TULSA, Okla.–(BUSINESS WIRE)– Alliance Resource Partners, L.P. (NASDAQ: ARLP) will report its third quarter 2022 financial results before the market opens on Monday, October 31, 2022. Alliance management will discuss these results during a conference call beginning at 10:00 a.m. Eastern that same day.
To participate in the conference call, dial (877) 407-0784 and request to be connected to the Alliance Resource Partners, L.P. earnings conference call. International callers should dial (201) 689-8560 and request to be connected to the same call. Investors may also listen to the call via the “investor information” section of ARLP’s website at http://www.arlp.com.
An audio replay of the conference call will be available for approximately one week. To access the audio replay, dial U.S. Toll Free (844) 512-2921; International Toll (412) 317-6671 and request to be connected to replay using access code 13733069.
About Alliance Resource Partners, L.P.
ARLP is a diversified energy company that is currently the largest coal producer in the Eastern United States. ARLP also generates operating and royalty income from mineral interests it owns in strategic coal and oil & gas producing regions in the United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast-growing energy and infrastructure transition.
News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission (“SEC”), are available at http://www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7674 or via e-mail at [email protected].
Brian L. Cantrell Alliance Resource Partners, L.P. (918) 295-7673
A certain EV Company may try to charge up its stock with a buyback.
Are stock buybacks good for companies, good for investors, and better than dividends? Last week, TESLA (TSLA) investors became excited about a tweet from founder Elon Musk that could suggest the company may bow to large shareholders and do a stock buyback. The implications for a company buying back shares and stockholders are many. Below you’ll find details on what the most typical considerations are and what it means from an investor’s standpoint.
What Is a Stock Buyback?
A stock buyback is when a public company uses cash in reserves or borrowed funds to buy shares of its own stock on the open market. A company may do this to consolidate ownership, preserve a higher stock price, boost financial ratios, work to reduce the cost of capital, or to return higher asset values to shareholders.
Investors find out when a public companies that has decided to do a stock buyback announces that the board of directors has passed a “repurchase authorization.” The amount authorized provides how much will be allocated or raised to buy back shares, or in some circumstances, the number of shares or percentage of shares outstanding it aims to purchase.
During the stock buyback, the company goes to the open market as any investor would and purchases shares of its stock in competition with other market participants. The added demand and later reduced shares available (float), puts upward pressure on the stock price. Stockholders then find their shares trade at a higher price than they would have. Shareholders are not obligated to sell their stock to the company, and a stock buyback doesn’t target any specific group of holders—retail and institutional all participate.
Public companies that have decided to do a stock buyback typically announce that the board of directors has passed a “repurchase authorization,” which details how much money will be allocated to buy back shares—or the number of shares or percentage of shares outstanding it aims to buy back.
Why Do a Stock Buyback?
The primary reason a company will buy back shares is to create value for its shareholders. Remember, fewer shares should cause those still being transacted in the open market to be trading at a higher price.
Boards of public companies’ primary responsibility are to look out for shareholders’ interests. At the top of this list is maximizing shareholder value. With this in mind, companies are always finding ways to generate the highest possible returns for their investors. This, at its most fundamental level, includes increasing the value of its stock and rewarding its investors. Buybacks and dividends work to maximize value for shareholders.
Declaring a dividend is the most direct method to return cash to shareholders; there are advantages to stock buybacks:
Tax efficiency – Dividend payments are taxed as income, whereas rising share values aren’t taxed at all. Any holders who sell their shares back to the company may recognize capital gains taxes, but shareholders who do not sell to reap the reward of a higher share value and no additional taxes until they decide when to cash in.
Directly boost share prices – The main goal of any share repurchase program is to deliver a higher share price. The board may feel that the company’s shares are undervalued, making it a good time to buy them. Meanwhile, investors may perceive a buyback as an expression of confidence by the management. After all, why would a company want to buy back stock it anticipates would decline in value?
More flexibility than dividends – Any company that initiates a new dividend or increases an existing dividend will need to continue making payments over the long term. That’s because they risk lower share values and unhappy investors if they reduce or eliminate the dividend going forward. Meanwhile, since share buybacks are one-offs, they are much more flexible tools for management.
Offset dilution – Growing companies may find themselves in a race to attract talent. If they issue stock options to retain employees, the options that are exercised over time increase the company’s total number of outstanding shares—and dilute existing shareholders. Buybacks are one way to offset this effect.
How is Value Impacted?
Key metrics investors and stock analysts use to value a public are impacted by a buyback. For example, cash is removed from a company’s balance sheet, and the number of shares trading is reduced.
Once a company has bought back its own shares, they are either canceled which reduces the number of shares available to trade (not just on the open market), or held by the company as treasury shares. These are not counted as outstanding shares, which has implications for many important measures of a company’s financial fundamentals.
Metrics important to investors, like earnings per share (EPS) are calculated by dividing a company’s profit by the number of outstanding shares. Mathematically, by reducing the number of outstanding shares, a higher EPS results as the quotient.
Price-to-earnings ratios (P/E ratio) are also mathematically improved as a higher price to the same earnings is desirable to shareholders. It helps investors measure a company’s relative valuation by comparing its stock price to its EPS.
Who Else Has Done a Buyback in 2022?
If Tesla does indeed get approval from its board of directors to buy back shares, it won’t be the only large company that has in 2022. Apple (AAPL) bought back 3.5% of its shares in May ($90 billion), Exxon (XOM) bought back 2.9% of its shares in February ($10 billion), Broadcom (AVGO) bought 4.3% of its shares in May, Cisco Systems (CSCO) bought 6.4% of its shares in February (6.4%), and Norfolk Southern purchased 14.6% of its shares ($10 billion) in March.
In some cases, a buyback may not be the best way for companies to build value for shareholders:
It may not be the best use of cash. Long-range growth and building future profits come from investing in company growth, not company stock. Stockholders may prefer, depending on available opportunities for the company and other variables, that the company take a longer-term view. Stock buybacks create quick price gains but may not be the best long-term use of cash. Also, cash for a potential unforeseen challenge to the company could be comforting to some investors, depending on the situation.
When interest rates are low, companies increase their debt-financed share buybacks. In the years just prior to the pandemic, up to half of all buybacks were financed using the low-interest rates at the time. Below-average interest rates incentivized companies to borrow money to spend on share buybacks to boost stock prices. Depending on the scenario, this debt on the balance sheet may long-term weigh on shareholders.
Take Away
Profitable public companies may add value for investors through a stock buyback, also known as share buyback or share repurchase program.
If you are invested in Tesla or another company that may announce a share repurchase program, is this something to be happy about? As a rule, if a public company is profitable, has the cash to spare and its shares are relatively undervalued, then a buyback could be a positive, especially short term.
However, if the company is repurchasing shares of stock while it stymies future growth potential, it could cost long-term investors.
MOTORSPORT GAMES’ LATEST INSTALLMENT OF THE NASCAR GAMING FRANCHISE COMBINES ASPECTS OF RACING RIVALRIES INTO A SINGLE USER EXPERIENCE
MIAMI, Oct. 14, 2022 (GLOBE NEWSWIRE) — Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games”), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, announced today the launch of NASCAR Rivals, exclusive for Nintendo Switch consoles. The officially licensed video game of the 2022 NASCAR Cup Series season, this latest installment of the video game franchise combines the thrill of the NASCAR Cup Series with the intensity of motorsports rivalry to fans everywhere. NASCAR Rivals is available starting today across leading retailers and the Nintendo eShop for $49.99. A link to the trailer can be found here.
NASCAR Rivals brings the excitement of the NASCAR Cup Series regular season and playoffs to fans on the go with the Nintendo Switch’s easy, built-in mobility. The game’s variety of race modes provide players the ability to race and compete in different ways, emphasizing rivalry across the sport itself and among teams in the NASCAR Cup Series, drivers and the players, both locally and via multiplayer. All of the tracks, cars, drivers and teams from the 2022 NASCAR Cup Series regular season and playoffs are included. Modes available to play include ‘Race Now,’ ‘Career Mode,’ and an exciting ‘Challenges’ mode, which incorporates sequences based on real-life-on-track events to test players’ resilience and see if they have what it takes to navigate the selected scenarios.
“As we continue to build new ways to bring the NASCAR Cup Series to life, our goal with NASCAR Rivals was to highlight a pertinent component of all motorsports, the competition,” said Jay Pennell, Brand Manager, NASCAR, at Motorsport Games. “This latest offering not only lets fans challenge their own skills, but compete against their friends, other online players, and challenges within the sport itself. We’re excited for our fans to truly immerse themselves in what it means to be a NASCAR champion, while allowing them to embrace their inner rival wherever and whenever.”
The game’s numerous ‘Multiplayer’ functions offer players varying ways to challenge each other on the track. In ‘Split Screen’ mode, friends can race against each other locally using the Nintendo Switch Joy Cons. In ‘Online Multiplayer’ users will be able to compete against up to 15 other players anywhere in the world via Nintendo Switch Online. Additionally, newly-added creative elements in NASCAR Rivals give players the opportunity to create custom and unique schemes with an enhanced ‘Paint Booth,’ in addition to their driver avatars with a variety of appearances, sponsor logos and more to truly curate an experience around their own legacies in the game.
Motorsport Games developed NASCAR Rivals as an elevated experience for fans to fully embrace the intensity and thrill of NASCAR with the unlimited portability of the Nintendo Switch console. NASCAR Rivals gives gamers and fans alike the ability to pick up the NASCAR experience anywhere they desire to hone their skills and take on the competition one by one.
NASCAR Rivals is now available at all leading retailers and for download on the Nintendo eShop for $49.99.
About Motorsport Games: Motorsport Games, a Motorsport Network company, is a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world. Combining innovative and engaging video games with exciting esports competitions and content for racing fans and gamers, Motorsport Games strives to make the joy of racing accessible to everyone. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series across PC, PlayStation, Xbox, Nintendo Switch and mobile, including NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”), as well as the industry leading rFactor 2 and KartKraft simulations. RFactor 2 also serves as the official sim racing platform of Formula E, while also powering Formula 1™ centers through a partnership with Kindred Concepts. Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others. Motorsport Games is building a virtual racing ecosystem where each product drives excitement, every esports event is an adventure and every story inspires.
Forward-Looking Statements: Certain statements in this press release which are not historical facts are 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, and are provided pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning the timing, participants and expected benefits of the NASCAR Rivals game and related products and updates. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Motorsport Games and are difficult to predict. Examples of such risks and uncertainties include, without limitation: difficulties, delays in or unanticipated events that may impact the timing and expected benefits of the NASCAR Rivals game and/or related products and updates, such as due to unexpected release delays. Factors other than those referred to above could also cause Motorsport Games’ results to differ materially from expected results. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in Motorsport Games’ filings with the Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, its Quarterly Reports on Form 10-Q filed with the SEC during 2022, as well as in its subsequent filings with the SEC. Motorsport Games anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Motorsport Games assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Motorsport Games’ plans and expectations as of any subsequent date. Additionally, the business and financial materials and any other statement or disclosure on, or made available through, Motorsport Games’ website or other websites referenced or linked to this press release shall not be incorporated by reference into this press release.
Website and Social Media Disclosure: Investors and others should note that we announce material financial information to our investors using our investor relations website (ir.motorsportgames.com), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media and blogs, to communicate with our investors and the public about our company and our products. It is possible that the information we post on our websites, social media and blogs could be deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on the websites, social media channels and blogs, including the following (which list we will update from time to time on our investor relations website):
CHELMSFORD, MA / ACCESSWIRE / October 14, 2022 / Harte Hanks Inc. (NASDAQ:HHS), a leading global customer experience company focused on bringing companies closer to customers for nearly 100 years, will be a featured presenter on a panel program and discussion at the upcoming Reuters Strategic Marketing Conference.
The Harte Hanks panel presentation, “Gen Z & The Rise of Digital Commerce,” will examine how leading-edge digital marketers are leveraging data and analytics to fully engage with Gen Z customers, the largest and most influential consumer segment shaping brand performance.
A featured speaker, Harte Hanks’ Chief Analytics Officer, Dan Rubin, will discuss specific methods of how smart data and analytics can drive better reach and engagement with this key audience. “We’ll offer key insights on how to facilitate an e-commerce shopping experience that moves Gen Z customers seamlessly through the purchase funnel,” Mr. Rubin noted. Mr. Rubin will also share effective strategies for creating authentic, organic content that engages Gen Z and creates a shared sense of purpose with a brand.
With over 20 years of analytics and CRM experience, Mr. Rubin was one of the founding members of the Harte Hanks Analytics team. Dan’s analytics expertise spans across many different clients and across all industries, including retail, banking, gaming, automotive, high-tech/B2B, travel/entertainment, pharmaceutical and packaged goods.
The Reuters Strategic Marketing Conference 2022, on October 21-22, will bring together leaders from the world’s most influential brands to define the future of marketing. The global platform is designed to empower marketing leaders with the tools they need to ensure their brands are engaging with modern audiences with human-first data strategies.
In addition, Harte Hanks will be an exhibitor in the Reuters Customer Service and Experience Conference and Expo at the Brooklyn Bridge Marriott on October 18-19, 2022, featuring a range of leading brands including M&T Bank, IHG Hotels & Resorts, UPS and Citizens Financial Group, among others.
About Harte Hanks:
Harte Hanks (Nasdaq: HHS) is a leading global customer experience company whose mission is to partner with clients to provide them with CX strategy, data-driven analytics and actionable insights combined with seamless program execution to better understand, attract and engage their customers.
Using its unparalleled resources and award-winning talent in the areas of Customer Care, Fulfillment and Logistics, and Marketing Services, Harte Hanks has a proven track record of driving results for some of the world’s premier brands, including Bank of America, GlaxoSmithKline, Unilever, Pfizer, HBOMax, Volvo, Ford, FedEx, Midea, Sony and IBM among others. Headquartered in Chelmsford, Massachusetts, Harte Hanks has over 2,500 employees in offices across the Americas, Europe and Asia Pacific.
Partnership allows Awin and ShareAsale’s 21,000 retailers to leverage a market proven influencer relationship management platform in Sideqik
NEW YORK, NY / ACCESSWIRE / October 14, 2022 / Sideqik (“Sideqik”), the end-to-end influencer marketing platform that enables brands to build scalable, repeatable and predictable revenue engines, a wholly-owned subsidiary of Engine Gaming and Media, Inc. (NASDAQ:GAME)(TSXV:GAME), today announced a partnership with Awin and ShareASale, the fastest-growing affiliate marketing platforms in North America.
Sideqik’s database of over 60 million influencers across the 10 most popular social networks will allow Awin’s 21,000 retailers to better identify relevant, brand-safe influencers, streamline relationship management and grow their sales and customer base, simultaneously leveraging Sideqik’s robust, AI-powered database, providing actionable insights and real time reporting throughout the whole influencer marketing lifecycle.
“Across the industry, there is a growing demand from consumer brands to execute more profitable, better measured influencer marketing campaigns,” said Joris Cretien, Partner Growth Director at Awin. “Awin and ShareASale’s integration with Sideqik allows our brands to identify and manage influencer partnerships, deploy spend at scale and report on the return – a critical element for smaller businesses with tighter budgets – all through Sideqik’s robust tool set.”
“Sideqik, Engine’s influencer relationship management platform, is gaining adoption as part of mainstream marketing strategies for companies of all sizes,” commented Lou Schwartz, CEO, Engine Gaming & Media. “Our partnership with Awin and ShareASale unlocks a substantial number of retailers looking to leverage a market proven platform with expertise in supporting both affiliate sales and expansion of consumers through social media channels. We are excited to support the growth and scaling of these businesses.”
About Sideqik
Sideqik is an influencer marketing platform that offers brands, CPG, direct marketers, and agencies tools to discover, connect and execute marketing campaigns with content creators. Sideqik’s end-to-end solutions offer marketers advanced capabilities to discover influencers with demographic and content filtering; connect and message influencers; share marketing collateral such as campaign briefs, photos, logos, videos; measure reach, sentiment, and engagement across all major social media platforms; and evaluate earned media value and ROI across the entire campaign.
Awin is a marketing technology platform, providing an open marketplace for businesses to create any type of acquisition partnership. Together with ShareASale, the platforms’ 240,000+ partners – including traditional affiliates, global mass media houses, trusted micro-influencers and innovative fintech businesses – enable advertisers to generate more sales, expand customer reach and strengthen their brand. Retailers that migrate to the Awin Group from competitor platforms experience triple-digit affiliate program growth and a 63% uplift in revenue. In addition to leading the way with our reach, Awin and ShareASale’s award-winning technology and tools – including first-party tracking, multi-channel attribution and in-app tracking – ensure a program tracks all sales, making it optimally attractive for partners to want to promote.
Engine Gaming and Media, Inc. (NASDAQ:GAME) (TSX-V:GAME) provides unparalleled live streaming data and social analytics, influencer relationship management and monetization, and programmatic advertising to support the world’s largest video gaming companies, brand marketers, ecommerce companies, media publishers and agencies to drive new streams of revenue. The company’s subsidiaries include Stream Hatchet, the global leader in gaming video distribution analytics; Sideqik, a social influencer marketing discovery, analytics, and activation platform; and Frankly Media, a digital publishing platform used to create, distribute, and monetize content across all digital channels. Engine generates revenue through a combination of software-as-a-service subscription fees, managed services, and programmatic advertising. For more information, please visit www.enginegaming.com.
Company Contact: Lou Schwartz 647-725-7765
Investor Relations Contact: Shannon Devine MZ North America Main: 203-741-8811 [email protected]
Shareholder Conference Call and Webcast will be held on Wednesday November 16th, 2022
TORONTO–(BUSINESS WIRE)– Sierra Metals Inc. (TSX: SMT) (NYSE American: SMTS) (BVL or Bolsa de Valores de Lima: SMT) (“Sierra Metals” or the “Company”) will release Q3-2022 consolidated financial results on Tuesday November 15th, 2022, after Market Close. Senior Management will also host a webcast and conference call on Wednesday November 16th, 2022, at 11:00 am EST. Details of the Conference Call and Webcast are as follows:
Via Webcast:
A live audio webcast of the meeting will be available on the Company’s website:
The webcast along with presentation slides will be archived for 180 days on www.sierrametals.com.
Via phone:
For those who prefer to listen by phone, dial-in instructions are below. To ensure your participation, please call approximately five minutes prior to the scheduled start time of the call.
Canada dial-in number (Toll Free): 1 833 950 0062 Canada dial-in number (Local): 1 226 828 7575 US dial-in number (Toll Free): 1 844 200 6205 US dial-in number (Local): 1 646 904 5544 All other locations: +1 929 526 1599
Access code: 991150
Press *1 to ask a question, *2 to withdraw your question, or *0 for operator assistance
About Sierra Metals
Sierra Metals Inc. is a diversified Canadian mining company with Green Metal exposure including copper production and base metal production with precious metals byproduct credits, focused on the production and development of its Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. The Company has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.
The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.
For further information regarding Sierra Metals, please visit www.sierrametals.com or contact:
Elon Musk Argues Twitter is Better off Without a Board of Directors – Is He Right?
After a wild ride, it looks like Elon Musk’s bid to buy Twitter will move ahead.
Twitter’s board of directors had sued the Tesla billionaire in July 2022 when Musk tried to terminate the US$44 billion deal. The board has yet to drop its lawsuit to force Musk to complete the buyout, while many parts have been thrown out.
The board has in fact been at the center of this saga since the beginning, when Musk launched his hostile takeover bid while criticizing board members for owning almost no shares of the company they oversee. Twitter founder Jack Dorsey called the board the “dysfunction of the company.”
This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts. It represents the research-based findings and thoughts of Michael Withers, Associate Professor of Business, Texas A&M University, Steven Boivie, Professor of Management, Texas A&M University.
As experts on corporate governance, we believe this feud raised two important corporate governance questions: What purpose does a board of directors serve? And does it matter if a member owns company stock or not?
‘A Bad Board Will Kill’
“Good boards don’t create good companies, but a bad board will kill a company every time.”
Venture capitalist Fred Destin wrote that in 2018, citing what he called an “old Silicon Valley proverb.” The quote has been making the rounds on Twitter recently in light of Musk’s hostile bid. It even seemed to get a nod from Dorsey himself when he replied to a tweet containing the quote with “big facts.”
This tweet and the general conversation that has emerged have important implications for understanding boards and their role in shepherding a company.
Broadly speaking, a board’s most important roles include hiring, paying and monitoring the chief executive officer.
Academic research suggests that board members at large companies – who typically receive generous compensation packages – may be limited in their ability to perform these tasks effectively. In our work, we found that boards often find it impossible to conduct adequate monitoring and rein in wayward CEOs because there’s just so much information for modern boards to process with their limited time. And the social dynamics involved in the board also make it difficult for directors to speak up and oppose other directors.
In a separate study involving face-to-face interviews with directors, we were consistently told that directors take their board service seriously and operate with their companies’ best interests in mind. But they do so with an eye toward collaborating with the CEO and the rest of the executive team rather than serving as impartial observers, as their “independent” status suggests they should.
While our work didn’t focus on this, if the board and the CEO fundamentally disagree about the direction of company – which was often the case between Dorsey and the Twitter board – it would certainly be problematic and could lead to less than optimal decisions being made.
In other words, a board that isn’t functioning effectively can definitely destroy a company’s value. And some reporting suggests that’s what happened to Twitter, whose shares were trading at less than half their 2021 peak before Musk disclosed he had amassed a 9% ownership stake.
A Raider’s Lament
That brings us to the next question: Does not owning a significant stake in a company you oversee make it more likely that you’ll run it into the ground, as Musk seemed to suggest?
A few days after making his takeover offer on April 14, the billionaire, responding to a tweet showing how few shares Twitter board members own, posted that its directors’ “economic interests are simply not aligned with shareholders.”
Musk’s arguments harked back to takeover bids from the 1980s in which activist investors – or “corporate raiders” – would argue that executives’ interests did not align with those of shareholders. As Gordon Gekko from the film “Wall Street” famously railed against executives of a business he wanted to take over, “Today, management has no stake in the company!”
Musk’s words echo Gekko’s “greed is good” speech, except in regard to independent directors, who comprise the vast majority of corporate boards. By definition, an independent or outside director is one who doesn’t hold an executive role in running the company, such as chief executive officer or chief financial officer.
In reality, Twitter’s board share ownership is very similar to that of other companies.
Independent Twitter directors held a median ownership stake of 0.003% as of May 2022. For comparison, we looked at equity ownership of independent directors of companies listed in the S&P 500 stock index in 2021. We found the median stake was less than 0.01%, and all but a handful of directors held less than 1% of the company’s stock. Median ownership at Musk’s company Tesla is similarly minuscule, at 0.23%.
Whether this makes a difference to a company’s success is hard to assess because research on the topic is rather sparse, in large part because board members have so little equity.
Mixed Research
Academic researchers on effective corporate governance in the 1970s argued that outside directors should avoid owning many shares in the companies they oversee to maintain objectivity. More recently, management scholars have suggested that higher stakes could provide a way to motivate directors to monitor management and make decisions more in line with shareholder interests.
Some researchers have found that boards with larger ownership stakes can improve a company’s operational performance and better align outside directors with the interests of shareholders.
But other work that examined multiple studies shows the impact of director stock ownership is mixed at best, with some studies suggesting higher stakes potentially lead to negative outcomes, such as excessive executive and director compensation.
Since the passage of the Sarbanes–Oxley Act of 2002 after massive accounting scandals at Enron, WorldCom and elsewhere, corporate governance issues such as board oversight have become increasingly important. This led to a number of changes intended to align the interests of managers and those of shareholders, including a focus on board independence and adjusting executive compensation.
Although our research shows boards are limited in their ability to monitor management, they’re still better than nothing.
In his original letter to shareholders announcing his bid, Musk vowed to “unlock” Twitter’s potential as a private company, without a public board. We may finally learn if he’s right.
Should Investors Consider Taking Different Steps for Diversification?
Diversification reduces risk; at least, this is what we’re told. It could also limit the upside, but it’s downside that is most concerning to investors. True diversification is a goal embraced by most. Investors used to try to achieve this by buying a broad stock market ETF coupled with a bond ETF. Well, the Fed-induced bond bear market, which is feeding the equity bear market, is a double whammy for these investors. So else is there to pivot to?
Investors’ goals used to be to make sure they achieved above index results, what I am hearing from investors now is they just want to stop losing money. The return benchmark has been changed.
Is Diversification Attainable
Historically, when stock prices have gone down, bonds have appreciated. That’s because rates tended to sink when economic activity faltered and rose when demand for money was higher; this is because the economy was growing. Bond rates today are less driven by economic pace and natural market factors. An active Fed has more control over yields. So this yin and yang relationship between stocks and bonds is much less negatively correlated.
While the U.S. and global economy are in unchartered waters, the scenario where the Fed has promised negative returns on bonds, and while stocks continue to falter from past stimulus being pulled from the economy by the Fed, alternatives may be worth exploring.
Investors, have been told to diversify using registered securities from a young age, at a young age these are often the only options. Securities include registered company stocks and bonds. They are then told the best way to do this is with funds (Mutual funds and ETFs) that contain many securities, thus assuring diversification across that asset class. But, over time, as more have taken to the idea of buying “the market” or selling ”the market” using funds, movements by those getting in or out of the market en-masse impact more and more people. This year trillions have been lost by investors because of this.
Do publicly traded securities still make sense? Chris Hyzy, Chief Investment Officer for Merrill and Bank of America Private Bank says, “We have transitioned into a new investment cycle driven by higher inflation and a pivot by global central banks, among many other factors. This is likely to create higher asset price volatility and new market leaders.” Speaking for B of A he said, “We believe alternative investments can play a role in helping qualified investors pursue today’s opportunities.”
Source: Bank of America (Private Bank)
One “Alternative” that more traditional investors are now looking at is private equity. Private equity involves investment partnerships that buy and manage companies before selling them. Private equity firms operate these investment funds for institutional and other accredited investors. This subset of investment alternatives is often grouped with venture capital and even hedge funds. The Investors are usually required to commit capital for extended periods, the lack of market price swings allows a level of stability not found in the bid/ask tick-by-tick valuations found in the stock or bond markets. This same advantage which allows management to be more focused on managing the company’s long-term viability limits liquidity for investors. This is why access to such investments is limited to institutions and qualifying individuals.
Other Asset Classes
In addition to qualifying as an accredited investor in private equity deals, those interested in alternatives may look to real estate, which also tends to fall with rising interest rates. Precious metals are also an alternative that investors use to diversify. The hedge fund universe provides an assortment of ideas and strategies that the fund managers use that are often de-linked from traditional markets.
Take Away
The Federal Reserve has indicated an unbending resolve to bring inflation. Mathematically this brings bond prices down with higher yields. Higher yields siphon money out of the stock market, which is already at a dimmer point of the business cycle. Alternatives, including private equity, has outperformed public markets and may also help manage portfolio volatility.
Investors that are uncertain if they qualify as an accredited investor may want to Pre-approve. There is no cost, Noble Capital Markets can do this and then provide those that meet the requirements access to its private deals. Knowing the options available and how to use them can provide uncommon and uncorrelated returns to a portfolio.
HOUSTON, Oct. 13, 2022 /PRNewswire/ — Direct Digital Holdings, Inc. (Nasdaq: DRCT) (“Direct Digital Holdings” or the “Company”), a leading advertising and marketing technology platform through its operating companies Colossus Media, LLC, (“Colossus SSP”) Huddled Masses LLC (“Huddled Masses”) and Orange142, LLC (“Orange 142”), today announced that it will report financial results for the third quarter 2022 on November 10, 2022. Management will discuss the results via webcast after market close.
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 manage approximately 90,000 clients monthly, generating over 100 billion impressions per month across display, CTV, in-app and other media channels. The company has been named a top minority-owned business by The Houston Business Journal.
Infill drill hole WI22-67 (-60o dip / 197o azimuth) was drilled southward within the northern area of the deposit and yielded a broad mixed lithology mineralized intercept comprising dolomite carbonatite and syenite averaging 2.53% total rare earth oxide (“TREO”) over 106 metres (m); including a high-grade zone of 3.42% TREO over 59 m1 (Figure 1). The assays reported for WI22-67 are partial from surface to a downhole depth of 155 metres. Assay results for the remaining 165 m to end of hole at 320 m are expected in the coming days.
Craig Taylor, CEO, and Director of Defense Metals stated: “With the release of this additional drill hole, we continue to establish excellent continuity of mineralization in sectional infill drilling. As we advance the Wicheeda Project we know these kinds of results will contribute significantly to our goal of upgraded resource categories necessary to support a future Preliminary Feasibility Study (PFS).”
18th International Rare Earths Conference, Las Vegas, Nevada
Defense Metals and many of its directors, management and advisors will be attending the 18th International Rare Earths Conference on October 17, 2022 to October 19, 2022 in Las Vegas, Nevada. Luisa Moreno, President and Director of the Company will be presenting on the “Wicheeda Deposit: The Next North American REE production“.
About the Wicheeda REE Property
The 100% owned 4,244-hectare Wicheeda REE Property, located approximately 80 km northeast of the city of Prince George, British Columbia, is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, the CN railway, and major highways.
The Wicheeda REE Project yielded a robust 2021 preliminary economic assessment technical report (PEA) that demonstrated an after-tax net present value (NPV@8%) of $517 million, and 18% IRR3. A unique advantage of the Wicheeda REE Project is the production of a saleable high-grade flotation-concentrate. The PEA contemplates a 1.8 Mtpa (million tonnes per year) mill throughput open pit mining operation with 1.75:1 (waste:mill feed) strip ratio over a 19 year mine (project) life producing and average of 25,423 tonnes REO annually. A Phase 1 initial pit strip ratio of 0.63:1 (waste:mill feed) would yield rapid access to higher grade surface mineralization in year 1 and payback of $440 million initial capital within 5 years.
Methodology and QA/QC
The analytical work reported on herein was performed by ALS Canada Ltd. (ALS) at Langley (sample preparation) and Vancouver (ICP-MS fusion), B.C. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of the Defense Metals and the QP. Drill core samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250-gram split to 85% passing 75 microns. A 0.1-gram sample pulp was then subject to multi-element ICP-MS analysis via lithium-borate fusion to determine individual REE content (ME-MS81h). Defense Metals follows industry standard procedures for the work carried out on the Wicheeda Project, with a quality assurance/quality control (QA/QC) program. Blank, duplicate, and standard samples were inserted into the sample sequence sent to the laboratory for analysis. Defense Metals detected no significant QA/QC issues during review of the data.
Qualified Person
The scientific and technical information contained in this news release as it relates to the Wicheeda REE Project has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of Defense Metals and a “Qualified Person” as defined in NI 43-101. Mr. Raffle verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained therein.
About Defense Metals Corp.
Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power markets, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Deposit located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding “Forward-Looking” Information
This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements relating to advancing the Wicheeda REE Project, drill results including anticipated timeline of such results/assays, upgrading the resource categories, completing the PFS, the Company’s plans for its Wicheeda REE Project, expanded resource and scale of expanded resource, expected results and outcomes, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the anticipated costs and expenditures, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR at www.sedar.com. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of personnel, materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological and engineering assumptions, decrease in the price of rare earth elements, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to, the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, loss of key employees, consultants, or directors, increase in costs, delayed drilling results, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
1
The true width of REE mineralization is estimated to be 70-100% of the drilled interval.
2
TREO % sum of CeO2, La2O3, Nd2O3, Pr6O11, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3.
3
Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada, dated January 6, 2022, with an effective date of November 7, 2021, and prepared by SRK Consulting (Canada) Inc. is filed under Defense Metals Corp.’s Issuer Profile on SEDAR (www.sedar.com).
JERICHO, N.Y.–(BUSINESS WIRE)– 1-800-FLOWERS.COM, Inc. (NASDAQ: FLWS),a leading provider of gifts designed to help inspire customers to give more, connect more, and build more and better relationships, today announced that the Company will release financial results for its fiscal 2023 first quarter on Thursday, November 3, 2022. The press release will be issued prior to market opening and will be followed by a conference call with members of senior management at 8:00 a.m. (ET).
The conference call will be available via live webcast from the Investors section of the Company’s website at 1800flowersinc.com. A recording of the call will be posted on the website within two hours of the call’s completion. A telephonic replay of the call can be accessed beginning at 2:00 p.m. (ET) on November 3, 2022, through November 10, 2022, at: (US) 1-877-344-7529; (Canada) 855-669-9658; (International) 1-412-317-0088; enter conference ID: #5253715. If you have any questions regarding the above information, please call the Investor Relations office at (516) 237-4617.
Special Note Regarding Forward-Looking Statements: Some of the statements contained in the Company’s scheduled Thursday, November 3, 2022, press release and conference call regarding its results for its fiscal 2023 first quarter, other than statements of historical fact, may be forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements. For a more detailed description of these and other risk factors, please refer to the Company’s SEC filings including its Annual Reports and Forms 10K and 10Q available at the Investor Relations section of the Company’s website at 1800flowersinc.com. The Company expressly disclaims any intent or obligation to update any of the forward-looking statements made in the scheduled conference call and any recordings thereof, or in any of its SEC filings, except as may be otherwise stated by the Company.
About 1-800-FLOWERS.COM, Inc. 1-800-FLOWERS.COM, Inc. is a leading provider of gifts designed to help inspire customers to give more, connect more, and build more and better relationships. The Company’s e-commerce business platform features an all-star family of brands, including: 1-800-Flowers.com®, 1-800-Baskets.com®, Cheryl’s Cookies®, Harry & David®, PersonalizationMall.com®, Shari’s Berries®, FruitBouquets.com®, Moose Munch®, The Popcorn Factory®, Wolferman’s Bakery®, Vital Choice®, Stock Yards® and Simply Chocolate®. Through the Celebrations Passport® loyalty program, which provides members with free standard shipping and no service charge across our portfolio of brands, 1-800-FLOWERS.COM, Inc. strives to deepen relationships with customers. The Company also operates BloomNet®, an international floral and gift industry service provider offering a broad-range of products and services designed to help members grow their businesses profitably; Napco℠, a resource for floral gifts and seasonal décor; DesignPac Gifts, LLC, a manufacturer of gift baskets and towers; and Alice’s Table®, a lifestyle business offering fully digital livestreaming and on demand floral, culinary and other experiences to guests across the country. 1-800-FLOWERS.COM, Inc. was recognized among the top 5 on the National Retail Federation’s 2021 Hot 25 Retailers list, which ranks the nation’s fastest-growing retail companies, and was named to the Fortune 1000 list in 2022. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS. For more information, visit 1800flowersinc.com or follow @1800FLOWERSInc on Twitter.
CALGARY, Alberta, Oct. 13, 2022 (GLOBE NEWSWIRE) — InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company“) today announced that the Toronto Stock Exchange (“TSX“) has accepted InPlay’s notice of intention to commence a normal course issuer bid (the “NCIB“).
Under the NCIB, InPlay may purchase for cancellation, from time to time, as InPlay considers advisable, up to a maximum of 6,467,875 common shares of InPlay (“Common Shares“), which represents 10% of the Company’s public float of 64,678,759 Common Shares as at October 7, 2022. As of the same date, InPlay had 87,150,301 Common Shares issued and outstanding. Purchases of Common Shares may be made on the open market through the facilities of the TSX and through other alternative Canadian trading platforms at the prevailing market price at the time of such transaction. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by InPlay, subject to a maximum daily purchase limitation of 112,558 Common Shares which equates to 25% of InPlay’s average daily trading volume of 450,234 Common Shares for the six months ended September 30, 2022. InPlay may make one block purchase per calendar week which exceeds the daily repurchase restrictions. Any Common Shares that are purchased by InPlay under the NCIB will be cancelled.
The NCIB will commence on October 17, 2022 and will terminate on October 16, 2023 or such earlier time as the NCIB is completed or terminated at the option of InPlay.
InPlay believes that implementing the NCIB is a prudent step in this volatile energy market environment, when at times, the prevailing market price does not reflect the underlying value of its Common Shares. The timely repurchase of the Company’s Common Shares for cancellation represents confidence in the long term prospects and sustainability of its business model. This reduction in share count adds per share value to InPlay’s shareholders and adds another tool to management’s disciplined capital allocation strategy.
About InPlay Oil Corp.
InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The Company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The Common Shares on the Toronto Stock Exchange under the symbol IPO and the OTCQX under the symbol IPOOF.
For further information please contact:
Doug Bartole President and Chief Executive Officer InPlay Oil Corp. Telephone: (587) 955-0632
This news release contains certain statements that may constitute forward-looking information within the meaning of applicable securities laws. This information includes, but is not limited to InPlay’s intentions with respect to the NCIB and purchases thereunder and the effects of repurchases under the NCIB. Although InPlay believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because InPlay can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions by their very nature they involve inherent risks and uncertainties. Actual results could defer materially from those currently anticipated due to a number of factors and risks. Certain of these risks are set out in more detail in InPlay’s Annual Information Form which has been filed on SEDAR and can be accessed at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date hereof and InPlay undertakes no obligation to update publically or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
CAMBRIDGE, Mass.–(BUSINESS WIRE)–Oct. 13, 2022– Axcella Therapeutics (Nasdaq: AXLA), a clinical-stage biotechnology company pioneering a new approach to treat complex diseases using multi-targeted endogenous metabolic modulator (EMM) compositions, today announced that it has entered into a securities purchase agreement with investors in a registered direct offering of 20,847,888 shares of common stock (the “Shares”) at a purchase price of $1.64 per share, resulting in gross proceeds of $34.2 million, including $6.0 million received as the cancellation of indebtedness upon the conversion of unsecured subordinated convertible promissory notes held by Flagship Pioneering.
The offering closed on October 13, 2022. Since this offering was made without an underwriter or a placement agent, Axcella did not pay any underwriting discounts in connection with the transaction. Axcella intends to use the net proceeds from the offering together with existing cash and cash equivalents to advance the Long COVID program, including regulatory engagement and preparation for further clinical development; advance and complete enrollment of its EMMPACT Phase 2b clinical trial in non-alcoholic steatohepatitis (NASH); and for working capital and other general corporate purposes.
The Shares were offered pursuant to a shelf registration statement that was previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on June 12, 2020. A final prospectus supplement, which contains additional information relating to the offering, has been filed with the SEC and is available on the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Shares, nor shall there be any sale of the Shares in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
“We believe investors were attracted by results from our Phase 2a Placebo Controlled Clinical Trial for Long COVID and positive interim data from our Phase 2b study of NASH. In addition to strong support from our largest current investors, this round of financing also included five investors who are new to Axcella as well as certain Directors and members of management of the company,” said Bill Hinshaw, CEO of Axcella.
Simultaneous with the financing, the company is appointing Robert Rosiello and Torben Straight Nissen to its Board of Directors, and Mr. Rosiello also will become Chairman of the Board. Mr. Rosiello is an Executive Partner of Flagship Pioneering, where he focuses on building capability to originate, manage, and grow new Flagship companies, and helps drive Flagship’s strategy, institution building, and growth initiatives. He came to Flagship after a thirty-year career at McKinsey advising CEOs and Boards of leading healthcare, technology and consumer companies. He also has experience managing through periods of change in a public company as CFO, and he has start-up Board experience through his previous service on the board of Flagship company Inari. Mr. Straight Nissen is a Senior Partner at Flagship Pioneering, where he is responsible for company creation in one of Flagship’s newest growth vectors, Preemptive Health and Medicine. He has provided executive and R&D leadership to biotech and pharmaceutical companies for more than twenty years. Prior to joining Flagship, Mr. Straight Nissen headed up Strategic Portfolio Management for Pfizer’s worldwide R&D organization where he oversaw Pfizer’s portfolio spanning discovery to Phase 2b across all major therapeutic areas.
“Axcella’s emerging leadership in therapeutics for Long COVID and NASH make it an exciting time for the company, and I look forward to working with the Axcella management team and Board as we advance the platform and continue to build value in the company,” said Mr. Rosiello.
“Axcella has generated impressive clinical data that demonstrate the potential to harness the power of EMMs to tackle prevalent chronic conditions and I believe the company is now well positioned to provide safe and convenient orally delivered 1st line treatments for diseases with large unmet medical needs, such as NASH and Long COVID,” said Mr. Straight Nissen. “I look forward to working with Bill and his team to bring these important products to patients and their families.”
With Mr. Rosiello and Mr. Straight Nissen joining the Board, David Epstein will step down as Chairman and from the Board. Mr. Epstein has been with the Company for five years and has seen the Company through important milestones with multiple phase 2 programs reporting positive data in large and unserved diseases and now wishes to focus on personal priorities. Mr. Epstein remains highly supportive of the Company and will continue as a consultant to the Company.
Internet Posting of Information
Axcella uses the “Investors and News” section of its website, www.axcellatx.com, as a means of disclosing material nonpublic information, to communicate with investors and the public, and for complying with its disclosure obligations under Regulation FD. Such disclosures include, but may not be limited to, investor presentations and FAQs, Securities and Exchange Commission filings, press releases, and public conference calls and webcasts. The information that we post on our website could be deemed to be material information. As a result, we encourage investors, the media and others interested to review the information that we post there on a regular basis. The contents of our website shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
About Axcella Therapeutics (Nasdaq: AXLA)
Axcella is a clinical-stage biotechnology company pioneering a new approach to treat complex diseases using compositions of endogenous metabolic modulators (EMMs). The company’s product candidates are comprised of EMMs and derivatives that are engineered in distinct combinations and ratios to reset multiple biological pathways, improve cellular energetics, and restore homeostasis. Axcella’s pipeline includes lead therapeutic candidates in Phase 2 development for the treatment of Long COVID and NASH. The company’s unique model allows for the evaluation of its EMM compositions through non-IND clinical studies or IND clinical trials. For more information, please visit www.axcellatx.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, the anticipated closing date of the offering and use of proceeds from the offering, investor motivation to participate in the offering, the expected benefits of Mr. Rosiello’s and Mr. Straight Nissen’s service on the Board of Directors of Axcella and the potential for AXA1125 to serve as a first-line treatment option. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, those related to the potential impact of COVID-19 on the company’s ability to conduct and complete its ongoing or planned clinical studies and clinical trials in a timely manner or at all due to patient or principal investigator recruitment or availability challenges, clinical trial site shutdowns or other interruptions and potential limitations on the quality, completeness and interpretability of data the company is able to collect in its clinical trials of AXA1125, other potential impacts on the company’s business and financial results, including with respect to its ability to raise additional capital and operational disruptions or delays, changes in law, regulations, or interpretations and enforcement of regulatory guidance, whether data readouts support the company’s clinical trial plans and timing, clinical trial design and target indications for AXA1125, the clinical development and safety profile of AXA1125 and their therapeutic potential, whether and when, if at all, the company’s product candidates will receive approval from the FDA or other comparable regulatory authorities, potential competition from other biopharma companies in the company’s target indications, and other risks identified in the company’s SEC filings, including Axcella’s Annual Report on Form 10-K, Quarterly Report on Form 10-Q and subsequent filings with the SEC. The company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. Axcella disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Any forward-looking statements contained in this press release represent the company’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. The company explicitly disclaims any obligation to update any forward-looking statements.
