HOUSTON, Oct. 16, 2024 /PRNewswire/ — Direct Digital Holdings, Inc. (Nasdaq: DRCT) (“Direct Digital Holdings” or the “Company”), a leading advertising and marketing technology platform operating through its companies Colossus Media, LLC (“Colossus SSP”), Orange 142, LLC (“Orange 142”) and Huddled Masses LLC (“Huddled Masses”), announced today that it received written notice from the staff of the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC informing the Company that it has regained compliance with Nasdaq Listing Rule 5250(c)(1) regarding periodic reporting.
The regaining of compliance is a result of yesterday’s filings of Direct Digital Holdings’ Form 10-K for the full-year ended December 31, 2023, as well as its Form 10-Q for the first quarter ended March 31, 2024 and its Form 10-Q for the second quarter ended June 30, 2024.
The Staff has advised the Company that the listing compliance matter is now closed.
About Direct Digital Holdings Direct Digital Holdings (Nasdaq: DRCT), owner of operating companies Colossus SSP, Huddled Masses, and Orange 142, brings state-of-the-art sell- and buy-side advertising platforms together under one umbrella company. Direct Digital Holdings’ sell-side platform, Colossus SSP, offers advertisers of all sizes extensive reach within general market and multicultural media properties. The Company’s subsidiaries Huddled Masses and Orange 142 deliver significant ROI for middle market advertisers by providing data-optimized programmatic solutions at scale for businesses in sectors that range from energy to healthcare to travel to financial services. Direct Digital Holdings’ sell- and buy-side solutions manage on average over 125,000 clients monthly, generating over 300 billion impressions per month across display, CTV, in-app and other media channels.
SKYX will Offer a Variety of its Advanced and Smart Plug & Play Lighting and Ceiling Fan Products, Plug & Play Retrofit Kits and Recessed Lights, Ceiling Outlet Receptacles, and More
MIAMI, Oct. 16, 2024 (GLOBE NEWSWIRE) — SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a “SKYX Technologies”), a highly disruptive smart platform technology company with over 97 issued and pending patents in the U.S. and globally, with a mission to make homes and buildings become smart, safe, and advanced as the new standard, announced today a collaboration with world leading home décor website, Wayfair, for its advanced and smart plug & play products.
SKYX will offer a large variety of its advanced and smart plug & play products including retrofit kits, plug & play smart light fixtures, ceiling fans, recessed lights, and ceiling outlet receptacles, SKYX’s advanced and smart products are expected to be offered on Wayfair’s website in the coming weeks.
Steve Schmidt, President of SKYX, said: “We are truly excited to collaborate with the world leading home décor e-commerce company, Wayfair. I view this collaboration as a great growth opportunity for us and Wayfair, as our technology offers a variety of game changing products for both retail and professional segments that is a growing category for Wayfair.”
Rani Kohen, Founder and Executive Chairman of SKYX, said: “We are thrilled to work together with Wayfair, a world leading home décor company. This is a significant opportunity to enhance our market penetration to both retail and professional channels, including architects, designers, and home decorators.”
Video Link to SKYX’s three generations of products Click Here
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 97 U.S. and global patents and patent pending applications. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.
Forward-Looking Statements
Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.
STAMFORD, Conn.–(BUSINESS WIRE)– Information Services Group (ISG) (Nasdaq: III ), a leading global technology research and advisory firm, said today it will release its third-quarter financial results on Thursday, November 7, 2024, at approximately 4:15 p.m., U.S. Eastern Time.
The firm will host a conference call with investors and industry analysts at 9 a.m., U.S. Eastern Time, the following day, Friday, November 8. Dial-in details are as follows:
The dial-in number for U.S. participants is +1 (800) 715-9871 .
International participants should call +1 (646) 307-1963 .
The security code to access the call is 8229408 .
Participants are requested to dial in at least five minutes before the scheduled start time.
A recording of the conference call will be accessible on ISG’s investor relations page for approximately four weeks following the call.
About ISG
ISG (Information Services Group) (Nasdaq: III ) is a leading global technology research and advisory firm. A trusted business partner to more than 900 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including AI, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,600 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.
NDA based on two Phase 3 studies of TNX-102 SL in fibromyalgia with statistically significant results on the primary endpoint of reducing widespread pain; generally well tolerated
TNX-102 SL is a non-opioid, centrally acting analgesic, granted Fast Track designation by FDA
Fibromyalgia affects more than 10 million adults in the U.S. who are mostly women
If approved by FDA, TNX-102 SL would be the first member of a new class of analgesic drugs for fibromyalgia and the first new drug for treating fibromyalgia in more than 15 years
CHATHAM, N.J., Oct. 16, 2024 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (Tonix or the Company), today announced the submission of a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for TNX-102 SL (cyclobenzaprine HCl sublingual tablets) 5.6 mg, a non-opioid, centrally-acting analgesic that showed statistically significant reduction in the chronic, widespread pain associated with fibromyalgia in two Phase 3 studies and was generally well tolerated. TNX-102 SL was granted Fast Track designation for fibromyalgia by the FDA in July of 2024. Fast Track is designed to expedite FDA review of important new drugs to treat serious conditions and fill an unmet medical need.
“With the submission of this NDA, Tonix has achieved a critical milestone in potentially bringing a new first-line treatment option to the large and dissatisfied fibromyalgia population that has not had a new pharmacotherapy in over 15 years,” said Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals. “TNX-102 SL would be the first member of a new class of medicines for treating fibromyalgia. TNX-102 SL was designed and developed as a bedtime treatment to be taken daily on a chronic basis. Tonix believes bedtime TNX-102 SL relieves fibromyalgia pain by targeting the non-restorative sleep that is characteristic of fibromyalgia.”
The NDA submission is supported by data from two 14-week double-blind, randomized, placebo-controlled Phase 3 clinical trials evaluating the safety and efficacy of TNX-102 SL 5.6 mg as a bedtime treatment for fibromyalgia. The prior Phase 3 RELIEF trial of TNX-102 SL in fibromyalgia, completed in December 2020, met its pre-specified primary endpoint of significantly reducing daily pain compared to placebo (p=0.010). In the confirmatory Phase 3 RESILIENT study in fibromyalgia, completed in December 2023, TNX-102 SL met the pre-specified primary endpoint of significantly reducing daily pain compared to placebo (p =0.00005). In both trials, TNX-102 SL was generally well tolerated with an adverse event profile comparable to prior studies and with no new safety signals observed. In both pivotal studies, the most common treatment-emergent adverse event was tongue or mouth numbness at the administration site, which was temporally related to dosing, self-limited, never rated as severe, and rarely led to study discontinuation (one participant in each study). Therefore, Tonix believes the submitted dossier contains the requisite safety and efficacy data from two adequate and well-controlled studies to support NDA submission.
“Despite three FDA-approved medications, representing two different classes of medicines, there remains a need for new treatment options for fibromyalgia patients,” commented Gregory Sullivan, M.D., Chief Medical Officer of Tonix Pharmaceuticals. “If approved by FDA, TNX-102 SL would be the first of a new tricyclic class of medicines for treating fibromyalgia. The existing FDA-approved drugs for fibromyalgia include the gabapentinoid class, represented by Pfizer’s Lyrica® (pregabalin) approved in 2008, and the SNRI class, represented by Lilly’s Cymbalta® (duloxetine) and AbbVie’s Savella® (milnacipran) approved in 2007 and 2009, respectively. The TNX-102 SL tablet is based on a proprietary eutectic formulation of cyclobenzaprine HCl and mannitol that provides a stable product which dissolves rapidly and efficiently delivers cyclobenzaprine by the transmucosal route into the bloodstream. I would like to thank all the participants in our clinical trials, as well as the trial investigators and staff, who worked together over many years to help make this important milestone possible.”
The FDA typically has a 60-day filing review period to determine whether the submitted NDA is complete and accepted for review. If FDA accepts the NDA for review, the Company expects a 2025 date for an FDA decision on approval, based on the Prescription Drug User Fee Act (PDUFA).
About Fibromyalgia
Fibromyalgia is a common chronic pain disorder that is understood to result from amplified sensory and pain signaling within the central nervous system, called central sensitization. Brain imaging studies have localized the functional disorder to the brain’s insular and anterior cingulate cortex. Fibromyalgia afflicts more than 10 million adults in the U.S., the majority of whom are women. Symptoms of fibromyalgia include chronic widespread pain, non-restorative sleep, fatigue, and brain fog (or cognitive dysfunction). Other associated symptoms include mood disturbances, including depression, anxiety, headaches, and abdominal pain or cramps. Individuals suffering from fibromyalgia often struggle with their daily activities, have impaired quality of life, and frequently are disabled. Physicians and patients report common dissatisfaction with currently marketed products. Fibromyalgia is now recognized as the prototypic nociplastic syndrome. Nociplastic pain is the third primary type of pain in addition to nociceptive pain and neuropathic pain. Many patients present with pain syndromes that are a spectrum of mixtures of the three primary types of pain. Nociplastic syndromes are associated with central and peripheral sensitization. Fibromyalgia can occur without any identifiable precipitating event. However, many fibromyalgia cases follow one or more precipitating event(s) including: chronic nociceptive or neuropathic pain states; recovery from an infectious illness; a cancer diagnosis or cancer treatment; a metabolic or endocrine stress; or a traumatic event. In the cases of recovery from an infectious illness, fibromyalgia is considered an Infection-Associated Chronic Condition. In addition to fibromyalgia cases associated with other conditions or stressors, the U.S. National Academies of Sciences, Engineering, and Medicine, has concluded that fibromyalgia is a diagnosable condition that occurs after recovery from COVID-19 in the context of Long COVID. Fibromyalgia is also recognized as a Chronic Overlapping Pain Condition, due to shared symptoms with chronic fatigue syndrome/myalgic encephalomyelitis (CFS/ME), irritable bowel syndrome, endometriosis, low back pain, post-concussive syndrome (also known as mild traumatic brain injury), chronic Lyme Disease, chronic diabetic neuropathy and chronic post-herpetic neuralgia.
About TNX-102 SL
TNX-102 SL is a centrally acting, non-opioid bedtime investigational drug, designed for chronic use. The tablet is a patented sublingual formulation of cyclobenzaprine hydrochloride developed for bedtime dosing for the management of fibromyalgia. Cyclobenzaprine interacts as an antagonist at four different receptors in the brain: serotonergic-5-HT2A, adrenergic-α1, histaminergic-H1, and muscarinic-M1-cholinergic receptors. Together, these interactions are believed to target the non-restorative sleep characteristic of fibromyalgia that was identified by Professor Harvey Moldofsky in 1975. Cyclobenzaprine is not associated with risk of addiction or dependence. The TNX-102 SL tablet is based on a eutectic formation of cyclobenzaprine HCl and mannitol that provides a stable product which dissolves rapidly and delivers cyclobenzaprine by the transmucosal route efficiently into the bloodstream. The eutectic protects cyclobenzaprine HCl from interacting with the basifying agent that is also part of the formulation and required for efficient transmucosal absorption. Patents based on TNX-102 SL’s eutectic composition and its properties have issued in the U.S., E.U., Japan, China and many other jurisdictions around the world and provide market protection into 2034. The European Patent Office’s Opposition Division maintained Tonix’s European Patent EP 2 968 992 in unamended form after an Opposition was filed against it by a Sandoz subsidiary, Hexal AG. Hexal AG did not appeal that decision. The formulation of TNX-102 SL was designed specifically for sublingual administration and transmucosal absorption for bedtime dosing to target disturbed sleep, while reducing the risk of daytime somnolence. Clinical pharmacokinetic studies indicated that the addition of a basifying agent was necessary for efficient transmucosal absorption which results in higher levels of exposure during the first 2 hours after dosing and in deceased levels of the long-lived active metabolite, norcyclobenzaprine in both single dose and multiple dose studies, consistent with bypassing first pass hepatic metabolism. At steady state after 20 days of dosing TNX-102 SL, the dynamic peak level of cyclobenzaprine is higher than the background level of norcyclobenzaprine. In contrast, after 20 days of dosing oral cyclobenzaprine, the simulated peak level of cyclobenzaprine is lower than the simulated background level of norcyclobenzaprine.
Tonix Pharmaceuticals Holding Corp.*
Tonix is a fully integrated biopharmaceutical company focused on transforming therapies for pain management and modernizing solutions for public health challenges. Tonix’s development portfolio is focused on central nervous system (CNS) disorders, and its priority is to progress TNX-102 SL, a product candidate for which an NDA was submitted based on two statistically significant Phase 3 studies for the management of fibromyalgia. The FDA has granted Fast Track designation to TNX-102 SL for the management of fibromyalgia. TNX-102 SL is also being developed to treat acute stress reaction and acute stress disorder under a Physician-Initiated IND at the University of North Carolina in the OASIS study funded by the U.S. Department of Defense (DoD). Tonix’s CNS portfolio includes TNX-1300 (cocaine esterase), a biologic in Phase 2 development designed to treat cocaine intoxication that has FDA Breakthrough Therapy designation and its development is supported by a grant from the U.S. National Institude of Drug Abuse and Addiction. Tonix’s immunology development portfolio consists of biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-1500, which is an Fc-modified humanized monoclonal antibody targeting CD40-ligand (CD40L or CD154) being developed for the prevention of allograft rejection and for the treatment of autoimmune diseases. Tonix also has product candidates in development in the areas of rare disease, including TNX-2900 for Prader-Willi syndrome, and infectious disease, including a vaccine for mpox, TNX-801. Tonix recently announced a contract with the U.S. DoD’s Defense Threat Reduction Agency (DTRA) for up to $34 million over five years to develop TNX-4200, small molecule broad-spectrum antiviral agents targeting CD45 for the prevention or treatment of infections to improve the medical readiness of military personnel in biological threat environments. Tonix owns and operates a state-of-the art infectious disease research facility in Frederick, MD. Tonix Medicines, our commercial subsidiary, markets Zembrace® SymTouch® (sumatriptan injection) 3 mg and Tosymra® (sumatriptan nasal spray) 10 mg for the treatment of acute migraine with or without aura in adults.
* Tonix’s product development candidates are investigational new drugs or biologics; their efficacy and safety have not been established and have not been approved for any indication.
Zembrace SymTouch and Tosymra are registered trademarks of Tonix Medicines. All other marks are property of their respective owners.
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; risks related to the failure to successfully market any of our products; 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, 2023, as filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2024, 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.
HOUSTON, Oct. 15, 2024 /PRNewswire/ — Direct Digital Holdings, Inc. (Nasdaq: DRCT) (“Direct Digital Holdings” or the “Company”), a leading advertising and marketing technology platform operating through its companies Colossus Media, LLC (“Colossus SSP”), Orange142, LLC (“Orange 142”) and Huddled Masses LLC (“Huddled Masses”), today announced the Company has filed its Form 10-K for the full-year ended December 31, 2023 (the “2023 Annual Report”), as well as its Form 10-Q for the first quarter ended March 31, 2024 (the “March 2024 Quarterly Report”) and its Form 10-Q for the second quarter ended June 30, 2024 (the “June 2024 Quarterly Report”).
Upon the filing of the 2023 Annual Report, the March 2024 Quarterly Report and the June 2024 Quarterly Report with the SEC, Direct Digital Holdings believes it has evidenced compliance with Nasdaq Listing Rule 5250(c)(1). However, the Company is awaiting a formal compliance determination from the Nasdaq Stock Market staff. The Company will provide an update upon receipt of such determination.
Mark D. Walker, CEO and Co-Founder of Direct Digital Holdings, commented, “We are pleased to complete these filings, which we believe will allow us to regain compliance with Nasdaq and put us on the path back to our regular reporting cadence. At Direct Digital Holdings, we remain excited to return to the normal execution of our industry-leading business model and company mission.”
Keith Smith, President and Co-Founder of Direct Digital Holdings, commented, “Since we last reported earnings, Direct Digital Holdings has encountered challenges due to two factors: first, the unexpected resignation of our previous auditor; and second, a series of coordinated and malicious misinformation attacks against the company, including the publication of false and defamatory articles and blog posts by a third party, which, we believe, have been comprehensively refuted. The proximity of these two events was then used to create a disparaging narrative which disrupted our business and existing capital-raising efforts, as well as creating additional audit, legal and other expenses. We have been fully engaged in addressing the issues, and I am proud of our team’s resilience during this time.”
The Company has taken several actions to address these challenges including (i) the execution on July 1, 2024 of a plan to reduce expenses through a staff reduction, a pause on hiring and cost savings measures, (ii) working with lenders to provide temporary relief from debt covenants while rebuilding sell-side volumes via debt amendments executed on October 15, 2024, (iii) engaging BDO, USA, P.C. as the Company’s independent registered public accounting firm for the audit of the Company’s consolidated financial statements for the fiscal year ended December 31, 2023 and (iv) filing its 2023 Annual Report, March 2024 Quarterly Report and June 2024 Quarterly Report.
Going forward, Direct Digital Holdings expects to (i) receive notification from Nasdaq that by filing the Annual and Quarterly Reports, the Company has regained compliance with respect to the delinquent SEC filings, which will allow the Company to access the capital markets as well as other financing sources, (ii) raise capital through arrangements with various providers, and (iii) continue to work with the Company’s partners to rebuild sell-side volumes.
Financial Outlook Update
Due to the aforementioned challenges, Direct Digital Holdings is unable to provide guidance for the full-year 2024 at this time.
Diana Diaz, Chief Financial Officer, stated, “As we move forward, we are committed to reestablishing a normal cadence of reporting our financial results which will provide our investors with the timely and accurate information they deserve. We remain dedicated to creating long-term value for our shareholders and will continue to provide best-in-class advertising solutions to our partners.”
This press release contains forward-looking statements within the meaning of federal securities laws that are subject to certain risks, trends and uncertainties. We use words such as “could,” “would,” “may,” “might,” “will,” “expect,” “likely,” “believe,” “continue,” “anticipate,” “estimate,” “intend,” “plan,” “project” and other similar expressions to identify forward-looking statements, but not all forward-looking statements include these words. All of our forward-looking statements involve estimates and uncertainties that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to the information described under the caption “Risk Factors” and elsewhere in our most recent Annual Report on Form 10 K (the “Form 10-K”) and subsequent periodic and or current reports filed with the Securities and Exchange Commission (the “SEC”).
The forward-looking statements contained in this press release are based on assumptions that we have made in light of our industry experience and our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you read and consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond our control) and assumptions.
Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual operating and financial performance and cause our performance to differ materially from the performance expressed in or implied by the forward-looking statements. We believe these factors include, but are not limited to, the following: the restrictions and covenants imposed upon us by our credit facilities; the substantial doubt about our ability to continue as a going concern, which may hinder our ability to obtain future financing; our ability to secure additional financing to meet our capital needs, including the establishment of any equity line of credit facility; our ineligibility to file short-form registration statements on Form S-3, which may impair our ability to raise capital; our failure to satisfy applicable listing standards of the Nasdaq Capital Market resulting in a potential delisting of our common stock; any significant fluctuations caused by our high customer concentration; risks related to non-payment by our clients; reputational and other harms caused by our failure to detect advertising fraud; operational and performance issues with our platform, whether real or perceived, including a failure to respond to technological changes or to upgrade our technology systems; restrictions on the use of third-party “cookies,” mobile device IDs or other tracking technologies, which could diminish our platform’s effectiveness; unfavorable publicity and negative public perception about our industry, particularly concerns regarding data privacy and security relating to our industry’s technology and practices, and any perceived failure to comply with laws and industry self-regulation; our failure to manage our growth effectively; the difficulty in identifying and integrating any future acquisitions or strategic investments; any changes or developments in legislative, judicial, regulatory or cultural environments related to information collection, use and processing; challenges related to our buy-side clients that are destination marketing organizations and that operate as public/private partnerships; any strain on our resources or diversion of our management’s attention as a result of being a public company; the intense competition of the digital advertising industry and our ability to effectively compete against current and future competitors; any significant inadvertent disclosure or breach of confidential and/or personal information we hold, or of the security of our or our customers’, suppliers’ or other partners’ computer systems; any failure by us to maintain or implement effective internal controls or to detect fraud; and other factors and assumptions discussed in our Form 10-K and subsequent periodic and current reports we may file with the SEC.
Should one or more of these risks or uncertainties materialize, or should any of these assumptions prove to be incorrect, our actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and except as required by law, we undertake no obligation to update any forward-looking statement contained in this press release to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. New factors that could cause our business not to develop as we expect emerge from time to time, and it is not possible for us to predict all of them. Further, we cannot assess the impact of each currently known or new factor on our results of operations 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.
About Direct Digital Holdings
Direct Digital Holdings (Nasdaq: DRCT), owner of operating companies Colossus SSP, Huddled Masses, and Orange 142, brings state-of-the-art sell- and buy-side advertising platforms together under one umbrella company. Direct Digital Holdings’ sell-side platform, Colossus SSP, offers advertisers of all sizes extensive reach within general market and multicultural media properties. The Company’s subsidiaries Huddled Masses and Orange142 deliver significant ROI for middle market advertisers by providing data-optimized programmatic solutions at scale for businesses in sectors that range from energy to healthcare to travel to financial services. Direct Digital Holdings’ sell- and buy-side solutions generate billions of impressions per month across display, CTV, in-app and other media channels.
Key Points: – Amazon Web Services (AWS) partners with Dominion Energy to explore small modular nuclear reactors (SMRs) in Virginia, investing over $500 million. – The SMRs aim to provide essential clean energy to AWS data centers, supporting its expansion into generative AI. – Amazon joins other tech giants like Google and Microsoft in utilizing nuclear power to meet rising energy demands while pursuing net-zero carbon goals.
Amazon Web Services (AWS) has announced a groundbreaking investment of more than $500 million to develop small modular nuclear reactors (SMRs), a move that signifies a robust commitment to clean energy and sustainable operations. The deal, made in partnership with Dominion Energy, will focus on constructing an SMR facility near Dominion’s existing North Anna nuclear power station in Virginia. This strategic investment aligns with Amazon’s broader goals to achieve net-zero carbon emissions while meeting the increasing energy demands of its expanding cloud computing services.
The SMR technology represents an advanced approach to nuclear energy, characterized by its smaller footprint, which allows for construction closer to energy demand centers like data centers. SMRs offer faster construction timelines compared to traditional nuclear reactors, enabling them to come online more quickly. With the surge in demand for data processing driven by generative AI, AWS anticipates significant increases in its power needs. According to Matthew Garman, CEO of AWS, “We see the need for gigawatts of power in the coming years, and there’s not going to be enough wind and solar projects to be able to meet the needs, and so nuclear is a great opportunity.”
Virginia, known as a hub for data centers, hosts nearly half of the nation’s facilities. The growing demand for electricity in the region has put immense pressure on local utilities. Dominion Energy serves approximately 3,500 megawatts from 452 data centers across its service territory, with projections indicating an 85% increase in power demand over the next 15 years. The new SMR facility is expected to provide at least 300 megawatts of power to help alleviate this demand.
Amazon’s investment is part of a larger trend among major tech companies to integrate nuclear power into their energy strategies. Other industry leaders, such as Google and Microsoft, have similarly announced plans to utilize SMR technology to fuel their operations. Google’s recent deal with Kairos Power and Microsoft’s revival of the Three Mile Island site for energy highlight the growing recognition of nuclear energy as a viable solution to meet escalating power needs while adhering to sustainability commitments.
In addition to its partnership with Dominion Energy, AWS is also collaborating with Energy Northwest in Washington state to develop four SMRs, with the option for more. These reactors will directly supply energy to the grid, benefiting both Amazon’s operations and the broader electricity market. The development is crucial for reinforcing the grid’s capacity and reliability, especially as more data centers come online.
The U.S. government has shown strong support for the development of nuclear energy, with Secretary of Energy Jennifer Granholm announcing $900 million in new funding for projects aimed at deploying more SMRs. This backing underscores the Biden administration’s commitment to transitioning to cleaner energy sources while enhancing energy security.
As the global energy landscape evolves, Amazon’s substantial investment in small modular nuclear reactors positions the company at the forefront of the clean energy movement, setting a precedent for how tech giants can leverage innovative solutions to meet their growing energy demands sustainably. The successful implementation of these SMRs could pave the way for a new era of energy production that not only supports corporate growth but also aligns with the urgent need for a transition to a low-carbon economy.
For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.
Joe Gomes, CFA, 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.
Raising Price Target. We are maintaining our Outperform rating on VVX shares but raising our price target to $72 from a prior $62. We believe V2X is well positioned for continued operating success. Recent results and contract awards highlight the power of V2X, in our view. At our new price target. VVX shares would trade at 0.8x our projected 2024 revenue and 10.6x our projected adjusted EBITDA for the year. These multiples are still below the peer group averages.
Rationale. On Monday, VVX shares closed at $65.14, above our $62 price target. Year-to-date, VVX shares have appreciated 40.3%, compared to a 10.5% rise over the same period for the Russell 2000 index. Given the business momentum exhibited in the first half of 2024 and our projections for the remainder of the year, we believe the momentum will continue for V2X.
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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.
Joe Gomes, CFA, 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.
New Service. Bit Digital’s acquisition of Enovum provides a new vertical within the HPC business in AI/HPC colocation services. As noted in our previous report, the new business will vertically integrate Bit Digital’s HPC business and complement the current GPU Cloud service segment.
Colocation Expansion and Synergies. The new service offers longer contract terms (4-12 years versus 2-5) and higher gross margin (70-80% versus 65-75%) than the current GPU Cloud service. With a potential 8MW expansion, annualized EBITDA can climb to $13 million, and the additional 20MW expansion can further climb it to $45 million. The data centers also can be extended to its GPU Cloud service through storing procured GPUs, offering capacity to customers on a just-in-time basis, or to boost margins instead of hosting third party GPUs. We believe the scalability and potential synergies present an exciting vertical now and in the future.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Key Points: – GM partners with Lithium Americas to develop a lithium mining project in Nevada, investing $625 million. – The Thacker Pass project will boost GM’s efforts to secure domestic lithium for EV battery production. – The deal is a key step in GM’s goal of building a resilient, U.S.-based EV supply chain.
General Motors (GM) is making a significant move to strengthen its electric vehicle (EV) supply chain by partnering with Lithium Americas Corp. in a joint venture. This collaboration involves a substantial $625 million investment in the Thacker Pass lithium carbonate mining project, located in Humboldt County, Nevada. Lithium is a critical component for manufacturing the high-capacity batteries needed to power EVs, making this deal a pivotal step in GM’s goal of building a resilient, U.S.-based supply chain.
With EV demand surging and federal regulations tightening on emissions, GM is focusing on ensuring a steady and reliable supply of lithium, a key raw material for EV batteries. This partnership, which includes $330 million in cash at closing, $100 million upon final project decisions, and a $195 million credit facility, is designed to secure GM’s access to lithium for its growing fleet of electric vehicles. GM will hold a 38% interest in the Thacker Pass project, which is expected to create significant job opportunities and contribute to cost savings in battery production.
“We’re pleased with the significant progress Lithium Americas is making to help GM achieve our goal to develop a resilient EV material supply chain,” said Jeff Morrison, GM’s senior vice president of global purchasing and supply chain. Securing lithium and other essential raw materials domestically is critical for managing battery costs, providing value to customers, and meeting investor expectations.
This joint venture builds on GM’s earlier $320 million investment into Lithium Americas in February 2023, further cementing their relationship. As the Thacker Pass project moves forward, it will play a crucial role in GM’s ambitious plan to scale its EV business and produce electric vehicles more profitably, in line with tightening U.S. environmental regulations.
The Wolfspeed project and GM’s lithium venture highlight the importance of fostering a domestic EV supply chain to reduce reliance on foreign resources, ensuring that the U.S. remains competitive in the global EV race. By linking these two developments, the broader picture of the growing U.S. EV infrastructure comes into view, from essential raw materials like lithium to advanced chip technologies, all designed to power the future of transportation.
As GM continues to push its all-electric vision, its investment in Thacker Pass positions the company to meet the increasing demand for EVs, while simultaneously reducing costs and securing a vital component of the battery production process. With both Wolfspeed and GM making significant strides, the U.S. EV industry is poised for substantial growth in the coming years.
Key Points: – Wolfspeed is set to receive a $750 million grant from the U.S. government, boosting its shares over 30%. – The chipmaker plans a nearly 30% production capacity increase as part of a $6 billion investment strategy. – The funding aims to strengthen the U.S. semiconductor industry amid rising demand for energy-efficient technologies.
Wolfspeed, a leading manufacturer of electric vehicle (EV) chips, has announced that it will receive $750 million in government grants to support its new silicon carbide wafer manufacturing plant in North Carolina. This funding is part of the U.S. Commerce Department’s initiative to bolster domestic semiconductor production, a critical sector for the nation’s economy and technological security. Following the announcement, Wolfspeed’s stock price surged by over 30%, reflecting investor optimism about the company’s future prospects.
The Commerce Department emphasized that the preliminary funding agreement requires Wolfspeed to take steps to strengthen its balance sheet to safeguard taxpayer funds. In addition to the government grant, Wolfspeed has secured $750 million in new financing from a consortium of investment funds led by Apollo Global Management, the Baupost Group, Fidelity Management & Research Company, and Capital Group. This dual approach to funding will provide a solid financial foundation for the company’s ambitious expansion plans.
Wolfspeed specializes in producing silicon carbide chips, a more energy-efficient alternative to traditional silicon-based components. These chips are crucial for a variety of applications, including the transmission of power from electric vehicle batteries to motors, making them particularly important in the rapidly growing EV market. The company counts major automotive manufacturers such as General Motors and Mercedes-Benz among its customers, highlighting the increasing demand for advanced semiconductor technologies in the automotive sector.
As part of its strategy to enhance production capabilities, Wolfspeed is also expanding its silicon carbide device manufacturing facility in Marcy, New York, aiming to increase production capacity by nearly 30%. This expansion is a key component of its previously announced $6 billion capacity growth plan, which is designed to position Wolfspeed as a market leader in the semiconductor industry.
The recent funding announcement underscores the strategic significance of Wolfspeed’s technology, especially as the U.S. government intensifies efforts to revitalize its semiconductor industry. The company’s devices are used not only in the automotive sector but also in renewable energy systems and artificial intelligence applications. This diverse application range positions Wolfspeed well to benefit from ongoing investments in clean energy and technological innovation.
In addition to the grant and new financing, Wolfspeed anticipates receiving $1 billion in cash tax refunds from the “48D” advanced manufacturing tax credit under the Chips and Science Act. This further financial incentive underscores the government’s commitment to supporting domestic semiconductor production, especially as competition with global players intensifies.
However, despite these positive developments, Wolfspeed’s stock has faced significant challenges this year, with its value plummeting nearly 75% due to a sharp slowdown in electric vehicle demand. The company’s new 2 million-square-foot silicon carbide wafer factory in Chatham County, North Carolina, which was announced in 2022, is expected to deliver wafers by summer 2025 to meet its own chip manufacturing needs.
As Wolfspeed moves forward with these strategic initiatives, the company is poised to play a critical role in shaping the future of the semiconductor industry in the U.S., driving innovations in electric vehicles and renewable energy technologies.
New technology reduces steam consumption, increases system capacity, and lowers carbon footprint
BATAVIA, N.Y.–(BUSINESS WIRE)– Graham Corporation (NYSE: GHM) (“Graham” or “the Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries, announced today the successful launch of its NextGen steam ejector nozzle with a customer installation in a Gulf Coast refinery. This marks a significant achievement for the Company’s new technology, which was designed to offer efficiency improvements, environmental benefits and enhanced profitability for customers.
The NextGen steam ejector nozzles are engineered to reduce steam consumption, lower operating costs, and increase system capacity, allowing refineries and process plants to enhance throughput while minimizing their carbon footprint. Ultimately these benefits drive profitability, positioning the NextGen technology as a critical tool for refineries to optimize both performance and financial returns. With this launch, Graham demonstrates its commitment to helping customers meet stringent sustainability goals and emissions regulations through innovation.
In this installation, the customer achieved a 5.6% reduction in overall steam consumption, which is expected to result in the customer saving an estimated $270,000 annually in utility costs. The refinery also increased capacity by 3.1% and improved vacuum levels by 10.4%. Additionally, the reduction in steam usage is expected to cut 1,970 tons of CO2 emissions per year, supporting the customer’s environmental and financial objectives.
Dan Thoren, Graham Corporation President and Chief Executive Officer, commented, “We are very proud to see our NextGen nozzle technology deliver such tangible results. The successful demonstration of our R&D investments through this installation proves the value of innovation in improving efficiency and sustainability. A key benefit of reducing steam consumption is the corresponding reduction in CO2 emissions, which can have a meaningful impact on a plant’s emissions profile and carbon credit position. By optimizing vacuum systems with this new technology, we help our customers improve both their operational efficiency and profitability, while also enhancing their environmental impact.”
NextGen Nozzle Advantages:
Custom Engineered for Specific Applications: Unlike traditional nozzles, which are sized based on historical data, each NextGen nozzle is custom engineered and optimized for individual customer processes. This allows for precise performance improvements tailored to specific operating conditions.
Energy Efficiency: R&D testing shows that NextGen nozzles are 5% to 10% more energy efficient than standard nozzles, reducing the overall energy needed to operate vacuum systems.
Steam Savings: These nozzles target high-compression, first-stage steam jet ejectors, where steam consumption is typically the highest, delivering significant reductions in steam usage.
Seamless Retrofit: The nozzles are designed to fit seamlessly into existing Graham ejectors, making them an easy upgrade option for customers seeking efficiency gains without extensive reconfiguration.
By lowering steam consumption and improving process efficiency, NextGen nozzles also reduce downstream condenser heat loads and emissions from customer boilers, contributing to a more sustainable industrial process.
Mr. Thoren added, “According to our estimates based on the current installed base that can benefit from this enhanced product, we see meaningful potential for our NextGen nozzle technology, with an estimated total market opportunity exceeding $50 million over the next 5 to 10 years. By actively marketing this innovative solution to our extensive customer base across North America and globally, we aim to help more customers achieve significant energy savings, enhance system performance, increase profitability, and reduce their carbon footprints through seamless upgrades to their existing systems.”
For more information on the NextGen nozzle, visit graham-mfg.com or watch an overview video.
About Graham Corporation
Graham is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries. Graham Corporation and its family of global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps, and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems. Graham Corporation routinely posts news and other important information on its website, grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “can,” “estimate,” “expects,” “potential,” “will,” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, the success and efficiencies created by the NextGen steam ejector nozzle, the estimated total market opportunity and the Company’s ability to capitalize on such market opportunity. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission, including under the heading entitled “Risk Factors,” its quarterly reports on Form 10-Q, and other filings it makes with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.
MCLEAN, Va., Oct. 15, 2024 /PRNewswire/ — V2X, Inc., (NYSE: VVX), a leading provider of global mission solutions, will report third quarter 2024 financial results on Monday, November 4, 2024, after market close. Senior management will conduct a conference call at 4:30 p.m. ET that same day.
U.S.-based participants may dial in to the conference call at 877-506-6380, while international participants may dial 412-542-4198. A live webcast of the conference call as well as an accompanying slide presentation will be available at https://app.webinar.net/8eqdGbMZ6Xa and on the Investors section of the V2X website at https://gov2x.com/.
A replay of the conference call will be posted on the V2X website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through November 18, 2024, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10193464.
About V2X V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
Investor Contact Mike Smith, CFA Vice President, Treasury, Corporate Development and Investor Relations IR@goV2X.com 719-637-5773
Media Contact Angelica Spanos Deoudes Director, Corporate Communications Angelica.Deoudes@goV2X.com 571-338-5195
NEW YORK, October 14, 2024 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York, announced today that it has acquired Enovum Data Centers (“Enovum”), an owner, operator, and developer of high-performance computing (“HPC”) datacenters, for a total consideration of approximately CAD $62.8 million (approximately USD $46MM). This transaction vertically integrates Bit Digital’s HPC operations with an existing, fully operational and fully leased Tier 3 datacenter in a major city; provides a strong diversity of existing and prospective colocation customers; delivers a strong pipeline of expansion site opportunities and an experienced team to lead the development processes; and enables Bit Digital to offer new service offerings such as colocation and on-demand computing to complement its existing GPU offerings.
Transaction Overview
Bit Digital has acquired Enovum for a total consideration of CAD $62.8MM (approximately USD $46MM based on a CAD/USD exchange rate of 0.73). The acquisition was completed on a debt-free basis, with a normalized level of working capital acquired, funded by approximately CAD $56 million of cash and approximately 1.62 million share equivalents issued solely to key management who rolled-over a significant portion of their existing ownership in Enovum. The transaction closed on October 11, 2024.
Strategic Rationale
The addition of Enovum vertically integrates Bit Digital’s HPC business into the colocation services sector of the value chain. This creates the potential for significant synergies, as Bit Digital may capture additional margin from HPC customers, versus hosting them with third party datacenters. Additionally, it enhances Bit Digital’s competitive positioning in the marketplace, enabling the Company to offer an integrated GPU cloud solution to customers. Finally, Bit Digital will enjoy greater operating flexibility by colocating its owned GPU inventory in Enovum datacenters, offering capacity to customers on a just-in-time basis – an important differentiator in a marketplace where time-to-market is paramount.
Expansion Pipeline
Enovum has a proprietary development pipeline of 288 MW, including 93MW that are currently under LOI with respective landlords. All sites are in major metropolitan areas and in general will be designed to accommodate direct-to-chip liquid cooling. Immediate term plans include bringing approximately 8MW online by the end of 2Q 2025 for approximately USD $50MM of capex. The Company expects run-rate, colocation EBITDA for the Enovum business to exit 2Q25 at approximately USD $13MM based on that development schedule. Bit Digital may also place its own GPUs at those sites, which could significantly increase EBITDA per MW. The Company is tentatively planning to bring an additional 20MW online by year-end 2025. However, development plans will be contingent on firm customer demand and financing options.
Financing Alternatives
Bit Digital has engaged an investment banking firm to pursue debt financing alternatives to expand Bit Digital’s capital resources to fund both Enovum’s expansion capex, as well as procurement of GPU servers for Bit Digital’s existing cloud business. The Enovum acquisition has been structured to optimize tax outcomes and provide for a potential future REIT (Real Estate Investment Trust) election.
Enovum Overview
Enovum, headquartered in Montreal, Canada, is an owner, operator, and developer of HPC datacenters that commenced operations in 2020. Enovum currently operates a 4MW Tier 3 datacenter in Montreal that is powered by renewable hydroelectricity. The site, which is leased through 2036 with two five-year extension options, features 2N UPS and 2N generators with N+1 redundant cooling design. The site is currently fully leased to more than a dozen colocation customers and is expected to generate approximately CAD $10MM of revenue in 2025. Enovum already has strong demand from both existing and new customers for colocation capacity in new capacity to be brought online.
Experienced Team
Bit Digital will retain key employees from Enovum as part of its purchase agreement to ensure operational continuity of the existing site and development of the expansion pipeline. These employees possess decades of collective experience in managing and developing Tier 3 data centers and fill a key gap in Bit Digital’s capabilities.
Management Commentary
Sam Tabar, Bit Digital’s CEO, commented: “We are thrilled to announce a transformational acquisition for Bit Digital. This transaction is the culmination of many months of due diligence and negotiation. Vertical integration on the HPC side has been a priority for Bit Digital and we believe we were able to achieve this goal at an attractive price. For a similar cost to ground-up development, we acquired an operational 4MW facility and a key time value advantage vs. greenfield development; a fully leased site already generating several million dollars of EBITDA; a diverse set of existing customers and firm book for future capacity; and a strong pipeline of future sites with an experienced team to lead the development process.”
Tabar continued: “One of our key criteria for acquiring an HPC site was proximity to a major metropolitan area. The existing site in Montreal and near-term expansions sites are all located in Tier-1 cities. We continue to see major value in having datacenter assets adjacent to highly populous areas as they present the most value for inference models where latency is a primary concern. Following this acquisition and contemplating our expansion program, we believe Bit Digital will be well positioned to accommodate inference workloads. In tandem with the buildout of our datacenter footprint, we will continue to invest in our GPU-as-a-service business, with the two units coalescing to establish a formidable player in the HPC industry.”
Advisors
B. Riley Securities is acting as exclusive financial advisor to Bit Digital, Inc. and Davies Ward Phillips & Vineberg LLP and White & Case LLP are acting as legal advisors.
Conference Call
The Company will host a conference call to discuss the acquisition on Tuesday, October 15th, 2024, at 9AM ET. To register for the webcast, please click: here. Additionally, participants can join the conference call by dialing 1- 800-289-0459 (passcode: 632269). An accompanying investor presentation can be found on the investor relations page bit-digital.com.
About Enovum
Enovum is a high-performance computing data center operator headquartered in Montreal, Canada. Enovum operates a Tier 3 datacenter in Montreal that currently has 4MW of capacity. The company also has a pipeline of development sites of more than 280MW, including over 90MW currently under LOI. Enovum has an experienced team that has proven to be able to build state-of-the-art datacenters and source high-value customers to fill that capacity.
About Bit Digital
Bit Digital, Inc. is a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York City. Our bitcoin mining operations are located in the US, Canada, and Iceland. The Company has established a business line, Bit Digital AI, that offers infrastructure services for artificial intelligence applications. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.
Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2023. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors.
Safe Harbor Statement
This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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