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Release – Lineage Cell Therapeutics To Report Third Quarter 2021 Financial Results And Provide Business Update On November 10 2021

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Lineage Cell Therapeutics To Report Third Quarter 2021 Financial Results And Provide Business Update On November 10, 2021

 

CARLSBAD, Calif.–(BUSINESS WIRE)–Nov. 3, 2021– 

Lineage Cell Therapeutics, Inc.
 (NYSE American and TASE: LCTX), a clinical-stage biotechnology company developing allogeneic cell therapies for unmet medical needs, today announced that it will report its third quarter 2021 financial and operating results on 
Wednesday, November 10, 2021, following the close of the 
U.S. financial markets. Lineage management will also host a conference call and webcast on 
Wednesday, November 10, 2021, at 
4:30 p.m. Eastern Time/
1:30 p.m. Pacific Time to discuss its third quarter 2021 financial and operating results and to provide a business update.

Interested parties may access the conference call by dialing (866) 888-8633 from the 
U.S. and 
Canada and (636) 812-6629 from elsewhere outside the 
U.S. and 
Canada and should request the “Lineage Cell Therapeutics Call”. A live webcast of the conference call will be available online in the Investors section of Lineage’s website. A replay of the webcast will be available on Lineage’s website for 30 days and a telephone replay will be available through 
November 18, 2021, by dialing (855) 859-2056 from the 
U.S. and 
Canada and (404) 537-3406 from elsewhere outside the 
U.S. and 
Canada and entering conference ID number 9352189.

About Lineage Cell Therapeutics, Inc.

Lineage Cell Therapeutics is a clinical-stage biotechnology company developing novel cell therapies for unmet medical needs. Lineage’s programs are based on its robust proprietary cell-based therapy platform and associated in-house development and manufacturing capabilities. With this platform Lineage develops and manufactures specialized, terminally differentiated human cells from its pluripotent and progenitor cell starting materials. These differentiated cells are developed to either replace or support cells that are dysfunctional or absent due to degenerative disease or traumatic injury or administered as a means of helping the body mount an effective immune response to cancer. Lineage’s clinical programs are in markets with billion dollar opportunities and include three allogeneic (“off-the-shelf”) product candidates: (i) OpRegen®, a retinal pigment epithelium transplant therapy in Phase 1/2a development for the treatment of dry age-related macular degeneration, a leading cause of blindness in the developed world; (ii) OPC1, an oligodendrocyte progenitor cell therapy in Phase 1/2a development for the treatment of acute spinal cord injuries; and (iii) VAC2, an allogeneic dendritic cell therapy produced from Lineage’s VAC technology platform for immuno-oncology and infectious disease, currently in Phase 1 clinical development for the treatment of non-small cell lung cancer. For more information, please visit www.lineagecell.com or follow the Company on Twitter @LineageCell.

Lineage Cell Therapeutics, Inc. IR
Ioana C. Hone
(ir@lineagecell.com)
(442) 287-8963

Solebury Trout IR
Mike Biega
(Mbiega@soleburytrout.com)
(617) 221-9660

Russo Partners – Media Relations
Nic Johnson or  David Schull
Nic.johnson@russopartnersllc.com
David.schull@russopartnersllc.com
(212) 845-4242

Source: 
Lineage Cell Therapeutics, Inc.

Release – Ocugen to Host Conference Call on Tuesday November 9

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Ocugen to Host Conference Call on Tuesday, November 9 at 8:30 a.m. ET to Discuss Third Quarter 2021 Financial Results and Provide Business Update

 

MALVERN, Pa., Nov. 02, 2021 (GLOBE NEWSWIRE) — Ocugen, Inc. (NASDAQ: OCGN), a biopharmaceutical company focused on discovering, developing, and commercializing gene therapies to cure blindness diseases and developing a vaccine to save lives from COVID-19, today announced that it will host a conference call to discuss its third quarter 2021 financial results and provide a business update at 8:30 a.m. ET on Tuesday, November 9, 2021.

Ocugen will issue a pre-market earnings announcement on the same day. Investors are invited to participate on the call using the following details:

  • Dial-In Number: (844) 873-7330 (U.S.) or (602) 563-8473 (international)
  • Conference ID: 8198297
  • Webcast: Available in the “Investors” section of the Ocugen website and archived for approximately 45 days following the call

About Ocugen, Inc.
Ocugen, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing gene therapies to cure blindness diseases and developing a vaccine to save lives from COVID-19. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with one drug – “one to many” and our novel biologic product candidate aims to offer better therapy to patients with underserved diseases such as wet age-related macular degeneration, diabetic macular edema, and diabetic retinopathy. We are co-developing Bharat Biotech’s COVAXIN™ vaccine candidate for COVID-19 in the U.S. and Canadian markets. For more information, please visit www.ocugen.com.

Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. Such forward-looking statements within this press release include, without limitation, the intended use of net proceeds from the registered direct offering. 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, such as market and other conditions. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (the “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.

Ocugen Contact: 
Ken Inchausti
Head, Investor Relations & Communications
IR@Ocugen.com 

Please submit investor-related inquiries to: IR@ocugen.com

Release – Comstock Mining Announces Notice of Third Quarter 2021 Results Business Update Webcast Via Zoom

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Comstock Mining Announces Notice of Third Quarter 2021 Results Business Update Webcast Via Zoom

 

Virginia City, NV (November 2, 2021) Comstock Mining Inc. (the “Company”) (NYSE American: LODE), a leader in the sustainable extraction, valorization, and production of scarce natural resources, will host a conference call on Wednesday, November 10, 2021, at 8:00 a.m. Pacific Standard Time/11:00 a.m. Eastern Standard Time to report Third Quarter results and provide a business update. The Webcast will include a moderated Q&A, after the prepared remarks.  Please join the event 10 to 15 minutes prior to the scheduled start time. Please click the link below to register in advance for this Webcast:

When: Nov 10, 2021, 08:00 AM Pacific Standard Time (US and Canada)

Topic: Comstock Mining Third Quarter 2021 Results and Business Update

Please click this link to register in advance for this webcast:

After registering, you will receive a confirmation email containing information about joining the Webcast.

The recording of the Webcast will be available, within 48 hours of the call, on the Company website:

http://www.comstockmining.com/investors/investor-library

About Comstock Mining Inc.

Comstock Mining Inc. (NYSE: LODE) (the “Company”) is an emerging innovator and leader in the sustainable extraction, valorization, and production of scarce natural resources, with a focus on high value strategic materials that are essential to meeting the rapidly increasing global demand for clean energy, carbon-neutrality, and natural products. To learn more, please visit www.comstockmining.com.

Forward-Looking Statements

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so.

Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future prices and sales of, and demand for, our products; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, taxes, earnings and growth. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, mercury remediation and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mercury remediation, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with mercury remediation, metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; ability to achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology, mercury remediation technology and efficacy, quantum computing and advanced materials development, and development of cellulosic technology in bio-fuels and related carbon-based material production; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

 

Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund or any other issuer.

 

Contact information:
Comstock Mining Inc.
P.O. Box 1118
Virginia City, NV 89440
ComstockMining.com		 Corrado De Gasperis
Executive Chairman & CEO
Tel (775) 847-4755
degasperis@comstockmining.com		 Zach Spencer
Director of External Relations
Tel (775) 847-5272 Ext.151
questions@comstockmining.com

Release – Sierra Metals Reports Q3-2021 Financial Results for Its Sociedad Minera Corona Subsidiary in Peru

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Sierra Metals Reports Q3-2021 Financial Results for Its Sociedad Minera Corona Subsidiary in Peru

 

 

Sierra Metals’ Consolidated Financials to Be Reported on November 8, 2021

TORONTO–(BUSINESS WIRE)–Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) announces the filing of Sociedad Minera Corona S.A.’s (“Corona”) unaudited Financial Statements and the Management Discussion and Analysis (“MD&A”) for the third quarter of 2021 (“Q3 2021”).

The Company holds an 81.8% interest in Corona. All amounts are presented in US dollars unless otherwise stated, and have not been adjusted for the 18.2% non-controlling interest.

Corona’s Highlights for the Three Months Ended September 30, 2021

  • Revenues of $44.4 million vs. $44.6 million in Q3 2020
  • Adjusted EBITDA of $22.7 million vs. $26.2 million in Q3 2020
  • Total tonnes processed of 324,196 vs. 318,155 in Q3 2020
  • Net production revenue per tonne of ore milled decreased to $139.94 from $147.59 in Q3 2020
  • Copper equivalent pounds production decreased 30% to 15.6 million pounds.
    • Cash cost per copper equivalent payable pound increased to $1.37. All in sustaining cost (“AISC”) per copper equivalent payable pound increased to $2.83
  • $44.1 million of cash and cash equivalents as at September 30, 2021
  • $69.8 million of working capital as at September 30, 2021

The Yauricocha mine processed 324,196 tonnes during the third quarter of 2021, representing a 2% increase over the third quarter of 2020, despite continuing to face various operational challenges related to COVID-19. During the third quarter of 2021, the treatment capacity in the concentrator plant was increased. The negative variances in the copper sulfide head grades were mainly due to the delay in the contribution of the Esperanza zone due to ground conditions, which have since been corrected. The negative variances in the head grades from the polymetallic zones are due to the regulatory limitations to access mineral below the 1120 level. Metal production in the third quarter of 2021 was 25%, 23%, 14% and 13% lower for lead, zinc, copper, and silver, respectively, while gold production was 9% higher compared to the third quarter of 2020.

Luis Marchese, CEO of Sierra Metals, commented, “The third quarter was difficult for the Company as we faced difficult challenges because of sequencing issues due to the COVID-19 limitations carrying over from 2020 and continuing into this year. Improved metal prices, lower treatment and refining charges, and a favourable exchange rate have helped offset increased costs while maintaining the revenue levels recorded in the same quarter last year. We continue to see improvements in revenue, cashflow and EBITDA on a 9-month basis over 2020 and expect this to continue going forward.”

He continued, “Looking ahead to the fourth quarter and next year, we continue to work on the completion of a Preliminary Feasibility Study to support the planned expansion to 5,500 tonnes per day, which is expected to be released by Q2 2022. Additionally, we are also progressing on exploration plans of the near-mine opportunities at Kilcasca and Tucumachay having recently received drilling permits for these areas.”

He concluded, “Minera Corona and the Yauricocha Mine continues to have a strong balance sheet to support the Company’s capital expenditures and growth initiatives, and we continue to work to improve operations and production and the per share value for all shareholders.”

The following table displays selected unaudited financial information for the three months and nine months (“9M 2021”) ended September 30, 2021:

(In thousands of US dollars, except cash cost and revenue   Three Months Ended   Nine Months Ended  
 per tonne metrics)   September 30, 2021 September 30, 2020

Var %

 September 30, 2021 September 30, 2020

Var %
   

 

    

 
Revenue  $ 

                     44,353

                     44,580

-1%

                   137,108

                   101,703

35%
Adjusted EBITDA (1)

                     22,685

                     26,227

-14%

                     68,896

                     43,810

57%
Cash Flow from operations

                     22,102

                     24,245

-9%

                     64,218

                     41,564

55%
Gross profit

                     21,460

                     23,511

-9%

                     63,383

                     41,041

54%
Income Tax Expense

                     (8,860)

                     (7,467)

19%

                   (24,813)

                   (15,176)

64%
Net Income  

                       7,759

                     12,755

-39%

                     25,488

                     16,664

53%
   

 

    

 
Net production revenue per tonne of ore milled (2)

                  139.94

                  147.59

-5%

                  139.89

                  126.88

10%
Cash cost per tonne of ore milled (2)

                    60.18

                    50.09

20%

                    60.66

                    55.75

9%
   

                         –  

 

  

 
Cash cost per copper equivalent payable pound (2)

                      1.37

                      0.82

67%

                      1.42

                      0.97

46%
All-In Sustaining Cost per copper equivalent payable pound (2)

                      2.83

                      1.93

47%

                      2.69

                      2.00

34%
Cash cost per zinc equivalent payable pound (2)

                      0.44

                      0.30

47%

                      0.45

                      0.36

26%
All-In Sustaining Cost per zinc equivalent payable pound (2)  $ 

                      0.91

                      0.70

30%

                      0.84

                      0.73

15%
             
(In thousands of US dollars, unless otherwise stated)   September 30, 2021 December 31, 2020
   
Cash and cash equivalents  $ 

                     44,086

                     65,027
Assets

                   239,667

                   235,263
Liabilities

                     67,389

                     53,473
Equity

                   172,278

                   181,790
       

1 Adjusted EBITDA includes adjustments for depletion and depreciation, interest expense and other financing costs, interest income, share-based compensation, foreign exchange (gain) loss and income taxes; see non-IFRS Performance Measures section of the Company’s MD&A.

2 All-In Sustaining Cost per copper/zinc equivalent pound sold are non-IFRS performance measures and include the cost of sales, treatment and refining charges, sustaining capital expenditures, general and administrative expense, and selling expense, and exclude workers’ profit sharing, depreciation, and other non-cash provisions; Cash cost per copper/zinc equivalent pound sold, net production revenue per tonne of ore milled, and cash cost per tonne of ore milled are non-IFRS performance measures; see non-IFRS Performance Measures section of the Company’s MD&A.

Corona’s Financial Highlights for the Three and Nine Months Ended September 30, 2021

  • Sales revenue of $44.4 million for the third quarter of 2021 compared to $44.6 million for the same period in 2020. Sales revenue of $137.1 million for the nine-month period ended September 30, 2021, compared to $101.7 million for the same period in 2020. Sales for the nine-month period have increased due to the reduction of the treatment and refining costs and the steady rise in metal prices during the year.
  • Adjusted EBITDA of US$22.7 million for the third quarter of 2021 compared to adjusted EBITDA of US$26.2 million for the same period of 2020. Adjusted EBITDA of US$68.9 million for the nine (9) month period ended September 30, 2021, compared to US$43.8 million for the same period in 2020. Adjusted EBITDA for the nine-months ended September 30, 2021 compared to the same period in 2020 was higher due primarily to the Company’s higher revenues; and the decrease during the third quarter of 2021 compared to 2020 was due to lower metal sales.
  • Operating cash flow before working capital movements of $22.1 million for the third quarter of 2021 compared to $24.2 million for the same period in 2020. Operating cash flow before working capital movements of US$64.2 million for the nine-month period ended September 30, 2021, compared to US$41.6 million for the same period in 2020. The variances in the operating cash flow before movements in working capital for Q3 2021 and for the 9M 2021 compared to the same periods in 2020 resulted from the level of revenue during the respective periods.
  • Total taxes of $8.9 million for the third quarter of 2021 compared to $7.5 million for the same period in 2020. Total taxes of US$24.8 million for the nine (9) month period ended September 30, 2020, compared to US$15.2 million for the same period in 2020. Total taxes have increased in the first nine months of 2021 compared to the same period in 2020 primarily due to higher revenue earned by the Company.
  • Net income of $7.8 million or $0.216 per share for the third quarter of 2021 compared to net income of $12.8 million or $0.355 per share for the same quarter of 2020. Net income of $25.5 million or $0.708 per share for the nine months ended September 30, 2021, compared to net income of $16.7 million or $0.463 per share for the same period in 2020.
  • Cash and cash equivalents of $44.1 million as of September 30, 2021, compared to $65.0 million as of December 31, 2020. Cash and cash equivalents declined during the nine-month period as the $25.9 million of investment activities and $39.0 million used in financing activities (mainly related to dividend payments) exceeded the $44 million generated from operating activities (after working capital adjustments) during the nine-month period.

Corona’s Operational Highlights for the Three and Nine Months Ended September 30, 2021

Yauricocha Production Three Months Ended September 30, Nine Months Ended September 30,

2021

2020

% Var.

2021

2020

% Var.

 

 
Tonnes processed

324,196

318,155

2%

979,316

805,914

22%
Daily throughput

3,705

3,636

2%

3,731

3,070

22%

 

 

 

 
Silver grade (g/t)

56.84

61.32

-7%

56.04

64.19

-13%
Copper grade

0.87%

1.01%

-14%

0.71%

1.11%

-36%
Lead grade

1.14%

1.52%

-25%

1.23%

1.56%

-21%
Zinc grade

3.06%

4.00%

-24%

3.35%

3.84%

-13%
Gold Grade (g/t)

0.51

0.55

-7%

0.46

0.61

-25%

 

 
Silver recovery

76.11%

82.93%

-8%

79.70%

82.56%

-3%
Copper recovery

74.61%

76.20%

-2%

69.84%

76.19%

-8%
Lead recovery

87.33%

89.53%

-2%

90.15%

88.58%

2%
Zinc recovery

87.39%

88.63%

-1%

89.82%

88.32%

2%
Gold Recovery

21.96%

19.19%

14%

20.91%

19.19%

9%

 

 

 

 
Silver production (000 oz)

451

520

-13%

1,385

1,373

1%
Copper production (000 lb)

4,641

5,419

-14%

11,020

14,967

-26%
Lead production (000 lb)

7,146

9,550

-25%

23,683

24,564

-4%
Zinc production (000 lb)

19,112

24,869

-23%

64,368

60,256

7%
Gold Production (oz)

1,169

1,076

9%

3,102

3,180

-2%

 

 

 

 
Copper equivalent pounds (000’s)(1)

15,596

22,245

-30%

46,775

56,809

-18%
 
(1) Silver equivalent ounces and copper and zinc equivalent pounds for Q3 2021 were calculated using the following realized prices: $24.20/oz Ag, $4.25/lb Cu, $1.36/lb Zn, $1.07/lb Pb, $1,790/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds for Q3 2020 were calculated using the following realized prices: $24.89/oz Ag, $2.97/lb Cu, $1.08/lb Zn, $0.85/lb Pb, $1,916/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds for 9M 2021 were calculated using the following realized prices: $25.81/oz Ag, $4.17/lb Cu, $1.31/lb Zn, $0.99/lb Pb, $1,796/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds for 9M 2020 were calculated using the following realized prices: $19.35/oz Ag, $2.63/lb Cu, $0.97/lb Zn, $0.80/lb Pb, $1,742/oz Au.

Quality Control

The contents of this press release have been reviewed by Américo Zuzunaga, FAusIMM CP (Mining Engineer) and Vice President of Corporate Planning, who is a Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Sierra Metals

Sierra Metals Inc. is a diversified Canadian mining company with Green Metal exposure including increasing copper production and base metal production with precious metals byproduct credits, focused on the production and development of it’s Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.

For further information regarding Sierra Metals, please visit www.sierrametals.com.

Continue to Follow, Like and Watch our progress:

Web: www.sierrametals.com | Twitter: sierrametals | Facebook: SierraMetalsInc | LinkedIn: Sierra Metals Inc

Forward-Looking Statements

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws (collectively, “forward-looking information“). Forward-looking information includes, but is not limited to, statements with respect to the date of the 2020 Shareholders’ Meeting and the anticipated filing of the Compensation Disclosure. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information.

Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in the Company’s annual information form dated March 18, 2021 for its fiscal year ended December 31, 2020 and other risks identified in the Company’s filings with Canadian securities regulators and the United States Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.

The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company’s forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.

 

Contacts

Mike McAllister
VP, Investor Relations
Sierra Metals Inc.
+1 (416) 366-7777
info@sierrametals.com

Ed Guimaraes
CFO
Sierra Metals Inc.
+1 (416) 366-7777

Luis Marchese
CEO
Sierra Metals Inc.
+1 (416) 366-7777

Great Lakes Dredge Dock (GLDD) – Weather and COVID-19 Hit Quarter But Strong Finish to Year

Posted on by Admin

Wednesday, November 03, 2021

Great Lakes Dredge & Dock (GLDD)
Weather and COVID-19 Hit Quarter, But Strong Finish to Year

Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only’s operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

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

    3Q2021 Results hit by stormy weather and COVID-19. Revenue was flattish with higher US Capital more than offsetting lower Coastal Protection. Maintenance and Rivers and Lakes were flat, while international remains dormant. Revenue hit from weather disruptions included an unexpected dry dock and COVID-19 cost drag was $2.1 million, but gross margin of $36.3 million and gross margin of 21.5% were positives. Same with EBITDA of $32.2 million and EBITDA margin of 19.1%.

    4Q2021 Guidance sets tone for strong finish to year.  Revenue should jump into the $225-$235 million range with gross margin close to 3Q2021, implying gross profit in the $48 million range. COVID-19 cost drag is moderating and our EBITDA estimate is $42 million, or EBITDA margin of 18.8%. Looks like the strongest quarter in almost two years, and full year EBITDA estimate is $121.6 million based on …



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

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

FAT Brands Inc. (FAT) – Acquiring Fazolis for $130 Million

Posted on by Admin

Wednesday, November 03, 2021

FAT Brands Inc. (FAT)
Acquiring Fazoli’s for $130 Million

FAT Brands Inc is a multi-brand restaurant franchising company. It develops, markets, and acquires predominantly fast casual restaurant concepts. The company provides turkey burgers, chicken Sandwiches, chicken tenders, burgers, ribs, wrap sandwiches, and others. Its brand portfolio comprises Fatburger, Buffalo’s Cafe and Express, and Ponderosa and Bonanza. The company’s overall footprint covers nearly 32 countries. Fatburger generates maximum revenue for the company.

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.

    Adding to the Portfolio. FAT Brands has agreed to acquire Fazoli’s, an Italian QSR restaurant chain, for $130 million from Sentinel Capital Partners. The purchase will increase FAT Brands’ footprint to 2,300 franchised and corporate-owned locations, with systemwide sales of more than $2.1 billion. Fazoli’s is expected to add $14.5-$15.0 million of normalized EBITDA, including stores under development. FAT is financing the purchase through its securitization facility with the deal expected to close by mid-December.

    Who Is Fazolis? Founded in 1988, Fazoli’s owns and operates nearly 220 restaurants in 28 states, with average revenue per location in the $1.5 million range.  Fazoli’s is the largest premium QSR Italian chain in the U.S., serving premium Italian food, Submarinos sandwiches, salads, pizza, and desserts. The Company has a development pipeline of 100 units expected to open over the next several years …



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

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

Chakana Copper Corp (CHKKF)(PERU:CA) – Closing in on Soledad’s Initial Resource Estimate

Posted on by Admin

Tuesday, November 02, 2021

Chakana Copper Corp (CHKKF)(PERU:CA)
Closing in on Soledad’s Initial Resource Estimate

Noble Capital Markets research on Chakana Copper Corp is published under ticker symbols CHKKF and PERU:CA. The price target is in USD and based on ticker symbol CHKKF. Chakana Copper Corp is a Canadian-based minerals exploration company that is currently advancing the high-grade gold-copper-silver Soledad Project located in the Ancash region of Peru, a highly favorable mining jurisdiction with supportive communities. The Soledad Project consists of high-grade gold-copper-silver mineralization hosted in tourmaline breccia pipes. A total of 33,353 metres of drilling has been completed to-date, testing nine (9) of twenty-three (23) confirmed breccia pipes with more than 92 total targets. Chakana’s investors are uniquely positioned as the Soledad Project provides exposure to several metals including copper, gold, and silver.

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

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

    Huancarama drill results. Chakana Copper released results from twelve resource definition holes drilled in Huancarama. The Huancarama breccia pipe is in the central part of Soledad and is one of six breccia pipes that will be included in the initial resource estimate which is expected to be completed in December. All holes intersected significant mineralization. Results are pending for thirteen additional holes associated with the resource definition drill program.

    Huancarama is unique.  Huancarama is part of a breccia complex with six outcropping breccias over a distance of 200 meters east-to-west. The resource drilling has focused on the east side of the breccia complex where two breccia pipes coalesce into one larger pipe with significant grades of copper, gold, and silver. Based on the outstanding results for holes drilled to a depth of about 300 meters …



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

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

Study Says Investors Would Benefit if Weren’t so Confident

Posted on by Admin 


	Image Credit: Ray Bilcliff (Pexels)

Why are Investors so Cocky? They Often Have a Biased Memory – and Selectively Forget Their Money-Losing Stocks

 

Stock investors mistakenly remember their past investments as better than they actually were, which leads them to be overconfident about how they’ll perform in the future, according to our new study.

Past research has shown that investors tend to be very overconfident. But there’s been little explanation as to why. We wondered whether a biased memory might play a role.

 

This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts. It was written by and represents the research-based opinions of Philip Fernbach, Associate Professor of Marketing, University of Colorado Boulder and Daniel Walters Assistant Professor, INSEAD

 

So we recruited about 900 investors – mostly men, who dominate the finance industry – through online forums and panels and conducted three studies.

In one group, we asked 401 investors a series of questions intended to estimate their level of overconfidence, glean their actual performance and determine how frequently they trade. To measure overconfidence, we recorded how much they expected to beat the market over the next 12 months. We then asked them to recall, from memory, the performance of the two trades that had the biggest impact on their portfolio – whether positive or negative – over the previous year.

Finally, we told them to look up their financial statements and tell us how their trades actually performed.

We compared the figures they remembered with the figures they reported. We found that on average, investors overestimated their returns from their biggest trade by 4.3 percentage points and their second-biggest gain by 7.1 points. We also found that those who had the rosiest memories were the most overconfident and tended to trade the most frequently.

Our second study was similar to the first, except we asked 151 investors to recall up to 10 trades that had the biggest impact on their portfolios in 2020 and later show us the financial statements. With a larger sample of trades, we were able to isolate and measure the effects of two different types of memory bias – “distortion,” when someone remembers something more positive than the reality, and “selective forgetting” – to see if they could predict overconfidence.

 

 

Investors thought their trades had gained an average of 8 percentage points more than they actually did. Further analysis showed that distortion played a significant role in participants’ overconfidence. And we found that investors were much more likely to selectively forget their losses than their gains.

We also found that participants with larger memory biases – that is, bigger gaps between the numbers they initially recalled and the actual performance of their portfolios – tended to be more overconfident and traded more frequently.

In our third and final study, we wanted to see if an intervention could reduce overconfidence, so we recruited 366 more investors and asked half of them to review their actual returns from their financial statements before we measured overconfidence. We found that those who saw their actual returns still expected to beat the market but by much less than those who hadn’t seen their trades.

 

Why it Matters

Overconfident investors can not only be a hazard to themselves but can also contribute to massive market failures.

Investors brimming with confidence are more likely to take on more debt, overreact to market-related news and signals, buy overpriced investments and make more basic mistakes than peers who are less sure of themselves.

This overconfidence is often a contributing factor to market bubbles and crashes, like the 2008 financial crisis. Besides wiping out investors, the inevitable collapse of market bubbles ripples through the economy, often causing debt defaults, business bankruptcies and massive unemployment.

Our results suggest that biased memory likely contributes to this overconfidence.

What’s Next

We’d like to push this work in two directions. We’d like to run a field experiment looking at whether we can reduce overconfidence and improve returns among brokerage clients using the insights gleaned from our studies. Second, we’d like to further investigate the psychological processes underlying these effects.

We also want to communicate these results more broadly to the public to help investors make smarter decisions, so they are better positioned to protect and grow their wealth.

 

Suggested Reading:



No-Cost Brokers Like Robinhood May be the Big Winners with Rising Rates

Investing, Trading, and Gambling, Which are You Doing?





Irrational Pessimism – Why Value Investors Should Research Individual SPACs

Elon Musk’s Critical Tweets and Comments of White House Actions are Escalating

 

Stay up to date. Follow us:

 

Is the FOMC Walking a Tightrope?

Posted on by Admin 


	Image Credit: Francois de Halleux (Flickr)

The Fed is in a Box, Any of Its Options Could Create Problems

 

What does transitory mean? It means fleeting and temporary.  The “inflation is transitory” expectation has, over the past two months, become less probable. The last time we had economic weakness and inflation, was in the ’80s when the Fed (FOMC) found themselves needing to stimulate the economy by lowering rates while at the same time needing to stave off inflation with higher rates, back then we said, “the Fed is in a box.” Well, for those of us that have forty-plus years of economic memories, it feels like we’ve been here before.

Background

Officials at the U.S. Federal Reserve Bank are poised to begin withdrawing the liquidity in the system (economy) that was added in response to the reaction to the pandemic. Wall Street economists expect the Fed to announce a $15 billion reduction in monthly Treasury and mortgage-backed securities purchases beginning this month (November).  If $15 billion per month is withdrawn, all tapering will be out of the system by July of 2022.

The Fed has been using the “transitory” description when discussing inflation. If they continue to suggest it is temporary, the markets, stock and bond, may lose all confidence and could crumble. So the voting members may feel they have no choice but to become more hawkish at a time when U.S. economic growth is less than satisfactory.  Uncertainty as to fiscal spending plans adds another degree of difficulty for the Fed as they have incomplete information related to tax rates and government spending plans. Monetary and fiscal policy should work in conjunction with each other. Fiscal policy is up in the air. The Fed is, in a box, or boxed in. No matter what action or inaction they announce tomorrow, it will likely draw a negative (and positive) response on different fronts.

What to Listen For

On the top of Fed-watcher’s minds is whether the FOMC will continue its “transitory” description with respect to inflation.  Price increases are prevalent in everyone’s daily lives and have proved more persistent than central bankers had suggested they’d be. Fed Chairman Powell has remained consistent in his public expressions that rising prices are the result of the economy reopening and won’t be long-lived.  Investors will be listening for this same language, particularly those in more interest-sensitive sectors.  Eliminating all “transitory” language may perpetuate a bond market sell-off that could carry over into stocks.

Recent Economic Numbers

Fed watchers are beginning to have a more difficult time making the inflation-is-transitory case. They are looking at, for example,  the quarterly Employment Cost Index (ECI) released on Friday (October 29), which is the preferred wage cost measurement release of many economists. It includes full compensation costs rather than just payroll data.  The larger-than-expected rise in the third quarter ECI was the fastest pace of increase since they started measuring this almost 40 years ago. Labor costs, as a percentage of business expenses,  are often a companies’ highest expense. The ECI shows these costs are increasing rapidly as employers raise pay to attract workers. 

The labor shortage is helping to promulgate the “everything-shortage,” this scarcity of things is also providing inflationary fuel. Labor numbers will be reported this Friday when the Labor Department releases its October employment situation report.  Economists expect sporadic hiring and wages that are rising at an increased pace as millions of workers remain on the sidelines for reasons that are less understood. From a supply/demand standpoint,  if true labor-force participation is lower than Fed policymakers are accounting for, the U.S. economy is much closer to full employment than they thought and wage inflation as competition for employees continues will spiral upward. 

Against that potentiality, what if the Fed decides they can risk spooking the markets by eliminating the word “transitory” in their statement? After all, Powell recently said the Fed could accelerate the tapering process.  So it may. What is important for all investors to understand is that much of the Fed’s control over the economy is done outside of actual monetary policy and instead falls in setting expectations and providing confidence. For example, their words and promises.

Based on bond market movements, investors are already expecting that the Fed will raise rates sooner than the central bank has indicated. Economists at Goldman Sachs last week said, “We now expect core PCE inflation to remain above 3%—and core CPI inflation above 4%—when the taper concludes.” The PCE index is considered the Fed’s most worthwhile inflation gauge.

Can monetary policy impact supply shortages that have been caused by supply-chain issues? The trillions that consumers have in savings amounts to approximately 10% of GDP. The shortage problem is also being exacerbated by high demand. Monetary policy is meant to affect demand. Reducing demand by pulling cash out of the system and making money more expensive could help the supply chain catch up while slowing demand price pressures. But, this is where the Fed is in a box. Demand is already falling. Last week’s third-quarter GDP report reflected the slowest rate of growth since the pandemic inspired lockdowns.  As consumers retrenched, government spending fell, exports fell and business spending on plant and equipment declined. The increased prices are one cause of slowing consumption. It is conceivable that if rising rates and less liquidity through tapering further slows demand and price pressures decline, demand returns. This is possible, but a weak argument as consumers tend to buy when they believe products will cost more in the future.

Take-Away

For the FOMC voting members, they may feel “damned if they do, damned if they don’t,” as it relates to increased tapering and including the “transitory” language. While the future is always uncertain, market participants have eyes and can conduct their own analysis. If they lose confidence in the Fed having a steady and capable hand, they may panic. If they have confidence in the Fed’s words and actions, and those words are not pro-growth, they may also sell. This places the Fed in a box. Although the Fed’s mission isn’t market-related, severe reactions by the stock and bond markets reverberate through all sectors of the economy.

Paul Hoffman

Managing Editor, Channelchek

 

Suggested Reading:



Trimmed PCE Inflation vs the PCE Deflator

Inflation is No Baloney





Will Inflation be Transitory or Persistent?

Inflation’s Impact on Stocks, Four Scenarios

 

Sources:

https://www.ig.com/en-ch/financial-events/fomc-meeting-announcement
https://fred.stlouisfed.org/series/GDP

https://www.barrons.com/articles/federal-reserve-meeting-economic-growth-investors-51635839198?mod=hp_LEAD_1

https://www.barrons.com/articles/growth-slowdown-beyond-delta-variant-51631307629?mod=article_inline

https://www.reuters.com/business/goldman-sachs-brings-forward-us-rate-hike-projection-by-year-2021-11-01/

 

Stay up to date. Follow us:

 

Is the FOMC Walking a Tightrope

Posted on by Admin 


	Image Credit: Francois de Halleux (Flickr)

The Fed is in a Box, Any of Its Options Could Create Problems

 

What does transitory mean? It means fleeting and temporary.  The “inflation is transitory” expectation has, over the past two months, become less probable. The last time we had economic weakness and inflation, was in the ’80s when the Fed (FOMC) found themselves needing to stimulate the economy by lowering rates while at the same time needing to stave off inflation with higher rates, back then we said, “the Fed is in a box.” Well, for those of us that have forty-plus years of economic memories, it feels like we’ve been here before.

Background

Officials at the U.S. Federal Reserve Bank are poised to begin withdrawing the liquidity in the system (economy) that was added in response to the reaction to the pandemic. Wall Street economists expect the Fed to announce a $15 billion reduction in monthly Treasury and mortgage-backed securities purchases beginning this month (November).  If $15 billion per month is withdrawn, all tapering will be out of the system by July of 2022.

The Fed has been using the “transitory” description when discussing inflation. If they continue to suggest it is temporary, the markets, stock and bond, may lose all confidence and could crumble. So the voting members may feel they have no choice but to become more hawkish at a time when U.S. economic growth is less than satisfactory.  Uncertainty as to fiscal spending plans adds another degree of difficulty for the Fed as they have incomplete information related to tax rates and government spending plans. Monetary and fiscal policy should work in conjunction with each other. Fiscal policy is up in the air. The Fed is, in a box, or boxed in. No matter what action or inaction they announce tomorrow, it will likely draw a negative (and positive) response on different fronts.

What to Listen For

On the top of Fed-watcher’s minds is whether the FOMC will continue its “transitory” description with respect to inflation.  Price increases are prevalent in everyone’s daily lives and have proved more persistent than central bankers had suggested they’d be. Fed Chairman Powell has remained consistent in his public expressions that rising prices are the result of the economy reopening and won’t be long-lived.  Investors will be listening for this same language, particularly those in more interest-sensitive sectors.  Eliminating all “transitory” language may perpetuate a bond market sell-off that could carry over into stocks.

Recent Economic Numbers

Fed watchers are beginning to have a more difficult time making the inflation-is-transitory case. They are looking at, for example,  the quarterly Employment Cost Index (ECI) released on Friday (October 29), which is the preferred wage cost measurement release of many economists. It includes full compensation costs rather than just payroll data.  The larger-than-expected rise in the third quarter ECI was the fastest pace of increase since they started measuring this almost 40 years ago. Labor costs, as a percentage of business expenses,  are often a companies’ highest expense. The ECI shows these costs are increasing rapidly as employers raise pay to attract workers. 

The labor shortage is helping to promulgate the “everything-shortage,” this scarcity of things is also providing inflationary fuel. Labor numbers will be reported this Friday when the Labor Department releases its October employment situation report.  Economists expect sporadic hiring and wages that are rising at an increased pace as millions of workers remain on the sidelines for reasons that are less understood. From a supply/demand standpoint,  if true labor-force participation is lower than Fed policymakers are accounting for, the U.S. economy is much closer to full employment than they thought and wage inflation as competition for employees continues will spiral upward. 

Against that potentiality, what if the Fed decides they can risk spooking the markets by eliminating the word “transitory” in their statement? After all, Powell recently said the Fed could accelerate the tapering process.  So it may. What is important for all investors to understand is that much of the Fed’s control over the economy is done outside of actual monetary policy and instead falls in setting expectations and providing confidence. For example, their words and promises.

Based on bond market movements, investors are already expecting that the Fed will raise rates sooner than the central bank has indicated. Economists at Goldman Sachs last week said, “We now expect core PCE inflation to remain above 3%—and core CPI inflation above 4%—when the taper concludes.” The PCE index is considered the Fed’s most worthwhile inflation gauge.

Can monetary policy impact supply shortages that have been caused by supply-chain issues? The trillions that consumers have in savings amounts to approximately 10% of GDP. The shortage problem is also being exacerbated by high demand. Monetary policy is meant to affect demand. Reducing demand by pulling cash out of the system and making money more expensive could help the supply chain catch up while slowing demand price pressures. But, this is where the Fed is in a box. Demand is already falling. Last week’s third-quarter GDP report reflected the slowest rate of growth since the pandemic inspired lockdowns.  As consumers retrenched, government spending fell, exports fell and business spending on plant and equipment declined. The increased prices are one cause of slowing consumption. It is conceivable that if rising rates and less liquidity through tapering further slows demand and price pressures decline, demand returns. This is possible, but a weak argument as consumers tend to buy when they believe products will cost more in the future.

Take-Away

For the FOMC voting members, they may feel “damned if they do, damned if they don’t,” as it relates to increased tapering and including the “transitory” language. While the future is always uncertain, market participants have eyes and can conduct their own analysis. If they lose confidence in the Fed having a steady and capable hand, they may panic. If they have confidence in the Fed’s words and actions, and those words are not pro-growth, they may also sell. This places the Fed in a box. Although the Fed’s mission isn’t market-related, severe reactions by the stock and bond markets reverberate through all sectors of the economy.

Paul Hoffman

Managing Editor, Channelchek

 

Suggested Reading:



Trimmed PCE Inflation vs the PCE Deflator

Inflation is No Baloney





Will Inflation be Transitory or Persistent?

Inflation’s Impact on Stocks, Four Scenarios

 

Sources:

https://www.ig.com/en-ch/financial-events/fomc-meeting-announcement
https://fred.stlouisfed.org/series/GDP

https://www.barrons.com/articles/federal-reserve-meeting-economic-growth-investors-51635839198?mod=hp_LEAD_1

https://www.barrons.com/articles/growth-slowdown-beyond-delta-variant-51631307629?mod=article_inline

https://www.reuters.com/business/goldman-sachs-brings-forward-us-rate-hike-projection-by-year-2021-11-01/

 

Stay up to date. Follow us:

 

Release – Seanergy Maritime Holdings Corp. Reports Record Financial Results for the Third Quarter and Nine-Month Period Ended September 30 2021

Posted on by Admin


Seanergy Maritime Holdings Corp. Reports Record Financial Results for the Third Quarter and Nine-Month Period Ended September 30, 2021

 

Seanergy Maritime Holdings Corp. Reports Record Financial Results for the Third Quarter and Nine–Month Period Ended September 30, 2021

Highlights of the Third Quarter of 2021:

  • Gross revenues: $50 million in Q3 2021, as compared to $20.4 million in Q3 2020, up 146%

  • Net Income: $20.1 million in Q3 2021, as compared to $3.6 million in Q3 2020, up 459%

  • EBITDA1: $30.1 million in Q3 2021, as compared to $12.7 million in Q3 2020, up 137%

  • Adjusted EBITDA1: $32.2 million in Q3 2021, as compared to $7.8 million in Q3 2020, up 312%

Highlights of the Nine Months ended September 30, 2021:

  • Gross revenues: $100 million in 9M 2021, as compared to $43.5 million in 9M 2020, up 130%

  • Net Income: $20.7 million in 9M 2021, as compared to a net loss of $16 million in 9M 2020

  • EBITDA1: $47.4 million in 9M 2021, as compared to $11.6 million in 9M 2020, up 307%

  • Adjusted EBITDA1: $51.4 million in 9M 2021, as compared to $7.3 million in 9M 2020, up 602%

First Nine Months of 2021 and Recent Developments:

  • Acquisition of 7 modern Japanese Capesizes and sale of our oldest vessel in 2021 to date, representing total investment of $193.2 million and fleet increase of 55%

  • Ten new time-charter employment agreements with world-renowned charterers

  • 100% of the fleet employed under time-charters (“T/Cs”), 88% of which at index-linked rates

  • Financing and refinancing transactions of $134.2 million

November 2, 2021 – Glyfada, Greece – Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP), announced today its financial results for the third quarter ended September 30, 2021.

For the quarter ended September 30, 2021, the Company generated gross revenues of $50.0 million, a 146% increase compared to the third quarter of 2020. Adjusted EBITDA for the quarter was $32.2 million, from $7.8 million in the same period of 2020 . Net income for the third quarter was $20.1 million compared to net income of $3.6 million in the third quarter of 2020. The daily Time Charter Equivalent (“TCE”)1 of the fleet for the third quarter of 2021 was $30,764, marking a 90% increase compared to $16,219 for the same period of 2020.

For the nine-month period ended September 30, 2021, gross revenues were $100.0 million, increased by 130% when compared to $43.5 million in the same period of 2020. Adjusted EBITDA for the first nine months of 2021 was $51.4 million, compared to an adjusted EBITDA of $7.3 million in the same period of 2020. The daily TCE of the fleet for the first nine months of 2021 was $23,449 compared to $10,267 in the first nine months of 2020. The average daily OPEX was $5,806 compared to $5,573 in the respective period of 2020.

Cash and cash-equivalents, restricted cash, term deposits, including a short-term receivable from vessel sale proceeds as of September 30, 2021, stood at $52.6 million. The M/V Leadership was delivered to her new owners on September 30, 2021 and due to timing of payments, the gross proceeds of $13.3 million, including bunkers and other inventories, were received in the beginning of October. Shareholders’ equity at the end of the third quarter was $222.3 million, compared to $95.7 million on December 31, 2020. Long-term debt (senior and junior loans and other financial liabilities) net of deferred charges stood at $204.6 million as of September 30, 2021, from $169.8 million as of the end of 2020, representing a 20% increase. In the same period, following the addition of six of our new acquisitions and the removal of the M/V Leadership, the book value of our fleet increased by 55% to $396.8 million from $256.7 million.

Fourth Quarter 2021 TCE Guidance:

As of the date hereof, approximately 69% of the Company fleet’s expected operating days in the fourth quarter of 2021 have been fixed at an estimated TCE of approximately $38,440. Assuming that for the remaining operating days of our index-linked T/Cs, the respective vessels’ TCE will be equal to the average Forward Freight Agreement (“FFA”) rate of approximately $28,000 per day (based on the FFA curve of November 1, 2021), our estimated TCE for the fourth quarter will be approximately $35,2002. Our TCE guidance for the fourth quarter of 2021 includes certain conversions (6 vessels) of index-linked charters to fixed, which were concluded in the third quarter of 2021 as part of our freight hedging strategy. The following table provides the break-down:

Operating Days

TCE

TCE – fixed rate (index-linked conversion)

552

$31,273

TCE – fixed rate

184

$29,761

TCE – index linked unhedged

778

$39,281

Total / Average

1,514

$35,205


Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:

“I am very excited to announce our financial results for the third quarter and nine-month period that ended on September 30, 2021, marking a record profit for Seanergy since we started acquiring our current fleet in 2015. The exceptional financial performance of our Company is attributed to the combination of the well-timed acquisitions that we executed in the past year, as well as the highest dry bulk market of the last decade.

As far as our results for the third quarter of 2021 are concerned, our daily TCE was $30,764, outperforming our guidance for the quarter and marking an increase of 90% compared to the TCE of the third quarter of 2020. The TCE of the fleet for the first nine months of 2021 was $23,449 per day, increased by 128% when compared to a daily TCE of $10,267 in the same period of 2020. Our fourth quarter TCE performance to date and TCE guidance for the entire quarter is equally strong at $38,440 and $35,200 per day respectively. Adjusted EBITDA for the third quarter and first nine months of 2021 was $32.2 million and $51.4 million, respectively, as compared to an adjusted EBITDA of $7.8 million and $7.3 million in the respective periods of 2020. Net result for the quarter was a profit of $20.1 million increased by 459%, from $3.6 million in the same period of 2020. This impressive increase underscores the operating leverage of the Company and its tremendous upside potential in today’s earnings environment.

Regarding our fleet growth strategy, investment in vessel acquisitions in 2021 to date has totalled approximately $193.2 million for seven high quality Japan-built Capesize vessels with an average age of 11.1 years, with the most recent acquisition being that of the 2010-built M/V Dukeship. Within the third quarter, we took timely delivery of two Capesize vessels, while we also delivered the M/V Leadership to its new owners. The total investment has been fully funded by our strong cash reserves, as well as our new financing arrangements.

Concerning our commercial developments in 2021 to date, we have concluded ten new time-charter employment agreements with at least one-year duration, in each case with leading charterers in the Capesize sector. Following the recently agreed employment contracts for the M/Vs Dukeship and Goodship, 15 vessels will be employed on index-linked charters. This strategy has proven to be very efficient since our fleet’s earnings best reflect daily movements of the BCI and we are able to capitalize on market spikes. In most cases, the agreements entail options to convert the index-linked rate to a fixed one, based on the prevailing FFA curve, allowing us, at our option, to lock our future market exposure at profitable rates. By this, we have achieved what we believe to be the optimal positioning of our fleet for a commodities super-cycle.

On the financing front, since the beginning of 2021 we have concluded new financings and refinancings of $134.2 million while repaying $82.3 million on existing debt facilities. Since the start of the third quarter, we have agreed two new financings of approximately $30 million, while repaying $12.6 million on our existing financings. Specifically, we completed the financing of the M/V Friendship with one of our long-term lenders, while receiving a commitment letter from a major Greek Bank for a sustainability-linked loan to be secured by the M/V Worldship. Our weighted average interest rate for the first nine months of 2021 was reduced by approximately 130 basis points over the same period of 2020 and we expect this trend to continue in 2022.

With respect to our ESG initiatives, we have always been at the forefront of all major environmental regulations, and we are intensifying our efforts to meet IMO’s decarbonization targets for 2030. We have recently endorsed the Call to Action for Shipping Decarbonization, a global coalition of over 190 industry leaders and organizations representing the entire maritime value chain. In addition, we have signed agreements with DeepSea for the installation of Artificial Intelligence performance systems on our fleet and with Marsoft for the screening of selected vessels, which promotes transparency of our energy efficiency upgrades.

With a view to optimising the energy efficiency of our fleet, we have decided, in some cases in cooperation with our charterers, to install Energy Saving Devices (“ESDs”) on the entire fleet. This upgrade program will progress gradually, with the installation of the ESDs taking place during each vessel’s upcoming drydocking and is intended to ensure that the speed of our expanded fleet will not be materially impacted by the upcoming environmental regulations. Finally, we are investing in the research and development of emission reduction technologies, including biofuel blend trials, which is expected to contribute considerably to the transition to a greener shipping industry.

Regarding market conditions and future prospects, we have recently experienced the highest market levels of the last 12 years in the Capesize sector, with daily rates reaching $87,000 per day at the start of the fourth quarter. Notwithstanding the short-term correction of recent weeks, we believe that the Capesize market is supported by the most favourable demand-supply fundamentals of its recent history. More specifically, the Capesize orderbook still stands at the lowest level of the last 25 years and the upcoming environmental regulations are expected to lead to a significant vessel supply squeeze in the following years. In addition, demand for dry raw materials is supported by the global energy supply shortages, as well as the worldwide stimuli and infrastructure projects.

On that basis, we feel confident about the prospects of the Capesize market for years to come.”

Company Fleet following M/V Dukeship delivery:

Vessel Name

Vessel Class

Capacity (DWT)

Year Built

Yard

Scrubber Fitted

Employment Type

FFA conversion option(19)

Earliest T/C expiration

Patriotship

Capesize

181,709

2010

Imabari

Yes

T/C – fixed rate(1)

–

06/2022

Worldship

Capesize

181,415

2012

Koyo – Imabari

Yes

T/C – fixed rate(2)

–

09/2022

Hellasship

Capesize

181,325

2012

Imabari

–

T/C Index Linked(3)

–

04/2022

Fellowship

Capesize

179,701

2010

Daewoo

–

T/C Index Linked(4)

Yes

06/2022

Championship

Capesize

179,238

2011

Sungdong SB

Yes

T/C Index Linked(5)

Yes

11/2023

Partnership

Capesize

179,213

2012

Hyundai

Yes

T/C Index Linked(6)

Yes

06/2022

Knightship

Capesize

178,978

2010

Hyundai

Yes

T/C Index Linked(7)

–

05/2023

Lordship

Capesize

178,838

2010

Hyundai

Yes

T/C Index Linked(8)

Yes

05/2022

Goodship

Capesize

177,536

2005

Mitsui

–

T/C Index Linked(9)

Yes

08/2022

Friendship

Capesize

176,952

2009

Namura

–

T/C Index Linked(10)

–

12/2022

Tradership

Capesize

176,925

2006

Namura

–

T/C Index Linked(11)

Yes

05/2022

Flagship

Capesize

176,387

2013

Mitsui

–

T/C Index Linked(12)

Yes

05/2026

Gloriuship

Capesize

171,314

2004

Hyundai

–

T/C Index Linked(13)

Yes

01/2022

Geniuship

Capesize

170,057

2010

Sungdong SB

–

T/C Index Linked(14)

Yes

02/2022

Premiership

Capesize

170,024

2010

Sungdong SB

Yes

T/C Index Linked(15)

–

11/2022

Squireship

Capesize

170,018

2010

Sungdong SB

Yes

T/C Index Linked(16)

–

12/2022

Dukeship(17)

Capesize

181,453

2010

Japanese yard

–

T/C Index Linked(18)

Yes

12/2022

Total / Average age

3,011,083

11.7

(1) Chartered by a European cargo operator and delivered to the charterer on June 7, 2021 for a period of about 12 to about 18 months. The daily charter hire is fixed at $31,000.

(2) Chartered by a U.S. commodity trading company and delivered to the charterer on September 2, 2021 for a period of about 12 to about 16 months. The daily charter hire is fixed at $31,750.

(3) Chartered by NYK Line and delivered to the charterer on May 10, 2021 for a period of minimum 11 to maximum 15 months. The daily charter hire is based on the BCI.

(4) Chartered by Anglo American, a leading global mining company, and delivered to the charterer in June 2021 for a period of minimum 12 to about 15 months from the delivery date. The daily charter hire is based on the BCI.

(5) Chartered by Cargill and delivered to the charterer on November 7, 2018 for a period of employment of 60 months, with an additional period of about 24 to about 27 months at the charterer’s option. The daily charter hire is based on the BCI plus a net daily scrubber premium of $1,740.

(6) Chartered by a major European utility and energy company and delivered to the charterer on September 11, 2019 for a period of minimum 33 to maximum 37 months with an optional period of about 11 to maximum 13 months. The daily charter hire is based on the BCI.

(7) Chartered by Glencore and delivered to the charterer on May 15, 2020 for a period of about 36 to about 42 months with two optional periods of 11 to 13 months. The daily charter hire is based on the BCI.

(8) Chartered by a major European utility and energy company and delivered on August 4, 2019 for a period of minimum 33 to maximum 37 months with an optional period of about 11 to maximum 13 months. The daily charter hire is based on the BCI plus a net daily scrubber premium of $3,735 until May 2021.

(9) Chartered by an International commodities trader and will be delivered to the charterer by November 10, 2021 for a period of about 9 to about 12 months. The daily charter hire is based on the BCI.

(10) Chartered by NYK Line and was delivered to the charterer on July 29, 2021 for a period of minimum 17 to maximum 24 months. The daily charter hire is based on the BCI.

(11) Chartered by a major South Korean industrial company and was delivered to the charterer on June 15, 2021 for a period employment of minimum 11 to about 15 months. The daily charter hire is based on the BCI.

(12) Chartered by Cargill. The vessel was delivered to the charterer on May 10, 2021 for a period of 60 months. The daily charter hire is based at a premium over the BCI minus $1,325 per day.

(13) Chartered by Pacbulk Shipping and delivered to the charterer on April 23, 2020 initially for a period of about 4 to about 7 months, then for a further time charter period of about 10 to about 14 months. Upon expiration of the previous T/C period, in June 2021, the vessel commenced the second extension period up to minimum January 1, 2022 to maximum April 30, 2022. The daily charter hire is based on the BCI.

(14) Chartered by Pacbulk Shipping and delivered to the charterer on March 22, 2021 for a period of about 11 to about 14 months from the delivery date. The daily charter hire is based on the BCI.

(15) Chartered by Glencore and delivered to the charterer on November 29, 2019 for a period of minimum 36 to maximum 42 months with two optional periods of minimum 11 to maximum 13 months. The daily charter hire is based on the BCI plus a net daily scrubber premium of $2,055.

(16) Chartered by Glencore and delivered to the charterer on December 19, 2019 for a period of minimum 36 to maximum 42 months with two optional periods of minimum 11 to maximum 13 months. The daily charter hire is based on the BCI plus a net daily scrubber premium of $2,055.

(17) Expected delivery within November 2021.

(18) Chartered by NYK Line and will be delivered to the charterer upon its delivery to the Company for a period of about 13 to about 18 months. The daily charter hire is based on the BCI.

(19) The Company has the option to convert the index-linked rate to a fixed one for a period ranging between 2 and 12 months, based on the prevailing Capesize FFA Rate for the selected period.

Fleet Data:

(U.S. Dollars in thousands)

Q3 2021

Q3 2020

9M 2021

9M 2020

Ownership days (1)

1,477

975

3,632

2,795

Operating days (2)

1,439

973

3,494

2,737

Fleet utilization (3)

97.4%

99.8%

96.2%

97.9%

TCE rate (4)

$30,764

$16,219

$23,449

$10,267

Daily Vessel Operating Expenses (5)

$5,865

$5,984

$5,806

$5,573

(1) Ownership days are the total number of calendar days in a period during which the vessels in a fleet have been owned or chartered in. Ownership days are an indicator of the size of the Company’s fleet over a period and affect both the amount of revenues and the amount of expenses that the Company recorded during a period.

(2) Operating days are the number of available days in a period less the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. Operating days includes the days that our vessels are in ballast voyages without having finalized agreements for their next employment.

(3) Fleet utilization is the percentage of time that the vessels are generating revenue and is determined by dividing operating days by ownership days for the relevant period.

(4) TCE rate is defined as the Company’s net revenue less voyage expenses during a period divided by the number of the Company’s operating days during the period. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and other commissions. The Company includes the TCE rate, a non-GAAP measure, as it believes it provides additional meaningful information in conjunction with net revenues from vessels, the most directly comparable U.S. GAAP measure, and because it assists the Company’s management in making decisions regarding the deployment and use of the Company’s vessels and in evaluating their financial performance. The Company’s calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles the Company’s net revenues from vessels to the TCE rate.

(In thousands of U.S. Dollars, except operating days and TCE rate)

Q3 2021

Q3 2020

9M 2021

9M 2020

Net revenues from vessels

48,179

19,651

96,409

42,032

Less: Voyage expenses

3,910

3,870

14,477

13,930

Net operating revenues

44,269

15,781

81,932

28,102

Operating days

1,439

973

3,494

2,737

TCE rate

$30,764

$16,219

$23,449

$10,267

(5) Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses by ownership days for the relevant time periods. The Company’s calculation of daily vessel operating expenses may not be comparable to that reported by other companies. The following table reconciles the Company’s vessel operating expenses to daily vessel operating expenses.

(In thousands of U.S. Dollars, except ownership days and Daily Vessel Operating Expenses)

Q3 2021

Q3 2020

9M 2021

9M 2020

Vessel operating expenses

10,042

6,399

24,470

16,141

Less: Pre-delivery expenses

1,379

565

3,381

565

Vessel operating expenses before pre-delivery expenses

8,663

5,834

21,089

15,576

Ownership days

1,477

975

3,632

2,795

Daily Vessel Operating Expenses

$5,865

$5,984

$5,806

$5,573

Net Income / (Loss) to EBITDA and Adjusted EBITDA Reconciliation:

(In thousands of U.S. Dollars)

Q3 2021

Q3 2020

9M 2021

9M 2020

Net income/(loss)

20,064

3,592

20,704

(16,037)

Add: Net interest and finance cost

4,560

5,296

12,867

16,540

Add: Depreciation and amortization

5,490

3,835

13,827

11,143

EBITDA

30,114

12,723

47,398

11,646

Add: stock based compensation

2,773

236

4,704

825

Less: Gain on sale of vessel

(716)

–

(716)

–

Less: Gain on debt refinancing

–

(5,150)

–

(5,150)

Adjusted EBITDA

32,171

7,809

51,386

7,321

Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) represents the sum of net income / (loss), interest and finance costs, interest income, depreciation and amortization and, if any, income taxes during a period. EBITDA is not a recognized measurement under U.S. GAAP. Adjusted EBITDA represents EBITDA adjusted to exclude stock-based compensation and the non-recurring gain on sale of vessel and gain on debt refinancing, which the Company believes are not indicative of the ongoing performance of its core operations.

EBITDA and adjusted EBITDA are presented as we believe that these measures are useful to investors as a widely used means of evaluating operating profitability. EBITDA and adjusted EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP.

Interest and Finance Costs to Cash Interest and Finance Costs Reconciliation:

(In thousands of U.S. Dollars)

Q3 2021

Q3 2020

9M 2021

9M 2020

Interest and finance costs, net

(4,560)

(5,296)

(12,867)

(16,540)

Add: Amortization of deferred finance charges

739

189

2,441

538

Add: Amortization of convertible note beneficial conversion feature

772

1,457

2,010

3,873

Add: Amortization of other deferred charges (shares issued to third party)

77

129

251

430

Cash interest and finance costs

(2,972)

(3,521)

(8,165)

(11,699)

Third Quarter and Recent Developments:

Fleet Updates

M/V Friendship

In July 2021, the Company took delivery of the 176,952 dwt Capesize bulk carrier, built in 2009 in Japan, which was renamed M/V Friendship. The vessel has been fixed on a T/C with NYK Line, a leading Japanese charterer, with earliest redelivery to the Company in December 2022. The gross daily rate of the T/C is based on 102% of the BCI.

M/V Worldship

In August 2021, the Company took delivery of the 181,415 dwt Capesize bulk carrier, built in 2012 in Japan, which was renamed M/V Worldship. The M/V Worldship has been fixed on a T/C with a world-leading U.S. commodity trading company, at a gross daily rate of $31,750 with earliest redelivery to the Company in September 2022.

M/V Leadership

In June 2021, the Company agreed to sell the 2001-built M/V Leadership to an unaffiliated party for a net sale price of approximately $12.0 million. The vessel was delivered to her new owners on September 30, 2021. The sale improved the average age of the Company’s fleet.

M/V Dukeship

In October 2021, the Company agreed to acquire the 181,453 dwt Capesize bulk carrier, built in 2010 in Japan, which will be renamed M/V Dukeship. The purchase price of $34.3 million is expected to be funded with cash on hand. The M/V Dukeship is expected to be delivered within November 2021.

Commercial Updates

M/V Dukeship

The M/V Dukeship has been chartered to NYK at a rate linked to the BCI, for a period of about 13 to about 18 months starting as of the vessel’s delivery to the Company. In addition, the Company has the option to convert to a fixed rate based on the prevailing Capesize FFA for the selected period.

M/V Goodship

The M/V Goodship has been chartered to an international commodities trader and will be delivered to the charterer within November 2021 for a period of about 9 to about 12 months. The daily charter hire is based on the BCI. In addition, the Company has the option to convert to a fixed rate based on the prevailing Capesize FFA for the selected period

Financing Updates

Alpha Bank S.A.

On August 9, 2021, the Company entered into a $44.12 million credit facility to (i) refinance the previous facility of $31.12 million secured by the M/V Squireship and the M/V Lordship (“Tranche A”) and (ii) finance the acquisition of the 2009-built Capesize M/V Friendship (“Tranche B”). Tranche A has the same terms as the previous loan facility. The interest rate for Tranche B is LIBOR plus 3.25% per annum, and the term is four years. Tranche B is repayable through 4 quarterly instalments of $0.7 million followed by 12 quarterly instalments of $0.38 million and a balloon of $5.7 million payable together with the last instalment.

Commitment Letter – M/V Worldship

In October 2021, the Company obtained a commitment letter from a leading Greek bank for a sustainability- linked loan facility to finance part of the acquisition cost of the M/V Worldship. Pursuant to the commitment letter, the sustainability-linked loan will be for an amount of $16.85 million with a five-year term. The principal will be repaid through 4 quarterly instalments of $1.0 million, 2 quarterly instalments of $0.75 million, 14 quarterly instalments of $0.38 million and a final balloon payment of $6.1 million payable at maturity. The loan will be secured by, among other things, a mortgage on the M/V Worldship and a corporate guarantee by the Company. The interest rate will be 3.05% plus LIBOR per annum, which can be further improved based on certain emission reduction thresholds. The approval is subject to definitive documentation, which the Company expects to be completed within November 2021.

Update on Number of Shares Outstanding

As of November 1, 2021, the Company has 174,688,240 shares of common stock issued and outstanding. This includes 3,000,000 shares issued in October 2021 to Jelco Delta Holding Corp. (“Jelco”) following the conversion of $3,600,000 of the principal amount of the convertible note issued to Jelco on March 12, 2015, as amended to date, at the conversion price of $1.20 per share. As a result, the principal amount of the note was reduced from $3,800,000 to $200,000.

Seanergy Maritime Holdings Corp.

Unaudited Condensed Consolidated Balance Sheets
(In thousands of U.S. Dollars)

September 30,
2021

December 31, 2020*

ASSETS

Cash and cash equivalents, restricted cash, term deposits and short-term receivable from vessel sale proceeds

52,560

23,651

Vessels, net

396,792

256,737

Other assets

15,705

14,857

TOTAL ASSETS

465,057

295,245

LIABILITIES AND STOCKHOLDERS’ EQUITY

Long-term debt and other financial liabilities

204,639

169,762

Convertible notes

17,235

14,516

Other liabilities

20,932

15,273

Stockholders’ equity

222,251

95,694

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

465,057

295,245

* Derived from the audited consolidated financial statements as of the period as of that date

Seanergy Maritime Holdings Corp.
Unaudited Condensed Consolidated Statements of Operations
(In thousands of U.S. Dollars, except for share and per share data, unless otherwise stated)

Three months ended
September 30,

Nine months ended
September 30,

2021

2020

2021

2020

Revenues:

Vessel revenues

50,020

20,352

100,043

43,500

Commissions

(1,841

)

(701

)

(3,634

)

(1,468

)

Vessel revenue, net

48,179

19,651

96,409

42,032

Expenses:

Voyage expenses

(3,910

)

(3,870

)

(14,477

)

(13,930

)

Vessel operating expenses

(10,042

)

(6,399

)

(24,470

)

(16,141

)

Management fees

(400

)

(270

)

(1,029

)

(773

)

General and administrative expenses

(4,419

)

(1,537

)

(9,715

)

(4,682

)

Depreciation and amortization

(5,490

)

(3,835

)

(13,827

)

(11,143

)

Gain on sale of vessel

716

–

716

–

Operating income/(loss)

24,634

3,740

33,607

(4,637

)

Other expenses:

Interest and finance costs, net

(4,560

)

(5,296

)

(12,867

)

(16,540

)

Gain on debt refinancing

–

5,150

–

5,150

Other, net

(10

)

(2

)

(36

)

(10

)

Total other expenses, net:

(4,570

)

(148

)

(12,903

)

(11,400

)

Net income/(loss)

20,064

3,592

20,704

(16,037

)

Net income/(loss) per common share, basic

0.12

0.08

0.14

(0.57

)

Weighted average number of common shares outstanding, basic

166,710,006

46,144,608

147,403,541

28,118,984

Net income/(loss) per common share, diluted

0.10

0.04

0.13

(0.57

)

Weighted average number of common shares outstanding, diluted

205,974,543

89,041,036

186,370,709

28,118,984

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. On a ‘fully-delivered’ basis, the Company’s fleet will consist of 17 Capesize vessels with an average age of 11.7 years and aggregate cargo carrying capacity of 3,011,083 dwt.

The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.

Please visit our company website at: www.seanergymaritime.com.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events. Words such as “may”, “should”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s operating or financial results; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC, including its most recent annual report on Form 20-F. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: ir@seanergy.gr

Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com

1 EBITDA and TCE rate are non-GAAP measures. Please see the reconciliation below of EBITDA to net income and TCE rate to net revenues from vessels, in each case the most directly comparable U.S. GAAP measure.
2 This guidance is based on certain assumptions and there can be no assurance that these TCE estimates, or projected utilization will be realized. TCE estimates include certain floating (index) to fixed rate conversions concluded in previous periods. For vessels on index-linked T/Cs, the TCE realized will vary with the underlying index, and for the purposes of this guidance, the TCE assumed for the remaining operating days of an index-linked T/C is equal to the average FFA rate of $28,000 per day for November and December 2021 as of November1, 2021. Spot estimates are provided using the load-to-discharge method of accounting. Load-to-discharge accounting recognizes revenues over fewer days as opposed to the discharge-to-discharge method of accounting used prior to 2018, resulting in higher rates for these days and only voyage expenses being recorded in the ballast days. Over the duration of the voyage (discharge-to-discharge) there is no difference in the total revenues and costs to be recognized. The rates quoted are for days currently contracted. Increased ballast days at the end of the quarter will reduce the additional revenues that can be booked based on the accounting cut-offs and therefore the resulting TCE will be reduced accordingly.

Comtech (CMTL) – Acacia Research Offers to Buy Comtech for $30 Share

Posted on by Admin

Tuesday, November 02, 2021

Comtech (CMTL)
Acacia Research Offers to Buy Comtech for $30/Share

Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.

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.

    Acquisition Offer. Yesterday, Acacia Research (NASDAQ:ACTG) made an unsolicited and nonbinding offer to acquire Comtech for $790 million in cash, or $30 per share. The offer price is a 39% premium to Comtech’s closing share price on Friday. CMTL shares jumped 26% to close at $27.20 on the news. Comtech’s Board is evaluating the proposal in consultation with independent advisors.

    Who Is Acacia? Historically, Acacia’s legacy business was investing in, licensing, and enforcing patented technologies.  More recently, the Company has sought to acquire undervalued businesses with a primary focus on mature technology, life sciences, industrial, and certain financial services segments, and pursue opportunities for value creation that leverage Acacia’s significant capital resources …



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

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