Release – Entravision Acquires Leading Global Mobile App Marketing Solutions Company BCNMonetize

Research News and Market Data on EVC

05/22/2023

Acquisition strengthens Entravision’s service offerings in Europe and Middle East, while adding a talented team of industry specialists within the e-commerce, entertainment and gaming arenas

SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision (NYSE: EVC) announced today that it has completed the acquisition of BCNMonetize, a leading global mobile app marketing solutions company headquartered in Barcelona.

BCNMonetize provides mobile user acquisition, retention strategies and customer engagement solutions within the mobile app market. BCNMonetize’s performance-based solutions appeal to trusted brands around the world, with over 100 clients in verticals including e-commerce, entertainment and gaming. The acquisition expands the Company’s geographic presence in Spain and into Turkey, a new market for Entravision, with an international team of mobile marketing experts.

“We welcome BCNMonetize and its outstanding team of specialists, as we further our commitment to be a preferred growth partner for brands in more than 40 countries,” said Chris Young, Interim CEO & CFO of Entravision. “This acquisition bolsters Entravision’s sales execution capabilities and allows us to keep capitalizing on the thriving global app market, with global mobile app user spending projected to increase from $469 billion in 2022 to $613 billion in 2025. We believe the addition of BCNMonetize will strengthen our foothold in new and emerging markets and advance our strategy to become one of the world’s largest digital advertising solutions companies.”

“We are excited to join the Entravision team as we continue to provide customized solutions for mobile app marketers around the world,” added Emre Atalay, Co-Founder and CEO of BCNMonetize. “I am confident the combination of our expertise and Entravision’s technology, scale and international presence will deliver best-in-class results for our brands and clients.”

BCNMonetize’s highly complementary product offering will be fully integrated into the Company’s existing mobile growth solutions business, a key focus area within its Digital segment. All BCNMonetize employees will remain with the business.

About Entravision Communications Corporation

Entravision is a global advertising solutions, media and technology company. Over the past three decades, we have strategically evolved into a digital powerhouse, expertly connecting brands to consumers in the U.S., Latin America, Europe, Asia and Africa. Our digital segment, the company’s largest by revenue, offers a full suite of end-to-end advertising services in 40 countries. We have commercial partnerships with Meta, Twitter, TikTok and Spotify, and marketers can use our Smadex and other platforms to deliver targeted advertising to audiences around the globe. In the U.S., we maintain a diversified portfolio of television and radio stations that target Hispanic audiences and complement our global digital services. Entravision remains the largest affiliate group of the Univision and UniMás television networks. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn and Facebook.

Forward-Looking Statements

This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the Securities and Exchange Commission.

Entravision:
Christopher T. Young
Interim CEO and CFO
310-447-3870

Kimberly Orlando
ADDO Investor Relations
310-829-5400
evc@addo.com

Source: Entravision Communications Corporation

Release – FAT Brands to Present at LD Micro Invitational XIII

Research News and Market Data on FAT

MAY 22, 2023

Presentation on Tuesday, June 6 at 4: 3 0 PM PT

LOS ANGELES, May 22, 2023 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) announced today that it will be presenting at the 13th Annual LD Micro Invitational at the Luxe Sunset Boulevard Hotel, Los Angeles, California on June 6th-8th, 2023. The event is expected to feature 150+ companies, presenting in half-hour increments, as well as private 1:1 meetings.

FAT Brands is scheduled to present on Tuesday, June 6th at 4:30 pm PT. Andy Wiederhorn, Chairman of the Board, and Ken Kuick, Co-CEO and Chief Financial Officer, will be leading the presentation.

We invite interested parties to register to watch the presentation virtually herehttps://ldinv13.sequireevents.com/.

About FAT (Fresh. Authentic. Tasty.) Brands

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.

About LD Micro

LD Micro, a wholly owned subsidiary of Freedom US Markets, was founded in 2006 with the sole purpose of being an independent resource in the micro-cap space. Whether it is the Index, comprehensive data, or hosting the most significant events annually, LD’s sole mission is to serve as an invaluable asset for all those interested in finding the next generation of great companies. For more information on LD Micro, visit www.ldmicro.com.

To present or register, please get in touch with Dean@ldmicro.com.

To learn more about Freedom US Markets, visit www.freedomusmkts.com.

Investor Relations:
ICR
Michelle Michalski
ir-fatbrands@icrinc.com
646-277-1224

Media Relations:
Erin Mandzik
emandzik@fatbrands.com
860-212-6509

Release – Snail, Inc. Unveils Project Hermes at Consensus 2023

Research News and Market Data on SNAL

May 22, 2023 at 8:32 AM EDT

CULVER CITY, Calif., May 22, 2023 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail” or “the Company”), a leading, global independent developer and publisher of interactive digital entertainment, today announced the successful introduction of Project Hermes, an innovative Web 3 gaming venture, at Consensus 2023 held in April in Austin, Texas.

Project Hermes is a massive sandbox survival game that masterfully integrates blockchain technology into gaming to create a unique and immersive gameplay. Powered by Snail’s in-house “Flexi” engine, the game delivers stunning visuals and seamless gameplay, allowing players to explore, build, and compete as they traverse the galaxy.

The game features an open-world design with diverse planetary terrains and resources, offering unparalleled freedom to explore and conquer. Players can discover new planets, battle alien tribes, and gather resources to survive. Project Hermes allows players to create unique in-game identities and develop personalized gameplay strategies. The open-world design grants players the freedom to traverse and conquer various planets, each with distinctive terrain and resources. Furthermore, Project Hermes incorporates multiplayer elements, enabling players to form alliances, engage in battles, and conquer planets collaboratively.

Jim Tsai, Chief Executive Officer of Snail, commented, “Project Hermes represents a significant milestone for Snail as we merge cutting-edge blockchain technology with our rich gaming heritage. We are delighted with the positive reception of our innovative game at Consensus 2023. As we progress, we remain committed to being a game-changer in the gaming industry, offering players an immersive and engaging gaming experience that caters to both seasoned gamers and casual players alike.”

About Snail, Inc.

Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.

Forward-Looking Statements

This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail’s intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail’s business, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: growth prospects and strategies; launching new games and additional functionality to games that are commercially successful; its ability to retain and increase its player base and develop new video games and enhance existing games; assumptions underlying any of the foregoing.

Contacts:

Investors:

investors@snail.com

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/38cceac1-a6d1-443f-bfce-1ea180953d63
https://www.globenewswire.com/NewsRoom/AttachmentNg/c36ffc98-d254-4543-9c34-c190a35d3fa2

Release – Genco Shipping & Trading Limited Announces Appointment of 15-Year Company Veteran as New Chief Financial Officer

Research News and Market Data on GNK

MAY, 22, 2023

NEW YORK, May 22, 2023 (GLOBE NEWSWIRE) — Genco Shipping & Trading Limited (NYSE: GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today announced the appointment of Peter Allen as Chief Financial Officer, effective June 16, 2023. He is to succeed Apostolos Zafolias, who as previously announced, will leave the Company to pursue an opportunity outside of the maritime industry.

Since Mr. Allen’s start at Genco in 2008, he has served in various finance, accounting and corporate strategy leadership positions at the Company, most recently as Genco’s Senior Vice President, Strategy & Finance. Mr. Allen has extensive experience in the shipping industry related to financial strategy, capital allocation, M&A, market analysis, SEC reporting and investor relations. Additionally, Mr. Allen has frequently led cross-functional teams in projects including our IMO 2023 plan, formulating Genco’s ESG program, and was a key contributor in the development of Genco’s value strategy. His extensive experience across the different elements of the Company along with his strong accounting and finance background result in an ideal fit for the position and provide for a seamless transition into the role. He has a bachelor’s degree from Fairfield University and holds the Chartered Financial Analyst designation.

John C. Wobensmith, Chief Executive Officer, commented, “We are excited to welcome Peter as Genco’s next CFO. Over the past 15 years, he has established himself as a trusted leader with invaluable expertise in financial and corporate strategy. Since joining the Company in 2008, Peter has contributed greatly to Genco’s success and most recently played an integral role in the development of our differentiated value strategy. His appointment reflects our success developing talent at the Company, which has produced a deep bench of skilled, dedicated employees that will support Peter in his new role.”

Peter Allen commented, “I am honored to become CFO of Genco and am greatly appreciative of this opportunity at such a first-class organization. I look forward to continuing to work closely with John, the Board and the exceptional team at Genco to further advance this unique platform. Genco is in a strong position across all facets of the Company, highlighted by our industry leading balance sheet and differentiated capital allocation strategy. We will continue to work diligently to build off of this solid financial foundation to create long-term value for shareholders.”

About Genco Shipping & Trading Limited

Genco Shipping & Trading Limited is a U.S. based drybulk ship owning company focused on the seaborne transportation of commodities globally. We provide a full-service logistics solution to our customers utilizing our in-house commercial operating platform, as we transport key cargoes such as iron ore, grain, steel products, bauxite, cement, nickel ore among other commodities along worldwide shipping routes. Our wholly owned high quality, modern fleet of dry cargo vessels consists of the larger Capesize (major bulk) and the medium-sized Ultramax and Supramax vessels (minor bulk) enabling us to carry a wide range of cargoes. We make capital expenditures from time to time in connection with vessel acquisitions. As of May 22, 2023, Genco Shipping & Trading Limited’s fleet consists of 17 Capesize, 15 Ultramax and 12 Supramax vessels with an aggregate capacity of approximately 4,635,000 dwt and an average age of 11.2 years.

CONTACT:
Apostolos Zafolias
Chief Financial Officer
Genco Shipping & Trading Limited
(646) 443-8550

Release – Kratos and Clearbox Systems Partner to Develop Advanced Dynamic Satellite Ground and Space Domain Awareness Solutions

Research News and Market Data on KTOS

May 22, 2023 at 8:00 AM EDT

Clearbox’s Foresight Network and Spectrum Monitoring Product Will Become the Latest to Run on Kratos’ OpenSpace® Virtual Ground System

SAN DIEGO and NEW SOUTH WALES, Australia, May 22, 2023 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology company in Defense, National Security and Global Markets, and Clearbox Systems Pty Ltd, the Australian company that uses technology to provide better approaches and techniques for the operations and management of communications networks and the electromagnetic spectrum, have signed a collaboration agreement to co-develop and co-market solutions to advance the capabilities of software-defined satellite ground systems.

As part of the agreement, Clearbox will integrate its flagship Foresight product to run seamlessly on Kratos’ OpenSpace® dynamic ground platform. Foresight provides a unified user interface across essential ground functions including equipment monitoring and control, spectrum monitoring and network management. Foresight can be deployed on physical, virtual or cloud infrastructure and, being web-based, can be accessed by users on any workstations connected on the network. It is trusted by militaries, governments, satellite operators and commercial users large and small in Australia and globally in deployments ranging across SATCOM, ISREW, Crypto, OSS and Space Domain Awareness (SDA).

Foresight’s web-based, modular, distributed and open architecture makes it a natural application for running in the software-defined satellite network environments enabled by OpenSpace, the first and only commercially available virtual and orchestrated satellite ground system. OpenSpace enables satellite and network operators to fully support next-generation satellites, dynamically provision services and missions, and integrate far better with the networks used by global terrestrial and cellular communications providers.

“We have been highly successful working with Kratos in the past and are extremely excited to be expanding that relationship moving forward,” said Matthew Collins-Leslie, CEO & Managing Director of Clearbox. “With this agreement we will be working together to develop new, advanced solutions for the global market.”

As part of the agreement, Clearbox will integrate Foresight with OpenSpace and enhance the product to take advantage of OpenSpace’s unique dynamic operating capabilities. In addition, the two companies will work together to co-market each other’s products, Clearbox representing OpenSpace to its Australian customers and Kratos marketing Foresight globally. Clearbox will also become Kratos’ primary representative in Australia for opportunities incorporating systems engineering, installation and support for several of Kratos’ other space networking products. Both companies will also work together to deliver SDA solutions that combine Clearbox’s SpaceAware product and sensors with Kratos’ global RF signal monitoring SDA network.

“Our experience with Clearbox has been extremely productive,” commented Stuart Daughtridge, SVP for Advanced Technologies at Kratos. “Their people and technology are first-class, and we are looking forward to putting our heads together on the cause of advancing virtual ground system technologies to enable systems that are as dynamic, flexible and agile as smart phones are today.”

About Kratos OpenSpace
Kratos’ OpenSpace family of solutions enables the digital transformation of satellite ground systems to become a more dynamic and powerful part of the space network. The family consists of three product lines: OpenSpace SpectralNet for converting satellite RF signals to be used in digital environments; OpenSpace quantum products, which are virtual versions of traditional hardware components; and the OpenSpace Platform, the first commercially available, fully orchestrated, software-defined ground system. These three OpenSpace lines enable satellite operators and other service providers to implement digital operations at their own pace and in ways that meet their unique mission goals and business models. For more information about the OpenSpace family visit http://KratosDefense.com/OpenSpace.

About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a Technology Company that develops and fields transformative, affordable systems, products and solutions for United States National Security, our allies and global commercial enterprises. At Kratos, Affordability is a Technology, and Kratos is changing the way breakthrough technology is rapidly brought to market – at a low cost – with actual products, systems and technologies rather than slide decks or renderings. Through proven commercial and venture capital backed approaches, including proactive, internally funded research and streamlined development processes, Kratos is focused on being First to Market with our solutions, well in advance of competition. Kratos is the recognized Technology Disruptor in our core market areas, including Space and Satellite Communications, Cyber Security and Warfare, Unmanned Systems, Rocket and Hypersonic Systems, Next-Generation Jet Engines and Propulsion Systems, Microwave Electronics, C5ISR and Virtual and Augmented Reality Training Systems. For more information, visit www.KratosDefense.com.

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations, and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 25, 2022, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

Press Contact:
Yolanda White
858-812-7302 Direct

Investor Information:
877-934-4687
investor@kratosdefense.com

Source: Kratos Defense & Security Solutions, Inc.

Release – Tonix Pharmaceuticals Announces Clinical Proof-of-Concept Study of TNX-1900 (Intranasal Potentiated Oxytocin)

Research News and Market Data on TNXP

May 22, 2023 7:00am EDT

Intranasal Oxytocin Blocks the Release of CGRP in Animal Models

Intranasal Oxytocin is the Core Technology of TNX-1900 for Migraine

Oxytocin Treatment Affects a Pathway that is Distinct from the Recently Available CGRP Migraine Treatment Drug Class

CHATHAM, N.J., May 22, 2023 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP), a clinical-stage biopharmaceutical company, today announced that it has entered into a research collaboration agreement to evaluate the effect of TNX-1900 (intranasal potentiated oxytocin) on capsaicin- or electrical stimulation-induced forehead dermal blood flow in healthy female human volunteers. Dr. Antoinette Maassen van den Brink, Professor of Neurovascular Pharmacology, Erasmus University Medical Center, will serve as principal investigator for the study.

“Collaborating with Professor Maassen van den Brink is an exciting opportunity to learn about the potential for TNX-1900 for treating migraine, facial pain and other related conditions,” said Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals. “In animal studies, intranasal oxytocin blocks the release of calcitonin gene-related peptide (CGRP) release from trigeminal neurons.1 CGRP is released from trigeminal neurons during a migraine attack and several CGRP inhibitors are approved for the treatment of migraine. Both a CGRP inhibitor and a triptan have been successfully tested in the model and have been found to inhibit the forehead dermal blood flow response to capsaicin in migraineurs and healthy volunteers, respectively.2,3 We look forward to learning the results of TNX-1900 in this proof-of-concept study. Together with other studies, the results will guide future development of this potential non-addictive treatment for migraine and other painful conditions.”

Dr. Maassen van den Brink, the principal investigator of the study said, “The signaling pathways that mediate migraine and facial pain are becoming understood. Oxytocin represents a potential new therapeutic option, targeting a pathway in migraine that is distinct from the recently available CGRP inhibitor migraine treatment drug class.”

In February 2023, Tonix initiated enrollment in its Phase 2 PREVENTION study of TNX-1900 for chronic migraine. The Company expects topline results in the fourth quarter of this year.

About Migraine

Migraine is a neurovascular condition that typically manifests in a throbbing moderate to severe headache which lasts at least four hours, often on one side of the head and aggravated by routine physical activity. It can also be accompanied by nausea, vomiting, visual disturbances, and sensitivity to bright light and loud noises.4 Epidemiological studies indicate that globally, approximately 1.2 billion individuals suffer from migraines annually.5 In the U.S., approximately 39 million Americans suffer from migraines and among these individuals, approximately four million experience chronic migraines (15 or more headache days per month, at least eight of which are migraines).5 The current FDA approved drugs for migraine prevention in chronic migraine include Botox® (onabotulinumtoxin), and the anti-CGRP/CGRP-receptor monoclonal antibodies Aimovig® (erenumab), Vyepti® (eptinezumab), Ajovy® (fremanezumab) and Emgality® (galcanezumab).

About TNX-1900

TNX-1900 (intranasal potentiated oxytocin) is a proprietary formulation of oxytocin in development as a candidate for prevention of chronic migraine and other conditions. In 2020, TNX-1900 was acquired from Trigemina, Inc. who had licensed the technology underlying the composition and method from Stanford University. TNX-1900 is a drug-device combination product, based on an intranasal actuator device that delivers oxytocin into the nasal cavity. Oxytocin is a naturally occurring human peptide hormone that also acts as a neurotransmitter in the brain. Oxytocin has no recognized addiction potential. It has been observed that low oxytocin levels in the body are associated with increases in migraine headache frequency, and that increased oxytocin levels are associated with fewer migraine headaches. Certain other chronic pain conditions are also associated with decreased oxytocin levels. Migraine attacks are caused, in part, by the activity of pain-sensing trigeminal neurons which, when activated, release calcitonin gene-related peptide (CGRP) which binds to receptors on other nerve cells and starts a cascade of events that is believed to result in migraine. Oxytocin when delivered via the nasal route, concentrates in the trigeminal system6 resulting in binding of oxytocin to receptors on neurons in the trigeminal system, inhibiting the release of CGRP and transmission of pain signals returning from the site of CGRP release.1 Blocking CGRP release is a distinct mechanism compared with CGRP receptor antagonist and anti-CGRP antibody drugs, which block the binding of CGRP to its receptor, or bind to the peptide CGRP. With TNX-1900, the addition of magnesium to the oxytocin formulation enhances oxytocin receptor binding7 as well as its inhibitory effects on trigeminal neurons and resultant craniofacial analgesic effects, as demonstrated in animal models.8 Intranasal oxytocin has been shown to be well tolerated in several clinical trials in both adults and children9. Targeted nasal delivery results in low systemic exposure and lower risk of non-nervous system, off-target effects, which could potentially occur with systemic CGRP receptor antagonists and anti-CGRP (receptor) antibodies10. For example, CGRP has roles in dilating blood vessels in response to ischemia, including in the heart. The Company believes nasally targeted delivery of oxytocin could translate into selective blockade of CGRP release from neurons in the trigeminal ganglion and not throughout the body, which could be a potential safety advantage over systemic CGRP inhibition. In addition, daily dosing is more rapidly reversible, in contrast to monthly or quarterly dosing, as is the case with anti-CGRP antibodies, giving physicians and their patients greater control. In addition to chronic migraine, TNX-1900 will be developed for treatment of episodic migraine, craniofacial pain conditions, binge eating disorder, and insulin resistance. Tonix also has a license with the University of Geneva to use TNX-1900 for the treatment of insulin resistance and related conditions.

Tonix Pharmaceuticals Holding Corp.*

Tonix is a clinical-stage biopharmaceutical company focused on discovering, licensing, acquiring and developing therapeutics to treat and prevent human disease and alleviate suffering. Tonix’s portfolio is composed of central nervous system (CNS), rare disease, immunology and infectious disease product candidates. Tonix’s CNS portfolio includes both small molecules and biologics to treat pain, neurologic, psychiatric and addiction conditions. Tonix’s lead CNS candidate, TNX-102 SL (cyclobenzaprine HCl sublingual tablet), is in mid-Phase 3 development for the management of fibromyalgia with topline data expected in the fourth quarter of 2023. TNX-102 SL is also being developed to treat Long COVID, a chronic post-acute COVID-19 condition. Enrollment in a Phase 2 study has been completed, and topline results are expected in the third quarter of 2023. TNX-1900 (intranasal potentiated oxytocin), in development for chronic migraine, is currently enrolling with topline data expected in the fourth quarter of 2023. TNX-601 ER (tianeptine hemioxalate extended-release tablets), a once-daily formulation being developed as a treatment for major depressive disorder (MDD), is also currently enrolling with interim data expected in the fourth quarter of 2023. TNX-1300 (cocaine esterase) is a biologic designed to treat cocaine intoxication and has been granted Breakthrough Therapy designation by the FDA. A Phase 2 study of TNX-1300 is expected to be initiated in the third quarter of 2023. Tonix’s rare disease portfolio includes TNX-2900 (intranasal potentiated oxytocin) for the treatment of Prader-Willi syndrome. TNX-2900 has been granted Orphan Drug designation by the FDA. Tonix’s immunology portfolio includes biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-1500, which is a humanized monoclonal antibody targeting CD40-ligand (CD40L or CD154) being developed for the prevention of allograft rejection and for the treatment of autoimmune diseases. A Phase 1 study of TNX-1500 is expected to be initiated in the third quarter of 2023. Tonix’s infectious disease pipeline includes TNX-801, a vaccine in development to prevent smallpox and mpox, for which a Phase 1 study is expected to be initiated in the second half of 2023. TNX-801 also serves as the live virus vaccine platform or recombinant pox vaccine platform for other infectious diseases. The infectious disease portfolio also includes TNX-3900 and TNX-4000, classes of broad-spectrum small molecule oral antivirals.

*All of Tonix’s product candidates are investigational new drugs or biologics and have not been approved for any indication.
1Tzabazis A, et al. Cephalalgia. 2016. 36(10):943-50.
2de Vries Lentsch S, et al. CGRP-mediated trigeminovascular reactivity in migraine patients treated with
erenumab. J Neurol Neurosurg Psychiatry. 2022 Aug;93(8):911-912.
3Ibrahimi K, et al. A human trigeminovascular biomarker for antimigraine drugs: A randomized double-blind, placebo-controlled, crossover trial with sumatriptan. Cephalalgia. 2017 Jan;37(1):94-98.
4The International Classification of Headache Disorders, 3rd Edition. Cephalalgia. 2018. 38(1):1-211
5Burch et al., Migraine: Epidemiology, Burden, and Comorbidity, Neurol Clin 37 (2019):631–649
6Yeomans DC, et al. Transl Psychiatry. 2021. 11(1):388.
7Antoni FA and Chadio SE. Biochem J. 1989. 257(2):611-4.
8Cai Q, et al., Psychiatry Clin Neurosci. 2018. 72(3):140-151.
9Yeomans, DC et al. 2017. US patent US2017368095
10MaassenVanDenBrink A, et al. Trends Pharmacol Sci. 2016. 37(9):779-788

This press release and further information about Tonix can be found at www.tonixpharma.com.

Forward Looking Statements

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to the failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; delays and uncertainties caused by the global COVID-19 pandemic; risks related to the timing and progress of clinical development of our product candidates; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission (the “SEC”) on March 13, 2023, and periodic reports filed with the SEC on or after the date thereof. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.

Contacts

Jessica Morris (corporate)
Tonix Pharmaceuticals
investor.relations@tonixpharma.com
(862) 904-8182

Maddie Stabinski (media)
Russo Partners
madeline.stabinski@russopartnersllc.com
(212) 845-4273

Peter Vozzo (investors)
ICR Westwicke
peter.vozzo@westwicke.com
(443) 213-0505

Source: Tonix Pharmaceuticals Holding Corp.

Released May 22, 2023

Release – Sandy Breland Named Gray’s Chief Operating Officer

Research News and Market Data on GTN

Sandy Breland Named Gray’s Chief Operating Officer

May 22, 2023 07:00 ET|

ATLANTA, May 22, 2023 (GLOBE NEWSWIRE) — Gray Television, Inc. (“Gray”) (NYSE: GTN) promoted Sandy Breland from Senior Managing Vice President to the role of Executive Vice President and Chief Operating Officer, effective today. Sandy succeeded Bob Smith, who recently retired after a long career with Gray in various capacities.

“Sandy has vast talents and experience in leading local news-focused operations that have earned her enormous respect within Gray and throughout our industry,” explained Gray’s Executive Chairman Hilton H. Howell. “She is the natural choice to lead Gray’s unique portfolio of leading television stations, and we are thrilled to announce her promotion as our new Chief Operating Officer.”

In early 2019, Sandy joined Gray as a Senior Vice President of Local Media upon Gray’s acquisition of Raycom Media, where she served as a Group Vice President. In her current role, she has overseen a portfolio of television stations and local digital platforms in 16 markets as well as Gray’s Washington DC News Bureau, its National Investigative Unit, and news support services for all markets. Last year, she assumed oversight of Recruiting and Gray’s new in-house News Research and Consulting operation. Sandy also has oversight of InvestigateTV, a weekly program airing across Gray’s stations.

Sandy has over 30 years of experience in local broadcasting and has received some of the industry’s highest honors. Her career has included General Manager of WVUE-TV (Fox) in New Orleans, Louisiana, and WAFB/WBXH in (CBS/MyNetwork) Baton Rouge, Executive News Director of KTVK-TV (Arizona’s Family TV3) in Phoenix, Arizona, and Executive News Director of WWL-TV (CBS) in New Orleans.

Sandy was honored with a Peabody and an Edward R. Murrow award for her planning and execution of Hurricane Katrina coverage during her time at WWL-TV. She proudly serves on the Board of Directors for the Carole Kneeland Project for Responsible Journalism. Sandy is a recipient of the RTNDF’s First Amendment Award and the Society of Professional Journalists’ Sigma Delta Chi Award for public service. In addition to a Bachelor’s in Journalism from Loyola University-New Orleans, she has attended continuing education sessions at Columbia University’s Sulzberger Leadership Program, Missouri University’s Management Program for Broadcast Professionals, and the Poynter Institute.

About Gray:

Gray Television, Inc. is a multimedia company headquartered in Atlanta, Georgia. Gray is the nation’s largest owner of top-rated local television stations and digital assets in the United States. Its television stations serve 113 television markets that collectively reach approximately 36 percent of US television households.  This portfolio includes 80 markets with the top-rated television station and 102 markets with the first and/or second highest rated television station. It also owns video program companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, as well as the studio production facilities Assembly Atlanta and Third Rail Studios. Gray owns a majority interest in Swirl Films. For more information, please visit www.gray.tv.

Gray Contact

Hilton H. Howell, Jr., Executive Chairman and Chief Executive Officer, 404-266-5513

Pat LaPlatney, President and Co-Chief Executive Officer, 334-206-1400

Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828

Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333

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Release – Alliance Resource Partners, L.P.to Participate in the 20th Annual Energy Infrastructure Council CEO & Investor Conference

Research News and Market Data on ARLP

Company Release – 5/22/2023 7:00 AM ET

TULSA, Okla.–(BUSINESS WIRE)– Alliance Resource Partners, L.P. (NASDAQ: ARLP) today announced that Joseph W. Craft III, Chairman, President and Chief Executive Officer, and other members of management will participate in investor meetings at the 20th Annual Energy Infrastructure Council CEO & Investor Conference in West Palm Beach, Florida on Tuesday, May 23, 2023.

A presentation will also be available May 23, 2023 on ARLP’s website (www.arlp.com) under “Investor Relations” and “Events & Presentations.”

About Alliance Resource Partners, L.P.

ARLP is a diversified energy company that is currently the largest coal producer in the eastern United States, supplying reliable, affordable energy domestically and internationally to major utilities, metallurgical and industrial users. 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 evolving and positioning itself as a reliable energy partner for the future by pursuing opportunities that support the advancement of energy and related infrastructure.

News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission (“SEC”), are available at www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7673 or via e-mail at investorrelations@arlp.com.

Investor Relations Contact
Cary P. Marshall
Senior Vice President and Chief Financial Officer
918-295-7673
investorrelations@arlp.com

Source: Alliance Resource Partners, L.P.

Release – ZyVersa Therapeutics Announces Changes to ZyVersa’s Board of Directors

Research News and Market Data on ZVSA

May 19, 2023

PDF Version

WESTON, Fla., May 19, 2023 (GLOBE NEWSWIRE) — ZyVersa Therapeutics, Inc. (Nasdaq: ZVSA, or “ZyVersa”), a clinical stage specialty biopharmaceutical company developing first-in-class drugs for the treatment of renal and inflammatory diseases with high unmet medical needs, announces that two members of the Board of Directors have stepped down due to obligations associated with recent executive opportunities: Katrin Rupalla, PhD and Daniel O’Connor. Dr. Rupalla resigned from ZyVersa’s Board of Directors to pursue an opportunity that precludes her ability to serve on any board of directors. Mr. O’Connor, the former CEO of Larkspur which merged with ZyVersa in December of 2022, has recently taken on the CEO role at Ambrx Biopharma and has resigned to focus on growth of his new company.

“On behalf of the Board of Directors and the team at ZyVersa, I would like to thank Dr. Rupalla and Mr. O’Connor for their impactful leadership during their tenure as Board members at ZyVersa,” said Stephen C. Glover, Co-founder, Chairman, Chief Executive Officer, and President of ZyVersa. “As biopharmaceutical leaders with impeccable credentials and a proven track record of success, their knowledge and perspectives have been invaluable as we progress development of our company and our lead renal and anti-inflammatory assets.”

About ZyVersa Therapeutics, Inc.

ZyVersa (Nasdaq: ZVSA) is a clinical stage specialty biopharmaceutical company leveraging advanced, proprietary technologies to develop first-in-class drugs for patients with renal and inflammatory diseases who have significant unmet medical needs. The Company is currently advancing a therapeutic development pipeline with multiple programs built around its two proprietary technologies – Cholesterol Efflux Mediator™ VAR 200 developed to ameliorate renal lipid accumulation that damages the kidneys’ filtration system in patients with glomerular kidney diseases, and Inflammasome ASC Inhibitor IC 100, targeting damaging inflammation associated with numerous CNS and other inflammatory diseases. For more information, please visit www.zyversa.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this press release regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These include statements regarding management’s intentions, plans, beliefs, expectations, or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. ZyVersa Therapeutics, Inc (“ZyVersa”) uses words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions. Such forward-looking statements are based on ZyVersa’s expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors, including ZyVersa’s plans to develop and commercialize its product candidates, the timing of initiation of ZyVersa’s planned preclinical and clinical trials; the timing of the availability of data from ZyVersa’s preclinical and clinical trials; the timing of any planned investigational new drug application or new drug application; ZyVersa’s plans to research, develop, and commercialize its current and future product candidates; the clinical utility, potential benefits and market acceptance of ZyVersa’s product candidates; ZyVersa’s commercialization, marketing and manufacturing capabilities and strategy; ZyVersa’s ability to protect its intellectual property position; and ZyVersa’s estimates regarding future revenue, expenses, capital requirements and need for additional financing.

New factors emerge from time-to-time, and it is not possible for ZyVersa to predict all such factors, nor can ZyVersa assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements included in this press release are based on information available to ZyVersa as of the date of this press release. ZyVersa disclaims any obligation to update such forward-looking statements to reflect events or circumstances after the date of this press release, except as required by applicable law.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities.

Corporate and IR Contact:
Karen Cashmere
Chief Commercial Officer
kcashmere@zyversa.com
786-251-9641

Media Contacts
Tiberend Strategic Advisors, Inc.
Casey McDonald
cmcdonald@tiberend.com
646-577-8520

Dave Schemelia
dschemelia@tiberend.com
609-468-9325

Baudax Bio (BXRX) – Nasdaq Delist Determination Letter Received; Plan To Be Presented To Regain Compliance


Monday, May 22, 2023

Baudax Bio is a pharmaceutical company focused on innovative products for acute care settings. ANJESO is the first and only 24-hour, intravenous (IV) COX-2 preferential non-steroidal anti-inflammatory (NSAID) for the management of moderate to severe pain. In addition to ANJESO, Baudax Bio has a pipeline of other innovative pharmaceutical assets including two novel neuromuscular blocking agents (NMBs) and a proprietary chemical reversal agent specific to these NMBs. For more information, please visit www.baudaxbio.com.

Gregory Aurand, Senior Vice President, Equity Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.

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

Out of compliance with minimum stockholders’ equity requirement.  Baudax Bio received notice on November 18, 2022 that the minimum $2.5 million requirement, under Listing Rule 5550(b), was not met for continued Nasdaq listing. The Company was granted an extension until May 15, 2023 to comply.

Delist determination letter.  On May 17, 2023, the Company received a delist determination letter from Nasdaq that the extension terms were not met.  Specifically, proposed transactions were not completed, and evidence of compliance was not received by the May 15, 2023 deadline. From the letter, Nasdaq indicated the Company’s securities would be suspended from Nasdaq trading at the open of business May 26, 2023.


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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. 

We May Soon Know if Yellen’s “Extraordinary Measures” are Extraordinary Enough

The Pace of the U.S. Treasury Burn Rate Toward a $0.00 Balance

The US Treasury Department is nearing its last ounce of blood as it has been bleeding operating funds. All parties know that the debt ceiling has to be raised if the country is to avoid a financial catastrophe. Still, an impasse on debt ceiling negotiations continues. While the House of Representatives has passed a borrowing cap plan, it is not expected that the Senate would agree on the spending reductions, and President Biden made clear he would not sign it.

The markets, of course, have been paying attention, but for the most part, they have chosen to ignore the drama. Anyone that has been involved in the markets for a few years knows that in the past, there have been stop-gap measures or 11th hour decisions that have avoided a US debt default.

It is Getting Close

The US Treasury reported last Thursday that it had $57.3 billion in cash on hand. As with any ongoing entity, each week, it receives revenue and pays expenses. So the daily balance runoff fluctuates by different amounts each day. A snapshot is reported each Thursday along with other US financial data. The current pace, while not a precise rate to gauge the net burn rate, is useful.

The operating balance used to pay our bills as a nation has declined from $238.5 billion at the start of May, when tax collections helped boost balances. That’s a $181.2 billion decline over 18 days, or $10 billion per day. If the pace holds, the United States balance sheet reaches zero before the June 1 date previously estimated by US Treasury Secretary Janet Yellen.

Image: @GRDector (Twitter)

How are Officials Reacting?

The US reached its Congressionally imposed borrowing cap in January. Since then, there has been a cutting back on spending, as had been announced in January by Janet Yellen. The Treasury has since been operating under an “Extraordinary Measures” plan, reducing less than critical spending to pay obligations that can not be ignored without great consequence. This bandaid approach will go on and, at this point, can only be “fixed” if the debt ceiling is raised once again by Congress.

Treasury Secretary Janet Yellen has been clear in warning lawmakers that the Treasury’s ability to avoid default could end as soon as June 1. The nation has to increase its ability to legally borrow to make its payments while its obligations exceed its revenue.

Averting a June Crisis Without Congress

While most US citizens are aware of the mid-April individual tax date, corporate tax dates are quarterly. The next time most corporations pay their estimated taxes is June 15th. If Secretary Yellen can squeeze the Treasury balances until June 15th, she will no longer be driving on fumes – instead, she will have added a little more gas, not enough to get her to the next corporate tax date.  

Another thought depends on one’s interpretation of the 14th Amendment. This amendment of the US Constitution contains several provisions, one of which is Section 4. This section states that “the validity of the public debt of the United States, authorized by law… shall not be questioned.” While the exact interpretation of this provision is a matter of legal debate, it has been suggested that it could potentially provide a legal basis for the government to continue meeting its financial obligations, even if the debt ceiling is reached.

Some argue that the 14th Amendment could empower the President to bypass the debt ceiling and ensure that the government continues to pay its debts on time, based on the principle that the United States must honor its financial obligations.

Stalled Talks

Although the date of $zero balance is not far off if the President and Senate doesn’t agree to the House plan, or if the House is inflexible, negotiations have moved in fits and starts with Congressional leaders meeting on and off with each other and with the Executive branch.  

If the nation does default, it will unleash global economic and financial upheaval. The full consequences are not known since it’s never happened before. Those likely to see funds come to a crawl or be turned off are:

  • Interest on the debt: While the debt itself would continue to be serviced, a stringent austerity plan could potentially result in reduced payments towards interest on the national debt.
  • Government programs and agencies: Funding for discretionary programs, such as infrastructure projects, education initiatives, environmental programs, or research grants, could be reduced or eliminated.
  • Social welfare programs: Payments for social welfare programs, such as unemployment benefits, food assistance, housing subsidies, or healthcare subsidies, may be reduced or scaled back.
  • Defense spending: Military expenditures and defense contracts may face cuts, impacting payments to defense contractors and the procurement of military equipment and services.
  • Government salaries and benefits: Austerity measures could involve salary freezes, reductions, or furloughs for government employees, including civil servants, military personnel, or elected officials.
  • Infrastructure projects: Funding for infrastructure development and maintenance, including transportation systems, highways, bridges, and public facilities, may face reductions or delays.
  • Grants to states and local governments: Payments to states and local governments for various programs, such as education, healthcare, or community development, could be reduced.

The above are not set in stone, it’s important to note that the specific impacts of an austerity plan would depend on the policies and priorities set by the government, and different austerity measures are also a matter of negotiation.

While Yellen, the Congressional Budget Office, and multiple other forecasters think the $Zero date is likely during the first two weeks of June, it’s possible that the Treasury will have enough funds to carry it through the middle of the month, which would add more time.

However, as it looks now, the US Government is running on fumes; in the past, it has not allowed itself to completely run out of gas. If today’s situation follows past history, the markets will get scared a few more times before the US leaders agree and the country is back to business as usual.

Paul Hoffman

Managing Editor, Channelchek

Sources

https://fiscaldata.treasury.gov/datasets/daily-treasury-statement/operating-cash-balance

https://home.treasury.gov/news/press-releases/jy1483

The Week Ahead – FOMC Minutes, M2, and Early Close

The Market Hurdles Before the Holiday

The FOMC minutes on Wednesday detailing the debate at the Federal Reserve’s May 2-3 meeting could be an eye-opener for investors. Expectations for many had been that the Fed would pause tightening. The Fed has publicly insisted that the interest rate moves are data dependent and there isn’t a scheduled plan extending through the rest of the year. If the minutes suggest pausing, markets shouldn’t react severely, if instead, the minutes suggest the Fed is panicking at the pace of the economy and persistence of inflation, the stock market may itself pause the recent bullish moves. Inflation data in the form of the PCE report Friday is not expected to show much improvement.

Friday is one of the bigger days for economic reports as Consumer Sentiment is released in the morning. On Friday afternoon, SIFMA recommends an early close before the Memorial Day weekend.

Monday 5/22

  • 8:30 AM ET, James Bullard will be speaking. Bullard is the President and CEO of the Federal Reserve Bank of St. Louis. Bullard is an FOMC member and has been very vocal in his support for higher interest rates.
  • 10:50 AM ET, Thoms Barkin will be speaking. Barkin is the President and CEO of the Federal Reserve Bank of Richmond. He is a member of the FOMC Committee.
  • 11:05 AM ET, Mary Daly will be speaking. Daly is the President and CEO of the Federal Reserve Bank of San Francisco. She is a member of the Federal Open Market Committee (FOMC).

Tuesday 5/23

  • 9:00 AM ET, Lorie Logan, CEO of the Federal Reserve Bank of Dallas will be speaking. She represents her district on the FOMC.
  • 9:45 AM ET, The Purchasing Managers Report (PMI) has been signaling higher output for the last three releases. A number above 50 indicates an increase; the consensus for May is 52.6 versus April’s 55.9.
  • 10:00 AM ET, New Home Sales, after a decent jump to a 683,000 annualized rate in March, new home sales in April are expected to have declined to 670,000.
  • 1:00 PM ET, Money Supply numbers will be released. M2 is expected to have declined by 257.3 billion to a level of $20,818 billion.

Wednesday 5/24

  • 10:30 AM ET, The Energy Information Administration (EIA) will be providing its scheduled weekly information on petr
  • oleum inventories, whether produced in the US or abroad. The level of inventories helps determine prices for petroleum products.
  • 2:00 PM ET, The Minutes of the FOMC meeting held on May2-3 will be released. The minutes detail the issues, discussions, and positions among policymakers; the Federal Open Market Committee issues minutes of its latest meeting three weeks after the meeting.

Thursday 5/25

  • 8:30 AM ET, Jobless claims for the week May 20, are expected to rise 6,000 to 248,000 following a 22,000 swing lower to 242,000 in the prior week.
  • 8:30 AM ET, Corporate Profits are pulled from the national income and product accounts (NIPA) and are presented in different forms.
  • 10:00 AM ET, Pending Home Sales data from April are expected to have risen 1.1%.
  • 10:30 AM ET, Susan Collins is the President and CEO of the Federal Reserve Bank of Boston.

Friday 5/26

  • 8:30 AM ET, Durable Goods Orders are expected to have fallen 1.1% in April following March’s 3.2% rise. Ex-transportation orders are seen down 0.1 percent.
  • 8:30 AM ET, Personal Income and Outlays. Personal Income is expected to have increased 0.4% in April with consumption expenditures also expected to increase 0.4%. These would compare with March’s 0.3 percent for income and no change for consumption.
  • 8:30 AM ET, Retail Inventories are expected to have risen by .73%.
  • 8:30 AM ET, Wholesale Inventories are expected to have been flat in April risen by.
  • 8:30 AM ET, International Trade numbers are expected to show the US goods deficit is expected to widen marginally to $85.6 billion in May after narrowing by $6.5 billion in April to $85.5 billion.
  • 10:00 AM ET, Consumer Sentiment is expected to end May at 58.0, nearly 6 points below April but shigher by .30% from May’s mid-month 57.7 flash.International Trade numbers are expected to show the US goods deficit is expected to widen marginally to $85.6 billion in May after narrowing by $6.5 billion in April to $85.5 billion.
  • 2:00 PM ET, SIFMA Recommends an Early Market Close on May 26  (2PM) and a Full Market Close on May 29 in the US in Observance of the Memorial Day Holiday. 

What Else

Investment roadshows on company’s you own or have an interest in can lead to insights you’d never get anyplace else.

A stock that has the distinction of being Michael Burry’s longest held position (a long position) is a company named GEO Group (GEO).

On May 23rd and May 24th you may be able to attend a roadshow in South Florida presented by Senior Management of Geo Group.

Paul Hoffman

Managing Editor, Channelchek

Sources:

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

What Else

Investment roadshows on company’s you own or have an interest in can lead to insights you’d never get anyplace else.

A stock that has the distinction of being Michael Burry’s longest held position (a long position) is a company named GEO Group (GEO).

On May 23rd and May 24th you may be able to attend a roadshow in South Florida presented by Senior Management of Geo Group.

Paul Hoffman

Managing Editor, Channelchek

Sources:

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

Cathie Wood’s Non-Mainstream Inflation Concern Could Unfold as Feared

Image: An Artificial Intelligence Rendering of Tech Investor Cathie Wood

Cathie Wood’s Deflationary Expectations May Become Reality

Before Fed Chair Powell realized inflation might not be transitory, during the Fall of 2021, Cathie Wood sounded alarm bells about the risks of great deflationary pressures not being far off. The renowned hedge fund manager and founder of ARK Funds stood far apart from her peers with this forecast. Since then, the disruptive technologies investment expert has indicated the Federal Reserve should stop raising interest rates because the economy is poised for deflation rather than inflation. As most of the world has come to accept the notion that inflation may be a problem for years to come, her thoughts have been dismissed by most economists as wishful thinking.

Wood has not budged on her position, and it may serve her and her customers well. Investment success often comes with pointing yourself in a different direction than the loud narrative is pointing you. But, in the end, you have to eventually be right, and others then have to change their tune to match the once contrarian view – after all, you will need late-comers to buy your position from you.

I have to confess, as a lifelong Fedwatcher, market analyst, and cynic, I didn’t think there was a chance in the world that she could be right. Since her October of 2021 comments, not a long period of time, We’ve all witnessed a dramatic leap in technology that reduces costs, is easy to adopt, and is progressing at an exponential rate.

Cathie Wood may not be as wrong as most people thought, perhaps she is even right. Here are just some examples of when she spoke out about her deflationary outlook:

2022-10-10: Wood wrote an open letter to the Federal Reserve accusing it of stoking ‘deflation’ and looking at the wrong economic indicators.

2023-02-02: Wood gave a speech at the Sohn Investment Conference where she said that she believes deflation is a bigger threat to the US economy than inflation.

2023-03-08: Wood appeared on CNBC’s Squawk Box where she said that she believes deflation is “the biggest risk” to the global economy.

Cathie Wood has been quoted as saying:

“Deflation is the biggest risk to the global economy.”

“The rise of artificial intelligence is leading to a productivity boom, which is driving down prices.”

Less related to disruptive technologies providing businesses a more efficient means, Wood has also argued:

“The decline of globalization is leading to a decline in demand for goods and services.”

“The aging population is leading to a decline in consumption.”

“Deflation is not a bad thing. It can lead to a more sustainable economy, with lower interest rates and less debt.”

In November of 2022, ChatGPT was unveiled by OpenAI. Most everyone paying attention, including those in related tech businesses, were stunned at how far along the technology is and the potential for quickly advancing AI platforms. Currently, ChatGPT is trained on a dataset large enough that it can generate text, translate languages, write different kinds of creative content, and answer your questions in an informative way.

In 2023, ChatGPT was released to the broader public, it broke records for sign-ups and it has continued to grow in popularity. It is now used by a wide range of people, including students, writers, and businesses. This is still a beta version they are using and getting excellent results.

While generative AI for text is only one next-generation technology, example; this still under development tool alone is world-changing powerful. And it has the potential to dramatically alter the way we interact with computers – all of which can lead to dramatic gains in efficiency and productivity. Efficiency and productivity are ingredients that can stave off inflation, they can even bring prices lower – we know this because we experienced it for decades following the tech revolution.

ChatGPT and other OpenAI products are still beta tests of a text program from one institution. I understand OpenAI products can also write computer code, create graphics, and carry on a conversation.  Where will OpenAI take their products next, how will the products take part in machine learning and then serve to better themselves, and how many other companies are dreaming up and developing new sources to enrich out lives at lower expense?

While Artificial Intelligence may or may not be able to lower the price of a dozen eggs, it can increase output across many industries or reduce expensive labor needs. I see examples of this in the office and at home where a search using ChatGPT can more precisely provide a response to a query than a Google internet search.

Take Away

Investors are often hurt by their ego, preventing them from rethinking and reevaluating. When exposed to new information, it’s good to take the time to reevaluate the probability of being incorrect or correct in one’s outlook.

It’s too early to know if Cathie Wood will turn out to be correct in her inflation forecasts. She lives and breathes high tech and I’m sure gets early behind-the-scenes glimpses of what has yet to come. For me, it is now easier to see how new business solutions could possibly unfold to a point where deflation becomes an issue in the world economies. I’m not sold on the idea, but I am not dismissing it as impossible either.

Paul Hoffman

Managing Editor, Channelchek

Sources

https://ark-funds.com/articles/commentary/q3-2022-commentary-from-arks-cio/

https://www.cnbc.com/2023/03/09/cnbc-transcript-ark-invest-ceo-cio-cathie-wood-speaks-with-cnbcs-brian-sullivan-on-last-call-today.html