March 2024 - Page 2 of 15

Big Pharma Goes Bio-Prospecting: Why Major Drug Makers Are Buying Innovative Biotech Startups

Posted on March 27, 2024March 27, 2024 by slightbourne@noblecapitalmarkets.com

The biotech sector has seen a flurry of acquisition activity in recent months, with large pharmaceutical companies opening their checkbooks to snap up promising small and micro-cap players. This deal-making frenzy underscores the value that nimble startups can bring to big pharma through their cutting-edge research and drug development pipelines.

For the pharmaceutical giants, acquiring innovative biotechs provides a vital influx of new drug candidates and therapies to revitalize stagnant pipelines and drive future revenue growth. Many large drug makers have struggled to internally develop enough new blockbuster treatments to replace aging cash cows going off-patent. Rather than go it alone in risky early-stage R&D, they are turning to biotech upstarts working at the frontiers of medicine.

These small biotech firms are proving to be fertile ground for novel drug discoveries. Despite their tiny team and budget, biotech startups can move nimbly to translate university research into therapeutic candidates. Their laser focus on narrow areas like orphan diseases, gene therapies, or targeted oncology treatments allows them to rapidly innovate in ways that large pharma bureaucracies cannot.

By acquiring these startups, big pharma gains a fast-track to promising new drugs and therapies that would take years and billions to develop internally. They can get first-mover advantage on groundbreaking new treatment modalities. Just as importantly, they acquire the entrepreneurial scientific talent behind the discoveries.

This acquisition appetite from pharma giants shows no signs of slowing. Just this month, AbbieVie acquired small biotech Landos Biopharma for $212 million to gain its promising autoimmune pipeline. AstraZeneca paid $2.4 billion for Fusion Pharmaceuticals and its next-gen oncology radioconjugates. The list goes on.

The drivers behind this deal surge were presciently spotted by Channelchek back in December 2023. Channelchek’s biotech research analysis predicted that the beaten-down biotech sector was poised for a major rebound, writing:

“The fresh upswing in biotech M&A follows a wave of dip buying from some the world’s largest asset managers in shares of industry leaders like Vertex Pharmaceuticals and Regeneron Pharmaceuticals. Warren Buffett’s Berkshire Hathaway has been particularly aggressive stepping in to purchase stakes in key biopharma bluechips.”

Channelchek’s forecast proved accurate, as biotech stocks have rallied and M&A activity has heated up in recent months. Big pharma’s shopping spree for innovative biotechs continues to gain momentum.

As Nico Pronk, Chief Executive Officer at Noble Capital Markets, stated: “Our platform aims to help amplify the stories of these cutting-edge biotech innovators to the investors and strategic partners seeking out emerging growth opportunities.” There is a funding gulf that still exists for startups looking to take their discoveries to the next level.

For investors and emerging biotechs seeking to capitalize on this next wave of consolidation, Noble Capital Markets is hosting its Emerging Growth Virtual Healthcare Equity Conference on April 17-18, 2024. This online investor forum will allow public healthcare, biotech and medical devices firms to present their company stories directly to institutional funds, family offices, and retail investor audiences. To register for this event showcasing the future disruptors of healthcare, visit the conference registration page here.

The big pharma acquisition binge shines a light on the value that small, innovative biotech players can bring to the healthcare ecosystem through their scientific discoveries. With deep-pocketed buyers on the prowl, the stage is set for the next generation of medical breakthroughs to be commercialized at scale.

Xcel Brands (XELB) – Opportunistically Fills Its Coffers

Posted on March 27, 2024March 27, 2024 by cpereira@noblefcm.com

Wednesday, March 27, 2024

Xcel Brands, Inc. 1333 Broadway 10th Floor New York, NY 10018 United States https:/Sector(s): Consumer Cyclical Industry: Apparel Manufacturing Full Time Employees: 84 Key Executives Name Title Pay Exercised Year Born Mr. Robert W. D’Loren Chairman, Pres & CEO 1.27M N/A 1958 Mr. James F. Haran CFO, Principal Financial & Accou

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

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

Additional capital secured. On March 15, 2024, the company announced the completion of a secondary offering, which raised expected net proceeds of $2.2 million. In our view, there were several reasons for the offering, including funding start up costs for potential strategic partnerships in the pipeline, and gaining institutional interest. We view the capital raise favorably and believe it could enhance both revenue and cash flow growth.

Strategic partnerships. In December 2023, the company announced an exciting strategic partnership with Christie Brinkley to develop a lifestyle and apparel brand, TWRHLL, for distribution in retail and livestream commerce. Notably, Christie Brinkley will serve as the face of the brand and will make media appearances to promote TWRHLL’s product release, which is scheduled for spring 2024. Notably, Ms. Brinkley’s star power could illuminate the company’s new platform, ORME.

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*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.

Lifeway Foods (LWAY) – Momentum Increasing Stock Price, Moving to Market Perform

Posted on March 27, 2024March 27, 2024 by cpereira@noblefcm.com

Wednesday, March 27, 2024

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , 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.

Moving to Market Perform. With the shares shooting past our recently raised $16 price target, we are lowering our rating to Market Perform from Outperform. LWAY shares over the last month have increased from $12.31 to $19.16 as of yesterday’s close.

Momentum in 2024. Year-to-date, LWAY shares have increased 42.9%. Over the last five trading days, average daily volume (ADV) has been just over 221,565 shares. The last three months have had an ADV of 59,642. We believe the increased volume is a reflection on the Company’s operational performance, with the Company recently capping a record year in revenue. The takeover speculation still looms around the Company, which also could be a driver of the price.

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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).

Labrador Gold Corp. (NKOSF) – Take-Aways from a Recent Management Presentation

Posted on March 27, 2024March 27, 2024 by cpereira@noblefcm.com

Wednesday, March 27, 2024

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Focus on Newfoundland. Labrador Gold’s President and Director, Dr. Roger Moss, recently delivered a presentation to the Toronto Geological Discussion Group entitled “The Kingsway Gold Project: Acquisition and Exploration in the Newfoundland Gold Rush.” Labrador Gold is advancing its flagship Kingsway gold project in the Central Newfoundland Gold Belt. The company is nearing completion of a 100,000-meter drilling program targeting high-grade gold mineralization along a 12-kilometer section of the Appleton Fault Zone with assays still pending.

A retrospective. Dr. Moss discussed Labrador Gold’s history from its founding in 2017, when it was focused on gold in the Florence Lake Greenstone Belt at its Hopedale project in Labrador, to its March 2020 acquisition of its flagship Kingsway project in Newfoundland. While Labrador has funded exploration at both projects, drilling has centered on Kingsway in recent years. During the Q&A, Dr. Moss indicated that following several years of drilling at Kingsway, the company may take some time to evaluate and analyze results to date before embarking on the next phase of drilling at Kingsway.

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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).

Direct Digital Holdings (DRCT) – Hits The Reset Button

Posted on March 27, 2024March 27, 2024 by cpereira@noblefcm.com

Wednesday, March 27, 2024

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

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

Q4 miss. The company reported disappointing Q4 results with revenue of $41.0 million and adj. EBITDA of $2.3 million. Both figures were well below our estimates of $67.9 million and $6.4 million, respectively. The underperformance was largely driven by system changes that the company made to its Sell-side segment during the quarter.

Re-positioning for the future. During the quarter, the SSP underwent technological changes to enable it to process ad impressions using alternative IDs. This transformation was necessary for the company to prepare for the impending cookie deprecation, which Google is expected to implement later this year.

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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).

Bit Digital (BTBT) – Potential Expansion of AI Contract

Posted on March 27, 2024March 27, 2024 by cpereira@noblefcm.com

Wednesday, March 27, 2024

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , 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.

More GPUs. Yesterday, Bit Digital received a proposal from the Company’s existing customer in Bit Digital AI to expand the scope of its agreement. The proposal calls for an additional 2,048 GPUs, amounting to a total of 4,096 GPUs under the amended agreement. Management intends to accept the proposal, subject to agreement on certain terms and conditions.

Revenue Potential. The current contract before the potential upsize has an annualized revenue run-rate of $50 million. If the proposal is fully realized, the Company would be close to, or meet, its goal of $100 million of annualized revenue by the end of 2024, in our view. Recall, management noted an additional $60 million of capital would be needed to get to the $100 million target through acquiring the necessary GPUs, based on current market conditions.

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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).

Alamos Gold’s Acquisition of Argonaut Gold Points to Renewed Anticipation Mining Sector

Posted on March 27, 2024March 27, 2024 by slightbourne@noblecapitalmarkets.com

The gold mining industry saw an intriguing deal announced this week, with mid-tier producer Alamos Gold Inc. unveiling plans to acquire smaller rival Argonaut Gold Inc. for US$325 million. The transaction highlights an ongoing trend of consolidation in the metals mining space, as bigger players look to grow through acquisitions of promising assets and companies.

For Alamos, the main prize in this deal is the Magino development project in Ontario, Canada owned by Argonaut. Located right next door to Alamos’ Island Gold mine, Magino provides the company an opportunity to combine the two operations into one large, low-cost complex. Alamos expects to realize over US$500 million in synergies by integrating the two adjacent mines.

The acquisition of Magino significantly increases Alamos’ production profile. The combined company is expected to produce over 600,000 ounces of gold annually in the near-term, with longer-term potential exceeding 900,000 ounces per year at declining costs. This expanded scale bolsters Alamos’ position as one of Canada’s largest and lowest cost gold producers.

While Alamos gains Magino through this transaction, Argonaut’s other assets in the U.S. and Mexico will be spun out into a newly created company called SpinCo that will be owned by Argonaut’s current shareholders. This includes the operating Florida Canyon mine in Nevada as well as several development and exploration projects in Mexico.

The Alamos-Argonaut deal follows a number of similar acquisitions of smaller gold companies by more established miners over the past year. In 2023, Agnico Eagle Mines acquired Teck Resources’ minority stake in the Minas de San Nicolas mine in Mexico, while Kinross Gold acquired Great Bear Resources and its promising Dixie project in Ontario. Going back to 2022, there were several billion-dollar M&A transactions, including Newmont’s acquisition of Newcrest’s stake in the Cadia mine and Yamana Gold’s takeover by the Pan American Silver and Agnico Eagle joint venture.

According to analysts, this renewed appetite for M&A activity reflects a growing consensus that a new bull cycle may be emerging for precious metals like gold and silver. Record high inflation rates, continued economic uncertainty, and a lack of major new production sources coming online have contributed to this increasingly bullish outlook.

The major gold producers are acquiring to restock their project pipelines and take advantage of prevailing low valuations for many junior developers and explorers. With higher metals prices anticipated, the big miners want to get positioned now ahead of the curve.

In addition to building out their growth profiles through M&A, the large miners are also investing heavily in exploration and advancing their existing development projects. This dual strategy of acquisitions and organic growth initiatives should help drive a new phase of production growth across the sector in the coming years as a potential bull market unfolds.

For smaller mining companies like Argonaut, deals like this provide an attractive exit opportunity and way to unlock value for shareholders. But they also highlight the continual restructuring happening in the mining space, as promising assets and companies get consolidated into the hands of more well-capitalized mid-tier and senior producers.

With metals prices expected to keep rising on the back of supply/demand imbalances, this wave of consolidation could be just the beginning. Analysts anticipate an acceleration of M&A activity as the big miners look to position themselves for the next bullish upswing in the commodity cycle.

Take a moment to take a look at Noble Capital Markets’ Senior Research Analyst Mark Reichman’s coverage list in the metals & mining sector.

Trump’s Truth Social Debut: A High-Stakes Gamble for Bullish Investors

Posted on March 27, 2024March 27, 2024 by slightbourne@noblecapitalmarkets.com

Donald Trump’s social media platform Truth Social hit the public markets with a bang, surging over 30% on its first day of trading and ballooning the former president’s stake in the company to over $5 billion. However, the staggering valuation and volatility highlight both the risks and potential rewards for investors looking to capitalize on Truth Social’s polarizing popularity.

Trading under the appropriate ticker DJT, Truth Social’s parent company managed to achieve a peak market capitalization around $9 billion despite the fledgling business having under $5 million in sales over the prior year. The massive $6.8 billion opening valuation put Truth Social on par with well-established companies like U.S. Steel and Skechers.

This eye-popping disconnect from financial fundamentals echoes the frenzied trading in meme stocks like GameStop that has gripped markets in recent years. In Truth Social’s case, the dramatic stock rise seems fueled largely by Trump’s devoted base of supporters, who have banded together to push up the shares.

For investors who bought in early, those efforts have paid off handsomely – at least on paper. However, cashing in those gains won’t be easy for Trump himself or others with a major stake. Stocks that go public through deals like Truth Social’s typically prohibit insider sales for 6 months.

Trump and the seven-member Truth Social board, stacked with allies like his son Don Jr., certainly have incentive to allow some profits to be taken off the table soon. Any signal of insider selling could severely dent the company’s lofty stock price if shareholders perceive waning confidence.

Therein lies one of the biggest risks surrounding an investment in Truth Social – the potential for exceedingly high volatility driven by speculation rather than business performance. If Trump’s devoted base sours on the company’s prospects, a spiral could ensue.

On the other hand, the frenzied first day demonstrated how Trump’s mere involvement and ability to marshal his base can supercharge an investment thesis, at least in the short term.

Additionally, Trump may receive tens of millions of extra shares if the sky-high valuation holds up in the coming weeks. This would further concentrate his influence over the company’s future.

For risk-tolerant investors, there’s also the potential that Truth Social could eventually disrupt incumbent social media platforms and transform into a financially viable business at scale. Though it has struggled against larger rivals thus far, Trump’s massive following of over 90 million combined on X and Facebook could provide a springboard.

From a trading perspective, Truth Social’s arrival has already juiced options volumes to potentially record levels. Traders loaded up on bullish call options betting on shares surging to $80 or $90 in a sign of the speculative frenzy around the stock.

Ultimately, while Truth Social’s jaw-dropping debut minted a new billionaire out of Trump, it has set the stage for a gladiator battle between bullish and bearish investors. With both immense risks and rewards, Truth Social is shaping up as the ultimate “investor Rorschach test” based on one’s convictions around Trump and his ability to create a viable media business.

Major Bridge Collapse in Baltimore Disrupts Shipping, Highlights Infrastructure Risks

Posted on March 26, 2024March 26, 2024 by slightbourne@noblecapitalmarkets.com

In a shocking incident early Tuesday morning, the Francis Scott Key Bridge in Baltimore collapsed after being struck by a large container ship. The bridge carried Interstate 695 over the Patapsco River, a critical transportation artery southeast of the Baltimore metropolitan area. Up to seven people may have fallen into the water after vehicles on the bridge were impacted, with two rescued so far.

This catastrophic event has wide-ranging implications, not just for the tragic loss of life and regional transportation, but also for the shipping and logistics industry. The container ship involved has been identified as the Singapore-flagged DALI, a 948-foot vessel chartered by shipping giant Maersk and operated by Synergy Marine Group.

While the cause is still under investigation, the incident starkly highlights the risks and vulnerabilities faced by the shipping industry and supply chains. A single accident can bring a vital port and transportation hub to a standstill. The U.S. Coast Guard has already suspended all vessel traffic in and out of the Port of Baltimore until further notice.

This is likely to cause significant disruptions and delays, not just for Baltimore but rippling across global shipping routes and supply chains that rely on the port. The Port of Baltimore handled over 15 million tons of foreign cargo in 2021 and is a critical gateway for international trade on the U.S. East Coast.

Investors in the shipping and logistics sectors will be watching developments closely. Major players like Maersk could face legal liabilities, higher insurance costs, reputational damage, and loss of business from prolonged port closures. Smaller shipping companies that rely on the Baltimore port may be even more heavily impacted operationally and financially.

The incident also casts a harsh spotlight on the state of U.S. infrastructure. Despite the Biden administration’s efforts through the Bipartisan Infrastructure Law, incidents like this underscore the costs and risks of deficient transportation infrastructure. According to the American Road & Transportation Builders Association, over 43,000 bridges across the U.S. are classified as structurally deficient.

This could spur renewed focus on infrastructure spending and improvements, creating potential opportunities for companies involved in construction, engineering, and building materials. However, it also highlights risks for industries like trucking and logistics that depend heavily on safe and reliable transportation networks.

In the small cap space, companies with localized operations around the Baltimore area could face disruptions to business activity and supply chains. This may create trading opportunities for investors watching the impacts closely. Conversely, small caps that provide solutions for infrastructure monitoring, maintenance and security may see increased interest.

Overall, while the human toll is the primary tragedy, this incident is likely to have significant ripple effects across the economy, policy landscape and investment markets in the weeks and months ahead. Investors would be wise to closely monitor developments and reassess potential risks and opportunities across sectors like shipping, infrastructure, and industrial small caps.

Release – MAIA Biotechnology Announces $1.33 Million Private Placement

Posted on March 26, 2024March 26, 2024 by aweinsoff@channelchek.com

Research News and Market Data on MAIA

March 26, 2024 8:01am EDT

CHICAGO–(BUSINESS WIRE)– MAIA Biotechnology, Inc., (NYSE American: MAIA) (“MAIA”, the “Company”), a clinical-stage biopharmaceutical company developing targeted immunotherapies for cancer, today announced that it has entered into definitive agreements for the purchase and sale of an aggregate of 578,643 shares of common stock at a purchase price of $2.295 per share, in a private placement to accredited investors. Each share of common stock is being offered together with a warrant to purchase one share of common stock at an exercise price of $2.55 per share, which price represents the greater of the book or market value of the stock on the date the definitive agreements were executed (subject to customary adjustments as set forth in the warrants). The warrants are exercisable commencing six months following issuance and have a term of five years from the initial exercise date. The private placement is expected to close on or about March 28, 2024, subject to the satisfaction of customary closing conditions.

The gross proceeds from the offering are expected to be approximately $1.33 million, prior to offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for to fund research and development activities, such as to fund the first third of the pivotal accelerated approval Part C of the THIO-101 trial in non-small cell lung cancer (NSCLC).

The securities described above are being offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and/or Regulation D promulgated thereunder and, along with the shares of common stock underlying the warrants, have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the warrants and underlying shares of common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About MAIA Biotechnology, Inc.

MAIA is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is THIO, a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.

Forward Looking Statements

MAIA cautions that all statements, other than statements of historical facts contained in this press release, are forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, levels or activity, performance or achievements to be materially different from those anticipated by such statements. The use of words such as “may,” “might,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “intend,” “future,” “potential,” or “continue,” and other similar expressions are intended to identify forward looking statements. However, the absence of these words does not mean that statements are not forward-looking. For example, all statements we make regarding (i) the initiation, timing, cost, progress and results of our preclinical and clinical studies and our research and development programs, (ii) our ability to advance product candidates into, and successfully complete, clinical studies, (iii) the timing or likelihood of regulatory filings and approvals, (iv) our ability to develop, manufacture and commercialize our product candidates and to improve the manufacturing process, (v) the rate and degree of market acceptance of our product candidates, (vi) the size and growth potential of the markets for our product candidates and our ability to serve those markets, and (vii) our expectations regarding our ability to obtain and maintain intellectual property protection for our product candidates, are forward looking. All forward-looking statements are based on current estimates, assumptions and expectations by our management that, although we believe to be reasonable, are inherently uncertain. Any forward-looking statement expressing an expectation or belief as to future events is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future events and are subject to risks and uncertainties and other factors beyond our control that may cause actual results to differ materially from those expressed in any forward-looking statement. Any forward-looking statement speaks only as of the date on which it was made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. In this release, unless the context requires otherwise, “MAIA,” “Company,” “we,” “our,” and “us” refers to MAIA Biotechnology, Inc. and its subsidiaries.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240326325996/en/

Investor Relations Contact
+1 (872) 270-3518
ir@maiabiotech.com

Source: MAIA Biotechnology, Inc.

Released March 26, 2024

Release – Bitcoin Depot Expands into Puerto Rico with Nearly 100 BTM Locations Signed

Posted on March 26, 2024March 26, 2024 by aweinsoff@channelchek.com

Research News and Market Data on BTM

March 26, 2024 8:00 AM EDT

Bitcoin Depot Kiosks to be Installed in 87 Retail Locations

ATLANTA, March 26, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, plans to install its BTM machines in 87 retail locations in Puerto Rico that have been signed on the Company’s location agreements to receive BTMs. Bitcoin Depot currently has 40 kiosks that have arrived in Puerto Rico and are already being prepared for installation.

“This geographical expansion will introduce our Bitcoin ATMs to a totally new market with low competition,” said Bitcoin Depot CEO Brandon Mintz. “According to Coinatmradar.com, there are only roughly 45 existing Bitcoin ATMs in Puerto Rico. We believe Puerto Rico can support a much larger supply of Bitcoin ATMs compared to what it has today, and we look forward to working closely with our new location partners in Puerto Rico to provide Bitcoin to new customers across the island.”

Bitcoin Depot’s products and services provide an intuitive, quick, and convenient process for converting cash into Bitcoin. This allows users to access the broader digital financial system, including using Bitcoin to make payments, transfers, remittances, online purchases, and investments.

About Bitcoin Depot
Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with approximately 6,400 kiosk locations as of September 30, 2023. Learn more at www.bitcoindepot.com

Cautionary Note Regarding Forward-Looking Statements
This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, the anticipated effects of the Amendment, and the closing of the Preferred Sale. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.

These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.

We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

Contacts:

Investors 
Cody Slach, Alex Kovtun 
Gateway Group, Inc. 
949-574-3860 
BTM@gateway-grp.com

Media 
Christina Lockwood, Brenlyn Motlagh, Ryan Deloney 
Gateway Group, Inc.
949-574-3860 
BTM@gateway-grp.com

Source: Bitcoin Depot Inc.

Released March 26, 2024

ZyVersa Therapeutics, Inc. (ZVSA) – FY23 Reported With Reiteration of Milestones For Kidney and Inflammasome Trials

Posted on March 26, 2024March 26, 2024 by cpereira@noblefcm.com

Tuesday, March 26, 2024

Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.

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

ZyVersa Reported FY2023. ZyVersa Reported a FY2023 loss of $106.2 million or $(108.97) per share, including write-downs of In-process Research and Development of $81.4 million and Goodwill of $11.9 million that were recorded with the reverse merger in December 2022. Excluding these items, the operating loss would have been $14.4 million. Cash on hand was $3.1 million on December 31, and does not include $2.7 million from warrant exercise reported during February 2024.

ZyVersa Has Made Progress Toward Starting VAR 200 Clinical Trials. ZyVersa announced the selection of a CRO and approval by an Institutional Review Board (IRB). These are steps required to start the Phase 2a clinical trial for VAR 200, its lead molecule for modulating cholesterol and lipid accumulation in the kidney that starts damage and declining function pathways. VAR 200 is expected to begin treating patients with diabetic kidney disease in 1H24.

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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).

Bitcoin Depot (BTM) – A Set Up Year For Future Growth

Posted on March 26, 2024March 26, 2024 by cpereira@noblefcm.com

Tuesday, March 26, 2024

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

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

Q4 results. For Q4 the company reported $148.4 million in revenue, below our forecast of $157.0 million and roughly flat compared to the prior year period. Adj. EBITDA for the quarter was $9.0 million, which was in line with our estimate. The softer than expected revenue was largely driven by the company’s redeployment of kiosks. Notably, we believe the company’s favorable redeployment efforts could improve operating results in the long-run.

Expansion strategy. Management highlighted franchising as a favorable option for expansion. Notably, franchising offers the company a less capital intensive method for expansion, which captures approximately 30%-50% of profits from licensed kiosks. Additionally, management views New York as a significant opportunity for growth, and is currently in the application process to obtain a license to operate in the state.

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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).