Author: cpatches

Release – Kratos Demonstrates Fully Virtualized SATCOM Ground System for U.S. Army Futures Command Over SES’s O3b MEO Constellation

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Research News and Market Data on KTOS

Together the companies showcase technology capable of supporting multi-orbit, multi-mission satellite ground operations

SAN DIEGO and LUXEMBOURG, April 17, 2024 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology company in the defense, national security and global markets, and SES, a leader in global content connectivity solutions, successfully executed a fully virtualized satellite communications (SATCOM) ground system demonstration for the U.S. Army’s Combat Capabilities Development Command, both announced today.

Kratos and SES successfully showed a flexible network architecture facilitating simultaneous communication pathways for resilient SATCOM. This virtualized and containerized architecture enables soldiers to position their radio frequency (RF) hardware and software-defined hubs anywhere globally. In an industry first, the demonstration showed seamless operation supporting satellites in Medium Earth Orbit (MEO) on a “make-before-break” mode over SES’s O3b MEO satellite network. Make-before-break is an essential capability for MEO and LEO satellite constellations referring to the ability to transfer communication sessions while the user transverses the coverage areas of different satellites.

The demonstration employed a remote terminal in Port St. Lucie, U.S., and a gateway in Lima, Peru, which connected to a software-defined Kratos OpenSpace® vStar hub system located more than 3,000 miles away in Virginia, U.S., all orchestrated and conducted over SES’s O3b satellite network.

Military satellite communications (MILSATCOM) networks increasingly will need to support multiple missions and employ multi-orbit satellite networks while reacting far more quickly than today’s hardware-based ground system. Kratos OpenSpace® Platform is the industry’s only commercially available, fully software-defined satellite ground system that provides the necessary reliability and agility needed for these modern operations. System efficiency was further enhanced by hosting the container-based OpenSpace hub on public cloud resources provided by SES.

Chris Badgett, Vice President of Technology for Kratos Space, said, “As employed in this demonstration, OpenSpace is the first to leverage containers to orchestrate the transfer of communication sessions in a standards-based, open, COTS platform environment. Using a containerized architecture for this make-before-break handover is a significant advancement in SATCOM technology and shows how Kratos is leading SATCOM ground modernization by using commercial capabilities, including software and generic x86 servers, to streamline and enhance hub, gateway and remote terminals.”

Saba Wehbe, Senior Vice President, Service Engineering and Delivery of SES, said, “SES’s software reconfigurable approach will future-proof ground systems and simplify the interoperability of multi-constellation, multi-orbit, multi-platform satellite services as well as standards-based integration with terrestrial networks. Showcasing a resilient software-defined network, characterized by the flexibility and agility critical to the U.S. Department of Defense (DoD) SATCOM modernization efforts, reinforces the importance of these features.”

Funding for this project was through the Network Cross-Functional Team (N-CFT) established by the Army Futures Command.

About Kratos OpenSpace

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

About Kratos Defense & Security Solutions

Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, 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, hypersonic 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.

About SES

SES has a bold vision to deliver amazing experiences everywhere on earth by distributing the highest quality video content and providing seamless data connectivity services around the world. As a leader in global content connectivity solutions, SES owns and operates the world’s only geosynchronous orbit and medium earth orbit (GEO-MEO) constellation of satellites with the unique combination of global coverage and high performance. By leveraging its vast and intelligent, cloud-enabled network, SES delivers high-quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to the world’s leading telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners. SES’s video network carries over 6,400 channels, reaching 369 million households, delivering managed media services for both linear and non-linear content. The company is headquartered in Luxembourg and listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: www.ses.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 31, 2023, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

For further information, please contact:

For Kratos: Yolanda White

858-812-7302 Direct

Investor Information:

877-934-4687

investor@kratosdefense.com

For SES: Suzanne Ong

External Communications SES

Tel. +352 710 725 500

suzanne.ong@ses.com

Release – FAT Brands Ignites Co-Branding Strategy with 40-Unit Northern California Development Deal

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Research News and Market Data on FAT

LOS ANGELES, April 17, 2024 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc., parent company of Fatburger, Round Table Pizza and 16 other restaurant concepts, announces a new development deal to open 40 new franchised Fatburger locations across Northern California. In partnership with franchisee California Burger, Inc., Fatburger will be added to 40 existing Round Table Pizza locations over the next 10 years with the first location set to open in 2024.

“Since opening our first co-branded Fatburger and Round Table Pizza in the Dallas area last year, we have seen significant interest in this pairing from our franchisee base,” said Taylor Wiederhorn, Chief Development Officer of FAT Brands. “We are pleased to further the growth of this new co-branded model with California Burger, Inc. who also operates Circle Pizza LLC, the largest multi-unit operator of Round Table Pizza with over 70 Round Table Pizza restaurants in operation. We see great potential for Fatburger and Round Table Pizza co-branded restaurants given both brands’ California heritage. The strategy is not unsimilar to the success we have experienced with co-branded locations of Fatburger and Buffalo’s Express, which now number over 100 locations worldwide.”

Ever since the first Fatburger opened in Los Angeles over 70 years ago, the chain has been known for its delicious, grilled-to-perfection and cooked to order burgers. Founder Lovie Yancey believed that a big burger with everything on it is a meal in itself. At Fatburger, “everything” is not just the usual lettuce, tomato, onion, mayo, mustard, pickles and relish. Burgers can be customized with toppings including bacon and eggs. In addition to its famous burgers, the Fatburger menu also includes Fat and Skinny Fries, turkeyburgers, hand-breaded crispy chicken sandwiches, and hand-scooped milkshakes made from 100% real ice cream.

Since its founding in 1959, Round Table Pizza has been recognized as “Pizza Royalty™” for its homemade dough made from scratch and rolled fresh daily as well as for its dedication to using gold-standard ingredients like hand-sliced vegetables, high-quality meats, and the brand’s signature three cheese blend. Each pizza is hand-crafted with legendary toppings layered to the edge of Round Table’s perfectly baked crust.

For more information or to find a Fatburger near you, please visit www.fatburger.com. For more information or to find a Round Table Pizza near you, please visit www.roundtablepizza.com.

###

About FAT (Fresh. Authentic. Tasty.) Brands

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets and develops fast casual, casual and polished casual dining restaurant concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza®, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Native Grill & Wings, Pretzelmaker, Elevation Burger, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit http://www.fatbrands.com.

About Fatburger

An all-American, Hollywood favorite, Fatburger is a fast-casual restaurant serving big, juicy, tasty burgers, crafted specifically to each customer’s liking. With a legacy spanning over 70 years, Fatburger’s extraordinary quality and taste inspire fierce loyalty amongst its fan base, which includes a number of A-list celebrities and athletes. Featuring a contemporary design and ambience, Fatburger offers an unparalleled dining experience, demonstrating the same dedication to serving gourmet, homemade, custom-built burgers as it has since 1952 – The Last Great Hamburger Stand™.

About Round Table Pizza

Inspired by the honor, valor, and revelry of the Knights of the Round Table, Round Table Pizza’s superior pizza and commitment to quality and authenticity have earned the reputation of “Pizza Royalty™” for over 60 years. With more than 410 restaurants across the globe, Round Table celebrates community, family and making merry. For more information, visit www.roundtablepizza.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the timing and performance of new store openings and area development agreements. Forward-looking statements reflect expectations of FAT Brands Inc. (“we” or “our”) concerning the future and are subject to significant business, economic and competitive risks, uncertainties and contingencies. These factors are difficult to predict and beyond our control, and could cause our actual results to differ materially from those expressed or implied in such forward-looking statements. We refer you to the documents that we file from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other factors. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this press release.

MEDIA CONTACT:

Erin Mandzik, FAT Brands

emandzik@fatbrands.com

860-212-6509

Release – V2X Clinches Spot on U.S. Navy’s Global Contingency Services Contract for Second Time, Building on Past Success

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Research News and Market Data on VVX

MCLEAN, Va., April 17, 2024 /PRNewswire/ — V2X, Inc. (NYSE: VVX) proudly announces its selection as one of the six prime contractors for the U.S. Navy’s Global Contingency Services (GCS) Multiple Award Contract (MAC) III. The contract, valued at up to $2 billion, was awarded by the Naval Facilities Engineering Command, Pacific in Hawaii, with an expected completion date of September 2032.

This significant contract enables V2X to swiftly provide critical facility support services for a wide range of scenarios, including natural disasters, humanitarian efforts, military actions, and potential service disruptions. With operations spanning various global locations, including remote areas, V2X stands ready to deliver rapid and effective solutions whenever and wherever they are needed most.

Ken Shreves, Senior Vice President of Global Mission Solutions and Chief Service Delivery and Growth Officer at V2X, expressed pride in the company’s ongoing partnership with the Navy, “As a leading provider under GCS MAC II with nearly $300 million in awarded task orders, we are honored to continue our support for the Navy in the third iteration of the GCS MAC. This reaffirms our commitment to providing essential services during times of necessity. V2X has a proven track record of meeting our customers’ needs, even in the most challenging environments worldwide.”

During the GCS MAC II, which reached its $900 million ceiling reflecting demand for critical support services, V2X showcased its ability to deliver essential services efficiently and effectively. Under this latest contract, V2X remains committed to providing short-notice facility support services and incidental construction.

About V2X

V2X builds smart solutions designed to integrate physical and digital infrastructure – by aligning people, actions, and outputs. Formed by the merger of Vectrus and Vertex, we bring a combined 120 years of successful mission support. Our lifecycle solutions improve security, streamline logistics, and enhance readiness.

The Company delivers a comprehensive suite of integrated solutions across the operations and logistics, aerospace, training, and technology markets to national security, defense, civilian and international clients. Our global team of approximately 16,000 employees brings innovation to every point in the mission lifecycle, from preparation to operations, to sustainment, as it tackles the most complex challenges with agility, grit, and dedication.

Media Contact

Angelica Spanos Deoudes

Director, Corporate Communications

Angelica.Deoudes@goV2X.com

571-338-5195

Investor Contact

Mike Smith, CFA

Vice President, Treasury, Corporate Development and Investor Relations

IR@goV2X.com

719-637-5773

Noble Capital Markets Brings the ‘Sharks’ to Boca for NobleCon20

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Visit the Conference Website for More Detail

Noble Capital Markets has officially announced that its 20th annual emerging growth equity conference – NobleCon20 – will be held December 3-4, 2024, at Florida Atlantic University, College of Business Executive Education in Boca Raton, FL. NobleCon20 coincides with Noble’s 40th anniversary, with its roots in South Florida since 1984. Also announced, three of the original “Sharks” from the ABC hit series Shark Tank will headline NobleCon20. Venture capitalist Kevin O’Leary (aka “Mr. Wonderful”), FUBU founder Daymond John, and cyber-tech giant Robert Herjavec will be featured on the same stage as NobleCon19 keynote, President George W. Bush.

Although last year’s NobleCon was the first to be held at Florida Atlantic, Noble has been actively involved with the university for more than a decade, through development of educational programs for equity analysts and equities trading, in addition to internship opportunities for its students. The university’s facilities are unquestionably the most technologically advanced on the equity conference circuit, and the environment is without the distractions often associated hotel environments. Located right off I95 in the heart of Boca Raton, with dedicated covered parking for 800 vehicles makes Florida Atlantic a particularly attractive destination for locals.

“We’re delighted that we will host NobleCon20, which will be a great way to celebrate Noble’s 40th anniversary and our second large-scale event partnership,” said Vegar Wiik, assistant dean of Executive Education. “The recent completion of the Executive Education complex allowed us to take the relationship to another level.”

Bringing all three celebrity investors together was no small challenge and their joint appearance for a 95-minute, two-part event on the NobleCon20 stage will be one of a kind. First, the trio will give a moderated fireside chat, followed by a series of business pitches from hopeful entrepreneurs selected by Noble and from Florida Atlantic students and alumni.

“Working with Noble is a lot of fun because they understand the importance of integrating business and education, all while promoting an entrepreneurial approach,” said Daniel Gropper, Ph.D., dean of the College of Business. “Our past Business Pitch Competitions have been great and having these ‘Sharks’ weigh-in on the pitches brings an incredible new dimension to the competition.”

Last year’s event, NobleCon19, was Noble’s most successful equity conference yet, with an attendance increase of 50% over the previous year. Presentation rooms and one-on-one meetings were at capacity, with corridors crowded.

Noble’s Managing Partner Mark Pinvidic attributes the boost in attendance and enthusiasm to the strong lineup of presenting companies, the dramatic migration of financial services organizations from the NE to Florida, a strong investor outreach initiative, and the increased awareness of the conference that a high-profile keynote like President Bush brings. “While marque attention is key, the message delivered is far more important,” said Pinvidic. “President Bush masterfully delivered a message of optimism; regardless of these trying and divisive times, democracy will survive. For NobleCon20 we want to focus on the importance of entrepreneurship, the economic significance of emerging growth companies, and the methodology of making strategic and disciplined investments. These “Sharks” bring all of that to the stage.”

NobleCon20 will also feature two topical panel presentations featuring notable opinion leaders, an expanded one-on-one meeting schedule, presentations from emerging growth public company senior executives and an opening-session keynote speech. The disco-themed 2024 edition of the “After,” hosted in conjunction with Money Channel NYC / Moneyball Networking and Goliath Resources, will be held at the Privaira Hangar at the Boca Raton International Airport.

Noble has now opened the selection process for public company executives who would like to join the roster of speakers. General attendance registration will be available in July. Preliminary info can be obtained at www.nobleconference.com.

About Florida Atlantic University:

Florida Atlantic University, established in 1961, officially opened its doors in 1964 as the fifth public university in Florida. Today, the University serves more than 30,000 undergraduate and graduate students across six campuses located along the southeast Florida coast. In recent years, the University has doubled its research expenditures and outpaced its peers in student achievement rates. Through the coexistence of access and excellence, FAU embodies an innovative model where traditional achievement gaps vanish. FAU is designated a Hispanic-serving institution, ranked as a top public university by U.S. News & World Report and a High Research Activity institution by the Carnegie Foundation for the Advancement of Teaching. For more information, visit www.fau.edu.

About Noble Capital Markets, Inc. and Channelchek:

Noble Capital Markets (Noble), established in 1984 as a full-service SEC / FINRA registered broker-dealer, dedicated exclusively to serving underfollowed emerging growth companies through investment banking, wealth management, trading & execution, and equity research activities. Over the past 40 years, Noble has raised billions of dollars for companies and published more than 45,000 equity research reports. Noble launched www.channelchek.com in 2018 – an investor community dedicated exclusively to public emerging growth and their industries. Channelchek is the first service to offer institutional-quality research to the public, for FREE at every level without a subscription. More than 7,000 public emerging growth companies are listed on the site, and content including equity research, webcasts, and industry articles. For more information, visit www.noblecapitalmarkets.com

Release – Ocugen, Inc. Announces U.S. FDA Clearance of IND Amendment to Initiate OCU400 Phase 3 Clinical Trial — First Gene Therapy to Enter Phase 3 with a Broad Retinitis Pigmentosa Indication

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Research News and Market Data on OCGN

MALVERN, Pa., April 08, 2024 (GLOBE NEWSWIRE) — Ocugen, Inc. (“Ocugen” or the “Company”) (NASDAQ: OCGN), a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, and vaccines, today announced that the U.S. Food and Drug Administration (FDA) has cleared the Company’s Investigational New Drug (IND) amendment to initiate a Phase 3 clinical trial of OCU400, a modifier gene therapy product candidate being developed for retinitis pigmentosa (RP).

“The initiation of the OCU400 Phase 3 clinical trial is a significant milestone for patients with RP and a pivotal event for Ocugen as a company,” said Dr. Shankar Musunuri, Chairman, CEO and Co-Founder of Ocugen. “OCU400 is the first gene therapy program to enter Phase 3 with a broad RP indication. Until now, there has been only one marketed product to treat one of the 100 gene mutations associated with RP. Now there is real hope for all RP patients who haven’t had a treatment option.”

The Phase 3 study will have a sample size of 150 participants—one arm of 75 participants with the RHO gene mutation and the other arm with 75 participants that are gene agnostic. In each arm, participants will be randomized 2:1 to the treatment group (2.5 x 1010 vg/eye of OCU400) and untreated control group, respectively.

In the Phase 1/2 OCU400 clinical trial, a Multi-Luminance Mobility Testing (MLMT) scale was the primary functional endpoint. For the Phase 3 OCU400 clinical trial, an updated mobility course will be used—Luminance Dependent Navigation Assessment (LDNA)— that includes a wider range of light intensity (0.04-500 Lux) and Lux Levels (0-9) with a uniform correlation between Lux level and Lux intensity.

“A sensitive mobility course, LDNA, was developed by Ocugen in collaboration with FDA for the Phase 3 clinical trial to allow enrollment of patients with early to advanced stages of disease,” said Dr. Arun Upadhyay, Chief Scientific Officer at Ocugen. “We are extremely encouraged that with this Phase 3 study design more than 50% of intent to treat RHO patients would meet the responder criteria, which is demonstrating 2 or greater Lux level of improvement after one year of treatment based on Phase 1/2 study results.”

Currently there are approximately 110,000 patients in the United States with RP and 1.6 million patients globally. Of these patients, more than 10% have the RHO genetic mutation.

“We believe that the gene-agnostic clinical trial design provides an appropriate therapeutic option to include patients who have greater potential of benefiting from treatment,” said Dr. Huma Qamar, Chief Medical Officer at Ocugen. “We are looking forward to working with our selected trial sites and leading retinal surgeons to deliver this novel modifier gene therapy to potentially address unmet medical needs.”

Ocugen previously announced that OCU400 has received orphan drug and RMAT designations from the FDA. With the initiation of the Phase 3 clinical trial, OCU400 remains on track for the 2026 BLA approval target.

About OCU400
OCU400 is the Company’s gene-agnostic modifier gene therapy product based on NHR gene, NR2E3. NR2E3 regulates diverse physiological functions within the retina—such as photoreceptor development and maintenance, metabolism, phototransduction, inflammation and cell survival networks. Through its drive functionality, OCU400 resets altered/affected cellular gene-networks and establishes homeostasis—a state of balance, which has the potential to improve retinal health and function in patients with inherited retinal diseases.

About RP
RP is a group of rare, genetic disorders that involve a breakdown and loss of cells in the retina, leading to vision loss and blindness. Currently, RP is associated with mutations in more than 100 genes.

There are no approved treatment options that slow or stop the progression of multiple forms of RP. Proposed treatments for RP include gene-replacement therapy, retinal implant devices, retinal transplantation, stem cells, vitamin therapy, and other pharmacological treatments. Current gene-replacement therapies are promising but are limited to treating just a single mutation. In addition, while gene therapies may provide a new functional gene, they do not necessarily eliminate the underlying genetic defect, which may still cause stress and toxic effects leading to retina degeneration. Therefore, the development of gene-specific replacement therapy is highly challenging, especially when multiple and unknown genes are involved. Thus, novel therapeutic approaches targeting broader RP disease in a gene agnostic manner offer greater hope for patients.

About Ocugen, Inc.
Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. We are making an impact on patient’s lives through courageous innovation—forging new scientific paths that harness our unique intellectual and human capital. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with a single product, and we are advancing research in infectious diseases to support public health and orthopedic diseases to address unmet medical needs. Discover more at www.ocugen.com and follow us on X and LinkedIn. 

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding qualitative assessments of available data, potential benefits, expectations for ongoing clinical trials, anticipated regulatory filings and anticipated development timelines, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations, including, but not limited to, the risks that preliminary, interim and top-line clinical trial results may not be indicative of, and may differ from, final clinical data; that unfavorable new clinical trial data may emerge in ongoing clinical trials or through further analyses of existing clinical trial data; that earlier non-clinical and clinical data and testing of may not be predictive of the results or success of later clinical trials; and that that clinical trial data are subject to differing interpretations and assessments, including by regulatory authorities. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.

Contact:
Tiffany Hamilton
Head of Communications
Tiffany.Hamilton@ocugen.com 

Discover Emerging Growth Consumer, Communications, Media, and Technology Companies at Noble Capital Markets’ June Virtual Equity Conference

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  • Emerging Growth Public Consumer, Communications, Media, Technology (and more) Company Executive Presentations
  • Q&A Sessions Moderated by Noble’s Analysts and Bankers
  • Scheduled 1×1 Meetings with Qualified Investors

Noble Capital Markets, a full-service SEC / FINRA registered broker-dealer, dedicated exclusively to serving emerging growth companies, is pleased to present the Consumer, Communications, Media, and Technology Emerging Growth Virtual Equity Conference, taking place June 26th and 27th, 2024. This virtual gathering is set to be an immersive experience, bringing together a unique blend of investors, industry leaders, and experts in the consumer, communications, media, and technology sectors.

Part of Noble’s Robust 2024 Events Calendar

The Consumer, Communications, Media, and Technology Emerging Growth Virtual Equity Conference is part of Noble’s 2024 event programming, featuring a range of c-suite interviews, in-person non-deal roadshows throughout the United States, two other sector-specific virtual equity conferences, and culminating in Noble’s preeminent in-person investor conference, NobleCon20, to be held at Florida Atlantic University in Boca Raton, Florida December 3-4. Keep an eye out for the official press release on NobleCon20 coming soon.

Check out the calendar of upcoming in-person non-deal roadshows here.

Sign up to receive more information on Noble’s other virtual conferences here.

What to Expect

The Consumer, Communications, Media, and Technology Emerging Growth Virtual Equity Conference will feature 2 days of corporate presentations from up to 50 innovative public consumer, communications, media, and technology companies, showcasing their latest advancements and investment opportunities. Each presentation will be followed by a fireside-style Q&A session proctored by one of Noble’s analysts or bankers, with questions taken from the audience during the presentation. Panel presentations are planned, featuring key opinion leaders in these sectors, providing valuable insights on emerging trends. Scheduled one-on-one meetings with public company executives, coordinated by Noble’s dedicated Investor Outreach team, are also available to qualified investors.

Why Your Company Should Present

Looking to increase awareness in your company and increase liquidity? Paid participation in Noble’s investor conferences, both virtual and in-person, provides that opportunity, with a tailored experience aimed at delivering substantial value. After 40 years of serving emerging growth companies, and the investors who follow them, Noble has built an investor base eager to discover where the next success story lies.

Noble’s investor base is relevant and, in many cases, new to your company. Noble’s dedicated Investor Outreach team provides unmatched exposure to investors that can invest in your company, including small money managers, family offices, RIAs, wealth managers, self-directed investors, and institutions. Most of Noble’s investors specifically seek undervalued, overlooked, emerging investment opportunities.

The cost to present includes your corporate presentation with a Q&A session proctored by one of Noble’s analysts or bankers, a webcast recording, scheduled 1×1 meetings with qualified investors, and marketing on Channelchek.

Benefits for Investors

Hear directly from the c-suite of the next innovators in consumer, communications, media, and technology and learn about new investment opportunities. The Q&A portion of each presentation gives you the opportunity to have your questions answered during or after the proctored session. The planned panel presentations are sure to provide expert insight on growing trends in the healthcare space. And, for qualified investors, one-on-one meetings are available with company executives; scheduled by Noble’s dedicated Investor Outreach team. All from the comfort of your own desk, and at no cost.

How to Register

Limited presenting slots are available

Publicly traded companies in these sectors can submit their registration details here.

If you have any questions about presenting, please contact events@noblecapitalmarkets.com

Investor / Guest attendees can register here

Interested in becoming a sponsor of Noble’s virtual and in-person investor conferences?

Contact events@noblecapitalmarkets.com for sponsorship information.

Energy Industry Report – Energy stocks rise with oil prices

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Tuesday, April 2, 2024

Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the bottom of the report for important disclosures

Energy stocks outpaced the general overall market in the March quarter due to a rise in oil prices. Higher oil prices reflect improving global economics and Middle East concerns. Natural gas prices continued to fall due to warm weather and high storage levels.

The United States is ramping up the export of oil and liquified natural gas. Oil exports have helped offset a reduction in  OPEC exports. The United States, once a large importer of LNG, is now the largest exporter. LNG exports have helped European countries replace gas from Russia.

Balance sheets have improved and management has become more disciplined. Most energy companies used the recent strength in energy prices to pay down debt and repurchase shares instead of expanding operations. This new-found discipline leaves the companies in a good position to make investments quickly should energy prices rise, which we believe could happen with an improvement in global economic conditions.

We remain positive on the sector. We look for energy companies, especially those focused on oil, to continue to outpace the overall market should energy prices rise.

Energy stocks, as measured by the Energy Select Sector SPDR Fund (XLE), rose 12.9% during the quarter ended March 31, 2024. The increase was slightly higher than the 10.2% increase in the S&P Composite index. Energy stocks were boosted by a 16.1% increase in the May oil futures prices, which more than offset a 29.9% decrease in the May natural gas futures price. 

At current oil prices, domestic producers are able to produce oil at profitable levels. Oil production has grown from 5 million barrels of oil per day (mmboe/d) in 2008 to the current level above 12 mmboe/d. Most of the production has come from increased drilling in the Permian Basin. Rig count has risen steadily in recent years to a level above 500 rigs but remains well below the 1600 rig level seen as recently as 2012. Increase production from fewer rigs demonstrated productivity gains in recent years as well as an increased focus on drilling in the Permian Basin, an area with high initial flow rates.

Figure #1

As domestic production grows, the United States has taken on an increased role supplying oil across the world. Oil exports have grown steadily in recent years. U.S. production has largely replaced the import of oil from OPEC which has declined from 0.20 million barrels of oil per day in 2008 to 0.03 million mmboe/d in January 2024.

Figure #2

An even more dramatic story can be told regarding natural gas production. Production continues to rise even as natural gas prices remain weak. Higher production comes despite a reduction in natural gas rigs from a peak level near 1600 in 2008 to the current level of 112. Once again, increased productivity comes due to a focus on drilling in areas with shale formations where horizontal drilling and fracking greatly increase initial production rates.

Figure #3

The United States has been steadily increasing the amount of liquified natural gas it exports. In fact, the United States has recently become the largest exporter of LNG. This transformation from being the largest importer of LNG to becoming the largest exporter has taken place in less than 20 years. Much of the increase in exports reflects increased deliveries to European countries in response to a decrease in natural gas from Russia.

Figure #4

The increased involvement in the global energy trade has improved the profitability of domestic producers. Most producers are receiving high netbacks at current energy prices. This is especially true for producers focused on oil. With strong balance sheets and a new-found management discipline that focuses on rewarding shareholders over expanding operations, we believe most energy companies are well positioned to grow earnings and cash flow at current prices. At the same time, they are able to expand operations should prices rise, as we believe could happen as global economic conditions improve. We look for energy stocks to continue their strength and maintain our favorable outlook on the group.

GENERAL DISCLAIMERS

All statements or opinions contained herein that include the words “we”, “us”, or “our” are solely the responsibility of Noble Capital Markets, Inc.(“Noble”) and do not necessarily reflect statements or opinions expressed by any person or party affiliated with the company mentioned in this report. Any opinions expressed herein are subject to change without notice. All information provided herein is based on public and non-public information believed to be accurate and reliable, but is not necessarily complete and cannot be guaranteed. No judgment is hereby expressed or should be implied as to the suitability of any security described herein for any specific investor or any specific investment portfolio. The decision to undertake any investment regarding the security mentioned herein should be made by each reader of this publication based on its own appraisal of the implications and risks of such decision.

This publication is intended for information purposes only and shall not constitute an offer to buy/sell or the solicitation of an offer to buy/sell any security mentioned in this report, nor shall there be any sale of the security herein in any state or domicile in which said offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or domicile. This publication and all information, comments, statements or opinions contained or expressed herein are applicable only as of the date of this publication and subject to change without prior notice. Past performance is not indicative of future results. Noble accepts no liability for loss arising from the use of the material in this report, except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to Noble. This report is not to be relied upon as a substitute for the exercising of independent judgement. Noble may have published, and may in the future publish, other research reports that are inconsistent with, and reach different conclusions from, the information provided in this report. Noble is under no obligation to bring to the attention of any recipient of this report, any past or future reports. Investors should only consider this report as single factor in making an investment decision.

IMPORTANT DISCLOSURES

This publication is confidential for the information of the addressee only and may not be reproduced in whole or in part, copies circulated, or discussed to another party, without the written consent of Noble Capital Markets, Inc. (“Noble”). Noble seeks to update its research as appropriate, but may be unable to do so based upon various regulatory constraints. Research reports are not published at regular intervals; publication times and dates are based upon the analyst’s judgement. Noble professionals including traders, salespeople and investment bankers may provide written or oral market commentary, or discuss trading strategies to Noble clients and the Noble proprietary trading desk that reflect opinions that are contrary to the opinions expressed in this research report.
The majority of companies that Noble follows are emerging growth companies. Securities in these companies involve a higher degree of risk and more volatility than the securities of more established companies. The securities discussed in Noble research reports may not be suitable for some investors and as such, investors must take extra care and make their own determination of the appropriateness of an investment based upon risk tolerance, investment objectives and financial status.

Company Specific Disclosures

The following disclosures relate to relationships between Noble and the company (the “Company”) covered by the Noble Research Division and referred to in this research report.
Noble is not a market maker in any of the companies mentioned in this report. Noble intends to seek compensation for investment banking services and non-investment banking services (securities and non-securities related) with any or all of the companies mentioned in this report within the next 3 months

ANALYST CREDENTIALS, PROFESSIONAL DESIGNATIONS, AND EXPERIENCE

Senior Equity Analyst focusing on Basic Materials & Mining. 20 years of experience in equity research. BA in Business Administration from Westminster College. MBA with a Finance concentration from the University of Missouri. MA in International Affairs from Washington University in St. Louis.
Named WSJ ‘Best on the Street’ Analyst and Forbes/StarMine’s “Best Brokerage Analyst.”
FINRA licenses 7, 24, 63, 87

WARNING

This report is intended to provide general securities advice, and does not purport to make any recommendation that any securities transaction is appropriate for any recipient particular investment objectives, financial situation or particular needs. Prior to making any investment decision, recipients should assess, or seek advice from their advisors, on whether any relevant part of this report is appropriate to their individual circumstances. If a recipient was referred to Noble Capital Markets, Inc. by an investment advisor, that advisor may receive a benefit in respect of
transactions effected on the recipients behalf, details of which will be available on request in regard to a transaction that involves a personalized securities recommendation. Additional risks associated with the security mentioned in this report that might impede achievement of the target can be found in its initial report issued by Noble Capital Markets, Inc.. This report may not be reproduced, distributed or published for any purpose unless authorized by Noble Capital Markets, Inc..

RESEARCH ANALYST CERTIFICATION

Independence Of View
All views expressed in this report accurately reflect my personal views about the subject securities or issuers.

Receipt of Compensation
No part of my compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed in the public
appearance and/or research report.

Ownership and Material Conflicts of Interest
Neither I nor anybody in my household has a financial interest in the securities of the subject company or any other company mentioned in this report.

Metals & Mining First Quarter 2024 Review and Outlook

Posted on by cpatches

Monday, April 1, 2024

Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the bottom of the report for important disclosures

Relative performance. During the first quarter, mining companies (as measured by the XME) appreciated 0.8% compared to a gain of 10.2% for the S&P 500 index. The VanEck Vectors Gold Miners (GDX) and Junior Gold Miners (GDXJ) ETFs were up 2.0% and 2.2%, respectively. Gold, silver, and copper futures prices gained 8.8%, 4.5%, and 3.1%, respectively, while zinc, lead and nickel declined 5.6%, 1.6%, and 1.2%. Central Banks around the world added to global gold reserves in January with demand expected to remain durable throughout 2024 due in part to a desire among some nations to diversify away from the U.S. dollar as the benchmark reserve currency.

Precious metals outlook. The U.S. Federal Reserve maintained its benchmark overnight borrowing rate at its March meeting and signaled the potential for rate cuts in 2024. Inflation appears to be moderating. The core personal consumption expenditures (PCE) price index, the Fed’s preferred gauge of inflation, was up 2.8% from February 2023 to February 2024, following a 2.9% increase from January 2023 to January 2024. The outlook for the gold price remains constructive due to expectations of one or more rate cuts in 2024, continued geopolitical uncertainty, concerns about the growth in U.S. deficit spending and the national debt, and increasing investments in gold by central banks. To some degree, lower rate expectations may already be factored into the price of gold.

Outlook for industrial and battery metals. Following weakness in 2023 due to lower economic growth expectations, industrial metals prices could strengthen when monetary policy increases the odds for a more durable economic outlook. Inventory re-stocking and longer-term secular trends such as electrification remain supportive of supply and demand fundamentals for metals such as copper. For battery metals, a more gradual path for electric vehicle adoption may lead to continued volatility in lithium, cobalt, and nickel prices although longer-term demand fundamentals remain favorable. During the first quarter, futures prices for battery grade lithium rose 11.4%, while cobalt and nickel prices fell 1.2%.

Putting it all together. Because the performance of precious metals mining equities has lagged the strength in gold prices, equities could offer greater upside at this point as investors take notice of attractive valuations juxtaposed against a strong gold price. Junior companies remain particularly attractive based on valuation, and we expect industry consolidation to accelerate as senior producers seek to replenish reserves and resources.

GENERAL DISCLAIMERS

All statements or opinions contained herein that include the words “we”, “us”, or “our” are solely the responsibility of Noble Capital Markets, Inc.(“Noble”) and do not necessarily reflect statements or opinions expressed by any person or party affiliated with the company mentioned in this report. Any opinions expressed herein are subject to change without notice. All information provided herein is based on public and non-public information believed to be accurate and reliable, but is not necessarily complete and cannot be guaranteed. No judgment is hereby expressed or should be implied as to the suitability of any security described herein for any specific investor or any specific investment portfolio. The decision to undertake any investment regarding the security mentioned herein should be made by each reader of this publication based on its own appraisal of the implications and risks of such decision.

This publication is intended for information purposes only and shall not constitute an offer to buy/sell or the solicitation of an offer to buy/sell any security mentioned in this report, nor shall there be any sale of the security herein in any state or domicile in which said offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or domicile. This publication and all information, comments, statements or opinions contained or expressed herein are applicable only as of the date of this publication and subject to change without prior notice. Past performance is not indicative of future results. Noble accepts no liability for loss arising from the use of the material in this report, except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to Noble. This report is not to be relied upon as a substitute for the exercising of independent judgement. Noble may have published, and may in the future publish, other research reports that are inconsistent with, and reach different conclusions from, the information provided in this report. Noble is under no obligation to bring to the attention of any recipient of this report, any past or future reports. Investors should only consider this report as single factor in making an investment decision.

IMPORTANT DISCLOSURES

This publication is confidential for the information of the addressee only and may not be reproduced in whole or in part, copies circulated, or discussed to another party, without the written consent of Noble Capital Markets, Inc. (“Noble”). Noble seeks to update its research as appropriate, but may be unable to do so based upon various regulatory constraints. Research reports are not published at regular intervals; publication times and dates are based upon the analyst’s judgement. Noble professionals including traders, salespeople and investment bankers may provide written or oral market commentary, or discuss trading strategies to Noble clients and the Noble proprietary trading desk that reflect opinions that are contrary to the opinions expressed in this research report.
The majority of companies that Noble follows are emerging growth companies. Securities in these companies involve a higher degree of risk and more volatility than the securities of more established companies. The securities discussed in Noble research reports may not be suitable for some investors and as such, investors must take extra care and make their own determination of the appropriateness of an investment based upon risk tolerance, investment objectives and financial status.

Company Specific Disclosures

The following disclosures relate to relationships between Noble and the company (the “Company”) covered by the Noble Research Division and referred to in this research report.
Noble is not a market maker in any of the companies mentioned in this report. Noble intends to seek compensation for investment banking services and non-investment banking services (securities and non-securities related) with any or all of the companies mentioned in this report within the next 3 months

ANALYST CREDENTIALS, PROFESSIONAL DESIGNATIONS, AND EXPERIENCE

Senior Equity Analyst focusing on Basic Materials & Mining. 20 years of experience in equity research. BA in Business Administration from Westminster College. MBA with a Finance concentration from the University of Missouri. MA in International Affairs from Washington University in St. Louis.
Named WSJ ‘Best on the Street’ Analyst and Forbes/StarMine’s “Best Brokerage Analyst.”
FINRA licenses 7, 24, 63, 87

WARNING

This report is intended to provide general securities advice, and does not purport to make any recommendation that any securities transaction is appropriate for any recipient particular investment objectives, financial situation or particular needs. Prior to making any investment decision, recipients should assess, or seek advice from their advisors, on whether any relevant part of this report is appropriate to their individual circumstances. If a recipient was referred to Noble Capital Markets, Inc. by an investment advisor, that advisor may receive a benefit in respect of
transactions effected on the recipients behalf, details of which will be available on request in regard to a transaction that involves a personalized securities recommendation. Additional risks associated with the security mentioned in this report that might impede achievement of the target can be found in its initial report issued by Noble Capital Markets, Inc.. This report may not be reproduced, distributed or published for any purpose unless authorized by Noble Capital Markets, Inc..

RESEARCH ANALYST CERTIFICATION

Independence Of View
All views expressed in this report accurately reflect my personal views about the subject securities or issuers.

Receipt of Compensation
No part of my compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed in the public
appearance and/or research report.

Ownership and Material Conflicts of Interest
Neither I nor anybody in my household has a financial interest

Government Solutions Industry Report: Additional Funding for ICE

Posted on by cpatches

Thursday, March 28, 2022

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the bottom of the report for important disclosures

2024 Budget. The 2024 budget signed by President Biden significantly increases ICE funding, which could have positive implications for both CoreCivic and The GEO Group. The ICE budget increased $798 million to $9.6 billion, including $5.1 billion for ICE Enforcement and Removal Operations, a $900 million increase, according to the Homeland Security Fiscal 2024 bill summary. ATD funding increased $27.5 million to $470.2 million.

Additional Beds. Detention beds increased to 41,500 from 34,000 in fiscal 2023. We would note, the number of people detained by ICE has exceeded the 34,000 funding amount since mid-August and was 39,111 as of March 10th. At a minimum, the new budget enables ICE to increase detainees by approximately 3,000 and if the recent past is any indication, the actual number of beds in use could easily top the 41,500 level.

Encounters Still High. The most recent data for Southwest Border Encounters indicated 189,922 people were encountered in February, the second highest level for that month in history. Looking at the first five months of the fiscal year, there were some 1.15 million encounters, an annualized rate of 2.76 million, compared to 2.47 million for all of 2023.

Capacity. Even with the current 39,000 detainee level, there appears to be sufficient bed capacity at existing facilities to absorb the incremental 3,000, if it occurs. However, currently idle CoreCivic and GEO facilities may be in play, based on ICE’s geographic and other needs. We view CoreCivic’s Leavenworth and California City facilities and GEO’s North Lake and D. Ray James facilities as logical options if ICE determines a need for additional facilities.

Implications. While the budget was just signed, we view the increases as an incremental net positive for both CoreCivic and The GEO Group. The increased funding and beds are both positives and if we see another Continuing Resolution in the fall, these elevated numbers will stand until a new budget is passed.

Research reports on companies mentioned in this report are available by clicking below:

CoreCivic (CXW)

The GEO Group (GEO)

GENERAL DISCLAIMERS

All statements or opinions contained herein that include the words “we”, “us”, or “our” are solely the responsibility of Noble Capital Markets, Inc.(“Noble”) and do not necessarily reflect statements or opinions expressed by any person or party affiliated with the company mentioned in this report. Any opinions expressed herein are subject to change without notice. All information provided herein is based on public and non-public information believed to be accurate and reliable, but is not necessarily complete and cannot be guaranteed. No judgment is hereby expressed or should be implied as to the suitability of any security described herein for any specific investor or any specific investment portfolio. The decision to undertake any investment regarding the security mentioned herein should be made by each reader of this publication based on its own appraisal of the implications and risks of such decision.

This publication is intended for information purposes only and shall not constitute an offer to buy/sell or the solicitation of an offer to buy/sell any security mentioned in this report, nor shall there be any sale of the security herein in any state or domicile in which said offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or domicile. This publication and all information, comments, statements or opinions contained or expressed herein are applicable only as of the date of this publication and subject to change without prior notice. Past performance is not indicative of future results. Noble accepts no liability for loss arising from the use of the material in this report, except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to Noble. This report is not to be relied upon as a substitute for the exercising of independent judgement. Noble may have published, and may in the future publish, other research reports that are inconsistent with, and reach different conclusions from, the information provided in this report. Noble is under no obligation to bring to the attention of any recipient of this report, any past or future reports. Investors should only consider this report as single factor in making an investment decision.

IMPORTANT DISCLOSURES

This publication is confidential for the information of the addressee only and may not be reproduced in whole or in part, copies circulated, or discussed to another party, without the written consent of Noble Capital Markets, Inc. (“Noble”). Noble seeks to update its research as appropriate, but may be unable to do so based upon various regulatory constraints. Research reports are not published at regular intervals; publication times and dates are based upon the analyst’s judgement. Noble professionals including traders, salespeople and investment bankers may provide written or oral market commentary, or discuss trading strategies to Noble clients and the Noble proprietary trading desk that reflect opinions that are contrary to the opinions expressed in this research report.
The majority of companies that Noble follows are emerging growth companies. Securities in these companies involve a higher degree of risk and more volatility than the securities of more established companies. The securities discussed in Noble research reports may not be suitable for some investors and as such, investors must take extra care and make their own determination of the appropriateness of an investment based upon risk tolerance, investment objectives and financial status.

Company Specific Disclosures

The following disclosures relate to relationships between Noble and the company (the “Company”) covered by the Noble Research Division and referred to in this research report.
Noble is not a market maker in any of the companies mentioned in this report. Noble intends to seek compensation for investment banking services and non-investment banking services (securities and non-securities related) with any or all of the companies mentioned in this report within the next 3 months

ANALYST CREDENTIALS, PROFESSIONAL DESIGNATIONS, AND EXPERIENCE

Senior Equity Analyst focusing on Basic Materials & Mining. 20 years of experience in equity research. BA in Business Administration from Westminster College. MBA with a Finance concentration from the University of Missouri. MA in International Affairs from Washington University in St. Louis.
Named WSJ ‘Best on the Street’ Analyst and Forbes/StarMine’s “Best Brokerage Analyst.”
FINRA licenses 7, 24, 63, 87

WARNING

This report is intended to provide general securities advice, and does not purport to make any recommendation that any securities transaction is appropriate for any recipient particular investment objectives, financial situation or particular needs. Prior to making any investment decision, recipients should assess, or seek advice from their advisors, on whether any relevant part of this report is appropriate to their individual circumstances. If a recipient was referred to Noble Capital Markets, Inc. by an investment advisor, that advisor may receive a benefit in respect of
transactions effected on the recipients behalf, details of which will be available on request in regard to a transaction that involves a personalized securities recommendation. Additional risks associated with the security mentioned in this report that might impede achievement of the target can be found in its initial report issued by Noble Capital Markets, Inc.. This report may not be reproduced, distributed or published for any purpose unless authorized by Noble Capital Markets, Inc..

RESEARCH ANALYST CERTIFICATION

Independence Of View
All views expressed in this report accurately reflect my personal views about the subject securities or issuers.

Receipt of Compensation
No part of my compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed in the public
appearance and/or research report.

Ownership and Material Conflicts of Interest
Neither I nor anybody in my household has a financial interest in the securities of the subject company or any other company mentioned in this report.

Healthcare Investment Ideas on Display at the Noble Capital Markets Emerging Growth Virtual Healthcare Equity Conference

Posted on by cpatches

Get the Virtual Conference eBook

Watch the Presentation and Q&A Replays

  • Emerging Growth Public Healthcare Company Executive Presentations
  • Q&A Sessions Moderated by Noble’s Analysts and Bankers
  • Scheduled 1×1 Meetings with Qualified Investors

Noble Capital Markets, a full-service SEC / FINRA registered broker-dealer, dedicated exclusively to serving emerging growth companies, is pleased to present the Emerging Growth Virtual Healthcare Conference, taking place April 17th and 18th, 2024. This virtual gathering is set to be an immersive experience, bringing together a unique blend of investors, industry leaders, and experts in the life sciences, healthcare, and medical device sectors.

Part of Noble’s Robust 2024 Events Calendar

The Emerging Growth Virtual Healthcare Conference is part of Noble’s 2024 event programming, featuring a range of c-suite interviews, in-person non-deal roadshows throughout the United States, two more sector-specific virtual equity conferences, and culminating in Noble’s preeminent in-person investor conference, NobleCon20, to be held at Florida Atlantic University in Boca Raton, Florida December 3-4. Keep an eye out for the official press release on NobleCon20 coming soon.

Check out the calendar of upcoming in-person non-deal roadshows here.

Sign up to receive more information on Noble’s other virtual conferences here.

What to Expect

The Emerging Growth Virtual Healthcare Conference will feature 2 days of corporate presentations from up to 50 innovative public healthcare, biotech, and medical device companies, showcasing their latest advancements and investment opportunities. Each presentation will be followed by a fireside-style Q&A session proctored by one of Noble’s analyst or bankers, with questions taken from the audience during the presentation. Panel presentations are planned, featuring key opinion leaders in the healthcare sector, providing valuable insights on emerging trends. Scheduled one-on-one meetings with public company executives, coordinated by Noble’s dedicated Investor Outreach team, are also available to qualified investors.

Why Your Company Should Present

Looking to increase awareness in your company and increase liquidity? Paid participation in Noble’s investor conferences, both virtual and in-person, provides that opportunity, with a tailored experience aimed at delivering substantial value. After 40 years of serving emerging growth companies, and the investors who follow them, Noble has built an investor base eager to discover where the next success story lies.

Noble’s investor base is relevant and, in many cases, new to your company. Noble’s dedicated Investor Outreach team provides unmatched exposure to investors that can invest in your company, including small money managers, family offices, RIAs, wealth managers, self-directed investors, and institutions. Most of Noble’s investors specifically seek undervalued, overlooked, emerging investment opportunities.

The cost to present includes your corporate presentation with a Q&A session proctored by one of Noble’s analysts or bankers, a webcast recording, scheduled 1×1 meetings with qualified investors, and marketing on Channelchek.

Benefits for Investors

The emerging growth healthcare space may be poised for a breakout year.  The recent dislocation in the healthcare and biotech spaces has created compelling valuation profiles for many companies. Hear directly from the c-suite of the next innovators in this space and learn about new investment opportunities. The Q&A portion of each presentation gives you the opportunity to have your questions answered during or after the proctored session. The planned panel presentations are sure to provide expert insight on growing trends in the healthcare space. And, for qualified investors, one-on-one meetings are available with company executives; scheduled by Noble’s dedicated Investor Outreach team. All from the comfort of your own desk, and at no cost.

How to Register

Limited presenting slots are available

Publicly traded companies in the healthcare space can submit their registration details here.

If you have any questions about presenting, please contact events@noblecapitalmarkets.com

Investor / Guest attendees can register here

Interested in becoming a sponsor of Noble’s virtual and in-person investor conferences?

Contact events@noblecapitalmarkets.com for sponsorship information.

Digital, Media & Technology Industry Report: Expecting A Bounce In TV Stocks As The Dust Settles

Posted on by cpatches

Thursday, February 8, 2024

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the bottom of the report for important disclosures

A proposed new sports streaming service. The Walt Disney Company, Fox Corporation, and Warner Bros. Discovery announced that it plans to launch a new live sports streaming service in the fall 2024. The new service is expected to be offered directly to consumers through an app on a subscription basis. 

A lot to work out. There are a number of variables that need to be worked out, including the pricing of the new services. Recent media reports have the streaming service priced at a hefty $40 per month. The app will not include all sports programming and is expected to target sports fans that do not subscribe to a pay-TV package. As such, there will be a limited audience and could even help to expand the reach of local TV stations. 

An over-reaction? Television stocks, including our current covered companies, E.W. Scripps (SSP) and Gray Television (GTN) dropped 24% and 15%, respectively. Investors seem to expect that the new service will be a threat to the companies’ retransmission revenue. And, in the case of Scripps, investors may believe that the new potential service will be in competition of Scripps’ Sports strategy.

Impact on Retrans revenue? The service could accelerate cable subscriber declines, but cord cutters likely will subscribe to a virtual service or connected TV for local channels. Such a move would be neutral to TV broadcasters given that broadcasters are paid Retrans on these platforms as well.  In terms of Scripps Sports, we believe that it likely will not affect its local sports strategy and that it could offer opportunities for partnerships on it national sports strategy. 

 Compelling opportunity. We believe that the sell-off in TV stocks is over done. There appears to be a favorable risk/reward relationship for an industry cycling into an improving fundamental story in 2024, with the influx of high margin Political advertising, a swing toward favorable Retrans revenue growth, lowered debt leverage, and compelling stock valuations. Our favorites are E.W. Scripps and Gray Television. Please see our recent reports on SSP and GTN for stock valuations, ratings, price targets and important disclosure information. 

GENERAL DISCLAIMERS

All statements or opinions contained herein that include the words “we”, “us”, or “our” are solely the responsibility of Noble Capital Markets, Inc.(“Noble”) and do not necessarily reflect statements or opinions expressed by any person or party affiliated with the company mentioned in this report. Any opinions expressed herein are subject to change without notice. All information provided herein is based on public and non-public information believed to be accurate and reliable, but is not necessarily complete and cannot be guaranteed. No judgment is hereby expressed or should be implied as to the suitability of any security described herein for any specific investor or any specific investment portfolio. The decision to undertake any investment regarding the security mentioned herein should be made by each reader of this publication based on its own appraisal of the implications and risks of such decision.

This publication is intended for information purposes only and shall not constitute an offer to buy/sell or the solicitation of an offer to buy/sell any security mentioned in this report, nor shall there be any sale of the security herein in any state or domicile in which said offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or domicile. This publication and all information, comments, statements or opinions contained or expressed herein are applicable only as of the date of this publication and subject to change without prior notice. Past performance is not indicative of future results. Noble accepts no liability for loss arising from the use of the material in this report, except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to Noble. This report is not to be relied upon as a substitute for the exercising of independent judgement. Noble may have published, and may in the future publish, other research reports that are inconsistent with, and reach different conclusions from, the information provided in this report. Noble is under no obligation to bring to the attention of any recipient of this report, any past or future reports. Investors should only consider this report as single factor in making an investment decision.

IMPORTANT DISCLOSURES

This publication is confidential for the information of the addressee only and may not be reproduced in whole or in part, copies circulated, or discussed to another party, without the written consent of Noble Capital Markets, Inc. (“Noble”). Noble seeks to update its research as appropriate, but may be unable to do so based upon various regulatory constraints. Research reports are not published at regular intervals; publication times and dates are based upon the analyst’s judgement. Noble professionals including traders, salespeople and investment bankers may provide written or oral market commentary, or discuss trading strategies to Noble clients and the Noble proprietary trading desk that reflect opinions that are contrary to the opinions expressed in this research report.
The majority of companies that Noble follows are emerging growth companies. Securities in these companies involve a higher degree of risk and more volatility than the securities of more established companies. The securities discussed in Noble research reports may not be suitable for some investors and as such, investors must take extra care and make their own determination of the appropriateness of an investment based upon risk tolerance, investment objectives and financial status.

Company Specific Disclosures

The following disclosures relate to relationships between Noble and the company (the “Company”) covered by the Noble Research Division and referred to in this research report.
Noble is not a market maker in any of the companies mentioned in this report. Noble intends to seek compensation for investment banking services and non-investment banking services (securities and non-securities related) with any or all of the companies mentioned in this report within the next 3 months

ANALYST CREDENTIALS, PROFESSIONAL DESIGNATIONS, AND EXPERIENCE

Senior Equity Analyst focusing on Basic Materials & Mining. 20 years of experience in equity research. BA in Business Administration from Westminster College. MBA with a Finance concentration from the University of Missouri. MA in International Affairs from Washington University in St. Louis.
Named WSJ ‘Best on the Street’ Analyst and Forbes/StarMine’s “Best Brokerage Analyst.”
FINRA licenses 7, 24, 63, 87

WARNING

This report is intended to provide general securities advice, and does not purport to make any recommendation that any securities transaction is appropriate for any recipient particular investment objectives, financial situation or particular needs. Prior to making any investment decision, recipients should assess, or seek advice from their advisors, on whether any relevant part of this report is appropriate to their individual circumstances. If a recipient was referred to Noble Capital Markets, Inc. by an investment advisor, that advisor may receive a benefit in respect of
transactions effected on the recipients behalf, details of which will be available on request in regard to a transaction that involves a personalized securities recommendation. Additional risks associated with the security mentioned in this report that might impede achievement of the target can be found in its initial report issued by Noble Capital Markets, Inc.. This report may not be reproduced, distributed or published for any purpose unless authorized by Noble Capital Markets, Inc..

RESEARCH ANALYST CERTIFICATION

Independence Of View
All views expressed in this report accurately reflect my personal views about the subject securities or issuers.

Receipt of Compensation
No part of my compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed in the public
appearance and/or research report.

Ownership and Material Conflicts of Interest
Neither I nor anybody in my household has a financial interest in the securities of the subject company or any other company mentioned in this report.

Novo Holdings Announces Catalent Acquisition

Posted on by cpatches

In a strategic move aimed at addressing the soaring demand for its revolutionary weight-loss drug, Wegovy, Novo Holdings, the parent company of Novo Nordisk, has disclosed plans to acquire contract drug maker Catalent for $11.5 billion in cash. This acquisition is poised to fortify Novo Nordisk’s production capabilities in response to the extraordinary demand for innovative weight loss and diabetes medications.

Novo Holdings will acquire Catalent for $11.5 billion in cash. As part of the deal, Novo Nordisk will purchase three Catalent fill-finish sites, bolstering the production of Wegovy and other crucial medications. The acquisition is strategically driven by the exceptional demand for Wegovy and Ozempic over the past year.

Novo anticipates that the deal will have a low single-digit percentage negative impact on operating profit growth in 2024 and 2025. The terms include the acquisition of all outstanding shares of Catalent for $63.50 per share in cash, representing a premium of 16.5% to the company’s last trading price. Novo will also assume Catalent’s debt, bringing the total enterprise value of the deal to $16.5 billion.

The acquisition is expected to gradually increase Novo’s filling capacity, with notable effects expected from 2026 onwards. The three fill-finish sites, located in Italy, Belgium, and Bloomington, Indiana, will play a crucial role in supporting Novo Nordisk’s expanding drug portfolio.

In the growing obesity drug market, Novo Nordisk faces competition from Eli Lilly’s Zepbound. Analysts estimate that the obesity drug market could reach $100 billion by the end of the decade, highlighting the immense potential for companies in this sector.

The acquisition aligns seamlessly with Novo Holdings’ strategy of investing in established life science companies with significant long-term potential. Catalent’s expertise in enabling pharmaceutical, biotech, and consumer health partners is in harmony with Novo Holdings’ commitment to improving health and sustainability.

The merger is anticipated to close by the end of calendar year 2024, subject to customary closing conditions, Catalent stockholder approval, and regulatory approvals. Catalent’s Board unanimously recommends that stockholders vote in favor of the merger, following an evaluation of value-maximizing alternatives.

Kasim Kutay, CEO of Novo Holdings, expressed excitement about the partnership with Catalent and emphasized their commitment to supporting Catalent’s growth and mission to develop products that enhance lives.

Novo Holdings’ acquisition of Catalent represents a strategic move to strengthen production capabilities and meet the escalating demand for transformative medications like Wegovy. As the merger progresses, it not only positions Novo Nordisk for continued success in the competitive pharmaceutical landscape but also aligns with Novo Holdings’ broader mission of investing in high-quality life sciences companies for the betterment of society and the planet. The industry will be closely watching the outcome of this significant acquisition, anticipating positive impacts on Novo Nordisk’s product development and market position.

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Haynes International to be Acquired by Acerinox Subsidiary

Posted on by cpatches

In a significant development within the metallurgical industry, Acerinox’s wholly owned U.S. subsidiary, North American Stainless, is set to acquire Haynes International (HAYN), a leading developer, manufacturer, and marketer of technologically advanced high-performance alloys. The all-cash transaction, valued at $798 million, positions Acerinox to fortify its global leadership in the high-performance alloy segment.

Under the definitive agreement, Acerinox will acquire all outstanding shares of Haynes for $61.00 per share in cash, reflecting a premium of approximately 22% to Haynes’s six-month volume-weighted average share price ending February 2, 2024. The enterprise value of the deal stands at approximately $970 million. The transaction has received unanimous approval from the Boards of Directors of both Haynes and Acerinox.

Strategic Benefits for Acerinox:

  • Global Leadership: Strengthens Acerinox’s global leadership in the high-performance alloy segment.
  • U.S. Market Expansion: Expands Acerinox’s presence in the U.S. market, creating new opportunities in the aerospace sector.
  • Strategic Investment: Haynes to reinvest around $200 million over the next four years, particularly in Haynes’s Kokomo operations, to establish an integrated HPA and stainless steel platform.
  • Synergies and Growth: Anticipates annual synergies of $71 million, primarily unlocked through the $200 million investment, fostering growth and margin enhancements.
  • Complementary Businesses: Creates additional value through the combination of complementary businesses, expanding U.S. operating capabilities and establishing a worldwide sales and distribution network.
  • Accelerated Growth: Provides a strong platform to accelerate growth in high-performance alloys and specialty stainless in North America.
  • R&D Capabilities: Adds extensive R&D capabilities and a significant patent portfolio, reinforcing Acerinox’s innovation potential.

Haynes’s Perspective:

  • Significant Premium: Delivers substantial value to Haynes stockholders, offering a premium of approximately 22% to the six-month volume-weighted average share price.
  • Long-Term Success: Ensures the long-term success of Haynes by validating the strength of the business and providing access to Acerinox’s financial strength and expertise.
  • Strategic Investment: The $170 million investment in Haynes’ operations supports continued growth in both flat and round products for the global market.
  • Enhanced Capacity: Positions Haynes to meet dynamic customer demands by increasing manufacturing capacity and offering more differentiated products, applications, and services with faster lead times.
  • Rich Heritage: Merges Haynes’ 112-year-strong foundation and leadership in high-performance alloys with the largest fully integrated stainless-steel company in the U.S.

Regarding the transaction, Noble Capital Markets Senior Research Analyst Mark Reichman stated, “In our opinion, the transaction provides a fair return for Haynes’ shareholders. Additionally, Acerinox has committed to investing $170 million into Haynes’ operations which will support the modernization and growth of the company’s global business in both flat and round products.” Mark initiated research coverage on Haynes International on February 16, 2023.

The information contained in this article, other than Mark’s quote, was derived from the individual press releases issued by the companies involved in this transaction. This press releases can be found here:

https://www.acerinox.com/en/comunicacion/noticias/Acerinox-to-Acquire-Haynes-International/

https://www.haynesintl.com/wp-content/uploads/2024/02/02.05.2024-Transaction-Press-Release.pdf

Haynes International (HAYN) is currently covered by Noble Capital Markets Senior Analyst Mark Reichman. Noble Capital Markets, Inc. is a subsidiary of Noble Financial Group, Inc., the parent company of Channelchek. All equity research on Channelchek is provided by Noble Capital Markets. No part of this article was prepared by Noble’s analysts. Please view Mark’s most recent research report on Haynes International for any applicable disclosures.