cpereira@noblefcm.com, Author at Channelchek

Schwazze (SHWZ) – Continuing to Expand the Dispensary Base

Posted on January 5, 2023January 5, 2023 by cpereira@noblefcm.com

Thursday, January 05, 2023

Schwazze (OTCQX:SHWZ, NEO:SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale. The Company is committed to unlocking the full potential of the cannabis plant to improve the human condition. Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector. Schwazze is passionate about making a difference in our communities, promoting diversity and inclusion, and doing our part to incorporate climate-conscious best practices.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

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

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

Make It Six. On Tuesday, Schwazze announced the opening of another R.Greenleaf New Mexico dispensary, the sixth such opening since Schwazze’s February 2022 acquisition. The new R. Greenleaf store is located in Alamogordo. R. Greenleaf now has 16 locations throughout the state.

Alamogordo. A town of just over 31,000 people, Alamogordo is the seat of Otero County, located in southern New Mexico. Alamogordo is primarily a service and retail economy, driven by tourism, a large nearby military installation-Holloman Air Force Base-and a concentration of military retirees. There appears to be three other dispensaries in the town, according to Leafly. Notably, Alamogordo is less than 90 miles from El Paso.

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Aurania Resources (AUIAF) – Tatasham Could Be A Double Play

Posted on January 5, 2023January 5, 2023 by cpereira@noblefcm.com

Thursday, January 05, 2023

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

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

On the second hole at Tatasham. Drilling began at the Tatasham porphyry copper target in late November. Drilling is expected to continue through this month. Aurania is on the second hole at Tatasham and expects to drill three or four holes to test areas identified during the company’s Anaconda mapping program. Following Tatasham, the company anticipates drilling at the Awacha porphyry copper target.

Surprising outcome on the first hole. While no assays have been received from rock samples or drilling, the first hole intersected a zone of massive silicification framed by two fault zones which management believes may have acted as feeder systems. Interestingly, the alteration is more typical of a gold system rather than porphyry copper. Management thinks it is probable that an epithermal system may be on top of a porphyry and shallow drilling could expose the volcanic plumbing system in at least one location. The goal is to locate the zone where gold could no longer be transported in the geothermal waters and deposited in the veins somewhere below the siliceous sinter.

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Tokens.com Corp. (SMURF) – An Acquisition for the New Year

Posted on January 4, 2023January 4, 2023 by cpereira@noblefcm.com

Wednesday, January 04, 2023

Tokens.com Corp is a publicly traded company that invests in Web3 assets and businesses focused on the Metaverse, NFTs, DeFi, and gaming based digital assets. Tokens.com is the majority owner of Metaverse Group, one of the world’s first virtual real estate companies. Hulk Labs, a wholly-owned Tokens.com subsidiary, focuses on investing in play-to-earn revenue generating gaming tokens and NFTs. Additionally, Tokens.com owns and stakes crypto assets to earn additional tokens. Through its growing digital assets and NFTs, Tokens.com provides public market investors with a simple and secure way to gain exposure to Web3.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

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

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

A New Acquisition. Yesterday, Tokens.com’s subsidiary Metaverse Group announced the acquisition of CocoNFT. As part of the acquisition, Coco’s co-founders Mark Allen and Brody Berson will be joining the Metaverse Group as Chief Technology Officer and Chief Product Officer respectively and will be focused with building further tools and products for both NFT and virtual world applications. No financial details were given for the transaction.

Detail on CocoNFT. CocoNFT is a software platform that allows users to connect their Instagram to mint NFTs, leveraging the blockchain and a web3 wallet. In acquiring the company, Metaverse Group will work to advance Coco’s technology offering and integrate the products with its virtual world B2B offerings. The acquisition will leverage Coco’s strategic partnerships in Opensea and Rarible and online communities with over 45,000 followers across TikTok and Twitter.

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PDS Biotechnology Corp. (PDSB) – PDS Licenses Merck’s IL-12 Used In Its Combination Studies

Posted on January 4, 2023January 4, 2023 by cpereira@noblefcm.com

Wednesday, January 04, 2023

PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of molecularly targeted cancer and infectious disease immunotherapies based on the Company’s proprietary Versamune® and Infectimune™ T-cell activating technology platforms. Our Versamune®-based products have demonstrated the potential to overcome the limitations of current immunotherapy by inducing in vivo, large quantities of high-quality, highly potent polyfunctional tumor specific CD4+ helper and CD8+ killer T-cells. PDS Biotech has developed multiple therapies, based on combinations of Versamune® and disease-specific antigens, designed to train the immune system to better recognize diseased cells and effectively attack and destroy them. The Company’s pipeline products address various cancers including HPV16-associated cancers (anal, cervical, head and neck, penile, vaginal, vulvar) and breast, colon, lung, prostate and ovarian cancers.

Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.

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License Gives Exclusive Rights To M9241. PDS Bio announced a licensing agreement with Merck KGaA covering M9241, the proprietary IL-12 tumor-targeting cytokine used in its Phase 2 Triple Therapy combination study. As discussed in our Research Note on December 29, most recent results have shown significant improvement in outcomes for these patients. Since PDS did not have commercial rights to M9241 before the licensing agreement, we believe this is a highly positive development.

Licensing Terms Are Favorable For Both Companies. The license agreement gives PDS exclusive worldwide rights to M9241. PDS will take over all development, manufacturing, and commercialization, while Merck continues to supply the drug during the transition. PDS will pay Merck a licensing fee of $5 million in cash and $5 million in its common stock, consisting of 378,787 shares or about 1.3% of the shares outstanding. Merck will receive development and regulatory milestones of up to $11 million for the first two indications, as well as commercial milestones of up to $105 million plus 10% royalties on initial sales.

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Entravision Communications (EVC) – Loses Its Visionary

Posted on January 4, 2023January 4, 2023 by cpereira@noblefcm.com

Wednesday, January 04, 2023

Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision owns and/or operates 53 primary television stations and is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The Company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations.

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

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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Founder & CEO, Walter Ulloa passes. The company announced that founding CEO and Chairman of the Board of Directors, Walter Ulloa, died on December 31, 2022, of a sudden heart attack. The board appointed CFO Chris Young as interim CEO while it begins its search for a new CEO.

Legacy of dynamic leadership. Mr. Ulloa served as chairman and CEO since cofounding the company in 1996. He led the company’s expansion as a Spanish language broadcaster and oversaw its more recent transition to a digital media company with a global presence.

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Tokens.com Corp. (SMURF) – Where Do We Go From Here?

Posted on January 3, 2023January 3, 2023 by cpereira@noblefcm.com

Tuesday, January 03, 2023

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

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

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

Third Quarter Results. Third quarter revenue totaled $101,235, down from $448,976 in the same period last year, as staking revenue dropped to $53,972 from $417,572 last year. On the positive side, Tokens.com reported two new revenue streams-leasing and gaming. Leasing revenue totaled $49,871 while gaming contributed $4,892. Operating loss was at $879.430 versus last year’s $167,331. Net loss for the Company was $1.8 million, or a loss of $0.02 per share versus net income of $4.1 million, or $0.05 per share.

Truncated Full Year Results. As the Company has switched its year-end to September 30 from December 31, Tokens also reported truncated full year results. For the nine months, revenue totaled $678,269 compared to $1.08 million in the same period last year. Operating loss was $2.0 million compared to $5.2 million. Net loss was $5.9 million, or a loss of $0.06 per share, compared to a net loss of $8.3 million, or a net loss of $0.12 per share last year.

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Baudax Bio (Baudax Bio) – Baudax Bio Discontinuing ANJESO Sales; Reducing Rating To Market Perform

Posted on January 3, 2023January 3, 2023 by cpereira@noblefcm.com

Tuesday, January 03, 2023

Baudax Bio is a pharmaceutical company focused on innovative products for acute care settings. ANJESO is the first and only 24-hour, intravenous (IV) COX-2 preferential non-steroidal anti-inflammatory (NSAID) for the management of moderate to severe pain. In addition to ANJESO, Baudax Bio has a pipeline of other innovative pharmaceutical assets including two novel neuromuscular blocking agents (NMBs) and a proprietary chemical reversal agent specific to these NMBs. For more information, please visit www.baudaxbio.com.

Gregory Aurand, Senior Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.

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

Not Wholly Unexpected. The ANJESO discontinuation announced in an 8-k filing dated December 28, 2022, and also in the FDA Orange Book, was not unexpected given the reduction in commercial force earlier in 2022. However, with the concurrent news of no monetization of the ANJESO asset through partnership or sale, the risk profile increases in the near term. The Company continues to evaluate alternatives to ANJESO monetization in both the US and abroad.

Sole Focus On NMBs. We have highlighted the neuromuscular blockers as a tremendous opportunity longer term while previously reducing the growth profile of ANJESO. However, with the discontinuation of ANJESO sales, the NMBs now become the sole focus. BX1000, the intermediate acting NMB currently enrolling patients in Phase II, is expected to have interim analysis in 1Q 2023. BX2000, the ulra-short acting NMB, is in a dose escalation Phase I trial expected to be completed during 2023. The reversal agent, BX3000, is expected to file an IND in mid-2023.

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TAAL Distributed Information Technologies (TAALF) – Terminating Research Coverage

Posted on December 23, 2022December 23, 2022 by cpereira@noblefcm.com

Friday, December 23, 2022

TAAL Distributed Information Technologies Inc. delivers value-added blockchain services, providing professional-grade, highly scalable blockchain infrastructure and transactional platforms to support businesses building solutions and applications upon the BitcoinSV platform, and developing, operating, and managing distributed computing systems for enterprise users.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

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

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

Terminating Research Coverage. As expected, TAAL announced the completion of the previously announced plan to take the Company private. Calvin Ayre has acquired all of the remaining TAALF common shares and now owns 100%. The transaction was approved by the Ontario Superior Court of Justice on December 21st. TAALF common shares will be de-listed from the Canadian Securities Exchange no later than the close of business on December 23, 2022. As a result, we are terminating research coverage of TAAL Distributed Information Technologies. Effective upon termination of coverage, investors should no longer rely on any of our prior research, financial estimates, or ratings for the Company.

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Aurania Resources (AUIAF) – Private Placement Financing Closed; Drilling Continues at Tatasham

Posted on December 23, 2022December 23, 2022 by cpereira@noblefcm.com

Friday, December 23, 2022

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

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

Private placement closed. Aurania closed the second and final tranche of its private placement of 4,244,598 units of the company for gross proceeds of approximately C$1.9 million. A total of 2,417,166 and 1,827,432 units were sold in the first and final tranches, respectively. In each case, units were priced at C$0.45 per unit and were comprised of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of C$0.75 per warrant share for up to 24 months following the date of issuance. Net proceeds will be used to fund drilling and exploration activities at the Lost Cities project, along with working capital needs.

Drilling continues at Tatasham. Drilling began at the Tatasham porphyry copper target in late November. Except for a brief holiday break, drilling is expected to continue through January 2023. The company expects to drill three or four holes at Tatasham to test areas identified during the company’s Anaconda mapping program. Following Tatasham, the company anticipates drilling at the Awacha porphyry copper target.

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RCI Hospitality Holdings (RICK) – All Cash Flow, All The Time; Raising PT to $150

Posted on December 22, 2022December 22, 2022 by cpereira@noblefcm.com

Thursday, December 22, 2022

With more than 60 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country’s leading company in adult nightclubs and sports bars/restaurants. Clubs in New York City, Chicago, Dallas-Fort Worth, Houston, Miami, Minneapolis, Denver, St. Louis, Charlotte, Pittsburgh, Raleigh, Louisville, and other markets operate under brand names such as Rick’s Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars Club, Tootsie’s Cabaret, Scarlett’s Cabaret, Diamond Cabaret, and PT’s Showclub. Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

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

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

4Q22 Operating Results. RCI recorded revenue of $71.4 million for 4Q22, up 29.9% y-o-y. Adjusted EBITDA in the quarter was $24.2 million, up 37.8% y-o-y and net income rose 361.4% to $10.6 million. EPS was $1.15 and adjusted EPS was $1.45, down 8.2% y-o-y due to a much higher tax rate this year. We had forecast revenue of $68.5 million, adjusted EBITDA of $21 million, and EPS of $1.27.

Segments. Acquisitions drove Nightclubs top line up 40.4% to $56.6 million in the quarter, SSS were up 3.2%. Non-GAAP operating margin was 41.6%, driven by a 53.6% increase in high margin service revenue. Bombshells revenues of $14 million were down slightly from $14.4 million a year ago, SSS were off 13.3%. Operating margin was 18%, ex one time start up costs for the San Antonio location.

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E.W. Scripps (SSP) – New Sports Division Could Be A Home Run

Posted on December 22, 2022December 22, 2022 by cpereira@noblefcm.com

Thursday, December 22, 2022

The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Defy TV, Grit, ION Mystery, Laff and TrueReal. Scripps is the nation’s largest holder of broadcast spectrum. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, “Give light and the people will find their own way.”

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

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

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Launches new sports division. Management believes that sports broadcasting is the most valuable asset in the linear TV market and will be implementing a two prong approach for its national and local strategy. The company believes it can provide a unique value proposition for both a local/regional and a national strategy.

Serves a growing viewership gap. Due to cable cord cutting, the Regional Sports Networks have seen a significant decline in viewership. In many cities, 40% to 50% of the households are not watching cable or satellite. The company’s local strategy will focus on markets where it currently operates two or more stations, furthering its reach in those markets. Management highlighted Phoenix and Detroit as two markets it would be interested in for local sports rights.

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Voyager Digital (VYGVQ) – Going to a New Buyer

Posted on December 20, 2022December 20, 2022 by cpereira@noblefcm.com

Tuesday, December 20, 2022

Voyager Digital Ltd.’s (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2) US subsidiary, Voyager Digital, LLC, is a fast-growing cryptocurrency platform in the United States founded in 2018 to bring choice, transparency, and cost-efficiency to the marketplace. Voyager offers a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. To learn more about the company, please visit https://www.investvoyager.com.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

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

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

Going for Binance. Yesterday, Voyager announced that the Company selected Binance.US as the highest and best bid for the Company’s assets. The decision came after a review of strategic options with the core objective of maximizing value returned to customers and creditors. Previously, the best bid was from FTX US, but due to its current bankruptcy, FTX was not able to proceed with the bid.

Additional Details. The bid from Binance.US was for $1.022 billion comprised of the fair market value of Voyager’s cryptocurrency portfolio at a to-be-determined date in the future, which at current market prices is estimated to be $1.002 billion, plus additional consideration equal to $20 million of incremental value. The previous winning bid, FTX US, was for $1.422 billion. A $10 million good faith deposit will be made by Binance.US and will reimburse Voyager for certain expenses up to $15 million.

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TAAL Distributed Information Technologies (TAALF) – Go Private Transaction Approved

Posted on December 20, 2022December 20, 2022 by cpereira@noblefcm.com

Tuesday, December 20, 2022

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

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

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

Shareholder Approval. Yesterday, TAAL Distributed Information Technologies announced that shareholders voted to approve the previously announced plan of arrangement in which Calvin Ayre, owner of 38.5% of the outstanding common, will indirectly acquire all of the remaining shares at a price of C$1.07 per share, effectively taking the Company private.

Overwhelming Approval. The Transaction required approval by: (i) two-thirds of the votes cast by shareholders (the “Special Resolution”); and (ii) a simple majority of the votes cast by minority shareholders, being all shareholders other than Mr. Ayre, whose votes were required to be excluded pursuant to applicable securities laws (the “Minority Vote”). On the Special Resolution, a total of 27,060,141 common shares were voted in favor of the transaction, representing approximately 97.8% of the votes cast on the Special Resolution. On the Minority Vote, a total of 11,416,835 common shares were voted in favor of the transaction, representing approximately 95.0% of the votes cast by minority shareholders.

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