				57,944				–				57,944
Other adjustments			859				1,569				1,233				3,308
Adjusted EBITDA		$	25,047			$	23,515			$	47,405			$	47,347
U.S. Concrete Pumping
Net income (loss)		$	(925	)		$	(44,303	)		$	(13,602	)		$	(46,790	)
Interest expense, net			5,247				8,096				11,370				16,828
Income tax expense (benefit)			(381	)			(2,751	)			(3,204	)			(4,138	)
Depreciation and amortization			9,405				10,144				18,677				20,148
EBITDA			13,346				(28,814	)			13,241				(13,952	)
Transaction expenses			55				–				84				–
Loss on debt extinguishment			–				–				15,510				–
Stock based compensation			3,350				1,383				4,022				2,850
Other expense (income)			(12	)			(7	)			(24	)			(17	)
Goodwill and intangibles impairment			–				43,500				–				43,500
Other adjustments			(433	)			257				(1,241	)			785
Adjusted EBITDA		$	16,306			$	16,319			$	31,592			$	33,166
U.K. Operations
Net income (loss)		$	402			$	(15,955	)		$	(129	)		$	(16,848	)
Interest expense, net			782				669				1,559				1,440
Income tax expense (benefit)			79				509				(98	)			394
Depreciation and amortization			2,071				2,065				4,081				4,261
EBITDA			3,334				(12,712	)			5,413				(10,753	)
Transaction expenses			–				–				–				–
Loss on debt extinguishment			–				–				–				–
Stock based compensation			–				–				–				–
Other expense (income)			(12	)			(26	)			(26	)			(86	)
Goodwill and intangibles impairment			–				14,444				–				14,444
Other adjustments			792				810				1,474				1,522
Adjusted EBITDA		$	4,114			$	2,516			$	6,861			$	5,127
U.S. Concrete Waste Management Services
Net income (loss)		$	833			$	859			$	1,450			$	1,225
Interest expense, net			–				–				–				–
Income tax expense (benefit)			348				34				584				239
Depreciation and amortization			2,323				2,660				4,670				5,339
EBITDA			3,504				3,553				6,704				6,803
Transaction expenses			–				–				–				–
Loss on debt extinguishment			–				–				–				–
Stock based compensation			–				–				–				–
Other expense (income)			(2	)			–				(2	)			–
Goodwill and intangibles impairment			–				–				–				–
Other adjustments			500				502				1,000				1,001
Adjusted EBITDA		$	4,002			$	4,055			$	7,702			$	7,804
Corporate
Net income (loss)		$	(11,163	)		$	3,685			$	(10,862	)		$	3,563
Interest expense, net			–				–				–				–
Income tax expense (benefit)			124				(13	)			240				137
Depreciation and amortization			208				207				416				414
EBITDA			(10,831	)			3,879				(10,206	)			4,114
Transaction expenses			–				–				–				–
Loss on debt extinguishment			–				–				–				–
Stock based compensation			–				–				–				–
Change in fair value of warrant liabilities			11,456				(3,254	)			11,456				(2,864	)
Other expense (income)			–				–				–				–
Goodwill and intangibles impairment			–				–				–				–
Other adjustments			–				–				–				–
Adjusted EBITDA		$	625			$	625			$	1,250			$	1,250

Note: The Company revised its 2020 financial statements. Further details discussed above.

Concrete Pumping Holdings, Inc.

Reconciliation of Free Cash Flow

		Six Months Ended
(dollars in millions)		April 30, 2021
Adjusted EBITDA		$	47.4
Less net capital expenditures			(13.0	)
Less cash paid for interest			(5.9	)
Free cash flow		$	28.5

Concrete Pumping Holdings, Inc.

Reconciliation of Net Debt

(in thousands)		January 31, 2020				April 30, 2020				July 31, 2020				October 31, 2020				January 31, 2021				April 30,  2021				Change in Net Debt Q1’21 to Q2’21
Term loan outstanding			396,871				391,650				386,427				381,205				–				–				–
Senior Notes			–				–				–				–				375,000				375,000				–
Revolving loan draws outstanding			38,661				39,211				12,990				1,741				7,687				1,087				(6,600	)
Less: Cash			(2,636	)			(18,048	)			(4,131	)			(6,736	)			(2,273	)			(13,714	)			(11,441	)
Net debt			432,896				412,813				395,286				376,210				380,414				362,373				(18,041	)

BOSTON, June 14, 2021 (GLOBE NEWSWIRE) — Brookline Bancorp, Inc. (the “Company”) (NASDAQ: BRKL) President & CEO Paul Perrault announced today that the Company’s Board of Directors has approved a number of key changes to the Company’s organizational structure. Perrault himself will become the Company’s Chairman, replacing Joseph Slotnik, who served as Chairman for the past ten years. Slotnik will remain on the Board as Lead Director.

The Board also voted to elevate General Counsel and Chief Risk Officer Michael McCurdy and Chief Financial and Strategy Officer Carl Carlson to serve jointly as Co-Presidents. Mr. McCurdy has been with the Company for ten years; Mr. Carlson for seven. Mr. McCurdy will also assume the role of Chief Operating Officer overseeing the Company’s two subsidiary banks (Brookline Bank and Bank Rhode Island), banking operations, human resources, and the Company’s two equipment finance units, Eastern Funding LLC and Macrolease. Mr. Carlson will continue to serve as Chief Financial Officer overseeing Finance and also Commercial and Consumer Product Management. Both – as well as Brookline Bancorp’s Chief Credit Officer, Robert Rose – will continue to report to Perrault who will remain as Chief Executive Officer of the Company.

“I’m delighted that the Board of Directors has voted to make these changes, the most significant of which is clearly Mike McCurdy’s and Carl Carlson’s elevation to Company co-presidents,” said Perrault. “This will recognize them for their experience and dedicated service to the Company and will also ensure that our customers and stockholders get the full benefit of their experience and counsel well into the future. I am looking forward to many more years of collaboration with Mike and Carl as they take the reins in so many areas of the Company.”

An attorney, Michael McCurdy joined Brookline Bancorp in 2011 as General Counsel and Chief Risk Officer. He joined Brookline Bancorp following four years as Executive Vice President, Director of Retail Banking, General Counsel and Corporate Secretary for Danvers Bancorp. Mr. McCurdy also served for six years as CEO of BankMalden. In addition to his work in financial services, Mr. McCurdy is an adjunct professor at Suffolk Law School where he teaches banking law.

Carl Carlson has served as Chief Financial and Strategy Officer for Brookline Bancorp since April 2014. He joined the Company after having served in a number of key finance roles for Webster Financial Corporation where he worked from 2007-2014. From 1986 until 2007, Mr. Carlson was employed by North Fork Bancorporation and held a number of positions, including Senior Vice President, Strategic Planning and Corporate Development. Mr. Carlson earned his MBA from Dowling College and has a BA in Finance from Clarkson University.

ABOUT BROOKLINE BANCORP, INC.

Brookline Bancorp, Inc., a bank holding company with approximately $8.6 billion in assets and branch locations in eastern Massachusetts and Rhode Island, is headquartered in Boston, Massachusetts and operates as the holding company for Brookline Bank and Bank Rhode Island. The Company provides commercial and retail banking services and cash management and investment services to customers throughout Central New England. It provides equipment financing through two subsidiary units, Macrolease and Eastern Funding LLC. More information about Brookline Bancorp, Inc. can be found at www.brooklinebancorp.com.

CONTACT:
Karen Schwartzman

Polaris Public Relations

(617) 710-1407

CAMBRIDGE, Mass., June 14, 2021 (GLOBE NEWSWIRE) — Sigilon Therapeutics, Inc. (NASDAQ:SGTX), a biotechnology company that seeks to develop functional cures for chronic diseases through its Shielded Living Therapeutics™ platform, today announced the appointment of Philip Ashton-Rickardt, Ph.D., as Chief Scientific Officer (CSO). Most recently, Dr. Ashton-Rickardt served as Senior Vice President for Immunology at AZTherapies, Inc., where he was responsible for preclinical development of cell therapies, biologic and small molecule platform technologies to treat neurodegenerative diseases.

“We are excited to announce the addition of Philip to our leadership team. He is a highly regarded scientific leader, and we believe his experience in cell therapy and successful track record of developing platform technologies will be tremendous assets,” said Rogerio Vivaldi, M.D., President and CEO of Sigilon. “He’s joining us at an important time for the Company as we strategically advance our growing pipeline of novel therapeutics for the treatment of a wide range of chronic diseases. The breadth and depth of Philip’s experience will be instrumental in helping us leverage the modularity of our Shielded Living Therapeutics™ platform as we advance multiple programs.”

Dr. Ashton-Rickardt joined AZTherapies in 2019 in connection with its acquisition of Smith Therapeutics, a private company founded by Dr. Ashton-Rickardt to develop a cutting-edge technology platform that he invented using modified T cells designed to restore a healthy balance of inflammatory and regulatory cells in the brain. Prior to launching Smith Therapeutics in 2017, Dr. Ashton-Rickardt was Chair in Immunology at Imperial College London, Visiting Professor, Brigham and Women’s Hospital, Harvard Medical School, and Associate Professor in the Department of Pathology at the University of Chicago. He was awarded tenure by The University of Chicago and is the recipient of the Early Career Award for Scientists and Engineers from President Bill Clinton. He has published more than 65 peer-reviewed papers in more than 30 academic journals (including Cell, Science, Immunity, and Nature Immunology), has served as an editor for several academic journals, and has been a member of grant review boards globally. Dr. Ashton-Rickardt earned a B.Sc. in Biochemistry from the University of London, King’s College and a Ph.D. in Molecular Biology from the University of Edinburgh.

Added Dr. Ashton-Rickardt: “I am thrilled to be joining this talented team. I look forward to exploring the potential of this novel platform technology in hopes of further expanding Sigilon’s robust pipeline and delivering on its commitment to improve the lives of patients living with chronic diseases.”

About Sigilon Therapeutics

Sigilon Therapeutics seeks to develop functional cures for chronic diseases through its Shielded Living Therapeutics™ platform. Sigilon’s product candidates are non-viral engineered cell-based therapies designed to produce the crucial proteins, enzymes or factors needed by patients living with chronic diseases such as hemophilia, lysosomal diseases and diabetes. The engineered cells are protected by Sigilon’s Afibromer™ biomaterials matrix, which shields them from immune rejection and fibrosis. Sigilon was founded by Flagship Pioneering in conjunction with Daniel Anderson, Ph.D., and Robert Langer, Sc.D., of the Massachusetts Institute of Technology.

Forward-Looking Statements

This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. These forward-looking statements address various matters, including the modularity of our platform technology and the potential benefits of our pipeline and product candidates. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, that we have incurred significant losses since inception and our need for additional funding; the SLTx platform consists of novel technologies that are not yet clinically validated for human therapeutic use; that we have only any results from the testing of any of our product candidates in clinical trials and any favorable preclinical results are not predictive of results that may be observed in clinical trials; we may be unable to obtain and maintain patent protection and other intellectual property rights for SIG-001 or any other product candidates and for our SLTx platform, or the scope of the patent and other intellectual property protection obtained may not be sufficiently broad; and the risks identified under the heading “Risk Factors” in our Quarterly Report on Form 10-Q for the period ended March 31, 2021 and in any subsequent filings with the Securities and Exchange Commission. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and we undertake no obligation to update or revise any of these statements.  Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

Investor Contacts

Rob Windsor
Sigilon Therapeutics, Head of Investor Relations
[email protected]
617-586-3837

Mike Biega
Solebury Trout
[email protected]
617-913-8890

Media Contact

Amy Bonanno
Solebury Trout
[email protected]
914-450-0349