Month: January 2023

Release – Ocugen Announces Positive Top-Line Data For Covid-19 Vaccine Candidate Covaxin™ (Bbv152) In Phase 2/3 Immuno-Bridging And Broadening Study: Both Co-Primary Endpoints Met

Posted on by aweinsoff@channelchek.com

Research News and Market Data on OCGN

January 9, 2023

  • Study met both co-primary endpoints with robust immune responses
  • COVAXIN™ was found to be well-tolerated in vaccine-naïve individuals and in individuals previously vaccinated with mRNA vaccines in the United States (U.S.), with no vaccine-related serious adverse events, thrombotic events, or cases of myocarditis or pericarditis
  • These data add to the body of evidence that COVAXIN™, an adjuvated whole SARS-CoV-2 virus inactivated vaccine, has been demonstrated to be well-tolerated and effective against COVID-19 disease

MALVERN, Pa., Jan. 09, 2023 (GLOBE NEWSWIRE) — Ocugen, Inc. (Ocugen) (NASDAQ: OCGN), a biopharmaceutical company focused on discovering, developing, and commercializing novel gene and cell therapies and vaccines, today announced positive results from the Phase 2/3, observer-blind, immuno-bridging and broadening study of its COVID-19 vaccine candidate, COVAXIN™ (BBV152; Clinicaltrials.gov, NCT05258669), a whole-virion inactivated COVID-19 investigational vaccine candidate that uses the same vero cell manufacturing platform that has been used in the production of polio vaccines for decades. COVAXIN™, an inactivated virus vaccine adjuvanted with TLR7/8 agonist, has been demonstrated in clinical trials to generate a broader immune response against the whole virus covering important antigens such as S-protein, RBD, and N-protein; whereas currently approved vaccines in the U.S. target only S-protein antigen. Additionally, in contrast to other inactivated vaccines, clinical trials have demonstrated that TLR7/8 agonist adjuvant in COVAXIN™ generates a Th1-biased immune response that induces robust long-term memory B- and T-cell responses.

“The successful completion of this study represents an important milestone to the ongoing management of COVID-19,” said Dr. Shankar Musunuri, Chairman, Chief Executive Officer, and Co-Founder of Ocugen. “Given that a portion of the public remains hesitant to receive mRNA vaccines, this investigational COVID-19 vaccine candidate, which relies on a well-established approach to vaccine development and manufacturing, may provide an important additional vaccine option.”

This study enrolled 419 U.S. adult participants that were randomized 1:1 to receive two doses of COVAXIN™ or placebo, 28 days apart. Blinded safety results and preliminary unblinded immunogenicity results are available through Day 56, one month following the second vaccination. Immunogenicity results from COVAXIN™-vaccinated participants in the U.S. were compared with results in COVAXIN™-vaccinated participants in the Bharat Biotech International Limited (Bharat Biotech)-sponsored Phase 3 study in India (Clinicaltrials.gov NCT04641481). Approximately 24% of tested participants in the U.S. were vaccine-naïve while all participants in the Bharat Biotech Phase 3 study were vaccine-naïve. Immune responses were adjusted for differences between the U.S. and Indian cohorts in baseline neutralizing antibody, body mass index, gender, and age. Both co-primary immunogenicity endpoints were met, with the 95% confidence interval (CI) for the propensity score-adjusted geometric mean titer ratio (U.S./India) well above the non-inferiority limit of 0.667 and the 95% CI for the propensity score-adjusted difference in seroconversion rates well above the non-inferiority limit of -10%.

Blinded safety data are also available for one month following vaccination. There were no deaths, related potential immune mediated medical conditions (PIMMCs), or related adverse events of special interest (AESIs). There were also no cases of myocarditis, pericarditis, thrombotic events, or Guillain-Barré syndrome. Thirty medically attended adverse events in 18 subjects and two serious adverse events (SAE) in one subject were reported, and all were considered unrelated to vaccination.

“These positive data represent an important step in the management of the ever-evolving COVID-19 pandemic,” said Dr. Eric Feigl-Ding, epidemiologist and health economist, Chief of COVID Task Force at the New England Complex Systems Institute, Co-Founder of the World Health Network, and the Chief Health Economist for Microclinic International. “The need for different vaccine approaches to COVID-19 has become critically apparent with the continued emergence of variants to the SARS-CoV-2 virus.”

The top-line data from the immuno-bridging and broadening study will be critical to support Ocugen’s future plans for the development of COVAXIN™ in the U.S.

About COVAXIN™ (BBV152)
COVAXIN™ is an investigational vaccine candidate product in North America. It was developed by Bharat Biotech in collaboration with the Indian Council of Medical Research (ICMR) – National Institute of Virology (NIV). COVAXIN™ is a highly purified and inactivated vaccine that is manufactured using a vero cell manufacturing platform.

COVAXIN™ is currently approved for adults in India and authorized under emergency use in 25 countries, with more than 350 million doses administered to adults outside the United States to date. COVAXIN™ is listed by the World Health Organization (WHO) as authorized for emergency use. Applications for emergency use authorization are pending in more than 60 other countries. Additionally, as many as 85 countries have agreed to mutual recognition of COVID-19 vaccination certificates with India that includes vaccination using COVAXIN™.

About the OCU-002 Study
OCU-002 is a randomized, observer-blind, placebo-controlled, immune-bridging, and broadening study conducted in 8 sites in the United States (Clinicaltrials.gov, NCT05258669). 419 U.S. participants were randomized to received two doses of vaccine 1:1 to COVAXIN™ or placebo, 28 days apart. Blinded safety results and unblinded immunogenicity results are available through Day 56, one month following the second vaccination.

About Ocugen, Inc.
Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies and vaccines that improve health and offer hope for patients across the globe. We are making an impact on patients’ lives through courageous innovation—forging new scientific paths that harness our unique intellectual and human capital. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with a single product, and we are advancing research in infectious diseases to support public health and orthopedic diseases to address unmet medical needs. Discover more at www.ocugen.com and follow us on Twitter and LinkedIn.

About Bharat Biotech
Bharat Biotech International Limited has established an excellent track record of innovation with more than 145 global patents, a wide product portfolio of more than 19 vaccines, four bio-therapeutics, registrations in more than 125 countries, and the World Health Organization (WHO) Prequalification. Located in Genome Valley in Hyderabad, India, a hub for the global biotech industry, BBIL has built a world-class vaccine & bio-therapeutics, research & product development, Bio-Safety Level 3 manufacturing, and vaccine supply and distribution. Having delivered more than 5 billion doses of vaccines worldwide, BBIL continues to lead innovation and has developed vaccines for influenza H1N1, Rotavirus, Japanese Encephalitis (JENVAC®), Rabies, Chikungunya, Zika, Cholera, and the world’s first tetanus toxoid conjugated vaccine for Typhoid. BBIL’s commitment to global social innovation programs and the public-private partnership resulted in introducing path-breaking WHO pre-qualified vaccines such as BIOPOLIO®, ROTAVAC®, ROTAVAC® 5D, and Typbar TCV® combatting polio, rotavirus, typhoid infections, respectively. Novel vaccines against malaria and tuberculosis are under development through global partnerships. The acquisition of Chiron Behring Vaccines has positioned BBIL as the world’s largest rabies vaccine manufacturer with Chirorab® and Indirab®. Bharat Biotech’s COVAXIN®, India’s indigenous COVID-19 vaccine was developed in collaboration with the Indian Council of Medical Research (ICMR) – National Institute of Virology (NIV).

Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.

Ocugen Contact: 
Tiffany Hamilton
Head of Communications
IR@ocugen.com

The Pros, Cons, and Many Definitions of ‘Gig’ Work

Posted on by phoffman@channelchek.com
Image Credit: Stock Catalog

What’s a ‘Gig’ Job? How it’s Legally Defined Affects Workers’ Rights and Protections

The “gig” economy has captured the attention of technology futurists, journalists, academics and policymakers.

“Future of work” discussions tend toward two extremes: breathless excitement at the brave new world that provides greater flexibility, mobility and entrepreneurial energy, or dire accounts of its immiserating impacts on the workers who labor beneath the gig economy’s yoke.

This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts. It represents the research-based findings and thoughts of David Weil, Visiting Senior Faculty Fellow, Ash Center for Democracy Harvard Kennedy School / Professor, Heller School for Social Policy and Management, Brandeis University.

These widely diverging views may be partly due to the many definitions of what constitutes “gig work” and the resulting difficulties in measuring its prevalence. As an academic who has studied workplace laws for decades and ran the federal agency that enforces workplace protections during the Obama administration, I know the way we define, measure and treat gig workers under the law has significant consequences for workers. That’s particularly true for those lacking leverage in the labor market.

While there are benefits for workers for this emerging model of employment, there are pitfalls as well. Confusion over the meaning and size of the gig workforce – at times the intentional work of companies with a vested economic interest – can obscure the problems gig status can have on workers’ earnings, workplace conditions and opportunities.

Defining Gig Work

Many trace the phrase “gig economy” to a 2009 essay in which editor and author Tina Brown proclaimed: “No one I know has a job anymore. They’ve got Gigs.”

Although Brown focused on professional and semiprofessional workers chasing short-term work, the term soon applied to a variety of jobs in low-paid occupations and industries. Several years later, the rapid ascent of Uber, Lyft and DoorDash led the term gig to be associated with platform and digital business models. More recently, the pandemic linked gig work to a broader set of jobs associated with high turnover, limited career prospects, volatile wages and exposure to COVID-19 uncertainties.

The imprecision of gig, therefore, connotes different things: Some uses focus on the temporary or “contingent” nature of the work, such as jobs that may be terminated at any time, usually at the discretion of the employer. Other definitions focus on the unpredictability of work in terms of earnings, scheduling, hours provided in a workweek or location. Still other depictions focus on the business structure through which work is engaged – a staffing agency, digital platform, contractor or other intermediary. Further complicating the definition of gig is whether the focus is on a worker’s primary source of income or on side work meant to supplement income.

Measuring Gig Work

These differing definitions of gig work have led to widely varying estimates of its prevalence.

A conservative estimate from the Bureau of Labor Statistics household-based survey of “alternative work arrangements” suggests that gig workers “in non-standard categories” account for about 10% of employment. Alternatively, other researchers estimate the prevalence as three times as common, or 32.5%, using a Federal Reserve survey that broadly defines gig work to include any work that is temporary and variable in nature as either a primary or secondary source of earnings. And when freelancing platform Upworks and consulting firm McKinsey & Co. use a broader concept of “independent work,” they report rates as high as 36% of employed respondents.

No consensus definition or measurement approach has emerged, despite many attempts, including a 2020 panel report by the National Academies of Sciences, Engineering, and Medicine. Various estimates do suggest several common themes, however: Gig work is sizable, present in both traditional and digital workplaces, and draws upon workers across the age, education, demographic and skill spectrum.

Why it Matters

As the above indicates, gig workers can range from high-paid professionals working on a project-to-project basis to low-wage workers whose earnings are highly variable, who work in nonprofessional or semiprofessional occupations and who accept – by choice or necessity – volatile hours and a short-term time commitment from the organization paying for that work.

Regardless of their professional status, many workers operating in gig arrangements are classified as independent contractors rather than employees. As independent contractors, workers lose rights to a minimum wage, overtime and a safe and healthy work environment as well as protections against discrimination and harassment. Independent contractors also lose access to unemployment insurance, workers’ compensation and paid sick leave now required in many states.

Federal and state laws differ in the factors they draw on to make that call. A key concept underlying that determination is how “economically dependent” the worker is on the employer or contracting party. Greater economic independence – for example, the ability to determine price of service, how and where tasks are done and opportunities for expanding or contracting that work based on the individual’s own skills, abilities and enterprise – suggest a role as an independent contractor.

In contrast, if the hiring party basically calls the shots – for example, controlling what the individual does, how they do their work and when they do it, what they are permitted to do and not do, and what performance is deemed acceptable – this suggests employee status. That’s because workplace laws are generally geared toward employees and seek to protect workers who have unequal bargaining leverage in the labor market, a concept based on long-standing Supreme Court precedent.

Making Work More Precarious

Over the past few decades, a growing number of low-wage workers find themselves in gig work situations – everything from platform drivers and delivery personnel to construction laborers, distribution workers, short-haul truck drivers and home health aides. Taken together, the grouping could easily exceed 20 million workers.

Many companies have incentives to classify these workers as independent contractors in order to reduce costs and risks, not because of a truly transformed nature of work where those so classified are real entrepreneurs or self-standing businesses.

Since gig work tends to be volatile and contingent, losing employment protections amplifies the precariousness of work. A business using misclassified workers can gain cost advantages over competitors who treat their workers as employees as required by the law. This competitive dynamic can spread misclassification to new companies, industries and occupations – a problem we addressed directly, for example, in construction cases when I led the Wage and Hour Division and more recently in several health care cases.

The future of work is not governed by immutable technological forces but involves volitional private and public choices. Navigating to that future requires weighing the benefits gig work can provide some workers with greater economic independence against the continuing need to protect and bestow rights for the many workers who will continue to play on a very uneven playing field in the labor market.

Biotech is Getting Investor’s Attention in a Big Way

Posted on by phoffman@channelchek.com
Image Credit: Patrick Foto(Flickr)

Well-Chosen Biotech Stocks Could Payoff Big for Investors

The Biotech sector has been flatlined since September but is now suddenly showing significant signs of life already in 2023. It’s only the second week of the new year, and already three US-based public small-cap companies are to be acquired by cash-rich drugmakers looking to expand their portfolios. The stocks of biotechs Albireo (ALBO), Amryt (AMYT), and CinCor (CINC) are all up between 93% and 140% after the announcements. A case can easily be made that the beaten-down biotech sector and the cash-rich pharmaceutical giants, with aging patents on their current drug portfolios, are going to find they are stronger together – this could be a huge win for investors.

Details of Recent Announcements

Ipsen (IPN), a French drug company, agreed to buy liver drug maker Albireo Pharma for at least $952 million, or $42 per share, plus another $10 per share if the FDA approves its Bylvay drug.

Italy’s Chisi Farmaceutici agree to pay up to $1.5 billion for Amryt Pharma. Amryt makes drugs for rare diseases. The agreement requires at least $14.50 per share, plus another $2.50 depending on milestones for its Filsuvez product, which treats a skin disease.

AstraZeneca, an Anglo-Swedish pharmaceutical company, said it’s paying up to $1.8 billion for CinCor Pharma, a maker of a blood pressure medication. The deal calls for $26 per share in cash, plus as much as another $10 per share if it’s able to make a Food and Drug Administration submission for a product based on baxdrostat drug in development for hypertension and chronic kidney disease.

The one thing in common between all three deals is an incentive for management to meet milestones which could include getting approval of late-stage drugs. Presumably, with the additional resources, these goals could become much easier for the companies that are allowing themselves to be acquired.

Will Other Acquisitions Follow?

Investors have learned all too well about investment bubbles, a situation where so much money flows into a sector that it becomes substantially overvalued. Then, when money isn’t flowing so freely, prices fall apart. But, the inverse of a bubble can also occur. A sector can be ignored for so long that investors don’t see value; when activity begins to perk up, many recognize value all at once and suddenly the sector is on fire. This inverse bubble may be at the earliest stages in small-cap biotech.

Source: Koyfin

“Smart Money” Investors Chasing Biotechs

In a story unrelated to the publicly traded companies being acquired, Reuters is reporting that private equity firms that had stayed uninvolved in what the firms believed to be the risk in the drug development business are now showing strong interest. “These firms are seeking to capitalize on the growing gap between the supply of capital for clinical research and the number of drugs competing for it, eight buyout executives and investors interviewed by Reuters said.”

The Reuters article highlights Blackstone (BX.N) as one company they explain is “leading the charge.” Carlyle is another investment group that, according to Reuters, is “now preparing to raise a dedicated life sciences fund,” the article explained the fund “could amass several billions of dollars, according to people familiar with the fundraising plans.” Reuters quoted Carlyle’s Global Head of healthcare as saying, “We are big believers in what we’ve called the biopharma revolution and in the explosion of discovery and science.”

These investment groups are not taking ownership in the companies they invest in, but rather a stake in clinical trials which stand a much greater chance with the injection of this new capital. The payoff arrangements are different for each deal.

What Should Self-Directed Investors Watch?

If there is a continued resurgence of activity among big pharma firms buying up publicly traded biotech firms, then small investors can expect to see more huge winners and, of course, others that never get off the ground. That is to say, while a few firms become the overnight 100% winners, many more languish and trade up and down without going any place. Increasing your chances of having at least one big winner among your holdings involves understanding the market, the companies, and the dynamics surrounding life sciences investments.

If you have already signed-up to have access to research and company information on Channelchek, then you have access to small-cap biotech stocks, and the research provided by the Senior Life Sciences Research Analyst at Noble Capital Markets. If you haven’t signed up, do this now by clicking here, and review the library of videos with interviews of management of biotechs and dig into the companies to learn where each is at in development and research.

Paul Hoffman

Managing Editor, Channelchek

The Week Ahead – Inflation Data in Focus

Posted on by phoffman@channelchek.com

Although CPI is the Focus, Chairman Powell’s Discussion in Sweden Could Have a Long-Lasting Impact

As this full five-day trading week kicks off, stock’s YTD performance and the week-to-date performance are equal. This will change with the opening bell on Monday. It is a quiet week for highly scrutinized numbers or events. However, two scheduled events have the potential to change investor sentiment. The first comes on Tuesday when the US central bank chairman (Fed Chair Powell)  speaks in Stockholm about central bank independence. This debate regarding politic’s role in central bank decisions is getting more intense. Channelchek recently published an article on the subject which can be found here.

The second is CPI which is the next look we get at inflation. If inflation is higher than expectations, the stock and bond markets could sell off; if lower, they may celebrate with a rally.

Otherwise, the week kicks off with the Investment Movement Index, which will get little attention, but is worth watching. The IMX is a behavior-based index assembled by TD Ameritrade designed to measure what investors are actually doing. More on the IMX below.

Monday 01/09

  • 12:30 PM, The Investor Movement Index or IMX measures what investors are actually doing and how they are actually positioned in the markets. It accomplishes this by using data on the holdings/positions, trading activity, and other data from an anonymous sample of six million funded accounts. It reflects consumer retail portfolios. At its most basic level, the IMX can provide insight into whether investors are growing more bullish or bearish on equities.
  • 12:30 PM, the President of the Atlanta Fed, Raphael Bostic, will be speaking. Any time a voting member of the FOMC is speaking publicly, there is the potential for insight into how that member may have adjusted their leaning on policy. Atlanta Fed events are often broadcast live on this YouTube channel.

Tuesday 01/10

  • 6:00 AM, NFIB Small Business Optimism Index has been below the historical average of 98 for 11 months in a row. December’s consensus is 91.3 versus 91.9 and 91.3 in the past two reports. The index is a composite of 10 seasonally adjusted components based on the following questions: plans to increase employment, plans to make capital outlays, plans to increase inventories, expect the economy to improve, expect real sales higher, current inventory, current job openings, expected credit conditions, now a good time to expand, and earnings trend.
  • 9:00 AM, Fed Chair Powell speaks at the Sveriges Riksbank International Symposium on Central Bank Independence in Stockholm, Sweden. It is not expected that micro discussions on current interest rate policy will surface in his conversation.

Wednesday 01/10

  • 7:00 AM, Mortgage Bankers Association (MBA) will release numbers on mortgage applications. There has been a steady decline in applications over the past seven months.

Thursday 01/11

  • 7:30 AM ET, Philadelphia Fed President Patrick Harker will be speaking. Any time a voting member of the FOMC is speaking publicly, there is the possibility of insight into how that member may have changed their leaning on policy.
  • 8:30 AM, the CPI number will be such a distracting focus this week that trading may actually be subdued earlier in the week in anticipation of this inflation report. The consensus is for no monthly change in consumer prices. This would equate to a year-over-year rate of 6.6%.

Friday 01/12

  • 10:00 AM, Consumer Sentiment is expected to inch up to 60.0 in the first reading for January versus 59.7 in December.
  • 10:20 AM Philadelphia Fed President Patrick Harker will be speaking. Any time a voting member of the FOMC is speaking publicly, there is the possibility of insight into how that member may have changed their leaning on policy.

What Else

Guess what, the stock market is closed again on Monday the 16th.  Below is a copy of the holidays along with Fed meetings and other important dates throughout the year. It was provided by the NYSE. Perhaps bookmark a link to this beginning of the year look forward so as to have on hand a snapshot of all of these market impactful dates.

Paul Hoffman

Managing Editor, Channelchek

Sources

https://www.nyse.com/publicdocs/ICE_NYSE_2023_Yearly_Trading_Calendar.pdf?elqTrackId=16ec5f60c2d140d4babc3081b3d4cdd2&elq=00000000000000000000000000000000&elqaid=4274&elqat=2&elqCampaignId=&elqcst=272&elqcsid=1819

https://us.econoday.com/byweek.asp?cust=us

Release – Alvopetro Announces Record December 2022 Sales Volumes and an Operational Update

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ALVOF

Jan 06, 2023

CALGARY, AB, Jan. 6, 2023 /CNW/ – Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces record sales volumes in December 2022 and an operational update.

December 2022 sales volumes

December sales volumes averaged 2,785 boepd, including natural gas sales of 15.9 MMcfpd and associated natural gas liquids sales from condensate of 125 bopd, and 15 bopd of oil sales, based on field estimates, a 4% increase from our November 2022 average daily volumes.  Our sales volumes averaged 2,724 boepd in the fourth quarter of 2022, an increase of 3% from the third quarter of 2022.

Operational Update

We have completed testing our 182-C2 well on our 100% owned and operated Block 182. We completed drilling the 182-C2 well in October to a total measured depth (“MD”) of 3,185 metres. As previously announced, based on open-hole wireline logs, the well encountered a 223.7-metre-thick section with 121.3 metres of sand estimated above 6% porosity in the sand-dominated interval between 2,704.1 and 2,927.8 metres total vertical depth in the Sergi Formation. The well also encountered 10.9 metres of potential net hydrocarbon pay in the Agua Grande Formation, with an average porosity of 8.9% and average water saturation of 25.1%, using a 6% porosity cut-off, 50% Vshale cut-off and 50% water saturation cut-off. During testing operations of the Sergi and Agua Grande Formations we recovered non-commercial amounts of oil and natural gas. These results indicate lower than anticipated permeability and we are evaluating alternatives to remove any near well bore formation damage and reservoir stimulations to enhance permeability in the Agua Grande and Sergi Formations in this well, and the Sergi Formation in our 183-B1 well.

Corporate Presentation

Alvopetro’s updated corporate presentation is available on our website at:http://www.alvopetro.com/corporate-presentation. 

Social Media

Follow Alvopetro on our social media channels at the following links:     Twitter – https://twitter.com/AlvopetroEnergy     Instagram – https://www.instagram.com/alvopetro/     LinkedIn – https://www.linkedin.com/company/alvopetro-energy-ltd     YouTube –https://www.youtube.com/channel/UCgDn_igrQgdlj-maR6fWB0w

Alvopetro Energy Ltd.’s vision is to become a leading independent upstream and midstream operator in Brazil. Our strategy is to unlock the on-shore natural gas potential in the state of Bahia in Brazil, building off the development of our Caburé natural gas field and our strategic midstream infrastructure.

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

All amounts contained in this new release are in United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.

Abbreviations:bbls                        =              barrelsboepd                    =              barrels of oil equivalent (“boe”) per daybopd                      =              barrels of oil and/or natural gas liquids (condensate) per dayMMcf                     =              million cubic feetMMcfpd                 =              million cubic feet per day

BOE Disclosure. The term barrels of oil equivalent (“boe”) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in this news release are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.

Testing and Well Results. Data obtained from the 182-C2 well identified in this press release, including hydrocarbon shows, open-hole logging, net pay and porosities and initial testing data, should be considered to be preliminary until detailed pressure transient and other analysis and interpretation has been completed. Hydrocarbon shows can be seen during the drilling of a well in numerous circumstances and do not necessarily indicate a commercial discovery or the presence of commercial hydrocarbons in a well. There is no representation by Alvopetro that the data relating to the 182-C2 well contained in this press release is necessarily indicative of long-term performance or ultimate recovery. The reader is cautioned not to unduly rely on such data as such data may not be indicative of future performance of the well or of expected production or operational results for Alvopetro in the future.

Forward-Looking Statements and Cautionary Language. This news release contains “forward-looking information” within the meaning of applicable securities laws. The use of any of the words “will”, “expect”, “intend” and other similar words or expressions are intended to identify forward-looking information. Forward–looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events. Accordingly, when relying on forward-looking statements to make decisions, Alvopetro cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. More particularly and without limitation, this news release contains forward-looking information concerning potential hydrocarbon pay in the 182-C2 well, exploration and development prospects of Alvopetro and the expected timing of certain of Alvopetro’s testing and operational activities. The forward–looking statements are based on certain key expectations and assumptions made by Alvopetro, including but not limited to expectations and assumptions concerning testing results of the 183-B1 well and the 182-C2 well, equipment availability, the timing of regulatory licenses and approvals, the success of future drilling, completion, testing, recompletion and development activities, the outlook for commodity markets and ability to access capital markets, the impact of the COVID-19 pandemic, the performance of producing wells and reservoirs, well development and operating performance, foreign exchange rates, general economic and business conditions, weather and access to drilling locations, the availability and cost of labour and services, environmental regulation, including regulation relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, expectations regarding Alvopetro’s working interest and the outcome of any redeterminations, the regulatory and legal environment and other risks associated with oil and gas operations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Although Alvopetro believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Alvopetro can give no assurance that it will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on factors that could affect the operations or financial results of Alvopetro are included in our annual information form which may be accessed on Alvopetro’s SEDAR profile at www.sedar.com. The forward-looking information contained in this news release is made as of the date hereof and Alvopetro undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE Alvopetro Energy Ltd.

Comstock Inc. (LODE) – Comstock Adds Scale to its Precious Metals Portfolio with Property Consolidation

Posted on by cpereira@noblefcm.com


Friday, January 06, 2023

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

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

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

Comstock retains Lucerne. Tonogold Resources Inc. did not exercise its option to purchase the Lucerne mining properties prior to the option’s expiration on December 31, 2022, thus returning the Lucerne mineral properties back to Comstock. Comstock also terminated the Tonogold lease-option agreement on the fully permitted processing facility and infrastructure in American Flat, and the mineral exploration lease on the Northern Targets.

Significant precious metals exposure. With the return of Lucerne and other properties, Comstock has consolidated properties in the historic Comstock and Silver City mining districts and increased the company’s mineral resources to include measured and indicated resources containing 605,000 ounces of gold and 5,879,600 ounces of silver, along with inferred resources of 296,900 ounces of gold and 2,572,300 ounces of silver.


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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. 

Innovation Works Best as a Freewheeling Process Not Grand Design

Posted on by phoffman@channelchek.com
Image credit: Marcus Herzberg (Pexels)

For Now, Innovation and Entrepreneurship Still Hold a High Place in the USA

Commentators worry that the United States might lose its dominance in innovation to Asian countries like China and Singapore. Many policymakers are intimidated by the R&D budgets of Asian countries and by their superior performance on international academic assessments. However, these concerns are misguided because the United States still dominates innovation.

The United States ranks second on the Global Innovation Index and scores the highest in the world on fifteen of eighty-one innovation indicators. The US innovation ecosystem continues to lead in the commercialization of research, and its universities are on the cutting edge of academic research. Other countries are expanding research budgets, but the United States’ genius is its ability to commercialize relevant innovations.

Innovations are only useful when they disrupt industries by transforming society and altering consumer preferences. Because innovations respond to market changes, anything can become an innovation, and the process is highly spontaneous. Unfortunately, too many countries are laboring under the assumption that government plans inevitably lead to innovation. Finding the next game changer is tremendously difficult due to the dynamism of consumer preferences.

US entrepreneurs appreciate that innovation is a freewheeling process rather than an object of grand design. That is why Silicon Valley, with its reverence for risk and failure, has been known for innovation. In her 2014 book, The Upside of Down: Why Failing Well is the Key to Success, Megan McArdle argues that the United States’ tolerance toward failure is a crucial pillar of prosperity because it promotes self-actualization, risk, and the continuous quest for innovation.

The United States’ rivals have eloquent five-year plans and extravagant budgets, but US innovation is undergirded by private institutions with a strong appetite for risk and iconoclastic thinking. Private venture-capital associations and research institutions searching for future pioneers are the primary players in US innovation. Government innovation plans are inherently conservative because they hinge on the success of targeted industries.

But, in the private sector, entrepreneurs are deliberately scouting for disruptors to undercut traditional industries by launching breakthrough products. The conformity of government bureaucracies is an enemy of the unorthodox thinking that spurs innovation. China is known for having a competent and meritocratic civil service, yet scholars contend that it lacks an innovative environment.

A key problem is that China focuses on competing with western rivals instead of developing new industries; innovation is perceived as a competition between China and its rivals rather than an activity pursued for its own sake. Consequently, US companies remain market leaders and are more adept at converting market information into innovative products than their Chinese counterparts. Unlike China, US entrepreneurship is not a function of geopolitics.

Meanwhile, some commentators suggest that the US education system is better at deploying talent due to its encouragement of unorthodox thinking. In contrast, Singapore and China have been criticized for emphasizing rote learning at the expense of critical thinking. For example, Singapore’s public sector is a model of excellence; however, despite government support, Singapore is yet to become an innovation hotbed.

Bryan Cheung, in an assessment of industrial policy in Singapore, comments on the failure of Singapore to translate research into innovation: “Even though Singapore ranks highly on global innovation indices, closer scrutiny reveals that it scores poorly on the sub-component of innovation efficiency.” A recent edition of the Global Innovation Index, using a global comparison, declared that “Singapore produces less innovation outputs relative to its level of innovation investments.”

Cheung explains that Singapore is heavily reliant on foreign talent to boost innovation: “Even the six ‘unicorns’ that Singapore has produced (Grab, SEA, Trax, Lazada, Patsnap, Razer) were all founded or co-founded by foreign entrepreneurs. In the Start-Up Genome (2021), Singapore also performed relatively poorly in ‘quality and access’ to tech talent, research impact of publications, and local market reach, which is unsurprising since innovation activity is concentrated in foreign hands.”

Asian countries are growing more competitive, but it will take decades before they develop the United States’ appetite for risk, market-driven innovations, and the uncanny ability to monetize anything. The United States’ spectacular economic performance and business acumen are based on its unique culture. Those who bet against the United States by downplaying its culture are bound to lose. The United States’ rivals are still catching up.

About the Author

Lipton Matthews is a researcher, business analyst, and contributor to Merion West, The Federalist, American Thinker, Intellectual Takeout, mises.org, and Imaginative Conservative. Visit his YouTube channel, here. He may be contacted at lo_matthews@yahoo.com or on Twitter (@matthewslipton)

Oil Producers Had a Great Year; They Could Repeat in 2023

Posted on by phoffman@channelchek.com
Image Credit: Mike Mozart (Flickr)

Can Oil Companies Continue Their Outperformance?

If you predicted that oil prices would go up last year, you were correct. If you predicted they’d go down, you were also correct. I dare say that even with insight as to what was to come, many analysts would have had the timing completely reversed from what actually happened. Why? What caused the volatility? And most importantly, what can we learn from this to help us in 2023 and beyond? After all, in 2022, oil company Exxon increased in market value more than any other company in the S&P 500. It became the eighth largest with a 74.3% increase in share price, up from the 27th largest a year ago. In contrast, WTI Crude closed near its low for the year, the dynamics involved are certainly worth investor exploration.

Background

Twelve months ago, according to the Energy Information Administration (EIA) the price of West Texas Intermediate (WTI) crude oil was considered high at $75.99/bbl. WTI closed the year less than 6% higher at $80.47/bbl. But this is not indicative of the wild surprises in between. There are two events that had a major impact during those twelve months.

Russia’s late February invasion of its neighbor helped crude prices to shoot up above $120/bbl. Oil has only visited that level once before (2008). Very few could have expected this event, so the expectations leading up to the early months of 2022 were, at worst moderate price declines to moderate increases. Those expecting some price increases pointed to the ongoing supply shortfall related to the pandemic response. This is the period that surprised traders with oil on the way up. Then as it became evident the war would be prolonged and Europe and other regions would take steps to move away from Russia’s output, expectations were for further price increases. What was not anticipated was a massive release of oil from the U.S. Strategic Petroleum Reserves. Along with releases from reserves in other parts of the world, oil prices sank. But, fear of the European winter, lack of support from OPEC+, and anticipation of price caps on Russian oil creating a loss of supply had many talking about upward pressure by year-end. It has not materialized.

The Crude World Order (OPIC?)

What’s changed the expected results related to oil prices and even producer prices? First off, there was a level of unity never-before-experienced and organization among petroleum-importing countries among consuming nations. The pushback and, to some degree taking charge, by nations that are net consumers began in late Spring 2022 when 31 members of the International Energy Agency (IEA) decided to all release oil from reserves to quench demand and impact prices.

The Paris-based IEA promotes what it believes are beneficial energy situations for consumers. It had taken the lead on emergency measures before, but never with this much unity or on this scale.  The amount of reserves sold into the oil market amounts to less than 1%, but it is estimated to have shaved $20 or more off per barrel oil prices in the spring and summer. Brent crude, the international oil benchmark, hit its peak settlement value of $127.98 per barrel in March but had fallen below $100 by July. Recently it has been trading near $80.

Certainly, the drawdown on reserves which borrowed from the future will need to be replenished. Pulling from reserves is unsustainable and therefore limits bargaining power. Nations have pledged to return their reserves to a level deemed in line with national security (the U.S. has a 50-day reserve supply), but the timing is uncertain.

What is positive for consumers is the IEA has learned to stand firm and work together.

Why are Oil Company Stocks Outperformers?

Crude is roughly the same price now as it was at the beginning of last year. Yet, factors including conservation efforts and China Covid policies have caused limited demand growth. And despite favorable economics currently, energy companies have been slow to drill new wells. U.S. rig count, as reported by Baker Hughes, crept up to 779 rigs by the end of the year. This compares to a peak level of 1,600 in 2014.

So why, as mentioned earlier, are oil companies performing as tech companies did in 2021?

On the surface, one might think energy company stock prices would be weakening, but this isn’t the case there are other factors at play. Michael Heim, Senior Energy Analyst, at Noble Capital Markets, explains in his newly released Q4 2022 Energy Industry Report, “Operating cash flow has soared over the last two years, but capital expenditures have barely increased. The result has been a large increase in dividend payments, share repurchases, and debt reduction.” Heim’s report further explains that while capital expenditures lagged well behind, it is inaccurate to conclude that oil production has not increased. The Noble Capital Markets analyst explains, “…current production levels are above that during peak drilling periods in 2014. The implication is that drilling has become more productive. While drilling advances such as the use of horizontal drill and fracking in shale deposits may be old hat, it is worth noting that drillers have been refining drilling techniques for individual drilling locations.” Drillers are improving techniques, improving efficiencies and maximizing production per dollar spent. Heim also attributes some of the efficiencies to well recompletions, which he explains are less expensive to put in service.

Read the Noble Capital Markets Energy industry report here.

Take Away

The S&P index that tracks the Energy sector gained 53.8% last year. If you had had a crystal ball that told you about the events that would transpire, such as the European war, and oil returning to its starting place, it’s a rare investor that would expect the drillers/producers to increase over 50%. While all situations have their own circumstances, understanding why price action happened can provide greater preparedness to face the markets each year.

Sign-up for no-cost Channelchek and receive research reports, articles, and even video interviews with company executives in your inbox each morning. Sign-up here.

Paul Hoffman

Managing Editor, Channelchek

Sources

https://www.iea.org/

https://oilprice.com/Energy/Energy-General/The-Fall-Of-Tesla-And-The-Rise-of-Exxon-Amid-The-Energy-Crisis.html

https://oilprice.com/Energy/Energy-General/The-Fall-Of-Tesla-And-The-Rise-of-Exxon-Amid-The-Energy-Crisis.html

https://www.forbes.com/sites/rrapier/2022/12/31/the-year-in-energy-prices/?sh=59b071fa5314

https://www.eia.gov/petroleum/weekly/

https://www.channelchek.com/news-channel/energy-industry-report-energy-stocks-resume-their-upward-trend-is-80-oil-the-new-norm

Schwazze (SHWZ) – Continuing to Expand the Dispensary Base

Posted on by cpereira@noblefcm.com


Thursday, January 05, 2023

Schwazze (OTCQX:SHWZ, NEO: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.

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.

Make It Six. On Tuesday, Schwazze announced the opening of another R.Greenleaf New Mexico dispensary, the sixth such opening since Schwazze’s February 2022 acquisition. The new R. Greenleaf store is located in Alamogordo. R. Greenleaf now has 16 locations throughout the state.

Alamogordo. A town of just over 31,000 people, Alamogordo is the seat of Otero County, located in southern New Mexico. Alamogordo is primarily a service and retail economy, driven by tourism, a large nearby military installation-Holloman Air Force Base-and a concentration of military retirees. There appears to be three other dispensaries in the town, according to Leafly. Notably, Alamogordo is less than 90 miles from El Paso.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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) – Tatasham Could Be A Double Play

Posted on by cpereira@noblefcm.com


Thursday, January 05, 2023

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

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

On the second hole at Tatasham. Drilling began at the Tatasham porphyry copper target in late November. Drilling is expected to continue through this month. Aurania is on the second hole at Tatasham and expects to drill three or four holes to test areas identified during the company’s Anaconda mapping program. Following Tatasham, the company anticipates drilling at the Awacha porphyry copper target.

Surprising outcome on the first hole. While no assays have been received from rock samples or drilling, the first hole intersected a zone of massive silicification framed by two fault zones which management believes may have acted as feeder systems. Interestingly, the alteration is more typical of a gold system rather than porphyry copper. Management thinks it is probable that an epithermal system may be on top of a porphyry and shallow drilling could expose the volcanic plumbing system in at least one location. The goal is to locate the zone where gold could no longer be transported in the geothermal waters and deposited in the veins somewhere below the siliceous sinter.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Inflation, Interest Rates, and Economic Growth – Where are We Headed?

Posted on by phoffman@channelchek.com

Global Economy 2023 – Central Banks Face an Epic Battle Against Inflation Amid Political Obstacles

Where is the global economy heading in 2023?

After all the challenges of last year, it’s a question asked with concern. Just as the economy was dealing with the aftermath of the COVID-19 pandemic, Russia’s invasion of Ukraine added a little more impetus to global inflation.

Significant rises in the cost of vital items such as food and energy created a cost-of-living issue that needs to be addressed by households and businesses. Central banks reacted with a barrage of interest-rate hikes, while a wave of industrial action saw workers in many countries fighting for pay and conditions to keep pace with this more expensive economic era.

Now, as we begin 2023, these conditions are set to continue, and the IMF thinks that a third of the world will experience a recession in the coming months. This article discusses the weakening independence of central banks and the uncertainty and possible high costs the political influence brings.

This article takes a deep dive into the new interference the Federal Reserve and other central bankers are faced with. It was authored by Steve Schifferes, Honorary Research Fellow, City Political Economy Research Centre, City, University of London. Schifferes believes there are two key ways politics may interfere with central bank plans in 2023.

Some of the world’s biggest economies – and their central banks – face a tricky task this year taming inflation via higher interest rates without triggering a recession.

And whether they like it or not, the U.S. Federal Reserve, the Bank of England and other central banks are now being thrust into the center of a political debate that could threaten their independence as well as their ability to act decisively to curb rising prices.

I’ve been following and covering politics and finance for four decades as a reporter and now as an economics research fellow. I believe there are two key ways politics may interfere with central bank plans in 2023.

An Inflationary Challenge

High inflation is perhaps the biggest challenge facing the world economy over the coming year.

Inflation has rapidly accelerated and is now at or near its highest rate in decades in most developed economies like the U.S. and in Europe, causing living standards to stagnate or decline in many countries. This has particularly hurt the poorest people, who suffer a higher rate of inflation than the general population because they spend more of their income on food and energy.

The sharp rise in inflation caught central banks by surprise after two decades of low and stable inflation. They reacted by aggressively raising interest rates in the second half of 2022, with the Fed leading the way. The U.S. central bank lifted rates 4.25 percentage points over a six-month period, and the Bank of England, the European Central Bank, and others followed in its footsteps.

Their strategies seem to be working. Inflation in the U.S. has slowed, while in the U.K. and the eurozone, recent data suggest inflation may have peaked – although it’s still very high, at around 10% – and might start trending down.

But interest rate hikes – which are expected to continue in 2023, albeit at a slower pace – could further cloud the outlook for economic growth, which already looks grim for developed economies.

The Organization for Economic Cooperation and Development predicts that in 2023 both the U.S. and the eurozone will grow by only 0.5%, well below their historic averages, while Europe’s largest economy, Germany, will actually shrink by 0.3%. In the U.K., the Bank of England projects that the economy will continue to shrink until the middle of 2024.

Fiscal Spending and Inflation

That brings us to the first political problem that could upset central bank plans: government spending.

The politics is playing out in different ways. In the U.S., spending has increased substantially, most notably with the $1.2 trillion infrastructure bill signed into law in late 2021 and the $1.7 trillion budget bill passed in December.

This kind of expansionary fiscal policy, which may be in place for years, could undermine attempts by central banks like the Fed to fight inflation. As the central banks seek to reduce inflation by curbing demand, increased government spending has the opposite effect. This could force the Fed and other banks to raise rates even higher than they otherwise would have.

In Europe and the U.K., governments have been forced to spend billions to subsidize the energy bills of consumers and businesses, while the economic slowdown has reduced their tax revenue, leading to soaring government deficits

Nevertheless, in the U.K. the Conservative government has prioritized the fight against inflation, announcing cutbacks to consumer subsidies for energy, plus higher taxes and further cuts in public spending if it wins the next general election, which is expected to take place in 2024. While these actions are deflationary, they are politically unpopular.

The Bank of England is now split on whether or how fast to continue to raise rates.

Central Bank Independence Under Threat

The other political problem is more existential for central banks and makes their task all the more delicate.

For the past 20 years, their independence from government interference and the setting of public inflation targets at around 2% have helped them gain credibility in fighting inflation, which stayed at historic lows for much of the 21st century.

Now both their credibility and independence may be under threat.

Central bankers, especially in Europe, are acutely aware of public concerns about how higher interest rates might stifle growth, in part because their economies have been more severely affected than the U.S. by the Ukraine war. Meanwhile, consumers are being hit by higher mortgage payments, which may tank the housing market.

At the same time, central bank efforts to persuade workers not to ask for higher wages to compensate for inflation, which would help reduce the need for more interest rate hikes, have spectacularly backfired, especially in Britain, where a wave of strikes by public-sector workers shows no sign of abating.

Long-standing political tensions over the role of the European Central Bank have been exacerbated by the election of right-wing governments in several eurozone countries.

Traditionally, under the influence of Germany’s Bundesbank, the European Central Bank has worried about inflation more than other central banks. Under competing political pressures, it has moved more slowly than some other central banks to unwind its policy of low – and even negative – interest rates.

In the States, where Fed Chief Jerome Powell has rejected any attempt to mitigate his focus on inflation, political pressures may grow from both left and right, particularly if Donald Trump becomes the Republican presidential nominee. This ultimately may lead Congress or a new administration to try to change the central bank’s approach, its leadership, and even its mandate.

Uncharted Waters

None of this might be a problem if central bank projections of a sharp fall in inflation by the end of 2023 come to pass. But these projections are based on the belief that energy prices will continue to remain below their peak or even fall further in the coming year.

Just as in 2022, when central banks failed to grasp the inflationary threat early enough, other risks beyond their control, as well as political developments, may derail their hopes. These include an escalation of the war in Ukraine, which could raise energy prices further, more supply chain disruptions from China, and domestic pushes for higher wages.

With the cost-of-living crisis now at the top of the public’s agenda in many developed countries, the setting of interest rates has ceased to be just a technical matter and has instead become highly political. Both governments and central banks are entering uncharted waters in their attempt to curb inflation without stifling growth. If their projections prove overly optimistic, the political as well as the economic costs could be high.

All this means that the outlook for inflation is highly uncertain. And fears of 1970s-style stagflation – high inflation and stagnant economic growth – could become a reality.

Robinhood Stockholder’s Concern if SBF’s Holdings are Being Seized

Posted on by phoffman@channelchek.com
Image Credit: Matt (Flickr)

Could There be an Impact on Robinhood Shareholders with the SBF Share Seizure

Creditors and customers of FTX may be able to reclaim some assets that were wiped out as the feds have been seizing the 7.50% stake in Robinhood (HOOD) stock held by Sam Bankman-Fried (SBF). SBF faces charges of fraud and a myriad of financial crimes after the collapse of FTX in November. The impact of the collapse is having an effect on other areas of finance, including assets that had been controlled by SBF. The Robinhood shares are valued near $450 million, and while this may bring some hope or relief to those that will receive a distribution, there is a risk to HOOD investors.

Background

The FTX bankruptcy has left a line of claimants to recapture what they can from the cryptocurrency giant. Bankruptcies are seldom easy; those that could involve layers of fraud become tied up in even larger disputes and legal battles. For example, the large Robinhood holding is tied up in a dispute between FTX and bankrupt crypto lender BlockFi. The company alleges that SBF put up the shares as collateral for a loan to Alameda Research, a company he also owned.

The HOOD stake was purchased in 2022 through a holding company SBF controlled, Robinhood of course is the innovative broker specializing in self-directed individual investors. Through the DOJ, authorities are going after the shares of HOOD and accounts that are held at the bank Silvergate Capital (SI) which is a banker for the crypto industry.

Separately, court filings on January 4th brought awareness to a NY federal judge ordered last month requiring the seizure of some $93 million that an FTX arm held in accounts at Silvergate. As it relates to this seizure. The Justice Department says it believes the assets seized are not the property of the bankruptcy estate, while a lawyer for FTX maintains that the seizures were from accounts not directly controlled by the company. They were ordered in connection with the criminal case involving SBF.  

 FTX investors’ asset claims in the exchange, which was once valued at $32 billion, come after creditors and other rightful claimants.

How This Could Impact Robinhood Shareholders

Asset seizures and later distribution to those hurt by fraud involve liquidation of the assets seized. In the case of stocks, they will be sold and turned into cash. Imagine a sudden effort to sell 7.50% of any company. That is a large percentage to move. The stake, worth between $400 and $500 million, may serve as a dark cloud depressing share prices and slowing any planned growth of the company. It may eventually culminate in liquidation at a pace not conducive to retaining a level stock price.

Paul Hoffman

Managing Editor, Channelchek

Sources

https://www.theblock.co/post/199271/doj-seizing-millions-in-robinhood-shares-linked-to-ftx-lawyer-says

https://www.wsj.com/articles/judge-ordered-seizure-of-money-from-ftx-digital-markets-accounts-at-silvergate-11672866368

https://www.barrons.com/articles/ftx-robinhood-doj-assets-51672932192?mod=hp_LATEST

Release – Engine Gaming & Media, Inc. Announces Timing of Fiscal First Quarter 2023 Earnings Release and Conference Call

Posted on by cpatches

Research News and Market Data on GAME

NEW YORK, NY / ACCESSWIRE / January 4, 2023 / Engine Gaming and Media, Inc. (“Engine” or the “Company”) (NASDAQ:GAME)(TSXV:GAME),a data-driven, gaming, media and influencer marketing platform company, today announced that it will issue a press release promptly after the market close on Tuesday, January 17, 2023, summarizing its financial results for the fiscal first quarter of 2023 ended November 30, 2022. The Company will also host a conference call the same day at 4:30 p.m. Eastern Time to discuss its financial results in further detail. The call will conclude with Q&A from participants.

Date:Tuesday, January 17, 2023
Time:4:30 p.m. Eastern time
Dial-in:1-877-407-0784
International Dial-in:1-201-689-8560
Webcast:GAME Conference Call

Please dial in at least 10 minutes before the start of the call to ensure timely participation.

A playback of the call will be available through January 24, 2023, on Engine Gaming and Media, Inc.’s Investor Relations website at ir.enginemediainc.com or via telephone replay by dialing 1-844-512-2921 or 1-412-317-6671. The Access Code is 13735206.

About Engine Gaming and Media, Inc.

Engine Gaming and Media, Inc. (NASDAQ:GAME)(TSXV:GAME) provides unparalleled live streaming data and social analytics, influencer relationship management and monetization, and programmatic advertising to support the world’s largest video gaming companies, brand marketers, ecommerce companies, media publishers and agencies to drive new streams of revenue. The company’s subsidiaries include Stream Hatchet, the global leader in gaming video distribution analytics; Sideqik, a social influencer marketing discovery, analytics, and activation platform; and Frankly Media, a digital publishing platform used to create, distribute, and monetize content across all digital channels. Engine Gaming generates revenue through a combination of software-as-a-service subscription fees, managed services, and programmatic advertising. For more information, please visit www.enginegaming.com.

Cautionary Statement on Forward-Looking Information

This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Engine to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. In respect of the forward-looking information contained herein, Engine has provided such statements and information in reliance on certain assumptions that management believed to be reasonable at the time. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements stated herein to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on forward-looking information contained in this news release.

The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. Engine does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.

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

Company Contact:

Lou Schwartz
647-725-7765

Investor Relations Contact:

Shannon Devine
MZ North America
Main: 203-741-8811
GAME@mzgroup.us

SOURCE: Engine Gaming & Media Holdings, Inc.