Month: March 2026

SpaceX Eyes $75 Billion IPO — The Largest in History and What It Means for the Broader Market

Posted on by slightbourne@noblecapitalmarkets.com

SpaceX, Elon Musk’s rocket and satellite giant, is reportedly weighing a fundraising target of approximately $75 billion in its upcoming initial public offering — a figure so staggering it would more than double the previous record holder, Saudi Aramco’s $29 billion listing in 2019. Earlier reports had pegged the target closer to $50 billion, but sources familiar with the matter suggest the company has since discussed raising north of $70 billion with potential investors.

The company is reportedly eyeing a June market debut, with a confidential IPO filing potentially hitting as early as this month. Nothing is finalized, and the timeline could shift, but preparations appear well underway.

At a projected valuation north of $1.75 trillion, SpaceX would sit comfortably among the most valuable companies on the planet — larger than all but five members of the S&P 500. Only Nvidia, Apple, Alphabet, Microsoft, and Amazon would rank above it. That places SpaceX ahead of Meta Platforms and, notably, Musk’s own Tesla. The company’s footprint expanded significantly after absorbing Musk’s AI startup xAI in a deal that valued the combined entity at $1.25 trillion.

For context, SpaceX isn’t just a rocket company anymore. Starlink, its satellite internet division, has become a legitimate global broadband player with millions of subscribers, a recurring revenue engine that makes the broader SpaceX story far more investable than a pure aerospace play. That commercial backbone is a big reason why the valuation math holds up — at least in the eyes of institutional buyers.

Why This Matters Beyond the Headline

For investors who operate in the small and microcap space, this deal carries real implications even if SpaceX is nowhere near your portfolio.

A transaction of this magnitude will consume enormous amounts of institutional capital. Fund managers allocating to a $75 billion raise are, by necessity, pulling liquidity from somewhere. In environments where mega-cap IPOs dominate investor attention, smaller names often get deprioritized — not because the fundamentals have changed, but because the oxygen in the room gets sucked up by the headline deal.

That dynamic has played out historically around blockbuster listings. The Aramco IPO in 2019, the Rivian offering in 2021, and the SPAC boom all coincided with periods of subdued interest in the lower end of the market cap spectrum. Whether SpaceX follows that pattern will depend heavily on the broader macro environment at the time of listing.

There’s also the sentiment angle. A successful SpaceX IPO — executed cleanly at a $1.75 trillion valuation — could serve as a confidence signal for the broader IPO pipeline, potentially unlocking deals that have been sitting on the sidelines waiting for a favorable window. If the market receives this one well, expect a flood of filings in Q3.

For now, the deal is still taking shape. But make no mistake — when a single IPO threatens to rewrite the record books twice over, the entire investment landscape takes note.

Release – Resources Connection to Announce Third Quarter Fiscal 2026 Results on April 8, 2026

Posted on by aweinsoff@channelchek.com

Research News and Market Data on RGP

DALLAS–(BUSINESS WIRE)–Mar. 25, 2026–Resources Connection, Inc. (Nasdaq: RGP) (the “Company,” “we,” and “our”), a global consulting firm, will announce results of operations for its third quarter of fiscal 2026 ended February 28, 2026 after the close of market on Wednesday, April 8, 2026.

This release will be followed by a conference call at 5:00 p.m. ET, April 8, 2026. A live webcast of the call will be available on the “Investor Relations” Events section of the Company’s website. To access the call by phone, please go to this link (registration link), and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time by visiting the RGP Investor Events section of the Company’s website.

ABOUT RGP

RGP (Nasdaq: RGP) is an award-winning global professional services firm with three decades of experience helping the world’s top organizations navigate change and seize opportunity. With three integrated offerings—On-Demand Talent, Consulting, and Outsourced Services—we provide CFOs and C-suite leaders with the flexibility to solve today’s most pressing challenges on their terms, uniting strategy, execution, and talent across accounting and finance, digital transformation, data, and cloud, at a global scale. Our people-first approach continues to drive innovation across industries worldwide.

Based in Dallas, Texas, with offices worldwide, we annually engage with more than 1,500 clients around the world from 40 physical practice offices and multiple virtual offices. As of January 2026, RGP is proud to have served 90 percent of the Fortune 100 and has been recognized by U.S. News & World Report (2025–2026 Best Companies to Work For) and Forbes (America’s Best Midsize Employers 2026, America’s Best Management Consulting Firms 2025, World’s Best Management Consulting Firms 2025).

The Company is listed on the Nasdaq Global Select Market, the exchange’s highest tier by listing standards. To learn more about RGP, visit: http://www.rgp.com.

Investor Contact:

Jennifer Ryu, Chief Financial Officer

(US+) 1-714-430-6500

Jennifer.Ryu@rgp.com

Media Contact:

Pat Burek

Financial Profiles

(US+) 1-310-622-8244

pburek@finprofiles.com

Source: Resources Connection, Inc.

Release – SelectQuote, Inc. Announces Receipt of Continued Listing Standard Notice from NYSE; Plans to Take Appropriate Actions to Cure

Posted on by aweinsoff@channelchek.com

Research News and Market Data on SLQT

03/25/2026

OVERLAND PARK, Kan.–(BUSINESS WIRE)– SelectQuote, Inc. (NYSE: SLQT) (the “Company”) announced today that the Company received a notice (the “Notice”) from the New York Stock Exchange (the “NYSE”) indicating that the Company is no longer in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of the Company’s common stock was less than $1.00 per share over a consecutive 30 trading-day period.

The Company recently reported strong fiscal second quarter 2026 results on February 5th. Earlier this year, the Company executed a new $415 million credit facility which extends the majority of its debt maturities to 2031. SelectQuote’s strong liquidity position and robust operating cash flow outlook provide the Company operational flexibility to execute its strategy and achieve its goals. The Company projects fiscal 2026 operating cash flow in the range of $25 million to $35 million and expects the business will continue to generate meaningful cash flow growth in years to come.

The Company has notified the NYSE of its intent to cure the stock price deficiency and return to compliance with the continued listing standard. The Company can regain compliance at any time within the six-month cure period following receipt of the Notice if, on the last trading day of any calendar month during the cure period, the Company’s common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month.

The Company intends to closely monitor its stock price during the cure period for non-compliance. The Company plans to take appropriate actions if necessary to maintain its listing on the NYSE. SelectQuote’s common stock will continue to be listed and traded on the NYSE during the applicable cure period, subject to the Company’s compliance with other NYSE continued listing standards.

Forward Looking Statements

This release contains forward-looking statements. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs, and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control, including our ability to regain compliance with the continued listing standards of the NYSE within the applicable cure period and our ability to continue to comply with applicable NYSE listing standards. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: our reliance on a limited number of insurance carrier partners and any potential termination of those relationships or failure to develop new relationships; existing and future laws and regulations affecting the health insurance market; changes in health insurance products offered by our insurance carrier partners and the health insurance market generally; insurance carriers offering products and services directly to consumers; changes to commissions paid by insurance carriers and underwriting practices; competition with brokers, exclusively online brokers and carriers who opt to sell policies directly to consumers; competition from government-run health insurance exchanges; developments in the U.S. health insurance system; our dependence on revenue from carriers in our senior segment and downturns in the senior health as well as life, automotive and home insurance industries; our ability to develop new offerings and penetrate new vertical markets; risks from third-party products; failure to enroll individuals during the Medicare annual enrollment period; our ability to attract, integrate and retain qualified personnel; our dependence on lead providers and ability to compete for leads; failure to obtain and/or convert sales leads to actual sales of insurance policies; access to data from consumers and insurance carriers; accuracy of information provided from and to consumers during the insurance shopping process; cost-effective advertisement through internet search engines; ability to contact consumers and market products by telephone; global economic conditions, including inflation; disruption to operations as a result of future acquisitions; significant estimates and assumptions in the preparation of our financial statements; impairment of goodwill; potential litigation and other legal proceedings or inquiries; our existing and future indebtedness; our ability to maintain compliance with our debt covenants; access to additional capital; failure to protect our intellectual property and our brand; fluctuations in our financial results caused by seasonality; accuracy and timeliness of commissions reports from insurance carriers; timing of insurance carriers’ approval and payment practices; factors that impact our estimate of the constrained lifetime value of commissions per policyholder; changes in accounting rules, tax legislation and other legislation; disruptions or failures of our technological infrastructure and platform; failure to maintain relationships with third-party service providers; cybersecurity breaches or other attacks involving our systems or those of our insurance carrier partners or third-party service providers; our ability to protect consumer information and other data; failure to market and sell Medicare plans effectively or in compliance with laws; and other factors related to our pharmacy business, including manufacturing or supply chain disruptions, access to and demand for prescription drugs, changes in reimbursement rates under our contracts with pharmacy benefit managers, and regulatory changes or other industry developments that may affect our pharmacy operations. For a further discussion of these and other risk factors that could impact our future results and performance, see the section entitled “Risk Factors” in the most recent Annual Report on Form 10-K (the “Annual Report”) and subsequent periodic reports filed by us with the Securities and Exchange Commission. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

About SelectQuote

Founded in 1985, SelectQuote (NYSE: SLQT) pioneered the model of providing unbiased comparisons from multiple, highly-rated insurance companies, allowing consumers to choose the policy and terms that best meet their unique needs. Two foundational pillars underpin SelectQuote’s success: a strong force of highly-trained and skilled agents who provide a consultative needs analysis for every consumer, and proprietary technology that sources and routes high-quality leads. Today, the Company operates an ecosystem offering high touchpoints for consumers across insurance, pharmacy, and virtual care.

With an ecosystem offering engagement points for consumers across insurance, Medicare, pharmacy, and value-based care, the company now has three core business lines: SelectQuote Senior, SelectQuote Healthcare Services, and SelectQuote Life. SelectQuote Senior serves the needs of a demographic that sees around 10,000 people turn 65 each day with a range of Medicare Advantage and Medicare Supplement plans. SelectQuote Healthcare Services is comprised of the SelectRx Pharmacy, a Patient-Centered Pharmacy Home™ (PCPH) accredited pharmacy, SelectPatient Management, a provider of chronic care management services, and Healthcare Select, which proactively connects consumers with a wide breadth of healthcare services supporting their needs.

Investor Relations:
Sloan Bohlen
877-678-4083
investorrelations@selectquote.com

Media:
Matt Gunter
913-286-4931
matt.gunter@selectquote.com

Source: SelectQuote, Inc.

Release – Kratos Announces Appointment of David King to Board of Directors

Posted on by aweinsoff@channelchek.com

Research News and Market Data on KTOS

March 25, 2026

PDF Version

SAN DIEGO, March 25, 2026 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a Technology, Hardware, Products, System and Software Company addressing the Defense, National Security and Commercial Markets, today announced that the Company has appointed David King to the Kratos Board of Directors, effective March 23, 2026. Mr. King will serve as a member of the Audit Committee of the Kratos Board of Directors.

Mr. King has served as a senior executive and board member in the aerospace, defense, national security and government sectors for more than four decades. Mr. King previously served as an executive officer and a member of the board of directors of Dynetics, Inc. (“Dynetics”) beginning in 2009, where he also served as Chief Executive Officer from 2015 to 2020. While at Dynetics, Mr. King led the company’s transformation into a leading mid-tier defense technology, hardware, product and systems company, overseeing Dynetics growth from approximately $180 million, to over $650 million in revenue, culminating in its $1.65 billion sale to Leidos Holdings, Inc. in 2020. Following Leidos’ acquisition of Dynetics, Mr. King served as Group President of Leidos Dynetics from January 2020 until his retirement in April 2022, where he was responsible for a $1.4 billion revenue business with more than 4,000 employees. Earlier in his career from 2003 to 2009, Mr. King served as Director of NASA’s Marshall Space Flight Center, where he led an organization with a $2.8 billion annual budget. Mr. King currently serves on private company boards and advises private equity firms and aerospace and defense organizations. He has served as Chairman of Applied Aerospace & Defense since December of 2022, Compensation Committee Chairman of Thompson Gray, Nominating Committee Chairman for Dynetics, and Chairman of multiple non-profit organizations. Mr. King holds a bachelor’s degree in Mechanical Engineering from the University of South Carolina, and a master’s degree in Business Administration from the Florida Institute of Technology.

Bill Hoglund, Chairman of Kratos’ Board of Directors, said, “We are pleased to welcome Dave King to the Kratos Board of Directors. Dave’s extensive experience in executive leadership and as a board member of a rapidly growing defense technology company, similar to Kratos, a group president of a large publicly traded defense and intelligence company, and various board and committee member positions, make him uniquely qualified for the Kratos Board. Dave brings extensive insight and experience in key areas relative to Kratos, including unmanned systems, hypersonic systems, solid rocket motors and space systems, and in scaling and ramping defense program production. We look forward to working with Dave as we continue the execution of Kratos’ strategy of being the premier defense technology, product and software-based company.”

About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) a technology, hardware, products, system and software company addressing the defense, national security and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field relevant solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading-edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as the innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing, which is a value-add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe our probability of win is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of probability of win is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include, virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, hypersonic vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, command, control, communication, computing, combat, intelligence surveillance and reconnaissance (C5ISR) and microwave electronic products for missile, radar, air defense, missile defense, space, satellite, counter unmanned aircraft systems (CUAS), directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com.

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements relate to a variety of matters, including, without limitation, Kratos’ expectations regarding its business strategy and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements including, but not limited to: risks and uncertainties related to market conditions and general economic factors. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 28, 2025 and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

Kratos Press Contact:
Claire Cantrell
claire.cantrell@kratosdefense.com

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

Primary Logo

Source: Kratos Defense & Security Solutions, Inc.

Release – GeoVax Provides Update on GEO-MVA Program

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GOVX

Clinical Product Release Testing Completed in Support of Pivotal Phase 3 Trial

Atlanta, GA – March 25, 2026 – GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing vaccines and immunotherapies against infectious diseases and cancer, today provided a development update on its GEO-MVA vaccine program for protection against mpox and smallpox, highlighting continued progress toward initiation of its planned pivotal Phase 3 clinical study.

GeoVax announced that GEO-MVA clinical supplies have completed the required release testing and final release of the product for clinical use is scheduled for early April.  Upon final release, sufficient clinical material will be available to fully support the planned immune bridging study designed in accordance with guidance from the European Medicines Agency (EMA).

This impending availability of GEO-MVA vaccine clinical material further advances the program towards initiation of the immune bridging study, a critical step toward regulatory Marketing Authorization under the EMA’s expedited development pathway, scheduled to initiate in the second-half of this year.

Advancing Toward a Pivotal Inflection Point

“The availability of GEO-MVA cGMP clinical material marks a significant advancement for the GEO-MVA program,” said David Dodd, Chairman and Chief Executive Officer of GeoVax. “With final product release expected shortly, we are entering the final preparatory phase ahead of initiating our immune bridging study positioning GeoVax at a pivotal inflection point, moving toward potential regulatory approval and subsequent commercialization.”

The planned immune bridging study is designed to demonstrate comparability to an approved MVA vaccine using immunological endpoints, consistent with EMA guidance supporting a streamlined development pathway.

Parallel Progress Toward Commercial Readiness

As recently announced, we have initiated outreach discussions in support of potential procurement and preparedness  contracting, positioning the Company for rapid GEO-MVA vaccine distribution upon regulatory and/or Emergency Use Licensing issuance. These discussions include organizations that influence or directly procure vaccines for national stockpiles, military preparedness programs, and international outbreak response initiatives.

“We are encouraged by the early engagement with global health and preparedness stakeholders,” Dodd added. “These discussions, alongside our clinical progress, underscore the increasing recognition of the critical need to expand global supply of MVA-based vaccines.”

Addressing a Critical Global Supply Gap

GEO-MVA is being developed to address a significant and well-recognized gap in global vaccine preparedness. Recent mpox outbreaks and evolving epidemiological patterns have reinforced the need for sustained preparedness, including expanded manufacturing capacity and diversified supply source. The current supply of MVA vaccine is concentrated in a single commercial manufacturer, limiting redundancy in a platform considered essential for protection against both mpox and smallpox. GeoVax believes GEO-MVA has the potential to serve as an important additional source of MVA vaccine supply supporting:

  • National stockpile programs
  • Global outbreak response efforts
  • Military and biodefense preparedness initiatives

About GEO-MVA

GEO-MVA is GeoVax’s candidate vaccine for protection against mpox and smallpox based on the Modified Vaccinia Ankara (MVA). The program is advancing under an expedited regulatory pathway supported by EMA scientific advice, which enables potential regulatory approval based on a single immune bridging study demonstrating non-inferiority to an approved MVA vaccine.

Following successful completion of the planned study, GEO-MVA is expected to advance toward regulatory submission and potential commercialization as an additional source of MVA vaccine supply for global preparedness and biodefense programs.

About GeoVax

GeoVax Labs, Inc. is a clinical-stage biotechnology company focused on the development of vaccines and immunotherapies addressing high-consequence infectious diseases and solid tumor cancers. GeoVax’s priority program is GEO-MVA, a Modified Vaccinia Ankara (MVA)–based vaccine targeting mpox and smallpox. The program is advancing under an expedited regulatory pathway, with plans to initiate a pivotal Phase 3 clinical trial in the second half of 2026, to address critical global needs for expanded orthopoxvirus vaccine supply and biodefense preparedness. In oncology, GeoVax is developing Gedeptin®, a gene-directed enzyme prodrug therapy (GDEPT) designed to enhance immune checkpoint inhibitor activity. Gedeptin has completed a multicenter Phase 1/2 clinical trial in advanced head and neck cancer and is being advanced into combination strategies, including planned neoadjuvant and first-line settings. GeoVax’s broader pipeline includes the development of GEO-CM04S1, a next-generation COVID-19 vaccine candidate being evaluated in immunocompromised and other patient populations. GeoVax maintains a global intellectual property portfolio supporting its infectious disease and oncology programs and continues to evaluate strategic partnerships and funding opportunities aligned with its development priorities. For more information, visit www.geovax.com.

Forward-Looking Statements

This release contains forward-looking statements regarding GeoVax’s business plans. The words “believe,” “look forward to,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Actual results may differ materially from those included in these statements due to a variety of factors, including whether: GeoVax is able to obtain acceptable results from ongoing or future clinical trials of its investigational products, GeoVax’s immuno-oncology products and preventative vaccines can provoke the desired responses, and those products or vaccines can be used effectively, GeoVax’s viral vector technology adequately amplifies immune responses to cancer antigens, GeoVax can develop and manufacture its immuno-oncology products and preventative vaccines with the desired characteristics in a timely manner, GeoVax’s immuno-oncology products and preventative vaccines will be safe for human use, GeoVax’s vaccines will effectively prevent targeted infections in humans, GeoVax’s immuno-oncology products and preventative vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete development, there is development of competitive products that may be more effective or easier to use than GeoVax’s products, GeoVax will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which GeoVax has no control.

Further information on our risk factors is contained in our periodic reports on Form 10-Q and Form 10-K that we have filed and will file with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Company Contact:

info@geovax.com

678-384-7220

Media Contact:

Jessica Starman

media@geovax.com 

Merck Bets $6.7 Billion on a Former Microcap’s CML Drug — TERN Investors Reap the Reward

Posted on by slightbourne@noblecapitalmarkets.com

Merck (NYSE: MRK) announced Tuesday it has entered into a definitive agreement to acquire Terns Pharmaceuticals (Nasdaq: TERN), a clinical-stage oncology company, for $53.00 per share in cash — representing an approximate equity value of $6.7 billion, or roughly $5.7 billion net of acquired cash. The deal carries a 31% premium to Terns’ 60-day volume-weighted average price and a 42% premium to its 90-day VWAP as of March 24, 2026.

The acquisition is a textbook small-cap-to-acquisition story. Less than 18 months ago, Terns was trading below $2 per share with a market cap well under $200 million. By the end of 2025, the stock had surged more than 770% year-to-date on the back of compelling Phase 1 clinical data. As of Tuesday’s announcement, shareholders who held through the volatility are looking at a $53 payday — a return that underscores exactly why early-stage biotech remains one of the most asymmetric bets in the small and microcap universe.

At the center of this deal is TERN-701, an investigational oral allosteric BCR::ABL1 tyrosine kinase inhibitor (TKI) currently being evaluated in the Phase 1/2 CARDINAL trial for patients with Philadelphia chromosome-positive (Ph+) chronic phase chronic myeloid leukemia (CML). Specifically, the drug targets patients who have already received at least one prior TKI and experienced treatment failure, suboptimal response, or intolerance.

What separates TERN-701 from existing CML therapies is its mechanism and early efficacy signal. The drug is designed to bind to the ABL myristoyl pocket — a distinct binding site from most approved TKIs — giving it the potential to work in patients who have already failed other therapies, including those with difficult resistance mutations like T315I. In clinical data presented through the CARDINAL trial, 64% of efficacy-evaluable patients achieved major molecular response by 24 weeks, with 75% achieving MMR among those treated at doses above 320mg. The safety profile has also been notably clean, with low rates of severe adverse events, minimal blood pressure changes, and low lipase elevation — a meaningful differentiator given the side-effect profiles associated with several competing agents.

The FDA recognized the drug’s potential in March 2024, granting TERN-701 Orphan Drug Designation for the treatment of CML. Merck is now betting that designation translates into a commercially viable, potentially best-in-class therapy within its growing hematology portfolio — which already includes three Phase 3 candidates across leukemias, lymphomas, and myeloproliferative neoplasms.

Merck expects to account for the transaction as an asset acquisition, with the deal expected to close in the second quarter of 2026, pending a successful tender offer and Hart-Scott-Rodino antitrust clearance. The charge will be approximately $5.8 billion, or roughly $2.35 per share, reflected in both Q2 and full-year 2026 results.

For the small and microcap investor community, this deal is more than just a pharma headline. It’s a reminder that the path from sub-$2 clinical-stage company to a multi-billion-dollar buyout target is very much alive — and that the CARDINAL data milestones many overlooked in 2024 were the signals that mattered most.

Ocugen (OCGN) – Raising Price Target After Positive OCU410 Data Reported

Posted on by slightbourne@noblecapitalmarkets.com


Wednesday, March 25, 2026

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.

Top-Line Phase 2 ArMaDa Trial Data Reported. Ocugen reported Phase 2 data for OCU410, its gene therapy for geographic atrophy in dry age-related macular degeneration (GA-dAMD). The data shows clinically meaningful and statistically significant benefit of 31% for treated patients compared with placebo. Based on the trial results, we are including OCU410 revenues in our FY2029 earnings model and raising our price target to $12 per share.

Results Show Preservation of Function and Cell Structure. The primary endpoint showed 31% reduction in lesion growth at the optimal dose (medium) group compared to controls (p< 0.05). A secondary endpoint of photoreceptor cell loss, correlating with visual function, showed a 27% slower rate compared to controls. In addition, 55% of treated patients demonstrated a lesion size reduction of greater than 30% compared with controls.


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

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

First Phosphate Corp. (FRSPF) – NRCan Contribution Agreement Signed; Funding Secured

Posted on by slightbourne@noblecapitalmarkets.com


Wednesday, March 25, 2026

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

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

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

Investor webinar. CEO John Passalacqua recently presented to investors via Simone Capital. During the call, Mr. Passalacqua commented on the signed contribution agreement with Natural Resources Canada, the ongoing drill program and future feasibility study, the ADR launch, and the strength of the stock in recent weeks relative to a difficult broader market. Management attributed the stock’s resilience to the quality of the shareholder base, consistent milestone execution, and the visible de-risking effect of government backing.

NRCan contribution agreement signed. First Phosphate has executed a formal agreement with Natural Resources Canada providing up to C$16.7 million in non-repayable government funding under the Global Partnerships Initiative. The structure is a reimbursement model, whereby the company incurs eligible expenditures and receives reimbursement of up to 75% within approximately three months, supporting technical and engineering validation work through 2028. Combined with approximately C$20-C$22 million in cash on hand, we estimate total accessible financial resources of approximately C$36-C$38 million, sufficient to fund the company through drill completion, feasibility study, and final investment decision.


Get the Full Report

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

This 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. 

Bitcoin Depot (BTM) – Leadership Reset Amid Regulatory Pressure and Revenue Diversification Efforts

Posted on by slightbourne@noblecapitalmarkets.com


Wednesday, March 25, 2026

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

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.

Leadership transition introduces seasoned external operator. The company announced that CEO Scott Buchanan has stepped down effective March 23, 2026, with founder Brandon Mintz stepping down as Executive Chairman and remaining on the Board in an advisory capacity. The Board appointed Alex Holmes as CEO and Chairman. Mr. Holmes brings relevant experience from his tenure as CEO of MoneyGram, particularly in payments infrastructure and regulatory compliance.

Transition comes at a pivotal time for the business. The leadership changes follow a quarter impacted by regulatory headwinds and ahead of a guided 30% to 40% decline in core BTM revenue in 2026. At the same time, the company is beginning to pursue new business initiatives, including its expansion into peer-to-peer betting and merchant cash advances. While the company noted the departures were not due to disagreements, in our view, the timing suggests the Board may be positioning the company for its next phase of execution as it navigates both regulatory pressure and early-stage diversification efforts.


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Comstock (LODE) – Review of 2025 and Outlook for 2026

Posted on by slightbourne@noblecapitalmarkets.com


Wednesday, March 25, 2026

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

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

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

A year of repositioning. During 2025, Comstock Inc. repositioned itself around two scalable growth businesses: Comstock Metals, which targets solar panel recycling and critical mineral recovery, and its investment in Bioleum Corporation, which is advancing biomass-based renewable fuels.

Near-term revenue visibility. Comstock Metals represents the most immediate catalyst for value creation. Comstock has validated a zero-landfill solar panel recycling process and completed permitting for its first industry-scale facility in Nevada, with operations expected to commence in the second quarter of 2026. The company has also secured logistics infrastructure and customer agreements across key U.S. regions, reflecting growing demand for end-of-life solar panel processing. Over time, the strategy could include multiple facilities and integrated refining capabilities that target recovery of higher-value metals such as silver.


Get the Full Report

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

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Circle Stock Craters 20% as Clarity Act’s Stablecoin Yield Language Rattles Crypto Markets

Posted on by slightbourne@noblecapitalmarkets.com

Circle Internet Group (CRCL) suffered its steepest single-session decline since going public on Tuesday, plunging as much as 20% after reports surfaced that the latest draft of the Digital Asset Market Clarity Act contains language that could severely restrict stablecoin yield programs — a business model central to how Circle and its partners generate revenue.

Coinbase (COIN), Circle’s primary distribution partner for its USDC stablecoin, fell roughly 8% in sympathy. The Circle-Coinbase revenue-sharing arrangement is a key reason Coinbase is directly exposed to any regulatory changes affecting USDC economics.

What the Clarity Act Says — and Why It Matters

The latest version of the Clarity Act, shaped by a compromise crafted by Senators Angela Alsobrooks and Thom Tillis, would ban yield payments for simply holding a stablecoin. Industry insiders who got their first look at the revised draft on Monday described the language as overly narrow and unclear, creating significant uncertainty for platforms that have built yield-based products around stablecoins.

The compromise would allow rewards programs tied to a user’s stablecoin activity, but not their balance — a meaningful distinction that would effectively prohibit programs that function like interest-bearing deposit accounts.

This is not a brand-new fight. The banking lobby has pushed hard to restrict stablecoin yield because yield-bearing stablecoins would functionally compete with savings accounts — if a stablecoin issuer offered 4% on a digital dollar balance, consumers have little incentive to park money in a traditional 0.5% checking account. Congress, through the GENIUS Act signed into law last July, already prohibited stablecoin issuers from paying yield directly. The Clarity Act debate is now about whether third-party platforms — like Coinbase — can offer those returns as an intermediary.

The OCC, in its proposed rulemaking to implement the GENIUS Act, suggested that close financial ties between stablecoin issuers and crypto platforms handling their tokens would make it highly likely that any yield paid through an intermediary constitutes an attempt to evade the GENIUS Act’s prohibition. That regulatory posture adds a second layer of pressure on the Circle-Coinbase model even before the Clarity Act is finalized.

Circle’s Recent Run — and the Reversal

The selloff comes after an extraordinary run for Circle shares. The stock rallied approximately 110% from around $60 in late February to a high of roughly $130 just last week, driven by strong quarterly results, explosive USDC circulation growth, and expectations that the Federal Reserve will hold rates steady — a key input since Circle generates the bulk of its revenue from interest earned on the Treasury-backed reserves underpinning USDC.

The company has also been expanding its footprint beyond stablecoin issuance. Last year, Circle launched Arc, a specialized blockchain designed to support global payments, foreign exchange, and tokenized real-world assets using USDC as its native currency — a bid to position itself as a broader fintech infrastructure play.

The Stakes for the Broader Crypto Ecosystem

Though the crypto industry scored a major win when the GENIUS Act became the first major U.S. law to govern a segment of the crypto industry, it was designed as the first step of a two-part policy approach, with the Clarity Act meant to be the more consequential full-fledged framework for digital assets.

Stablecoin yield has become the single largest sticking point standing between the crypto industry and that comprehensive regulatory framework. Until Tuesday’s language leak, markets had been pricing in a favorable resolution. That assumption just took a significant hit.

Release – Comstock Announces Full Year 2025 Achievements and Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on LODE

Expands Board as Company Accelerates Growth in Solar Recycling and Critical Metals Recovery

VIRGINIA CITY, NEVADA, March 24, 2026 – Comstock Inc. (NYSE: LODE) (“Comstock,” “our” and the “Company”), today announced its full year 2025 results, 2025 summary achievements, and our 2026 business outlook.

“Last year marked a number of critical achievements that punctuated the turnaround from a junior mining opportunity into a validated, leading metals recovery company positioned for global growth, including final proof of our zero-landfill recycling concept from our demonstration facility, team-building, full permitting, final, first-of-its-kind engineered and tested designs, secured industrial scale facility and storage capacity and fully funded the facility and operations while also receiving direct investment from Marathon Petroleum Corp and another third party investor, directly into Bioleum Corp., validating our efforts,” stated Corrado De Gasperis, the Company’s Executive Chairman and Chief Executive Officer. “Comstock has now founded, developed and positioned two distinct, high-growth businesses: a Nevada-based metals recovery company and an Oklahoma-based renewable fuels company, each with sophisticated strategic and financial partners and clear paths toward commercialization and growth.”

Recent Corporate Transactional and Liquidity and Capital Resources Highlights

  • Completed, in early 2026, an oversubscribed equity financing of $57.5 million in gross proceeds and $53.0 million, net of offering expenses, driven by demand from leading institutional investors and further strengthening our capital base to accelerate the commercialization and development of the Comstock Metals recycling and refining processes;
  • Eliminated all debt obligations, including convertible and promissory notes, and extinguished multiple other non-debt obligations, resulting in a strong financial position for accelerating growth and further monetizing non-core assets;
  • Separated Bioleum Corp. from Comstock based on $35 million in direct strategic investments from Marathon Petroleum Corp and another investor and secured our investment through a $65 million Convertible Preferred Stock.
  • Secured power equivalent to 250-300 MW supporting a high value monetization of Nevada real estate investments;
  • Expands Board with three outstanding, experienced, independent directors representing two of the Company’s top four shareholders, reflecting support of the exceptional opportunity positioned for solar recycling and critical metals. Cash and cash Equivalents were $17.0 million at December 31, 2025, and of cash and cash equivalents, prior to the net proceeds from the 2026 financing; and $56.1 million at March 20, 2026.
  • Common shares outstanding were 51.9 million at December 31, 2025, and 74.1 million shares at March 20, 2026.

“The successful capitalization of our Company with aligned, long term investors positions and enables global industrial growth and further non-core asset and investment sales to become a highly focused, highly-profitable, multi-billion dollar valued corporation,” stated Mr. De Gasperis. “This also positioned the interest and opportunity to further align, expand and enhance our board and governance with the competencies and capacities for governing a multi-billion-dollar global enterprise. Having two of our top four investors excited to support and participate this remarkable opportunity is highly gratifying, to say the least.”

Selected Segment Highlights for Comstock Metals (for the year ended December 31, 2025)

“We have now received all permits for commissioning and operating our first industry-scale facility. Equipment is arriving daily with all equipment expected on site in early April, with commissioning underway, and operations start up, on plan, during the second quarter of this year just as our order pipeline grows,” said Dr. Fortunato Villamagna, President of Comstock Metals.

Comstock Metals

  • Certified the R2v3/RIOS Responsible Recycling Standard by Sustainable Electronics Recycling International (“SERI”), authenticating the first zero-landfill recycling process that safely repurposes all recycled materials;
  • Received all operating and storage permits for our first-of-its-kind industry-scale facility in Nevada;
  • Receiving and installing major precision-manufactured equipment for the industrial production line, with commissioning ongoing and continuous operations on schedule for commencement in the second quarter of 2026;
  • Secured Master Service Agreements with multiple major utilities, developers, EPC firms, contractors, installers, and asset owners across the Southwest and multiple other regions of the United States;
  • Secured permits and received approval from California’s Department of Toxic Substances Control (“DTSC”), becoming one of a select group of companies authorized and operating as a universal waste recycler in California;
  • Established an Ohio and California-based logistics and aggregation hubs supporting two of the largest end-of-life solar panel geographic markets in the United States;
  • Completed preliminary design and feasibility for a U.S.-based, industrial metal refining solution for our tailings; and
  • Selected and submitted state-level permit applications for a second industry-scale production facility in Nevada.

“We remain the only certified R2v3/RIOS Responsible Recycling Standard by SERI for solar panel recycling (100% of the entire panel) and, with permits secured, the only solution that can efficiently scale to meet our customers rapidly growing need for end-of-life panel disposal,” said Dr. Villamagna. “Our sales and marketing teams are solely focused on expanding and capturing that market while our facility planning team simultaneously coordinating strategic site selections (processing and storage) across the whole country.”

Selected Segment Highlights for Comstock Mining (for the year ended December 31, 2025)

  • Closed on the sale and monetization of the northern district claims for approximately $3.0 million in total proceeds, including the acquisition, for no additional consideration, of more than 238 acres of Lyon County mineral properties, further enhancing our portfolio of Lyon County mineral properties and directly supporting the Dayton resource mine plans;
  • Increased our internal economic mineralized material estimates based on significantly higher gold and silver prices;
  • Completed the purchase of the Haywood industrial mineral properties, a key location for processing Dayton materials, and further enhancing our Lyon County mineral holdings and directly supporting the Dayton resource plans; and
  • Engaged multiple, sophisticated mining companies about the sale and monetization of our mineral and mining assets.

“The rapidly rising industrial silver demand and ongoing geopolitical concerns created an unprecedented runup in gold and a possibly even greater set up for silver prices, benefitting both our recycling and mining businesses. Our historic, world-class Nevada mining assets are now very well positioned for monetization, and we are directly engaged with a number of sophisticated mining concerns,” said Comstock’s Chief Financial Officer and Comstock Mining President, Mr. Judd Merrill.

Selected Highlights for Bioleum Corporation (“Bioleum”) (for the year ended December 31, 2025)

  • Separated our fuels portfolio and resources into the newly-created, Oklahoma-headquartered Bioleum Corporation:
  • Agreed on a $13.0 million strategic pre-Series A investment from subsidiaries of Marathon Petroleum Corp. (“MPC”);
  • Closed on a $20.0 million Series A preferred equity financing, with additional Series A planned for early 2026;
  • Exchanged our five-year, $65.0 million funding into a Series 1 Convertible Preferred Stock that is convertible into 32.5 million of the underlying common shares of stock of Bioleum Corporation;
  • Advanced our Cooperative Research and Development Agreement (“CRADA”) activities with the National Laboratory of the Rockies (“NRL”) and MIT for advancements in our low cost, high energy solutions;
  • Restarted the Madison, Wisconsin MPC pilot facility, fully integrating the Madison development teams;
  • Secured the first site and advanced site-specific engineering for the planned Oklahoma-based Bioleum refinery; and
  • Earned the second $1 million of the $3 million in awards from Oklahoma’s Quick Action Closing Fund.
  • Acquired Hexas Biomass Inc. and the entire RenFuel IP portfolio in December 2025.

“Bioleum is positioned for an unprecedented, versatile, and exceptionally high-yielding, ultra-low-carbon biofuel solution that integrates waste streams and purpose-grown crops in an extending eco-system designed to produce an abundance of extremely low carbon liquid fuels,” said Mr. DeGasperis. “Bioleum’s working teams in Wisconsin and Oklahoma are integrating their efforts into a system designed for accelerating commercially viable technologies while working on commercializing a series of farm-and-waste woody biomass to fuels production platforms.”

Outlook for 2026

Comstock Metals has established the goal of setting the global standard for solar panel recycling. Our process creates no waste, no landfilled materials, and results in clean recycled products safe for reuse.

Bioleum seeks to commercialize technologies, systems and supply chains that produce renewable fuels from waste, purpose grown energy crops and other forms of woody biomass, enabling and integrating agricultural and clean energy economics.

The growth opportunities for both Comstock Metals and Bioleum have and continue developing beyond our original plans, and we have now realigned both the organizations and their respective capital bases with some of the most sophisticated partners for investment, feedstocks, technologies, operations, and offtakes, including significant investments.

The Company’s Corporate objectives for 2026 include: 

  • Monetize our legacy mineral and mining properties, plants and equipment;
  • Secure sufficient power source to enable hyper-scale data center developments in Silver Springs, NV;
  • Restructure, align, power, and expand the ownership in the Sierra Springs Opportunity Fund Inc. and monetize;
  • Monetize all other legacy, non-core real estate in Silver Springs, NV;
  • Support the next phases of accelerating Metals growth, including refining; and
  • Support the next phases of accelerating Fuels growth, including the commercialization of Hexas-based biomass solutions.

The Company’s progress to date has now resulted in two, fully dedicated, high-growth potential companies: our Nevada-based renewable metals operation with expanding, multiple, industry-scale production sites and our Oklahoma-headquartered Bioleum Corporation, with major research, development and pilot production operations based in Wausau and Madison, Wisconsin and Hexas Biomass farming and purpose grown energy crop solutions in Olympia, Washington.

Comstock Metals 

Comstock Metals has now been operating its first commercial demonstration facility for nearly two years and in November of 2024, submitted permits for the first industry-scale photovoltaic recycling facility in northern Nevada. The permits were received in early January of 2026. Comstock Metals has also selected its second site in the southern part of the State of Nevada. These industry-scale facilities are designed for recycling up to 3.3 million panels (or approximately 100,000 tons) of annual capacity, with operations for the first facility commencing post commissioning activities during the first quarter of 2026 for operations in the second quarter 2026. 

Additional site selection activities are ongoing for the next five industry-scale facilities (that is, industry-scale recycling facilities #3-#7) and multiple associated storage sites and at least one centralized, industrial scale refining facility capable of handling the metals-rich tailings produced by its recycling facilities. 

The Company’s Metals objectives for 2026 include:

  • Receive, deploy, assemble and commission our first industry-scale facility in Silver Springs, NV;
  • Operate our first industry-scale facility in Silver Springs profitably;
  • Secure additional Master Service Agreements (MSA) with national and regional customers; 
  • Select and secure additional sites, expand storage capabilities and secure permits for these additional sites; 
  • Submit permits for our second industry-scale facility in southern, NV;
  • Procure the equipment for our second industry-scale recycling and processing facility and commence commissioning;
  • Complete site selection for at least three additional solar panel recycling locations and commence permitting; 
  • Evaluate international expansion opportunities with international strategic and capital partners; and
  • Advance development efforts, with strategic partners, to recover more and higher-purity materials from recycled streams.

The capital expenditures for each of the first and second facilities with 100,000 tons of annual capacity are expected to be approximately $14.0 million each, which includes expanded storage. The Company estimates total capital spending of approximately $13.0 million to be fully paid by the end of the first quarter of 2026. Revenues were three times greater in 2025 of $1.4 million, as compared to 2024 of $0.4 million. Total billings in 2025 were over $3.5 million. Master Service Agreements are being signed with major utility and electronic recycling aggregators across the U.S. and particularly in the southwest regions including California, Arizona and Nevada. Future revenue growth will depend on the rate of customer replacements, pricing, and operating performance as the Company scales production.

Comstock Mining 

Comstock Mining has amassed the single largest known land position within the Comstock mineral district, including an extensive repository of drilling data, engineering, and gold and silver resources, including the Lucerne and Dayton resources. 

The Company’s Mining objectives for 2026 include: 

  • Commercialize agreements that monetize our mining and related mining beneficiation assets; and 
  • Publish the Dayton Consolidated Project technical work with preliminary economics and sensitivities.

The Company’s 2026 efforts will be to monetize these assets completely or partially, with partners willing to acquire and deploy capital and capacity to develop, advance and ultimately further monetize these assets to the benefit our shareholders. 

Bioleum 

Bioleum is actively engaged in the expansion of its pilot production facilities and the planning for its first commercial demonstration facilities and the associated supply chain participants (including feedstock, site selection, engineering, construction and offtake). 

Bioleum’s objectives for 2026 include: 

  • Complete the remaining “Series A” equity financing for Bioleum;
  • Deploy a Hexas-based, commercial demonstration fuel farm;
  • Expand integrated pilot production capabilities to up to five barrels per week of intermediates and fuels;Commercialize at least one major new project for purpose grown feedstock applications;Commercialize at least one major new project for renewable fuel applications;Commercialize at least one major project that integrates our technology solutions into existing production platforms; andAdvance our innovation and development efforts toward even higher yields, lower costs and lower capital.

Bioleum also offers integrations of its solutions into existing agriculture, forestry, pulp and paper, ethanol, and existing petroleum infrastructures to generate additional capacities, revenues, technical services, engineering and royalties. The plans also include integrating Bioleum’s high yield Bioleum refining platform with Hexas’ high yield energy crops to provide enough feedstock to produce upwards of 100 barrels of fuel per acre per year, effectively transforming agricultural lands into perpetual “drop-in sedimentary oilfields” with the potential to dramatically boost domestic energy resources.

Summary

“In 2026, we plan on increasing our early mover advantage in solar panel recycling as we commission our first industry-scale facility, select and secure the next three sites for processing and storage and rapidly expand our national footprint,” concluded Mr. De Gasperis. “We are winning in the market and continue securing and forging market share from the largest and fasting growing customers while advancing refining development efforts to recover more and higher-purity metals and materials.” 

CONFERENCE CALL DETAILS

Comstock’s Chief Executive Officer, Corrado De Gasperis, and its Chief Financial Officer, Judd Merrill, will present an overview of the year end 2025 financial results, upcoming commercial and monetization milestones, and how the Company’s systemic platform is optimizing results on Tuesday, March 24, 2026, via a webinar.

Investors and all other interested parties are invited to register below.

Date:     Tuesday, March 24, 2026
Time:     4:30 p.m. ET
Register: Webinar Registration

HAVE QUESTIONS? There will be an allotted time following the results presentation for a Q&A session. Unaddressed questions will be reviewed by management and responded to accordingly. You may submit your question(s) beforehand in the registration form (linked above) or by email at: ir@comstockinc.com.

About Comstock Inc.

Comstock Inc. (NYSE: LODE) innovates and commercializes technologies, systems and supply chains that enable, support and sustain clean energy systems by efficiently, effectively, and expediently extracting and converting under-utilized natural resources into reusable metals, like silver, aluminum, gold, and other critical minerals, primarily from end-of-life photovoltaics. To learn more, please visit www.comstock.inc.

Comstock Social Media Policy

Comstock Inc. has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its X.com, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contacts

For investor inquiries:
Judd B. Merrill, Chief Financial Officer
Tel (775) 413-6222
ir@comstockinc.com

For media inquiries:
Zach Spencer, Director of External Relations
Tel (775) 847-7573
media@comstockinc.com

Forward-Looking Statements 

This press release and any related calls or discussions may include 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. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “forecast,” “seek,” “target,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: expectations regarding the completion of the proposed securities offering, future market conditions; future explorations or acquisitions, divestitures, spin-offs or similar distribution transactions; future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; and future working capital needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: sales of, and demand for, our products, services, and/or properties; industry market conditions, including the volatility and uncertainty of commodity prices; the speculative nature, costs, regulatory requirements, and hazards of natural waste resource identification, exploration, development, availability, recycling, extraction, processing, and refining activities, including operational or technical difficulties, and risks of diminishing quantities or insufficiency of grades of qualified resources;; changes in our planning, exploration, research and development, production, and operating activities; research and development, exploration, production, operating, and other variable and fixed costs; throughput rates, margins, earnings, debt levels, contingencies, taxes, capital expenditures, net cash flows, and growth; restructuring activities, including the nature and timing of restructuring charges and the impact thereof; employment and contributions of personnel, including our reliance on key management personnel; the costs and risks associated with developing new technologies; our ability to commercialize existing and new technologies; the impact of new, emerging, and competing technologies on our business; the possibility of one or more of the markets in which we compete being impacted by political, legal, and regulatory changes, or other external factors over which we have little or no control; the effects of mergers, consolidations, and unexpected announcements or developments from others; the impact of laws and regulations, including permitting and remediation requirements and costs; changes in or elimination of laws, regulations, tariffs, trade, or other controls or enforcement practices, including the potential that we may not be able to comply with applicable regulations; changes in generally accepted accounting principles; adverse effects of climate changes, natural disasters, and health epidemics, such as the COVID-19 outbreak; global economic and market uncertainties, changes in monetary or fiscal policies or regulations, the impact of terrorism and geopolitical events, volatility in commodity and/or other market prices, and interruptions in delivery of critical supplies, equipment and/or raw materials; assertion of claims, lawsuits, and proceedings against us; potential inability to satisfy debt and lease obligations, including because of limitations and restrictions contained in the instruments and agreements governing our indebtedness; our ability to raise additional capital and secure additional financing; interruptions in our production capabilities due to equipment failures or capital constraints; potential dilution from stock issuances, recapitalization, and balance sheet restructuring activities; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to maintain the listing of our securities on any securities exchange or market; and our ability to implement additional financial and management controls, reporting systems and procedures and comply with Section 404 of the Sarbanes-Oxley Act, as amended. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.

Release – Kratos Selected by SKY Perfect JSAT as Strategic Partner for 5G NTN Satellite Ground System

Posted on by aweinsoff@channelchek.com

Research News and Market Data on KTOS

March 23, 2026

PDF VersionKratos OpenSpace® Software-Based Architecture Provides Significant Benefits Over Traditional Hardware Options

SAN DIEGO, March 23, 2026 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology company specializing in Defense, National Security and Global Markets, today announced that it has been selected by SKY Perfect JSAT Corporation (SKY Perfect JSAT) to develop and validate the 5G Non-Terrestrial Network (NTN) ground system for SKY Perfect JSAT’s Universal NTN initiative. Through this engagement, Kratos will support the technical validation and early-stage implementation of software-based 5G NTN ground infrastructure as part of SKY Perfect JSAT’s broader NTN strategy in the Asia-Pacific region.

The satellite industry is looking to 5G NTN as the future of seamless connectivity because it transforms satellites from specialized infrastructure into mainstream components of global mobile networks. Under increasing competitive pressure and demand for global broadband, 5G offers satellite operators and service providers the ability to expand their market and reduce costs to unlock new opportunities that were not possible in earlier generations of satellite technology. Kratos and SKY Perfect JSAT are collaborating to establish a foundation for phased validation and future co-innovation for 5G NTN in alignment with evolving 3GPP standards and the global 5G ecosystem.

“Satellite and terrestrial networks must advance together to realize the full potential of 5G, and that calls for partners who share our commitment to open architectures and global standards,” said Mr. Yuma Minowa, General Manager of the Universal NTN Strategy Division at SKY Perfect JSAT. “At this stage, we see strong potential in Kratos’ OpenSpace software-based architecture, particularly in terms of flexibility and scalability, as we move into the early phases of our NTN strategy. Our current focus is on initial validation and interoperability, starting from entity-based integration. We maintain a longer-term perspective on how 5G NTN could enable broader coverage, seamless roaming features, and new use cases across industries. Through phased validation and implementation, we aim to contribute to the maturation of 5G NTN technologies and the broader ecosystem together with the industry.”

OpenSpace enables satellite operators to adopt a standards-based, software-defined network architecture that supports interoperability, multi-vendor environments, and large-scale deployment, while maintaining compatibility with existing VSAT systems. By delivering 5G NR (New Radio) capabilities in software, Kratos provides a flexible and low-risk approach to ground system evolution, supporting early experimentation and future operational scalability for NTN use cases.

“Our work with SKY Perfect JSAT is about shaping the future of global connectivity. As the industry moves into 5G NTN, operators need ground systems that are as dynamic and software‑driven as the networks they’re joining,” commented Greg Quiggle, Senior Vice President of Product Management at Kratos. “Virtualization gives SKY Perfect JSAT the agility to scale, adapt, and innovate at the pace 5G demands. Together, we’re building a 5G NTN system that positions SKY Perfect JSAT to lead in a world where satellite and terrestrial networks operate as one.”

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

About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing which is a value add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, advanced vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com.

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 28, 2025, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

Press Contact:
Claire Cantrell
claire.cantrell@kratosdefense.com

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

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Source: Kratos Defense & Security Solutions, Inc.