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Baudax Bio (BXRX) – BX2000 Phase I First Cohort Dosed

Posted on by Admin

Thursday, June 02, 2022

Baudax Bio (BXRX)
BX2000 Phase I First Cohort Dosed

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

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

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

Phase I Neuromuscular Blocking Agent (NMB) trial advances.  The BX2000 trial is a double-blind, placebo-controlled dose escalation study with up to 10 dosing cohorts. Each cohort will enroll 8 patients and the Company yesterday announced the first cohort has been dosed.  The study will evaluate safety, pharmacokinetics, and time course of the neuromuscular blocking profile.

Baudax Bio now has two novel NMBs in the clinic. BX1000 is a rapid onset, intermediate acting agent that has completed the dose escalation Phase I and is currently moving toward Phase II. BX2000 is a rapid onset, ultra-short acting agent with Phase I dose escalation enrollment expected to be completed by early 2023.

…

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. 

Comstock Mining Inc. (LODE) – Tapping into Major Growth Opportunities

Posted on by Admin

Tuesday, May 31, 2022

Comstock Mining Inc. (LODE)
Tapping into Major Growth Opportunities

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

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

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

Annual General Meeting. Comstock hosted a well-attended annual general meeting on May 26 in Reno, Nevada. Management showcased its renewable energy businesses, including small-scale models of planned biorefinery and lithium-ion battery recycling facilities. Its renewable fuels division is advancing technologies to commercialize the conversion of woody biomass into advanced cellulosic fuels. Its lithium-ion battery (LIB) recycling business, LiNiCo, is commercializing a process to crush and separate lithium-ion batteries, extract lithium, nickel, cobalt, and graphite, and use the recovered metals to produce 99% pure cathode active precursor products.

Shareholder voting. Shareholders elected seven nominees to the Board, ratified the appointment of Comstock’s accounting firm, approved an advisory resolution for executive compensation, approved a change to the articles of incorporation, and approved the company’s 2022 equity incentive plan. With respect to the articles of incorporation, shareholders approved changing the corporate name to Comstock Inc. from Comstock Mining Inc. to better reflect the expanded scope of its business activities….

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. 

Townsquare Media (TSQ) – Growth Appears To Be Accelerating

Posted on by Admin

Tuesday, May 31, 2022

Townsquare Media (TSQ)
Growth Appears To Be Accelerating

Townsquare is a community-focused digital media and digital marketing solutions company with market leading local radio stations, principally focused outside the top 50 markets in the U.S. Our assets include a subscription digital marketing services business, Townsquare Interactive, providing website design, creation and hosting, search engine optimization, social media and online reputation management as well as other digital monthly services for approximately 26,800 SMBs; a robust digital advertising division, Townsquare IGNITE, a powerful combination of a) an owned and operated portfolio of more than 330 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data, and b) a proprietary digital programmatic advertising technology stack with an in-house demand and data management platform; and a portfolio of 321 local terrestrial radio stations in 67 U.S. markets strategically situated outside the Top 50 markets in the United States. Our portfolio includes local media brands such as WYRK.com, WJON.com, and NJ101.5.com and premier national music brands such as XXLmag.com, TasteofCountry.com, UltimateClassicRock.com and Loudwire.com.

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

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

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

Non-deal road show highlights: This week Townsquare Media hosted a meeting for investors in St. Louis. Bill Wilson, CEO, accompanied by Stuart Rosenstein, CFO, and Claire Yenicay, EVP, highlighted the unique value proposition that the company brings to its local markets, in which its broadcasting business provides a launchpad for Townsquare’s digital media and digital marketing solutions businesses. Management expects to grow Digital revenue at 11.5% CAGR from 2021-2024. 

Small market sweet spot. Management noted that the company’s focus on markets outside the top 50 allows it to bring sophisticated digital marketing solutions to markets where it was very unsophisticated. Notably, since these markets are too small for larger operators, Townsquare has limited competition for its services….

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. 

Axcella Therapeutics (AXLA) – Long COVID Enrollment Completed; OHE Trial Suspended

Posted on by Admin

Tuesday, May 31, 2022

Axcella Therapeutics (AXLA)
Long COVID Enrollment Completed; OHE Trial Suspended

Axcella is a clinical-stage biotechnology company pioneering a new approach to treat complex diseases using compositions of endogenous metabolic modulators (EMMs). The company’s product candidates are comprised of EMMs and derivatives that are engineered in distinct combinations and ratios to restore cellular homeostasis in multiple key biological pathways and improve cellular energetic efficiency. Axcella’s pipeline includes lead therapeutic candidates in Phase 2 development for the treatment of Long COVID and non-alcoholic steatohepatitis (NASH), and the reduction in risk of overt hepatic encephalopathy (OHE) recurrence. The company’s unique model allows for the evaluation of its EMM compositions through non-IND clinical studies or IND clinical trials. For more information, please visit www.axcellatx.com.

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

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

Axcella announced that its Phase 2a trial testing AXA-1125 in Long Covid has reached full enrollment. This placebo-controlled trial that enrolled 40 patients with data expected in late 3Q22.  It also announced that the Phase 2 trial for AXA1125 in NASH (non-alcoholic steateohepatitis) is continuing with data announcement expected in early 3Q222, and that the Phase 2 trial in Overt Hepatic Encephalopathy (OHE) has been terminated.

Phase 2a Trial In Long COVID Data Expected In Early 3Q22.  This placebo-controlled trial enrolled 40 patients with  Long COVID symptoms.  Long COVID is estimated to affect about 20% to 30% of the patients who were infected, recovered or were asymptomatic, then develop post-infectious symptoms of fatigue, muscle aches, and clouded thinking (“brain fog”).  AXA1125 has shown improvement in metabolic function that improve energetics and reduce symptoms….

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. 

The Soft Landing Challenge, Fed Chairman Makes No Promises

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Image Credit: Steve Jurvetson


Will the Fed Bring Down Skyrocketing Inflation and Hit its Employment Targets?

Fed Chairman Powell, who was just reappointed this week, is making no promises as to the results of his attempt at a soft landing. He told Marketplace that he couldn’t assure there won’t be bumps on the ride to inflation getting back to the 2% range while the labor market stays strong. “It’s quite challenging to accomplish that right now,” he said.

The current situation is often compared to the stagflation of the 1970s, but in reality, the last time the country was challenged by high employment coupled with high inflation was 1951.

 

The Challenge

It has been 70 years since the U.S. last had low unemployment with rapidly rising prices. Today inflation is more than a data point or a CPI headline, at an 8%-9% pace, most in America are feeling the numbers each time they make a purchase. Meanwhile, the job market is historically strong. As of April, only 3.6% of the labor force was jobless and looking for work, the lowest since the last time the Fed considered tightening.

Low unemployment is mostly a positive social and economic measure, but with inflation already climbing to its highest rate in more than 40 years, a tight labor market will lead to wage pressures and more costs for businesses that will be handed down to consumers.

Aggressive monetary tightening is often the medicine for rising inflation; just as low interest rates and quantitative easing stimulates activity, more expensive, and less money in the system reduces activity and that raises unemployment. The person or team of people at the controls are targeting two competing priorities, one is usually sacrificed.

 

History as a Measure of Success

Before March 2022, you would have to be 71 years old or older to have experienced inflation above 8% while the unemployment rate sat below 4% (Fed Chair Powell is 69). The cause in the early 1950s was the economy experienced a burst of inflation during the Korean War as government spending on national security increased. 

Since 1948, the unemployment rate (monthly) has dropped below the 4% level 146 times. Of those months, inflation registered above 8% only 15 times. So statistically, the combination has occurred less than 2% of the time in three-quarters of a century.

There are bankers and investors like Jamie Dimon of JPMorgan Chase and Bill Ackman of Pershing Square Capital that believe the Fed is behind in its rate-hiking efforts and needs to act more aggressively in order to keep the explosive inflation under control. But the criticism is not without understanding. In April, Jamie Dimon was quoted as saying, “The Fed needs to deal with things it has never dealt with before and are impossible to model.”

 

Is the Fed Behind?

Former U.S. Treasury Secretary Larry Summers has noted, each time inflation has exceeded 4% while unemployment was below 5% over the past 75 years, which has happened in 70 months, the U.S. has fallen into a recession within two years.

The first quarter of 2022 has already shown negative growth for the economy. A recession is defined as two consecutive quarters of negative growth, we may already be in a recession. It should be noted that the negative 1.5% growth rate followed a quarter of above-average growth.

Investment Portfolio Impact

Stocks tend to do well during tightening cycles. Since 1972 there have been eight of these cycles. Only in the 1972-1974 period did the S&P 500 produce negative results. In the seven periods that followed, with the most recent being 2015-2018, the market returned positive results to investors.

Higher material prices and increased cost of labor both raise the cost of doing business, which could reduce corporate net earnings. This is why inflation is an ugly word in the markets. But stock market results on a total return basis exceed cash or bonds. This makes them attractive and often leads to assets moving into stocks and pushing the market up. At the same time stocks can be a hedge against rising prices.

Different assets react differently to inflation, both within stocks and across other markets. Previously an allocation to value stocks generally performed better than others when inflation grew. Read quality research on the companies you’re considering, a company may have a pricing power advantage. Companies with large inventories or that own advantageous futures contracts may grow profits while their competition’s earnings falter. Making prudent adjustments to an allocation helps position portfolios for a changing environment, stock selection becomes more important, and understanding what is under the hood of an individual company can increaseyour probability of success.

Research provided on Channelchek is by the top-tier equity analysts at Noble Capital Markets. Timely reports are sent daily to your email inbox before the bell, and at no cost. Sign-up here.

Paul Hoffman

Managing Editor, Channelchek

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Sources

https://www.marketplace.org/2022/05/12/fed-chair-jerome-powell-controlling-inflation-will-include-some-pain/

https://www.marketplace.org/collection/unemployment-2020/

https://qz.com/2150562/jamie-dimon-wishes-the-fed-all-the-best-on-slowing-inflation/

https://www.bea.gov/data/gdp/gross-domestic-product

https://blog.nationwidefinancial.com/wp-content/uploads/2022/03/Picture1-1.png

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Gas Prices are Causing a Rare Drop in Gas Purchases

Posted on by Admin 


Image Credit: YoVenice (Flickr)


Has Summer Driving Season Been Cancelled by High Gas Prices?

Some products are very sensitive to price changes. When the price rises, consumption is reduced. Others, will be consumed at or near the same rate regardless of price.  Gasoline has always been considered a product where price has very little influence over demand – until now. The current rise in fuel prices has economists scratching their heads as drivers forgo trips, travel, and even commuting to work.

Destruction of Demand

In economics 101, students learn about elasticity of demand. If a product’s consumption is impacted greatly by price changes, it is considered elastic, if demand is slightly or not impacted, it is considered inelastic. Medicines, non-substitutable food products, and fuel for automobiles have been understood to be inelastic – people buy them even when prices rise. Professors may have to rewrite the eco 101 textbooks because gasoline consumption isn’t following the old rule in 2022.

As the summer driving season begins in the U.S., the pain of filling up the tank has gotten high enough for gasoline consumption to be dropping.

Seasonally, demand on a four-week rolling basis has hit its lowest level since 2013, (excluding the pandemic-forced lockdown in 2020). And compared to just one year ago, demand is down about 5%. This is according to data from the Energy Information Administration (EIA).

Where are prices headed? Some fuel stations are upgrading their pumps to double-digit readouts (exceeding $9.99) as prices at gas stations continue to rise. Across the U.S., fuel costs have hit yet another record over the past two weeks. This is running counter to the expected increase in driving post-pandemic fears.

Regular gas prices have never before hit the highs they are today in the U.S.  The average gallon of gas hit $4.59 on Tuesday (May 27), about 51% higher than a year ago. And in California, AAA data shows, that prices are exceeding $6.

Demand Destruction

In economics, demand destruction refers to a permanent or sustained decline in the demand for a product in reaction to an increase in price. The demand destruction apparently caused by the high gas prices could alter earlier forecasts for gasoline prices. The reduced demand was not built into models forecasting demand and related prices. If the trajectory of consumption continues to fall, the impact on producers may follow.  

Take-Away

In economics, nothing exists in a vacuum and its mechanisms are in constant flux. Even products with consistent demand can be impacted by substitutes. Up until recently substitutes for being in the office, meeting face to face with friends, or shopping barely existed. Today one can do all of these to one degree or another. Also, the populace has been retrained to enjoy their home surroundings. What may have once seemed like an imperative, like a drive to the park or visit with friends across town, is less critical now.

Will fuel prices come down as result? An equilibrium will be reached as demand would also pick up if prices retreat.

Paul Hoffman

Managing Editor, Channelchek

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Sources

https://www.eia.gov/petroleum/gasdiesel/

https://www.forbes.com/sites/daneberhart/2022/04/20/pandemic-demand-destruction-no-match-for-supply-shortages/?sh=516ba90d7849

https://www.forbes.com/sites/daneberhart/2022/04/20/pandemic-demand-destruction-no-match-for-supply-shortages/?sh=516ba90d7849

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DLH Holdings (DLHC) – Awarded Spot on OMNIBUS IV

Posted on by Admin

Friday, May 27, 2022

DLH Holdings (DLHC)
Awarded Spot on OMNIBUS IV

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

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

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

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

Award. DLH has been awarded a spot on the Department of Defense’s OMNIBUS IV ID/IQ multiple award contract to provide health-related research and development and support services. One of 56 awardees, DLH will compete for individual task orders across two of OMNIBUS IV’s market segments – Research & Development and Research & Development Support Services. The award is a testament to DLH’s expanded service capabilities as a result of the recent acquisitions, in our view.

OMNIBUS IV. The contract has a five-year base period and a five-year extension option, and, in aggregate, has a $10 billion ceiling for all awardees. Specific values will be allocated to contractors as task orders are competed and awarded. The contract covers medical simulation technology, research into infectious diseases and radiation effects, battlefield healthcare, clinical medicine, chemical and biological readiness, genomics and omics-based research, and science technologies….

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. 

Academics Think Energy Investing is Like Musical Chairs

Posted on by Admin 


Image Credit: Jan-Rune Smenes Reite


Who Really Owns the Oil Industry’s Future Stranded Assets?

Over the past three years, the planet has experienced both an oil glut and an oil drought. Investors, including those in pension and 401K plans, have been subject to unrivaled volatility. In this article, a Professor of Economics teams up with an Earth Science Lecturer to explore what they project will unfold going forward in climate regulation, oil production, and the investors in the industry.

Paul Hoffman – Managing Editor

When an oil company invests in an expensive new drilling project today, it’s taking a gamble. Even if the new well is a success, future government policies designed to slow climate change could make the project unprofitable or force it to shut down years earlier than planned.

When that happens, the well and the oil become what’s known as stranded assets. That might sound like the oil company’s problem, but the company isn’t the only one taking that risk.

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 Gregor Semieniuk, Assistant Research Professor of Economics, UMass Amherst, and Philip Holden, Senior Lecturer in Earth System Science, The Open University

In a study published May 26, 2022, in the journal Nature Climate Change, we traced the ownership of over 43,000 oil and gas assets to reveal who ultimately loses from misguided investments that become stranded.

It turns out, private individuals own over half the assets at risk, and ordinary people with pensions and savings that are invested in managed funds shoulder a surprisingly large part, which could exceed a quarter of all losses.

More Climate Regulations are Coming

In 2015, almost every country worldwide signed the Paris climate agreement, committing to try to hold global warming to well under 2 degrees Celsius (3.6 F) compared to pre-industrial averages. Rising global temperatures were already contributing to deadly heat waves and worsening wildfires. Studies showed the hazards would increase as greenhouse gas emissions, primarily from fossil fuel use, continue to rise.

It’s clear that meeting the Paris goals will require a global energy transition away from fossil fuels. And many countries are developing climate policies designed to encourage that shift to cleaner energy.

But the oil industry is still launching new fossil fuel projects, which suggests that it doesn’t think it will be on the hook for future stranded assets. U.N. Secretary-General António Guterres called a recent wave of new oil and gas projects “moral and economic madness.”

How Risk Flows from Oil Field to Small Investor

When an asset becomes stranded, the owner’s anticipated payoff won’t materialize.

For example, say an oil company buys drilling rights, does the exploration work and builds an offshore oil platform. Then it discovers that demand for its product has declined so much because of climate change policies that it would cost more to extract the oil than the oil could be sold for.

The oil company is owned by shareholders. Some of those shareholders are individuals. Others are companies that are in turn owned by their own shareholders. The lost profits are ultimately felt by those remote owners.

In the study, we modeled how demand for fossil fuels could decline if governments make good on their recent emissions reduction pledges and what that would mean for stranded assets. We found that $1.4 trillion in oil and gas assets globally would be at risk of becoming stranded.

Stranded assets mean a wealth loss for the owners of the assets. We traced the losses from the oil and gas fields, through the extraction companies, on to those companies’ immediate shareholders and fundholders, and again their shareholders and fundholders if the immediate shareholders are companies, and all the way to people and governments that own stock in the companies in this chain of ownership.

It’s a complex network.

On their way to ultimate owners, much of the loss passes through financial firms, including pension funds. Globally, pension funds that invest their members’ savings directly into other companies own a sizable amount of those future stranded assets. In addition, many defined contribution pensions have investments through fund managers, such as BlackRock or Vanguard, that invest on their behalf.

We estimate that total global losses hitting the financial sector – including through cross-ownership of one financial firm by another – from stranded assets in oil and gas production could be as high as $681 billion. Of this, about $371 billion would be held by fund managers, $146 billion by other financial firms and $164 billion could even affect bondholders, often pension funds, whose collateral would be diminished.

U.S. owners have by far the largest exposure. Ultimately, we found that losses of up to $362 billion could be distributed through the financial system to U.S. investors.

Some of the assets and companies in an ownership chain are also overseas, which can make the exposure to risk for a fund owner even more difficult to track.

Someone Will Get Stuck with those Assets

Our estimates are based on a snapshot of recent global share ownership. At the moment, with oil and gas prices near record highs due to supply chain problems and the Russian war in Ukraine, oil and gas companies are paying splendid dividends. And in principle, every shareholder could sell off their holdings in the near future.

But that does not mean the risk disappears: Someone else buys that stock.

Ultimately, it’s like a game of
musical chairs. When the music stops, someone will be left with the stranded asset.
And since the most affluent investors have sophisticated investment teams, they
may be best placed to get out in time, leaving less sophisticated investors and
defined contribution pension plans to join the oil and gas field workers as
losers, while the managers of the oil companies unfold their golden parachutes.

Alternatively, powerful investors could successfully lobby for compensation, as has happened repeatedly in the U.S. and Germany. One argument would be that they couldn’t have anticipated the stricter climate laws when they invested or they could point to governments asking companies to produce more in the short-term, as happened recently in the U.S. to substitute for Russian supplies.

However, divesting right away or hoping for compensation aren’t the only options. Investors – the owners of the company – can also pressure companies to shift from fossil fuels to renewable energy generation or another choice with growth potential for the future.

Investors not only may have the financial risk, but also the related financial responsibility, and ethical choices may help preserve both the value of their investments and the climate.


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SEC Proposals Could Shake up and Shakeout ESG Funds

Posted on by Admin 


Image Credit: Third Way Think Tank (Flickr)


SEC Proposes to Tighten Rules on Fund Labeling Including ESG

Investment fund names are part of investor education and need to be true to the fund’s objective and strategy. This is according to two SEC proposals that would require fund managers to use caution, and a dictionary, when titling funds. A fund with a name that suggests growth or value would have to maintain 80% of its investments in that category, under one of the proposals. Another example is funds titling themselves green, low-carbon, or sustainable would have to define how they achieve their environmental objectives.

“Investors should be able to drill down to see what’s under the hood of these funds.” SEC Chair Gary Gensler said in remarks at a commission meeting on May 25th. “A fund’s name is often one of the most important pieces of information that investors use in selecting a fund,” the Chairman noted.  

The SEC has been increasingly focused on ESG (environmental, social, and governance) investing. There are many funds that label themselves as ESG without disclosing or defining the label. The SEC is questioning these undefined labels. And they are willing to fine those they view as misleading. This week, mutual fund manager BNY Mellon Investment Advisers paid $1.5 million to settle SEC charges that it misrepresented the ESG review it made of investments.

SEC Proposals

The SEC endorsed two proposals on May 25. The first proposal updates a rule implemented in 2001, which states that 80% of a fund’s holdings should be invested in the type of assets suggested by the fund’s name. The “Names Rule” requires for example a biotech fund should hold biotech stocks, while an exchange-traded fund (ETF) named for an index must be 80% invested in the indexed stocks. Since 2001 when the rule was adopted, its application has become less stringent.

The new updates specify the Names Rule also cover fund names which seem to define strategies. Names reflecting a focus on environmental, social, and governance-related concerns could soon be required to maintain 80% of their holdings in assets chosen by a defined ESG criteria.

The second proposal governs disclosures by ESG funds. Gensler said that according to one estimate the universe of U.S. sustainable investment vehicles has grown to $17 trillion. Many investors are affected by these funds.

ESG strategies vary widely, said the SEC chairman. Under the ESG disclosure proposal, fund companies or investment managers that claim to consider ESG factors would have to detail the factors they consider as well as how they are implemented. For example, an ESG-focused fund that aims to affect greenhouse emissions would have to report emission metrics for its portfolio, and annual progress toward its ESG goals.


Image: SEC Chairman Gary Gensler (Twitter, March 1,2022)

Compliance

Mutual funds and ETFs would have to identify which holdings fall into the 80% required bucket. When positions fall below the 80% required, the fund would have 30 days to fill the gap. “Names matter,” said Chairman Gensler.

The Names Rule update could affect 75% of SEC-registered funds. For many funds, it will mean an extra cost upfront to rebrand or recreate the funds, and an ongoing cost from a compliance standpoint.

The reporting requirements are expected to discourage “greenwashing” by funds that claim to focus on ESG factors but may not. “What we’re trying to address is truth-in-advertising,” said Gensler, in a news conference after the meeting.

What’s Next?

Both SEC proposals now go out for public comment over the next 60 days. If fully adopted, money managers would have a year to comply. Compliance may require renaming funds, bolstering sales materials with specifics, changes to prospectuses, and the addition of analysts and compliance staff within the fund management industry.

Paul Hoffman

Managing Editor, Channelchek

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Sources

https://www.wsj.com/articles/sec-to-propose-more-disclosure-requirements-for-esg-funds-11653498000?mod=markets_major_pos10

https://www.barrons.com/articles/sec-gensler-greenwashing-esg-funds-51646166625?mod=article_inline

https://www.barrons.com/articles/sec-tighten-rules-esg-funds-51653498277?mod=Searchresults

https://twitter.com/GaryGensler/status/1498708322677149700

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Release – Entravision Earns 2022 Great Place to Work Certification™

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Entravision Earns 2022 Great Place to Work Certification™

Research, News, and Market Data on Entravision

Company Release – 5/26/2022 9:15 AM ET

SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision (NYSE: EVC), a leading global advertising solutions, media and technology company, is proud to announce that the Company has been Certified™ by Great Place to Work® for the third time. This prestigious award is based entirely on the feedback of current employees. Approximately 84% of Entravision employees actively identified the Company as a ‘great place to work,’ which is 20 percentage points higher than that of the average U.S. company.

“We are thrilled to become Great Place to Work-Certified for the third time,” said Entravision’s Executive Vice President of Global Human Resources and Risk Management, Alexander LaBrie. “Our employees are our most valuable asset, and our priority is to provide not only a top-notch employee experience every day, but to also work tirelessly to make the experience both positive and safe. We owe our success and this recognition to Entravision’s entire global team of dedicated employees. We celebrate and thank the Entravision family, whose support has enabled our Company to earn such an incredible recognition not once, not twice, but three times.”

“We are proud to be able to honor Entravision for their incredible work environment,” said Sarah Lewis-Kulin, Vice President of Global Recognition at Great Place to Work. “This Great Place to Work Certification™ is the only official honor determined by employee real-time reports of their company’s culture. By earning this designation, Entravision is truly one of the best companies to work for in the country.”

For nearly three decades, Great Place to Work® has been the global authority on workplace culture, employee experience, and leadership behaviors. Companies who receive this prominent certification have proven to deliver market-leading revenue, employee retention and increased innovation to their industries, while job seekers of such companies are 4.5 times more likely to find a great boss. Additionally, employees at Certified™ workplaces are 93% more likely to look forward to coming to work on a daily basis and are twice as likely to be paid fairly, earning a just share of their company’s profits with strong opportunities for continued promotion.

Entravision last earned the Great Place to Work Certification™ in 2021.

About Entravision

Entravision is a leading global advertising solutions, media and technology company connecting brands to consumers. Our dynamic portfolio includes digital, television and audio offerings. Digital, our largest revenue segment, is comprised of four business units: our digital sales representation business; Smadex, our programmatic ad purchasing platform; our branding and mobile performance solutions business; and our digital audio business. Through our digital sales representation business, we connect global media companies such as Meta, Twitter, TikTok and Spotify with advertisers in primarily emerging growth markets worldwide. Smadex is our mobile-first demand side platform, enabling advertisers to execute performance campaigns using machine learning. We also offer a branding and mobile performance solutions business, which provides managed services to advertisers looking to connect with global consumers, primarily on mobile devices, and our digital audio business provides digital audio advertising solutions for advertisers in the Americas. In addition to digital, Entravision has 49 television stations and is the largest affiliate group of the Univision and UniMás television networks. Entravision also manages 46 primarily Spanish-language radio stations that feature nationally recognized, Emmy award-winning talent. Shares of Entravision Class A Common Stock trade on The New York Stock Exchange under the ticker symbol: EVC. Learn more about all of our media, marketing and technology offerings at entravision.com or connect with us on LinkedIn and Facebook.

About Great Place to Work Certification™

Great Place to Work® Certification™ is the most definitive “employer-of-choice” recognition that companies aspire to achieve. It is the only recognition based entirely on what employees report about their workplace experience – specifically, how consistently they experience a high-trust workplace. Great Place to Work Certification is recognized worldwide by employees and employers alike and is the global benchmark for identifying and recognizing outstanding employee experience. Every year, more than 10,000 companies across 60 countries apply to get Great Place to Work-Certified.

About Great Place to Work®

Great Place to Work® is the global authority on workplace culture. Since 1992, they have surveyed more than 100 million employees worldwide and used those deep insights to define what makes a great workplace: trust. Their employee survey platform empowers leaders with the feedback, real-time reporting and insights they need to make data-driven people decisions. Everything they do is driven by the mission to build a better world by helping every organization become a great place to work For All™. Learn more at greatplacetowork.com and on 
LinkedIn, Twitter, Facebook and Instagram.

Forward-Looking Statements

This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220526005174/en/

Christopher T. Young
Chief Financial Officer
Entravision Communications Corporation
310-447-3870

Kimberly Esterkin
ADDO Investor Relations
310-829-5400

evc@addo.com

Source: Entravision

 


Is Michael Burry Frustrated that the Market Hasn’t Yet Crashed?

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Image Credit: Daniel Mennerich (Flickr)


A Close Look at Michael Burry’s Plane Crash Comments

Michael Burry tweeted, “Fads today (#BTC, #EV, SAAS #memestocks) are like housing in 2007,” in March of this year. For almost a year now, the famed hedge fund manager has been predicting market tragedy, as he correctly did before the great recession. On Tuesday (May 24) he again warned that his feelings about the economy and various markets are the same as they were in 2008. He indicated he isn’t cheering for it, but he’s warning that people should prepare for it.


Image: Michael Burry’s May 24 Tweet

While Burry is regularly warning others to run for cover and prepare for doom, there is little in his company’s filing of public investment
positions that would indicate that he has any doomsday positions. In fact, he had added long positions in energy (OVV) which could weaken during a receding economy, and consumer discretionary goods (SPWH, STLA), which are by definition an area where households can cut back in hard times. One of these may have been a temporary dividend play, not a longer holding. His hedge fund held puts on one large technology company (AAPL) and was long two others (GOOGL, FB).

The assets reported on form 13F to the SEC is not necessarily his entire portfolio. After all, when he used credit default swaps as part of his “big short” they were not at the time overseen by the SEC. His company may be employing another method that is off the regulatory radar. The SEC has not yet regulated pure cryptocurrency.

The Big Question

The Scion Asset Management founder posted his tweet this week (then
deleted it) after data for new single family home sales for April were released. The report showed home sales fell an unexpected 26.9% over the previous April.— well off the consensus forecast. On the same day, the S&P 500 index tumbled 2.5%, bringing its YTD slide to -18%.

If Michael Burry is so perturbed by his own forecast of economic problems and markets like housing, stocks, and credit instruments, why is he warning people? Burry is famous for his prediction and his ability to capitalize on having been right in 2007-2008. This fame attracted many followers. His public tweets of warning could become an impetus to weaken asset prices. He could become part of the fuel that brings his prediction of doom to reality.

To say he is brilliant economically is an understatement, he must know the power of his words. And his words can serve to alter investor actions. (Share your thoughts under this article on Twitter).

Take-Away

Burry has predicted the next market crash will dwarf the 2008 bust, That event sparked a global financial crisis. He seldom gives interviews and when he does it is typically through a Bloomberg terminal with Bloomberg News.

As head of Scion Capital Management Burry became one of the most followed hedge-fund managers after predicting and making his clients a fortune betting on the housing-market crash in 2007/2008. He has repeatedly drawn parallels between the run-up in asset prices during the COVID-19 pandemic and the bubble that made him famous. The warnings he now is giving don’t seem to add up with his portfolio positions, unless he is involved in non-securities like real estate, cryptocurrency, or some other asset type.

Paul Hoffman

Managing Editor, Channelchek

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Sources

https://www.thestreet.com/technology/is-the-financial-crash-of-2008-about-to-repeat

https://www.sec.gov/opa/Article/press-release-2012-67—related-materials.html

https://mobile.twitter.com/burrydeleted?lang=en

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Release – Element79 Gold to Receive Sponsored Equity Research Coverage

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Element79 Gold to Receive Sponsored Equity Research Coverage

Research, News and Market Data on Element79 Gold

Vancouver, British Columbia – TheNewswire – May 26, 2022 – Element79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) (“Element79 Gold”, the “Company”) is pleased to announce that the Company has entered Company Sponsored Equity Research Agreements with Noble Capital Markets Inc. (“Noble Capital Markets”) and KNA Advisory Services (“KNA”).

Description of Services

Noble Capital Markets and KNA will be providing Element79 Gold with Initiation and Subsequent Reports (“Reports”) which will contain an executive summary of the Company’s historic and present market position, a detailed analysis of the Company including its products, services, technologies, intellectual properties, unique market position, competitive landscape, industry analysis, and financial analysis. The aforementioned Reports may also include analysis and scoring of the Company in terms of its corporate governance, market opportunity, competitive position, operative leverage and financial leverage. Lastly, these Reports may include valuation summaries and price-target or market-ratings. The Company would like to reiterate that these Reports are sponsored and paid for by Element79 Gold, and any information released by these Reports should not be considered financial advice. Noble Capital Markets is not in any way affiliated with the Company, nor do they have a vested interested.

“We’re excited about the opportunity to receive sponsored equity research coverage from both Noble Capital Markets and KNA. These companies offer a long track record of comprehensive issuer coverage, and presents readers with an additional avenue to learn more about the Company”, said Element79 Gold CEO James Tworek.

Noble Capital Markets’ IQR Program

As part of the Institutional Quality Research Program (the “IQR Program”), the Company entered into a company sponsored equity research agreement (the “Agreement”) dated January 28, 2022 with Noble Capital Markets Inc. (“Noble”), a FINRA and S.E.C. registered broker-dealer, whereby Noble’s research department recommended that the Company be considered for the initiation of equity research coverage (“Coverage”) and the Company subsequently requested that Noble provide said Coverage. As consideration for Coverage provided by Noble, the Company has agreed to pay US$50,000 per annum, paid as follows: US$12,500 upon signing and upon each three-month period thereafter throughout the term of the Agreement. Noble Analyst(s) were not compensated as a direct result of the Agreement. Element79 Gold is up to date on all current payments.

About Noble Capital Markets

Noble Capital Markets was incorporated in 1984 as a full-service SEC/FINRA registered broker-dealer, dedicated exclusively to serving underfollowed small/microcap companies through investment banking, wealth management, trading & execution, and equity research activities. Over the past 37 years, Noble Capital Markets has raised funds for these companies and published more than 45,000 equity research reports1. Noble Capital Markets has a business address and can be reached at 150 East Palmetto Park Rd., Suite 110 Boca Raton, FL 33432 Attention: Chantal Pereira Telephone: (561) 998-5729 email cpereira@noblefinancialgroup.com .

About Channelchek

Channelchek (.com) is a comprehensive investor-centric portal featuring more than 6,000 emerging growth companies that provides advanced market data, independent research, balanced news, video webcasts, exclusive c-suite interviews, and access to virtual road shows2. The site is available to the public at every level without cost or obligation. Research on Channelchek is provided by Noble Capital Markets, Inc., an SEC / FINRA registered broker-dealer since 1984.

KNA Consulting Agreement

On May 2nd, 2022, Element79 Gold entered a consultancy agreement with KNA, ending on August 31st, 2023. Similar to Noble Capital Markets, KNA is expected to deliver an Initiation Report and four Subsequent Quarterly Reports. Information pertaining to these reports may include a management summary, company overview, macroeconomic standing, competitive positioning and industry overview, ESG issues and initiatives, key investment risks, an investment thesis, and potential valuations.

Element79 Gold has agreed to pay US$20,000 at the commencement of the consultancy contract, and US$5,000 per Subsequent Report (four quarterly reports) totaling US$40,000. The Company would like to reiterate that these Reports are sponsored and paid for by Element79 Gold, and any information released by these Reports should not be considered financial advice. KNA is not in any way affiliated with the Company, nor do they have a vested interested. KNA has a registered business address at Rybna 716/24, Stare? Me?sto, 110 00 Prague 1, Czech Republic. KNA’s representative for Element79 Gold is Suzan Kodrazi and can be reached at +420 608. 841 742 or suzan.kodrazi@kna-partners.com . Element79 Gold is up to date on all current payments.

Qualified Person

The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Director of Element79 Gold and a “qualified person” as defined by National Instrument 43-101.

Technical Disclaimer

This news release may contain information about adjacent properties and properties with similar characteristics on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties or properties that share similar characteristics are not indicative of mineral deposits on the Company’s properties. Readers are also cautioned that this news release contains historical technical information which is based on prior data prepared by previous property owners. A qualified person has not done sufficient work to confirm such information; significant data compilation, re-drilling, re-sampling and data verification may be required to do so.

About Element79 Gold

Element79 Gold is a mineral exploration company focused on the acquisition, exploration and development of mining properties for gold and associated metals. Element79 Gold has acquired its flagship Maverick Springs Project located in the famous gold mining district of northeastern Nevada, USA, between the Elko and White Pine Counties, where it has recently completed a 43-101-compliant, pit-constrained mineral resource estimate reflecting an Inferred resource of 3.71 million ounces of gold equivalent* “AuEq” at a grade of 0.92 g/t AuEq (0.34 g/t Au and 43.4 g/t Ag)) with an effective date of Feb. 4, 2022. The acquisition of the Maverick Springs Project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which the Company is analyzing for further merit of exploration, along with the potential for sale or spin-out. In British Columbia, Element79 Gold has executed a Letter of Intent to acquire a private company which holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James. In Peru, Element79 Gold has signed a letter of intent to acquire the business and assets of Calipuy Resources Inc., which holds 100% interest in the past-producing Lucero Mine, one of the highest-grade underground mines to be commercially mined in Peru’s history, as well as the past-producing Machacala Mine. The Company also has an option to acquire 100% interest in the Dale Property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township. For more information about the Company, please visit www.element79.gold or www.element79gold.com .

On Behalf of the Company

James Tworek

CEO

Contact Information

Investor Relations Department

Phone: +1 (604) 200-3608

E-mail: investors@element79.gold

Cautionary Note Regarding Forward Looking Statements

This press contains “forward?looking information” and “forward-looking statements” under applicable securities laws (collectively, “forward?looking statements”). These statements relate to future events or the Company’s future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management’s experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Company’s business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward?looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “forecast”, “potential”, “target”, “intend”, “could”, “might”, “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward?looking statements”.

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19; risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the Company’s other public disclosure documents, available on www.sedar.com . Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company believes that the expectations reflected in these forward?looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward?looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

Sources

Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.


Release – Dr. Patrick Gruber to Participate in a Water Tower Research Fireside Chat on Thursday, June 2 at 4:00 pm EDT

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Dr. Patrick Gruber to Participate in a Water Tower Research Fireside Chat on Thursday, June 2 at 4:00 pm EDT

Research, News, and Market Data on Gevo

ENGLEWOOD, Colo., May 26, 2022 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ:GEVO), announced today that Dr. Patrick Gruber, Chief Executive Officer, will participate in a Water Tower Research Fireside Chat on Thursday, June 2, 2022 at 4:00 pm EDT.

Topic: Business Overview

Investors and other persons interested in participating in the event must register using the link below. Please note that the replay may be accessed at any time after the presentation ends on June 2, 2022, utilizing the same registration link.

Registration Link:

https://globalmeet.webcasts.com/starthere.jsp?ei=1550774&tp_key=8c41aff149

About Gevo

Gevo’s mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo also plans to take advantage of decarbonization via geological sequestration in the future. Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions.

Gevo believes that its proven, patented technology enabling the use of a variety of low-carbon sustainable feedstocks to produce price-competitive low-carbon products such as gasoline components, jet fuel and diesel fuel yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business.

Gevo believes that the Argonne National Laboratory GREET model is the best available standard of scientific-based measurement for life cycle inventory or LCI.

Learn more at Gevo’s website: www.gevo.com

Gevo Investor and Media Contact

Heather L. Manuel

+1 720-418-0085

IR@gevo.com