slightbourne@noblecapitalmarkets.com, Author at Channelchek

Cardiff Oncology (CRDF) – Phase 2 Data Announced With Management Changes

Posted on January 28, 2026January 28, 2026 by slightbourne@noblecapitalmarkets.com

Wednesday, January 28, 2026

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.

Cardiff Made Two Significant Announcements. New data from the Phase 2 CRDF-004 trial testing onvansertib as a first line treatment for metastatic colorectal cancer was announced as expected. Patients in the high-dose onvansertib group showed a large benefit in overall response rates (ORR) and progression free survival (PFS). Separately, the CEO and CFO have left the company. Board Member Dr. Mani Mohindru was named Interim CEO.

Phase 2 Trial Design. As discussed in our January 5 report, CDRF-004 is a Phase 2 dose-finding trial testing two doses of onvansertib in combination with two standard-of-care (SOC) regimens against the standard of care regimens alone. It enrolled 110 patients with RAS-mutated metastatic colorectal cancer, mCRC. Its primary endpoint is objective response rate (ORR). Secondary endpoints include progression-free survival (PFS), duration of response (DOR) and safety. These endpoints were selected to guide the design of Phase 3.

Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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.

Kuya Silver (KUYAF) – Letter of Intent to Purchase the Camila Processing Plant; Expansion Planned

Posted on January 28, 2026January 28, 2026 by slightbourne@noblecapitalmarkets.com

Wednesday, January 28, 2026

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.

Processing plant acquisition. Kuya Silver signed a Letter of Intent (LOI) to purchase 100% of SMRL Camila, the company that owns the Camila conventional flotation plant, for US$7.8 million, subject to closing conditions. The Camila plant is currently processing Kuya Silver’s mineralized material to produce silver and other metal concentrates on a toll-milling basis. The plant is located on a key transport corridor between the Bethania mine and Lima, Peru, where concentrate is shipped to port. Execution of a definitive agreement is subject to the completion of legal, financial, environmental, and technical due diligence.

Scalable processing capacity. The Camila plant currently operates at 150 metric tonnes per day with plans to increase production capacity to 300 to 350 tonnes per day, which Kuya Silver expects to undertake after closing the acquisition. The expansion is projected to require an additional capital investment in the range of US$0.7 million to US$1.0 million.

Get the Full Report

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

Twin Hospitality (TWNP) – Files Voluntary Chapter 11; Terminating Research Coverage

Posted on January 28, 2026January 28, 2026 by slightbourne@noblecapitalmarkets.com

Wednesday, January 28, 2026

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.

Chapter 11. Along with parent company FAT Brands, Twin Hospitality commenced voluntary chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas. Twin Hospitality plans to use the filings to deleverage the balance sheet, maximize value for its stakeholders, and support the continued growth of its brands.

Precipitating Factor? It appears the tipping point for Twin Hospitality to file the voluntary chapter 11 was Investor 352 Fund, FAT Brands’ largest bondholder, earlier on Monday announcing it was suing FAT Brands for $109 million and promised Class B Common stock tied to ownership of Twin Peaks, as it was issued by Twin Hospitality. FAT Brands and Twin Hospitality are seeking joint administration of the Chapter 11 cases under the caption “In re FAT Brands Inc., et al.”

Get the Full Report

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

FAT Brands (FAT) – Files Voluntary Chapter 11; Terminating Research Coverage

Posted on January 28, 2026January 28, 2026 by slightbourne@noblecapitalmarkets.com

Wednesday, January 28, 2026

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.

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.

Chapter 11. Late Monday night, FAT Brands announced it has commenced voluntary chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas. The Company plans to use the filings to deleverage the balance sheet, maximize value for its stakeholders, and support continued growth of its brands.

Precipitating Factor? It appears the tipping point for FAT to file the voluntary chapter 11 was Investor 352 Fund, the Company’s largest bondholder, earlier on Monday announcing it was suing FAT Brands for $109 million and promised Class B Common stock tied to ownership of Twin Peaks, as it was issued by Twin Hospitality.

Get the Full Report

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

Conduent (CNDT) – New CEO Appointment

Posted on January 28, 2026January 28, 2026 by slightbourne@noblecapitalmarkets.com

Wednesday, January 28, 2026

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

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

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

Leadership transition at a natural inflection point. Conduent announced that Harsha V. Agadi has been appointed Chief Executive Officer, succeeding Cliff Skelton, with Margarita Paláu-Hernández named independent Chair of the Board. The change follows a multi-year period of portfolio rationalization, asset divestitures, and balance sheet repair. In our view, the move marks a clear emphasis on operational execution.

A shift toward speed and accountability. We view Agadi’s appointment as a logical next step for the company. His background includes senior operating and leadership roles across large, complex organizations such as Little Caesars, Church’s Chicken, Friendly’s, and Crawford & Company. We expect an early focus on leadership depth, decision velocity, and operational accountability, with an emphasis on accelerating the company’s return to revenue and cash flow growth. In our view, this signals a move from stabilization to performance.

Get the Full Report

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

Are Investors Abandoning Crypto for Hard Assets?

Posted on January 28, 2026January 28, 2026 by slightbourne@noblecapitalmarkets.com

The investment landscape entering 2026 has delivered an unmistakable verdict: when uncertainty strikes, capital flows to tangible assets. While cryptocurrencies continue to struggle with volatility and declining investor confidence, precious metals are shattering records in a historic surge that’s forcing investors to reconsider where true value resides.

In a stunning display of safe-haven demand, gold exploded past $5,100 per ounce in late January 2026, following a 65% gain throughout 2025. Silver achieved an even more extraordinary feat, soaring beyond $117 per ounce after rising over 200% in just 12 months. Platinum surged 121% while palladium rallied to breach $2,000 per ounce. This synchronized rally across all major precious metals represents the most significant wealth preservation movement in modern financial history.

Meanwhile, the cryptocurrency market tells a starkly different story. After finishing 2025 down 6% for Bitcoin and 11% for Ethereum, early 2026 has brought more pain. Bitcoin plunged below $90,000 in mid-January amid global risk-off sentiment, while Ethereum dropped below $3,000. Heavy liquidations continued to plague the market, with over $1 billion wiped out in a single January event as 182,000 traders saw their positions forcibly closed. Bitcoin ETFs recorded persistent outflows, with nearly $500 million exiting in late 2025 as investors lost confidence in digital assets.

The rotation from crypto to hard assets isn’t speculation—it’s quantifiable and accelerating. Gold funds attracted nearly $40 billion in 2025 alone, while gold mining funds soared 114% with $5.4 billion in net inflows during Q3—the largest quarterly move since 2009. Most tellingly, the Bitcoin-to-gold ratio collapsed by 50% throughout 2025 and continues to deteriorate. With gold now around $5,100 and Bitcoin at roughly $90,000, one bitcoin now buys less than 18 ounces of gold—down dramatically from highs where it purchased over 30 ounces.

Four converging forces explain this historic reallocation. The U.S. Dollar Index plummeted 10-11% in 2025, marking its worst performance in over five decades, driving investors urgently toward assets with intrinsic value. Goldman Sachs recently raised its December 2026 gold forecast to $5,400 per ounce. Federal Reserve rate cuts have made non-yielding assets like gold more attractive, while paradoxically failing to boost crypto as advocates predicted. Rising geopolitical tensions including tariff threats, military actions, and global debt fears have amplified safe-haven demand. Perhaps most critically, physical precious metals face real-world production limits—COMEX silver inventories plunged 26% in a single week in January 2026, triggering what analysts call a “run on the vaults” that pushed prices parabolic.

The market has spoken with unprecedented clarity: as gold breaches $5,100, silver soars past $117, and investment banks project gold could reach $6,000 by year-end, the evidence of a historic wealth rotation is irrefutable. When survival is at stake, investors don’t seek innovation—they seek preservation. And preservation, history repeatedly demonstrates, resides in physical assets that have maintained value for millennia, not digital tokens that have existed for barely a decade.

GameStop Shares Jump as Michael Burry Reveals Long-Term Bet on the Stock

Posted on January 27, 2026January 27, 2026 by slightbourne@noblecapitalmarkets.com

GameStop shares moved sharply higher Monday after famed investor Michael Burry disclosed that he has been buying the stock, reigniting investor interest in the once-iconic meme name—but for reasons very different from the speculative frenzy that defined its past.

Burry, best known for predicting and profiting from the U.S. housing market collapse ahead of the 2008 financial crisis, said in a Substack post that he owns GameStop and has been accumulating shares recently. Importantly, he framed the position as a long-term value investment rather than a bet on renewed meme-stock volatility or a short squeeze.

“I am not counting on a short squeeze to realize long-term value,” Burry wrote. “I believe in Ryan [Cohen], I like the setup, the governance, the strategy as I see it.”

The market reacted quickly. GameStop shares surged more than 6% intraday following the disclosure, a reminder that Burry’s moves still carry significant signaling power among investors, even years after his most famous trade.

Unlike the retail-driven rally that propelled GameStop to extraordinary heights in 2021, Burry’s thesis appears rooted in balance sheet strength and capital allocation discipline. He suggested he may be buying the stock at roughly one times tangible book value or net asset value—levels more commonly associated with deep value plays than speculative growth stories.

GameStop’s business fundamentals remain challenged. Physical video game retail continues to decline, and the company’s core operations generate limited growth. However, GameStop has used periods of elevated investor enthusiasm to raise billions of dollars through equity offerings, leaving it with a sizable cash position and minimal debt.

Burry appears to see that cash as the real asset. In his view, CEO Ryan Cohen is extracting maximum value from a structurally weak business while patiently waiting for the opportunity to deploy capital into a higher-quality, cash-generating asset. “Ryan is making lemonade out of lemons,” Burry wrote, acknowledging the underlying weakness of the retail business while praising the strategic flexibility the balance sheet provides.

Cohen’s actions have reinforced that narrative. Just last week, the GameStop CEO disclosed the purchase of 1 million shares with his own personal funds, emphasizing the importance of management alignment with shareholders. Insider buying at that scale often attracts attention from long-term investors seeking conviction signals.

GameStop has also taken unconventional steps, including purchasing bitcoin last year, drawing comparisons to MicroStrategy’s transformation into a leveraged bitcoin proxy. While Burry expressed uncertainty about the cryptocurrency strategy, he conceded that the results so far have been difficult to argue with.

Still, risks remain significant. GameStop lacks a clearly articulated operating turnaround, and capital deployment decisions will be critical. A poorly timed acquisition or speculative investment could quickly erode the company’s cash advantage. Moreover, investor expectations can become distorted when high-profile names enter a trade, increasing volatility regardless of fundamentals.

That said, Burry’s involvement reframes the GameStop story. Rather than a short-term trading vehicle, he is positioning it as a patient, asset-based value play centered on leadership, governance, and optionality. Whether that thesis ultimately pays off will depend less on social media enthusiasm and more on Ryan Cohen’s ability to convert cash into durable earnings power.

For now, the message is clear: when Michael Burry speaks—and buys—markets still listen.

Graham (GHM) – Adds a Third Pillar

Posted on January 27, 2026January 27, 2026 by slightbourne@noblecapitalmarkets.com

Tuesday, January 27, 2026

Graham Corporation designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. The Company designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. It is a nuclear code accredited fabrication and specialty machining company. It supplies components used inside reactor vessels and outside containment vessels of nuclear power facilities. Its equipment is found in applications, such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. For the defense industry, its equipment is used in nuclear propulsion power systems for the United States Navy. The Company’s products are used in a range of industrial process applications in energy markets, including petroleum refining, defense, chemical and petrochemical processing, power generation/alternative energy and other.

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.

An Acquisition. Graham has acquired FlackTek, a pioneer in advanced mixing and material processing solutions. The acquisition adds advanced materials processing as a third core platform for Graham, alongside Graham Manufacturing, specializing in vacuum & heat transfer, and Barber-Nichols, specializing in turbomachinery. FlackTek adds a proven and defensible product portfolio with a shared customer base and an installed footprint that extends across the full value chain, from upstream to downstream production and quality control.

Details. The purchase price is $35 million, which was paid 85% in cash and 15% using 75,818 GHM shares. There is a potential $25 million in future performance-based cash earnouts over 4 years based upon achieving progressively increasing adjusted EBITDA performance targets. The base purchase price is approximately 12x FlackTek’s projected 2026 adjusted EBITDA. FlackTek generates approximately $30 million in annualized revenue.

Get the Full Report

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

Rare Earth Stocks Surge as U.S. Government Takes Equity Stake in Strategic Miner

Posted on January 27, 2026January 27, 2026 by slightbourne@noblecapitalmarkets.com

Rare earth stocks rallied sharply on Monday after the Trump administration announced a major equity investment in USA Rare Earth (NASDAQ: USAR), underscoring Washington’s escalating push to secure critical mineral supply chains and reduce reliance on China.

Shares of USA Rare Earth jumped as much as 12% following news that the company will receive $1.6 billion from the U.S. Department of Commerce in exchange for an equity stake. The deal also includes collaboration with the Department of Energy on a $1.3 billion loan package and an additional $277 million in federal funding. Industry peers such as MP Materials, Energy Fuels, and Trilogy Metals also saw early gains, reflecting renewed investor enthusiasm across the sector.

Under the agreement, USA Rare Earth will issue 16.1 million shares of common stock and approximately 17.6 million warrants to the Department of Commerce. The company simultaneously announced a $1.5 billion capital raise, significantly strengthening its balance sheet and accelerating development timelines.

The funding is expected to fast-track USA Rare Earth’s vertically integrated strategy, spanning mining, processing, and magnet manufacturing. Key assets include the company’s magnet plant in Stillwater, Oklahoma, and its Round Top rare earth deposit in West Texas, which is slated to begin commercial production in 2028. Once operational, these facilities could play a crucial role in supplying domestic demand for permanent magnets used in defense systems, electric vehicles, data centers, and advanced manufacturing.

This move fits squarely within a broader government strategy to onshore critical mineral production. China currently dominates global rare earth mining and processing, a strategic vulnerability the U.S. has been actively working to address. In 2025, the Pentagon became MP Materials’ largest shareholder after purchasing $400 million worth of stock. Similar government-backed deals were announced last year with Lithium Americas and Trilogy Metals.

Rare earth elements sit at the center of some of the fastest-growing and most strategically important industries, including artificial intelligence, defense technology, renewable energy, and advanced electronics. As AI data centers proliferate and defense spending increases, demand for these materials is expected to rise sharply over the coming decade.

Strategists argue that direct public-sector involvement materially changes the risk profile for rare earth miners. According to Sprott Asset Management, government participation enhances revenue visibility, mitigates project execution risk, and increases the likelihood that new capacity actually comes online. For investors, this reduces dependence on speculative capital markets and supports higher long-term valuations.

The geopolitical dimension is also intensifying. President Trump recently indicated that a future framework deal with NATO over Greenland could include access to rare earth mineral rights, signaling that resource security is becoming a core component of U.S. foreign and defense policy.

While rare earth stocks remain volatile and capital intensive, the growing alignment between government priorities and private miners provides a powerful tailwind. For small-cap investors, the sector is increasingly less about speculation and more about strategic relevance. As Washington continues to write checks—and take equity stakes—the message is clear: rare earths are now a national priority.

IonQ’s Skywater Deal Signals a New Phase for Quantum Commercialization

Posted on January 26, 2026January 26, 2026 by slightbourne@noblecapitalmarkets.com

IonQ’s announced acquisition of SkyWater Technology marks one of the most consequential strategic moves yet in the early-stage quantum computing industry. In a $1.8 billion cash-and-stock deal, IonQ will acquire the largest exclusively U.S.-based pure-play semiconductor foundry, creating what it calls the world’s first vertically integrated, full-stack quantum platform company.

For investors, this transaction is less about near-term earnings and more about long-term positioning in what could become one of the most critical computing platforms of the next decade.

At its core, the deal gives IonQ something most quantum competitors lack: direct, embedded access to a trusted domestic semiconductor foundry. By bringing SkyWater’s fabrication, packaging, and advanced manufacturing capabilities in-house, IonQ expects to accelerate its roadmap toward fault-tolerant quantum computing—one of the biggest bottlenecks in the sector.

Management believes the integration will pull forward functional testing of its 200,000-qubit quantum processing units (QPUs) to 2028, enabling more than 8,000 ultra-high fidelity logical qubits. Even more ambitious, IonQ expects this to shave up to a year off development timelines for its future 2,000,000-qubit chips. In a field where progress is measured in years, that acceleration matters.

Just as important is the national security angle. SkyWater is a DMEA Category 1 Trusted Foundry, a designation that positions the combined company as a preferred quantum partner for the U.S. government, defense agencies, and allied nations. With its newly launched IonQ Federal division, the company now controls an end-to-end U.S.-based quantum supply chain—from design and prototyping to manufacturing and deployment. That level of security and control could be a decisive advantage as governments race to deploy quantum technologies for cryptography, sensing, and defense applications.

From SkyWater’s perspective, the deal provides scale, capital, and access to next-generation quantum customers while preserving its role as a merchant foundry. SkyWater will continue to serve existing aerospace, defense, and commercial customers and operate as a wholly owned subsidiary. That structure reduces the risk of customer attrition while allowing SkyWater to participate in IonQ’s long-term upside.

Financially, SkyWater shareholders receive a 38% premium to the 30-day average share price, while retaining exposure to IonQ through the stock component. Post-close, SkyWater shareholders will own between 4.4% and 6.7% of the combined company, depending on the collar mechanics.

For IonQ investors, dilution is the tradeoff—but it comes with strategic depth. IonQ already expects 2025 revenue at the high end of its $106–$110 million guidance range, and this deal strengthens its balance sheet flexibility while addressing one of the biggest execution risks in quantum computing: manufacturability at scale.

This acquisition doesn’t eliminate the risks inherent in early-stage quantum technology. Commercial timelines remain long, capital requirements are high, and competition from both startups and tech giants is intense. However, IonQ’s move to vertically integrate—especially within the U.S.—signals confidence that quantum is moving from theoretical promise toward industrial reality.

For small-cap investors looking beyond quarterly noise, IonQ’s SkyWater acquisition may be remembered as a defining inflection point.

The GEO Group (GEO) – Expansion of Credit Facility

Posted on January 26, 2026January 26, 2026 by slightbourne@noblecapitalmarkets.com

Monday, January 26, 2026

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

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.

Credit Facility. The GEO Group amended its Credit Agreement, increasing GEO’s revolving credit facility to $550 million from a prior $450 million. The increase was effective as of January 20th. The increase provides the Company with additional financial flexibility, in our view, to further invest in growth opportunities and/or increase the share repurchase activity.

Share Repurchases. Recall, back in November, GEO announced an expansion of its share repurchase authorization to $500 million and extended the expiration date to December 31, 2029. As of November 6, 2025, the Company had approximately $458 million of repurchase authorization available under the share repurchase program. At the current price, the $100 million, if all used to repurchase shares, would further reduce the share count by approximately 5.38 million shares.

Get the Full Report

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

Winter Storm Puts U.S. Energy Companies Under Pressure as Demand, Prices Surge

Posted on January 26, 2026January 26, 2026 by slightbourne@noblecapitalmarkets.com

A sweeping winter storm moving across the United States is not only threatening travel and power reliability for millions of Americans, but also placing intense pressure on energy companies as demand spikes and infrastructure faces severe stress. From Texas to the Northeast, utilities, power generators, and natural gas suppliers are being tested by the combination of extreme weather and soaring consumption.

In Texas, where freezing rain and snow are expected to arrive by Friday evening, the state’s energy sector faces one of its most critical moments in years. Electricity demand is projected to surge to more than 84 gigawatts Monday morning, according to the Electric Reliability Council of Texas (ERCOT), nearing the state’s all-time record. For power generators, this represents both an opportunity for higher revenues and a risk of operational failure if equipment is unable to perform in icy conditions.

Utilities operating on the Texas grid remain under scrutiny following the catastrophic winter storm of 2021. While significant investments have been made to winterize power plants and natural gas infrastructure, ice accumulation and extreme cold could still disrupt fuel supply, particularly for gas-fired power plants that dominate the state’s generation mix. Any outages would not only strain the grid but expose utilities to reputational damage and regulatory consequences.

Natural gas producers and pipeline operators are already seeing dramatic price impacts. Futures prices have climbed more than 70% this week, while spot prices in some regions have surged to extraordinary levels. For gas producers, especially those with exposure to spot markets, the price spikes could translate into short-term windfall revenues. However, pipeline constraints and weather-related disruptions may limit their ability to fully capitalize on higher prices, highlighting the importance of infrastructure resilience.

In the Northeast and Mid-Atlantic, power markets operated by PJM Interconnection are preparing for sustained high demand as heavy snowfall and frigid temperatures move in. PJM has asked generators to delay maintenance and ensure maximum availability through early next week. Power prices in the region have already surged, benefiting generators with reliable capacity while increasing costs for utilities and retail energy suppliers that must purchase electricity at elevated rates.

The storm also arrives amid growing structural strain on the U.S. grid. The PJM region is home to the country’s highest concentration of data centers, particularly in northern Virginia, where electricity demand is rising rapidly due to the expansion of artificial intelligence and cloud computing. The combination of extreme weather and data-driven demand underscores the challenges facing utilities tasked with balancing reliability, affordability, and growth.

Energy infrastructure companies, including those providing grid services, battery storage, and demand-response solutions, may also come into sharper focus. In recent years, flexible demand programs—where large consumers reduce usage during peak periods—have played a critical role in avoiding widespread outages. Companies offering these services stand to gain as grid operators increasingly rely on non-traditional tools to maintain stability.

As the storm unfolds, investors and policymakers alike will be watching how energy companies perform under stress. The event could reinforce the case for continued investment in grid modernization, weatherization, and diversified energy sources—areas likely to shape the energy sector’s outlook long after the snow melts.

Release – MustGrow Closes $2.0 Million Non-Brokered LIFE Offering

Posted on January 23, 2026January 23, 2026 by slightbourne@noblecapitalmarkets.com

January 23, 2026 – MustGrow Biologics Corp. (TSXV: MGRO; OTC: MGROF; FRA: 0C0) (the “Company” or “MustGrow”), is pleased to announce: the closing of its previously announced non-brokered private placement of 4,000,000 units of the Company (each, a “Unit”) at a price of $0.50 per Unit for gross proceeds of $2,000,000 (the “LIFE Offering”).

Each Unit consists of (i) one common share of the Company (a “Share”) and (ii) one common share purchase warrant (a “Warrant”). Each whole Warrant will be exercisable for a period of 60 months from the date of closing and will entitle the holder thereof to purchase one additional Share (a “Warrant Share”) at an exercise price of $0.70 per Warrant Share.

The Company intends to use the net proceeds raised from the LIFE Offering for inventory production for its mustard-derived organic biofertility product TerraSante^TM, inventory for agricultural products to sell via its Canadian distribution platform NexusBioAg, and working capital and general corporate purposes.

The Units sold pursuant to the LIFE Offering were offered pursuant to the listed issuer financing exemption from the prospectus requirement available under Part 5A of National Instrument 45-106 – Prospectus Exemptions as modified by Coordinated Blanket Order 45-935 Exemptions from Certain Conditions of the Listed Issuer Financing Exemption.

Subject to the rules and policies of the TSX Venture Exchange (the “TSXV”), the securities issuable from the sale of Units to Canadian resident subscribers will not be subject to a hold period under applicable Canadian securities laws.

As consideration for services, certain eligible finders received (i) an aggregate cash fee equal to $105,000, being 6.0% of the gross proceeds of the LIFE Offering from investors introduced to the Company by such finders; and (ii) 210,000 non-transferable common share purchase warrants (the “Finder’s Warrants”) representing 6.0% of the aggregate number of Shares forming part of the Units issued to investors introduced to the Company by the finders. Each Finder’s Warrant will entitle its holder to purchase one Share (a “Finder Warrant Share”) at a price of $0.70 per Share for a 60-month period. The Finder Warrants and any Finder Warrant Shares issuable upon exercise thereof will be subject to a statutory hold period expiring four months and one day following the date of issue in accordance with applicable Canada securities laws.

The LIFE Offering remains subject to final approval of the TSXV.

Market Awareness Services and Investor Relations Agreements

The Company has entered into market awareness and investor awareness agreements (the “Awareness Agreements”) with partners to bring visibility and awareness to MustGrow over the next 12 months: Apaton Finance GmbH (“Apaton”), Ellernstr. 34, 30175 Hanover, Germany, www.apaton.com. The objective of this partnership is to further enhance the reach, visibility, and relevance of the Company’s corporate communications. As part of the cooperation, Apaton will produce editorial and video content in both German and English. This content will be distributed directly and indirectly via news portals, search engines, and AI-supported platforms, newsletter, thereby increasing the accessibility of the Company’s information for interested investors. The brand-building initiative, combining fact-based reporting with emotionally engaging video storytelling, has been agreed for a fixed term of 12 months, commencing in February 1, 2026, with a total budget of EUR 120,000.

About MustGrow

MustGrow Biologics Corp. is a fully-integrated provider of innovative biological and regenerative agriculture solutions designed to support sustainable farming. The Company’s proprietary and third-party product lines offer eco-friendly alternatives to restricted or banned synthetic chemicals and fertilizers. In North America, MustGrow offers a portfolio of third-party crop nutrition solutions, including micronutrients, nitrogen stabilizers, biostimulants, adjuvants and foliar products. These products are synergistically distributed alongside MustGrow’s wholly-owned proprietary products and technologies that are derived from mustard and developed into organic biocontrol and biofertility products to help replace banned or restricted synthetic chemicals and fertilizers. Outside of North America, MustGrow is focused on collaborating with agriculture companies, such as Bayer AG in Europe, the Middle East and Africa, to commercialize MustGrow’s wholly-owned proprietary products and technologies. The Company is dedicated to driving shareholder value through the commercialization and expansion of its intellectual property portfolio of approximately 110 patents that are currently issued and pending, and the sales and distribution of its proprietary and third-party product lines through NexusBioAg. MustGrow is a publicly traded company (TSXV-MGRO) and has approximately 62.9 million common shares issued and outstanding and 77.1 million shares fully diluted. For further details, please visit www.mustgrow.ca.

Contact Information

Corey Giasson Director & CEO
Phone: +1-306-668-2652
info@mustgrow.ca

MustGrow Forward-Looking Statements

Certain statements included in this news release constitute “forward-looking statements” which involve known and unknown risks, uncertainties and other factors that may affect the results, performance or achievements of MustGrow.

Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Forward-looking statements in this news release, including statements about: the intended use of proceeds from the LIFE Offering and TSXV’s final approval of the LIFE Offering and the Agreements, the outcomes resulting from the Agreements and are subject to a number of risks and uncertainties that may cause the actual results of MustGrow to differ materially from those discussed in such forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, MustGrow. Important factors that could cause MustGrow’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include: risks relating to the Company’s receipt of final approval from the TSXV and those risks described in more detail in MustGrow’s Annual Information Form for the year ended December 31, 2024 and other continuous disclosure documents filed by MustGrow with the applicable securities regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Readers are referred to such documents for more detailed information about MustGrow, which is subject to the qualifications, assumptions and notes set forth therein.

Neither the TSXV, nor their Regulation Services Provider (as that term is defined in the policies of the TSXV), nor the OTC Markets has approved the contents of this release or accepts responsibility for the adequacy or accuracy of this release. © 2026 MustGrow Biologics Corp. All rights reserved.