Market Newsdesk

January 11, 2021 4:57 pm

Lemonade Announces Proposed Public Offering of Common Stock

Lemonade Announces Proposed Public Offering of Common Stock

NEW YORK–(BUSINESS WIRE)–
Lemonade, Inc. (“Lemonade”) (NYSE:LMND), the insurance company powered by artificial intelligence and behavioral economics, today announced that it intends to offer 3,000,000 shares of its common stock for sale in an underwritten public offering (the “Primary Offering”). Certain selling stockholders of Lemonade also intend to offer 1,524,314 shares of Lemonade’s common stock for sale in the offering (the “Secondary Offering” and together with the Primary Offering, the “Offering”). Lemonade also intends to grant the underwriters 30-day options to purchase up to an additional 678,647 shares of Lemonade’s common stock.

Lemonade intends to use its net proceeds from the Primary Offering for general corporate purposes. Lemonade will not receive any proceeds from the sale of shares by the selling stockholders in the Secondary Offering.

Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Allen & Company LLC and Barclays Capital Inc. are serving as joint active bookrunners.

A registration statement relating to the Offering has been filed with the Securities and Exchange Commission (the “SEC”) but has not yet become effective (the “Registration Statement”). The 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 relating to the Offering may be obtained from Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York NY 10282 (Tel: 1-866-471-2526, or email to [email protected]), from Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, from Allen & Company LLC, Attn: Prospectus Department, 711 Fifth Avenue, New York, NY 10022 (Tel: 212-339-2220 or email to: [email protected]), or from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 1-888-603-5847 or email to: [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.

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements identified by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential”, or “continue” or the negative of these terms or other similar expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our future results of operations and financial position; our ability to attract, retain, and expand our customer base; our ability to operate under and maintain our business model; our ability to maintain and enhance our brand and reputation; our ability to effectively manage the growth of our business; the effects of seasonal trends on our results of operation; our ability to attain greater value from each customer; our ability to compete effectively in our industry; future performance of the markets in which we operate; our ability to maintain reinsurance contracts; our ability to utilize our proprietary artificial intelligence algorithms; our ability to underwrite risks accurately and charge profitable rates; our ability to protect our intellectual property; our domestic and international expansion strategy and ability to expand domestically and internationally; our ability to expand our product offerings or improve existing ones; our ability to attract and retain personnel; potential harm caused by misappropriation of our data and compromises in cybersecurity; potential harm caused by changes in internet search engines’ methodologies; our ability to raise additional capital; our lack of operating history and ability to attain profitability; fluctuations in our results of operation and operating metrics; our ability to receive, process, store, use and share data, and compliance with laws and regulations related to data privacy and data security; our ability to stay in compliance with laws and regulation that currently apply, or become applicable, to our business both in the United States and internationally; our inability to predict the lasting impacts of COVID-19 to our business in particular, and the global economy generally; and our expected uses of the net proceeds from the Primary Offering. These and other important factors discussed under the caption “Risk Factors” in Lemonade’s filings with the SEC, including the Registration Statement, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s beliefs as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

About Lemonade:

Lemonade (NYSE:LMND) offers renters, homeowners, and pet health insurance in the United States, contents and liability insurance in Germany and the Netherlands, and renters insurance in France, through its full-stack insurance carriers. Powered by artificial intelligence and behavioral economics, Lemonade set out to replace brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything. A Certified B-Corp, Lemonade gives unused premiums to nonprofits selected by its community, during its annual Giveback. Lemonade is currently available for most of the United States, Germany, the Netherlands and France and continues to expand globally.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210111006044/en/

Lisa Horton

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Technology Mobile/Wireless Professional Services Insurance

MEDIA:

January 11, 2021 4:56 pm

ROSEN, A LONGSTANDING LAW FIRM, Reminds Kandi Technologies Group, Inc. Investors of Important February 9 Deadline in Securities Class Action – KNDI

NEW YORK, Jan. 11, 2021 (GLOBE NEWSWIRE) — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Kandi Technologies Group, Inc. (NASDAQ: KNDI) between March 15, 2019 and November 27, 2020, inclusive (the “Class Period”), of the important February 9, 2021 lead plaintiff deadline in the case. The lawsuit seeks to recover damages for Kandi investors under the federal securities laws.

To join the Kandi class action, go to http://www.rosenlegal.com/cases-register-1998.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Kandi artificially inflated its reported revenues through undisclosed related party transactions, or otherwise had relationships with key customers that indicated those customers did not have an arms-length relationship with Kandi; (2) the majority of Kandi’s sales in the past year had been to undisclosed related parties and/or parties with such a close relationship and history with Kandi that it cast doubt on the arms-length nature of their relationship; (3) all the foregoing, once revealed, was foreseeably likely to cast doubt on the validity of Kandi’s reported revenues and, in turn, have a foreseeable negative impact on the Company’s reputation and valuation; and (4) as a result, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 9, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1998.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at [email protected] or [email protected].

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

        Laurence Rosen, Esq.
        Phillip Kim, Esq.
        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686-1060
        Toll Free: (866) 767-3653
        Fax: (212) 202-3827
        [email protected]
        [email protected]
        [email protected]
        www.rosenlegal.com

January 11, 2021 4:56 pm

UPS to Release Fourth-Quarter 2020 Results on Tuesday, Feb. 2, 2021

Atlanta, Jan. 11, 2021 (GLOBE NEWSWIRE) — UPS (NYSE:UPS) will announce its 2020 fourth-quarter results on February 2, 2021, at approximately 6:00 a.m. Eastern Time.

At 8:30 a.m. ET, UPS Chief Executive Officer Carol Tomé and Chief Financial Officer Brian Newman will lead an investor conference call to discuss the results. This call will be open to the public via a live webcast.

To listen, visit http://www.investors.ups.com and click on “Webcast”. The webcast audio will be accessible on the Investor Relations website for a limited time following the call.

UPS Public Relations
404-828-7123
[email protected]

January 11, 2021 4:48 pm

Amgen To Achieve Carbon Neutrality By 2027

PR Newswire

THOUSAND OAKS, Calif., Jan. 11, 2021 /PRNewswire/ — Amgen (NASDAQ: AMGN) today announced the launch of a new seven-year environmental sustainability plan, which includes a commitment to achieve carbon neutrality, while also reducing water use by 40% and waste disposed by 75%.

“As a science-based company with a mission to serve patients, we understand the profound impact that climate change is having on human health around the world,” said Robert A. Bradway, chairman and chief executive officer at Amgen. “Our new commitments expand on our previous achievements and drive Amgen’s continued leadership on environmental sustainability that will benefit our patients, staff, shareholders and communities.”

Since 2007, Amgen has implemented projects resulting in a 33% reduction in carbon emissions, a 30% reduction in water use and a 28% reduction in waste. These reductions were achieved even as the company increased production capacity, expanded our presence to more than 100 countries and grew revenues significantly.

Amgen will invest more than $200 million to achieve these 2027 environmental commitments, and expects that such investment will help us to become not just more environmentally sustainable but also more flexible and productive, resulting in reductions in operating costs from such efficiencies over the same period. The company will focus on the use of innovative technologies to significantly reduce carbon emissions from Amgen-owned operations, as well as on sourcing renewable energy. For example, Amgen’s newest biomanufacturing plant in Singapore generates 70% less carbon than traditional biomanufacturing facilities. The company has built a second such plant in Rhode Island.

Where carbon emissions cannot be eliminated from its operations, Amgen will invest in sustainability projects that sequester or avoid greenhouse gas emissions. In addition, Amgen will engage with its suppliers to assist and encourage carbon reductions throughout its value chain.

More information about Amgen’s environmental plans can be found here.

About Amgen

Amgen is committed to unlocking the potential of biology for patients suffering from serious illnesses by discovering, developing, manufacturing and delivering innovative human therapeutics. This approach begins by using tools like advanced human genetics to unravel the complexities of disease and understand the fundamentals of human biology.

Amgen focuses on areas of high unmet medical need and leverages its expertise to strive for solutions that improve health outcomes and dramatically improve people’s lives. A biotechnology pioneer since 1980, Amgen has grown to be one of the world’s leading independent biotechnology companies, has reached millions of patients around the world and is developing a pipeline of medicines with breakaway potential.

For more information, visit www.amgen.com and follow us on www.twitter.com/amgen.

Forward-Looking Statements

This news release contains forward-looking statements that are based on the current expectations and beliefs of Amgen. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including any statements on the outcome, benefits and synergies of collaborations, or potential collaborations, with any other company, including Adaptive Biotechnologies (including statements regarding such collaboration’s ability to discover and develop fully-human neutralizing antibodies targeting SARS-CoV-2 to potentially prevent or treat COVID-19), BeiGene, Ltd., or the Otezla acquisition, including anticipated Otezla sales growth and the timing of non-GAAP EPS accretion, as well as estimates of revenues, operating margins, capital expenditures, cash, other financial metrics, expected legal, arbitration, political, regulatory or clinical results or practices, customer and prescriber patterns or practices, reimbursement activities and outcomes, effects of pandemics or other widespread health problems such as the ongoing COVID-19 pandemic on our business, outcomes, progress, or effects relating to studies of Otezla as a potential treatment for COVID-19, and other such estimates and results. Forward-looking statements involve significant risks and uncertainties, including those discussed below and more fully described in the Securities and Exchange Commission reports filed by Amgen, including our most recent annual report on Form 10-K and any subsequent periodic reports on Form 10-Q and current reports on Form 8-K. Unless otherwise noted, Amgen is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.

No forward-looking statement can be guaranteed and actual results may differ materially from those we project. Our results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments involving current and future products, sales growth of recently launched products, competition from other products including biosimilars, difficulties or delays in manufacturing our products and global economic conditions. In addition, sales of our products are affected by pricing pressure, political and public scrutiny and reimbursement policies imposed by third-party payers, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward managed care and healthcare cost containment. Furthermore, our research, testing, pricing, marketing and other operations are subject to extensive regulation by domestic and foreign government regulatory authorities. We or others could identify safety, side effects or manufacturing problems with our products, including our devices, after they are on the market. Our business may be impacted by government investigations, litigation and product liability claims. In addition, our business may be impacted by the adoption of new tax legislation or exposure to additional tax liabilities. If we fail to meet the compliance obligations in the corporate integrity agreement between us and the U.S. government, we could become subject to significant sanctions. Further, while we routinely obtain patents for our products and technology, the protection offered by our patents and patent applications may be challenged, invalidated or circumvented by our competitors, or we may fail to prevail in present and future intellectual property litigation. We perform a substantial amount of our commercial manufacturing activities at a few key facilities, including in Puerto Rico, and also depend on third parties for a portion of our manufacturing activities, and limits on supply may constrain sales of certain of our current products and product candidate development. An outbreak of disease or similar public health threat, such as COVID-19, and the public and governmental effort to mitigate against the spread of such disease, could have a significant adverse effect on the supply of materials for our manufacturing activities, the distribution of our products, the commercialization of our product candidates, and our clinical trial operations, and any such events may have a material adverse effect on our product development, product sales, business and results of operations. We rely on collaborations with third parties for the development of some of our product candidates and for the commercialization and sales of some of our commercial products. In addition, we compete with other companies with respect to many of our marketed products as well as for the discovery and development of new products. Discovery or identification of new product candidates or development of new indications for existing products cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular product candidate or development of a new indication for an existing product will be successful and become a commercial product. Further, some raw materials, medical devices and component parts for our products are supplied by sole third-party suppliers. Certain of our distributors, customers and payers have substantial purchasing leverage in their dealings with us. The discovery of significant problems with a product similar to one of our products that implicate an entire class of products could have a material adverse effect on sales of the affected products and on our business and results of operations. Our efforts to collaborate with or acquire other companies, products or technology, and to integrate the operations of companies or to support the products or technology we have acquired, may not be successful. A breakdown, cyberattack or information security breach could compromise the confidentiality, integrity and availability of our systems and our data. Our stock price is volatile and may be affected by a number of events. Our business performance could affect or limit the ability of our Board of Directors to declare a dividend or our ability to pay a dividend or repurchase our common stock. We may not be able to access the capital and credit markets on terms that are favorable to us, or at all.

CONTACT: Amgen, Thousand Oaks
Megan Fox, 805-447-1423 (media)
Trish Rowland, 805-447-5631 (media)
Arvind Sood, 805-447-1060 (investors)

View original content to download multimedia:http://www.prnewswire.com/news-releases/amgen-to-achieve-carbon-neutrality-by-2027-301205666.html

SOURCE Amgen

January 11, 2021 4:48 pm

W&T Offshore Provides Operational and Financial Update

HOUSTON, Jan. 11, 2021 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) today provided an operational and financial update regarding several matters including the consolidation of its two Alabama natural gas treatment facilities, the awarding of two blocks from the November 2020 federal Gulf of Mexico (“GOM”) lease sale, the semi-annual redetermination of the borrowing base under its revolving credit facility, and new crude oil hedges added.

Consolidation of Alabama Natural Gas Treatment Facilities

W&T has substantially completed the consolidation of its two onshore natural gas treatment facilities that service the Mobile Bay area into the Onshore Treating Facility (“OTF”) which was acquired in 2019 from ExxonMobil. W&T is in the final stages of closing its Yellowhammer Plant and expects all natural gas produced from its Mobile Bay area assets will be treated in the OTF in late January. The OTF has more than sufficient capacity to meet W&T’s current and expected needs as it further develops its Mobile Bay and regional natural gas assets in the future. The consolidation of the facilities is expected to result in savings of approximately $5 million per year beginning in 2021.

GOM Lease Sale 256

W&T was the high bidder in the GOM Lease Sale 256 held by the Bureau of Ocean Energy Management (“BOEM”) on November 18, 2020 on two shallow water blocks, Eugene Island South Addition block 389 and Ewing Banks block 979. These two blocks cover a total of approximately 8,800 acres. The Company was awarded the two blocks in late 2020 and paid approximately $500,000 for the awarded leases combined, which reflects a 100% working interest in the acreage. The two shallow water blocks have a five-year lease term and 12.5% royalty.

Borrowing Base Redetermination

W&T’s bank group recently completed its regularly scheduled semi-annual borrowing base redetermination. The borrowing base was set by the bank group at $190 million. Additional details on the amended credit agreement will be included in a Form 8-K that will be filed tomorrow with the SEC. The next regularly scheduled redetermination is in the spring of 2021. At December 31, 2020, the Company had $80.0 million in borrowings on its revolving credit facility and $4.4 million of letters of credit outstanding, the same positions as of September 30, 2020.

Hedging Update

W&T recently added WTI NYMEX crude oil costless collars on 200 barrels of oil per day of production for the period February 1, 2021 through December 31, 2021 with a floor of $40.00 per barrel and a ceiling of $54.90 per barrel. A listing of the Company’s current outstanding derivative positions is included in the table below as well as in the Investor Relations section of W&T’s web site under the “Financial Info” tab.

W&T OFFSHORE, INC. AND SUBSIDIARIES
Financial Commodity Derivative Positions
As of January 11, 2021

Production Period	Instrument	Avg. Daily Volumes	Weighted Avg Swap Price	Weighted Avg Put Price	Weighted Avg Call Price
Crude Oil – WTI NYMEX:		(bbls)	(per Bbl)	(per Bbl)	(per Bbl)
Jan 2021 – Dec 2021	Swaps	1,000	$41.00
Jan 2021 – Dec 2021	Swaps	1,000	$42.05
Jan 2021 – Dec 2021	Swaps	1,000	$42.18
Jan 2021 – Dec 2021	Swaps	1,000	$43.00
Jan 2022 – Feb 2022	Swaps	1,000	$42.75
Jan 2022 – Feb 2022	Swaps	1,000	$42.80
Jan 2022 – Feb 2022	Swaps	1,000	$43.40
Mar 2022 – May 2022	Swaps	1,000	$41.90
Mar 2022 – Mar 2022	Swaps	1,076	$42.75
Apr 2022 – Apr 2022	Swaps	1,055	$42.75
May 2022 – May 2022	Swaps	1,000	$42.75
Jan 2021 – Jan 2021	Costless Collars	2,895		$35.00	$50.00
Feb 2021 – Feb 2021	Costless Collars	3,340		$35.00	$50.00
Feb 2021 – Dec 2021	Costless Collars	200		$40.00	$54.90
Mar 2021 – Mar 2021	Costless Collars	2,382		$35.00	$50.00
Apr 2021 – Apr 2021	Costless Collars	2,362		$35.00	$50.00
May 2021 – May 2021	Costless Collars	1,944		$35.00	$50.00
Jun 2021 – Jun 2021	Costless Collars	1,924		$35.00	$50.00
Jul 2021 – Jul 2021	Costless Collars	1,525		$35.00	$50.00
Aug 2021 – Aug 2021	Costless Collars	1,346		$35.00	$50.00
Sep 2021 – Sep 2021	Costless Collars	1,350		$35.00	$50.00
Oct 2021 – Oct 2021	Costless Collars	1,012		$35.00	$50.00
Nov 2021 – Nov 2021	Costless Collars	948		$35.00	$50.00
Dec 2021 – Dec 2021	Costless Collars	625		$35.00	$50.00
Jan 2022 – Jan 2022	Costless Collars	1,473		$35.00	$50.00
Feb 2022 – Feb 2022	Costless Collars	1,790		$35.00	$50.00
Mar 2022 – May 2022	Costless Collars	1,000		$35.00	$47.50
Mar 2022 – May 2022	Costless Collars	1,000		$35.00	$49.50

Production Period	Instrument	Avg. Daily Volumes	Weighted Avg Swap Price	Weighted Avg Put Price	Weighted Avg Call Price
Natural Gas – Henry Hub NYMEX:		(MMBTU)	(per MMBTU)	(per MMBTU)	(per MMBTU)
Jan 2021 – Dec 2022	Calls (long)	40,000			$3.00
Jan 2021 – Dec 2022	Costless Collars	40,000		$1.83	$3.00
Jan 2021 – Dec 2021	Costless Collars	20,000		$2.17	$3.00
Jan 2021 – Dec 2021	Swaps	10,000	$2.62
Jan 2021 – Dec 2021	Costless Collars	10,000		$2.20	$3.00
Jan 2022 – Feb 2022	Costless Collars	30,000		$2.20	$4.50
Mar 2022 – May 2022	Costless Collars	10,000		$2.25	$3.40
Jan 2022 – Jan 2022	Swaps	20,000	$2.79
Feb 2022 – Feb 2022	Swaps	30,000	$2.79
Mar 2022 – Mar 2022	Swaps	10,095	$2.69
Apr 2022 – Apr 2022	Swaps	11,571	$2.69
May 2022 – May 2022	Swaps	10,000	$2.69

About W&T Offshore

W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico and has grown through acquisitions, exploration and development. The Company currently has working interests in 50 producing fields in federal and state waters and has under lease approximately 772,000 gross acres, including approximately 557,000 gross acres on the Gulf of Mexico Shelf and approximately 215,000 gross acres in the Gulf of Mexico deepwater. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

CONTACT:

Al Petrie

Investor Relations Coordinator
[email protected]
713-297-8024

Janet Yang

EVP & CFO
[email protected]
713-624-7326

January 11, 2021 4:48 pm

RADA Announces its Plans to Dual-List its Ordinary Shares on the Tel Aviv Stock Exchange

The new listing will be in addition to its current Nasdaq listing

NETANYA, Israel, Jan. 11, 2021 (GLOBE NEWSWIRE) — RADA Electronic Industries Ltd. (NASDAQ: RADA) announced today that its Board of Directors has approved the submission of a listing application to have its ordinary shares dual-listed on the Tel Aviv Stock Exchange (“TASE”). Upon listing on the TASE the Company’s ordinary shares will continue to trade as usual on NASDAQ and the Company will continue to comply with the reporting and disclosure requirements of the U.S. Securities and Exchanges Commission applicable to foreign private issuers.

Yossi Ben Shalom, Chairman of the Board of Directors of RADA, stated: “We look forward to our listing on the Tel Aviv Stock Exchange, which we believe will enable us to broaden our investor base and bring us an increased interest and investment from Israeli institutions. For Israeli investors, we believe that the TASE dual-listing will provide them with an attractive investment and growth opportunity in RADA.”

About RADA Electronic Industries Ltd.

RADA is a global defense technology company focused on proprietary radar solutions and legacy avionics systems. The Company is a leader in mini-tactical radars, serving attractive, high-growth markets, including active military protection, counter-UAS, critical infrastructure protection and border surveillance.

Contact Information

Company Contact:	Investor Relations Contact:
Avi Israel (CFO)	Ehud Helft
Tel: +972-765-386-200	GK Investor & Public Relations
[email protected]	Tel: +1 646 688 3559
www.rada.com	[email protected]

Forward Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such risk uncertainties and other factors include, but are not limited to, the impact of COVID-19 on our company and our industry, changes in general economic conditions, risks in product and technology developments, market acceptance of new products and continuing product demand, level of competition and other factors described in the Company’s Annual Report on Form 20-F and other filings with the Securities and Exchange Commission.

January 11, 2021 4:46 pm

Pretium, Ares Management and Front Yard Residential Complete First-Ever Single-Family Rental Take-Private Transaction

Front Yard Poised to Capture Significant Market Opportunities for Uniquely Positioned SFR Assets

PR Newswire

NEW YORK and LOS ANGELES, Jan. 11, 2021 /PRNewswire/ — Pretium and a group of its investors, and funds managed by the Real Estate Equity and Alternative Credit strategies of Ares Management Corporation (NYSE: ARES) (“Ares”) today announced the completion of their acquisition of Front Yard Residential Corporation (NYSE: RESI) (“Front Yard”), a leading provider of high-quality and affordable single-family rental (“SFR”) housing.

The completion of the transaction makes Pretium the second-largest owner and operator of SFR properties in the United States with a portfolio of over 55,000 cash-flowing single-family rentals. Pretium will manage the venture and partner with Ares to further optimize and expand Front Yard’s attractive and well-diversified portfolio of SFR assets.

Don Mullen, Chairman and CEO at Pretium, said, “There is significant opportunity in the SFR market and a clear sense of urgency among institutional investors to deploy capital to this asset class given record-high occupancy rates, stable cash-flow characteristics, and potential for continued capital appreciation. With the Front Yard transaction now complete, we are exceptionally well positioned to further capitalize on a diverse set of SFR investment opportunities. We look forward to leveraging our unique operating platform and scale to further drive operating margins and deliver attractive returns to investors.”

“We are pleased to have completed this transaction with Pretium and Front Yard and look forward to putting our collective experience and industry expertise to work to create a scaled and highly diversified portfolio of SFR homes to benefit our stakeholders,” said David Roth, Partner and Head of U.S. Real Estate Equity in the Ares Real Estate Group.

“We look forward to creating value with our partners in what we believe is a particularly strong asset class with compelling secular market tailwinds,” said Joel Holsinger, Partner and Co-Head of Alternative Credit in the Ares Credit Group.

“Pretium and Ares are the perfect partners to lead Front Yard in the next phase of our company’s growth and take our business to the next level as a private, resident-first SFR operator,” said George Ellison, Chief Executive Officer of Front Yard Residential. “Their extensive operating and investment experience coupled with the depth and breadth of their real estate platforms should create unique opportunities for Front Yard to meaningfully scale our business, creating attractive and affordable housing options for a diverse resident base.”

Advisors

RBC Capital Markets, LLC served as financial advisor to Pretium. BofA Securities served as financial advisor to Ares. Sidley Austin served as M&A legal counsel, Fried Frank as partnership legal counsel, and Hunton Andrews Kurth as special tax and financing counsel to Pretium. Latham & Watkins served as legal counsel to Ares.

About Pretium

Pretium is a specialized alternative investment management firm focused on residential real estate, mortgage finance, and corporate credit. Pretium was founded in 2012 to capitalize on secular investment and lending opportunities arising as a result of structural changes, disruptions, and inefficiencies within the economy, the residential housing sector, and mortgage finance markets. Pretium has built an integrated analytical and operational ecosystem within the U.S. residential housing, mortgage, and corporate credit markets, and believes that its insight and experience within these markets create a strategic advantage over other investment managers. Pretium’s platform has more than $18 billion of assets under management as of January 1, 2021 and employs approximately 1,500 employees across 26 offices. Please visit www.pretium.com for additional information.

About Progress Residential

Progress Residential is a market leader in intelligent single-family rental management services, with people, technology, scale, and data-driven solutions that streamline operations, optimize asset performance, and provide an exceptional renting and living experience for our residents. Progress Residential’s approximately 1,000 employees currently manage over 40,000 homes across 15 core markets and have recently been adding nearly 10,000 homes to its platform each year. Progress Residential also offers third-party property management service for investors with mid-to-large single-family rental home portfolios and Built for Rent communities through its PR3 Management business. For more information, please visit www.rentprogress.com.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager operating integrated groups across Credit, Private Equity, Real Estate and Strategic Initiatives. Ares Management’s investment groups collaborate to deliver innovative investment solutions and consistent and attractive investment returns for fund investors throughout market cycles. Ares Management’s global platform had approximately $179 billion of assets under management as of September 30, 2020 with more than 1,400 employees operating across North America, Europe and Asia Pacific. For more information, please visit www.aresmgmt.com.

About Ares Real Estate Group

The Ares Real Estate Group manages comprehensive public and private, equity and debt strategies with approximately $14 billion of assets under management and approximately 85 investment professionals, as of September 30, 2020. The real estate team maintains a time-tested and consistent investment approach across equity and debt strategies focusing on major property types that have value creation opportunities, located in liquid markets with diversified economies.

About Ares Alternative Credit

Ares’ Alternative Credit strategy focuses on direct lending and investing in assets that generate contractual cash flows and fills gaps in the capital markets between credit, private equity and real estate. Ares Alternative Credit targets investments across the capital structure in specialty finance, lender finance, loan portfolios, equipment leasing, structured products, net lease, cash flow streams (royalties, licensing, management fees), fund secondaries and other asset-focused investments. Co-Headed by Keith Ashton and Joel Holsinger, Ares Alternative Credit leverages a broadly skilled and cohesive team of approximately 40 investment professionals as of September 30, 2020.

Media:

Pretium
Prosek Partners
Mike Geller, 646-818-9018
[email protected]
Josh Clarkson, 646-818-9259
[email protected]

Ares Management Corporation
Mendel Communications
Bill Mendel, 212-397-1030
[email protected]

Investors:

Pretium

Genie Pusey, 917-942-7395
[email protected]

Ares Management Corporation

Carl Drake, 800-340-6597
[email protected]
Priscila Roney, 212-808-1185
[email protected]
Brittany Cash, 212-301-0347
[email protected]

View original content to download multimedia:http://www.prnewswire.com/news-releases/pretium-ares-management-and-front-yard-residential-complete-first-ever-single-family-rental-take-private-transaction-301205672.html

SOURCE Pretium Partners, LLC; Ares Management Corporation

January 11, 2021 4:41 pm

INVESTIGATION REMINDER: The Schall Law Firm Announces it is Investigating Claims Against Harbor Custom Development, Inc. and Encourages Investors with Losses to Contact the Firm

INVESTIGATION REMINDER: The Schall Law Firm Announces it is Investigating Claims Against Harbor Custom Development, Inc. and Encourages Investors with Losses to Contact the Firm

LOS ANGELES–(BUSINESS WIRE)–The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Harbor Custom Development, Inc. (“Harbor” or “the Company”) (NASDAQ: HCDI) for violations of the securities laws.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at [email protected].

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210111006040/en/

The Schall Law Firm

Brian Schall, Esq.

310-301-3335

[email protected]

www.schallfirm.com

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Legal Professional Services

MEDIA:

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January 11, 2021 4:39 pm

RedHill Biopharma Announces $10 Million Bought Deal Offering

PR Newswire

TEL AVIV, Israel and RALEIGH, N.C., Jan. 11, 2021 /PRNewswire/ — RedHill Biopharma Ltd. (Nasdaq: RDHL) (“RedHill” or the “Company”), a specialty biopharmaceutical company, today announced that it has entered into an underwriting agreement with H.C. Wainwright & Co., LLC under which the underwriter has agreed to purchase on a firm commitment basis 1,275,510 American Depositary Shares (ADSs) of the Company, at a price to the public of $ $7.84 per ADS, less underwriting discounts and commissions. Each ADS represents ten ordinary shares, par value NIS 0.01 per share, of the Company. The closing of the offering is expected to occur on or about January 14, 2021, subject to satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.

The Company also has granted to the underwriter a 30-day option to purchase up to additional 191,326 ADSs at the public offering price, less underwriting discounts and commissions.

The gross proceeds to RedHill, before deducting underwriting discounts and commissions and offering expenses and assuming no exercise of the underwriter’s option to purchase additional ADSs, are expected to be approximately $10 million. The Company intends to use the net proceeds from this offering to fund its clinical development programs, commercialization activities and for acquisitions and general corporate purposes.

The securities described above are being offered by RedHill pursuant to a “shelf” registration statement on Form F-3 (File No. 333-226278) previously filed with the Securities and Exchange Commission (the “SEC”) on July 23, 2018 and declared effective by the SEC on July 31, 2018. The offering of the securities is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the securities being offered will be filed with the SEC. Electronic copies of the preliminary prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (646) 975-6996 or e-mail at [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these 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 RedHill Biopharma

RedHill Biopharma Ltd. (Nasdaq: RDHL) is a specialty biopharmaceutical company primarily focused on gastrointestinal and infectious diseases. RedHill promotes the gastrointestinal drugs, Movantik^®for opioid-induced constipation in adults^{^[1]}, Talicia^®for the treatment of Helicobacter pylori (H. pylori) infection in adults^{^[2]}, and Aemcolo^® for the treatment of travelers’ diarrhea in adults^{^[3]}. RedHill’s key clinical late-stage development programs include: (i) RHB-204, with an ongoing Phase 3 study for pulmonary nontuberculous mycobacteria (NTM) disease; (ii) opaganib (Yeliva^®), a first–in–class SK2 selective inhibitor targeting multiple indications with a Phase 2/3 program for COVID-19 and Phase 2 studies for prostate cancer and cholangiocarcinoma ongoing; (iii) RHB-104, with positive results from a first Phase 3 study for Crohn’s disease; (iv) RHB-102 (Bekinda^®), with positive results from a Phase 3 study for acute gastroenteritis and gastritis and positive results from a Phase 2 study for IBS-D; (v) RHB-107 (upamostat), a Phase 2-stage serine protease inhibitor with a planned Phase 2/3 study in symptomatic COVID-19 and targeting multiple other cancer and inflammatory gastrointestinal diseases; and (vi) RHB–106, an encapsulated bowel preparation. More information about the Company is available at www.redhillbio.com.

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements include statements regarding: the completion of the offering, the satisfaction of customary closing conditions related to the offering and the intended use of net proceeds from the offering. Forward-looking statements are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified, and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation; market and other conditions and the satisfaction of customary closing conditions related to the offering; the risk that the Company will not succeed to complete the patient recruitment; the risk that the Company will not receive the relevant data required for benefiting from the Fast Track designation; the risk that the U.S. Phase 3 clinical study evaluating RHB-204 will not be successful or, if successful, will not suffice for regulatory marketing approval without the need for additional clinical and/or other studies; as well as risks and uncertainties associated with (i) the initiation, timing, progress and results of the Company’s research, manufacturing, pre-clinical studies, clinical trials, and other therapeutic candidate development efforts, and the timing of the commercial launch of its commercial products and ones it may acquire or develop in the future; (ii) the Company’s ability to advance its therapeutic candidates into clinical trials or to successfully complete its pre-clinical studies or clinical trials or the development of a commercial companion diagnostic for the detection of MAP; (iii) the extent and number and type of additional studies that the Company may be required to conduct and the Company’s receipt of regulatory approvals for its therapeutic candidates, and the timing of other regulatory filings, approvals and feedback; (iv) the manufacturing, clinical development, commercialization, and market acceptance of the Company’s therapeutic candidates and Talicia^®; (v) the Company’s ability to successfully commercialize and promote Talicia^®, and Aemcolo^®and Movantik^®; (vi) the Company’s ability to establish and maintain corporate collaborations; (vii) the Company’s ability to acquire products approved for marketing in the U.S. that achieve commercial success and build its own marketing and commercialization capabilities; (viii) the interpretation of the properties and characteristics of the Company’s therapeutic candidates and the results obtained with its therapeutic candidates in research, pre-clinical studies or clinical trials; (ix) the implementation of the Company’s business model, strategic plans for its business and therapeutic candidates; (x) the scope of protection the Company is able to establish and maintain for intellectual property rights covering its therapeutic candidates and its ability to operate its business without infringing the intellectual property rights of others; (xi) parties from whom the Company licenses its intellectual property defaulting in their obligations to the Company; (xii) estimates of the Company’s expenses, future revenues, capital requirements and needs for additional financing; (xiii) the effect of patients suffering adverse experiences using investigative drugs under the Company’s Expanded Access Program; (xiv) competition from other companies and technologies within the Company’s industry; and (xv) the hiring and employment commencement date of executive managers. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 20-F filed with the SEC
on March 4, 2020. All forward-looking statements included in this press release are made only as of the date of this press release. The Company assumes no obligation to update any written or oral forward-looking statement, whether as a result of new information, future events or otherwise unless required by law.

^1. Full prescribing information for Movantik^® (naloxegol) is available at: www.Movantik.com.
^2. Full prescribing information for Talicia^® (omeprazole magnesium, amoxicillin and rifabutin) is available at: www.Talicia.com.
^3. Full prescribing information for Aemcolo^® (rifamycin) is available at: www.Aemcolo.com.

Logo – https://mma.prnewswire.com/media/1334141/RedHill_Biopharma_Logo.jpg

Company contact:

Adi Frish

Chief Corporate & Business Development Officer
RedHill Biopharma
+972-54-6543-112
[email protected]

Media contact (U.S.):

Bryan Gibbs

Vice President
Finn Partners
+1-212-529-2236
[email protected]

View original content to download multimedia:http://www.prnewswire.com/news-releases/redhill-biopharma-announces-10-million-bought-deal-offering-301205668.html

SOURCE RedHill Biopharma Ltd.

January 11, 2021 4:36 pm

First Trust Advisors L.P. Announces Distributions for Exchange-Traded Funds

First Trust Advisors L.P. Announces Distributions for Exchange-Traded Funds

WHEATON, Ill.–(BUSINESS WIRE)–
First Trust Advisors L.P. (“FTA”) announces the declaration of the monthly distributions for certain exchange-traded funds advised by FTA.

The following dates apply to today’s distribution declarations:

Expected Ex-Dividend Date:		January 12, 2021
Record Date:		January 13, 2021
Payable Date:		January 29, 2021

Ticker	Exchange	Fund Name	Frequency	Ordinary Income Per Share Amount

ACTIVELY MANAGED EXCHANGE-TRADED FUNDS

First Trust Exchange-Traded Fund VIII
FCEF	Nasdaq	First Trust CEF Income Opportunity ETF	Monthly	$0.0900
MCEF	Nasdaq	First Trust Municipal CEF Income Opportunity ETF	Monthly	$0.0625

FTA is a federally registered investment advisor and serves as the Funds’ investment advisor. FTA and its affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $171 billion as of December 31, 2020 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

You should consider the investment objectives, risks, charges and expenses of a Fund before investing. Prospectuses for the Funds contain this and other important information and are available free of charge by calling toll-free at 1-800-621-1675 or visiting www.ftportfolios.com. A prospectus should be read carefully before investing.

Past performance is no assurance of future results. Investment return and market value of an investment in a Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost.

Principal Risk Factors: A Fund’s shares will change in value, and you could lose money by investing in a Fund. An investment in a Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. There can be no assurance that a Fund’s investment objectives will be achieved. An investment in a Fund involves risks similar to those of investing in any portfolio of equity securities traded on exchanges. The risks of investing in each Fund are spelled out in its prospectus, shareholder report, and other regulatory filings.

Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. The outbreak of the respiratory disease designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial markets, which have caused losses for investors. The impact of this COVID-19 pandemic may last for an extended period of time and will continue to impact the economy for the foreseeable future.

Investors buying or selling Fund shares on the secondary market may incur customary brokerage commissions. Investors who sell Fund shares may receive less than the share’s net asset value. Shares may be sold throughout the day on the exchange through any brokerage account. However, unlike mutual funds, shares may only be redeemed directly from the Fund by authorized participants, in very large creation/redemption units. If the Fund’s authorized participants are unable to proceed with creation/redemption orders and no other authorized participant is able to step forward to create or redeem, Fund shares may trade at a discount to the Fund’s net asset value and possibly face delisting.

One of the principal risks of investing in a Fund is market risk. Market risk is the risk that a particular security owned by a Fund, Fund shares or securities in general may fall in value.

An actively managed ETF is subject to management risk because it is an actively managed portfolio. In managing such a Fund’s investment portfolio, the portfolio managers, management teams, advisor or sub-advisor, will apply investment techniques and risk analyses that may not have the desired result.

First Trust Municipal CEF Income Opportunity ETF (MCEF) and First Trust CEF Income Opportunity ETF (FCEF) invest in closed-end funds (“CEFs”). Because the shares of CEFs cannot be redeemed upon demand, shares of many CEFs will trade on exchanges at market prices rather than net asset value, which may cause the shares to trade at a price greater than NAV (premium) or less than NAV (discount). There can be no assurance that the market discount on shares of any CEF purchased by MCEF or FCEF will ever decrease or when MCEF or FCEF seeks to sell shares of a CEF it can receive the NAV for those shares. MCEF and FCEF may also be exposed to higher volatility in the market due to the indirect use of leverage through their investment in CEFs. CEFs may issue senior securities in an attempt to enhance returns.

An underlying CEF that is concentrated in securities of companies in a certain sector or industry involves additional risks, including limited diversification. An investment in an underlying CEF concentrated in a single country or region may be subject to greater risks of adverse events and may experience greater volatility than a Fund that is more broadly diversified geographically.

An underlying CEF may invest in small capitalization and mid-capitalization companies. Such companies may experience greater price volatility than larger, more established companies.

An investment in an underlying CEF containing securities of non-U.S. issuers is subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers. These risks may be heightened for securities of companies located in, or with significant operations in, emerging market countries. An underlying CEF may invest in depositary receipts which may be less liquid than the underlying shares in their primary trading market.

Certain underlying CEFs are subject to credit risk, call risk, income risk, interest rate risk, prepayment risk and zero coupon bond risk. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Credit risk is heightened for floating-rate loans and high-yield securities. Call risk is the risk that if an issuer calls higher-yielding debt instruments held by a Fund, performance could be adversely impacted. Income risk is the risk that income from a Fund’s fixed-income investments could decline during periods of falling interest rates. Interest rate risk is the risk that the value of the fixed-income securities in a Fund will decline because of rising market interest rates. Prepayment risk is the risk that during periods of falling interest rates, an issuer may exercise its right to pay principal on an obligation earlier than expected. This may result in a decline in a Fund’s income. Zero coupon bond risk is the risk that zero coupon bonds may be highly volatile as interest rates rise or fall because they do not pay interest on a current basis.

The funds may invest in CEFs and/or ETFs that hold high-yield securities. High-yield securities, or “junk” bonds, are subject to greater market fluctuations and risk of loss than securities with higher ratings, and therefore, may be highly speculative. These securities are issued by companies that may have limited operating history, narrowly focused operations, and/or other impediments to the timely payment of periodic interest and principal at maturity. The market for high-yield securities is smaller and less liquid than that for investment grade securities.

Certain of the fixed-income securities held by certain underlying funds may not have the benefit of covenants which could reduce the ability of the issuer to meet its payment obligations and might result in increased credit risk.

Income from municipal bonds held by an underlying CEF could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer.

Master limited partnerships (“MLPs”) are subject to certain risks, including price and supply fluctuations caused by international politics, energy conservation, taxes, price controls, and other regulatory policies of various governments. In addition, there is the risk that an MLP could be taxed as a corporation, resulting in decreased returns from such MLP.

The use of futures, options, and other derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives. These risks are heightened when an underlying CEF’s portfolio managers use derivatives to enhance an underlying CEF’s return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by an underlying CEF.

A Fund’s investment in CEFs and ETFs involves additional expenses that would not be present in a direct investment in the underlying funds. In addition, a Fund’s investment performance and risks may be related to the investment and performance of the underlying funds.

Income from the Funds may be subject to the federal alternative minimum income tax.

Certain underlying CEFs may invest in distressed securities and many distressed securities are illiquid or trade in low volumes and thus may be more difficult to value. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by an underlying CEF or at prices approximately the value at which an underlying CEF is carrying the securities on its books.

In 2012, regulators in the United States and the United Kingdom alleged that certain banks, including some banks serving on the panel for U.S. dollar LIBOR, engaged in manipulative acts in connection with their submissions to the British Bankers Association. Manipulation of the LIBOR rate-setting process would raise the risk to the Fund of being adversely impacted if the Fund received a payment based upon LIBOR and such manipulation of LIBOR resulted in lower resets than would have occurred had there been no manipulation. In 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As such, the potential effect of a transition away from LIBOR on the Fund or the financial instruments in which the Fund invests cannot yet be determined.

The senior loan market has seen a significant increase in loans with weaker lender protections including, but not limited to, limited financial maintenance covenants or, in some cases, no financial maintenance covenants (i.e., “covenant-lite loans”) that would typically be included in a traditional loan agreement and general weakening of other restrictive covenants applicable to the borrower such as limitations on incurrence of additional debt, restrictions on payments of junior debt or restrictions on dividends and distributions. Weaker lender protections such as the absence of financial maintenance covenants in a loan agreement and the inclusion of “borrower-favorable” terms may impact recovery values and/or trading levels of senior loans in the future. The absence of financial maintenance covenants in a loan agreement generally means that the lender may not be able to declare a default if financial performance deteriorates. This may hinder an underlying fund’s ability to reprice credit risk associated with a particular borrower and reduce an underlying fund’s ability to restructure a problematic loan and mitigate potential loss. As a result, an underlying fund’s exposure to losses on investments in senior loans may be increased, especially during a downturn in the credit cycle or changes in market or economic conditions.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210111006039/en/

Press Inquiries: Ryan Issakainen 630-765-8689

Broker Inquiries: Sales Team 866-848-9727

Analyst Inquiries: Stan Ueland 630-517-7633

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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