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TD Holdings, Inc. Reports Third Quarter 2020 Financial Results

PR Newswire

SHENZHEN, China, Nov. 13, 2020 /PRNewswire/ — TD Holdings, Inc. (Nasdaq: GLG) (the “Company”), a commodities trading and supply chain management service provider in China today announced its financial results for the nine months ended September 30, 2020.

Affected by the ongoing outbreak of the COVID-19, the Company expected its used luxurious car leasing business to be subject to continuous losses due to the closure of stores. As a result, the Company sold the used luxurious car leasing business in August 2020 and focus on the commodities trading and its complementary business.

Mrs. Renmei Ouyang, the Chief Executive Officer of the Company, stated, “We are pleased to report our financial results for the nine months ended September 30, 2020. We started our commodities trading business in late 2019. We have successfully achieved net income from our continuing operations in the third quarter of 2020. We plan on continuing to develop our commodities trading business in terms of volume, revenues and net profit, and increase its value to our stockholders. In addition, our recent acquisition of Shenzhen Qianhai Baiyu Supply Chain Co., Ltd. has laid a solid foundation for us to further expand our supply chain business in areas including warehousing, logistics, processing, and providing supply chain financing to downstream clients. We expect Qianhai Baiyu to synergize well with Huamucheng’s existing operations as the two businesses will be able to share customer resources and sales channels, increasing our cost efficiency.”

Financial Highlights


In the quarter ended September 30, 2020

  • Revenues from commodities trading business was $7.21 million, consisting of $3.68 million from sales of commodities products, and $3.53 million from supply chain management services for the quarter ended September 30, 2020;
  • Net income from continuing operations was $4.17 million, as compared with net loss from continuing operations of $0.26 million for the same period ended September 30, 2019. Net income was $1.18 million, as compared with net loss of $0.39 million for the same period ended September 30, 2019;
  • Basic and diluted earnings per share from continuing operations was $0.07, compared with basic and diluted loss per share from continuing operations of $0.03 for the same period ended September 30, 2019. Basic and diluted earnings per share was $0.02, compared with basic and diluted loss per share of $0.05 for the same period ended September 30, 2019; and
  • Shareholders’ equity as of September 30, 2020 was $93.9 million, an increase of 1,518.97% compared with $5.8 million as of December 31, 2019.


In the nine months ended September 30, 2020

  • Revenues from commodities trading business was $12.39 million, consisting of $6.30 million from sales of commodities products, and $6.09 million from supply chain management services for the quarter ended September 30, 2020;
  • We raised funds aggregating $30 million from issuance of convertible notes, accompanied by warrants to purchase 20,000,000 shares of Common Stock issuable upon exercise of the warrants at an exercise price of $1.80, and raised $36 million from the holders of convertible notes upon their conversion of the convertible notes and exercise of the warrants. We therefore incurred noncash amortization of beneficial conversion feature of $3.4 million and amortization of relative fair value of warrants of $3.06 million;
  • Net income from continuing operations was $0.22 million, as compared with net loss from continuing operations of $2.12 million for the same period ended September 30, 2019. Net loss was $3.32 million, as compared with $3.26 million for the same period ended September 30, 2019; and
  • Basic and diluted earnings per share from continuing operations was $0.01, compared with basic and diluted loss per share from continuing operations of $0.30 for the same period ended September 30, 2019. Basic and diluted loss per share was $0.08, compared with basic and diluted loss per share of $0.46 for the same period ended September 30, 2019.

Financial Results


In the three months ended September 30, 2020

Revenues

For the three months ended September 30, 2020, the Company sold non-ferrous metals to six customers at fixed prices, and earned revenues when the product ownership was transferred to its customers. The Company earned revenues of $3,680,944 from sales of commodity products. There was no such revenue for the three months ended September 30, 2019.

For the three months ended September 30, 2020, the Company earned distribution commission fees of $3,531,885 from facilitating metal product sales between the suppliers and the customers, and did not earn revenues from loan recommendation services.

Cost of revenue

Cost of revenue primarily consists of purchase costs of non-ferrous metal products and business taxes and surcharges. For the three months ended September 30, 2020,  the Company purchased non-ferrous metal products of $3,617,068 from two third party suppliers, and sold non-ferrous metal products to four customers. The Company recorded cost of revenue of $3,697,490. There was no such cost for the three months ended September 30, 2019 because this was a new business launched in December 2019.

Selling, general, and administrative expenses

Selling, general and administrative expenses increased from $259,945 for the three months ended September 30, 2019 to $292,080  for the three months ended September 30, 2020, representing an increase of $32,135, or 12%.  Selling, general and administrative expenses primarily consisted of salary and employee benefits, office rental expense, business tax and surcharge, professional service fees, office supplies. The increase was mainly attributable to an increase of $79,098 in rental expenses with our launch of our commodities trading business, against a decrease of salary and payroll expenses of $27,012 because our new senior management charged less salary expenses. 

Interest income

Interest income was primarily generated from loans made to third parties and related parties. For the three months ended September 30, 2020, interest income was $2,356,000, as compared with $nil for the same period ended September 30, 2019. The increase was primarily due to net loans of $83.3 million made to a customer, from which the Company earned interest income of $2.4 million.

Net loss from discontinued operations

During the three months ended September 30, 2020, the net loss from discontinued operations was comprised of a net loss of $nil from discontinued operations of the used luxurious car leasing business and a loss of $2,989,116 from disposal of the discontinued operations of used luxurious car leasing business. 

During the three months ended September 30, 2019, the net loss from discontinued operations was comprised of a net loss of $132,898 from discontinued operations of the used luxurious car leasing business.

Net loss

Net income from continuing operations for the three months ended September 30, 2020 was $4,170,658, representing a change of $4,430,603 from net loss from continuing operations of $259,945 for the three months ended September 30, 2019.

Net income for the three months ended September 30, 2020 was $1,181,542, representing a change of $1,574,385 from net loss of $392,843 for the three months ended September 30, 2019.


In the nine months ended September 30, 2020

Revenues

For the nine months ended September 30, 2020, the Company sold non-ferrous metals to six customers at fixed prices, and earned revenues when the product ownership was transferred to its customers. The Company earned revenues of $6,298,245 from sales of commodity products. There was no such revenue for the nine months ended September 30, 2019.

For the nine months ended September 30, 2020, the Company earned $2,332,735 from loan recommendation services from the facilitation of a loan volume of approximately $93.3 million (RMB 652.8 million) with five customers, and earned distribution commission fees of $3,760,338 from facilitating the metal product sales between the suppliers and the customers.

Cost of revenue

Cost of revenue primarily consists of purchase costs of non-ferrous metal products and business taxes and surcharges. For the nine months ended September 30, 2020, the Company purchased non-ferrous metal products of $6,233,590 from three third party suppliers, and sold non-ferrous metal products to six customers. The Company recorded cost of revenue of $6,322,765. There was no such cost for the nine months ended September 30, 2019 because this was a new business launched in December 2019.

Selling, general, and administrative expenses

Selling, general and administrative expenses decreased from $2,123,191 for the nine months ended September 30, 2019 to $1,032,660 for the nine months ended September 30, 2020, representing a decrease of $1,090,531, or 51%. Selling, general and administrative expenses primarily consisted of salary and employee benefits, office rental expense, business tax and surcharge, professional service fees, office supplies. The decrease was mainly attributable to a decrease of stock-based compensation expenses of $884,208, because we issued 502,391 restricted shares as compensation of $884,208 to certain service providers for the nine months ended September 30, 2019, while no such issuance was made for the nine months ended September 30, 2020, and a decrease of $112,061 in salary and payroll expenses because the new senior management of the Company charged less payroll expenses. 

Interest income

Interest income was primarily generated from loans made to third parties and related parties. For the nine months ended September 30, 2020, interest income was $3,965,283, representing an increase of $3,964,647 from $636 for the nine months ended September 30, 2019. The increase was primarily due to net loans of $83.3 million made to a customer. The Company earned interest income of $3.82 million from this customer.

Amortization of beneficial conversion feature and relative fair value of warrants relating to issuance of convertible notes

For the nine months ended September 30, 2020, there was amortization of beneficial conversion feature of $3.4 million and relative fair value of warrants relating to issuance of convertible notes of $3.06 million relating to the convertible notes which were converted in May 2020.

For the nine months ended September 30, 2020, no such expenses were incurred.

Net loss from discontinued operations

During the nine months ended September 30, 2020, the net loss from discontinued operations was comprised of net loss of $552,691 from discontinued operations of used luxurious car leasing business and a loss of $3,541,807 from disposal of the discontinued operations of the used luxurious car leasing business. 

During the nine months ended September 30, 2019, the net loss from discontinued operations was comprised of net loss of $1,140,439 from discontinued operations of the used luxurious car leasing business.

Net loss

Net income from continuing operations for the nine months ended September 30, 2020 was $222,119, representing a change of $2,344,674 from net loss from continuing operations of $2,122,555 for the nine months ended September 30, 2019.

Net loss for the nine months ended September 30, 2020 was $3,319,688, representing an increase of $56,694 from net loss of $3,262,994 for the nine months ended September 30, 2019.

Nine Months Ended September 30, 2020 Cash Flows

As of September 30, 2020, the Company had cash and cash equivalents of $2.97 million, as compared with $1.78 million as of December 31, 2019.

Net cash provided by operating activities from continuing operations was $1.64 million for the nine months ended September 30, 2020, as compared with cash used in operating activities from continuing operations of $1.20 million for the same period of 2019. Net cash provided by operating activities was $0.94 million for the nine months ended September 30, 2020, as compared with cash used in operating activities from continuing operations of $2.02 million for the same period of 2019.

Net cash used in investing activities was $81.71 million for the nine months ended September 30, 2020, compared to $5.46 million for the same period of 2019.

Net cash provided by financing activities was $81.05 million for the nine months ended September 30, 2020, compared to $7.40 million for the same period of 2019.

About TD Holdings, Inc.

TD Holdings, Inc. (Nasdaq: GLG) is a commodities trading and supply chain management service provider in China. Our commodities trading and supply chain management businesses are conducted under the brand names “Huamucheng” by Shenzhen Huamucheng Trading Co., Ltd. and “Qianhai Baiyu” by Shenzhen Qianhai Baiyu Supply Chain Co., Ltd., the Company’s wholly owned subsidiaries in Shenzhen. For more information please visit http://ir.tdglg.com.

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of TD Holdings, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its
website at 

http://www.sec.gov

. All forward-looking statements attributable to the Company or persons acting
 on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

 

Cision View original content:http://www.prnewswire.com/news-releases/td-holdings-inc-reports-third-quarter-2020-financial-results-301172644.html

SOURCE TD Holdings, Inc.

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Bancroft Fund Ltd. Declares Distribution of $2.25 Per Share Fiscal Year 2020 NAV Performance Up 20%

Bancroft Fund Ltd. Declares Distribution of $2.25 Per Share Fiscal Year 2020 NAV Performance Up 20%

 

RYE, N.Y.–(BUSINESS WIRE)–
The Board of Trustees of Bancroft Fund Ltd. (NYSE American: BCV) (the “Fund”) declared a $2.25 per share cash distribution payable on December 29, 2020 to common shareholders of record on November 25, 2020. With this fourth quarter distribution, the total distributions from the Fund for the calendar year 2020 would equate to $3.12 per share, an 81% increase from $1.72 last year.

The Fund’s fiscal year ends October 31, 2020. Please remember that past performance may not be indicative of future results.

Shareholders who are not members of the Fund’s Automatic Dividend Investment Plan will be given the option to receive the distribution either in cash or in beneficial shares of the Fund. The distribution is taxable to shareholders whether or not they choose to receive cash.

The expiration date of the option is December 16, 2020. Shareholders who do not make an election will receive the distribution in beneficial shares.

The number of shares that holders will be entitled to receive under the share option will be determined on December 17, 2020, either on the basis of the closing market price of the Fund’s beneficial shares or its net asset value, whichever is lower on that date.

The Fund intends to pay a quarterly distribution of an amount determined each quarter by the Board of Trustees. Under the Fund’s current distribution policy, the Fund intends to pay a minimum annual distribution of 5% of the Fund’s trailing 12-month average month-end market price or an amount sufficient to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies.

Each quarter, the Board of Trustees reviews the amount of any potential distribution and the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The Fund pays an adjusting distribution in December which includes any additional income and net realized capital gains in excess of the quarterly distributions for that year to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies. The Fund’s distribution policy is subject to modification or termination by the Board of Trustees at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and with income that exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a share-holder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

Long-term capital gains, qualified dividend income, investment company taxable income and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, each of the distributions paid in 2020 to common shareholders with respect to the Fund’s fiscal year ending October 31, 2020 would include approximately 27% from net investment income and 73% from net capital gains on a book basis. This information does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website. The final determination of the sources of all distributions in 2020 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2020 distributions in early 2021 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. More information regarding the Fund’s distribution policy and other information is available by calling 800-GABELLI (800-422-3554) or visiting www.gabelli.com.

About Bancroft Fund Ltd.

Bancroft Fund Ltd. is a diversified, closed-end management investment company with $194 million in total net assets. BCV invests primarily in convertible securities with the objectives of providing income and the potential for capital appreciation, objectives the Fund considers to be relatively equal over the long term due to the nature of the securities in which it invests. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL).

NYSE American – BCV

CUSIP – 059695106

Investor Relations Contact:

Laurissa Martire

(914) 921-5399

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Banking Other Professional Services Professional Services Finance

MEDIA:

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Schwab Reports Monthly Activity Highlights

Schwab Reports Monthly Activity Highlights

SAN FRANCISCO–(BUSINESS WIRE)–
The Charles Schwab Corporation released its Monthly Activity Report today, reflecting for the first time its recent acquisition of TD Ameritrade. Company highlights for the month of October 2020 include:

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201113005148/en/

  • Core net new assets brought to the company by new and existing clients totaled $25.6 billion. Core net new assets excluding mutual fund clearing totaled $25.7 billion.
  • Total client assets were $5.88 trillion as of month-end October, up 53% from October 2019 and up 34% compared to September 2020.
  • Average interest-earning assets on the company’s balance sheet were $442.1 billion in October, up 66% from October 2019 and up 13% compared to September 2020.

Prior to the closing of the acquisition on October 6, 2020, TD Ameritrade recorded the following client operating metrics for the period of October 1 through October 5:

  • Daily Average Trades (DATs): 3,932 thousand
  • Net New Assets: $1.0 billion
  • New brokerage accounts: 32 thousand

Please note that while these standalone TD Ameritrade metrics are not included within the October Monthly Activity Report table, all metrics have been calculated using Schwab’s methodologies.

About Charles Schwab

The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 29.0 million active brokerage accounts, 2.1 million corporate retirement plan participants, 1.5 million banking accounts, and $5.9 trillion in client assets as of October 31, 2020. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiaries, Charles Schwab & Co., Inc., TD Ameritrade, Inc., and TD Ameritrade Clearing, Inc., (members SIPC, https://www.sipc.org), and their affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent, fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its primary banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at https://www.aboutschwab.com.

TD Ameritrade, Inc. and TD Ameritrade Clearing, Inc. are separate but affiliated companies and subsidiaries of TD Ameritrade Holding Corporation. TD Ameritrade Holding Corporation is a wholly owned subsidiary of The Charles Schwab Corporation. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank.

The Charles Schwab Corporation Monthly Activity Report For October 2020
     
 

2019

2020

 Change
 

Oct

 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Mo.   Yr.
Market Indices (at month end)    
Dow Jones Industrial Average  

27,046

 

28,051

 

28,538

 

28,256

 

25,409

 

21,917

 

24,346

 

25,383

 

25,813

 

26,428

 

28,430

 

27,782

 

26,502

 

(5%)

 

(2%)

Nasdaq Composite  

8,292

 

8,665

 

8,973

 

9,151

 

8,567

 

7,700

 

8,890

 

9,490

 

10,059

 

10,745

 

11,775

 

11,168

 

10,912

 

(2%)

 

32%

Standard & Poor’s 500  

3,038

 

3,141

 

3,231

 

3,226

 

2,954

 

2,585

 

2,912

 

3,044

 

3,100

 

3,271

 

3,500

 

3,363

 

3,270

 

(3%)

 

8%

Client Assets (in billions of dollars)  

 

 

 

Beginning Client Assets  

3,768.4

 

3,854.6

 

3,942.2

 

4,038.8

 

4,051.6

 

3,862.8

 

3,496.9

 

3,778.3

 

4,009.0

 

4,110.1

 

4,278.0

 

4,489.7

 

4,395.3

 

 

 

 

Net New Assets (1)  

35.2

 

12.0

 

30.1

 

20.9

 

24.4

 

27.9

 

15.3

 

97.5

 

24.6

 

11.2

 

20.0

 

20.0

 

1,596.9

 

N/M

 

N/M

Net Market Gains (Losses)  

51.0

 

75.6

 

66.5

 

(8.1

)

(213.2

)

(393.8

)

266.1

 

133.2

 

76.5

 

156.7

 

191.7

 

(114.4

)

(113.7

)

 

 

 

Total Client Assets (at month end)  

3,854.6

 

3,942.2

 

4,038.8

 

4,051.6

 

3,862.8

 

3,496.9

 

3,778.3

 

4,009.0

 

4,110.1

 

4,278.0

 

4,489.7

 

4,395.3

 

5,878.5

 

34%

 

53%

Core Net New Assets (2)  

24.1

 

12.0

 

30.1

 

20.9

 

24.4

 

27.9

 

15.3

 

17.6

 

13.7

 

2.7

 

20.0

 

20.0

 

25.6

 

28%

 

6%

Receiving Ongoing Advisory Services (at month end)  

 

 

 

Investor Services  

324.6

 

330.8

 

337.1

 

336.8

 

323.2

 

291.5

 

309.9

 

339.8

 

345.2

 

355.6

 

366.8

 

361.2

 

378.8

 

5%

 

17%

Advisor Services (3)  

1,691.6

 

1,728.2

 

1,769.7

 

1,773.2

 

1,694.0

 

1,531.3

 

1,647.9

 

1,711.7

 

1,747.5

 

1,818.5

 

1,900.5

 

1,870.1

 

2,552.0

 

36%

 

51%

Client Accounts (at month end, in thousands)  

 

 

 

Active Brokerage Accounts  

12,189

 

12,247

 

12,333

 

12,431

 

12,521

 

12,736

 

12,866

 

14,007

 

14,107

 

14,220

 

14,311

 

14,393

 

29,013

 

102%

 

138%

Banking Accounts  

1,374

 

1,384

 

1,390

 

1,403

 

1,411

 

1,426

 

1,439

 

1,448

 

1,463

 

1,480

 

1,493

 

1,486

 

1,496

 

1%

 

9%

Corporate Retirement Plan Participants  

1,735

 

1,743

 

1,748

 

1,732

 

1,726

 

1,721

 

1,696

 

1,714

 

1,716

 

1,712

 

1,715

 

1,722

 

2,072

 

20%

 

19%

Client Activity  

 

 

 

New Brokerage Accounts (in thousands) (4)  

142

 

127

 

164

 

167

 

159

 

283

 

201

 

1,250

 

201

 

206

 

202

 

184

 

14,718

 

N/M

 

N/M

Client Cash as a Percentage of Client Assets (5)  

11.3

%

11.3

%

11.3

%

11.3

%

12.0

%

15.1

%

14.3

%

14.0

%

13.6

%

13.0

%

12.5

%

12.8

%

13.4

%

60 bp

 

210 bp

Derivative Trades as a Percentage of Total Trades  

12.0

%

11.7

%

10.7

%

12.0

%

11.5

%

7.0

%

10.2

%

12.2

%

10.6

%

13.1

%

13.8

%

14.5

%

20.5

%

600 bp

 

850 bp

Mutual Fund and Exchange-Traded Fund  

 

 

 

Net Buys (Sells) (6,7) (in millions of dollars)  

 

 

 

Large Capitalization Stock  

900

 

1,406

 

991

 

845

 

(178

)

984

 

(693

)

(768

)

(1,254

)

(2,536

)

(1,422

)

(1,360

)

(935

)

 

 

 

Small / Mid Capitalization Stock  

(458

)

73

 

201

 

(314

)

(531

)

(954

)

151

 

(401

)

(1,063

)

(1,476

)

(441

)

(497

)

(753

)

 

 

 

International  

340

 

735

 

993

 

1,360

 

132

 

(2,116

)

(2,207

)

(1,953

)

(1,580

)

(773

)

230

 

370

 

168

 

 

 

 

Specialized  

618

 

484

 

455

 

762

 

397

 

333

 

2,059

 

1,512

 

1,020

 

1,505

 

906

 

115

 

215

 

 

 

 

Hybrid  

(202

)

(290

)

(96

)

615

 

(257

)

(4,790

)

(860

)

(518

)

(97

)

(769

)

(124

)

(12

)

(553

)

 

 

 

Taxable Bond  

2,813

 

2,274

 

4,710

 

5,714

 

3,830

 

(23,142

)

1,642

 

5,469

 

9,215

 

7,314

 

7,680

 

5,734

 

5,904

 

 

 

 

Tax-Free Bond  

809

 

860

 

1,255

 

1,481

 

1,066

 

(5,229

)

(242

)

805

 

1,710

 

1,297

 

1,648

 

1,123

 

861

 

 

 

 

Net Buy (Sell) Activity (in millions of dollars)  

 

 

 

Mutual Funds (6)  

(473

)

(761

)

1,097

 

2,684

 

(565

)

(34,382

)

(3,863

)

(564

)

1,768

 

(147

)

2,568

 

757

 

(2,260

)

 

 

 

Exchange-Traded Funds (7)  

5,293

 

6,303

 

7,412

 

7,779

 

5,024

 

(532

)

3,713

 

4,710

 

6,183

 

4,709

 

5,909

 

4,716

 

7,167

 

 

 

 

Money Market Funds  

7,059

 

4,768

 

1,515

 

1,911

 

1,312

 

(1,233

)

8,465

 

4,833

 

(5,673

)

(9,039

)

(5,614

)

(6,627

)

(4,021

)

 

 

 

Selected Average Assets (in millions of dollars)  

 

 

 

Average Interest-Earning Assets (8,9)  

266,089

 

268,254

 

274,911

 

279,437

 

278,966

 

317,850

 

353,018

 

361,814

 

373,986

 

379,521

 

384,690

 

392,784

 

442,119

 

13%

 

66%

Average Bank Deposit Account Assets (9,10)  

–

 

 

–

 

 

–

 

 

–

 

 

–

 

 

–

 

 

–

 

 

–

 

 

–

 

 

–

 

 

–

 

 

–

 

132,030

 

N/M

 

N/M

(1)

 October 2020 includes an inflow of $1.6 trillion related to the acquisition of TD Ameritrade. July 2020 includes an inflow of $8.5 billion related to the acquisition of Wasmer, Schroeder & Company, LLC. June 2020 includes an inflow of $10.9 billion from a mutual fund clearing services client. May 2020 includes an inflow of $79.9 billion related to the acquisition of the assets of USAA’s Investment Management Company. October 2019 includes an inflow of $11.1 billion from a mutual fund clearing services client.

(2)

 Net new assets before significant one-time inflows or outflows, such as acquisitions/divestitures or extraordinary flows (generally greater than $10 billion) relating to a specific client. These flows may span multiple reporting periods.

(3)

 Excludes Retirement Business Services.

(4)

 October 2020 includes 14.5 million new brokerage accounts related to the acquisition of TD Ameritrade. May 2020 includes 1.1 million new brokerage accounts related to the acquisition of the assets of USAA’s Investment Management Company.

(5)

 Schwab One®, certain cash equivalents, bank deposits, third-party bank deposit accounts, and money market fund balances as a percentage of total client assets.

(6)

 Represents the principal value of client mutual fund transactions handled by Schwab, including transactions in proprietary funds. Includes institutional funds available only to Investment Managers. Excludes money market fund transactions.

(7)

 Represents the principal value of client ETF transactions handled by Schwab, including transactions in proprietary ETFs.

(8)

 Represents average total interest-earning assets on the company’s balance sheet.

(9)

 October 2020 averages reflect a full month of Schwab balances and 26 days of TD Ameritrade balances following the acquisition closing on October 6, 2020. Calculating the consolidated daily average from the closing date onwards would result in Average Interest Earning Assets and Average Bank Deposit Account Assets of $450,004 million and $157,414 million, respectively.

(10)

 Represents average TD Ameritrade clients’ uninvested cash sweep account balances held in deposit accounts at third-party financial institutions.
N/M – Not meaningful

 

MEDIA:

Mayura Hooper

Charles Schwab

Phone: 415-667-1525

INVESTORS/ANALYSTS:

Jeff Edwards

Charles Schwab

Phone: 415-667-1524

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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Posted on

Conduent and APPLY Synergies Team Up to Drive Better Business Performance through “Moments of Need” Learning

Building adaptive workforces that create constant value through strategic learning ecosystem

FLORHAM PARK, N.J., Nov. 13, 2020 (GLOBE NEWSWIRE) — Conduent Incorporated (Nasdaq: CNDT) today announced it has become the first and only preferred affiliate of APPLY Synergies, a strategic consulting firm that specializes in helping learning organizations design, develop and measure effective learning and performance support strategies. This affiliate relationship with APPLY Synergies allows Conduent access to proprietary methodology and tools to deliver the right learning content at the right time of need for its global clients across a wide range of industries.

APPLY Synergies’ 5 Moments of NeedTM methodology enables learning while people perform their jobs – so employees can access training when they need it most, keeping pace with today’s fast-changing business dynamic and workforce. The solution significantly reduces the time, effort and cost to on-board, re-board, train and re-skill employees.

“Conduent has shown itself to be a true leader and reliable partner in the Learning and Development industry,” said Bob Mosher, chief learning evangelist and CEO, APPLY Synergies. “The synergies between our 5 Moments of Need Methodology and their breadth of learning services makes for a powerful and unique collaboration that helps support and drive true business performance in a new and innovative way.”

A
M
odern
L
earning
A
pproach

Companies are facing significant challenges in the marketplace from the most recent issue of COVID-19 to the accelerated speed of change in business. While formal learning is still an essential component of a company’s learning strategy, employees need to learn new or more skills and apply those skills to perform their jobs. In order to adapt to new situations, employees also need to solve problems or change their approach that may not be able to wait for formal training. Together, APPLY Synergies’ methodology and Conduent’s reach will enable more companies and employees to benefit from fast, accessible learning – exactly at the moment of need.

“The evolution of the modern business environment demands that companies continually find the most innovative and efficient ways to educate and elevate their employees,” said Leo Blankenship, Vice President and General Manager, Workforce Enablement Services at Conduent. “Our collaboration with APPLY Synergies will enable us to bring the latest learning solutions to our clients, to help them build educated, nimble and more productive workforces.”

About Conduent HR and Learning Solutions

Conduent HR and Learning Solutions focuses on a client’s broad learning constituency – employees, contingent workers, customers, vendors, business leaders and channel partners – to design and successfully deliver learning services. As the industry’s only end-to-end HR services provider, Conduent HR and Learning Solutions delivers technology-enabled HR services and solutions that improve processes across the employee journey to maximize business performance, while increasing employee satisfaction and engagement.

About Conduent  

Conduent delivers mission-critical services and solutions on behalf of businesses and governments – creating exceptional outcomes for its clients and the millions of people who count on them. Through our dedicated people, process and technology, Conduent solutions and services automate workflows, improve efficiencies, reduce costs and enable revenue growth. It’s why most Fortune 100 companies and over 500 government entities depend on Conduent every day to manage their essential interactions and move their operations forward.

Conduent’s differentiated services and solutions improve experiences for millions of people every day, including two-thirds of all insured patients in the U.S., 10 million employees who use its HR Services, and nearly 18 million benefit recipients. Conduent’s solutions deliver exceptional outcomes for its clients, including $17 billion in savings from medical bill review, up to 40% efficiency increase in HR operations, up to 27% reduction in government benefits costs, up to 40% improvement in finance, accounting and procurement expense, and improved customer service interaction times by up to 20% with higher end-user satisfaction. Learn more at www.conduent.com.

Media Contact:

Duane Brozek, Conduent, +1-951-288-9807, [email protected]

Investor Relations Contacts:

Alan Katz, Conduent, +1-973-526-7173, [email protected]
Rebecca Koar, Conduent, +1-862-308-7105, [email protected]

Note: To receive RSS news feeds, visit www.news.conduent.com. For open commentary, industry perspectives and views, visit http://twitter.com/Conduent, http://www.linkedin.com/company/conduent or http://www.facebook.com/Conduent.

Conduent is a trademark of Conduent Incorporated in the United States and/or other countries.

Posted on

WomensFashionWholesale.com Releases A New Collection of Wholesale Women’s Pants and Tops and Looks to Create One of the Most Expansive Selections of Wholesale Women’s Fashion

WomensFashionWholesale.com Releases A New Collection of Wholesale Women’s Pants and Tops and Looks to Create One of the Most Expansive Selections of Wholesale Women’s Fashion

LOS ANGELES–(BUSINESS WIRE)–
BRAVADA International Ltd (https://www.WomensFashionWholesale.com) (Pink Sheets: BRAV) announced today that it has released a collection of new wholesale women’s fashion pieces that includes wholesale women’s pants, women’s tops and sweaters as well as other apparel selections in various categories. This new collection of wholesale women’s fashion pieces is part of an ongoing product expansion with the intent to develop one of the largest wholesale women’s fashion apparel collections in the United States.

WomensFashionWholesale.com is dedicated to provide a comprehensive selection of wholesale women’s fashion to small and mid-size businesses in a unified shopping experience. It can be difficult for businesses to source women’s wholesale fashion given the fractured nature of the industry. Over the next few weeks and months, WomensFashionWholesale.com will continue to expand its product mix such as wholesale dresses, activewear, women’s swimwear and more. BRAVADA intends to continue to develop WomensFashionWholesale.com into one of the largest wholesale providers of women’s apparel for home based, small and medium sized businesses in the USA.

WomensFashionWholesale.com allows its customer to shop its entire wholesale catalog in single units as opposed to packs of 6, 8 or 10. Traditional wholesale fashion providers operating today require that customers purchase styles in larger lots creating significant inventory risk for their customers. WomensFashionWholesale.com helps minimize inventory risk by allowing shoppers to purchase exactly what they need without the forced purchased of colors or sizes they may not want.

About:

BRAVADA International is an internet and media company that owns and curates’ online properties through a proprietary methodology of creating, developing and operating retail and wholesale websites that provide an exciting blend of consumer level and B2B products and services.

BRAVADA owns and operates OnlyLeggings.com, WorldofLeggings.com, LeggingsWholesale.com, MedicalMaskSuperstore.com and WorldofPets.com.

Forward-looking Statements

Certain matters discussed in this announcement contain statements, estimates and projections about the growth of BRAVADA International’s business, corporate growth, and related business strategy. Such statements may constitute forward-looking statements within the meaning of the federal securities laws. Factors or events that could cause actual results to differ may emerge from time-to-time. BRAVADA International undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The recipient of this information is cautioned not to place undue reliance on forward-looking statements.

Danny Alex

CEO and President

323-936-0569

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Fashion Online Retail Retail Consumer Department Stores Women

MEDIA:

Posted on

Three Days Left Until reVISION ASLA 2020

This exciting lineup of speakers, innovators, and influencers from across the landscape architecture profession begins Monday, Nov 16.

Washington, D.C., Nov. 13, 2020 (GLOBE NEWSWIRE) —  


reVISION ASLA 2020
 – the American Society of Landscape Architect’s exciting virtual event – begins this Monday.

 

The program includes a range of speakers, innovators, and influencers, including keynote appearances by:

  • Majora Carter – Marjora Carter Group, LLC
  • Walter Hood, ASLA – Hood Design Studio
  • Rep. Earl Blumenauer, Hon. ALSA  [OR-03]

 

From high-profile speakers to virtual field sessions, to mentorship and peer-to-peer connections – reVISION ASLA 2020 is a reimagined, virtual experience for an evolving profession.

 

reVISION ASLA beings in just THREE days. To learn more and register, go to bit.ly/reVISIONASLA >

 

**Members of the media can attend reVISION ASLA 2020 free of charge. See how to obtain a press pass >

Attachment 



Jacquelyn Bianchini
American Society of Landscape Architects
(202) 216-2371
[email protected]

Posted on

Gabelli Healthcare & WellnessRx Trust Reaffirms Its Quarterly Distribution Policy and Declares Fourth Quarter Distribution of $0.15 Per Share

Gabelli Healthcare & WellnessRx Trust Reaffirms Its Quarterly Distribution Policy and Declares Fourth Quarter Distribution of $0.15 Per Share

RYE, N.Y.–(BUSINESS WIRE)–
The Board of Trustees of The Gabelli Healthcare & WellnessRx Trust (NYSE:GRX) (the “Fund”) reaffirmed its quarterly distribution policy and declared a $0.15 per share cash distribution payable on December 18, 2020 to common shareholders of record on December 11, 2020.

The Fund intends to pay a quarterly distribution of an amount determined each quarter by the Board of Trustees. The Board of Trustees may change the amount of the quarterly distribution at any time. In addition to the quarterly distributions, and in accordance with the minimum distribution requirements of the Internal Revenue Code for regulated investment companies, the Fund may pay an adjusting distribution in December which includes any additional income and net realized capital gains in excess of the quarterly distributions for that year.

Each quarter, the Board of Trustees reviews the amount of any potential distribution and the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The Fund’s distribution policy is subject to modification or termination by the Board of Trustees at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject up to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, each of the distributions paid to common shareholders in 2020 would include approximately 1% from net investment income and 99% from net capital gains on a book basis. The source of the distributions will likely change due to investment activity through the end of the calendar year and this information does not represent what should be reported for tax purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2020 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2020 distributions in early 2021 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. More information regarding the Fund’s distribution policy and other information is available by calling 800-GABELLI (800-422-3554) or visiting www.gabelli.com.

About The Gabelli Healthcare & WellnessRx Trust

The Gabelli Healthcare & WellnessRx Trust is a diversified, closed-end management investment company with $273 million in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL).

NYSE: GRX

CUSIP – 36246K103

Investor Relations Contact:

Bethany Uhlein

914.921.5546

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

Posted on

Staffing 360 Solutions Regains Nasdaq Listing Compliance

NEW YORK, Nov. 13, 2020 (GLOBE NEWSWIRE) — Staffing 360 Solutions, Inc. (NASDAQ: STAF), a company executing an international buy-integrate-build strategy through the acquisition of staffing organizations in the United States and the United Kingdom, today announced that it has received written notice from the Nasdaq Stock Market Listing Qualifications Staff on November 12, 2020, indicating that the Company has regained compliance with the minimum bid price requirement as set forth in Nasdaq Capital Markets Listing rule 5550(a)(2). Nasdaq considers the matter closed.

Brendan Flood, Chairman and Chief Executive Officer, said, “With this matter now resolved, and the previously announced recent successful restructuring of our senior debt, we continue our laser focus on driving growth and creating shareholder value.”

About Staffing 360 Solutions, Inc.

Staffing 360 Solutions, Inc. is engaged in the execution of an international buy-integrate-build strategy through the acquisition of domestic and international staffing organizations in the United States and United Kingdom.  The Company believes that the staffing industry offers opportunities for accretive acquisitions and as part of its targeted consolidation model, is pursuing acquisition targets in the finance and accounting, administrative, engineering, IT, and Light Industrial staffing space. For more information, visit www.staffing360solutions.com. Follow Staffing 360 Solutions on Facebook and LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements, which may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend
,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. Forward-looking statements are not
guarantees
of future performance, 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; 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; the geographic, social and economic impact of COVID-19 on the Company’s ability to conduct its business and raise capital in the future when needed; weakness in general economic conditions and levels of capital spending by customers in the industries the Company serves; weakness or volatility in the financial and capital markets, which may result in the postponement or cancellation of customer capital projects or the inability of the Company’s customers to pay the Company’s fees; the termination of a major customer contract or project; delays or reductions in U.S. government spending; credit risks associated with the Company’s customers; competitive market pressures; the availability and cost of qualified
labor
; the Company’s level of success in attracting, training and retaining qualified management personnel and other staff employees; changes in tax laws and other government regulations, including the impact of health care reform laws and regulations; the possibility of incurring liability for the Company’s business activities, including, but not limited to, the activities of the Company’s temporary employees; the Company’s performance on customer contracts; negative outcome of pending and future claims and litigation; government policies, legislation or judicial decisions adverse to the Company’s businesses; the Company’s ability to access the capital markets by pursuing additional debt and equity financing to fund its business plan and expenses on terms acceptable to the Company or at all; the Company’s ability to achieve loan forgiveness under
Paycheck
Protection Program; and the Company’s ability to comply with its contractual covenants, including in respect of its debt agreements, as well as various additional risks, many of which are now unknown and generally out of the Company’s control, and which are detailed from time to time in reports filed by the Company with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. Staffing 360 Solutions does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law.

Investor Relations Contacts:
Harvey Bibicoff, CEO 
Bibicoff + MacInnis, Inc. 
818-379-8500 x1  [email protected]		 Terri MacInnis, VP of IR 
Bibicoff + MacInnis, Inc.
818-379-8500 x2  [email protected]  

Posted on

The GDL Fund Declares Fourth Quarter 2020 Distribution of $0.12 Per Share

The GDL Fund Declares Fourth Quarter 2020 Distribution of $0.12 Per Share

RYE, N.Y.–(BUSINESS WIRE)–
The Board of Trustees of The GDL Fund (NYSE:GDL) (the “Fund”) declared a $0.12 per share cash distribution payable on December 18, 2020 to common shareholders of record on December 11, 2020.

The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

The Fund makes annual distributions of its realized net long-term capital gains and quarterly cash distributions of all or a portion of its investment company taxable income to common shareholders. A portion of the distribution may be a return of capital and various factors will affect the level of the Fund’s income, such as its asset mix and use of merger arbitrage strategies. To permit the Fund to maintain more stable distributions, the Fund may distribute more than the entire amount of income earned in a particular period. Because the Fund’s current quarterly distributions are subject to modification by the Board of Trustees at any time and the Fund’s income will fluctuate, there can be no assurance that the Fund will pay distributions at a particular rate or frequency.

If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

Short-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Long-term capital gains, if any, are distributed in the final distribution of the year. Based on the accounting records of the Fund currently available, each of the distributions paid to common shareholders in 2020 would be deemed 100% from paid-in capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2020 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2020 distributions in early 2021 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. More information regarding the Fund’s distribution policy and other information about the Fund is available by calling 800-GABELLI (800-422-3554) or visiting www.gabelli.com.

About The GDL Fund

The GDL Fund is a diversified, closed-end management investment company with $187 million in total net assets whose investment objective is to achieve absolute returns in various market conditions without excessive risk of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL).

NYSE – GDL

CUSIP – 361570104

Investor Relations Contact:

Laurissa Martire

(914) 921-5399

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

Posted on

ContraFect Reports Third Quarter 2020 Financial Results and Provides Business Update


CARB-X


and Cystic Fibrosis Foundation


grant


s


provide significant


additional


funding to advance


CF-370 for Pseudomonas aeruginosa infections


Initiated


e


xpanded


a


ccess


p


rogram


with


exebacase for


the


t


reatment of


p


ersistent MRSA


b


loodstream


i


nfections in COVID-19


p


atients

YONKERS, New York, Nov. 13, 2020 (GLOBE NEWSWIRE) — ContraFect Corporation (Nasdaq: CFRX) a clinical-stage biotechnology company focused on the discovery and development of direct lytic agents (DLAs), including lysins and amurin peptides, as new medical modalities for the treatment of life-threatening, antibiotic-resistant infections, today announced financial results and business updates for the third quarter ended September 30, 2020.

“We are pleased with the progress of the Phase 3 DISRUPT superiority study of exebacase, which received Breakthrough Therapy designation from the FDA earlier this year, in patients suffering from life-threatening Staph aureus bloodstream infections,” said Roger J. Pomerantz, M.D., President, Chief Executive Officer, and Chairman of ContraFect. “We also continue to advance our pipeline programs towards the clinic and appreciate the tremendous financial support from CARB-X and the Cystic Fibrosis Foundation for our second product candidate, CF-370, an engineered lysin targeting Pseudomonas aeruginosa.”

Q
3
2020 Highlights and Recent Developments

  • In October, ContraFect initiated an expanded access program to provide exebacase for the treatment of persistent bacteremia caused by methicillin-resistant Staphylococcus aureus (MRSA) in COVID-19 patients. The Company is providing expanded access to exebacase under a treatment protocol available to clinical sites participating in the ongoing Phase 3 study, which enables physicians to use exebacase to treat severely ill COVID-19 patients with persistent MRSA bacteremia, despite treatment with standard of care antibiotics. Hospitalized patients with COVID-19 may now have access to exebacase since they are not eligible to participate in the ongoing Phase 3 study.
  • In August, the Company entered into an agreement with the Cystic Fibrosis Foundation to investigate the potential utility of DLAs against resistant Gram-negative pathogens which afflict Cystic Fibrosis (CF) patients. The first stage of the agreement will provide funding for the in vitro characterization of the activity of CF-370, an engineered lysin targeting Pseudomonas aeruginosa, and selected amurin peptides, against bacterial specimens obtained from CF patients at different stages of disease. With supportive data, ContraFect plans to evaluate future clinical development of CF-370 and/or amurin peptides as potential therapeutics for the treatment of pulmonary exacerbations in CF patients.
  • In July, the Company announced that CARB-X (Combating Antibiotic Resistant Bacteria Biopharmaceutical Accelerator), a global non-profit partnership dedicated to accelerating antibacterial research and development, awarded the Company up to $18.9 million in additional non-dilutive capital to progress CF-370 through IND-enabling activities toward Phase 1 clinical trials. The award provides initial funding of $4.9 million, and ContraFect could receive additional funding at the discretion of CARB-X if certain project milestones are met. 

Ongoing COVID-19 Response

  • The Phase 3 DISRUPT (Direct Lysis of Staph aureus Resistant Pathogen Trial) study of exebacase is ongoing. The Company continues to enroll patients and open new clinical trial sites across the United States. The study continues to experience some delays in patient enrollment due to the diversion of healthcare resources resulting from the COVID-19 pandemic in certain high impact areas.

Third
Quarter 2020 Financial Results

  • Research and development (R&D) expenses were $4.7 million for the third quarter of 2020 compared to $5.3 million in the comparable period in 2019. This decrease was primarily attributable to a decrease in internal and external research costs and a decrease in chemistry, manufacturing and controls (CMC) activities in the current quarter. These decreases were partially offset by increases in CRO expenses, clinical headcount and related personnel costs and professional fees to support the ongoing Phase 3 clinical study of exebacase.
  • General and administrative (G&A) expenses were $2.6 million for the third quarter of 2020 compared to $2.4 million in the comparable period in 2019. This increase was primarily attributable to increases in professional fees and insurance costs.
  • GAAP net income was $3.4 million, or $0.12 per share, for the third quarter of 2020 compared to a GAAP net loss of $5.4 million, or $0.67 per share, for the comparable period in 2019. After adjustment for the dilutive impact of the change in fair value of certain warrant liabilities, the Company reported a net loss of $5.4 million, or $0.19 per diluted share, for the third quarter of 2020.
  • As of September 30, 2020, ContraFect had cash, cash equivalents and marketable securities of $50.2 million.

About Exebacase (CF-301):

Exebacase is a recombinantly-produced lysin (cell wall hydrolase enzyme) with potent bactericidal activity against Staph aureus, a major cause of bloodstream infections (BSIs) also known as bacteremia. In the Company’s Phase 2 study of exebacase, a pre-specified analysis of MRSA-infected patients showed that the clinical responder rate at Day 14 in patients treated with exebacase on top of standard-of-care (SOC) antibiotics was nearly 43-percentage points higher than in patients treated with SOC antibiotics alone (74.1% for patients treated with exebacase and SOC antibiotics, compared to 31.3% for patients treated with SOC antibiotics alone (p=0.010)). In addition to the higher rate of clinical response, MRSA-infected patients treated with exebacase showed a 21-percentage point reduction in 30-day all-cause mortality (p=0.056), a four-day lower mean length of hospital stay and meaningful reductions in 30-day hospital readmission rates. Exebacase is currently being studied in the Phase 3 DISRUPT superiority design study of exebacase in patients with Staph aureus bacteremia, including right-sided endocarditis.

Exebacase has the potential to be a first-in-class treatment for Staph aureus bacteremia. Exebacase was licensed from The Rockefeller University and is being developed at ContraFect.

About DISRUPT:

The Phase 3 DISRUPT study of exebacase is a randomized, double-blind, placebo-controlled clinical study conducted in the U.S. to assess the efficacy and safety of exebacase in approximately 350 patients with complicated Staph aureus bacteremia, including right-sided endocarditis. Patients enrolled in the Phase 3 study are randomized 2:1 to receive either exebacase or placebo, with all patients receiving SOC antibiotics. The primary efficacy endpoint of the study is clinical response at day 14 in patients with MRSA bacteremia, including right-sided endocarditis. Secondary endpoints include clinical response at day 14 in the all Staph aureus patients (MRSA and methicillin-sensitive Staph aureus (MSSA)), 30-day all-cause mortality in MRSA patients, and clinical response at later timepoints. The company plans to conduct an interim futility analysis following the enrollment of approximately 60% of the study population.

About ContraFect:

ContraFect is a biotechnology company focused on the discovery and development of direct lytic agents (DLAs), including lysins and amurin peptides, as new medical modalities for the treatment of life-threatening, antibiotic-resistant infections. An estimated 700,000 deaths worldwide each year are attributed to antimicrobial-resistant infections. We intend to address life threatening infections using our therapeutic product candidates from our platform of DLAs, which include lysins and amurin peptides. Lysins are a new class of DLAs which are recombinantly produced antimicrobial proteins with a novel mechanism of action associated with the rapid killing of target bacteria, eradication of biofilms and synergy with conventional antibiotics. Amurin peptides are a novel class of DLAs which exhibit broad-spectrum activity against a wide range of antibiotic-resistant Gram-negative pathogens, including Pseudomonas aeruginosa (P. aeruginosa), Acinetobacter baumannii, and Enterobacter species. We believe that the properties of our lysins and amurin peptides will make them suitable for targeting antibiotic-resistant organisms, such as MRSA and P. aeruginosa, which can cause serious infections such as bacteremia, pneumonia and osteomyelitis. We have completed a Phase 2 clinical trial for the treatment of Staph aureus bacteremia, including endocarditis, with our lead lysin candidate, exebacase, which is the first lysin to enter clinical studies in the U.S. Exebacase, currently being studied in a pivotal Phase 3 clinical study, was granted Breakthrough Therapy designation by the FDA for the treatment of MRSA bloodstream infections, including right-sided endocarditis, when used in addition to SOC anti-staphylococcal antibiotics in adult patients.

Follow ContraFect on Twitter @ContraFectCorp and LinkedIn.

Forward-Looking Statements

This press release contains, and our officers and representatives may make from time to time, “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements can be identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential,” “promise” or similar references to future periods. Examples of forward-looking statements in this release include, without limitation, statements regarding: the significance of the CARB-X and Cystic Fibrosis Foundation (CFF) grants and whether they will advance CF-370, whether the expanded access program was initiated, ContraFect’s ability to discover and develop DLAs as new medical modalities for the treatment of life-threatening, antibiotic-resistant infections, statements made by Dr. Pomerantz, whether physicians will use exebacase to treat severely ill COVID-19 patients, whether hospitalized COVID-19 patients will have access to exebacase, whether the Company will obtain supportive data using CFF funding and be able to evaluate future clinical development of CF-370 or amurin peptides as potential therapeutics for the treatment of pulmonary exacerbations in CF patients, whether the Company receives all initial and additional CARB-X funding, statements made regarding how COVID-19 has effected the Phase 3 DISRUPT study, statements made regarding the Phase 2 study results, the Company’s financial results, financial position, balance sheets and statements of operations, statements made regarding the Phase 3 study and whether the Company will conduct an interim futility analysis, whether exebacase has the potential to be a first-in-class treatment for exebacase, whether ContraFect will address life-threatening infections using its DLA platform, whether lysins are a new class of DLAs which are recombinantly produced, antimicrobial proteins with a novel mechanism of action associated with the rapid killing of target bacteria, eradication of biofilms and synergy with conventional antibiotics, whether amurins are a novel class of DLAs which exhibit broad-spectrum activity against a wide range of antibiotic-resistant Gram-negative pathogens, and whether the properties of ContraFect’s lysins and amurins will make them suitable for targeting antibiotic-resistant organisms, such as MRSA and P. aeruginosa. Forward-looking statements are statements that are not historical facts, nor assurances of future performance. Instead, they are based on ContraFect’s current beliefs, expectations and assumptions regarding the future of its business, future plans, strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict and many of which are beyond ContraFect’s control, including those detailed under the caption “Risk Factors” in ContraFect’s filings with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements. Important factors that could cause actual results to differ include, among others, our ability to develop treatments for drug-resistant infectious diseases. Any forward-looking statement made by ContraFect in this press release is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable law, ContraFect expressly disclaims any obligations to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

CONTRAFECT CORPORATION


Condensed Balance Sheets

  September 30
,

20
20 		   December 31,
2019 
  (unaudited) (audited)
Assets    
Current assets:    
Cash and cash equivalents         $ 18,152,046   $ 24,184,140
Marketable securities           32,082,709     —
Prepaid expenses and other current assets           5,828,086     6,575,375
     
Total current assets           56,062,841     30,759,515
Property and equipment, net           957,587     1,099,948
Operating lease right-of-use assets           2,870,431     3,043,826
Other assets           105,420     105,420
     
Total assets         $ 59,996,279   $ 35,008,709
     
     
Liabilities and stockholders’ equity    
Current liabilities           4,828,382     10,057,950
Warrant liabilities           33,659,991     6,068,978
Long-term portion of lease liabilities           3,038,056     3,264,128
Other liabilities           72,747     72,747
     
Total liabilities           41,599,176     19,463,803
     
Total stockholders’ equity           18,397,103     15,544,906
     
Total liabilities and stockholders’ equity         $ 59,996,279   $ 35,008,709
     



CONTRAFECT CORPORATION


Unaudited Statements of Operations

         
  Three Months Ended
September
 30, 		  Nine Months Ended September 30,
    20
20 		      201
9 		      20
20 		      201
9 		 
Operating expenses:        
Research and development         $ 4,706,012     $ 5,250,327     $ 15,354,453     $ 14,161,543  
General and administrative           2,607,472       2,376,248       8,186,169       7,234,244  
         
Total operating expenses           7,313,484       7,626,575       23,540,622       21,395,787  
         
Loss from operations           (7,313,484 )     (7,626,575 )     (23,540,622 )     (21,395,787 )
Other income (expense):        
Interest income           58,451       80,747       154,019       334,307  
Other income (expense)           9,609       ―       (2,165,044 )     ―  
Change in fair value of warrant liabilities           10,689,855       2,186,710       3,800,356       18,622,471  
         
Total other income (expense)           10,757,915       2,267,457       1,789,331       18,956,778  
         
Net income (loss)         $ 3,444,431     $ (5,359,118 )   $ (21,751,291 )   $ (2,439,009 )
         
Per share information:        
Basic net income (loss) per share          $ 0.12     $ (0.67 )   $ (1.03 )   $ (0.31 )
         
Shares used in computing basic net income (loss) per share           27,809,169       7,940,931       21,069,057       7,940,931  

Diluted net loss per share         $     (0.19 )   $     (0.67 )   $     (1.03 )   $     (0.31 )
         
Shares used in computing diluted net loss per share                   29,079,107               7,940,931               21,069,057               7,940,931  
         

The Company’s financial position as of September 30, 2020 and results of operations for the three and nine months ended September 30, 2020 and 2019 have been extracted from the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission. The Company’s financial position as of December 31, 2019 has been extracted from the Company’s audited financial statements included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 18, 2020. You should refer to both the Company’s Quarterly Report on Form 10-Q and its Annual Report on Form 10-K for a complete discussion of financial information.

Investor Relations Contact
s

Michael Messinger
ContraFect Corporation
[email protected]

Carlo Tanzi, Ph.D.
Kendall Investor Relations
[email protected]