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FangDD Reports Third Quarter 2020 Unaudited Financial Results

SHENZHEN, China, Nov. 20, 2020 (GLOBE NEWSWIRE) — Fangdd Network Group Ltd. (NASDAQ: DUO) (“FangDD” or “the Company”), a leading property technology company in China, today announced its unaudited financial results for the third quarter ended September 30 2020.

Third Quarter 2020 Financial Highlights

  • Revenue decreased by 13.6% year over year to RMB819.1 million (US$120.6 million) from RMB948.0 million in the same period of 2019.
  • Net income in the third quarter of 2020 was RMB21.9 million (US$3.2 million) compared to RMB80.3 million in the same period of 2019.
  • Non-GAAP net income1 in the third quarter of 2020 was RMB48.0 million (US$7.1 million) compared to RMB80.3 million in the same period of 2019.

Third Quarter 2020 Operating Highlights

  • The number of active agents2 in the Company’s marketplace was 276.6 thousand, representing an increase of 22.0% from 226.8 thousand in the same period of 2019.
  • The number of closed-loop agents3 was 26.5 thousand, representing an increase of 28.0% from 20.7 thousand in the same period of 2019.
  • Total closed-loop GMV4 facilitated on the Company’s platform increased by 9.4% to RMB55.9 billion (US$8.2 billion) from RMB51.1 billion in the same period of 2019. New property and resale listings contributed RMB33.0 billion (US$4.9 billion) and RMB22.9 billion (US$3.4 billion), respectively, to the total closed-loop GMV in the third quarter of 2020.

Mr. Yi Duan, Chairman and Co-Chief Executive Officer of FangDD, commented, “The agency service sector in China has continued to evolve with the introduction of new policies and intensifying subsidy competition between real estate transaction platforms. In line with these trends, we have implemented three key strategies to maintain our growth trajectory over the long run. Firstly, we upheld our strategic decision to forgo any subsidies or advances for full commissions. Instead, we are committed to utilizing our SaaS solutions, which continue to be one of our key competitive advantages, to empower our partnered agencies. Secondly, we established a strategic cooperation with Shanghai Yuancui Information Technology Co., Ltd. (“Shanghai Yuancui”), a subsidiary of Centaline Group, to further improve our ability to facilitate closed-loop transactions on our platform. Our joint venture with Shanghai Yuancui will focus on creating a new technology- and service-oriented real estate agent service model to further empower those highly capable agents in our Preferred Agent Alliance Network via an innovative and technology-enabled franchising system. Thirdly, we also continued to strengthen our offline resale property service capabilities and expand the service offerings of our transaction service centers. During the third quarter of 2020, we built an additional 10 self-owned transaction service centers and interfaced our systems with both the Industrial and Commercial Bank of China and the Bank of Communications to fully digitize the transaction of commission payments. Going forward, we remain committed to further cultivating our agent base and developing more best-in-class SaaS and service solutions to fortify our industry leadership.”

Mr. Xi Zeng, Co-Chief Executive Officer of FangDD, stated, “We continued to fuel the growth of our active agent and property listing dual growth engines in the third quarter of 2020. As a result, the number of active agents on our platform exceeded 276 thousand during this quarter, representing an increase of 22.0% year over year. By refining our service offerings for new construction property sales, for example, we not only empowered more agencies, but also increased our partnerships with real estate developers. As a result, the number of new construction property projects on our platform reached 3,479 as of September 30, 2020, representing an increase of 11.3% year over year and 19.2% quarter over quarter. We also remained committed to expanding our parking space pass business, entering into 7 new cities in the period to bring the total number of listed parking spaces on our platform to 23 thousand for a total value of more than RMB1.8 billion. At the same time, we also accelerated the growth of our resale property business, providing our platform agencies with more online management tools to further digitize their operations and thus augment their operating efficiency. Looking ahead, we believe that the competitive advantages we have established on these fronts will continue to compound, widening our economic moats and driving our growth trajectory over the long term.”

Ms. Jiaorong Pan, Chief Financial Officer of FangDD, added, “The recurrence of the epidemic in certain areas of China during the third quarter of 2020 has led to a reduction in the overall volume of property transactions in the period, which adversely impacted our financial performance during the quarter. As a result, our revenue in the in the third quarter of 2020 decreased by 13.6% year over year. Despite these challenges, we remained focused on refining our cost structures as we improved our gross margin to 23.5% in the third quarter of 2020 from 21.0% in the same period of 2019. Going forward, we plan to focus on allocating our resources towards those areas of the business which we believe to have significant long-term potential, including our SaaS solutions, service offerings for small- and mid-sized agencies, and more. Despite the current headwinds, we are confident in the strength of our future growth prospects and ability to capture those opportunities which will emerge as the economy gradually bounces back.”

Third Quarter 2020 Financial Results


REVENUE


Revenue in the third quarter of 2020 decreased by 13.6% to RMB819.1 million (US$120.6 million) from RMB948.0 million in the same period of 2019.


COST OF REVENUE


Cost of revenue in the third quarter of 2020 decreased by 16.3% to RMB626.8 million (US$92.3 million) from RMB749.1 million in the same period of 2019. This decrease was mainly attributable to a decrease in commission fees payable to agents for the services they rendered as a result of the decreased commissions from transactions.


GROSS PROFIT


Gross profit in the third quarter of 2020 decreased by 3.3% to RMB192.3 million (US$28.3 million) from RMB198.8 million in the same period of 2019. Gross margin in the third quarter of 2020 increased to 23.5% from 21.0% in the same period of 2019.


OPERATING EXPENSES


Operating expenses in the third quarter of 2020, including share-based compensation expenses of RMB26.1 million (US$3.8 million), increased by 38.4% to RMB168.8 million (US$24.9 million) from RMB122.0 million in the same period of 2019.   

  • Sales and marketing expenses in the third quarter of 2020 decreased by 60.5% to RMB1.5 million (US$0.2 million) from RMB3.8 million in the same period of 2019. The decrease in sales and marketing expenses was primarily due to the reduction in the Company’s spending on brand promotion and marketing activities to attract property listings from real estate sellers to the Company’s marketplace.
  • Product development expenses in the third quarter of 2020 were RMB65.0 million (US$9.6 million) compared to RMB73.4 million in the same period of 2019. The decrease in product development expenses was mainly attributable to the Company’s shift from the expansion of its product development team size to the optimization of its product development team’s operating efficiency in response to the outbreak of COVID-19, which led to a decrease in personnel-related expenses in the period. This decrease was partially offset by share-based compensation expenses of RMB17.1 million (US$2.5 million) in the third quarter of 2020.
  • General and administrative expenses in the third quarter of 2020 were RMB102.3 million (US$15.1 million), compared to RMB44.8 million in the same period of 2019. The increase in general and administrative expenses in the period included share-based compensation expenses of RMB9.0 million (US$1.3 million). The remaining increase of RMB48.5 million (US$7.1 million) in general and administrative expenses in the third quarter of 2020 was primarily attributable to (i) an increased headcount and various expenditures to improve the Company’s corporate governance and ensure compliance in relation to the Company’s status as a U.S.-listed company; and (ii) an increase in provisions for doubtful debtors.


NET INCOME


Net income in the third quarter of 2020 was RMB21.9 million (US$3.2 million) compared to RMB80.3 million in the same period of 2019.

Non-GAAP net income in the third quarter of 2020 was RMB48.0 million (US$7.1 million) compared to RMB80.3 million in the same period of 2019.


NET


INCOME PER ADS


Basic and diluted net income per American Depositary Share (“ADS”) in the third quarter of 2020 were RMB0.28 (US$0.04) and RMB0.26 (US$0.04), respectively. In comparison, the Company’s basic and diluted net income attributable to ordinary shareholders per ADS in the same period of 2019 were RMB2.00 and RMB1.00, respectively. Each ADS represents 25 Class A ordinary shares of the Company.


Liquidity


As of September 30, 2020, the Company had cash and cash equivalents, restricted cash, and short-term investments of RMB1,073.7 million (US$158.1 million), short-term bank borrowings of RMB447.9 million (US$66.0 million), as well as un-utilized bank facilities of RMB386.0 million (US$56.9 million). For the third quarter of 2020, net cash provided by operating activities was RMB11.6 million (US$1.7 million).

Business Outlook

For the fourth quarter of 2020, the Company expects its revenue to be between RMB600 million and RMB700 million. This forecast only reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Changes in Board of Directors

Mr. Jiancheng Li and Mr. Zhe Wei have notified the board of directors of the Company (the “Board”) of their resignations from the Board due to personal reasons. At the same time, the Board has approved the appointments of Mr. Ronald Cao and Mr. Weiru Chen to join certain Board committees. In addition, the Board reviewed the independence of Mr. Ronald Cao and determined that he satisfied the “independence” requirements under Rule 10A-3 of the United States Exchange Act of 1934 and Rule 5605 of the Nasdaq Stock Market Rules. All of these changes became effective on November 17, 2020.

As a result, the Board currently consists of seven members: Yi Duan, Xi Zeng, Li Xiao, Ronald Cao, Johnny Kar Ling Ng, Weiru Chen and Jiaorong Pan. The Board’s audit committee currently consists of Johnny Kar Ling Ng (chairman), Weiru Chen and Ronald Cao. The Board’s compensation committee currently consists of Johnny Kar Ling Ng (chairman), Weiru Chen and Yi Duan. The Board’s nominating and corporate governance committee currently consists of Weiru Chen (chairman), Johnny Kar Ling Ng and Yi Duan.

Conference Call Information

The Company’s management team will hold a Direct Event conference call on Thursday, November 19, 2020, at 7:30 P.M. Eastern Time (or 8:30 A.M. Beijing Time on Friday, November 20, 2020) to discuss the financial results. Details for the conference call are as follows:

Event Title: Fangdd Network Group Ltd. Third Quarter 2020 Earnings Conference Call
Conference ID: #6634959
Registration Link: http://apac.directeventreg.com/registration/event/6634959
   

Due to the global outbreak of the novel coronavirus, operator assisted conference calls are not available at the moment. All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique access PIN, which can be used to join the conference call.

A replay of the conference call will be accessible through November 27, 2020, by dialing the following numbers:

International: +61-2-8199-0299
United States:  +1-646-254-3697
Hong Kong, China: +852-3051-2780
Replay Code: #6634959
   

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.fangdd.com/.

Exchange Rate

This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars, in this press release, were made at a rate of RMB6.7896 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on September 30, 2020. The Company makes no representation that the Renminbi or U.S. dollar amounts referred could be converted into U.S. dollar or Renminbi, as the case may be, at any particular rate or at all.

Non-GAAP Financial Measures

To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP income(loss) from operations, non-GAAP operating margin, non-GAAP net income (loss) and non-GAAP net margin by excluding share-based compensation expenses from income (loss) from operations and net income, respectively. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The Company believes these non-GAAP financial measures are important to help investors understand the Company’s operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess the Company’s core operating results, as they exclude certain expenses that are not expected to result in cash payments. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses have been and will continue to be incurred in the future and are not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation of the Company’s results. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. The Company compensates for these limitations by reconciling these non-GAAP financial measures to the most directly comparable U.S. GAAP measures, which should be considered when evaluating the Company’s performance. Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release.

About FangDD

Fangdd Network Group Ltd. (Nasdaq: DUO) (“FangDD” or the “Company”) is a leading property technology company in China，operating one of the largest online real estate marketplaces in the country. Through innovative use of mobile internet, cloud and big data, FangDD has fundamentally revolutionized the way real estate agents conduct business through a suite of modular products and services powered by SaaS tools, productions and technology. Of the approximately 2.0 million real estate agents in China, more than 1,250,000 were on its platform as of December 31, 2019. For more information, please visit http://ir.fangdd.com.

Safe Harbor Statement

This announcement 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 “aim,” “anticipate,” “believe,” “estimate,” “expect,” “hope,” “going forward,” “intend,” “ought to,” “plan,” “project,” “potential,” “seek,” “may,” “might,” “can,” “could,” “will,” “would,” “shall,” “should,” “is likely to” and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about FangDD’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as FangDD’s strategic and operational plans, 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 general economic and business conditions in China may deteriorate. The growth of Internet and mobile user population in China might not be as strong as expected. FangDD’s plan to attract new and retain existing real estate agents, expand property listings, develop new products and increase service offerings might not be carried out as expected. FangDD might not be able to implement all of its strategic plans as expected. Competition in China may intensify further. All information provided in this press release is as of the date of this press release and are based on assumptions that the Company believes to be reasonable as of this date, and FangDD does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

FangDD
Ms. Linda Li
Director, Capital Markets Department
Phone: +86-0755-2699-8968
E-mail: [email protected] 

ICR, Inc.
Jack Wang
Phone: +1(646) 308-1649
E-mail: [email protected] 

 
 
Fangdd Network Group Ltd.

SELECTED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS DATA

(All amounts in thousands of Renminbi, except for share and per share data)
 
  As of December 31,   As of September 30,
  2019   2020
Assets      
Current assets      
Cash and cash equivalents 1,103,747   953,627
Restricted cash 230,125   94,117
Short-term investments 11,500   25,990
Accounts receivable, net 2,189,980   2,204,156
Prepayments and other current assets 194,668   393,238
Total current assets 3,730,020   3,671,128
       
Total assets 4,372,125   4,214,816
       
LIABILITIES      
Current liabilities      
Short-term bank borrowings 490,000   447,944
Accounts payable 1,897,611   1,919,039
Customers’ refundable fees 44,916   33,888
Accrued expenses and other payables 338,626   265,960
Taxes payable 7   3,466
Total current liabilities 2,771,160   2,670,297
       
Total liabilities 2,783,070   2,683,561
       
Total shareholders’ equity 1,589,055   1,531,255
Total liabilities and equity 4,372,125   4,214,816
       

Fangdd Network Group Ltd.

SELECTED UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) DATA

(All amounts in thousands of Renminbi, except for share and per share data)
 
    For the Three Months Ended
September 30, 		  For the Nine Months Ended
September 30,
    2019     2020     2019     2020  
Revenue   947,963     819,091     2,552,201     1,828,889  
Cost of revenues   (749,114 )   (626,800 )   (2,009,639 )   (1,466,252 )
Gross profit   198,849     192,291     542,562     362,637  
                 
Operating expenses:                
Sales and marketing expenses   (3,835 )   (1,533 )   (31,300 )   (5,815 )
Product development expenses   (73,399 )   (65,031 )   (218,217 )   (230,505 )
General and administrative expenses   (44,779 )   (102,265 )   (144,553 )   (275,845 )
Total operating expenses   (122,013 )   (168,829 )   (394,070 )   (512,165 )
                 
Income
（
Loss
）
from operations 		  76,836     23,462     148,492     (149,528 )
                 
Net income (loss)   80,308     21,905     180,615     (128,527 )
Accretion of Redeemable Convertible Preferred Shares   (1,645 )   –     (115,726 )   –  
Net income (loss) attributable to ordinary shareholders   78,663     21,905     64,889     (128,527 )
                 
Net income (loss)   80,308     21,905     180,615     (128,527 )
Other comprehensive income (loss)                
Foreign currency translation adjustment, net of nil income taxes   60,419     (17,499 )   (114,485 )   (7,719 )
Total comprehensive income (loss), net of income taxes   140,727     4,406     66,130     (136,246 )
                 
Net income (loss) per share                
–        Basic   0.08     0.01     0.07     (0.06 )
–        diluted   0.04     0.01     0.05     (0.06 )
Net income (loss) per ADS                
–        Basic   2.00     0.28     1.72     (1.61 )
–        diluted   1.00     0.26     1.33     (1.61 )
Weighted average number of ordinary shares used in
computing net loss per share, basic and diluted		                
–        Basic   945,712,030     1,996,169,094     945,712,030     1,992,368,906  
–        diluted   1,833,965,173     2,093,879,582     1,222,856,120     1,992,368,906  
                         

Reconciliation of GAAP and Non-GAAP Results

(All amounts in thousands of Renminbi, except for share and per share data)
 
    For the Three Months Ended
September 30, 		  For the Nine Months Ended
September 30,
    2019     2020     2019     2020  
GAAP income/(loss) from operations   76,836     23,462     148,492     (149,528 )
Share-based compensation expenses   –     26,100     –     78,447  
Non-GAAP income/(loss) from operations   76,836     49,562     148,492     (71,081 )
                 
GAAP net income/(loss)   80,308     21,905     180,615     (128,527 )
Share-based compensation expenses   –     26,100     –     78,447  
Non-GAAP net income/(loss)   80,308     48,005     180,615     (50,080 )
                 
GAAP operating margin

5
 		  8.1%     2.9%     5.8%     (8.2% )
Share-based compensation expenses   –     3.2%     –     4.3%  
Non-GAAP operating margin   8.1%     6.1%     5.8%     (3.9% )
                 
GAAP net margin

6
 		  8.5%     2.7%     7.1%     (7.0% )
Share-based compensation expenses   –     3.2%     –     4.3%  
Non-GAAP net margin   8.5%     5.9%     7.1%     (2.7% )
                         

________________________________________________

1 Non-GAAP net income is defined as net loss excluding share-based compensation expenses. For more information on these non-GAAP financial measures, please see the section captioned “Non-GAAP Financial Measures” and the tables captioned “Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this release.
2 “Active agents” refer to real estate agents who have visited the Company’s marketplace and used one or more of its functions within a period of time.
3 Closed-loop agents refer to real estate agents who have completed closed-loop transactions in the Company’s marketplace under the Company’s monitoring and control. Closed-loop transactions refer to property transactions of which the major steps are completed or managed by real estate agents in our marketplace.
4 “Closed-loop GMV” refers to the GMV of closed-loop transactions facilitated in our marketplace during the specified period. Closed-loop transactions refer to property transactions of which the major steps are completed or managed by real estate agents in our marketplace.
5 Operating margin is defined as income (loss) from operations divided by revenue.
6 Net margin is defined as net income (loss) attributable to ordinary shareholders divided by revenue.



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OFS Credit Company Provides October 2020 Net Asset Value Update

OFS Credit Company Provides October 2020 Net Asset Value Update

CHICAGO–(BUSINESS WIRE)–
OFS Credit Company, Inc. (NASDAQ: OCCI) (“OFS Credit,” the “Company,” “we,” “us” or “our”), an investment company that primarily invests in collateralized loan obligation (“CLO”) equity and debt securities, today announced a net asset value (“NAV”) estimate as of October 31, 2020 and the issuance of 120,000 shares of our 6.60% Series B Term Preferred Stock (the “Preferred Stock”), raising approximately $2.9 million in gross proceeds.

  • Management’s unaudited estimate of the range of our NAV per share of our common stock as of October 31, 2020 is between $11.53 and $11.63. This estimate is not a comprehensive statement of our financial condition or results for the month ended October 31, 2020. This estimate did not undergo the Company’s typical quarter-end financial closing procedures and was not approved by the Company’s board of directors. We advise you that our NAV per share as of October 31, 2020, which will be reported in the audited financial statements included in our annual report on Form N-CSR, may differ materially from this estimate.
  • On November 19, 2020, we issued through a private placement 120,000 shares of our Preferred Stock due November 19, 2023 at a price per share of $24.40625, raising approximately $2.9 million in gross proceeds. The offering was consummated pursuant to the terms of a purchase agreement (the “Purchase Agreement”) dated November 19, 2020 by and between the Company and the purchaser named therein (the “Purchaser”). The Purchase Agreement provided for the Preferred Stock to be issued to the Purchaser in a private placement in reliance on an exemption from registration under the Securities Act of 1933, as amended (the “Securities Act”). We relied upon this exemption from registration based in part on representations made by the Purchaser. The Preferred Stock has not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration. We intend to use the net proceeds from the issuance of the Preferred Stock to acquire new investments in accordance with our investment objectives and strategies and for general working capital purposes. In connection with the issuance of the Preferred Stock, the Company’s Board of Directors declared three monthly cash dividends of $0.055, $0.1375 and $0.1375 per share of Preferred Stock for the months ending November 30, 2020, December 31, 2020 and January 31, 2021, respectively.

We believe that the COVID-19 pandemic presents material uncertainty and risks with respect to the underlying value of the Company’s investments, financial condition, results of operations and cash flows. Further, the operational and financial performance of the Company has been, and may continue to be, significantly impacted by the COVID-19 pandemic, which in turn has, and may continue to have, an impact the valuation of the Company’s investments. As a result, the fair value of the Company’s portfolio investments may be materially impacted after October 31, 2020 by circumstances and events that are not yet known. To the extent the Company’s portfolio investments are further adversely impacted by the effects of the COVID-19 pandemic, the Company may experience a material adverse impact on its future net investment income, the fair value of its portfolio investments, its financial condition and the financial condition of its portfolio investments.

The preliminary financial data included in this press release has been prepared by, and is the responsibility of, OFS Credit’s management. KPMG LLP has not audited, reviewed, compiled, or applied agreed-upon procedures with respect to the preliminary financial data. Accordingly, KPMG LLP does not express an opinion or any other form of assurance with respect thereto.

About OFS Credit Company, Inc.

OFS Credit is a non-diversified, externally managed closed-end management investment company. The Company’s investment objective is to generate current income, with a secondary objective to generate capital appreciation primarily through investment in CLO debt and subordinated securities. The Company’s investment activities are managed by OFS Capital Management, LLC, an investment adviser registered under the Investment Advisers Act of 19401, as amended, and headquartered in Chicago, Illinois with additional offices in New York and Los Angeles.

Forward-Looking Statements

Statements in this press release regarding management’s future expectations, beliefs, intentions, goals, strategies, plans or prospects, including statements regarding our intentions related to the issuance of the Preferred Stock and the use of proceeds from the issuance, may constitute forward-looking statements. Forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “could,” “could increase the likelihood,” “estimate,” “expect,” “intend,” “is planned,” “may,” “should,” “will,” “will enable,” “would be expected,” “look forward,” “may provide,” “would” or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to in documents that may be filed by OFS Credit from time to time with the Securities and Exchange Commission, as well as the impact of the global COVID-19 pandemic and significant market volatility on our business, our portfolio companies, our industry and the global economy. As a result of such risks, uncertainties and factors, actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. OFS Credit is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

1 Registration does not imply a certain level of skill or training

INVESTOR RELATIONS:

OFS Credit Company, Inc.

Steve Altebrando, 646-652-8473

[email protected]

MEDIA RELATIONS:

Bill Mendel

212-397-1030

[email protected]

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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Cadence’s Lip-Bu Tan to Present at Credit Suisse Technology Conference

Cadence’s Lip-Bu Tan to Present at Credit Suisse Technology Conference

SAN JOSE, Calif.–(BUSINESS WIRE)–
Design Systems, Inc. (Nasdaq: CDNS):

WHO:

Lip-Bu Tan, chief executive officer, Cadence Design Systems, Inc. (Nasdaq: CDNS).

WHAT:

Mr. Tan will participate in a virtual fireside chat at the Credit Suisse 24th Annual Technology Conference on December 2, 2020.

WHEN:

The talk will be available live by webcast at 10:10 a.m. EST on Wednesday, December 2, 2020. The presentation will be archived on the Cadence website and available for replay through 5:00 p.m. PST on Friday, January 1, 2021.

WHERE:

The webcast will be available online at cadence.com/cadence/investor_relations.

About Cadence

Cadence is a pivotal leader in electronic design, building upon more than 30 years of computational software expertise. The company applies its underlying Intelligent System Design strategy to deliver software, hardware and IP that turn design concepts into reality. Cadence customers are the world’s most innovative companies, delivering extraordinary electronic products from chips to boards to systems for the most dynamic market applications, including consumer, hyperscale computing, 5G communications, automotive, mobile, aerospace, industrial and healthcare. For six years in a row, Fortune Magazine has named Cadence one of the 100 Best Companies to Work For. Learn more at cadence.com.

© 2020 Cadence Design Systems, Inc. All rights reserved worldwide. Cadence, the Cadence logo and the other Cadence marks found at www.cadence.com/go/trademarks are trademarks or registered trademarks of Cadence Design Systems, Inc. All other trademarks are the property of their respective owners.

Investor Relations

Cadence Design Systems, Inc.

408-944-7100

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Automotive Manufacturing Semiconductor Manufacturing Electronic Design Automation Technology

MEDIA:

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FangDD Announces Strategic Partnership With Shanghai Yuancui

SHENZHEN, China, Nov. 20, 2020 (GLOBE NEWSWIRE) — Fangdd Network Group Ltd. (NASDAQ: DUO) (“FangDD” or the “Company”), a leading property technology company in China, today announced that it has entered into a share transfer and capital increase agreement (the “Agreement”) with Shanghai Yuancui Information Technology Co., Ltd. (“Shanghai Yuancui”), a company providing technology-enabled solutions, franchise branding, and operational efficiency improvements for agents and agencies in the real estate brokerage industry. Currently, Shanghai Yuancui has more than 400 offline stores. Centaline (China) Property Agency Limited, a subsidiary of leading real estate brokerage firm Centaline Group, is a shareholder of Shanghai Yuancui.

Pursuant to the Agreement, after the closing and completion of the Company’s investment in Yuancui, the Company will hold 51% of the equity interests in Shanghai Yuancui.

The Agreement is an essential part of the Company’s strategic partnership with Centaline Group. Under the partnership, the Company and Centaline Group will jointly develop a leading technology-enabled franchising system designed to empower real estate agencies in China. The partnership will also enable the Company to combine Centaline Group’s extensive offline operation experience and management system with FangDD’s industry-leading capabilities in technological innovation, data collection, SAAS empowerment and real estate transaction chain digitization to improve its service offerings and unlock the growth potential of the new technology-enabled franchising system.

About FangDD

Fangdd Network Group Ltd. (NASDAQ: DUO) (“FangDD” or the “Company”) is a leading property technology company in China, operating one of the largest online real estate marketplaces in the country. Through innovative use of mobile internet, cloud and big data, FangDD has fundamentally revolutionized the way real estate agents conduct business through a suite of modular products and services powered by SaaS tools, productions and technology. Of the approximately 2.0 million real estate agents in China, more than 1,250,000 were on its platform as of December 31, 2019. For more information, please visit http://ir.fangdd.com.

Safe Harbor Statement

This announcement 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 “aim,” “anticipate,” “believe,” “estimate,” “expect,” “hope,” “going forward,” “intend,” “ought to,” “plan,” “project,” “potential,” “seek,” “may,” “might,” “can,” “could,” “will,” “would,” “shall,” “should,” “is likely to” and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about FangDD’s beliefs and expectations, the business outlook and quotations from management in this announcement, as well as FangDD’s strategic and operational plans, 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 general economic and business conditions in China may deteriorate. The growth of Internet and mobile user population in China might not be as strong as expected. FangDD’s plan to attract new and retain existing real estate agents, expand property listings, develop new products and increase service offerings might not be carried out as expected. FangDD might not be able to implement all of its strategic plans as expected. Competition in China may intensify further. All information provided in this press release is as of the date of this press release and are based on assumptions that the Company believes to be reasonable as of this date, and FangDD does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

FangDD

Ms. Linda Li

Director, Capital Markets Department

Phone: +86-0755-2699-8968

E-mail: [email protected]

ICR, Inc.

Jack Wang

Phone: +1(646) 308-1649

E-mail: [email protected]



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SmileDirectClub Launches Foundation to Empower Those Navigating Transitions

Company Builds Corporate Responsibility Effort, Partners with Organizations Focused on Helping People Find and Boost Confidence

NASHVILLE, Tenn., Nov. 19, 2020 (GLOBE NEWSWIRE) — SmileDirectClub, Inc. (Nasdaq: SDC), the oral care company with the first medtech platform for teeth straightening, today announced the formation of the SmileDirectClub Foundation, a nonprofit charitable entity created to empower the most vulnerable in our society to gain access to the tools, skills and the confidence they need to put their best face forward during times of transition in their education or careers. The SmileDirectClub Foundation bolsters the mission-driven Company’s corporate responsibility and philanthropic efforts.

“SmileDirectClub’s customers have shared countless stories of how their lives have been changed thanks to a boost in self-confidence from getting a straighter, brighter smile that they love,” said John Sheldon, SmileDirectClub Chief Marketing Officer and President of the SmileDirectClub Foundation Board. “The SmileDirectClub Foundation is there to make sure that this key element of self-confidence is extended beyond our Club Members so that the most vulnerable people are empowered to positively impact their own lives and our communities.”

The SmileDirectClub Foundation will provide year-round support to several Signature Charitable Partners, including Hire Heroes USA, which empowers U.S. Military members, veterans and spouses to succeed in the civilian workforce, and Year Up, an organization that provides young adults with the skills, experience and support to reach their full potential through careers and higher education. Additional Signature Charitable Partners will be added in the future to serve needs in Nashville and elsewhere across the US, and globally, in addition to awarding annual grants to other organizations aligned with the Foundation’s mission.

“Hire Heroes USA empowers our clients to obtain jobs that not only meet their professional goals, but also help them reach financial security and stability for themselves and their families.” said Andrew Sandoe, Hire Heros USA CEO. “We are grateful to the SmileDirectClub Foundation for their support in improving the well-being of our nation’s veterans and military spouses.”

“Year Up is excited to start this partnership with SmileDirectClub Foundation as we continue providing young people with in-demand skills to launch meaningful careers,” said Gerald Chertavian, Year Up Founder and CEO. “Their support will allow us to reach more young adults in need of an opportunity with some of the nation’s largest companies who are in need of their talent.”

Since launching in the U.S. in 2014, SmileDirectClub has become one of the fastest-growing health technology companies, serving over one million customers around the world.

About
SmileDirectClub

SmileDirectClub, Inc. (Nasdaq: SDC) (“SmileDirectClub”) is an oral care company and creator of the first medtech platform for teeth straightening. Through its cutting-edge telehealth technology and vertically integrated model, SmileDirectClub is revolutionizing the oral care industry, from clear aligner therapy to its affordable, premium oral care products line. SmileDirectClub’s mission is to democratize access to a smile each and every person loves by making it affordable and convenient for everyone. SmileDirectClub is headquartered in Nashville, Tennessee and operates in the U.S., Canada, Australia, New Zealand, United Kingdom, Ireland, Germany, Austria, Hong Kong, Singapore and Spain. For more information, please visit SmileDirectClub.com.

About Hire Heroes USA

Hire Heroes USA empowers US military members, veterans and spouses to succeed in the civilian workforce. Our organization offers personalized one-on-one coaching, professionally revised resumes, mentoring, workshops, a job board, career fairs and more, to tens of thousands of job-seeking veterans and military spouses annually. Hire Heroes USA prioritizes transparency, earning a 4-star rating from Charity Navigator and the GuideStar Platinum Seal. Funded exclusively through public donations and private grants, we provide our services at no cost to clients. For more information about our organization, visit hireheroesusa.org.

About Year Up

Year Up is an award-winning, national 501(c)3 organization that enables motivated young adults to move from minimum wage to meaningful careers by providing the skills, experience, and support that will empower them to reach their full potential. Through an intensive training program, Year Up utilizes a high-expectations, high-support model that combines marketable job skills, stipends, coursework eligible for college credit, and corporate internships at more than 250 top companies. Its holistic approach focuses on students’ professional and personal development to enable young adults with a viable path to economic self-sufficiency and meaningful careers. Year Up has served more than 30,000 young adults since its founding in 2000. Year Up is active in 35 campuses across the U.S., including Arizona, Baltimore, Bay Area, Charlotte, Chicago, Dallas/Fort Worth, Greater Atlanta, Greater Boston, Greater Philadelphia, Jacksonville, Los Angeles, the National Capital Region, New York City/Jersey City, Pittsburgh, Puget Sound, Rhode Island, South Florida, Tampa Bay, and Wilmington. Year Up has been voted one of the “Best Non-Profits to Work For” by The NonProfit Times. To learn more, visit www.yearup.org, and follow us on LinkedIn, Facebook, Instagram, and Twitter.

Contact: SmileDirectClub Media Relations: [email protected] 



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Rocket Mortgage and Amrock Continue to Set Bar for the Nation in Digital Closings Throughout 2020

The collaboration between the two companies, and the focus on innovation, has resulted in significant gains in the digitization of the mortgage closing

PR Newswire

DETROIT, Nov. 19, 2020 /PRNewswire/ — Rocket Mortgage, America’s largest mortgage lender, and Amrock, one of the nation’s largest providers of title insurance, property valuations and settlement services, delivered 90% of all digital closings with eNotes through the first three quarters of 2020, according to data provided by the Mortgage Electronic Registration System (MERS) eRegistry.

In just the first nine months of 2020, Rocket Mortgage and Amrock, both of which are subsidiaries of Rocket Companies (NYSE: RKT), have more than doubled the number of digital closings they completed in all of 2019. The growth of eClosings was accelerated by the COVID-19 pandemic – a change which is sure to stay now that there is widespread adoption – and demand – from clients. Digitizing the mortgage experience and removing manual steps in the closing process increases efficiency, ensures that every transaction is consistent and reduces opportunities for human error – such as missing signatures on the closing documents, which is one of the most common closing errors.

“Rocket Companies is dedicated to using technology to simplify our clients’ financial experiences. Just as Rocket Mortgage digitized and revolutionized the application, processing and underwriting of the home loan, our mission is to end the mortgage experience in the same way,” said Brian Woodring, Chief Information Officer of Rocket Mortgage. “A digital closing is more secure, streamlined – and faster – but in a pandemic it also means there can be more social distancing and clients can stay safe while achieving their financial goals.”

Consumers seeking a virtual closing experience can participate in a remote online notarization (RON). With RON, all documents are signed and notarized electronically while speaking with a notary using online audio video technology. Rocket Mortgage and Amrock complete RON closings using the proprietary Clear Sign platform from Rocket Companies subsidiary Nexsys Technologies, among others – which allows notaries and clients to perform digital closings from virtually any location at any time. 29 states have passed RON legislation, with 25 of them already conducting RON transactions today.

Rocket Mortgage clients nationwide can participate in a hybrid digital closing, where the client and notary meet in person and most documents are signed electronically – but some are still signed with pen and paper.

Lastly, clients in 34 states can close their mortgage with an in-person electronic notarization (IPEN). This technology allows clients to electronically sign all documents while the notary is present. IPEN closings can reduce delays caused by missed signatures because the closing documents can’t be submitted until all signatures are completed.

In 2019, Rocket Mortgage became the first mortgage lender to offer digital closings nationwide. Continuing to build on their heritage of innovation, Rocket Mortgage and Amrock partnered in July to complete North Carolina’s first-ever RON closing.

“Amrock is focused on providing our signing agent and mortgage lender partners the best process for the clients they serve. That means using technology to make the mortgage closing safer, more secure, more accurate and easier for everyone involved,” said Brian Hughes, CEO of Amrock. “We have gone all-in on digital closings and we are glad to see clients benefitting from our technology for a better closing experience. We will continue to promote the expansion of digital closings nationwide and we look forward to digitizing more and more of the home loan process.”

In addition to digital closings, Amrock is also leading the industry in the execution of electronic promissory notes, or eNotes, which are created, signed and managed digitally. By digitizing the note, the legal contract portion of the mortgage, lenders are able to fully leverage all the aspects of the digital closing process.  

Rocket Mortgage created the first end-to-end digital mortgage experience that allows clients to apply, customize their loan, get approved and lock their rate online. It was also the first lender to create a mobile app that offered a simple, easy-to-use interface for clients. Today, 98% of all home loans originated by Rocket Mortgage utilize its digital technology. Both Rocket Mortgage and Amrock continue to apply digital solutions to simplify the home loan process for all Americans.

About Quicken Loans / Rocket Mortgage

Detroit-based Quicken Loans, the nation’s largest home mortgage lender, enables the American Dream of homeownership and financial freedom through its obsession with an industry-leading, digital-driven client experience. The company closed $145 billion dollars of mortgage volume across all 50 states in 2019. In late 2015, Quicken Loans introduced Rocket Mortgage, the first fully digital mortgage experience. Currently, 98% of all home loans originated by Quicken Loans utilize Rocket Mortgage Technology.

Quicken Loans moved its headquarters to downtown Detroit in 2010. Today, Quicken Loans and the Rock Family of Companies employ more than 19,000 full-time team members in Detroit’s urban core. The company generates loan production from web centers located in Detroit, Cleveland and Phoenix and operates a centralized loan processing facility in Detroit. Quicken Loans ranked highest in the country for customer satisfaction for primary mortgage origination by J.D. Power for 11 consecutive years, 2010 – 2020, and also ranked highest in the country for customer satisfaction among all mortgage servicers seven consecutive years, 2014 – 2020.

Quicken Loans was once again named to FORTUNE magazine’s “100 Best Companies to Work For” list in 2019 and has been included in the magazine’s top 1/3rd of companies named to the list for the past 17 consecutive years. In addition, Essence Magazine named Quicken Loans “#1 Place to Work in the Country for African Americans.”

For more information and company news visit QuickenLoans.com/press-room.

About Amrock
Amrock is a leading national provider of title insurance, property valuations and settlement services. The company delivers FinTech solutions to streamline the real estate and mortgage experience for lenders, consumers and real estate professionals.

Amrock is a preferred provider to top retail mortgage lenders, with a wide range of clients throughout the residential and commercial real estate finance industries. Driven by thousands of professional partners and team members nationwide, Amrock is headquartered in the heart of downtown Detroit, Michigan with regional service centers in California, Pennsylvania and Texas and additional locations in several other states.

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SOURCE Rocket Mortgage

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Targa Resources Partners LP Announces Full Redemption of 9.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

HOUSTON, Nov. 19, 2020 (GLOBE NEWSWIRE) — Targa Resources Partners LP (the “Partnership”), a subsidiary of Targa Resources Corp. (NYSE: TRGP) (the “Company”), today announced that it intends to redeem all $125 million of its 5,000,000 issued and outstanding 9.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Series A Preferred Units”) (CUSIP: 87611X 204). Series A Preferred Units held through the Depository Trust Company will be redeemed in accordance with the applicable procedures of the Depository Trust Company. The redemption of the Series A Preferred Units is consistent with the Company’s ongoing efforts to simplify its capital structure and to identify opportunities to generate additional free cash flow by enabling the Company to realize significant annual cash savings associated with both the redemption and the lower general and administrative expenses attributable to reduced administrative requirements, with 2020 being the final year tax packages, including Schedule K-1s, would need to be prepared by the Company.

The redemption date will be December 21, 2020 (the “Redemption Date”). The Series A Preferred Units will be redeemed at a redemption price of $25.00 per share, plus an amount equal to all accumulated and unpaid distributions thereon to the date of redemption, whether or not declared (the “Redemption Consideration”), which will be payable in cash on the Redemption Date. After the Redemption Date, Series A Preferred Units will no longer be deemed outstanding and all of the rights of the holders of Series A Preferred Units will terminate, except the right to receive the Redemption Consideration. Furthermore, because all of the issued and outstanding shares of Series A Preferred Units are being redeemed, trading of the Series A Preferred Units on the New York Stock Exchange (the “NYSE”) will cease after the Redemption Date. The Series A Preferred Units currently trade on the NYSE under the symbol “NGLS/PA”.

The notice of redemption and related materials are being mailed to holders of record of Series A Preferred Units as of November 19, 2020. As specified in the notice of redemption, payment of the Redemption Consideration will be made only upon presentation and surrender of the certificates representing the Series A Preferred Units to the redemption agent, Computershare Trust Company, N.A. Questions regarding the redemption of the Series A Preferred Units, or the procedures therefore, may be directed to Computershare Trust Company, N.A. at:

Computershare Trust Company, N.A.
Transfer Agent and Registrar

150 Royall Street
Canton, MA 02021
Tel: 1-800-546-5141

About Targa Resources Partners LP

Targa Resources Partners LP is a Delaware limited partnership formed in October 2006 by its parent, Targa Resources Corp. (“TRC” or the “Company”), to own, operate, acquire and develop a diversified portfolio of complementary midstream infrastructure assets. On February 17, 2016 TRC completed the acquisition of all outstanding common units of the Partnership. Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent midstream infrastructure companies in North America. Targa owns, operates, acquires and develops a diversified portfolio of complementary midstream infrastructure assets. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, transporting and purchasing and selling natural gas; transporting, storing, fractionating, treating and purchasing and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing, terminaling and purchasing and selling crude oil.

The principal executive offices of Targa Resources Partners LP are located at 811 Louisiana, Suite 2100, Houston, TX 77002 and their telephone number is 713-584-1000.

For more information, please visit our website at www.targaresources.com.

Forward-Looking Statements

Certain statements in this release are “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. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Partnership’s control, which could cause results to differ materially from those expected by management of the Partnership. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the impact of pandemics such as COVID-19, actions by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries, the timing and success of business development efforts, and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Partnership’s filings with the Securities and Exchange Commission, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Partnership does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact the Company’s investor relations department by email at [email protected] or by phone at (713) 584-1133.

Sanjay Lad
Vice President, Finance & Investor Relations

Jennifer Kneale
Chief Financial Officer



Posted on

MDU Resources Announces Five-Year Capital Investment Plan

PR Newswire

BISMARCK, N.D., Nov. 19, 2020 /PRNewswire/ — MDU Resources Group, Inc. (NYSE: MDU) today announced that for the years 2021 through 2025 it expects to make capital investments totaling over $3.0 billion.

“MDU Resources continues to experience significant growth across our balanced mix of businesses, and we believe the capital investment plan demonstrates our commitment to organic growth,” said David L. Goodin, president and CEO of MDU Resources.

Acquisitions would be incremental to the company’s 2021-25 outlined capital investment plan. The company will provide updates as it identifies opportunities outside the plan.


Capital Expenditures



Forecast

Actual
 + 2020
Forecast



Forecast

2020

2021

2022

2023

2016-2020

2021-2025

(in millions)


Regulated energy delivery

Electric

$

115

$

141

$

182

$

109

$

620

$

631

Natural gas distribution

183

215

225

188

869

973

Pipeline

79

230

74

110

287

508

377

586

481

407

1,776

2,112


Construction materials and services

Construction materials and contracting

162

189

154

150

714

730

Construction services

82

46

34

35

247

189

244

235

188

185

961

919


Total*

$

621

$

821

$

669

$

592

$

2,737

$

3,031

* Excludes “Other” category, as well as assumed net proceeds from the sale or disposition of property.

 

The company anticipates its electric and natural gas utility will grow its rate base by approximately 5% annually over the next five years on a compound basis. MDU Resources’ utility operations are spread across eight states where customer growth is expected to continue at a rate of 1-2% annually. Customer growth, along with system upgrades and replacements needed to supply safe and reliable service, will require investments in natural gas distribution and new electric generation and transmission. The construction of an 88-megawatt simple-cycle, natural gas-fired combustion turbine near Mandan, North Dakota, announced in February 2019 is included in the outlined capital expenditures forecast as well as expenditures related to the retirement of the company’s three wholly owned coal-fired electric generation units.

The capital investment plan at the pipeline business reflects a continued focus on organic growth. Included in the plan is the North Bakken Expansion project, which is expected to be in service in late 2021 and as designed will increase capacity by 250 million cubic feet per day, based on long-term customer commitments. As designed, this project is readily expandable through additional compression as Bakken production growth rebounds and additional takeaway capacity is needed. This business is exploring additional organic growth projects including potential industrial related projects due to low natural gas prices.

At the company’s construction materials and services businesses, the capital expenditures forecast is focused primarily on organic expansion opportunities, and normal equipment and plant replacements and upgrades. Included in the outlined forecast is construction of a new prestress concrete plant in Spokane, Washington, where the company recently acquired prestress assets, several new materials plants and a state-of-the-art training facility for employees. Development of the company’s Honey Creek Quarry in Burnet County, Texas, is underway and is included in the forecast. The construction businesses continue to explore acquisition opportunities, as demonstrated the past several years, which would be incremental to the five-year forecast.

The capital program is subject to continued review and modification. Actual expenditures may vary from the estimates due to changes in load growth and regulatory decisions, as well as other factors.

Forward-Looking Statements
The information in this release includes certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements contained in this release, including capital expenditure forecasts, underlying expectations, and statements by the president and CEO of MDU Resources, are expressed in good faith and are believed by the company to have a reasonable basis. Nonetheless, actual results may differ materially from the projected results expressed in the forward-looking statements. For a discussion of important factors that could cause actual results to differ materially from those expressed in the forward-looking statements, refer to Item 1A-Risk Factors in MDU Resources’ most recent Form 10-Q and 10-K.


About MDU Resources


MDU Resources Group, Inc., a member of the S&P MidCap 400 index and the S&P High-Yield Dividend Aristocrats index, is Building a Strong America® by providing essential products and services through its regulated energy delivery and construction materials and services businesses. For more information about MDU Resources, see the company’s website at www.mdu.com or contact the Investor Relations Department at [email protected].

Financial Contact:
Jason Vollmer, vice president, chief financial officer and treasurer, 701-530-1755
Media Contact: Laura Lueder, manager of communications and public relations, 701-530-1095

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SOURCE MDU Resources Group, Inc.

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Wabash National Corporation Announces Quarterly Dividend

LAFAYETTE, Ind., Nov. 19, 2020 (GLOBE NEWSWIRE) — Wabash National Corporation (NYSE:WNC) today announced that its board of directors declared a regular quarterly dividend of $0.08 per share of the company’s common stock, payable on January 28, 2021, to stockholders of record on January 7, 2021.

Wabash National Corporation
: Changing How the World Reaches You
As the innovation leader of engineered solutions for the transportation, logistics and distribution industries, Wabash National Corporation (NYSE:WNC) is Changing How the World Reaches You™. Headquartered in Lafayette, Indiana, the company’s mission is to enable customers to succeed with breakthrough ideas and solutions that help them move everything from first to final mile. Wabash National designs and manufactures a diverse range of products, including: dry freight and refrigerated trailers, platform trailers, bulk tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade and pharmaceutical equipment. Its innovative products are sold under the following brand names: Wabash National®, Beall®, Benson®, Brenner® Tank, Bulk Tank International, DuraPlate®, Extract Technology®, Supreme®, Transcraft®, Walker Engineered Products, and Walker Transport. Learn more at www.wabashnational.com.

Safe Harbor Statement
This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey the Company’s current expectations or forecasts of future events. All statements contained in this press release other than statements of historical fact are forward-looking statements. These forward-looking statements include, among other things, all statements regarding the Company’s outlook for trailer and truck body shipments, backlog, expectations regarding demand levels for trailers, truck bodies, non-trailer equipment and our other diversified product offerings, pricing, profitability and earnings, cash flow and liquidity, opportunity to capture higher margin sales, new product innovations, our growth and diversification strategies, our expectations for improved financial performance during the course of the year and our expectations with regards to capital allocation. These and the Company’s other forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Without limitation, these risks and uncertainties include the continued integration of Supreme into the Company’s business, adverse reactions to the transaction by customers, suppliers or strategic partners, uncertain economic conditions including the possibility that customer demand may not meet our expectations, increased competition, reliance on certain customers and corporate partnerships, risks of customer pick-up delays, shortages and costs of raw materials including the impact of tariffs or other international trade developments, risks in implementing and sustaining improvements in the Company’s manufacturing operations and cost containment, dependence on industry trends and timing, supplier constraints, labor costs and availability, customer acceptance of and reactions to pricing changes and costs of indebtedness. Readers should review and consider the various disclosures made by the Company in this press release and in the Company’s reports to its stockholders and periodic reports on Forms 10-K and 10-Q.

Media Contact:

Dana Stelsel
Director, Corporate Communications
(765) 771-5766
[email protected]

Investor Relations:

Ryan Reed
Director, Investor Relations
(765) 490-5664
[email protected] 



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Organics Announces Proposed Underwritten Public Offering

Organics Announces Proposed Underwritten Public Offering

TAMPA, Fla.–(BUSINESS WIRE)–Oragenics, Inc. (NYSE American: OGEN) (“Oragenics” or the “Company”) a company focused on the creation of the Terra CoV-2 vaccine candidate to combat the novel coronavirus pandemic, today announced that it has commenced a proposed underwritten public offering of common stock of the Company. In addition, the Company expects to grant the underwriter of the offering, a 45-day option to purchase additional shares of common stock at the public offering price, less underwriting discounts and commissions. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

A.G.P./Alliance Global Partners is acting as sole book-running manager for the offering.

The Company intends to use the net proceeds of the offering primarily to continue funding our pre-clinical development of our SARS-CoV-2 vaccine, Terra CoV-2 and our lantibiotics program and for general corporate purposes, including research and development activities, capital expenditures and working capital.

The securities described above are being offered pursuant to a shelf registration statement (File No. 333-235763), which was declared effective by the United States Securities and Exchange Commission (“SEC”) on January 13, 2020. A preliminary prospectus supplement relating to the offering will be filed with the SEC. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering may be obtained, when available, at the SEC’s website at www.sec.gov. Electronic copies of the preliminary prospectus supplement may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022 or via telephone at 212-624-2060 or email: [email protected].

Before you invest, you should read the preliminary prospectus supplement and the accompanying prospectus in the registration statement and other documents Oragenics has filed or will file with the SEC for more complete information about Oragenics and the offering.

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

About Oragenics, Inc.

Oragenics, Inc. is focused on the creation of the Terra CoV-2 vaccine candidate to combat the novel coronavirus pandemic and the further development of effective treatments for novel antibiotics against infectious disease. The Company is dedicated to the development and commercialization of a vaccine candidate providing specific immunity from novel coronavirus. The Terra CoV-2 immunization leverages coronavirus spike protein research conducted by the National Institute of Health. In addition, Oragenics has an exclusive worldwide channel collaboration with ILH Holdings, Inc. (n/k/a Eleszto Genetika, Inc.), relating to the development of novel lantibiotics.

Forward-Looking Statements

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, as amended, that involve significant risks and uncertainties about Oragenics, including but not limited to statements with respect to the completion, timing, size, and use of proceeds of the proposed underwritten offering of common stock. Oragenics may use words such as “expect,” “anticipate,” “project,” “intend,” “plan,” “aim,” “believe,” “seek,” “estimate,” “can,” “focus,” “will,” and “may” and similar expressions to identify such forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are risks relating to, among other things, whether or not Oragenics will be able to raise capital, the final terms of the underwritten offering of common stock, market and other conditions, the satisfaction of customary closing conditions related to the underwritten offering of common stock, Oragenics’ business and financial condition, and the impact of general economic, industry or political conditions in the United States or internationally. For additional disclosure regarding these and other risks faced by Oragenics, see disclosures contained in Oragenics’ public filings with the SEC, including the “Risk Factors” in the Company’s Annual Report on Form 10-K, as updated by our Form 8-K Report filed with the SEC on May 8, 2020, Quarterly Reports on Form 10-Q, and prospectus for this offering. You should consider these factors in evaluating the forward-looking statements included in this press release and not place undue reliance on such statements. The forward-looking statements are made as of the date hereof, and Oragenics undertakes no obligation to update such statements as a result of new information, except as required by law.

Oragenics, Inc.

Corporate:

Michael Sullivan, 813-286-7900

Chief Financial Officer

[email protected]

or

Investors:

John Marco

Managing Director

CORE IR

516-222-2560

[email protected]

Media:

Jules Abraham

CORE IR

917-885-7378

[email protected]

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Infectious Diseases Pharmaceutical Health

MEDIA: