Market Newsdesk

MONACO, May 18, 2021 (GLOBE NEWSWIRE) — Eneti Inc. (NYSE: NETI) (“Eneti” or the “Company”), today reported its results for the three months ended March 31, 2021.

The Company also announced that on May 14, 2021 its Board of Directors declared a quarterly cash dividend of $0.05 per share on the Company’s common shares.

Results for the Three Months Ended March 31, 2021 and 2020

• For the first quarter of 2021, the Company’s GAAP net income was $41.9 million, or $3.84 per diluted share, including:
  • a gain subsequent to an increase in fair value less costs to sell of approximately $15.5 million, or $1.43 per diluted share, taken related to the Company’s previously announced plan to exit the dry bulk industry. The gain is primarily the result of an increase in the fair value of common shares of Star Bulk Carriers Corp. (“Star Bulk”) (NASDAQ: SBLK) and Eagle Bulk Shipping Inc. (“Eagle”) (NASDAQ: EGLE) received or to be received as a portion of the compensation for the purchase of certain of our vessels;
  • the write-off of $3.7 million, or $0.34 per diluted share, of deferred financing costs on repaid credit facilities related to vessels that have been sold; and
  • a non-cash gain of approximately $15.8 million and cash dividend income of $0.2 million, or $1.47 per diluted share, from the Company’s equity investments (primarily Scorpio Tankers Inc.).

• For the first quarter of 2020, the Company’s GAAP net loss was $124.7 million, or $18.12 per diluted share. These results include a non-cash loss of approximately $89.1 million and cash dividend income of $0.4 million, or $12.88 per diluted share, from the Company’s equity investment in Scorpio Tankers Inc., and a write-down of approximately $17.0 million, or $2.47 per diluted share, related to the classification of two Ultramax vessels and one Kamsarmax vessel as held for sale.
• Total vessel revenues for the first quarter of 2021 were $59.8 million, compared to $40.8 million for the same period in 2020.
• Earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the first quarter of 2021 was $52.0 million and EBITDA for the first quarter of 2020 was a loss of $100.1 million (see Non-GAAP Financial Measures below).
• For the first quarter of 2021, the Company’s adjusted net income was $30.0 million, or $2.75 adjusted per diluted share, which excludes the impact of the gain of approximately $15.5 million related to the Company’s previously announced plan to exit the dry bulk industry due to an increase in the fair value of the assets to be received in exchange for certain vessels as described above and the write-off of $3.7 million of deferred financing costs on repaid credit facilities related to vessels that have been sold.
• For the first quarter of 2020, the Company’s adjusted net loss was $107.7 million, or $15.65 adjusted per diluted share, which excludes the write-down of approximately $17.0 million related to the classification of two Ultramax vessels and one Kamsarmax vessel as held for sale.
• Adjusted EBITDA for the first quarter of 2021 was $36.5 million compared to an $83.1 million loss in the prior year period (see Non-GAAP Financial Measures below). 
• As of May 14, 2021, the Company’s remaining fleet consists of 10 Ultramax vessels and 2 Kamsarmax vessels, as well as five time chartered-in vessels which are expected to be redelivered to their respective owners during the remainder of the second quarter of 2021 and the third quarter of 2021.

Cash and Cash Equivalents

As of May 14, 2021, the Company had approximately $152.8 million in cash and cash equivalents.

Dry Bulk Exit

Eneti Inc. announced on August 3, 2020 its intention to transition away from the business of dry bulk commodity transportation and towards marine-based renewable energy including investing in the next generation of wind turbine installation vessels.

The following table summarizes when the Company delivered or expects to deliver the vessels to be sold to their respective buyers.

		Ultramax Vessels					Kamsarmax Vessels					Total Vessels
Quarter		# of Vessels		Sales Price ($000’s)			# of Vessels		Sales Price ($000’s)			# of Vessels		Sales Price ($000’s)
Unsold Vessels at September 30, 2020		33					16					49
Q4 2020		5		$88,460			3		$54,865			8		$143,325
Q1 2021		11		$187,333			7		$123,127			18		$310,460		(1)(2)
Q2 2021: April 1 – May 14		7		$124,350			4		$81,500			11		$205,850		(3)(4)
Q2 2021: May 15 – June 30		7		$117,672			0		$0			7		$117,672		(5)
Total Vessels Sold		30		$517,815			14		$259,492			44		$777,307
Unsold Vessels at May 14, 2021		3					2					5

⁽¹⁾ Includes approximately $89.3 million of debt assumed or reimbursed to the Company by buyer
⁽²⁾ Excludes approximately 2.6 million shares of Star Bulk common stock
⁽³⁾ Includes approximately $12.7 million of debt assumed by buyer
⁽⁴⁾ Excludes approximately 0.4 million shares of Star Bulk common stock
⁽⁵⁾ Excludes a warrant for 212,315 shares of Eagle common stock

Contract to Build a Wind Turbine Installation Vessel

On May 11, 2021, the Company has entered into a binding agreement with Daewoo Shipbuilding and Marine Engineering for the construction of one wind turbine installation vessel (“WTIV”). The contract price is $330.0 million and the vessel is expected to be delivered early in the third quarter of 2024. In addition, the Company holds an option to construct an additional WTIV at the same price, net of currency adjustments.

The vessel is an NG-16000X design by GustoMSC (a subsidiary of NOV Inc.), and includes a 2,600 Ton Leg Encircling Crane from Huisman Equipment B.V. of the Netherlands. The vessel is capable of installing up to 20 Megawatt turbines at depths of up to 65 meters of water, and it can be adapted to operate on the alternate fuels of LNG or ammonia.

Jones Act Initiative

The Company is in advanced discussions with several American shipbuilders for the construction of a WTIV. This vessel would be constructed, financed, and operated by American citizens in compliance with the Jones Act, in order to address the heightened demand for transportation and installation capacity on the Continental Shelf of the United States.

Investment in Star Bulk

During March and April 2021, the Company sold approximately 2.6 million common shares of Star Bulk for aggregate net proceeds of approximately $45.5 million. The Company received these common shares as compensation for SBI Subaru and SBI Ursa, Ultramax bulk carriers built in 2015, SBI Capoeira and SBI Carioca, Kamsarmax bulk carriers built in 2015, and SBI Lambada and SBI Macarena, Kamsarmax bulk carriers built in 2016. As part of the transaction, the related existing lease finance arrangements were also assumed by Star Bulk. One vessel, SBI Pegasus, remains to be delivered to Star Bulk, for which Star Bulk will assume debt of $12.7 million and the Company will also receive approximately 0.4 million common shares of Star Bulk and be reimbursed for the February 2021 debt payment that was made in advance.

Debt Overview

The Company’s outstanding debt balances, gross of unamortized deferred financing costs as of March 31, 2021 and May 14, 2021, are as follows (dollars in thousands):

		As of March 31, 2021				As of May 14, 2021
Credit Facility		Amount Outstanding
$85.5 Million Credit Facility		$	10,725			$	—
$184.0 Million Credit Facility		21,862				—
$34.0 Million Credit Facility		29,679				—
$90.0 Million Credit Facility		11,257				—
$19.6 Million Lease Financing – SBI Rumba		15,285				15,175
$19.0 Million Lease Financing – SBI Tango		15,798				15,690
$19.0 Million Lease Financing – SBI Echo		15,963				15,863
$20.5 Million Lease Financing – SBI Hermes		17,427				17,314
$21.4 Million Lease Financing – SBI Samba		18,588				18,462
CMBFL Lease Financing		12,672				12,672
$45.0 Million Lease Financing – SBI Virgo & SBI Libra		19,194				—
AVIC Lease Financing		33,576				—
$67.3 Million Lease Financing		37,158				—
Total		$	259,184			$	95,176

Quarterly Cash Dividend

In the first quarter of 2021, the Company’s Board of Directors declared and the Company paid a quarterly cash dividend of $0.05 per share totaling approximately $0.6 million.

On May 14, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.05 per share, payable on or about June 15, 2021, to all shareholders of record as of June 1, 2021. As of May 17, 2021, 11,233,604 shares were outstanding.

Share Repurchase Program

During the first quarter of 2021, the Company repurchased approximately 61,000 shares of the Company’s common stock, at an average cost of $18.01 per share. The Company subsequently repurchased approximately 15,000 shares of the Company’s common stock at an average cost of $19.98 per share from April 1, 2021 through May 17, 2021. These repurchases, totaling approximately $1.4 million, were made under the Board of Directors authorized share repurchase program and funded from available cash resources. As of May 17, 2021, the Company had $31.9 million remaining under the authorized share repurchase program.

COVID-19

Since the beginning of the calendar year 2020, the ongoing outbreak of the novel coronavirus (COVID-19) that originated in China in December 2019 and that has spread to most developed nations of the world has resulted in numerous actions taken by governments and governmental agencies in an attempt to mitigate the spread of the virus. These measures have resulted in a significant reduction in global economic activity and extreme volatility in the global financial and commodities markets. During the first quarter of 2021, the dry bulk charter market saw a significant recovery, however future charter rates remain highly dependent on the duration and continuing impact of the COVID-19 pandemic, as evidenced by the recent resurgence of cases in India and other parts of the world. When these measures and the resulting economic impact will end and what the long-term impact of such measures on the global economy will be are not known at this time. As a result, the extent to which COVID-19 will impact the Company’s results of operations and financial condition, including its planned transition towards marine-based renewable energy, will depend on future developments, which are highly uncertain and cannot be predicted.

Eneti Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Amounts in thousands, except per share data)
		Unaudited
		Three Months Ended March 31,
		2021				2020
Revenue:
Vessel revenue		$	59,829			$	40,824
Operating expenses:
Voyage expenses		6,080				1,360
Vessel operating costs		15,611				24,684
Charterhire expense		11,980				4,698
Vessel depreciation		—				12,343
General and administrative expenses		7,585				6,528
(Gain) loss / write-down on assets sold or held for sale		(15,532		)		17,009
Total operating expenses		25,724				66,622
Operating income (loss)		34,105				(25,798		)
Other income (expense):
Interest income		8				123
Income (loss) from equity investments		15,972				(88,631		)
Foreign exchange income (loss)		71				(54		)
Financial expense, net		(8,293		)		(10,343		)
Total other income (expense)		7,758				(98,905		)
Net income (loss)		$	41,863			$	(124,703	)
Earnings (loss) per share:
Basic		$	3.94			$	(18.12	)
Diluted		$	3.84			$	(18.12	)
Basic weighted average number of common shares outstanding		10,631				6,883
Diluted weighted average number of common shares outstanding		10,892				6,883

Eneti Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Dollars in thousands)
		Unaudited
		March 31, 2021				December 31, 2020
Assets
Current assets
Cash and cash equivalents		$	81,509			$	84,002
Accounts receivable		23,735				21,086
Prepaid expenses and other current assets		14,817				16,515
Total current assets		120,061				121,603
Non-current assets
Assets held for sale		401,978				708,097
Equity investments		70,241				24,116
Deferred financing costs, net		674				1,143
Other assets		7,150				13,236
Total non-current assets		480,043				746,592
Total assets		$	600,104			$	868,195
Liabilities and shareholders’ equity
Current liabilities
Bank loans, net		$	6,034			$	13,226
Capital lease obligations		16,226				32,677
Accounts payable and accrued expenses		29,198				41,113
Total current liabilities		51,458				87,016
Non-current liabilities
Bank loans, net		66,501				157,511
Capital lease obligations		167,462				351,070
Total non-current liabilities		233,963				508,581
Total liabilities		285,421				595,597
Shareholders’ equity
Preferred shares, $0.01 par value per share; 50,000,000 shares authorized; no shares issued or outstanding		—				—
Common shares, $0.01 par value per share; authorized 31,875,000 shares as of March 31, 2021 and December 31, 2020; outstanding 11,248,763 shares as of March 31, 2021 and 11,310,073 as of December 31, 2020		839				859
Paid-in capital		1,730,643				1,803,431
Common shares held in treasury, at cost; 20,710 shares and 1,934,092 shares at March 31, 2021 and December 31, 2020, respectively		(414		)		(73,444		)
Accumulated deficit		(1,416,385		)		(1,458,248		)
Total shareholders’ equity		314,683				272,598
Total liabilities and shareholders’ equity		$	600,104			$	868,195

Eneti Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (unaudited) (Amounts in thousands)
		Three Months ended March 31,
		2021				2020
Operating activities
Net income (loss)		$	41,863			$	(124,703	)
Adjustment to reconcile net income (loss) to net cash provided by
operating activities:
Restricted share amortization		1,890				2,082
Vessel depreciation		—				12,343
Amortization of deferred financing costs		516				1,013
Write-off of deferred financing costs		3,713				—
Loss / write-down on assets held for sale		(15,675		)		16,077
Net unrealized (gains) losses on investments		(14,889		)		89,072
Dividend income on equity investment		(216		)		(441		)
Drydocking expenditure		(2,925		)		(2,207		)
Changes in operating assets and liabilities:
Decrease in accounts receivable		(3,661		)		(8,731		)
Increase in prepaid expenses and other assets		8,316				5,877
Increase in accounts payable and accrued expenses		(11,916		)		(11,638		)
Net cash provided by (used in) operating activities		7,016				(21,256		)
Investing activities
Sale of equity investment		8,502				—
Dividend income on equity investment		216				441
Proceeds from sale of assets held for sale		198,973				—
Scrubber payments		(429		)		(14,874		)
Net cash provided by (used in) investing activities		207,262				(14,433		)
Financing activities
Proceeds from issuance of long-term debt		—				79,000
Repayments of long-term debt		(215,104		)		(34,182		)
Common shares repurchased		(1,104		)		—
Dividends paid		(563		)		(1,450		)
Debt issue costs paid		—				—
Net cash (used in) provided by financing activities		(216,771		)		43,368
Increase (decrease) in cash and cash equivalents		(2,493		)		7,679
Cash and cash equivalents, beginning of period		84,002				42,530
Cash and cash equivalents, end of period		$	81,509			$	50,209

Conference Call on Results:

A conference call to discuss the Company’s results will be held at 9:00 AM Eastern Daylight Time / 3:00 PM Central European Summer Time on May 18, 2021. Those wishing to listen to the call should dial 1 (866) 219-5268 (U.S.) or 1 (703) 736-7424 (International) at least 10 minutes prior to the start of the call to ensure connection. The conference participant passcode is 5985886. The information provided on the teleconference is only accurate at the time of the conference call, and the Company will take no responsibility for providing updated information.

There will also be a simultaneous live webcast over the internet, through the Eneti Inc. website www.eneti-inc.com. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

Webcast URL: https://edge.media-server.com/mmc/p/s4ty8fq5

About Eneti Inc.

Eneti Inc. is focused on marine-based renewable energy and has invested in the next generation of wind turbine installation vessels. Additional information about the Company is available on the Company’s website www.eneti-inc.com, which is not a part of this press release.

Non-GAAP Financial Measures

To supplement the Company’s financial information presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”) management uses certain “non-GAAP financial measures” as such term is defined in Regulation G promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in, or excluded from, the most directly comparable measure calculated and presented in accordance with GAAP. Management believes the presentation of these measures provides investors with greater transparency and supplemental data relating to the Company’s financial condition and results of operations, and therefore a more complete understanding of factors affecting its business than GAAP measures alone. In addition, management believes the presentation of these matters is useful to investors for period-to-period comparison of results as the items may reflect certain unique and/or non-operating items such as asset sales, write-offs, contract termination costs or items outside of management’s control.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted net income (loss) and related per share amounts, as well as adjusted EBITDA are non-GAAP financial measures that the Company believes provide investors with a means of evaluating and understanding how the Company’s management evaluates the Company’s operating performance. These non-GAAP financial measures should not be considered in isolation from, as substitutes for, nor superior to financial measures prepared in accordance with GAAP. Please see below for reconciliations of EBITDA, adjusted net income (loss) and related per share amounts, and adjusted EBITDA.

EBITDA (unaudited)

	Three Months Ended March 31,
In thousands	2021				2020
Net income (loss)	$	41,863			(124,703	)
Add Back:
Net interest expense	4,056				9,206
Depreciation and amortization (1)	6,119				15,438
EBITDA	$	52,038			(100,059	)

⁽¹⁾ Includes depreciation, amortization of deferred financing costs and restricted share amortization.

Adjusted net income (loss) (unaudited)

	Three Months Ended March 31,
In thousands, except per share data	2021								2020
	Amount				Per share				Amount				Per share
Net income (loss)	$	41,863			$	3.84			$	(124,703	)		$	(18.12	)
Adjustments:
(Gain) loss / write-down on assets	(15,532		)		(1.43		)		17,009				2.47
Write-off of deferred financing cost	3,713				0.34				—				—
Total adjustments	$	(11,819	)		$	(1.09	)		$	17,009			$	2.47
Adjusted net income (loss)	$	30,044			$	2.75			$	(107,694	)		$	(15.65	)

Adjusted EBITDA (unaudited)

	Three Months Ended March 31,
In thousands	2021				2020
Net income (loss)	$	41,863			(124,703		)
Impact of adjustments	(11,819		)		17,009
Adjusted net (loss) income	30,044				(107,694		)
Add Back:
Net interest expense	4,056				9,206
Depreciation and amortization (1)	2,406				15,438
Adjusted EBITDA	$	36,506			$	(83,050	)

⁽¹⁾ Includes depreciation, amortization of deferred financing costs and restricted share amortization.

Forward-Looking Statements 

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. We undertake no obligation, and specifically decline any obligation, except as required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and asset values, changes in demand for Wind Turbine Installation Vessel (“WTIV”) capacity, the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for WTIVs and the installation of offshore windfarms thereof, changes in our operating expenses, including fuel costs, drydocking and insurance costs, the market for our WTIVs, availability of financing and refinancing, counterparty performance, ability to obtain financing and the availability of capital resources (including for capital expenditures) and comply with covenants in such financing arrangements, planned capital expenditures, our ability to successfully identify, consummate, integrate and realize the expected benefits from acquisitions and changes to our business strategy, fluctuations in the value of our investments, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption due to accidents or political events, vessel breakdowns and instances of off-hires and other factors.

Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

Contact:

Eneti Inc.
+377-9798-5715 (Monaco)
+1-646-432-1675 (New York)

WEST CONSHOHOCKEN, Pa., May 18, 2021 (GLOBE NEWSWIRE) — Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL), a clinical-stage biopharmaceutical company pursuing novel therapeutics for cardio-metabolic and fatty liver diseases with high unmet medical need, announced today that Alex Howarth has joined Madrigal as Chief Financial Officer.

“I am pleased to welcome Alex to Madrigal as our Chief Financial Officer as we advance our two Phase 3 studies for resmetirom and enter a critical phase of development and growth within the Company. In the past year, we have advanced commercial planning for the U.S. and key Ex-U.S. markets,” said Paul Friedman, M.D., Chief Executive Officer of Madrigal. “As we have indicated in the past, we will seek partnerships for Ex-U.S. commercialization, and Alex will greatly assist in these efforts in addition to serving as our CFO. He is an accomplished executive who brings a wealth of experience from commercial-stage biotech companies as well as multinational pharmaceutical organizations, such as GlaxoSmithKline,” Friedman said. “His experience includes developing financial and corporate strategy, long-range planning, business development and expertise in implementing financial and operational systems to support company growth. He adds depth and experience to our team which will be key as Madrigal prepares to transition from a development-stage company to a commercial-stage company.”

Mr. Howarth, age 52, brings more than 25 years of biopharmaceutical experience and is recognized for his financial, operational, and transactional achievements. Most recently, Mr. Howarth was Chief Operating Officer at Akcea Therapeutics, a publicly traded biopharmaceutical company with commercial operations in North America and Europe, where he served as a core member of the executive leadership team leading up to its acquisition by Ionis Pharmaceuticals. Prior to Akcea, Alex was President and Chief Financial Officer at Lycera Corporation; Chief Financial Officer and Chief Business Officer at moksha8, a TPG portfolio company focused on commercializing products in emerging markets; and Chief Business Officer at Vitae Pharmaceuticals. Earlier in his career, Alex spent ten years at GlaxoSmithKline in a variety of business development and finance roles, including leading GSK Venture Partnerships and serving as Senior Director, Worldwide Business Development. Prior to joining GSK, Mr. Howarth worked at KPMG in London, UK where he qualified as a chartered accountant.  Mr. Howarth has an honors degree in biochemistry from the University of Bath, England.

“With resmetirom, Madrigal is positioned to achieve first mover status in the substantial and unmet NASH market and improve the quality of life and health for millions of NASH patients in America and worldwide” said Mr. Howarth. “I am tremendously excited to be joining Madrigal and look forward to working with the leadership team to contribute to the continued success and growth at Madrigal.”

“As we begin the transition of our CFO role from Marc Schneebaum to Alex, I would like to thank Marc for the tremendous impact he has had on Madrigal’s success over the last five years,” Dr. Friedman said. “Marc brought unique skills and made significant contributions at Madrigal. Most notably, he leveraged Madrigal’s $60 million in liquidity sources as a new public company and thereafter serially financed over $600 million in equity capital in support of the initiation and progression of our critical Phase 2 and Phase 3 trials for resmetirom. I have greatly enjoyed having Marc as my professional colleague and partner, and I wish him the best in his future endeavors.”

About Madrigal Pharmaceuticals

Madrigal Pharmaceuticals, Inc. (Nasdaq: MDGL) is a clinical-stage biopharmaceutical company pursuing novel therapeutics that target a specific thyroid hormone receptor pathway in the liver, which is a key regulatory mechanism common to a spectrum of cardio-metabolic and fatty liver diseases with high unmet medical need. Madrigal’s lead candidate, resmetirom, is a first-in-class, orally administered, small-molecule, liver-directed, thyroid hormone receptor (THR)-β selective agonist that is in currently in two Phase 3 clinical studies, MAESTRO-NASH and MAESTRO-NAFLD-1, designed to demonstrate multiple benefits across a broad spectrum of NASH (non-alcoholic steatohepatitis) and NAFLD (non-alcoholic fatty liver disease) patients. For more information, visit www.madrigalpharma.com.

Forward-Looking Statements

This communication contains “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that are based on our beliefs and assumptions and on information currently available to us, but are subject to factors beyond our control. Forward-looking statements include but are not limited to statements or references concerning: our clinical trials; research and development activities; the timing and results associated with the future development of our lead product candidate, MGL-3196 (resmetirom), including sector leadership; the timing and completion of projected 2021 clinical milestone events, including enrollment, top-line data and open label projections; our primary and secondary study endpoints for resmetirom and the potential for achieving such endpoints and projections; optimal dosing levels for resmetirom; projections regarding potential future NASH resolution, safety, fibrosis treatment, cardiovascular effects, lipid treatment or biomarker effects with resmetirom; the predictive power of resmetirom liver fat reduction on NASH resolution with fibrosis reduction or improvement; the achievement of enrollment objectives concerning patient number, safety database and/or timing for our studies; potential NASH or NAFLD patient risk profile benefits with resmetirom; and our possible or assumed future results of operations and expenses, business strategies and plans, capital needs and financing plans, trends, market sizing, competitive position, industry environment and potential growth opportunities, among other things. Forward-looking statements: reflect management’s current knowledge, assumptions, judgment and expectations regarding future performance or events; include all statements that are not historical facts; and can be identified by terms such as “allow,” “anticipates,” “be,” “believes,” “continue,” “could,” “demonstrates,” ”design,” “estimates,” “expects,” “forecasts,” “future,” “goal,” “hopeful,” “intends,” “may,” “might,” “plans,” “potential,” “predicts,” ”predictive,” “projects,” “seeks,” “should,” “will,” “would” or similar expressions and the negatives of those terms.  Although management presently believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct and you should be aware that actual results could differ materially from those contained in the forward-looking statements.

Forward-looking statements are subject to a number of risks and uncertainties including, but not limited to: our clinical development of resmetirom; enrollment uncertainties, generally and in relation to COVID-19 shelter-in-place and social distancing measures and individual precautionary measures that may be implemented or continued for an uncertain period of time; outcomes or trends from competitive studies; future topline data timing or results; the risks of achieving potential benefits in studies that include substantially more patients than our prior studies; the timing and outcomes of clinical studies of resmetirom; and the uncertainties inherent in clinical testing. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Madrigal undertakes no obligation to update any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events. Please refer to Madrigal’s filings with the U.S. Securities and Exchange Commission for more detailed information regarding these risks and uncertainties and other factors that may cause actual results to differ materially from those expressed or implied.
We specifically discuss these risks and uncertainties in greater detail in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020, as well as in our other filings with the SEC.

Investor Contact:

Paul Friedman, Madrigal Pharmaceuticals, Inc. [email protected]

Media Contact:

Mike Beyer, Sam Brown Inc. [email protected] 312 961 2502

SHANGHAI, China, May 18, 2021 (GLOBE NEWSWIRE) — Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) (“Baozun” or the “Company”), the leading brand e-commerce service partner that helps brands execute their e-commerce strategies in China, today announced that its board of directors has authorized a share repurchase program under which the Company may repurchase up to US$125 million worth of its outstanding (i) American depositary shares (“ADSs”), each representing three Class A ordinary shares, and/or (ii) Class A ordinary shares over the next 12 months starting from May 18, 2021.

The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The Company’s board of directors will review the share repurchase program periodically and may authorize adjustment of its terms and size. The Company plans to fund repurchases from its existing cash balance.

Safe Harbor Statements

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance,” “going forward,” “outlook” and similar statements. Statements that are not historical facts, including statements about the Company’s strategies and goals, are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s operations and business prospects; the Company’s business and operating strategies and its ability to implement such strategies; the Company’s ability to develop and manage its operations and business; competition for, among other things, capital, technology and skilled personnel; the Company’s ability to control costs; the Company’s dividend policy; changes to regulatory and operating conditions in the industry and geographical markets in which the Company operates; and other risks and uncertainties. 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 and the Company’s announcements, notice or other documents published on the website of The Stock Exchange of Hong Kong Limited. All information provided in this press release is as of the date of this press release and is based on assumptions that the Company believes to be reasonable as of this date, and the Company does not undertake any obligation to update any forward-looking statement, except as required under the applicable law.

About Baozun Inc.

Baozun Inc. is the leader and a pioneer in the brand e-commerce service industry in China. Baozun empowers a broad and diverse range of brands to grow and succeed by leveraging its end-to-end e-commerce service capabilities, omni-channel coverage and technology-driven solutions. Its integrated one-stop solutions address all core aspects of the e-commerce operations covering IT solutions, online store operations, digital marketing, customer services, and warehousing and fulfillment.

For more information, please visit http://ir.baozun.com.

For investor and media inquiries, please contact:

Baozun Inc.

Ms. Wendy Sun
Email: [email protected]

Christensen

In China
Mr. Rene Vanguestaine
Phone: +852-6686-1376
E-mail: [email protected]

In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]

TORONTO, May 18, 2021 (GLOBE NEWSWIRE) — Centerra Gold Inc. (“Centerra”) (TSX: CG) (NYSE: CGAU) will host a conference call today to discuss developments in the Kyrgyz Republic at 8:30 AM Eastern Time on Tuesday May 18, 2021.

• North American participants may access the call toll-free at +1 (800)-954-0601.
• International participants may access the call at +1 (416)-981-9014.

The conference call is being webcast by Intrado and can be accessed live at Centerra Gold’s website at www.centerragold.com.

An audio recording of the call will be available approximately two hours after the call via telephone until midnight Eastern Time on Tuesday, May 25, 2021. The recording can be accessed by calling (416) 626-4100 or (800) 558-5253 and using the passcode 21994392. In addition, the webcast will be archived on Centerra Gold’s website www.centerragold.com.

About Centerra

Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold properties in North America, Asia and other markets worldwide and is one of the largest Western-based gold producers in Central Asia. Centerra operates three mines, the Kumtor Mine in the Kyrgyz Republic, the Mount Milligan Mine in British Columbia, Canada and the Öksüt Mine in Turkey. Centerra’s shares trade on the Toronto Stock Exchange (TSX) under the symbol CG and on the New York Stock Exchange (NYSE) under the symbol CGAU. The Company is based in Toronto, Ontario, Canada.

For more information:

John W. Pearson
Vice President, Investor Relations
(416) 204-1953
[email protected]

Additional information on Centerra is available on the Company’s web site at
www.centerragold.com
on SEDAR at
www.sedar.com
and on EDGAR at
www.sec.gov/edgar. 

A PDF accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/a0dc3c92-e1ee-46b4-b23b-3a10f9b20b80