Month: February 2022

Is the SEC conducting “Unfounded Investigations” of Elon Musk?

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  Image Credit: Maurizio Pesce


Musk’s Lawyers Suggest a Rogue U.S. Agency is being Weaponized Against Him

 

Tesla CEO Elon Musk’s legal representatives say the Securities and Exchange Commission (SEC) is conducting ‘unfounded investigations’ on him and the EV company. In a letter, to a federal judge, Tesla’s lawyers accuse the regulator of not distributing a $40 million fine paid after a 2018 settlement to shareholders allegedly harmed over Musk’s Twitter posts.

The correspondence sent Thursday (February 16) accuses the SEC of conducting “unfounded investigations” of Mr. Musk and Tesla. The letter was addressed to the federal judge who oversaw the settlement. As a result, Tesla has essentially become what it sees as a whistleblower against the SEC.

 

Background

Tesla and the SEC settled an enforcement action in 2018 that alleged that Musk had committed fraud by tweeting about a potential buyout of the company. Tesla paid $20 million to settle that case. Musk also personally paid $20 million. He also agreed to have his public statements on social media overseen by Tesla lawyers.

In correspondence sent to Tesla in both 2019 and 2020, the SEC said tweets Musk wrote regarding Tesla’s solar roof production volumes and its stock price hadn’t undergone the required preapproval and supervision.  The communications involving the Commission are part of the tensions between the nation’s public market regulator and the founder of the $927 billion dollar car company. It should also be noted that after the settlement, Musk publicly mocked the SEC.

To date, the SEC hasn’t distributed the $40 million in fine money to those holding shares at the time of his 2018 tweets that claimed he planned to take Tesla private, according to the letter sent to the judge. The part of the agreement that was to be upheld by Tesla (in addition to the $40 million) is that company lawyers would preclear certain of the CEO’s tweets and other public statements. The SEC wants proof of adherence.

Tesla’s New Accusation

According to the letter signed by Tesla attorney Andrew Spiro, “The SEC seems to be targeting Mr. Musk and Tesla for unrelenting investigation largely because Mr. Musk remains an outspoken critic of the government.” The letter addressed to U.S. District Judge Alison Nathan in Manhattan, pointed out that if the Commission was concerned “the SEC has not once come before Your Honor to seek discovery concerning compliance under the consent decree,” the letter continues, “Instead, it has gone rogue, and unilaterally opened its own investigations.”  Then Spiro accuses, “The SEC has conducted these investigations wholly outside of this court’s supervision.”

Take-Away

Tesla attorney Andrew Spiro’s letter suggests that Elon Musk and the company’s board regret settling and agreeing to the social-media oversight policy, and monetary portion, which Judge Nathan approved. Also, the company decided to resolve the lawsuit because it believed that fine money would go to Tesla shareholders. In the absence of, (according to Tesla), the SEC not keeping its part of the deal, and (according to the SEC) Tesla not adequately maintaining its part of the agreement, tensions may soon come to a head.

 

Suggested Reading



Tesla’s Strange Influence on the Markets

Publicly Traded Chinese Companies Duty to Shareholders





Elon Musk Reminds Jeff Bezos that He’s Pulling Away

New Measures to Limit Government Officials Trading

 

Sources

https://www.sec.gov/news/press-release/2018-226

https://www.wsj.com/articles/sec-subpoenas-tesla-seeking-information-linked-to-elon-musk-settlement-11644248873?mod=article_inline

https://www.theguardian.com/technology/2021/jun/02/elon-musk-tweets-tesla-sec-settlement#:~:text=The%20SEC%20had%20sued%20Musk,13.3%25%2C%20violated%20securities%20law.

https://nypost.com/2022/02/17/elon-musk-lawyer-sec-gone-rogue-stiffed-tesla-investors-40m/

https://www.autonews.com/executives/elon-musk-tesla-accuse-sec-unrelenting-probe


 

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Flotek Awarded $1 Billion+ Long Term Contract

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Flotek Awarded $1 Billion+ Long Term Contract

Research, News, and Market Data on Flotek Industries

 

HOUSTON, Feb. 17, 2022 /PRNewswire/ — Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK), a leader in technology-driven, specialty green chemistry solutions, has entered into an agreement with ProFrac Holdings, LLC (“ProFrac”) to expand the previously-announced long term supply agreement with one of ProFrac’s affiliates.

The Company anticipates that, after closing, the new expansion will increase revenue backlog by at least $1 billion, and up to $2.1 billion, over the next ten years.  As part of the transaction, at closing Flotek would (a) issue to ProFrac notes convertible into Flotek’s common stock with a maturity of one year, with the amount of notes based on the size of expansion, and (b) grant ProFrac the right to appoint two members to Flotek’s board of directors, for a total of four out of seven directors.  Conversion price of the convertible notes is $1.088125 per share under certain conditions prior to maturity, or $0.8705 per share at maturity.  The convertible notes contain other terms and conditions similar to the convertible notes announced on February 2, 2022.

Closing of the transaction is expected to occur in Q2 of 2022 and is subject to a vote of the shareholders of Flotek’s common stock, as well as other customary conditions. 

The Company will be providing additional information and an investor presentation, and plans to host a conference call to discuss this new agreement.  The contract documents will be filed with the Securities and Exchange Commission via a Current Report on Form 8-K.

Piper Sandler is serving as a financial advisor to Flotek.

About Flotek Industries, Inc.
Flotek Industries, Inc. creates solutions to reduce the environmental impact of energy on air, water, land and people. A technology-driven, specialty green chemistry and data company, Flotek helps customers across industrial, commercial, and consumer markets improve their Environmental, Social, and Governance performance. Flotek’s Chemistry Technologies segment provides sustainable, optimized chemistry solutions that maximize our customer’s value by elevating their ESG performance, lowering operational costs, and delivering improved return on invested capital. The Company’s proprietary green chemistries, specialty chemistries, logistics, and technology services enable its customers to pursue improved efficiencies and performance throughout the life cycle of its desired chemical applications program. Major integrated oil and gas companies, oilfield services companies, independent oil and gas companies, national and state-owned oil companies, geothermal energy companies, solar energy companies and advanced alternative energy companies benefit from best-in-class technology, field operations, and continuous improvement exercises that go beyond existing sustainability practices. Flotek is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit www.flotekind.com.

Forward-Looking Statements
Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of tile Securities Exchange Act of 1934) regarding Flotek Industries, Inc.’s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release. Forward-looking statements include, but are not limited to, statements regarding the anticipated performance under the long-term supply agreement, the amount of the potential backlog, the consideration for the long-term supply agreement, and the closing of the contemplated transactions. Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Further information about the risks and uncertainties that may impact the company are set forth in the Company’s most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the “Risk Factors” section thereof), and in the Company’s other SEC filings and publicly available documents. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect, any event or circumstance that may arise after the date of this press release.

Additional Information about the Transaction and Where to Find It
The Company intends to file a preliminary proxy statement with the SEC in connection with the transaction described in the press release, and will mail a definitive proxy statement and other relevant documents to its stockholders. This press release does not contain all the information that should be considered concerning the transaction, and it is not intended to provide the basis for any investment decision or any other decision in respect to the transaction. The Company’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement, the amendments thereto, and the definitive proxy statement in connection with the Company’s solicitation of proxies for the special meeting to be held to approve the transaction, as these materials will contain important information about the Company and the transaction. The definitive proxy statement will be mailed to the Company’s stockholders as of a record date to be established for voting on the transaction. Such stockholders will also be able to obtain copies of the proxy statement, without charge, once available, at the SEC’s website at http://www.sec.gov, or by directing a request to: Flotek Industries, Inc., 8846 N. Sam Houston Parkway W., Houston, TX 77064. Attention: Investor Relations, (ir@flotekind.com).

Participants in the Solicitation
The Company and its directors and officers may be deemed participants in the solicitation of proxies of the Company’s stockholders in connection with the proposed transaction. The Company’s stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of the Company in the Company’s most recent Annual Report on Form 10-K filed with the SEC and in the Company’s other SEC filings. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to the Company’s stockholders in connection with the proposed transaction will be set forth in the proxy statement for the proposed transaction when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction will be included in the proxy statement that the Company intends to file with the SEC.

SOURCE Flotek Industries, Inc.

Great Lakes Dredge Dock (GLDD) – Strong Finish to Year and Positive 2022 Outlook Intact

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Thursday, February 17, 2022

Great Lakes Dredge & Dock (GLDD)
Strong Finish to Year and Positive 2022 Outlook Intact

Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only’s operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Strong finish to year. 4Q2021 results ahead of expectations due to solid execution and less COVID-19 issues which more than offset late-quarter weather issues in the Northeast. Revenue of $210 million was ~$15 million lower than expected, but gross margin expanded to $53.0 million with gross margin improving to 25%. After a couple of weaker quarters, it was the strongest quarter in almost two years.

    Recovery expected this year.  Fine tuning 2022 EBITDA estimate. With moderating COVID-19 costs, we estimate that 2022 EBITDA will recover to $144.2 million. More than 80% of current backlog should be converted to revenue this year and 1Q2022 awards of $48 million are shorter term. Three factors create headwinds this year, including dry docking activity, higher offshore wind support infrastructure …



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

The Lasting Benefit of Psilocybin Treatment for Extreme Depression

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  Image Credit: Janine (Wikimedia)


Prominent Study Suggests “Magic Mushroom” Ingredient on Depression has Long-Term Benefit

 

What happens months after research is completed to determine the effectiveness of an experimental substance such as psilocybin, the chemical found in “psychedelic” mushrooms?  Are the subjects whose results were recorded earlier revisited to determine long-term impact or effectiveness?

In a follow-up to a year-old study, researchers at Johns Hopkins measured the impact of treatment for major depressive disorder of a psychedelic treatment with psilocybin for periods up to a year. The initial data demonstrated that those treated were still benefitting one month after treatment. It has now been 12 months, the participants were again measured, and the conclusion of the research shows substantial antidepressant effects of psilocybin-assisted therapy, given with supportive psychotherapy, may last at least a year for some patients.

“Our findings add to evidence that, under carefully controlled conditions, this is a promising therapeutic approach that can lead to significant and durable improvements in depression,” said Natalie Gukasyan, M.D., assistant professor of psychiatry and behavioral sciences at the Johns Hopkins University School of Medicine. Professor Gukasyan, added the caveat, “the results we see are in a research setting and require quite a lot of preparation and structured support from trained clinicians and therapists, and people should not attempt to try it on their own.”

About the Study

The researchers recruited 27 participants with an approximately two-year history of depression. Men totaled 8, women made up the remaining 19. Eighty-eight percent of the participants had previously been treated with common antidepressant medications, and 58% reported using antidepressants in their current depressive episodes. The average age of participants was 40.  

Participants were randomized into one of two groups in which they received the intervention either immediately, or after an eight-week waiting period. At the time of treatment, all participants were provided with preparatory meetings with the treatment facilitators. Then participants received two doses of psilocybin, given approximately two weeks apart between August 2017 and April 2019. The subjects returned for follow-up after one day and one week after each session, and then at one, three, six, and 12 months following the second session.  24 participants completed both psilocybin sessions and all follow-up assessment visits.

The researcher’s initial report stated that psilocybin treatment in both groups produced large decreases in depression and that depression severity remained low one, three, six, and 12 months after treatment. Depressive symptoms were measured before and after treatment using the GRID-Hamilton Depression Rating Scale. This is a standard depression assessment tool, in which a score of 24 or more indicates severe depression, 17–23 moderate depression, 8–16 mild depression, and 7 or less no depression. For most participants, scores for the overall treatment decreased from 22.8 at pretreatment to 8.7 at one week, 8.9 at four weeks, 9.3 at three months, 7 at six months, and 7.7 at 12 months after treatment. Participants had stable rates of response to the treatment and remission of symptoms throughout the follow-up period, with 75% response and 58% remission at 12 months.

Take-Away

There continues to be a growth in clinical level medical research and analysis of once-taboo psychedelics, particularly psilocybin. Treatment with psilocybin has shown promise in research settings for treating a range of mental health disorders and addictions. In this most recent release of study results at Johns Hopkins Medical. The chemical found in some mushrooms “not only produces significant and immediate effects, it also has a long duration, which suggests that it may be a uniquely useful new treatment for depression.” The significance is, standard antidepressants, must be taken over long periods of time. Based on this small study, psilocybin has the potential to relieve symptoms for extended periods measured in months, with only one or two treatments.

Paul Hoffman

Managing Editor, Channelchek

Suggested Reading



Will Investors Experience a Quicker High in Psychedelics as Cannabis Creates the “Model”?

A Quick Look at 8 Small Caps in the Growing Psychedelics Space





Cannabis Bank Sowing New Seeds as it Announces SPAC Merger

Marijuana is Winning the Sports Battle

 

Sources

https://jamanetwork.com/journals/jamapsychiatry/fullarticle/2772630?resultClick=1

https://tripsitter.com/magic-mushrooms/legal/

https://journals.sagepub.com/doi/10.1177/02698811211073759


 

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Is the SEC conducting Unfounded Investigations of Elon Musk

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  Image Credit: Maurizio Pesce


Musk’s Lawyers Suggest a Rogue U.S. Agency is being Weaponized Against Him

 

Tesla CEO Elon Musk’s legal representatives say the Securities and Exchange Commission (SEC) is conducting ‘unfounded investigations’ on him and the EV company. In a letter, to a federal judge, Tesla’s lawyers accuse the regulator of not distributing a $40 million fine paid after a 2018 settlement to shareholders allegedly harmed over Musk’s Twitter posts.

The correspondence sent Thursday (February 16) accuses the SEC of conducting “unfounded investigations” of Mr. Musk and Tesla. The letter was addressed to the federal judge who oversaw the settlement. As a result, Tesla has essentially become what it sees as a whistleblower against the SEC.

 

Background

Tesla and the SEC settled an enforcement action in 2018 that alleged that Musk had committed fraud by tweeting about a potential buyout of the company. Tesla paid $20 million to settle that case. Musk also personally paid $20 million. He also agreed to have his public statements on social media overseen by Tesla lawyers.

In correspondence sent to Tesla in both 2019 and 2020, the SEC said tweets Musk wrote regarding Tesla’s solar roof production volumes and its stock price hadn’t undergone the required preapproval and supervision.  The communications involving the Commission are part of the tensions between the nation’s public market regulator and the founder of the $927 billion dollar car company. It should also be noted that after the settlement, Musk publicly mocked the SEC.

To date, the SEC hasn’t distributed the $40 million in fine money to those holding shares at the time of his 2018 tweets that claimed he planned to take Tesla private, according to the letter sent to the judge. The part of the agreement that was to be upheld by Tesla (in addition to the $40 million) is that company lawyers would preclear certain of the CEO’s tweets and other public statements. The SEC wants proof of adherence.

Tesla’s New Accusation

According to the letter signed by Tesla attorney Andrew Spiro, “The SEC seems to be targeting Mr. Musk and Tesla for unrelenting investigation largely because Mr. Musk remains an outspoken critic of the government.” The letter addressed to U.S. District Judge Alison Nathan in Manhattan, pointed out that if the Commission was concerned “the SEC has not once come before Your Honor to seek discovery concerning compliance under the consent decree,” the letter continues, “Instead, it has gone rogue, and unilaterally opened its own investigations.”  Then Spiro accuses, “The SEC has conducted these investigations wholly outside of this court’s supervision.”

Take-Away

Tesla attorney Andrew Spiro’s letter suggests that Elon Musk and the company’s board regret settling and agreeing to the social-media oversight policy, and monetary portion, which Judge Nathan approved. Also, the company decided to resolve the lawsuit because it believed that fine money would go to Tesla shareholders. In the absence of, (according to Tesla), the SEC not keeping its part of the deal, and (according to the SEC) Tesla not adequately maintaining its part of the agreement, tensions may soon come to a head.

 

Suggested Reading



Tesla’s Strange Influence on the Markets

Publicly Traded Chinese Companies Duty to Shareholders





Elon Musk Reminds Jeff Bezos that He’s Pulling Away

New Measures to Limit Government Officials Trading

 

Sources

https://www.sec.gov/news/press-release/2018-226

https://www.wsj.com/articles/sec-subpoenas-tesla-seeking-information-linked-to-elon-musk-settlement-11644248873?mod=article_inline

https://www.theguardian.com/technology/2021/jun/02/elon-musk-tweets-tesla-sec-settlement#:~:text=The%20SEC%20had%20sued%20Musk,13.3%25%2C%20violated%20securities%20law.

https://nypost.com/2022/02/17/elon-musk-lawyer-sec-gone-rogue-stiffed-tesla-investors-40m/

https://www.autonews.com/executives/elon-musk-tesla-accuse-sec-unrelenting-probe


 

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What Hydrogen Investors are Excited About

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  Image Credit: US Department of Energy


U.S. Hydrogen Initiative Excites Investors – Billions in Funds Become Available

 

The Department of Energy (DOE) just firmed up plans to develop a methodology to decide how to divvy up $9.528 billion in new funding for hydrogen projects. DOE is now formally requesting suggestions from companies and experts in the field on how to best make use of the money for hydrogen projects. The funds have been approved through the bipartisan infrastructure bill. Beginning Tuesday (February 15), they’re looking for input. Various hydrogen stocks ran up double digits on the news and remained positive.

The hydrogen initiatives were among several projects announced Tuesday as part of the White House push to decarbonize the industrial sector, including a new “Buy Clean” task force that will encourage low-carbon federal purchases, and updated guidance and transparency for carbon-capture projects. It also provides funds for energy assessment training, to help evaluate low/no-carbon features.  

The U.S. DOE will spend $8 billion on at least four hydrogen proposed “hubs” spread across the U.S. that will build out a network for production, processing, distribution, and storage. Under the infrastructure plan, the four hubs must support different types of hydrogen production and use.  This is expected to include hubs that are capable of producing hydrogen using fossil fuels, nuclear energy, and renewable energy. At least one of the hubs will provide hydrogen that can be used in power generation, transportation, industrial use, and heating.

The focus on multiple types of hydrogen has upset some environmental groups as they are concerned it would prolong the life of fossil fuel use.  Opposing these groups is the thought that a “semi-dirty hydrogen electron” may be better than a “dirty-fossil fuel electron” if it puts the country on a path to eventual net-zero.

The announcement points to a formal solicitation on how to spend almost $10 billion. For this it has put out requests for information (RFI). The RFIs are a call to companies, environmental groups and other experts, which will help determine how to structure the hubs and whether four is adequate.

 

Source: EERE Funding Opportunity Exchange

 

On Tuesday the DOE also made available $1 billion of additional funds for research into clean hydrogen electrolysis. This is the method of producing hydrogen from renewable energy such as wind and solar. It also announced $500 million for a research and development program for manufacturing and recycling clean hydrogen-related equipment.

DOE’s aim is to reduce the cost of clean hydrogen by 80% within the next ten years to $1 per kilogram ($3.80 per gallon) and announced $28 million for research and development of engineering projects for industrial, electricity, and transportation-related clean hydrogen.

In total the hydrogen industry will receive $9.528 billion ($8b+$1b+5b+$28m) in funds to stimulate the growth of the future of hydrogen power.

Take-Away

While lithium-ion electric storage has become understood among those powering their homes and cars, hydrogen storage has gotten less attention. The benefits of releasing power stored as hydrogen atoms and reacting within a fuel cell have benefits unmatched by the batteries now in widespread use. Both technologies are still considered in their infancy. The U.S. Department of Energy is looking to speed the innovation and adoption process to help with its clean energy initiative. Almost $10 billion will go a long way to
benefit
companies that may otherwise fail for lack of capital or take a more measured growth pace.  Investors are reacting to the potential.

Paul Hoffman

Managing Editor, Channelchek

 

Suggested Reading



Unhyped Hydrogen Investments

Lithium-ion Power vs Hydrogen Fuel Cell





Why Interest Rates Will Keep Rising

How Does the Gates Buffett Nuclear Reactor Work?

 

Sources

https://www.energy.gov/articles/doe-establishes-bipartisan-infrastructure-laws-95-billion-clean-hydrogen-initiatives

https://eere-exchange.energy.gov/Default.aspx#FoaId5d96172f-e9b6-48ff-94ac-5579c3531526


 

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Can You Stimulate the Gene that Fights Alzheimers and Dementia

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Study Links Gene to Cognitive Resilience in the Elderly

 

Anne Trafton | MIT News Office

 

Many people develop Alzheimer’s or other forms of dementia as they get older. However, others remain sharp well into old age, even if their brains show underlying signs of neurodegeneration.

Among these cognitively resilient people, researchers have identified education level and amount of time spent on intellectually stimulating activities as factors that help prevent dementia. A new study by MIT researchers shows that this kind of enrichment appears to activate a gene family called MEF2, which controls a genetic program in the brain that promotes resistance to cognitive decline.

The researchers observed this link between MEF2 and cognitive resilience in both humans and mice. The findings suggest that enhancing the activity of MEF2 or its targets might protect against age-related dementia.

“It’s increasingly understood that there are resilience factors that can protect the function of the brain,” says Li-Huei Tsai, director of MIT’s Picower Institute for Learning and Memory. “Understanding this resilience mechanism could be helpful when we think about therapeutic interventions or prevention of cognitive decline and neurodegeneration-associated dementia.” Tsai is the senior author of the study, which appeared in Science Translational Medicine. The lead authors are recent MIT Ph.D. recipient Scarlett Barker and MIT postdoctoral fellow and Boston Children’s Hospital physician Ravikiran (Ravi) Raju.

 

Protective Effects

A large body of research suggests that environmental stimulation offers some protection against the effects of neurodegeneration. Studies have linked education level, type of job, number of languages spoken, and amount of time spent on activities such as reading and doing crossword puzzles to higher degrees of cognitive resilience.

The MIT team set out to try to figure how these environmental factors affect the brain at the neuronal level. They looked at human datasets and mouse models in parallel, and both tracks converged on MEF2 as a critical player.

MEF2 is a transcription factor that was originally identified as a factor important for cardiac muscle development but later was discovered to play a role in neuron function and neurodevelopment. In two human datasets comprising slightly more than 1,000 people altogether, the MIT team found that cognitive resilience was highly correlated with expression of MEF2 and many of the genes that it regulates.

Many of those genes encode ion channels, which control a neuron’s excitability, or how easily it fires an electrical impulse. The researchers also found, from a single-cell RNA-sequencing study of human brain cells, that MEF2 appears to be most active in a subpopulation of excitatory neurons in the prefrontal cortex of resilient individuals.

To study cognitive resilience in mice, the researchers compared mice who were raised in cages with no toys, and mice placed in a more stimulating environment with a running wheel and toys that were swapped out every few days. As they found in the human study, MEF2 was more active in the brains of the mice exposed to the enriched environment. These mice also performed better in learning and memory tasks.

When the researchers knocked out the gene for MEF2 in the frontal cortex, this blocked the mice’s ability to benefit from being raised in the enriched environment, and their neurons became abnormally excitable.

“This was particularly exciting as it suggested that MEF2 plays a role in determining overall cognitive potential in response to variables in the environment,” Raju says.

The researchers then explored whether MEF2 could reverse some of the symptoms of cognitive impairment in a mouse model that expresses a version of the tau protein that can form tangles in the brain and is linked with dementia. If these mice were engineered to overexpress MEF2 at a young age, they did not show the usual cognitive impairments produced by the tau protein later in life. In these mice, neurons overexpressing MEF2 were less excitable.

“A lot of human studies and mouse model studies of neurodegeneration have shown that the neurons become hyperexcitable in early stages of disease progression,” Raju says. “When we overexpressed MEF2 in a mouse model of neurodegeneration, we saw that it was able to prevent this hyperexcitability, which might explain why they performed cognitively better than control mice.”

 

Enhancing Resilience

 The findings suggest that enhancing MEF2 activity could help to protect against dementia; however, because MEF2 also affects other types of cells and cellular processes, more study is needed to make sure that activating it wouldn’t have adverse side effects, the researchers say.

The MIT team now hopes to further investigate how MEF2 becomes activated by exposure to an enriching environment. They also plan to examine some of the effects of the other genes that MEF2 controls, beyond the ion channels they explored in this study. Such studies could help to reveal additional targets for drug treatments.

“You could potentially imagine a more targeted therapy by identifying a subset or a class of effectors that is critically important for inducing resilience and neuroprotection,” Raju says.

 

Suggested Reading



Advancing Research into Alzheimer’s Disease with Stem Cells

Understanding Alzheimer’s, Dementia, ALS, and Neurodegenerative Diseases





The Anti-Aging and Rejuvenating Properties of Stem Cells

FDA Oncology Director Expresses Concerns Over Applicability of Chinese Data

 


 

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Schwazze Closes Acquisition Of Colorado Cultivation Grower Brow 2, LLC

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Schwazze Closes Acquisition Of Colorado Cultivation Grower Brow 2, LLC

Research, News, and Market Data on Schwazze

 

Additional Indoor Grow Acquisition Increases Cultivation Capacity
Company Continues to Execute Growth Strategy Through Acquisitions

DENVER, Feb. 16, 2022 /CNW/ – Schwazze, (OTCQX: SHWZ) (“Schwazze” or the “Company”), announced today that it has closed the transaction to acquire the assets of Brow 2, LLC, located in Denver, Colorado.  The planned transaction includes a 37,000 square foot building and equipment designed for indoor cultivation. This transaction continues Schwazze’s aggressive expansion in Colorado and will enhance the Company’s cultivation capabilities, providing product directly to its dispensaries.  The consideration for the acquisition was $6.7 million and was paid in cash at closing.

“This is another step in building operational depth and capabilities in Colorado for Schwazze.  This acquisition will add a talented team of growers, high-quality indoor flower cultivation capacity, new strain genetics, and another profitable asset to our platform. The new facility will supply our growing network of dispensaries and customers with a broad assortment of high-quality indoor flower,” said Justin Dye, Schwazze’s CEO. 

Corporate Update
Late in 2021, Schwazze announced a transformational $95 million raise with institutional investors and individuals, allowing the Company to expedite its aggressive expansion plans and become a regional MSO with operations in Colorado and New Mexico.  The Company’s differentiated strategy is to build a leadership position in retail and operational depth within its operating areas.

Since December 2021, Schwazze has completed five acquisitions adding a total of 15 cannabis dispensaries, including Smoking Gun (December 2021); Drift (February 2022); Emerald Fields (February 2022); and the ten Greenleaf New Mexico dispensaries (February 2022). See Figure #1, outlining Schwazze’s dispensary assets.

Since July 2021, the Company has acquired a total of six cultivation facilities, two in Colorado including, SCG Holding LLC (July 2021); and Brow 2 LLC (February 2022) – and four licensed in New Mexico (February 2022).  The Greenleaf New Mexico acquisition also added a manufacturing asset, Elemental Kitchen & Laboratories, LLC to the Company’s Purplebee’s manufacturing plant in Colorado.

The Company continues to evaluate merger and acquisition transactions that meet our strategic screening criteria. 

About Schwazze
Schwazze (OTCQX: SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position.  Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale.  The Company is committed to unlocking the full potential of the cannabis plant to improve the human condition.  Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes.  The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector.  Schwazze is passionate about making a difference in our communities, promoting diversity and inclusion, and doing our part to incorporate climate-conscious best practices.  Medicine Man Technologies, Inc. was Schwazze’s former operating trade name.  The corporate entity continues to be named Medicine Man Technologies, Inc.

Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth.

Figure #1

Figure #1 (CNW Group/Schwazze)

Forward-Looking Statements
This press release contains “forward-looking statements.” Such statements may be preceded by the words “plan,” “will,” “may,”, “predicts,” or similar words. Forward-looking statements are not guarantees of future events or 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 events and results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) our inability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competition; (iv) loss of one or more key executives or scientists; (v) difficulties in securing regulatory approval to market our products and product candidates; (vi) our ability to successfully execute our growth strategy in Colorado and outside the state, (vii) our ability to consummate the acquisition described in this press release or to identify and consummate future acquisitions that meet our criteria, (viii) our ability to successfully integrate acquired businesses and realize synergies therefrom, (ix) the ongoing COVID-19 pandemic, * the timing and extent of governmental stimulus programs, (xi) the uncertainty in the application of federal, state and local laws to our business, and any changes in such laws, and * out ability to satisfy the closing conditions for the private finding described in this press release. 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 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.

SOURCE Schwazze

Sierra Metals Reports Q4-2021 Financial Results at Its Sociedad Minera Corona Subsidiary in Peru

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Sierra Metals Reports Q4-2021 Financial Results at Its Sociedad Minera Corona Subsidiary in Peru

Research, News, and Market Data on Sierra Metals

 

TORONTO–(BUSINESS WIRE)– Sierra Metals Inc. (TSX:SMT, BVL:SMT, NYSE AMERICAN:SMTS) (“Sierra Metals” or the “Company”) announces the filing of Sociedad Minera Corona S.A.’s (“Corona”) unaudited Financial Statements and the Management Discussion and Analysis (“MD&A”) for the fourth quarter of 2021 (“Q4 2021”).

The Company holds an 81.8% interest in Corona. All amounts are presented in US dollars unless otherwise stated and have not been adjusted for the 18.2% non-controlling interest. Sierra Metals consolidated financial results will be released on March 16, 2022.

Corona’s Highlights for the Three Months Ended December 31, 2021

  • Revenues of $43.5 million vs. $45.2 million in Q4 2020
  • Adjusted EBITDA of $19.1 million vs. $22.5 million in Q4 2020
  • Total tonnes processed decreased by 11% to 277,531 vs. 311,946 in Q4 2020
  • Net production revenue per tonne of ore milled increased by 2% to $151.25
  • Cash cost per copper equivalent payable pound increased by 39% at $1.61 in Q4 2021
  • All-in sustaining cost (“AISC”) per copper equivalent payable increased 25% to $3.09 in Q4 2021
  • Copper equivalent production of 12.6 million pounds vs. 18.4 million pounds in Q4 2020
  • $32.9 million of cash and cash equivalents as at December 31, 2021
  • $58.8 million of working capital as at December 31,2021

Luis Marchese, CEO of Sierra Metals, commented, “Despite the reduced production this quarter, on a year over year basis, the Mine’s performance reached its throughput targets. Although grades were lower, a 12% increase in annual throughput along with higher realized metal prices and lower treatment and refining charges, resulted in a 23% increase in revenue and a 33% increase in adjusted EBITDA.

He continued, “Production at Yauricocha was halted before the quarter’s end when the Mine achieved its annual permitted throughput of 1,256,450 tonnes. An 11% decrease in quarterly production, coupled with lower grades resulted in a 4% decrease in revenue and 15% decrease in adjusted EBITDA compared to Q4 2020. In 2022 we will have the benefit of a full year of consistent production at our higher permitted rate of 3,600 tonnes per day”.

He concluded, “As we resume normalized operations and staffing, the Mine will benefit from a reduction in operating expenditures which were temporarily higher due to the COVID-19 pandemic. In addition, overall efficiencies and performance should improve. Management remains committed on this continuous improvement path and looks forward to the advancement of important projects and exploration at Yauricocha during the year.”

The following table displays selected financial information for the three months and year ended December 31, 2021:

(In thousands of US dollars, except cash cost and revenue

Three Months Ended December 31,

Twelve Months Ended December 31,
per tonne metrics)

2021

2020

Var %

2021

2020

Var %
 
Revenue $

43,490

45,238

-4%

180,598

146,941

23%
Adjusted EBITDA (1)

19,107

22,496

-15%

88,003

66,306

33%
Cash Flow from operations

19,253

23,335

-17%

83,471

64,899

29%
Gross profit

20,879

21,785

-4%

84,262

62,826

34%
Income Tax Expense

(4,506)

(5,939)

-24%

(29,319)

(21,115)

39%
Net Income

9,479

10,686

-11%

34,967

27,350

28%
 
Net production revenue per tonne of ore milled (2)

151.25

148.13

2%

142.39

131.17

9%
Cash cost per tonne of ore milled (2)

64.54

62.44

3%

61.51

57.61

7%
Cash cost per copper equivalent payable pound (2)

1.61

1.16

39%

1.46

1.01

45%
All-In Sustaining Cost per copper equivalent payable pound (2)

3.09

2.47

25%

2.77

2.11

31%
 
(In thousands of US dollars, unless otherwise stated)

December 31, 2021

December 31, 2020
 
Cash and cash equivalents $

32,870

65,027
Assets

232,868

235,263
Liabilities

66,111

53,473
Equity

166,757

181,790
 

1 Adjusted EBITDA includes adjustments for depletion and depreciation, interest expense and other financing costs, interest income, share-based compensation, Foreign Exchange (gain) loss and income taxes; see non-IFRS Performance Measures section of the Company’s MD&A.

2 Cash cost per copper equivalent payable pound and All-In Sustaining Cost per copper equivalent pound sold are non-IFRS performance measures and include cost of sales, treatment and refining charges, sustaining capital expenditures, general and administrative expense, and selling expense, and exclude workers’ profit sharing, depreciation, and other non-cash provisions; Cash cost per copper equivalent pound sold, net production revenue per tonne of ore milled, and cash cost per tonne of ore milled are non-IFRS performance measures; see non-IFRS Performance Measures section of the Company’s MD&A.

Corona’s Financial Highlights for the Three Months and Year Ended December 31, 2021

  • Revenue of $43.5 million for Q4 2021, lower than the revenue of $45.2 million for the same quarter of 2020 mainly due to lower throughput and grades. Revenue of $180.6 million for the twelve-month period ended December 31, 2021 compared to $146.9 million for the same period of 2020. Annual revenue increased 23% due to combined impact of higher realized metal prices and 22% decrease in treatment and refining charges, which more than compensated for lower quantities of metal sales compared to 2020.
  • Adjusted EBITDA of $19.1 million for Q4 2021 compared to $22.5 million for Q4 2020 and $88.0 million for the year ended December 31, 2021, compared to $66.3 million for the same period in 2020. The increase in adjusted EBITDA for the full year 2021 was driven mainly by the higher contribution per tonne of ore processed, attributable to higher metal prices as compared to 2020.
  • Operating cash flows before movements in working capital was $19.3 million for Q4 2021, compared to $23.3 million for Q4 2020, and $83.5 million for the year ended December 31, 2021, compared to $64.9 million for the same period in 2020. The increase in operating cash flows resulted from the afore-mentioned improved gross margins due to higher realized metal prices compared to 2020.
  • Cash and cash equivalents of $32.9 million as at December 31, 2021, compared to $65.0 million as at December 31, 2020. The decrease in cash and cash equivalents resulted from cash used in investing activities $37.9 million, payment of dividends of $49.9 million and intercompany advances of $5.0 million offset by operating cash flows of $60.7 million (after movement in working capital).
  • Net income of $9.5 million, or $0.27 per share for Q4 2021, compared to net income of $10.7 million, or $0.30 per share for Q4 2020. Net income of $35.0 million, or $0.97 per share, for the year ended December 31, 2021, compared to $27.4 million, or $0.76 per share, for the same period in 2020.

Corona’s Operational Highlights for the Three Months and Year Ended December 31, 2021

The following table displays the production results for the three months and year ended December 31, 2021. For further production details please refer the Company’s Q4 production press release dated January 24, 2022:

Yauricocha Production

Three Months Ended December 31,

Twelve Months Ended December 31,

2021

2020

% Var.

2021

2020

% Var.
 
Tonnes processed

277,531

311,946

-11%

1,256,847

1,117,860

12%
Daily throughput

3,172

3,565

-11%

3,591

3,194

12%
 
 
Silver grade (g/t)

51.34

53.74

-4%

55.01

61.55

-11%
Copper grade

0.82%

0.95%

-14%

0.74%

1.08%

-31%
Lead grade

1.03%

1.15%

-10%

1.18%

1.45%

-19%
Zinc grade

2.82%

3.59%

-21%

3.23%

3.77%

-14%
Gold Grade (g/t)

0.53

0.57

-7%

0.48

0.61

-21%
 
Silver recovery

72.26%

79.80%

-9%

77.21%

81.53%

-5%
Copper recovery

76.44%

72.69%

5%

72.92%

74.20%

-2%
Lead recovery

86.55%

88.82%

-3%

88.76%

88.63%

0%
Zinc recovery

86.53%

87.62%

-1%

88.59%

88.13%

1%
Gold Recovery

20.24%

19.34%

5%

21.03%

19.72%

7%
 
 
Silver production (000 oz)

331

430

-23%

1,716

1,803

-5%
Copper production (000 lb)

3,836

4,759

-19%

14,856

19,726

-25%
Lead production (000 lb)

5,430

7,040

-23%

29,113

31,605

-8%
Zinc production (000 lb)

14,913

21,612

-31%

79,281

81,868

-3%
Gold Production (oz)

957

1,112

-14%

4,059

4,292

-5%
 
 
Copper equivalent pounds (000’s)(1)

12,567

18,373

-32%

59,470

75,079

-21%
 

(1) Copper equivalent pounds for Q4 2021 were calculated using the following realized prices: $23.41/oz Ag, $4.40/lb Cu, $1.55/lb Zn, $1.06/lb Pb, $1,795/oz Au. Copper equivalent pounds for Q4 2020 were calculated using the following realized prices: $24.30/oz Ag, $3.32/lb Cu, $1.22/lb Zn, $0.89/lb Pb, $1,859/oz Au. Copper equivalent pounds for full year 2021 were calculated using the following realized prices: $25.21/oz Ag, $4.23/lb Cu, $1.37/lb Zn, $1.00/lb Pb, $1,796/oz Au. Copper equivalent pounds for full year 2020 were calculated using the following realized prices: $20.59/oz Ag, $2.80/lb Cu, $1.03/lb Zn, $0.83/lb Pb, $1,771/oz Au.

  • The Yauricocha mine processed 277,531 tons during Q4 2021, a decrease of 11% compared to Q4 2020, as mine operations were halted a few days before year-end to avoid exceeding the maximum permitted capacity1 for 2021. It may be noted that the mine operated at a high throughput for the first nine months of the year, which resulted in attaining the maximum annual permitted capacity before the end of the year.
  • Yauricocha’s annual throughput was 1,256,847 tonnes, representing an increase of 12% as compared to the 2020 annual production. While the mine’s operational flexibility allowed for an increase in the throughput, accessing higher targeted grades remained a challenge throughout the year. The negative variations in the polymetallic ore resulted from the regulatory limitations to access some of the high-grade ore bodies. Also, copper sulfide grades were lower mainly due to the delays in the contribution of the Esperanza body due to ground conditions, which were controlled and corrected.
  • Although higher throughput partially compensated for lower grades, metal production declined. Year over year copper equivalent production decreased 21% in 2021 compared to the prior year. 2021 annual production of silver, copper, lead, zinc and gold declined by 5%, 25%, 8%, 3% and 5% respectively compared to 2020 annual production.
  • Cash cost per copper equivalent payable pounds of $1.61 for Q4 2021 compared to $1.16 for Q4 2020, due to the 28% decrease in copper equivalent pounds sold in Q4 2021 compared to the same quarter of 2020. For the twelve-month period ended December 31, 2021, cash costs per copper equivalent payable pound increased to $1.46 from $1.01 for the same period in 2020. The annual increase in cash costs was a combined result of higher operating costs, mainly related to additional contractors at higher costs, and the 21% decrease in copper equivalent pounds sold as compared to the year 2020.
  • All-in sustaining cost (“AISC”) per copper equivalent payable pound of $3.09 for Q4 2021 compared to $2.47 for Q4 2020 and $2.77 for the year ended December 31, 2021, compared to $2.11 for the same period in 2020. The increase in the AISC per copper equivalent payable pound for Q4 2021 and full year 2021 compared to the same periods in 2020 was a combined result of higher cash costs and sustaining capital expenditure, offset by the anticipated decrease in treatment and refining charges during 2021.

1. Maximum annual capacity of 1,256,850 tonnes calculated using permitted capacity of 3,000 tpd until June 15, 2021 and 3,600 thereafter on receipt of permit.

Sierra Metals to release Q4/YE 2021 Financial Results on March 16, 2022

The Company will release Q4-2021 financial results on Wednesday March 16, 2022, after the Market close. Senior Management will also host a webcast and conference call on Thursday March 17, 2022, at 10:30am EDT. Details of the Conference Call and Webcast are as follows:

Via Webcast:

A live audio webcast of the meeting will be available on the Company’s website. Please register at:

https://event.on24.com/wcc/r/3574382/FCCE4F2A0F9D10DD9ADA273BDF220BF7

The webcast, along with presentation slides, will be archived for 180 days on www.sierrametals.com.

Via phone:

For those who prefer to listen by phone, dial-in instructions are below. To ensure your participation, please call approximately five minutes prior to the scheduled start time of the call.

US/CAN dial-in number (Toll Free): 1 844 200 6205
US dial-in number (Local): 1 646 904 5544
Canada dial-in number (Local): 1 226 828 7575
All other locations: +1 929 526 1599
Participant access code: 017137

Press *1 to ask a question, *2 to withdraw your question, or *0 for operator assistance.

Quality Control

All technical data contained in this news release has been reviewed and approved by:

Américo Zuzunaga, FAusIMM CP (Mining Engineer) and Vice President of Corporate Planning is a Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Sierra Metals

Sierra Metals Inc. is a diversified Canadian mining company with Green Metal exposure including increasing copper production and base metal production with precious metals byproduct credits, focused on the production and development of its Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.

For further information regarding Sierra Metals, please visit www.sierrametals.com.

Continue to Follow, Like and Watch our progress:

Web: www.sierrametals.com | Twitter: sierrametals | Facebook: SierraMetalsInc | LinkedIn: Sierra Metals Inc | Instagram: sierrametals

Forward-Looking Statements

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws (collectively, “forward-looking information”). Forward-looking information includes, but is not limited to, statements with respect to the date of the 2021 Shareholders’ Meeting and the anticipated filing of the Compensation Disclosure. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information.

Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in the Company’s annual information form dated March 18, 2021 for its fiscal year ended December 31, 2020 and other risks identified in the Company’s filings with Canadian securities regulators and the United States Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.

The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company’s forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.

Investor Relations
Sierra Metals Inc.
Tel: +1 (416) 366-7777
Email: info@sierrametals.com

Luis Marchese
CEO
Sierra Metals Inc.
Tel: +1 (416) 366-7777

Source: Sierra Metals Inc.

Euroseas (ESEA) – Solid 4Q2021 Results and Forward Cover Remains High

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Wednesday, February 16, 2022

Euroseas (ESEA)
Solid 4Q2021 Results and Forward Cover Remains High

Euroseas Ltd. provides ocean-going transportation services worldwide. The company owns and operates containerships that transport dry and refrigerated containerized cargoes, including manufactured products and perishables; and drybulk carriers that transport iron ore, coal, grains, bauxite, phosphate, and fertilizers. As of March 31, 2017, it had a fleet of seven containerships; and six drybulk carriers, including three Panamax drybulk carriers, one Handymax drybulk carrier, one Kamsarmax drybulk carrier, and one Ultramax drybulk carrier. The company was founded in 2005 and is based in Maroussi, Greece.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Reported EBITDA of $26.1 million slightly above expectations. Adding back dry dock expenses, we calculate adjusted 4Q2021 EBITDA of $27.3 million on TCE rates of $30.0k/day. Full year adjusted EBITDA was $56.8 million on TCE rates of $19.3k/day.

    Forward 2022 cover of 97% at average TCE rates of $30.0k/day creates high visibility.  Recent fixtures pushed 2022 forward cover to 97%, and there are only two remaining opportunities to move TCE rates closer to market rates. At an average TCE rate of $30.6K/day, forward cover represents a solid base and our 2022 EBITDA estimate is $121.6 million, or well above our adjusted 2021 EBITDA of $56.8 …



This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Voyager Digital (VYGVF)(VOYG:CA) – Record 2Q22, But Headwinds Likely To Temper 3Q22

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Wednesday, February 16, 2022

Voyager Digital (VYGVF)(VOYG:CA)
Record 2Q22, But Headwinds Likely To Temper 3Q22

Voyager Digital Ltd through its subsidiary, operates as a crypto asset broker that provides retail and institutional investors with a turnkey solution to trade crypto assets. The company offers investors execution, data, wallet and custody services through its institutional-grade open architecture platform.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    2Q22 Results. Voyager reported $164.8 million of revenue for 2Q22, in-line with the $165 million guidance. Merchant services added nearly $16 million of overall revenue and staking revenue was $20.7 million. We had projected revenue of $141 million. Voyager reported net income of $2.6 million for the quarter, or $0.01 per share, in-line with consensus, but below our $0.06 estimate.

    Key Metrics.  Total verified users grew to 3.2 million as of December 31st, up from 2.15 million on September 30th, while total funded accounts rose to 1.074 million from 860,000 over the same period. Total funded to total verified fell to .336 from .400. We expect a portion of this reflects the hugely successful Mavericks promotion. Net new deposits in the fiscal second quarter totaled $1.04 …



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Voyager Digital (VYGVF)(VOYG:CA) – Record 2Q22 But Headwinds Likely To Temper 3Q22

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Wednesday, February 16, 2022

Voyager Digital (VYGVF)(VOYG:CA)
Record 2Q22, But Headwinds Likely To Temper 3Q22

Voyager Digital Ltd through its subsidiary, operates as a crypto asset broker that provides retail and institutional investors with a turnkey solution to trade crypto assets. The company offers investors execution, data, wallet and custody services through its institutional-grade open architecture platform.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    2Q22 Results. Voyager reported $164.8 million of revenue for 2Q22, in-line with the $165 million guidance. Merchant services added nearly $16 million of overall revenue and staking revenue was $20.7 million. We had projected revenue of $141 million. Voyager reported net income of $2.6 million for the quarter, or $0.01 per share, in-line with consensus, but below our $0.06 estimate.

    Key Metrics.  Total verified users grew to 3.2 million as of December 31st, up from 2.15 million on September 30th, while total funded accounts rose to 1.074 million from 860,000 over the same period. Total funded to total verified fell to .336 from .400. We expect a portion of this reflects the hugely successful Mavericks promotion. Net new deposits in the fiscal second quarter totaled $1.04 …



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Aurania Resources (AUIAF)(ARU:CA) – Renewing the Search for the Lost Cities

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Wednesday, February 16, 2022

Aurania Resources (AUIAF)(ARU:CA)
Renewing the Search for the Lost Cities

As of April 24, 2020, Noble Capital Markets research on Aurania Resources is published under ticker symbols (AUIAF and ARU:CA). The price target is in USD and based on ticker symbol AUIAF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Aurania Resources Ltd. is a Canada-based junior mining exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper. Its flagship asset, The Lost Cities-Cutucu Project, is in southeastern Ecuador in the Province of Morona-Santiago. The company also has several minor projects in Switzerland.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Gaining access. Aurania Resources announced an access agreement with the community of “Kim” in the southern portion of its Lost Cities project. The Kim community is near where Metron, Incorporated projected the potential location of one of the Lost Cities. Recall Aurania engaged Metron, Incorporated to provide data analytic and statistical analysis services to aid the company’s search for two historic gold mining centers, Logrono de los Caballeros and Sevilla del Oro, both believed to be within the Lost Cities project.

    Employing big data.  Metron used a Bayesian framework to integrate data collected by Aurania, including historical information, maps, topographic data, geologic information, exploration and geophysical survey data, and satellite imagery to produce a probability map of the location of Logrono de los Caballeros based on statistical algorithms. With the recent access agreement, Aurania intends to focus …



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision.