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1-800-Flowers.com (FLWS) – Are Investors Underestimating This Ecommerce Play?

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Monday, March 08, 2021

1-800-Flowers.com (FLWS)
Are Investors Underestimating This Ecommerce Play?

1-800-FLOWERS.COM, Inc. is the leading provider of gourmet and floral gifts for all occasions. For nearly 40 years, 1-800-FLOWERS® has been helping deliver smiles for customers with gifts for every occasion, including fresh flowers, premium, gift-quality fruits, and other gourmet items from Harry & David®, popcorn and specialty treats from The Popcorn Factory®; cookies and baked gifts from Cheryl’s®; premium chocolates and confections from Fannie May®; gift baskets and towers from 1-800-Baskets.com®; premium English muffins and other breakfast treats from Wolferman’s; carved fresh fruit arrangements from FruitBouquets.com; and top quality steaks and chops from Stock Yards®. The Company’s BloomNet® international floral wire service provides a broad range of quality products and value-added services designed to help professional florists grow their businesses profitably.

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

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

    Virtual NDR highlights. This report highlights a Virtual Non Deal Road Show in a fireside chat format held last week with CEO Chris McCann. A rebroadcast of the event may be found here. Topics that were discuss include: the enhanced revenues during the pandemic, management’s expectation of continued double digit revenue and cash flow growth, a possible name change to incorporate all of the company’s brands, impact from the severe weather in Texas, and the large valuation gap with its ecommerce peer group.

    Revenue and cash flow growth on top of the pandemic lift.  The company appears sanguine about the prospect of double digit revenue and cash flow growth riding the wave of a change in consumer behavior towards ecommerce, from product expansion in Pmall, Harry & David, and through acquisitions to append to the platform of Pmall, Plus, the company plans to benefit from the way it engages with its …



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. 

Release – Comtech Telecommunications (CMTL) – Awarded $1.5 Million in Orders for Satellite Modems and Optimization Equipment

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Comtech Telecommunications Corp. Awarded $1.5 Million in Orders for Satellite Modems and Optimization Equipment

 

Innovative Trunking Solution Enables High-Speed Internet and Mobile Communications to Remote Locations

MELVILLE, N.Y.–(BUSINESS WIRE)–March 8, 2021 — Comtech Telecommunications Corp. (NASDAQ: CMTL) announced today, that during its second quarter of fiscal 2021, its subsidiary, Comtech EF Data Corp., a leading provider of satellite communication equipment, was awarded $1.5 million in orders from a North American communications service provider.

The orders specified the CDM-760 Advanced High-Speed Trunking and Broadcast Modem and the HX 5020c-Duo Optimizer. The combined solution enables high-speed Internet and mobile communications to remote locations over a GEO stationary satellite. The latest generation single rack-unit load balancer and TCP acceleration features offered by the HX 5020c-Duo Optimizer runs in a virtualized environment. The CDM-760, in conjunction with the HX 5020c-Duo optimizer, incorporates an industry unique feedback mechanism that automatically adapts to changing link conditions in real-time and finds the most appropriate configurations to deliver a superior Quality of Experience.

“We are honored to have the opportunity to provide our innovative trunking solution in the North American market. With this multi-Gbps network, we are extending our lead in high-performance trunking solutions over satellite,” said Fred Kornberg, Chairman of the Board and Chief Executive Officer of Comtech.

Comtech EF Data Corp. is a leading provider of innovative and optimized satellite communications solutions. Our efficient and reliable ground equipment portfolio meets the unique demands of our mobile backhaul, government, mobility and enterprise customers on every continent, in 160+ countries and across every ocean. For more information, visit www.comtechefdata.com.

Comtech Telecommunications Corp. is a leader in the global communications market headquartered in Melville, New York. With a passion for customer success, Comtech designs, produces and markets advanced secure wireless solutions to more than 1,000 customers in more than 100 countries. For more information, please visit www.comtechtel.com.

Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results could differ materially from such forward-looking information. The Company’s Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such Securities and Exchange Commission filings.

Media Contact:

Michael D. Porcelain, President and Chief Operating Officer
Comtech Telecommunications Corp.
631-962-7000

[email protected]

Source: Comtech Telecommunications Corp.

What Part of the Energy Cycle Are We In?

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Private Energy Companies’ Role in the Energy Cycle

 

The energy industry is a cyclical business. Energy prices rise, causing drilling activity to increase, creating excess supply that causes energy prices to fall. When energy prices fall, companies reduce drilling, which lowers supply and causes energy prices to rise. One never knows exactly which part of the cycle we may be experiencing or when the peaks and troughs will form, only that the cycle exists. But, a closer look at the active players within each cycle component can provide insight as to the length and magnitude of the cycle.

During the down periods of an energy cycle, cash flow is low. Smaller companies with weaker balance sheets are pressured. Some go bankrupt or are forced to sell off property at low prices. Most will be forced to sharply cut back drilling to operate within their expected cash flow. Larger, less leveraged companies are in a better position to take a longer-term perspective and continue drilling under the belief that energy prices will eventually rise.

The Role of Private Companies

During the boom periods of an energy cycle, the reverse is true. Large companies flush with cash will increase drilling. But, they will focus on their most profitable projects, leaving many good projects on the planning board. This is when smaller, sometimes private companies step in. Many successful companies have been formed by mid-level managers of large companies who form new companies that buy underutilized assets of their former employers.

 

 

Energy Today

So, what part of the energy cycle are we in currently? Is the recent rise in oil (and natural gas) prices a sign that we have reached an inflection point in the cycle? Or is it merely a head fake temporarily offsetting a longer trend. Bloomberg reports that there is a resurgence of private energy operators drilling in the Permian Basin. It points out that companies like DoublePoint Energy and Mewbourne Oil Co. are operating as many rigs in the basin as larger companies such as Chevron Corp. and Exxon Mobil Corp. While such a shift toward increased drilling by private companies is normal, it is usually seen in conjunction with increased drilling by established energy companies.

The fact of the matter is that large energy companies are not responding to higher oil prices in a manner similar to past cycles. Drilling has started to rise in response to the rise in oil prices that began last November. However, the number of active rigs in the United States (402 as of 2/19/21) is only half that of a year ago (790) despite higher energy prices.

 

 

The shift towards smaller and private energy investing has created unexpected delays in the supply response to higher prices. Large, well-funded energy companies can expand the drilling of known projects quickly. Drilling by small, underfunded companies takes more time. Assets must be acquired and analyzed. Funding must be secured. The shift towards private investors is perhaps one explanation as to why the rig count has been slow to respond.

Wrap-Up

Of course, there may be other reasons. COVID has thrown a wrench in the ability of companies to find and relocate employees to drilling sites. Large energy companies are also rethinking their commitment to fossil fuels. Companies like BP Amoco and Total SE are emphasizing investments in renewable energy over fossil fuels. A study by Deloitte shows that almost all companies setting emission targets have been companies with market caps above $10 billion. Time will tell whether new investors fill the investment gap being left by the majors. The pace and size of private energy investing could go a long way towards determining the length and magnitude of the current energy price cycle.

Suggested Reading:

Energy Outlook 2021 Can Oil Prices Keep Climbing?


Will the U.S. Continue to Subsidize Renewable Energy? Will Renewable Energy be the Downfall of Fossil Fuels?


Sources

https://finance.yahoo.com/news/shale-private-army-ramping-means-090003295.html, David Wethe, Kevin Crowley and Sheela Tobben, Bloomberg, March 1, 2021

https://www.forbes.com/sites/deborahbyers/2020/06/16/the-last-cycle-lessons-from-the-past-to-build-oil-and-gass-future/?sh=1cc3d1972cac, Deborah Byers, Forbes, June 16, 2020

https://www2.deloitte.com/us/en/insights/industry/oil-and-gas/oil-gas-energy-sector-disruption.html, Stanley Porter, Duane Dickson, Kate Hardin, Thomas Shattuck, Deloitte, August 13, 2020

 

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Release – Capstone Turbine (CPST) – Secures Two New Long-Term Rentals And Announces Expansion Of Its Rental Fleet

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Capstone Turbine (NASDAQ:CPST) Secures Two New Long-Term Rentals And Announces Expansion Of Its Rental Fleet, From 8.6 MW To 10.6 MW

 

Rental Microturbines To Be Deployed at One of the World’s Largest Oil & Gas Producers in Texas, and a New Industrial Agricultural Operation in California

VAN NUYS, CA / ACCESSWIRE / March 8, 2021 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world’s leading manufacturer of clean energy technology microturbine systems, announced today that it continues to expand its long-term microturbine rental business as part of expanding its Energy as a Service (EaaS) business model, with an additional 1.6 megawatts (MWs) of new long-term rental contracts. As a result, Capstone also announced today that it will now expand its low emission microturbine rental fleet from today’s 8.6 MW to 10.6 MW by March 31, 2021.

 


Capstone Rental Unit Temporarily Installed at Leading Oil & Gas Producer

 

One of the two new long-term rental contracts is a one-year rental agreement for a five-bay C600S for one of the world’s largest oil and gas producers in Texas. This contract is a follow-on long-term rental secured by Capstone distribution partner Lone Star Power Solutions (www.lonestarpowersolutions.com). Lone Star Power Solutions is Capstone’s exclusive distributor for Texas, Arizona and the Gulf States. The microturbine rental system is expected to be delivered and commissioned in the spring of 2021.

The second long-term rental contract is a one-year rental agreement for a C1000S for a new industrial agricultural operation in California. This contract was secured by Capstone’s distribution partner, Cal Microturbine, Capstone’s exclusive distributor for California, Hawaii & Nevada and nonexclusive for Oregon and Washington (www.calmicroturbine.com). The one-year rental is expected to be commissioned later this summer.

“Expanding Capstone’s Energy as a Service business, which includes the long-term rental program, is an important element for the company achieving its near-term profitability goals. Capstone is a proud green energy company, having focused for a long time on transforming the way businesses think about on-site energy production,” said Darren Jamison, President and Chief Executive Officer of Capstone Turbine. “Today, we are even more excited to be able to offer our customers Energy as a Service, to strengthen our commitment in creating smarter energy for a cleaner future, as carbon reduction has increasing value to our customers,” added Mr. Jamison.

“We currently have over 50 MW of gross, pending long-term rental contract quotations out for consideration with potential customers, and I expect the new U.S. administration will create even more positive momentum toward green initiatives, as President Biden recently signed an executive order to rejoin the U.S. into the Paris climate accord, his first major action to tackle global warming,” concluded Mr. Jamison.

“The business plan that we developed in conjunction with amending the Goldman Sachs Note Purchase Agreement on October 1, 2020, included the strategic expansion of the long-term rental fleet from 8.6 MW to 14.85 MW by June 30, 2021, and to 21.1 MW by March 2022,” said Eric Hencken, Chief Financial Officer of Capstone Turbine. “Long-term rentals are a key to our financial success as the recurring revenue stream they generate improves our gross margin and expense absorption,” concluded Mr. Hencken.

The large oil and gas company continued its pursuit of a flexible and scalable low emission energy solution that could be quickly and easily deployed and increase power capacity and accommodate its Permian basin installations’ growing energy needs. The industrial agricultural facility selected the natural gas C1000S due to its lower emission profile when compared to the environmental impact of traditional diesel rental generators.

About Capstone Turbine Corporation

Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST) is the world’s leading producer of highly efficient, low-emission, resilient microturbine energy systems. Capstone microturbines serve multiple vertical markets worldwide, including natural resources, energy efficiency, renewable energy, critical power supply, transportation and microgrids. Capstone offers a comprehensive product lineup via our direct sales team, as well as our global distribution network. Capstone provides scalable solutions from 30 kWs to 10 MWs that operate on a variety of fuels and are the ideal solution for today’s multi-technology distributed power generation projects.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: [email protected]. To date, Capstone has shipped nearly 10,000 units to 83 countries and in FY20, saved customers an estimated $219 million in annual energy costs and 368,000 tons of carbon.

For more information about the company, please visit www.capstoneturbine.com. Follow Capstone Turbine on Twitter, LinkedIn, Instagram, Facebook and YouTube.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “intend,” “may,” “will,” “plan,” “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company’s indebtedness; the Company’s ability to develop new products and enhance existing products; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company’s ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason. “Capstone” and “Capstone Microturbine” are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.

CONTACT:
Capstone Turbine Corporation
Investor and investment media inquiries:
818-407-3628

[email protected]

SOURCE: Capstone Turbine Corporation

Release – Lineage Cell Therapeutics (LCTX) – Raises $35.9 Million

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Lineage Cell Therapeutics Raises $35.9 Million From Sales Of Marketable Securities Holdings And An At-The-Market Equity Offering

 

Improved Cash Position Expected to Fund Operations for More Than Two Years

CARLSBAD, Calif.–(BUSINESS WIRE)–Mar. 8, 2021– Lineage Cell Therapeutics, Inc. (NYSE American and TASE: LCTX), a clinical-stage biotechnology company developing allogeneic cell therapies for unmet medical needs, today reported that it raised $11 million in new capital from sales of its holdings of marketable securities, including shares of OncoCyte Corporation (Nasdaq: OCX) and Hadasit Bio-Holdings (TASE: HDST), as well as $25 million in gross proceeds from its at-the-market (“ATM”) offering. Lineage expects its approximately $57 million of cash and cash equivalents as of March 5, 2021 to fund operations well into 2023, by which time the Company expects to have achieved value-creating clinical and product development milestones. Lineage’s strengthened balance sheet also provides it with strategic flexibility in its ongoing partnership discussions.

“During the past six months, appreciation in our share price and that of marketable securities we owned has provided us with opportunities to monetize our investments and raise additional capital through our ATM offering,” stated Brian Culley, Lineage’s CEO. “These sales underscore that Lineage has created substantial value for its shareholders over time not only by advancing our product candidates toward later-stage clinical trials, but also by making and now harvesting significant early investments in OncoCyte and Hadasit and from aggressive and prudent expense reductions we previously reported. We expect that Lineage is now funded well into 2023, by which time we expect to have reached additional significant milestones, explored new areas to deploy our technology, and moved Lineage ever closer to our goal of becoming the preeminent allogeneic cell transplant company. Our stronger balance sheet also can provide us with optionality with respect to our ongoing partnership discussions.”

Cash and cash equivalents as of December 31, 2020 were $32.6 million and reflected $5.1 million in gross proceeds from sales on the ATM (which excluded $0.3 million in cash in transit related to 2020 sales that settled in 2021) and $0.8 million in gross proceeds from sales of Hadasit shares during the fourth quarter. From January 1, 2021 through March 5, 2021, Lineage raised an additional $19.9 million in gross proceeds through the ATM offering (which included $0.3 million in cash in transit related to 2020 sales that settled in 2021), as well as $10.1 million in gross proceeds from sales of OncoCyte shares and $21,000 in gross proceeds from sales of Hadasit shares. Lineage incubated OncoCyte and funded its initial product development before spinning it out as a separate public company in January 2016. As of March 5, 2021, OncoCyte’s market capitalization was over $300 million and Lineage has realized $32.5 million in total sales of its OncoCyte shares over time. The Company continues to hold 1,122,401 shares of OncoCyte stock valued at approximately $4.2 million and 169,167 shares of Hadasit stock valued at approximately $330,000, in each case based on the closing prices of those shares on March 5, 2021. Previously, Lineage also incubated and funded the initial product development of AgeX Therapeutics (NYSE American: AGE), and subsequently spun it out as a separate public company in November 2018, ultimately raising nearly $50 million from sales of its securities. Lineage believes that its broad technology platform and intellectual property portfolio may allow it to create additional value for shareholders through the advancement of its own novel pipeline as well as through the incubation and development of other products and companies, and through strategic corporate partnerships.

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) VAC, an allogeneic dendritic cell therapy platform for immuno-oncology and infectious disease, currently in 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.

Forward-Looking Statements

Lineage cautions you that all statements, other than statements of historical facts, contained in this press release, are forward-looking statements. Forward-looking statements, in some cases, can be identified by terms such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “design,” “intend,” “expect,” “could,” “plan,” “potential,” “predict,” “seek,” “should,” “would,” “contemplate,” project,” “target,” “tend to,” or the negative version of these words and similar expressions. Such statements include, but are not limited to, statements relating to Lineage’s expected eligibility for grants. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Lineage’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements in this press release, including risks and uncertainties inherent in Lineage’s business and other risks in Lineage’s filings with the Securities and Exchange Commission (the SEC). Lineage’s forward-looking statements are based upon its current expectations and involve assumptions that may never materialize or may prove to be incorrect. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. Further information regarding these and other risks is included under the heading “Risk Factors” in Lineage’s periodic reports with the SEC, including Lineage’s Annual Report on Form 10-K filed with the SEC on March 12, 2020 and its other reports, which are available from the SEC’s website. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they were made. Lineage undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

Lineage Cell Therapeutics, Inc. IR
Ioana C. Hone
([email protected])
(442) 287-8963

Solebury Trout IR
Gitanjali Jain Ogawa
([email protected])
(646) 378-2949

Russo Partners – Media Relations
Nic Johnson or David Schull
[email protected]
[email protected]
(212) 845-4242

Source: Lineage Cell Therapeutics, Inc.

Research coverage of Lineage Cell Therapeutics (LCTX) on Channelchek is provided by Noble Capital Markets, Inc. Please refer to the research disclosures on the most recent LCTX report for more information.

Release – Comstock Mining (LODE) – Announces Notice of 2020 Year End Results Via Zoom

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Comstock Mining Announces Notice of 2020 Year End Results and Business Update Webcast Via Zoom

 

VIRGINIA CITY, Nev., March 08, 2021 (GLOBE NEWSWIRE) — Comstock Mining Inc. (the “Company”) (NYSE American: LODE), an emerging leader in climate-smart, sustainable mineral development and production, will host a conference call on Thursday, March 11, 2021 at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to report its 2020 year end results and provide a business update. The Webcast will include a moderated Q&A, after the prepared remarks. Please join the event 5-10 minutes prior to the scheduled start time. The link and/or dial-in telephone numbers for the live Webcast are as follows:

Join Zoom Meeting

https://us02web.zoom.us/j/7437013377

Meeting ID: 743 701 3377

One tap mobile

+12532158782,,7437013377# US (Tacoma)

+13462487799,,7437013377# US (Houston)

Dial by your location

+1 253 215 8782 US (Tacoma)

+1 346 248 7799 US (Houston)

+1 669 900 9128 US (San Jose)

+1 301 715 8592 US (Washington DC)

+1 312 626 6799 US (Chicago)

+1 646 558 8656 US (New York)

Meeting ID: 743 701 3377

Find your local number: https://us02web.zoom.us/u/kGBcBXcOw

The recording of the Webcast will be available, within 24 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 leader in sustainable mineral development and production of environment-enhancing, increasingly scarce strategic and precious metals, focused on conservation-based waste, high-value, cash-generating, mineral and metals essential to meeting the rapidly increasing demand for clean energy technologies. The Company has extensive, contiguous property in the historic, world-class Comstock and Silver City mining districts (collectively, the “Comstock District”) with fully permitted, metallurgical labs and an operational, mineral processing and beneficiation platform that includes a growing portfolio of mercury remediation, gold and silver extraction facilities. 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: consummation of all pending transactions; project, asset or Company valuations; future industry market conditions; future explorations, acquisitions, investments and asset sales; future performance of and closings under various agreements; future changes in our exploration activities; future estimated mineral resources; future prices and sales of, and demand for, our products; future operating margins; available resources; environmental conservation outcomes; future impacts of land entitlements and uses; future permitting activities and needs therefor; future production capacity and operations; future operating and overhead costs; future capital expenditures and their impact on us; future impacts of operational and management changes (including changes in the board of directors); future changes in business strategies, planning and tactics and impacts of recent or future changes; 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; the nature and timing of and accounting for restructuring charges and derivative liabilities and the impact thereof; contingencies; future environmental compliance and changes in the regulatory environment; future offerings of equity or debt securities; asset sales and associated costs; future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, 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: counterparty risks; capital markets’ valuation and pricing risks; adverse effects of climate changes or natural disasters; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mining activities; contests over title to properties; potential dilution to our stockholders from our stock issuances and 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 businesses; permitting constraints or delays; decisions regarding business opportunities that may be presented to, or pursued by, us or others; the impact of, or the non-performance by parties under agreements relating to, acquisitions, joint ventures, strategic alliances, business combinations, asset sales, leases, options and investments to which we may be party; changes in the United States or other monetary or fiscal policies or regulations; interruptions in production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, cyanide, water, diesel fuel and electricity); changes in generally accepted accounting principles; adverse effects of terrorism and geopolitical events; potential inability to implement 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 or others; assertion of claims, lawsuits and proceedings; 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 SEC; potential inability to list our securities on any securities exchange or market; inability to 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.
117 American Flat Rd
PO Box 1118
Virginia City, NV 89440
http://www.comstockmining.com

Corrado De Gasperis
Executive Chairman & CEO
Tel (775) 847-4755
[email protected]

Zach Spencer
Director of External Relations
Tel (775) 847-5272 ext.151
[email protected]

Source: Comstock Mining

Research coverage of Comstock Mining (LODE) on Channelchek is provided by Noble Capital Markets, Inc. Please refer to the research disclosures on the most recent LODE report for more information.

Who Gets to Participate in Private Offerings?

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Does the “Sophisticated Investor Rule” Guarantee an Uneven Playing Field?

 

A majority of investors are prevented from opportunities in what could potentially be the more lucrative offerings. Private equity investments or 144A securities that, because of their lesser SEC registration and accompanying reporting, are not available to the “average Joe.” That is to say, individuals must first meet the definition of being a “sophisticated” investor.

Until recently, the definition of “sophisticated,” which was a requirement for an individual to become “accredited,” was income or wealth-based. This changed during the Fall of 2020 when the SEC amended the rule. Prior to the rule change, you may in practice be the most sophisticated investor on the planet, certified to give investment advice on billions, trade portfolios for large institutions, and even be an SEC lawyer writing the stipulations themselves, yet, if you didn’t consistently make over a certain amount per year or have a minimum net worth, you need not apply to be eligible to invest in private deals.

The old rules excluded a non-accredited (though potentially capable) investor from participation in many private equity investments, private hedge funds, venture capital funds, angel investments, and other private placements, both debt, and equity.

Level Playing Field?

Let’s resist discussing whether it’s fair that a completely unsophisticated person with a huge bank account has the investment advantage of more opportunities available to them. Instead, let’s be more positive and discuss how the SEC made some headway by expanding the definition of “sophisticated” as someone who has demonstrated investment knowledge and risk awareness in other (non-bank account) ways.

The SEC’s role is to protect investors. One way they do this is by requiring disclosure of specific investment information in public offerings. Private deals don’t meet the same disclosures requirements. For example, a portfolio manager may want to keep their hedge fund unregistered so as to not have to give away their “secret-sauce” management philosophy and portfolio make-up. Sharing investment information such as holdings the way SEC-registered mutual funds do could hurt a hedge fund’s ability to compete. This lack of transparency of what is below the surface or lack of ability to understand a non-registered equity offering is why regulators define who the offering may be made to. With less transparency comes a greater need for sophisticated investors – thus the limits to accredited investors only.

The Current Criteria

Meeting the definition of an accredited investor means the SEC considers you more sophisticated than those not meeting the definition. They also figure you have a greater tolerance for risk. And, with more financial resources, the SEC believes you have a greater capacity for due diligence.

Now that the definition has been broadened to also measure an ability to understand and not just financial resources, what is an accredited investor in 2021 under the SEC changes, and how do you know if you qualify? Until September 2020, sophistication for individuals had exclusively meant:

Earned income of more than $200,000 ($300,000 together with a spouse) in each of the last two years. You must reasonably expect to earn the same for the current year.

Or –

Having a net worth of over $1 million, either individually or together with a spouse. This net worth requirement excludes the value of your primary residence.

The above wealth-based threshold continues to serve to qualify investors as accredited investors. However, the new SEC rules now provide an additional method to qualify. The updated definition works around the wealth minimum requirement prior to investing. We’ll look at what that opens up for others below.  

Last year there were two significant SEC changes that defined an accredited investor. One broadened the application of the wealth calculation. It now includes the term “spousal equivalent”.  This means that if one spouse qualifies as an accredited investor, the person’s spouse also does. The other provides a path to accreditation that is not based on already accumulated wealth.

Individuals can now qualify based on specific professional credentials or certifications. The new definition includes those who have obtained Series 7, Series 65, or Series 82 investment securities licenses. State or SEC-registered investment advisors also qualify. This list may continue to expand over time as the ability of those who have passed these registrations and/or certifications and are considered sophisticated enough to make recommendations to others are deemed able to follow their own advice. It would otherwise seem odd to suggest that they are capable of doing enough due diligence to determine suitability for a client, but not for their own account.

The current state of the accredited investor rules may still seem like the playing field is unevenly split between two classes of investors. In some ways, the SEC’s mission for oversight is part of what keeps the playing field uneven with an advantage toward those that fit the definition by the very regulator that is there to protect investors. Agree or disagree, the SEC concludes that accredited investors are likely more financially sophisticated than the average person. The logic now presumes that a person that obtains the proper FINRA Series license has demonstrated the ability to independently analyze investment opportunities. What has been more important to the SEC logic is that accredited investors have ample financial resources and can withstand losses on investment opportunities should the outcome surprise on the negative side.

Becoming Accredited in 2021

There is not a government or fully defined regulatory body defined “process” for becoming an accredited investor. There is no certified exam or piece of paper issued stating a person meets the accredited investor status and therefore can be shown a private deal. The verification process is carried out in accordance with the SEC rule by the companies issuing unregistered securities, funds, or deals. They follow the accredited investor rule to determine a potential investor’s qualifications.

They do this by conducting due diligence on the investor prior to presenting an offering or allowing incoming funds. Each time an investor purchases unregistered securities, the due diligence must be conducted by the company making the offer using current information. But once you go through the process, if you’ve maintained or improved your wealth measures or securities licenses, being reapproved by the offering firm should be straightforward.

Access to an accredited investor determination so you may be shown private offerings available through Noble Capital Markets may begin by going here.

Should you choose to reach out to have Noble Capital Markets make an accredited investor determination, this process is separate and unrelated to information provided by Channelchek. Channelchek does not make any investment offerings.

Take-Away

The Securities and Exchange Commission exists to protect investors. Allowing some investors access to a broader range of offerings than others is not ideal. Discerning which investors can assess whether an offering has a suitable risk/reward ratio is a difficult task which they are refining to be more inclusive when appropriate. 

 

Suggested Reading:

Can Brokers Level the Playing Field for Individual Investors? The Dollar Amount of IPOs in 2020 was Blistering. Will Deals Continue in 2021?


 

Are Meme Stocks Improving Flawed Markets? Last Year’s Market Predictions – What was the Final Batting Average?


 

Sources:

https://www.sec.gov/news/press-release/2020-191

https://www.sec.gov/rules/final/2020/33-10824.pdf

https://aaplonline.com/how-the-jobs-act-opens-deal-flow-for-non-accredited-investors/

 

Photo: Dick Van Dyke as Mr. Dawes Jr. giving a sophisticated lesson about money to Mr. Banks children in Mary Poppins.

 

What is the Future of Entertainment Consumption?

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Media and Entertainment Industry – Who Wins?

 

The change in leadership in the broadcast media and entertainment industry accelerated during the 2020 lockdowns. Recently, hedge funds that held short equity positions in companies suffering most from reduced business have shone a spotlight on the industry and names like AMC Entertainment Holdings Inc. (AMC).

With ticket sales for the film industry down significantly last year, and a $905M Q3 net loss, there were bets that AMC wouldn’t weather the pandemic. Other theater chains like Cinemark (CNK) and Regal (parent Cineworld) (CNNWF) have also fared poorly. The trend had already been to this mix is a test of a changing industry business model; WarnerMedia is releasing its films concurrently on both HBO Max and in theaters. What does this hold for the media industry?

Broadcast

Consumers of all forms of media have been spending more time at home, which equates to more time in front of the (small) screen. In 2021, that includes a mix of both broadcast and digital. The E. W. Scripps Co (SSP) made two purchases in the over-the-air digital multicast market, Katz network in 2017 and Ion Media in January; Scripps now owns 61 stations in 41 markets. Scripps has joined with Gray Television (GTN) and other major broadcast players to navigate opportunities and capitalize on the changing market. Scripps isn’t going to count on reaching viewers via broadcast only; its content is also available “over-the-top.”

 

“During peak pandemic months, Nielsen saw a rise in digital game purchases, streaming video engagement, online ordering, and working from home. Out of necessity, businesses quickly moved not just their workforces but their services and more of their advertising online.”

 

Digital and Over-the-top (OTT) Media

Streaming media offered directly to viewers through the Internet is referred to as “Over-the-Top” or “OTT.” Consumption of OTT has risen with the usage of smartphones, smart TVs, fire sticks, Roku boxes (ROKU), and the added ingredient of societal lockdowns. Well-known names such as Netflix (NFLX), Amazon Prime Video (AMZN), Hulu, and Disney-Plus (DIS) exist in the OTT landscape, and Netflix alone reported 37 million net additional subscriptions in 2020.

 

 

Gaming and Gambling

When a large part of the population is forced to stay home and interact remotely, it would be natural to assume an increase in entertainment consumed from home or remotely, and the numbers bear this out. According to Nielsen’s SuperData, the games and interactive media industry grew 12% year-over-year to $139.9B in 2020, with worldwide digital games earnings rising by 15% year-over-year to reach $11.6B in January 2021. One game, Cyberpunk 2077, released late in 2020, had the biggest digital game launch of all time, selling 10.2 million digital units and grossing $609 million in digital sales by the year’s end.

Additionally, the stay-at-homes are also turning to esports and online gambling. As locked-down areas face revenue shortfalls, regulators realize the potential for esports and online casinos as sources of increased tax revenue.

 

“Pennsylvania’s sportsbooks and online casinos set new records in January, with more than USD 600 Million in monthly sports wagers for the first time. Now, Pennsylvania’s sportsbooks are en route to bring in nearly USD 6 Billion in sports wagers in 2021 with the state’s online casinos capable of reaching more than USD 800 Million in taxable revenue, according to projections from analysts PlayPennsylvania, and reported by SBC Americas.”

 

The global esports market is anticipated to grow 20% annually over the next few years, and Esports Entertainment Group (GMBL) has been busy positioning itself to capitalize on that growth, acquiring online casinos and building bridges with US football and soccer teams. Baltimore Ravens, New England Patriots, and the New England Revolution have all inked recent deals to make Esports Entertainment Group their Official Esports Tournament Provider Sponsor. Rumors from the Reddit crowd recently helped more than double its stock price.

Take-Away

Getting back to the cinema, AMC went from roughly $4B in total YTD revenues ending Sept 2019 to $1B and change a year later. Revenues were strong before the long period of staying at home last year and the future is yet to be written, but, please excuse the quintessential 90’s term, we see a new paradigm in entertainment and its distribution channels.

 

Suggested Reading:

Digital Media and Entertaining Industry Report

How to Invest in Esports

What
Percentage of US Retail Sales is Ecommerce?

Sources:

Covid 19 Changed the Advertising Playbook, Now What?

EW
Scripps Plans to Take Over the Air Nets OTT

Netflix Fourth Quarter 2020 Earnings Interview

Games and interactive media earnings

Digital games market

 

 

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Release – Comstock Mining (LODE) – Announces Closing of Registered Direct Offering of Common Stock

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Comstock Mining Announces Closing of Registered Direct Offering of Common Stock

 

Virginia City, NV (March 4, 2021) – Comstock Mining Inc. (the “Company”) (NYSE American: LODE) today announced the closing of its previously announced $16 million registered direct offering representing 4 million shares at a price of $4.00 per common share. Net proceeds are approximately $15 million, after deducting underwriting commissions and offering expenses.

Noble Capital Markets, Inc. acted as placement agent for the offering.

“This equity placement enables the accelerated growth of all of our Climate Smart Mining initiatives, including global mercury remediation, lithium-ion battery recycling and our precious and critical metal portfolio said Corrado De Gasperis, Comstock’s Executive Chairman and CEO. “We have substantially enhanced our base of keen institutional investors and very much appreciate the coordination and execution by Noble Capital Markets in this transaction.”

The offering was made pursuant to an effective shelf registration statement (No. 333-229890) previously filed with the U.S. Securities and Exchange Commission (the “SEC”). A final prospectus supplement and accompanying base prospectus relating to the offering were filed with the SEC.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any shares of the Company’s common stock, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Comstock Mining Inc.

Comstock Mining Inc. (NYSE: LODE) (the “Company”) is an emerging leader in sustainable mineral development and production of environment-enhancing, increasingly scarce strategic and precious metals, focused on conservation-based waste, high-value, cash-generating, mineral and metals essential to meeting the rapidly increasing demand for clean energy technologies. The Company has extensive, contiguous property in the historic, world-class Comstock and Silver City mining districts (collectively, the “Comstock District”) with fully permitted, metallurgical labs and an operational, mineral processing and beneficiation platform that includes a growing portfolio of mercury remediation, gold and silver extraction facilities. 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: consummation of all pending transactions; project, asset or Company valuations; future industry market conditions; future explorations, acquisitions, investments and asset sales; future performance of and closings under various agreements; future changes in our exploration activities; future estimated mineral resources; future prices and sales of, and demand for, our products; future operating margins; available resources; environmental conservation outcomes; future impacts of land entitlements and uses; future permitting activities and needs therefor; future production capacity and operations; future operating and overhead costs; future capital expenditures and their impact on us; future impacts of operational and management changes (including changes in the board of directors); future changes in business strategies, planning and tactics and impacts of recent or future changes; 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; the nature and timing of and accounting for restructuring charges and derivative liabilities and the impact thereof; contingencies; future environmental compliance and changes in the regulatory environment; future offerings of equity or debt securities; asset sales and associated costs; future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, 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: counterparty risks; capital markets’ valuation and pricing risks; adverse effects of climate changes or natural disasters; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mining activities; contests over title to properties; potential dilution to our stockholders from our stock issuances and 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 businesses; permitting constraints or delays; decisions regarding business opportunities that may be presented to, or pursued by, us or others; the impact of, or the non-performance by parties under agreements relating to, acquisitions, joint ventures, strategic alliances, business combinations, asset sales, leases, options and investments to which we may be party; changes in the United States or other monetary or fiscal policies or regulations; interruptions in production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, cyanide, water, diesel fuel and electricity); changes in generally accepted accounting principles; adverse effects of terrorism and geopolitical events; potential inability to implement 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 or others; assertion of claims, lawsuits and proceedings; 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 SEC; potential inability to list our securities on any securities exchange or market; inability to 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.
117 American Flat Rd
PO Box 1118
Virginia City, NV 89440
http://www.comstockmining.com

Corrado De Gasperis
Executive Chairman & CEO
Tel (775) 847-4755
[email protected]

Zach Spencer
Director of External Relations
Tel (775) 847-5272 ext.151
[email protected]

Source: Comstock Mining

Research coverage of Comstock Mining (LODE) on Channelchek is provided by Noble Capital Markets, Inc. Please refer to the research disclosures on the most recent LODE report for more information.

Seanergy Maritime (SHIP) – Offering Funds Cape Acquisition and Reduces Debt

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Friday, March 05, 2021

Seanergy Maritime (SHIP)
Offering Funds Cape Acquisition and Reduces Debt

Seanergy Maritime Holdings Corp., an international shipping company, provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. Seanergy Maritime Holdings Corp. is the only pure-play Capesize shipping company listed in the US capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of 10 Capesize vessels, with total capacity of approximately 1,748,581 dwt and an average fleet age of about 9.8 years. The Company is incorporated in the Marshall Islands with executive offices in Athens, Greece and an office in Hong Kong. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and class A warrants under “SHIPW”.

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

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

    Equity offering funds acquisition and lowers financial leverage. Recently, 44.5 million shares were issued at $1.75/share to raise approximately $70 million in a well-timed offering. A portion of the proceeds will fund the acquisition of the Tradership, a 2010- built Cape for $17 million. The acquisition is likely to close in early 2Q2021 and the fleet will increase to 12. Debt of $33.6 million will also be repaid early.

    Adjusting EBITDA estimates to reflect current dry bulk market conditions and the pending acquisition.  Our EBITDA estimates moves to $14.5 million in 2020 (from $15.1 million) based on TCE rates of $12,072/day, and $40.7 million in 2021 (from $33.5 million) based on TCE rates of $17,251/day. Higher rates were counter to normal seasonality in January, but the expected 1H2020 seasonality appears to…



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. 

Salem Media (SALM) – A Rush To Fill A Void

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Friday, March 05, 2021

Salem Media (SALM)
A Rush To Fill A Void

Salem Media Group is America’s leading radio broadcaster, Internet content provider, and magazine and book publisher targeting audiences interested in Christian and family-themed content and conservative values. In addition to its radio properties, Salem owns Salem Radio Network, which syndicates talk, news and music programming to approximately 2700 affiliates; Salem Radio Representatives, a national radio advertising sales force; Salem Web Network, a leading Internet provider of Christian content and online streaming; and Salem Publishing, a leading publisher of Christian themed magazines. Salem owns and operates 115 radio stations, with 73 stations in the nation’s top 25 top markets – and 25 in the top 10. Each of our radio properties has a full portfolio of broadcast and digital marketing opportunities.

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

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

    Q1 results. Total company revenues were above expectations at $64.47 million versus our estimate of $62.10 million. Cash flow, as measured by adjusted EBITDA was $10.24 million versus our $9.70 million estimate. The solid quarter was driven by better-than-expected Political advertising and strong results in its Digital businesses.

    Q1 outlook.  Management provided two months of revenue trends, with total company revenues down 4%, but indicated that March revenue is significantly improved. We are raising our Q1 revenue estimate from $55.99 million to $56.40 million and maintaining our adj. EBITDA estimate of $4.5 million. We are raising our full year 2021 revenue and cash flow estimates…



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. 

Eagle Bulk Shipping (EGLE) – Impressive Forward Cover Drives Price Target Higher

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Friday, March 05, 2021

Eagle Bulk Shipping (EGLE)
 Impressive Forward Cover Drives Price Target Higher

Eagle Bulk Shipping Inc. is a US-based drybulk owner-operator focused on the Supramax/Ultramax mid-size asset class, which ranges from 50,000 and 65,000 deadweight tons in size; these vessels are equipped with onboard cranes allowing for the self-loading and unloading of cargoes, a feature which distinguishes them from the larger classes of drybulk vessels and provides for greatly enhanced flexibility and versatility- both with respect to cargo diversity and port accessibility. The Company transports a broad range of major and minor bulk cargoes around the world, including coal, grain, ore, pet coke, cement, and fertilizer. Eagle operates out of three offices, Stamford (headquarters), Singapore, and Hamburg, and performs all aspects of vessel management in-house including: commercial, operational, technical, and strategic.

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

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

    Adjusted 4Q2020 EBITDA of $22.0 million slightly below expectations due to shortfall in TCE rates and higher costs. Call today at 8am EST: number is 844-282-4411 and code is 7949538. FY2020 finished strongly with $10 million higher sequential EBITDA. TCE rates were less robust than expected and opex and G&A expenses were higher, but outlook is bright.

    Raising 2021 EBITDA estimate due to impressive 1Q2021 forward cover and higher TCE rate assumptions.  1Q2021 forward cover of 93% of available booked at $15,085/day is very impressive and sets the tone for the year. We are increasing our 2021 EBITDA estimate to $131.9 million from $90.2 million due to higher TCE rates of $14,620/day, up from $11,803/day…



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. 

Comstock Mining (LODE) – Comstock Transforms Its Business Model to Accelerate Growth

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Friday, March 05, 2021

Comstock Mining (LODE)
Comstock Transforms Its Business Model to Accelerate Growth

Comstock Mining Inc is a mining company with a focus on gold and silver deposits in the Comstock and Silver City mining districts in Nevada. Its operations are divided into two segments, namely mining and real estate. Its mining projects include The Lucerne Resource area, the Dayton Resource area, the Spring Valley exploration target, the Northern Extension, Northern Targets and Occidental areas. The Real Estate segment involves land, real estate rental properties and a hotel, restaurant & bar provided by the Gold Hill Hotel located in Gold Hill, Nevada just south of Virginia City and the Daney Ranch, located just south of Silver City. The majority revenues are generated from the real estate segment.

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.

    Comstock invests in battery metal recycling. Comstock Mining recently secured the rights to a majority equity position in LiNiCo Corporation, a private lithium-ion battery recycling company that recently acquired a battery metal recycling facility from Aqua Metals, Inc. (NASDAQ: AQMS, Not Rated) located in the Tahoe Reno Industrial (TRI) Center in Nevada. LiNiCo’s battery recycling facility is near Tesla’s Gigafactory #1 in TRI Center.

    Terms of the transaction.  Comstock will pay $4,500,000 in cash and 3,000,000 shares of its restricted common stock, representing up to $10,750,000 in consideration for up to a 64.02% ownership position in LiNiCo. Comstock’s investment represents diversification into critical electrification metals, including cobalt, lithium, nickel and silver thus complementing and expanding the company’s existing…



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.