slightbourne@noblecapitalmarkets.com, Author at Channelchek

Vince Holding Corp. (VNCE) – Digital Platform Gains Momentum

Posted on December 10, 2025December 10, 2025 by slightbourne@noblecapitalmarkets.com

Wednesday, December 10, 2025

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

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

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

Solid Q3 Results. The company reported Q3 revenue of $85.1 million, beating our estimate of $80.0 million by 6.4%. Adj. EBITDA of $6.5 million, strongly outperformed our estimate of $1.7 million by 289%. The strong operating results were driven by growth in the wholesale and direct-to-consumer channels, its e-commerce platform, and by effective tariff mitigation strategies.

Digital momentum. Notably, the company’s e-commerce platform experienced triple-digit traffic growth late in the quarter, creating a strong backdrop for the launch of its dropship initiative. While the initiative currently offers only footwear, the company highlighted encouraging early results and plans to expand product offerings, leveraging its partnership with Authentic Brands. In our view, the dropship strategy provides the company with a capital-efficient way to broaden product offerings while gathering customer insight.

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*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.

Nicola Mining Inc. (HUSIF) – Sustaining Momentum

Posted on December 10, 2025December 10, 2025 by slightbourne@noblecapitalmarkets.com

Wednesday, December 10, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

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

2025 Milestones. At New Craigmont, Nicola recently completed a drilling program with assay results pending. At the Merritt Mill, Nicola transitioned from toll milling to long-term precious metals production supported by multiple sources of feed. A multi-year exploration permit and a 10-year mine lease extension further support renewed exploration and the potential reopening of the Treasure Mountain Silver Project. Nicola also secured two key permits for its wholly owned gravel pit and completed construction of its ready-mix cement plant, positioning the company to generate additional revenues to support operations. Finally, Nicola completed the mine development required for a 10,000-tonne bulk sample at the Dominion Creek Gold Project, with a restart planned for July 2026.

What’s Next? 2026 value drivers include: (1) operating the Merritt Mill at full capacity, (2) continued drilling at New Craigmont to vector toward the core of a copper porphyry system, (3) initiating exploration and drilling at the Treasure Mountain Silver Project, and (4) processing high-grade ore from the Dominion Creek bulk sample.

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Greenwich LifeSciences, Inc. (GLSI) – Phase 3 FLAMINGO-01 Trial Reaches Enrollment Milestones

Posted on December 10, 2025December 10, 2025 by slightbourne@noblecapitalmarkets.com

Wednesday, December 10, 2025

Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.

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

Phase 3 FLAMINGO-01 Trial Reaches Enrollment Milestone. Greenwich Pharmaceuticals has completed enrollment in the open-label arm (non HLA-A*2 patients) in the Phase 3 FLAMINGO-01 trial, its trial testing GLSI-100 for prevention of breast cancer recurrence in high-risk patients. The patients are stratified according to their HLA (human leukocyte antigen) types, immune system characteristics that classify an individual’s potential response to antigens. Over 1,000 patients have been screened for the trial at over 140 clinical sites in the US and Europe.

Greenwich Pharmaceuticals Presented At the NobleCon21 Conference. CEO Snehal Patel spoke at the annual NobleCon21 conference. He presented a brief summary of GLSI-100 and the clinical trial, followed by a fireside chat discussion, and questions from the audience. To listen to the presentation, click here.

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

Alliance Entertainment Holding (AENT) – Highlights From NobleCon21

Posted on December 10, 2025December 10, 2025 by slightbourne@noblecapitalmarkets.com

Wednesday, December 10, 2025

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

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

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

NobleCon21. On December 3rd, management presented at NobleCon21 at Florida Atlantic University (FAU) in Boca Raton, Florida. The presentation, conducted by Jeff Walker, CEO, highlighted the company’s record financial performance, dominant wholesale distribution platform, and favorable growth initiative in authenticated collectibles. A replay of the presentation can be viewed here.

Dominant wholesale platform. As the largest wholesale distributor of physical entertainment in the U.S., the company’s scaled, automated logistics operations provide a significant competitive moat. Furthermore, it serves as the category manager and primary fulfillment partner for major retailers like Walmart, Target, and Amazon, managing both in-store inventory and direct-to-consumer e-commerce shipments.

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

Russell 2000 Scores Record as Rate-Cut Hopes Boost Small-Cap Appetite

Posted on December 10, 2025December 10, 2025 by slightbourne@noblecapitalmarkets.com

The Russell 2000 hit a fresh record as investors rotated into small-cap equities on renewed optimism that looser monetary policy could be on the horizon. The benchmark’s leadership reflects a market dynamic in which hopes for easier financial conditions are outweighing pockets of economic strength that have pushed yields higher across parts of the curve.

A string of private and partial data released ahead of the Federal Reserve’s final policy decision for the year painted a mixed picture of the U.S. economy. Weekly payroll indicators showed a marked improvement compared with recent losses, reversing a short stretch of weak readings and signaling that private-sector hiring has regained momentum in recent weeks. Meanwhile, labor demand metrics measuring job openings remained elevated, with vacancies concentrated in sectors such as retail, healthcare, transportation and manufacturing. That combination suggests employers are still searching for workers even as the pace of hiring fluctuates month to month.

Small business sentiment also ticked up, ending a multi-month slide and reflecting firmer revenue expectations and plans to add staff. At the same time, concerns persist about capital spending intentions and tight credit conditions, factors that temper enthusiasm for a broad-based recovery. Taken together, the data show a labor market that remains resilient in parts, but uneven across industries and firm sizes.

Market participants have zeroed in on how the Fed will interpret this mosaic of signals. Stronger-than-expected reads in select indicators have pushed short-term yields higher in a curve-flattening move that suggests traders are re-pricing the odds for near-term policy easing. The level of dissent within the Federal Open Market Committee will be closely watched; a higher number of officials opposing a December cut would signal persistent caution and could damp investor expectations for aggressive easing next year.

The Russell 2000’s rebound is notable because small caps tend to be more sensitive to financial conditions and credit availability. In an environment where rate-cut prospects rise, borrowing costs for smaller companies fall relative to a no-cut scenario, improving the outlook for earnings growth and refinancing. That dynamic has attracted reallocations away from megacap tech names and toward cyclical and domestically focused firms that stand to benefit from cheaper financing and a healthier consumer.

Yet the backdrop is not without risk. A recent pick-up in yield volatility and signs that some central banks are nearing the end of their easing cycles in other economies add uncertainty for global liquidity. Additional data surprises could quickly recalibrate expectations, and market pricing already reflects a degree of vulnerability to upside surprises in inflation or employment.

For investors, the current market action underscores the importance of monitoring both macro signals and monetary policy cues. Small caps have led the charge on the upside, but their outperformance is tied to the narrative of easier policy ahead. Should that narrative unravel, leadership could shift again.

As the Fed approaches its next meeting, markets will continue to weigh the tug of mixed economic data against the growing desire for lower interest rates. The Russell 2000’s new high is as much a reflection of positioning for future policy as it is a barometer of confidence in the domestic economic cycle.

SpaceX’s Potential IPO Could Ignite a $2.9 Trillion Wave of Public Listings

Posted on December 10, 2025December 10, 2025 by slightbourne@noblecapitalmarkets.com

SpaceX’s potential IPO is shaping up to be one of the most pivotal market events of the decade, with implications that reach far beyond the company itself. Analysts estimate that a SpaceX listing could help unlock nearly $3 trillion worth of value tied up in large private companies that have avoided the public markets for years. The anticipation surrounding this single event is already pushing investors, bankers, and late-stage startups to rethink the divide between private and public valuations.

After the blockbuster IPO wave of 2021, the market grew unusually quiet. Many of the world’s most valuable private companies, including SpaceX, Stripe, and ByteDance, chose to continue raising funds privately. This allowed them to grow far larger than the typical public-market debutant while sidestepping the scrutiny of quarterly reporting. SpaceX sits at the top of this group, with private valuations ranging from $800 billion to a possible $1.5 trillion. A listing of that size would instantly become the largest in history and would test the limits of both investor appetite and market infrastructure.

Despite the concerns, the demand appears strong. SpaceX is viewed as a company that combines scale, technological leadership, and global relevance. Its advancements in reusable rockets, crewed orbital launches, and satellite internet have created capabilities unmatched in the private sector. Starlink alone now provides high-speed connectivity to millions of users, and the company’s planned direct-to-cell network has gained additional momentum through strategic spectrum acquisitions.

The company’s revenue trajectory adds to the optimism. Estimates place 2025 revenue at roughly $15 billion, with expectations of reaching more than $22 billion the following year. These figures put SpaceX among the highest-earning private firms in the world, though some observers argue that such revenue still leaves questions about trillion-dollar valuations. For many investors, the financials need to support not only growth but also profitability and scale under the discipline of the public markets.

Governance is another area under scrutiny. SpaceX operates in a unique position, driven by an aggressive engineering culture and long-term missions that include the development of Starship and eventual human flights to Mars. These projects are capital-intensive and often involve timelines that do not align naturally with short-term shareholder expectations. Going public would introduce new oversight, regulatory obligations, and investor influence, potentially altering the company’s traditionally independent operating style.

Another open question is what path SpaceX might take to enter the public markets. A traditional IPO would require raising tens of billions of dollars if even a small percentage of the company were sold. Some market participants believe a direct listing could be more practical, especially for a company that does not need to raise fresh capital and already has a large institutional shareholder base.

Regardless of the route, a SpaceX listing in 2026 would represent a watershed moment. It could reopen the window for many large private firms that have delayed going public and force a reevaluation of how extreme private-market valuations translate to public markets. If successful, it may trigger a wave of mega-IPOs that reshape market dynamics for years to come.

Why Critical Minerals Could Be the Next Big Frontier for Small-Cap Investors

Posted on December 10, 2025December 10, 2025 by slightbourne@noblecapitalmarkets.com

The global shift toward electrification is accelerating, and with it comes a renewed focus on the minerals that make modern energy and technology possible. Lithium, nickel, graphite, phosphate, rare earths, and other essential materials are the backbone of batteries, solar panels, electric vehicles, and grid-scale storage. As nations push to secure supply chains and reduce dependence on foreign imports, the critical minerals sector is becoming one of the most strategically important areas in global markets. For small-cap investors, this creates a compelling landscape of early-stage opportunities.

Large producers tend to dominate the headlines, but the real innovation and discovery often originate in the junior and small-cap space. These companies take on the high-risk, early exploration work that can eventually create meaningful supply for downstream industries. While these stocks can be volatile, they also offer leverage to rising demand and tightening supply conditions that can dramatically reprice assets once the market recognizes their potential.

One example of this emerging potential can be seen in the phosphate segment. Phosphate is best known for its role in agriculture, but it is increasingly valuable as a component in lithium iron phosphate (LFP) batteries. This chemistry has become a preferred option for EV manufacturers and grid-storage systems due to its safety profile, long cycle life, and lower cost. As LFP adoption expands, the need for battery-grade phosphate grows alongside it.

Emerging growth companies such as First Phosphate have positioned themselves within this shift. While still small-cap in size, the focus on high-purity phosphate projects in geopolitically stable regions aligns with what major battery and automotive manufacturers are now seeking: secure, traceable, and environmentally responsible supply. These are qualities that the North American market in particular is trying to build as part of a broader strategy to reduce reliance on overseas sources.

Click here to watch First Phosphate’s corporate presentation at NobleCon21.

Beyond phosphate, other critical minerals are facing similar supply-demand pressures. Graphite remains essential for battery anodes, yet most production is concentrated in a single country. Rare earth elements are required for EV motors and wind turbines, but refining capacity is limited and slow to build. Nickel and manganese face challenges tied to environmental impacts and inconsistent global supply. In each of these segments, small-cap exploration and development companies are working to advance projects that could eventually scale into meaningful contributors to the supply chain.

For investors willing to put in the research, the small-cap critical minerals sector offers exposure to themes that are likely to play out over decades. Governments are investing heavily in domestic mineral strategies, electrification continues to expand worldwide, and technology companies are demanding reliable inputs to meet their production goals. These forces create a long runway for companies that can deliver high-purity materials at competitive costs.

Small-cap investing in this space still requires discipline. Projects take time to develop, capital needs can be significant, and not every discovery becomes a mine. But for investors looking for early entry points into the minerals reshaping the global energy landscape, this sector provides a combination of macro tailwinds and company-specific catalysts that can create real opportunity when approached carefully.

Michael Burry Turns Bullish on Fannie Mae and Freddie Mac as Possible Relisting Nears

Posted on December 9, 2025December 9, 2025 by slightbourne@noblecapitalmarkets.com

Michael Burry, the famed investor known for predicting the 2008 housing market crash, is once again at the center of attention — this time for a surprisingly bullish stance on Fannie Mae and Freddie Mac. In a lengthy blog post published Monday, Burry revealed he holds sizable positions in both government-sponsored enterprises and believes their long-awaited return to public markets may be close. The disclosure has fueled excitement among investors who have followed the Fannie and Freddie saga for more than a decade.

According to Burry, a relisting of the mortgage-finance giants is “nearly upon us.” His detailed post explored the political, regulatory, and financial steps that must occur before the companies can be fully released from government control. Both Fannie Mae and Freddie Mac were placed into conservatorship during the 2008 crisis, and since then, multiple administrations have debated how to reform or privatize them. Burry argues that conditions are finally shifting toward a path back to Wall Street.

Michael Burry’s renewed interest in the housing-finance sector is significant given his historical role in identifying weaknesses in the mortgage market before the financial collapse. He reminded readers of this history by including excerpts from an older note in which he criticized the agencies and described his earlier investments in credit-default swaps tied to their debt. This time, however, Burry says he did not become bullish on their common stock until after Donald Trump’s presidential win last year, which he believes increased the likelihood of policy changes that benefit shareholders.

In the post, Burry stated that he owns both Fannie Mae and Freddie Mac common stock “in good size,” and suggested that the offering price in any IPO will play a major role in determining their true intrinsic value. He highlighted three major changes regulators would need to make before a public offering could occur: easing capital requirements, converting certain preferred shares into common stock, and reducing the government’s senior claims on future profits. Without addressing the last issue, Burry warned that common shares could be “worthless.”

Despite the optimism, he also cautioned that the path to an IPO remains “steep, windy, and rocky,” noting that the political process could still slow progress. Shares of Fannie Mae and Freddie Mac reacted positively to his commentary, rising more than 3% on Tuesday and gaining over 15% so far this month. The stocks, which trade over-the-counter, remain highly volatile as investors digest shifting expectations.

Burry’s views arrive shortly after longtime shareholder Bill Ackman proposed a plan on social media to relist the companies on the New York Stock Exchange. Meanwhile, analysts such as Bose George at Keefe Bruyette & Woods remain cautious, arguing that common shareholders still face significant downside risks if reforms stall or if the government opts to convert preferred shares in a way that dilutes existing holders.

Whether Michael Burry’s thesis proves correct remains to be seen, but his involvement has injected new momentum into one of the most closely watched restructuring stories in U.S. finance.

NeuroSense Therapeutics Ltd. (NRSN) – Webinar Highlight Regulatory and Clinical Trial Progress

Posted on December 9, 2025December 9, 2025 by slightbourne@noblecapitalmarkets.com

Tuesday, December 09, 2025

Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.

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

Discussions Of Clinical Trials, Regulatory Developments, Partnerships. NeuroSense held a webinar to review recent regulatory developments related to its Phase 3 PARAGON trial, early approval for ALS in Canada, the Phase 2 study in Alzheimer’s Disease, and product partnerships. There was also a detailed discussion of the Phase 3 PARAGON trial design and milestones for the coming year.

Phase 3 PARAGON Trial Is Expected To Begin In Mid-2026. NeuroSense has received clearance from the FDA to begin the Phase 3 trial testing PrimeC in ALS (Amyotrophic Lateral Sclerosis). The trial design is based on the data from the Phase 2b PARDIGM trial that showed improved survival with biomarkers correlating with slowing disease progression and reduction in markers of the disease process.

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Comstock (LODE) – Bioleum Expands Platform With Strategic Acquisitions

Posted on December 9, 2025December 9, 2025 by slightbourne@noblecapitalmarkets.com

Tuesday, December 09, 2025

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, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

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

Bioleum Expands Feedstock Capabilities with Hexas Acquisition. Bioleum Corporation, of which Comstock is a strategic investor, acquired Hexas Biomass Inc. for approximately $6.5 million in stock, cash, and convertible debt, securing ownership of all Hexas intellectual property and associated high-yield energy crop technologies. Hexas’ crops deliver 25–30 dry metric tons per acre, above conventional forestry yields, and can be cultivated on marginal lands without competing with food production. When paired with Bioleum’s refining platform, these crops enable production of more than 100 barrels of biofuel per acre per year, strengthening long-term supply certainty and improving economics for Bioleum’s facilities.

Strategic Value of an Integrated Feedstock Model. Bioleum expects Hexas’ scalable, low-cost feedstock model to “anchor” each refinery deployment, reducing regional biomass variability and improving reliability, pricing, and throughput across its system. Management emphasized that pairing purpose-grown crops with Bioleum’s refining technology materially improves risk-adjusted economics across future projects and accelerates commercialization.

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

The ODP Corporation (ODP) – Acquisition Approved

Posted on December 9, 2025December 9, 2025 by slightbourne@noblecapitalmarkets.com

Tuesday, December 09, 2025

Office Depot, Inc., together with its subsidiaries, supplies a range of office products and services. It offers merchandise, such as general office supplies, computer supplies, business machines and related supplies, and office furniture through its chain of office supply stores under the Office Depot, Foray, Ativa, Break Escapes, Worklife, and Christopher Lowell brand names. The company also provides graphic design, printing, reproduction, mailing, shipping, and other services through design, print, and ship centers. It has operations throughout North America, Europe, Asia, and Central America. The company also sells its products and services through direct mail catalogs, contract sales force, Internet sites, and retail stores, through a mix of company-owned operations, joint ventures, licensing and franchise agreements, alliances, and other arrangements. As of December 31, 2008, Office Depot operated 1,267 North American retail division office supply stores and 162 international division retail stores, as well as participated under licensing and merchandise arrangements in 98 stores. The company was founded in 1986 and is based in Boca Raton, Florida.

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

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

Acquisition Approved. On December 5th, The ODP Corporation held a special meeting of stockholders at which holders of ODP’s common stock approved the acquisition of ODP by an affiliate of Atlas Holdings for $28 per share. With shareholder approval, the acquisition is expected to be completed on December 10th, at which time ODP common shares will cease to trade.

Details. Of the 30,117,856 shares of ODP Common Stock issued and outstanding at the close of business on October 21, 2025, the record date for the ODP Special Meeting, 22,656,187 shares were present or represented by proxy at the ODP Special Meeting. A total of 22,540,259 shares voted in favor of the acquisition.

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Snail (SNAL) – Highlights From NobleCon21

Posted on December 9, 2025December 9, 2025 by slightbourne@noblecapitalmarkets.com

Tuesday, December 09, 2025

Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

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

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

NobleCon21. On December 3rd, management presented at NobleCon21 at Florida Atlantic University (FAU) in Boca Raton, Florida. The presentation, conducted by Heidi Chow, CFO, and Jim Tsai, Board Member and Advisor, highlighted the company’s established franchise strength, near-term catalysts, and its Stablecoin strategy. A replay of the presentation can be viewed here.

Sustainable franchise power. The company’s core franchise is ARK, a premier survival game with over 4.2 billion hours played. This franchise provides a durable revenue base through game sales, downloadable content (DLC) sales, and in-game purchases. Notably, a favorable near-term catalyst is the release of the Lost Colony DLC, which demonstrated strong pre-sales since June.

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

Saga Communications (SGA) – Highlights From NobleCon21

Posted on December 9, 2025December 9, 2025 by slightbourne@noblecapitalmarkets.com

Tuesday, December 09, 2025

Saga Communications, Inc. is a broadcast company whose business is primarily devoted to acquiring, developing and operating radio stations. Saga currently owns or operates broadcast properties in 27 markets, including 79 FM and 33 AM radio stations. Saga’s strategy is to operate top billing radio stations in mid sized markets, defined as markets ranked (by market revenues) from 20 to 200. Saga’s radio stations employ a myriad of programming formats, including Active Rock, Adult Album Alternative, Adult Contemporary, Country, Classic Country, Classic Hits, Classic Rock, Contemporary Hits Radio, News/Talk, Oldies and Urban Contemporary. In operating its stations, Saga concentrates on the development of strong decentralized local management, which is responsible for the day-to-day operations of the stations in their market area and is compensated based on their financial performance as well as other performance factors that are deemed to effect the long-term ability of the stations to achieve financial objectives. Saga began operations in 1986 and became a publicly traded company in December 1992. The stock trades on NASDAQ under the ticker symbol “SGA”.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

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

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

NobleCon21. On December 3rd, management presented at NobleCon21 at Florida Atlantic University (FAU) in Boca Raton, Florida. The presentation, conducted by Sam Bush, CFO, and Chris Forgi, President & CEO, highlighted the company’s digital pivot, pristine balance sheet, and capital return strategy. A replay of the presentation can be viewed here.

Hyper-local focus. The company operates in 27 small-to-medium markets, which allows for deep integration with local advertisers. Furthermore, the company is positioned as a trustworthy guide in a confusing digital ad landscape, offering simple and consistent messaging across both traditional radio and digital mediums, utilizing its unique blended approach.

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