Market Newsdesk

Sunnova Announces Launch of Primary and Secondary Offering of Shares of Common Stock

HOUSTON–(BUSINESS WIRE)–
Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA) today announced that it has launched an underwritten public offering (the “Offering”) of 7,000,000 shares of Sunnova’s common stock, par value $0.0001 per share (the “common stock”), which consists of 3,500,000 shares of common stock offered by Sunnova and 3,500,000 shares of common stock offered by a fund affiliated with Newlight Partners (the “Selling Stockholder”).

Sunnova intends to grant the underwriters a 30-day option to purchase an additional 525,000 shares of common stock, and the Selling Stockholder intends to grant the underwriters a 30-day option to purchase an additional 525,000 shares of common stock.

Goldman Sachs & Co. LLC, BofA Securities, J.P. Morgan and Credit Suisse are acting as joint book-running managers of the Offering.

Sunnova has filed a shelf registration statement on Form S-3 relating to the Offering (including a prospectus) with the Securities and Exchange Commission (the “SEC”) that has become effective. The shares will be issued and sold pursuant to such effective registration statement. A preliminary prospectus supplement relating to the Offering will also be filed with the SEC. Before you invest, you should read the prospectus, the preliminary prospectus supplement and other documents that Sunnova may file with the SEC for more complete information about Sunnova and this Offering. A copy of the preliminary prospectus supplement relating to the Offering, when available, may be obtained from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, Telephone: 1-866-471-2526, Facsimile: 212-902-9316, Email: [email protected]; BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at [email protected]; J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone 1-866-803-9204 or by email at [email protected]; and Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, NC 27560, by calling 1-800-221-1037, or by emailing [email protected].

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

ABOUT SUNNOVA

Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service provider, with customers across the U.S. and its territories. Sunnova’s goal is to be the source of clean, affordable and reliable energy, with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted™.

FORWARD LOOKING STATEMENTS

This press release contains 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. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “going to,” “could,” “intend,” “target,” “project,” “contemplates,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding the conduct of the Offering and the size and terms of the Offering. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, results of operations and financial position, our competition, fluctuations in the solar and home-building markets, availability of capital, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2019, our Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30 and September 30, 2020 and in the registration statement on Form S-3 filed with the SEC. The forward-looking statements in this release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201130005913/en/

INVESTOR AND ANALYST CONTACT

Rodney McMahan

Sunnova Energy International Inc.

[email protected]

(281) 971-3323

PRESS AND MEDIA CONTACT

Kelsey Hultberg

Sunnova Energy International Inc.

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Building Systems Alternative Energy Energy Construction & Property Utilities

MEDIA:

Posted on November 30, 2020 4:08 pm

Shift4 Payments Announces Convertible Notes Offering

Shift4 Payments Announces Convertible Notes Offering

ALLENTOWN, Pa.–(BUSINESS WIRE)–
Shift4 Payments, Inc. (“Shift4”) (NYSE: FOUR), a leading independent provider of integrated payment processing and technology solutions, today announced its intention to offer, subject to market and other conditions, $400.0 million aggregate principal amount of convertible senior notes due 2025 (the “Notes”) in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. Shift4 also expects to grant the initial purchasers of the Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $60.0 million aggregate principal amount of the Notes.

The Notes will be senior, unsecured obligations of Shift4, will accrue interest payable semi-annually in arrears and will mature on December 15, 2025, unless earlier repurchased, redeemed or converted. Before September 15, 2025, noteholders will have the right to convert their Notes in certain circumstances and during specified periods. Shift4 will settle conversions by paying or delivering, as applicable, cash, shares of its Class A common stock (“Class A common stock”) or a combination of cash and shares of its Class A common stock, at Shift4’s election. The Notes will be redeemable, in whole or in part, for cash at Shift4’s option at any time, and from time to time, on or after December 20, 2023 and on or before the 40th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Shift4’s Class A common stock exceeds 130% of the conversion price for a specified period of time. The redemption price will be equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The final terms of the Notes, including the interest rate, initial conversion rate and certain other terms of the Notes, will be determined at the pricing of the offering.

Shift4 intends to use the net proceeds of the offering for general corporate purposes.

Concurrently with the offering of Notes, certain selling stockholders of Shift4 are offering approximately 8,000,000 shares of Shift4’s Class A common stock in an underwritten public offering. Certain selling stockholders also intend to grant the underwriters of that offering a 30-day option to purchase up to an additional 1,200,000 shares of Shift4’s Class A common stock. Nothing contained herein shall constitute an offer to sell or the solicitation of an offer to buy the Class A common stock. The offering of Notes is not contingent upon the concurrent public offering of Class A common stock, and the concurrent public offering of Class A common stock is not contingent upon the offering of Notes.

The offer and sale of the Notes and any shares of Class A common stock issuable upon conversion of the Notes have not been, and will not, be registered under the Securities Act or any other securities laws, and the Notes and any such shares cannot be offered or sold except to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, the Notes or any shares of Class A common stock issuable upon conversion of the Notes, nor shall there be any sale of the Notes or any such shares, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers of the Notes will be made only by means of a private offering memorandum.

There can be no assurances that the offering of the Notes will be completed as described herein or at all.

About Shift4 Payments:

Shift4 Payments (NYSE: FOUR) is a leading provider of integrated payment processing and technology solutions, delivering a complete omnichannel ecosystem that extends beyond payments to include a wide range of commerce-enabling services. The company’s technologies help power over 350 software providers in numerous industries, including hospitality, retail, F&B, ecommerce, lodging, gaming, and many more. With over 7,000 sales partners, the company securely processed more than $200 billion in payments volume for over 200,000 businesses in 2019. For more information, visit shift4.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201130005911/en/

Investor Relations:

Sloan Bohlen

610.596.4475

[email protected]

Media Contacts:

James McCusker

[email protected]

Nate Hirshberg

Vice President, Marketing

Shift4 Payments

[email protected]

KEYWORDS: Pennsylvania United States North America

INDUSTRY KEYWORDS: Finance Banking Professional Services Technology Software

MEDIA:

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Shift4 Payments Announces Secondary Offering of Class A Common Stock

ALLENTOWN, Pa.–(BUSINESS WIRE)–
Shift4 Payments, Inc. (“Shift4”) (NYSE:FOUR), a leading independent provider of integrated payment processing and technology solutions, today announced that certain selling stockholders of Shift4 intend to offer 8,000,000 shares of Shift4’s Class A common stock for sale in an underwritten public offering (the “Secondary Offering”). The selling stockholders also intend to grant the underwriters a 30-day option to purchase up to an additional 1,200,000 shares of Shift4’s Class A common stock.

Shift4 is not selling any shares of Class A common stock in the Secondary Offering, will not receive any proceeds from the sale of shares by the selling stockholders and will not bear any offering expenses.

Goldman Sachs & Co. LLC, Credit Suisse and Citigroup are serving as joint active bookrunners.

A registration statement relating to the Secondary Offering has been filed with the Securities and Exchange Commission but has not yet become effective. The Secondary Offering will be made only by means of a prospectus. These securities may not be sold nor may offers to buy be accepted prior to the time when the registration statement becomes effective. Copies of the preliminary prospectus, when available, may be obtained from Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York NY 10282 (Tel: 1-866-471-2526, email to [email protected], from Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560 (Tel: 800-221-1037 or email to [email protected]) or from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146 or email to: [email protected]).

Concurrently with the Secondary Offering, Shift4 is offering $400.0 million aggregate principal amount of convertible senior notes (the “Notes”) in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. Shift4 also intends to grant the initial purchasers of that offering an option to purchase up to an additional $60.0 million aggregate principal amount of the Notes. Nothing contained herein shall constitute an offer to sell or the solicitation of an offer to buy the Notes. The offering of Notes is not contingent upon the Secondary Offering, and the Secondary Offering is not contingent upon the offering of Notes.

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

About Shift4 Payments:

Shift4 Payments (NYSE:FOUR) is a leading provider of integrated payment processing and technology solutions, delivering a complete omnichannel ecosystem that extends beyond payments to include a wide range of commerce-enabling services. The company’s technologies help power over 350 software providers in numerous industries, including hospitality, retail, F&B, ecommerce, lodging, gaming, and many more. With over 7,000 sales partners, the company securely processed more than $200 billion in payments volume for over 200,000 businesses in 2019. For more information, visit shift4.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201130005909/en/

Investor Relations:

Sloan Bohlen

610.596.4475

[email protected]

Media:

James McCusker

[email protected]

Nate Hirshberg

Vice President, Marketing

Shift4 Payments

[email protected]

KEYWORDS: Pennsylvania United States North America

INDUSTRY KEYWORDS: Finance Banking Professional Services Technology Software

MEDIA:

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HealthStream to Acquire ANSOS™ Staff Scheduling from Change Healthcare

Establishes HealthStream as a market leader in healthcare workforce scheduling business; Acquisition is expected to be accretive to the overall financial results of the Company on pro forma basis, excluding deferred revenue write-down

NASHVILLE, Tenn.–(BUSINESS WIRE)–
HealthStream (Nasdaq: HSTM), a leading provider of workforce and provider solutions for the healthcare industry, today announced that it has entered into a definitive agreement to acquire Change Healthcare’s staff scheduling business, which includes their market-leading ANSOS™ Staff Scheduling (“ANSOS”) application and related products.

Highlights:

• ANSOS™ Staff Scheduling application—which is contracted by over 300 hospitals and health systems, along with related products, is added to HealthStream’s Workforce Solutions segment
• Acquisition is expected to be accretive to the overall financial results of the Company on a pro forma basis, including its earnings, cash flow, and EPS (before taking into account GAAP required write-downs of acquired deferred revenue)
• HealthStream to pay approximately $67.5 million in cash for the business

“We are excited to add ANSOS to HealthStream’s growing nurse and staff scheduling business for healthcare providers as we believe this is a major win for everyone: customers, partners, employees, and shareholders,” said Robert A. Frist, Jr., Chief Executive Officer, HealthStream. “The closing of this transaction will establish HealthStream as an industry leader in nurse and staff scheduling for healthcare providers. Considering our strong track record of strengthening acquired products and solutions to deliver even greater value to customers, I believe we are well positioned for continued growth and innovation in workforce management.”

ANSOS is an enterprise solution for healthcare providers that want to anticipate workload requirements, manage labor costs, apply complex work rules, and meet credential requirements for shifts—all for the purpose of optimizing staff deployment. It is used by over 300 hospitals and health systems and continues to be recognized as a market leader in nurse and staff scheduling by KLAS™.

The addition of Change Healthcare’s staff scheduling business will expand HealthStream’s growing portfolio of solutions for staff scheduling and workforce management, which began in early 2020 with the acquisition of NurseGrid and grew further with the acquisition of ShiftWizard last month. The complementary positioning of ANSOS, ShiftWizard, and NurseGrid will enable future data integrations and advanced analytics that yield smarter schedule development while enhancing engagement with staff.

In addition to the ANSOS Staff Scheduling application, the contemplated acquisition includes related products: Enterprise Visibility™, a patient tracking system, and Capacity Planner™, a predictive analytics tool. Importantly, all three products (i.e. ANSOS, Enterprise Visibility, and Capacity Planner) work in concert with each other, creating a powerful solution suite for aligning staff and scheduling based on patient acuity, predicting patient demand, and adjusting resources for optimal outcomes.

Following the acquisition, customer support for each of these products will remain in place. Approximately 90 employees from Change Healthcare will join HealthStream upon closing. Together, ANSOS, ShiftWizard, and NurseGrid represent HealthStream’s portfolio of nurse and staff scheduling solutions with executive oversight provided by Scott McQuigg, Senior Vice President, HealthStream. These solutions will be included in HealthStream’s Workforce Solutions business segment.

“We have an exciting vision for the future of scheduling and engaging nurses and staff, while helping healthcare providers better align staffing with demand,” said Scott McQuigg, Senior Vice President, HealthStream. “I would like to extend a warm welcome to Change Healthcare’s customers and employees as we work together to achieve that vision.”

Terms of the Transaction: The purchase price payable upon the closing of the ANSOS acquisition will be approximately $67.5 million in cash (subject to working capital and other customary purchase price adjustments), which will be funded with cash on hand.

Financial Expectations: During the fourth quarter of 2020, we expect a modest contribution to revenue, while consolidated operating income will be negatively impacted by transaction expenses, deferred revenue write-downs, and amortization of acquired intangible assets.

We expect the acquisition will contribute to our 2021 financial results as follows:

Revenues for the business to be acquired are primarily associated with sales of perpetual software, maintenance, and professional services. We expect incremental revenues in 2021 to range between $16.5 and $19.5 million, taking into account an estimated reduction of between $7.0 and $8.0 million related to deferred revenue write-downs. While the business has historically sold perpetual software licenses, future product development and sales efforts are anticipated to be directed towards a software-as-a-service model. We plan to make investments in the areas of sales, marketing, product development, and operations to support this initiative. In addition, we anticipate the amortization of acquired intangible assets to range between $3.0 and $4.0 million during 2021. Considering the additional investments we intend to make in this business during 2021, the deferred revenue write-downs, the amortization of intangible assets, and transition services expenses, we expect the acquired business to generate an operating loss in 2021.

After taking into account anticipated investments in the business in 2021 as noted above and transition services expenses, we expect pro forma adjusted EBITDA (i.e. adjusted EBITDA excluding the deferred revenue write-down set forth above) in 2021 associated with the business to be acquired to be between $3.2 and $4.5 million.

The closing of the transaction is anticipated to occur in the fourth quarter of 2020 and is subject to customary closing conditions.

About HealthStream

HealthStream (Nasdaq: HSTM) is dedicated to improving patient outcomes through the development of healthcare organizations’ greatest asset: their people. Our unified suite of solutions is contracted by healthcare organizations across the U.S. for workforce development, training & learning management, talent management, credentialing, privileging, provider enrollment, performance assessment, and managing simulation-based education programs. Based in Nashville, Tennessee, HealthStream has additional offices in Jericho, New York; Boulder; Colorado; Denver, Colorado; San Diego, California; Chicago, Illinois; Portland, Oregon; and Raleigh, North Carolina. For more information, visit http://www.healthstream.com or call 800-521-0574.

Use of Non-GAAP Financial Measures

This press release presents anticipated pro forma adjusted EBITDA in 2021 associated with the business to be acquired. Adjusted EBITDA is a non-GAAP financial measures used by management in analyzing the Company’s financial results and ongoing operational performance. In order to better assess the Company’s financial results, management believes that net income before interest, income taxes, stock based compensation, depreciation and amortization, changes in fair value of non-marketable equity investments, and the de-recognition of non-cash royalty expense resulting from our resolution of a mutual disagreement related to various elements of a past partnership which resulted in a reduction for cost of sales in the first quarter of 2020 (“adjusted EBITDA”) is a useful measure for evaluating the operating performance of the Company because adjusted EBITDA reflects net income adjusted for certain non-cash and non-operating items. In addition, pro forma adjusted EBITDA is a non-GAAP financial measure which is adjusted EBITDA excluding the impact of the deferred revenue write-down associated with fair value accounting for the acquired business. The Company similarly believes that presenting pro forma adjusted EBITDA, which excludes this deferred revenue write-down, is a useful measure for evaluating the operating performance of the Company in light of the nature of this GAAP required write-down. We believe that adjusted EBITDA and pro forma adjusted EBITDA are useful to many investors to assess the Company’s ongoing results from current operations. Adjusted EBITDA and pro forma adjusted EBITDA should not be considered as a measure of financial performance under GAAP. Because adjusted EBITDA and pro forma adjusted EBITDA are not determined in accordance with GAAP, these non-GAAP financial measures are susceptible to varying calculations. Accordingly, adjusted EBITDA and pro forma adjusted EBITDA, as presented, may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools.

A reconciliation of anticipated adjusted EBITDA and pro forma adjusted EBITDA in 2021 associated with the business to be acquired to anticipated net income (the most comparable GAAP measure) in 2021 associated with the business to be acquired, is set forth as follows:

Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands)
(Unaudited)
GAAP net loss		(5,800)		–		(4,800)
Interest income		—		–		—
Interest expense		—		–		—
Income tax benefit		(2,000)		–		(1,700)
Stock based compensation expense		—		–		—
Depreciation and amortization		3,000		–		4,000
Adjusted EBITDA		(4,800)		–		(2,500)
Adjusted EBITDA		(4,800)		–		(2,500)
Add: Deferred revenue write-down		8,000		–		7,000
Pro-forma Adjusted EBITDA		3,200		–		4,500

This press release includes certain forward-looking statements (statements other than solely with respect to historical fact) that involve risks and uncertainties regarding HealthStream. These statements are based upon management’s beliefs, as well as assumptions made by and data currently available to management. This information has been, or in the future may be, included in reliance on the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company cautions that forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or impliedby the forward-looking statements, including that the contemplated acquisition may not be consummated, that the anticipated financial results associated with the contemplated acquisition may not be achieved, and that the anticipated financial and strategic benefits of the acquisition may not be realized, as well as the result of risks referenced in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, filed on February 26, 2020, the Company’s Quarterly Report on Form 10-Q for the three months ended September 30, 2020, filed on October 29, 2020, and in the Company’s other filings with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to update or revise any such forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201130005818/en/

Mollie Condra, Ph.D.

HealthStream

(615)-301-3237

[email protected]

KEYWORDS: Tennessee United States North America

INDUSTRY KEYWORDS: Technology Human Resources Hospitals Professional Services Software Practice Management Managed Care Training Health Education

MEDIA:

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Everbridge to Present at Credit Suisse Technology Conference

BURLINGTON, Mass.–(BUSINESS WIRE)–Everbridge, Inc. (NASDAQ: EVBG), the global leader in critical event management (CEM), today announced its Chief Executive Officer, David Meredith, and its Senior Vice President and Chief Financial Officer, Patrick Brickley, will present at the Credit Suisse Technology Conference.

The Everbridge presentation is scheduled for Tuesday, December 1, 2020 at 8:40 a.m. ET. A live webcast, as well as a replay, of the presentation will be available under the “Events and Presentations” section on the Company’s investor relations website at https://ir.everbridge.com/.

About Everbridge:

Everbridge, Inc. (NASDAQ: EVBG) is a global software company that provides enterprise software applications that automate and accelerate organizations’ operational response to critical events in order Keep People Safe and Businesses Running™. During public safety threats such as active shooter situations, terrorist attacks or severe weather conditions, as well as critical business events including IT outages, cyber-attacks or other incidents such as product recalls or supply-chain interruptions, over 5,400 global customers rely on the Company’s Critical Event Management Platform to quickly and reliably aggregate and assess threat data, locate people at risk and responders able to assist, automate the execution of pre-defined communications processes through the secure delivery to over 100 different communication devices, and track progress on executing response plans. Everbridge serves 8 of the 10 largest U.S. cities, 9 of the 10 largest U.S.-based investment banks, 47 of the 50 busiest North American airports, 9 of the 10 largest global consulting firms, 8 of the 10 largest global automakers, 9 of the 10 largest U.S.-based health care providers, and 7 of the 10 largest technology companies in the world. Everbridge is based in Boston with additional offices in 14 cities around the globe. For more information, visit www.everbridge.com, read the company blog, and follow on Twitter and Facebook.

All Everbridge products are trademarks of Everbridge, Inc. in the USA and other countries. All other product or company names mentioned are the property of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201130005877/en/

Everbridge:

Joshua Young

Investor Relations

[email protected]

781-236-3695

Jeff Young

Media Relations

[email protected]

781-859-4116

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Security Technology Other Technology Software Networks Internet

MEDIA:

Posted on November 30, 2020 4:08 pm

The Korea Fund, Inc. Reports Results for the Fiscal Quarter Ended September 30, 2020

The Korea Fund, Inc. Reports Results for the Fiscal Quarter Ended September 30, 2020

NEW YORK–(BUSINESS WIRE)–
The Korea Fund, Inc. (the “Fund”) (NYSE: KF), a non-diversified, closed-end investment company, which seeks long-term capital appreciation through investment in securities, primarily equity securities of Korean companies, today announced its results for the fiscal quarter ended September 30, 2020.

			At September 30,
			2020						2019
Net Assets			$177,292,794						$159,378,771
Shares Outstanding			5,031,219		(a)				5,094,360
Net Asset Value (“NAV”)			$35.24						$31.29
Market Price			$29.65						$27.43
Discount to NAV			(15.86	)%					(12.34	)%
			Quarter ended September 30,
			2020						2019
Net Investment Loss			$(365,544	)					$(243,488	)
Per Share (b)			$(0.07	)					$(0.05	)
Net Realized and Change in Unrealized Gain/Loss			$21,202,516						$(7,543,469	)
Per Share			$4.20						$(1.46	)

(a) Under its share repurchase program, the Fund repurchased 9,730 shares for the fiscal quarter ended September 30, 2020.

(b) Calculated on average common shares outstanding during the year.

Allianz Global Investors U.S. LLC is the Fund’s investment manager. Investment in closed-end funds involves risks. Additional risks are associated with international investing, such as currency fluctuation, government regulations, economic changes and differences in liquidity, which may increase the volatility of an investment in the Fund. Foreign securities markets generally exhibit greater price volatility and are less liquid than the U.S. market. Additionally, this Fund focuses its investments in certain geographical regions, thereby increasing its vulnerability to developments in that region. All of these factors potentially subject the Fund’s shares to greater price volatility. The NAV of the Fund will fluctuate with the value of the underlying securities. Closed-end funds trade on their market value, not NAV, and closed-end funds often trade at a discount to their NAV.

The Fund’s daily New York Stock Exchange closing market price and NAV, as well as other information, including updated portfolio statistics and performance are available at www.thekoreafund.com or by calling the Fund’s stockholder servicing agent at (800) 254-5197.

The financial information contained herein is solely based upon the data available at the time of publication of this press release, and there is no assurance that any future results will be the same or similar to what is reported herein. Information that was obtained from third party sources we believe to be reliable is not guaranteed as to its accuracy or completeness. This press release contains no recommendations to buy or sell any specific securities and should not be considered investment advice of any kind. Past performance is no guarantee of future results and the investment returns generated by the Fund will fluctuate. There can be no assurance the Fund will meet its stated objective. There is no assurance that the market price of the Fund’s shares, either absolutely or relative to NAV, will increase as a result of any share repurchases. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201130005776/en/

The Korea Fund, Inc.

Financial Advisors: (800) 926-4456

Shareholders: (800) 254-5197

Media Relations: (212) 739-3172

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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fuboTV Names Former Spotify and Axios Product Head Mike Berkley as Chief Product Officer

NEW YORK–(BUSINESS WIRE)–
fuboTV Inc. (NYSE: FUBO), the leading sports-first live TV streaming platform, has appointed product veteran Mike Berkley to the role of chief product officer (CPO). Berkley joins the company effective immediately and reports directly to CEO David Gandler.

As CPO, Berkley will lead product strategy and development for fuboTV across platforms, including connected and smart TVs, mobile and web.

Berkley has been a technology leader for more than 20 years and has been at the forefront of streaming video and the evolution of TV for the last decade. He has developed new products and businesses for Spotify, Viacom, Comcast and, most recently, Axios, in addition to founding two tech startups.

“Following our recent public offering, we are primed to take fuboTV to the next phase of our evolution, of which product and technology will play an even bigger role,” said Gandler. “One of our goals is to leverage data and consumer insights to build a more sophisticated live TV streaming platform that integrates video content and interactivity. Mike has the right skill set to help get us there – he’s led product development for some of the world’s biggest media companies while also building from scratch entirely new businesses for companies, like Spotify, and as a tech founder. I’m thrilled to welcome Mike to fuboTV.”

“I am very excited to join fuboTV at this pivotal moment for the company,” said Berkley. “We are well-positioned to accelerate growth by introducing new product experiences that take advantage of our sports-first content offering, proprietary platform and renowned video tech. The potential for casual gaming and wagering as part of the live sports viewing experience is especially compelling. I love the company’s ambition.”

Prior to joining fuboTV, Berkley spent nearly two years as CPO at Axios, where he led the digital media company’s product development spanning web, mobile, TV, podcasts, newsletters and live video events. Previously, Berkley led product management at Moviepass (2018), Viacom (2015-2017) and Comcast (2010-2012), where he helped launch the company’s flagship Xfinity X1 entertainment platform.

As VP, product management at Spotify (2012-2014), Berkley was tasked with creating a new video-based business. While at the company, Berkley led a cross-functional team that explored “moon-shot” product ideas around live TV streaming.

Also an entrepreneur, Berkley is the founder of several companies, including the tech start-ups SplashCast, which created social video apps for media brands, and QMIND, a SaaS e-learning company.

About fuboTV

fuboTV (NYSE: FUBO) is the leading sports-first live TV streaming platform offering subscribers access to tens of thousands of live sporting events annually as well as leading news and entertainment content. fuboTV’s base package, fubo Standard, features a broad mix of 100+ channels, including 43 of the top 50 Nielsen-ranked networks across sports, news and entertainment (Primetime A18-49).

Continually innovating to give subscribers a premium viewing experience they can’t find with cable TV, fuboTV is regularly first-to-market with new product features and was the first virtual MVPD to stream in 4K.

fuboTV merged with FaceBank Group in April 2020 to create a leading digital entertainment company, combining fuboTV’s direct-to-consumer live TV streaming platform for cord-cutters with FaceBank’s technology-driven IP in sports, movies and live performances.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on the current beliefs, expectations and assumptions of fuboTV and on information currently available to fuboTV. The forward-looking statements in this press release represent fuboTV’s views as of the date of this press release. These statements may include, but are not limited to, statements regarding future events or future financial and operating performance and fuboTV’s plans for, and the anticipated benefits of, and new strategic partnerships. Although fuboTV believes the expectations reflected in such forward-looking statements are reasonable, fuboTV can give no assurance that such expectations will prove to be correct. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause fuboTV’s actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by applicable law, fuboTV does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. Important factors that could cause fuboTV’s actual results to differ materially are detailed from time to time in the reports fuboTV files with the Securities and Exchange Commission, copies of which are available on the Securities and Exchange Commission’s website at www.sec.gov and are available from fuboTV without charge. However, new risk factors and uncertainties may emerge from time to time, and it is not possible to predict all risk factors and uncertainties.

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fuboTV Investor and Media Contacts

Media Contacts:

Jennifer L. Press

[email protected]

Katie Minogue

[email protected]

Investor Contact:

The Blueshirt Group for fuboTV

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Technology General Sports Sports Entertainment Online Audio/Video General Entertainment Networks TV and Radio

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H&E Equipment Services, Inc. Announces Pricing of Senior Notes Offering

BATON ROUGE, La.–(BUSINESS WIRE)–
H&E Equipment Services, Inc. (NASDAQ: HEES) (the “Company” or “H&E”) today announced the pricing of $1.25 billion in aggregate principal amount of its 3.875% senior notes due 2028 (the “Notes”) in a private placement (the “Offering”). The Notes were priced at 100.000% of the principal amount. The Notes will be senior unsecured obligations of the Company and will be guaranteed by the Company’s current and future material domestic restricted subsidiaries. The Offering is expected to close on December 14, 2020, subject to the satisfaction of customary closing conditions.

The Company expects to use the net proceeds from the Offering to fund the consideration payable to purchase its existing 5.6250% senior notes due 2025 (the “Existing Notes”) tendered and accepted for purchase in the Company’s tender offer for the Existing Notes or otherwise redeem, repurchase or discharge the Existing Notes, to pays fees and expenses incurred in connection with the foregoing and the Offering and otherwise for general corporate purposes.

The Notes and related guarantees are being offered in a private placement solely to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), or outside the United States to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act. The Notes and related guarantees have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the Notes or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. Any offer of the Notes will be made only by means of a private offering memorandum. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

Forward-Looking Statements

Statements contained in this press release that are not historical facts, including statements about H&E’s beliefs and expectations, are “forward-looking statements” within the meaning of the federal securities laws. Statements containing the words “may”, “could”, “would”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate”, “target”, “project”, “intend”, “foresee” and similar expressions constitute forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, the following: (1) the Company’s ability to consummate the offering of the Notes; (2) risks related to the impact of the COVID-19 global pandemic, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, material delays and cancellations of construction or infrastructure projects, supply chain disruptions and other impacts to the business; (3) general economic conditions and construction and industrial activity in the markets where we operate in North America; (4) our ability to forecast trends in our business accurately, and the impact of economic downturns and economic uncertainty in the markets we serve (including as a result of current uncertainty due to COVID-19); (5) trends in oil and natural gas could adversely affect the demand for our services and products; (6) the impact of conditions in the global credit and commodity markets (including as a result of current volatility and uncertainty in credit and commodity markets due to COVID-19) and their effect on construction spending and the economy in general; (7) relationships with equipment suppliers; (8) increased maintenance and repair costs as we age our fleet and decreases in our equipment’s residual value; (9) our indebtedness; (10) risks associated with the expansion of our business and any potential acquisitions we may make, including any related capital expenditures, or our inability to consummate such acquisitions; (11) our possible inability to integrate any businesses we acquire; (12) competitive pressures; (13) security breaches and other disruptions in our information technology systems; (14) adverse weather events or natural disasters; (15) compliance with laws and regulations, including those relating to environmental matters, corporate governance matters and tax matters, as well as any future changes to such laws and regulations; and (16) other factors discussed in our public filings, including the risk factors included in the Company’s most recent Annual Report on Form 10-K and the Company’s most recent Quarterly Reports on Form 10-Q. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, we are under no obligation to publicly update or revise any forward-looking statements after the date of this release. These statements are based on the current beliefs and assumptions of H&E’s management, which in turn are based on currently available information and important, underlying assumptions. H&E is under no obligation to publicly update or revise any forward-looking statements after this press release, whether as a result of any new information, future events or otherwise. Investors, potential investors, security holders and other readers are urged to consider the above mentioned factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.

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Leslie S. Magee

Chief Financial Officer

225-298-5261

[email protected]

Kevin S. Inda

Vice President of Investor Relations

225-298-5318

[email protected]

KEYWORDS: Louisiana United States North America

INDUSTRY KEYWORDS: Other Construction & Property Residential Building & Real Estate Commercial Building & Real Estate Construction & Property

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RH to Report Third Quarter Fiscal 2020 Financial Results on December 9, 2020

CORTE MADERA, Calif.–(BUSINESS WIRE)–
RH (NYSE:RH) today announced that it will report financial results for the third quarter ended October 31, 2020 on Wednesday, December 9, 2020 after market close. RH’s third quarter fiscal year 2020 financial results press release will include a shareholder letter from Chairman and Chief Executive Officer, Gary Friedman, highlighting the Company’s continued evolution and recent performance.

RH leadership will host a live question and answer conference call and audio webcast at 2:00 pm Pacific Time (5:00 pm Eastern Time) on December 9, 2020. The live question and answer conference call may be accessed by dialing (866) 394-6658 or (706) 679-9188. The call and replay can also be accessed via audio webcast at ir.rh.com.

About RH

RH (NYSE:RH) is a curator of design, taste and style in the luxury lifestyle market. The Company offers its collections through its retail galleries across North America, the Company’s multiple Source Books, and online at RH.com, RHModern.com, RHBabyandChild.com, RHTeen.com and Waterworks.com.

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Allison Malkin

203-682-8225

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Retail Home Goods Construction & Property Interior Design

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Orion Group Holdings, Inc. Announces Change in Board Chair

HOUSTON–(BUSINESS WIRE)–
Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”) a leading specialty construction company, today announced a change in the position of Board Chair effective at the end of the year.

As the next step in the Company’s Board refreshment process, effective December 31, 2020, Richard Daerr will be retiring as Chair of the Board of Directors of Orion Group Holdings after more than 13 ½ years of service in that position. However, Mr. Daerr will remain on the Board of Directors.

As a result, the Board of Directors has elected Austin J. Shanfelter as Chair effective January 1, 2021. Mr. Shanfelter has served on the Company’s Board since 2007 and currently serves as Chair of the Compensation Committee.

Mr. Daerr stated, “It’s been an honor and a privilege to serve as Board Chair. I have no doubt that Austin’s deep knowledge of the Company, coupled with his recognized leadership, will help realize Orion’s full potential as it executes its strategy.”

Mr. Shanfelter commented, “I’m honored to be the next Chair of Orion’s Board of Directors. I’m confident in our future and in our leadership as we continue to work to deliver strong value to our customers, employees and stockholders. On behalf of the entire Board, I want to thank Richard for his dedicated service as Chair.”

“It’s been a pleasure working with Richard as Chair and I’m fortunate to be able to continue to count on his experience and expertise as a Board member,” said Mark Stauffer, Orion Group Holdings’ President and Chief Executive Officer. “I look forward to continuing to work with Austin as incoming Chairman. Austin’s wealth of knowledge and experience will continue to help me as we drive operational performance and execute our strategic plan.”

About Orion Group Holdings

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Canada and the Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas.

Forward-Looking Statements

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the provisions of which the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, ‘seeks’, ‘approximately’, ‘intends’, ‘plans’, ‘estimates’, or ‘anticipates’, or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, profit, EBITDA, EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company’s fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints and any potential contract options which may or may not be awarded in the future, and are the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company’s plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise.

Please refer to the Company’s Annual Report on Form 10-K, filed on February 28, 2020, which is available on its website at www.oriongroupholdingsinc.com or at the SEC’s website at www.sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

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Orion Group Holdings Inc.

Francis Okoniewski, Vice President Investor Relations

(346) 616-4138

[email protected]

www.oriongroupholdingsinc.com

Robert Tabb, Vice President & CFO

(713) 852-6500

www.oriongroupholdingsinc.com

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Engineering Other Construction & Property Manufacturing Commercial Building & Real Estate Construction & Property Building Systems Urban Planning

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