Month: July 2022

Ayala Pharmaceuticals (AYLA) – Stock Rises As Data Milestone Approaches and Public Offering Cancelled

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Wednesday, July 27, 2022

Ayala Pharmaceuticals (AYLA)
Stock Rises As Data Milestone Approaches and Public Offering Cancelled

Ayala Pharmaceuticals, Inc. is a clinical-stage oncology company focused on developing and commercializing small molecule therapeutics for patients suffering from rare and aggressive cancers, primarily in genetically defined patient populations. Ayala’s approach is focused on predicating, identifying and addressing tumorigenic drivers of cancer through a combination of its bioinformatics platform and next-generation sequencing to deliver targeted therapies to underserved patient populations. The company has two product candidates under development, AL101 and AL102, targeting the aberrant activation of the Notch pathway with gamma secretase inhibitors to treat a variety of tumors including Adenoid Cystic Carcinoma, Triple Negative Breast Cancer (TNBC), T-cell Acute Lymphoblastic Leukemia (T-ALL), Desmoid Tumors and Multiple Myeloma (MM) (in collaboration with Novartis). AL101, has received Fast Track Designation and Orphan Drug Designation from the U.S. FDA and is currently in a Phase 2 clinical trial for patients with ACC (ACCURACY) bearing Notch activating mutations. AL102 is currently in a Pivotal Phase 2/3 clinical trials for patients with desmoid tumors (RINGSIDE) and is being evaluated in a Phase 1 clinical trial in combination with Novartis’ BMCA targeting agent, WVT078, in Patients with relapsed/refractory Multiple Myeloma. For more information, visit www.ayalapharma.com.

Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.

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

AYLA Traded Higher On Unusual Volume.  On July 25, Ayala filed a request to withdraw its S-1 Registration statement for the public offering it filed on July 18.  The stock closed at $0.87 per share, then traded as high as $2.42 per share (up 178%) before closing at $1.69 per share on July 26.  Daily volume was 101.6 million, compared with its 3-month average volume of 78.5 thousand shares per day.

Part B of The RINGSIDE Trial Could Be Driving The Stock.  The Phase 2/3 RINGSIDE trial is a two-part trial testing AL102, Ayala’s gamma secretase inhibitor that blocks activation of the NOTCH signaling pathway.  Tumors with mutations in the NOTCH pathway are associated with a more aggressive course of disease and poor outcomes. RINGSIDE is testing AL102 in desmoid tumors, a rare cancer of the connective tissue….

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) – Laying the Groundwork for a Successful Drill Program

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Wednesday, July 27, 2022

Aurania Resources (AUIAF)
Laying the Groundwork for a Successful Drill Program

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

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

Fieldwork update. Currently, the company is finishing Anaconda-style mapping at the Tatasham porphyry copper target and will begin mapping at the Awacha target in late August. We think drilling could begin at Tatasham later in the year, followed by Awacha. Anaconda-style mapping owes its name to Anaconda Copper Company, where the technique was developed, and entails measurement of geological features in the field along with plotting the data to scale. In our view, the comprehensive mapping program should support a productive drilling program and enhance the probability of successful outcomes.

Board appointment. Aurania recently appointed Mr. Thomas Ullrich to the Board of Directors which now includes three independent directors and Dr. Keith Barron, Chairman, President, and CEO. Mr. Ullrich has over 30 years of experience in mineral exploration and geoscience and has served as the Chief Executive Officer and Director of Aston Bay Holdings Ltd. (TSX-V: BAY.V) since 2016. Prior to that, Mr. Ullrich served as Chief Geologist for North America with Antofagasta Minerals plc, investigating the region’s copper potential through property evaluations and managing drill programs in the United States, Mexico, and Canada. Mr. Ullrich will lend significant technical experience to Aurania, along with significant executive-level experience within the metals and mining industry….

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. 

Beasley Broadcast Group (BBGI) – Raises Its Digital Game

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Tuesday, July 26, 2022

Beasley Broadcast Group (BBGI)
Raises Its Digital Game

Beasley Broadcast Group, Inc. owns and operates 61 stations (47 FM and 14 AM) in 15 large- and mid-size markets in the United States. Approximately 20 million consumers listen to the Company’s radio stations weekly over-the-air, online and on smartphones and tablets, and millions regularly engage with the Company’s brands and personalities through digital platforms such as Facebook, Twitter, text messaging, digital and web applications and email. The Overwatch League’s Houston Outlaws esports team is a wholly owned subsidiary. The Company also owns BeasleyXP, a national esports content hub, and AXLR-R8, a Rocket League Championship Series team, in its esports portfolio. For more information, please visit www.bbgi.com.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Non-deal road show highlights: Marie Tedesco, CFO, accompanied by Tina Murley, CRO, highlighted the company’s growing digital business, improving efficiency, and strong local advertising base at meetings to investors last week in St. Louis. This report recaps the key topics discussed. 

New digital revenue stream. Beasley recently purchased a digital marketing agency, a one-stop shop for small businesses for digital advertising, web site development, search optimization, and social media monitoring, among others. Beasley charges $500 to $1500 per month for the service, which represents an entirely new recurring revenue stream for the company. The company plans for Digital to be 40% of its business in 2 years, above its previous estimate of 30%. 

…

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. 

Release – Alliance Resource Partners, L.P.Increases Quarterly Distribution to $0.40 Per Unit

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Alliance Resource Partners, L.P.Increases Quarterly Distribution to $0.40 Per Unit

Research, News, and Market Data on Alliance Resource Partners

TULSA, Okla.–(BUSINESS WIRE)– Alliance Resource Partners, L.P. (NASDAQ: ARLP) today announced that the Board of Directors of ARLP’s general partner approved an increased cash distribution to its unitholders for the quarter ended June 30, 2022 (the “2022 Quarter”).

ARLP unitholders will receive a cash distribution for the 2022 Quarter of $0.40 per unit (an annualized rate of $1.60 per unit), payable on August 12, 2022 to all unitholders of record as of the close of trading on August 5, 2022. The announced distribution represents a 300.0% increase over the cash distribution of $0.10 per unit for the quarter ended June 30, 2021 and a 14.3 % increase over the cash distribution of $0.35 per unit for the quarter ended March 31, 2022.

As previously announced, ARLP will report financial results for the 2022 Quarter before the market opens on Monday, August 1, 2022 and Alliance management will discuss these results during a conference call beginning at 10:00 a.m. Eastern that same day.

To participate in the conference call, dial (877) 407-0784 and request to be connected to the Alliance Resource Partners, L.P. earnings conference call. International callers should dial (201) 689-8560 and request to be connected to the same call. Investors may also listen to the call via the “investor information” section of ARLP’s website at http://www.arlp.com.

An audio replay of the conference call will be available for approximately one week. To access the audio replay, dial U.S. Toll Free (844) 512-2921; International Toll (412) 317-6671 and request to be connected to replay using access code 13731312.

This announcement is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b), with 100% of the partnership’s distributions to foreign investors attributable to gross income, gain or loss that is effectively connected with a United States trade or business. Accordingly, ARLP’s distributions to foreign investors are subject to federal income tax withholding at the highest applicable tax rate.

About
Alliance Resource Partners, L.P.

ARLP is a diversified energy company that is currently the largest coal producer in the eastern United States. ARLP also generates operating and royalty income from mineral interests it owns in strategic coal and oil & gas producing regions in the United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast-growing energy and infrastructure transition.

News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission (“SEC”), are available at http://www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7674 or via e-mail at investorrelations@arlp.com.

Brian L.
Cantrell
Alliance Resource Partners, L.P.
(918) 295-7673

Source: Alliance Resource Partners, L.P.

What is Quantitative Tightening? (In 500 Words or Less)

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What is Meant by Fed Quantitative Tightening?

Quantitative tightening (QT) is implemented when quantitative easing (QE) has been successful in inducing economic activity. QE is when the Federal Reserve buys fixed income securities, usually treasury notes and securitized mortgage bonds. Simply put, QT is the unwinding of these purchases.

As the U.S. Federal Reserve believes financial conditions have improved and that keeping additional money in the economy would do more harm than good, they begin to work toward “normalizing monetary policy.” This normalizing or tightening policy is accomplished by not replacing all maturing securities with new purchases each month. A maturity pays the owner (the Fed), so not rolling this money into new purchases has the effect of reducing the money the fed added to the economy during the QE cycle.

Before QT the Fed usually has begun forewarning that they would directly be impacting short-term rates through a higher targeted overnight rate.

To orchestrate QT, while trying not to over shock a recovered economy, the Fed creates a schedule to allow maturities and fewer purchases to equate to the amount in its plan.

For example, the Fed may allow $30 million in treasury notes and $15 million in mortgage-backed securities to mature in each of the following three months without repurchasing this amount. Over the next three months, the QT plan may then call for increasing these amounts. Each time the fed changes monetary policy, they know the change in money in the economy takes time to play out and work. Even though they have a plan, that plan can be adjusted if something isn’t working.

As the bonds mature, the excess money supply that was created when they were purchased from the Fed’s account is taken out of circulation. With less money in consumers’ hands and interest rates on the rise, spending starts to decrease. As the law of supply and demand suggests, a decrease in consumer demand leads to slowing asset price growth (inflation).

If the Fed moves too quickly with its quantitative tightening plan, it could stifle demand too quickly for the supply side to adjusted which could cause an economic recession (negative growth).

Quantitative tightening is typically implemented when the economy has grown too fast for its own good due to a mix of low-interest rates and excessive asset purchases from the Fed. During these times, inflation becomes a concern. One of the US Federal Reserve’s mandates is to maintain stable prices. 

The Federal Reserve is said to hold the securities used for quantitative tightening on its balance sheet. So if you hear the Fed is shrinking it’s balance
sheet, they are letting securities they hold mature without purchasing as much in any given month.

The ultimate goal is to wean the economy off what the Fed considers abnormal money supply to reduce demand without pain and to bring inflation back to its target of 2% without creating excessive unemployment.

Paul Hoffman

Managing Editor, Channelchek

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Release – InPlay Oil Corp. Announces Renewal of Credit Facility and Provides Operations Update

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InPlay Oil Corp. Announces Renewal of Credit Facility and Provides Operations Update

News and Market Data on InPlay Oil Corp

CALGARY, Alberta, July 26, 2022 (GLOBE NEWSWIRE) — InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company”) is pleased to provide an operations update and announce the completion of the annual renewal of its syndicated Senior Credit Facility.

Senior Credit Facility Renewal

InPlay’s Senior Credit Facility remains unchanged in lending capacity and has been renewed at $79 million comprised of a $65 million revolving facility(1) and the remaining $14 million term facility. The borrowing base of the revolving facility has been reconfirmed at the same amount of $65 million and the term out date extended to November 30, 2022. In addition to the Senior Credit Facility, the Company’s $25 million four year term facility with the Business Development Bank of Canada remains in place, providing InPlay with $104 million of total lending capacity.

Operations Update

During the second quarter, InPlay drilled three (3.0 net) 1.5 mile Extended Reach Horizontal (“ERH”) wells in Pembina which came on production at the end of May. The average combined initial production (“IP”) rates of these wells over the first thirty and sixty days of production was 1,501 boe/d(2) (89% light crude oil and NGLs) and 1,441 boe/d(2) (88% light crude oil and NGLs) respectively, based on field estimates. The Company also completed the drilling operations of an additional two (1.9 net) 2 mile ERH wells in Willesden Green which have currently been completed and are in the early cleanup period. Construction of a modular multi-well facility in Willesden Green began during the quarter to accommodate current and future drilling in the area.

Extreme wet weather in late June delayed the start of our third quarter capital program. The program has now started with drilling operations underway on the second well of a three (2.9 net) ERH well pad in Willesden Green which is expected to be on production in late August.

The Company’s released 2022 guidance(3) is reiterated with field estimated average corporate production for the second quarter of 2022 of approximately 9,150 boe/d(2) (59% light crude oil and NGLs) which includes over 5,000 bbls of a light crude oil inventory build due to difficulty trucking oil at the end of June.  This is 11% higher than production in the first quarter of 2022. Current corporate production is approximately 9,550 boe/d(2) (60% light crude oil and NGLs) based on field estimates, which is 16% above our average production during the first quarter of 2022.

As a result of using a consistent drill crew since the beginning of the year and exceptional project execution, the two 2 mile ERH wells in Willesden Green were drilled in 10.3 and 10.7 days respectively, which were among the fastest drilling operations for 2 mile wells in the area. In comparison to the last 2 mile wells drilled by the Company in Willesden Green in 2018 drilling times improved by approximately 20% which is a positive result for the Company and is an example of InPlay’s continuous drive to achieve operational efficiencies.

We are extremely excited about the excellent financial position of the Company with our strong balance sheet, a strong portfolio of assets that are providing top-tier growth and our ability to generate long-term, direct returns to shareholders. Management would like to thank our employees, board members and lenders for their ongoing support as the Company progresses forward. The Company looks forward to announcing further corporate and operational updates including the upcoming release of our record second quarter results before markets on August 11, 2022.

For further information please contact:

Doug Bartole
President and Chief Executive Officer
InPlay Oil Corp.
Telephone: (587) 955-0632

 

Darren Dittmer
Chief Financial Officer
InPlay Oil Corp.
Telephone: (587) 955-0634

Notes:

  • The
    revolving facility consists of a $10 million operating line of credit and $55
    million revolving line of credit.
  • See “Reader
    Advisories – Production Breakdown by Product Type”.
  • Refer to
    InPlay’s press release dated May 11, 2022 for full details of our 2022 capital
    program, associated guidance and key budget and underlying assumptions related
    thereto.

 

Reader Advisories

Forward-looking Information and Statements

This news release contains certain forward–looking information and statements within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends”, “forecast”, “targets”, “framework” and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward looking information and statements pertaining to the following: expectations regarding future commodity prices; future oil and natural gas prices; future liquidity and financial capacity; future results from operations and operating metrics; future costs, expenses and royalty rates; future interest costs; the exchange rate between the $US and $Cdn; future development, exploration, acquisition, development and infrastructure activities and related capital expenditures, including our planned 2022 capital program and associated guidance.

Forward-looking statements or information are based on a number of material factors, expectations or assumptions of InPlay which have been used to develop such statements and information but which may prove to be incorrect. Although InPlay believes that the expectations reflected in such forward looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because InPlay can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: the impact of increasing competition; the general stability of the economic and political environment in which InPlay operates; the timely receipt of any required regulatory approvals; the ability of InPlay to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which InPlay has an interest in to operate the field in a safe, efficient and effective manner; the ability of InPlay to obtain debt financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and the ability of InPlay to secure adequate product transportation; future commodity prices; expectations regarding the potential impact of COVID-19 and the Russia/Ukraine conflict; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which InPlay operates; and the ability of InPlay to successfully market its oil and natural gas products. The forward-looking information and statements included herein are not guarantees of future performance and should not be unduly relied upon. Such information and statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to defer materially from those anticipated in such forward-looking information or statements including, without limitation: the continuing impact of the COVID-19 pandemic and the Russia/Ukraine conflict; changes in our planned 2022 capital program; changes in commodity prices and other assumptions outlined herein; the potential for variation in the quality of the reservoirs in which we operate; changes in the demand for or supply of our products; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans or strategies of InPlay or by third party operators of our properties; changes in our credit structure, increased debt levels or debt service requirements; inaccurate estimation of our light crude oil and natural gas reserve and resource volumes; limited, unfavorable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time-to-time in InPlay’s continuous disclosure documents filed on SEDAR including our Annual Information Form and our MD&A.

This press release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about InPlay’s prospective capital expenditures, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. The actual results of operations of InPlay and the resulting financial results will likely vary from the amounts set forth in this press release and such variation may be material. InPlay and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, InPlay undertakes no obligation to update such FOFI. FOFI contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about InPlay’s anticipated future business operations. Readers are cautioned that the FOFI contained in this press release should not be used for purposes other than for which it is disclosed herein.

The forward-looking information and statements contained in this news release speak only as of the date hereof and InPlay does not assume any obligation to publicly update or revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Production Breakdown by Product Type

Disclosure of production on a per boe basis in this press release consists of the constituent product types as defined in NI 51-101 and their respective quantities disclosed in the table below:

 

Light and Medium
Crude oil
(bbls/d)

 

NGLS
(boe/d)

 

Conventional Natural gas
(Mcf/d)

 

Total
(boe/d)

Corporate production

3,775

 

1,599

 

25,059

 

9,550

Q1 2022 Average Production

3,571

 

1,307

 

20,054

 

8,221

Q2 2022 Forecasted Average Production

3,872

 

1,419

 

23,154

 

9,150

Combined IP 30 – 3.0 net Q2/22 Pembina wells

793

 

163

 

3,270

 

1,501

Combined IP 60 – 3.0 net Q2/22 Pembina wells

681

 

175

 

3,510

 

1,441

Note:

  • With respect
    to forward-looking production guidance, product type breakdown is based upon
    management’s expectations based on reasonable assumptions but are subject to
    variability based on actual well results.

References to crude oil, NGLs or natural gas production in this press release refer to the light and medium crude oil, natural gas liquids and conventional natural gas product types, respectively, as defined in National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities (“Nl 51-101”).

BOE Equivalent
Barrel of oil equivalents or BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of 6:1, utilizing a 6:1 conversion basis may be misleading as an indication of value.

 


How Comfortable Will You Be if Some of Your Stocks are Only Listed in Hong Kong?

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Image Credit: Jernej Furman (Flickr)


Why Alibaba and Other Companies are Changing Their Primary Listing to the Hong Kong Exchange

Will there be a mass delisting of Chinese companies from U.S. stock exchanges? A deadline clock is ticking on an elusive agreement between the SEC and Beijing. Once thought to be assured, the possible negative outcome has now caused companies to resign themselves to the idea that an agreement to prevent mass delistings of Chinese companies from U.S. exchanges may not happen. The companies involved are already preparing for this potential.

Most recently, the highly recognized e-commerce giant Alibaba (BABA) said it will be applying for a primary listing on the Hong Kong exchange. BABA is currently listed on the NYSE (since its IPO in 2014) and has had a secondary listing in Hong Kong since 2019.

 

At
Issue

Under a U.S. law that took effect last year, companies whose auditors are not permitted to be inspected by U.S. regulators for three consecutive years will be delisted from U.S. exchanges. The Securities and Exchange Commission (SEC) has already named more than 150 Chinese
companies that may be removed from trading in the U.S. as early as 2024, or sooner if U.S. lawmakers have their way by shortening the deadline. Alibaba will likely join this growing list after it publishes its 2021 annual report this month.

Beijing and Washington have been negotiating to try to avoid the need to delist, but there hasn’t been noticeable progress. SEC Chair Gary Gensler said two weeks ago that he isn’t confident the two sides can reach an agreement.

The
Benefit to Listing on a U.S. Exchange

Although being listed in the U.S. often means learning new processes and more paperwork for foreign companies, it is considered worth it for the longer term. Although they may be subject to increased scrutiny and transparency, the SEC oversight requires, investors take comfort in the strict regulatory compliance.  

A company like Alibaba can use the extra protection provided by its NYSE listing to position itself as a rival to U.S.-based companies like the online retailer Amazon (AMZN). The listing elevates shares of companies on the “radar” of U.S. investors if they are looking for exposure to, in this case, online retailers. Investors can also be assured of a certain level of uniformity in reporting.

The NYSE states the benefits of their exchange include improved branding and visibility, access to capital, and increased liquidity opportunities.

 

Take
Away

Time is running out for more than 150 Chinese companies listed on U.S. exchanges as the SEC and Beijing are failing to come to terms with U.S. compliance requirements.

Alibaba is likely to be added to that list after its annual report is made public this week. Many of these companies have had a vibrant relationship with the U.S. capital markets but are now preparing to list Hong Kong as their primary market.

This is important for U.S. investors of Chinese ADRs to see coming well in advance. Being delisted from U.S. exchanges could substantially reduce global interest in these stocks and subject holders of the companies to lower transparency standards.

Paul Hoffman

Managing Editor, Channelchek

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Sources

https://www.nyse.com/why-nyse

https://www.wsj.com/articles/alibaba-to-pursue-primary-listing-in-hong-kong-11658794611?mod=article_inline

https://www.investopedia.com/articles/investing/112614/alibaba-ipo-why-list-us.asp

https://www.wsj.com/articles/u-s-listed-chinese-firms-get-a-new-lease-on-lifemaybe-11649073448?mod=article_inline

https://www.wsj.com/articles/alibaba-prepares-for-its-u-s-divorce-11658832946

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Release – Great Lakes Dredge & Dock Corporation Announces New Appointments

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Great Lakes Dredge & Dock Corporation Announces New Appointments

Research, News, and Market Data on Great Lakes Dredge & Dock

HOUSTON, July 26, 2022 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ:GLDD), the largest provider of dredging services in the United States, today announced the appointments, effective August 1, 2022, of David Johanson to the position of SVP, Project Acquisition & Operations, and of Christopher G. Gunsten, P.E. to the position of SVP, Project Services & Fleet Engineering. These two positions will fill the roles currently held by the Company’s Chief Operating Officer, David E. Simonelli, who is retiring on September 16, 2022. Mr. Simonelli will oversee the transition and continue to serve the Company as a consultant following his retirement.

Prior to his appointment, Mr. Johanson was the Senior Vice President, Gulf Region, for the Company. He has previously served as Vice President and Hydraulic Division Manager, and served as Vice President, Project Director of Charleston Deepening Projects, which included the largest dredging contract ever awarded by the U.S. Army Corps of Engineers. He joined the company in 1994 as a field engineer and has held positions of increasing responsibility in project management. He earned a Bachelor of Science in Ocean Engineering from Virginia Polytechnic Institute & State University and an MBA – finance specialization from the University of South Carolina. He is a current board member of the Western Dredging Association Eastern Branch and is a member of American Society of Civil Engineers.

Mr. Gunsten has been the Company’s Senior Vice President, Project Services, since October 2021. Previously he served as Vice President, International Operations, with responsibility for acquiring projects, providing estimation data, and leading field supervision of work in progress. He began his career with the Company as a Field Engineer in 1992. Prior to joining the Company, Mr. Gunsten served as the Company’s Deputy Project Manager for Chevron’s Wheatstone LNG Project’s Engineering, Procurement and Construction dredging subcontract in Onslow, WA, Australia, valued at $1.2 billion AUD, as Project Manager executing a series of capital projects for the USACE New York District’s 45- and 50-Foot Harbor Deepening Programs, and as Operations Manager for GLDD’s Øresund Fixed Link Project in Copenhagen, Denmark. He received his Bachelor of Science in Civil Engineering from Rutgers University.

Lasse Petterson, President and Chief Executive Officer commented, “Dave and Chris have been invaluable members of the Great Lakes team, which is evidenced today by their new appointments. Each of them brings his own specialized expertise to the Company as we grow and take on new and more challenging projects. We welcome Dave and Chris as important members of our executive team, and are pleased that they represent the next generation of Great Lakes leaders.”

Both Mr. Johanson and Mr. Gunsten will report directly to Mr. Petterson.

The Company
Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 132-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

For further information contact:
Tina
Baginskis
Director,
Investor Relations
630-574-3024


What is Earnings Season? (In 500 Words or Less)

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Company Reporting Investors Follow Closely

Four times a year, companies that issue shares of stock release financial statements covering the prior three months. The publicly traded companies are required to disclose, among other things, their quarter-end balance sheet and income statement information. There is a big focus from investors on the companies’ income numbers. These reporting periods have come to be known as “earnings season.”

There are no official or specific dates that mark the beginning or the end of the period; however, the majority of publicly traded U.S. companies disclose their quarterly earnings more or less around the same time. The only official requirement is that the earnings reports be released within 45 days of the end of each of the company’s quarter-ends.

When is It?

Most companies follow a fiscal calendar from January 1st through December 31st, with the earnings season being the weeks following the calendar quarter-ends (March, June, September, and December). The end of each month will mark the “beginning” of earnings season for that quarter; at this time, company earnings reports begin hitting the tape, and markets begin to react accordingly.

Why it is Important

By the time a company’s financial disclosures are released, expectations from analysts and market participants have already been baked into the stock price. Earnings season has the power to dramatically move stock prices by how expectations match up with reality. If a company’s results beat or fall short of analysts’ expectations, then its stock may experience an unexpected price move as the market adjusts the price to what it is now believed to be worth with the updated financials.

Volatility in the market tends to be higher during these periods as a higher number of stock prices readjust dramatically. Market sectors may do better or worse if several companies in the sector beat or miss expectations. Others in the industry that haven’t yet reported may trade in anticipation of also performing similarly. There is a ripple effect one company’s results may have on others in its sector and even the broader market.

Earnings Season May Affect Your Stock-Level Investment
Decisions

If you are considering buying a company’s stock, earnings reports and earnings trends offer a way to gauge the health of its business. Channelchek is a resource for financial
information on over 6,000 small and microcap companies, not often reported on mainstream financial news.

Paul Hoffman

Managing Editor, Channelchek

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Release – Great Lakes Dredge & Dock Corporation Schedules Announcement of 2022 Second Quarter Results

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Great Lakes Dredge & Dock Corporation Schedules Announcement of 2022 Second Quarter Results

Research, News, and Market Data on Great Lakes Dredge & Dock

HOUSTON, July 26, 2022 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) today announced that it will release the financial results for its three and six months ended June 30, 2022 on Tuesday, August 2, 2022 at 7:00 a.m. C.D.T. A conference call with the Company will be held the same day at 9:00 a.m. C.D.T.

Investors and analysts are encouraged to pre-register for the conference call by using the link below. Participants who pre-register will be given a unique PIN to gain immediate access to the call. Pre-registration may be completed at any time up to the call start time. 

To pre-register, go to https://register.vevent.com/register/BI67daaed29a0246fe90aa0530f60dae6a.

The live call and replay can also be heard at https://edge.media-server.com/mmc/p/7h9zxde8 or on the Company’s website, www.gldd.com, under Events on the Investor Relations page. A copy of the press release will be available on the Company’s website.

The Company
Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 132-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

For further information contact:
Tina
Baginskis
Director,
Investor Relations
630-574-3024

 


Powell’s Economic Soft Landing Requires More Room to Change his Mind

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Image Credit: Federal Reserve (Flickr)


The Fed Chairman is Less Likely to Box Himself in With Specific Promises

It might surprise investors born after 1990 that back when 69-year-old Jerome Powell was a young man working for an investment bank, the Fed was very secretive. There was no forward guidance announced, and rate moves were never made immediately after FOMC meetings. Instead, the Fed changed policy secretly on random Fridays. Any adjustments to Fed Funds levels were not made certain to the public until the minutes were released over a month later. The markets were instead left to figure out what the Fed may or may not be doing.

The covert Fed slowly became more open under pressure from Congress toward the end of Greenspan’s 18 years. His last term ended in early 2006. He was followed by Bernanke, who, as part of the financial crisis of 2008, moved toward an even more overt Fed, signaling what to expect years out so that markets would be calmed. Yellen followed Bernanke and continued the policies of setting longer-term expectations.

Powell’s first term caused another leap toward more openly showing the Fed’s playbook to the world. The Fed made sure there were no surprises and worked to calm fears. After all, he was Fed chair during the pandemic, it became important for the U.S. central bank to show it had a plan; this helped to maintain confidence in economies worldwide.

Today Powell has continued his pandemic era guidance up until the last interest rate move in June, where he moved more aggressively than previously stated he would. Otherwise, he has, well in advance, let markets know when and by how much rates are going to move. In June, he had previously guided a 50bp tightening. Just prior to the meeting, stronger economic numbers were released; this prompted the FOMC to move by more than the initial telegraphed guidance.

Since it began its current round of interest-rate hikes this year, the U.S. Federal Reserve has aimed to let investors know ahead of time, not just where rates are heading but exactly how big a move to expect each time. It also more aggressively reduced its previously announced purchase of securities (tapering) as it became clearer to Fed governors that inflation was more persistent than transitory.

Fed Chair Powell wants the markets to know that he reserves the right to change plans as conditions change. He did this by moving 75bp in June and by changing the tapering strategy. Conditions are now too uncertain to be locked into 90-day-old promises. He isn’t likely to abandon telegraphing expectations, but he doesn’t want to jolt the market if he and other voting members of the FOMC adjust their thinking last minute. This gives them more flexibility.

The Fed’s ability to be more nimble and pivot should create confidence within the markets. During the 2008 financial crisis, what the markets needed to hear was rates would be held low for a long time; this way, capital could flow with increased confidence. Now the confidence would seem to come from the comfort that the Fed will do what it takes even if it shifts its plans unannounced and more quickly.

“It’s a very difficult environment to try to give forward guidance 60, 90 days in advance,” Powell said during a press conference on May 4th. “There are just so many things that can happen in the economy and around the world. So, you know, we’re leaving ourselves room to look at the data and make a decision as we get there.”

Take Away

As the head of the world’s most powerful central bank, battling record inflation, Powell’s primary duty is to get it right; estimating what the months ahead will bring is too difficult, and tying the Fed’s hands with pre-announced moves could interfere with the needed precision to achieve an economic soft landing.

On Wednesday, July 27th, the FOMC ends a two-day meeting at which they are expected to agree on a 0.75 percentage point increase. It is likely that the statement afterward will again put parameters around what to expect after the September 20-21 meeting. But that meeting is two months away, so the wording may be less exacting than we have become accustomed to.

Paul Hoffman

Managing Editor, Channelchek

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Sources

https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20220504.pdf

https://www.reuters.com/markets/us/fed-chair-powell-is-not-done-telling-markets-where-rates-will-go-2022-07-26/

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Seanergy Maritime (SHIP) – Model Adjusted To Reflect Spin-off And Acquisition

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Tuesday, July 26, 2022

Seanergy Maritime (SHIP)
Model Adjusted To Reflect Spin-off And Acquisition

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 17 Capesize vessels with an average age of approximately 12 years and aggregate cargo carrying capacity of approximately 3,011,083 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and its Class B warrants under “SHIPZ”.

Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

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

On July 6th, SHIP completed the spin-off of United Maritime Corporation which included SHIP’s Capesize vessel Gloriuship. United Maritime (Unfollowed) has since announced the acquisition of four tankers, indicated its intent to focus on the tanker business, and priced a $26 million public offering. The placement of Gloriuship into United Maritime was done to accomplish the spin-off, and we believe the vessel does not fit into United’s long-term plans.

On July 7th, SHIP announced delivery of Capesize M/V Honorship and the financing of $44 million. The financing leaves the company in a good financial position given a March 31 cash position of $40 million. We expect SHIP’s cash position to remain near $40 million following the acquisition and debt issuance….

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. 

Release – Aurania Announces the Appointment of CFO

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Aurania Announces the Appointment of CFO

Research, News, and Market Data on Aurania Resources

Toronto, Ontario, July
26, 2022 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt:
20Q) (“Aurania” or the “Company”) announces the appointment of Mr. Francisco Freyre as Chief Financial Officer (CFO).  Mr. Freyre will be providing Aurania with fractional CFO services on a contractual basis through WD Numeric.

Francisco Freyre is a seasoned strategic finance leader with multi-faceted global business experience in corporate finance, investor relations, manufacturing, and digital transformation. He joined WD Numeric in 2021, serving as Fractional CFO for companies in diverse industries such as oil and gas, medical cannabis, and tin mining. He spent 23+ years in the automotive industry across different positions, including IRO, CIO, CFO and CEO.  Mr. Freyre also served in financial planning for a Mexican gold and silver mining company eventually acquired by a Canadian company. He has been a Mentor for startups in acceleration programs by MassChallenge since 2017.

Mr. Freyre holds a Master’s Degree in Finance from the Instituto Technológico y de Estudios Superiores de Monterrey, a Diploma in Private Equity and Ventura Capital from the Anahuac University and AMEXCAP and a Bachelor’s Degree in Business Administration from the Universidad Nacional Autónoma de México.

Aurania’s Chairman, President and CEO, Dr. Keith Barron commented, “On behalf of our board and management team, I am pleased to welcome Francisco Freyre to Aurania.  Mr. Freyre has extensive corporate, financial and market-related experience, and he is fluent in both English and Spanish.  We look forward to the financial stewardship Francisco will bring to Aurania as we advance our exploration and corporate strategies.”

About Aurania
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America.  Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking StatementsThis news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurania. Forward-looking statements include estimates and statements that describe Aurania’s future plans, objectives or goals, including words to the effect that Aurania or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Aurania, Aurania provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, the effects of COVID-19 on the business of the Company including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restrictions on labour and international travel and supply chains, and those risks set out in Aurania’s public documents filed on SEDAR. Although Aurania believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aurania disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

 

 

 

Aurania
Resources Ltd.
36 Toronto St, Suite 1050
Toronto, ON, Canada, M5C 2C5

Phone: (416) 367-3200
Email: ir@aurania.com