slightbourne@noblecapitalmarkets.com, Author at Channelchek

The Russell 2000 Just Had Its Best First Half in 35 Years. The Setup for the Second Half Looks Even Better.

Posted on July 2, 2026July 2, 2026 by [email protected]

The numbers are now official and they tell a story that most of the financial media spent the first six months of 2026 largely ignoring. The Russell 2000 surged nearly 22% through the first half of the year, marking its strongest January-through-June performance since 1991. That is not a typo. Small caps have not started a year this strong in 35 years.

For context, the Dow Jones Industrial Average gained 8.9% over the same period. The S&P 500 rose 9.6%. The Nasdaq climbed 12.8%. Small caps outperformed all of them, and it was not particularly close.

How We Got Here

The first half was anything but smooth. The US went to war with Iran in late February, sending oil above $100 and inflation to a three-year high. Treasury yields hit levels not seen since 2007. Consumer sentiment fell to an all-time record low. A new Federal Reserve chair took office and immediately dropped the central bank’s easing bias. By any conventional reading, this should have been a terrible environment for small caps.

Instead, the Russell 2000 powered through it. The index staged a historic 15-session winning streak against the S&P 500 in January, posted the strongest microcap returns in years through the spring, and held its ground even as chip stocks sold off and large cap technology leadership faltered in June. Active managers had their best month of the year in June as market breadth expanded and capital rotated away from a handful of mega cap names and into the broader market.

Why the Second Half Setup Is Compelling

Three forces that weighed on small caps during the first half are now either reversing or stabilizing, and that shift is what makes the second half particularly interesting.

First, oil prices. Brent crude has fallen below $75 after trading above $110 at its peak. The Iran ceasefire and the gradual reopening of the Strait of Hormuz are removing the energy cost pressure that squeezed consumer-facing small caps all spring. Lower fuel costs flow almost immediately into improved operating margins for the transportation, logistics, food service, and retail companies that bore the brunt of the spring squeeze.

Second, yields. The 10-year Treasury has dropped below 4.5% as oil declines ease inflation expectations. That matters directly for the small and microcap companies carrying variable-rate debt, because lower yields translate into lower borrowing costs and a more favorable refinancing environment heading into the back half of the year.

Third, market breadth. The rotation out of concentrated mega cap technology positions and into the broader market accelerated meaningfully in June. More than 63% of S&P 500 stocks now trade above their 50-day moving average, up from 50% at the start of the month. The correlation between cap-weighted and equal-weighted S&P returns fell to its lowest level since 2003. Capital is spreading out, and small caps are catching it.

The Valuation Case Has Not Closed

Despite a 22% first-half gain, the Russell 2000 still trades at a meaningful discount to the S&P 500 on a forward earnings basis. The valuation gap has narrowed but remains near historically wide levels. Consensus earnings growth estimates for small caps continue to run well above large cap projections. The fundamentals that drove the first-half rally have not been exhausted. They have been reinforced.

History offers one more data point worth noting. When the Russell 2000 has posted a first-half gain of 15% or more, the second half has been positive roughly 80% of the time.

Thirty-five years is a long time between records. The small cap market just set one. The conditions heading into the second half suggest it has room to keep going.

Snail (SNAL) – Clearing The Path Forward

Posted on July 2, 2026July 2, 2026 by [email protected]

Thursday, July 02, 2026

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

George Proost, Research Associate, Noble Capital Markets, Inc.

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

Reverse Split. On July 1, 2026, the company announced a one-for-five reverse stock split of both its Class A and Class B common stock, effective at 11:59 pm Eastern Time on July 2, 2026, with the shares trading on a split-adjusted basis at market open on July 6, 2026. Notably, we view the reverse split as a favorable development in the company’s efforts to satisfy NASDAQ’s minimum $1 listing price requirement. Although a reverse split does not alter the company’s underlying fundamentals, it removes a technical overhang that has weighed on investor sentiment and could improve trading liquidity and marketability.

Reverse Split Details. Fractional shares will be redeemed for cash based on the average closing price during the ten trading days preceding the effective date. Outstanding stock options, warrants, and convertible securities will be adjusted proportionately, while the company’s authorized share count will remain unchanged. The shares will continue trading under the SNAL ticker with a new CUSIP (83301J308).

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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.

Resolution Minerals Ltd (RLMLF) – Resolution Advances Horse Heaven Toward Maiden Resource

Posted on July 2, 2026July 2, 2026 by [email protected]

Thursday, July 02, 2026

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

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

2026 Drill Program. Resolution continues to de-risk its flagship Horse Heaven Antimony-Tungsten-Gold-Silver Project in Idaho. The company has completed 16 diamond drill holes totaling 4,470 meters at the Golden Gate South target, maintaining a rapid drilling rate while keeping geological logging and sample preparation current. With approximately one-third of the drilling campaign complete, Resolution is advancing Golden Gate toward its first mineral resource estimate, which is expected during the first quarter of 2027. Successful drilling could substantially de-risk the project and establish the foundation for future economic studies.

Defining Scale and Continuity. The program is designed to define the scale and continuity of gold mineralization along strike and at depth while also evaluating the extent of tungsten mineralization surrounding the historic Golden Gate Tungsten Mine and a large tungsten soil anomaly. The campaign builds on encouraging 2025 drilling results that intersected broad intervals of gold mineralization.

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

NN (NNBR) – A $75 Million PIPE

Posted on July 2, 2026July 2, 2026 by [email protected]

Thursday, July 02, 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.

A Raise. Yesterday, NN announced it entered into a securities purchase agreement for a private investment in public equity financing (“PIPE”) that is expected to result in gross proceeds of $75.0 million before deducting placement agent fees and offering expenses. The PIPE is expected to close on or about July 2, 2026. The raise should enable NN to restructure a significant part of its balance sheet, positioning the Company for accretive organic growth, in our view, and opening up the potential for accretive M&A.

Details. Pursuant to the terms of the securities purchase agreement, at the closing of the PIPE, NN will issue an aggregate of 24,509,804 shares of common stock at a price of $3.06 per share. As of April 27th, NN had 52.8 million common shares outstanding. The shares to be issued under the PIPE will increase the outstanding shares to 77.2 million, a substantial increase in outstanding shares.

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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).

NeuroSense Therapeutics Ltd. (NRSN) – Strong PrimeC Data Continues As Phase 2b PRAADIGM Study Meets Primary Endpoint In ALS With Reduction

Posted on July 2, 2026July 2, 2026 by [email protected]

Thursday, July 02, 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.

NeuroSense Reported Strong Phase 2b PARADIGM Data. Results of the Phase 2b PARDIDM study testing PrimeC in ALS met its primary endpoint of a statistically significant reduction in TDP-43 at six months. The reduction in neuron-derived TDP-43 in the treated group indicates that PrimeC affects an important mechanism of disease and the underlying cause of ALS. To our knowledge, this is the first clinical trial to show that a drug could reduce TDP-43 in people living with ALS.

Phase 2b PARADIGM Study Tested Functional and Biological Endpoints. The trial was a double-blind trial enrolling 68 patients with confirmed ALS. Patients were randomized 2:1 to receive either PrimeC or a placebo for 6 months. All patients then received PrimeC for the next 12 months (18 months total). The trial endpoints included TDP-43, safety, tolerability, and biomarkers of disease.

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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).

DLH Holdings (DLHC) – A Leadership Transition

Posted on July 2, 2026July 2, 2026 by [email protected]

Thursday, July 02, 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.

Leadership Transition. After a 16-year run as CEO, Zach Parker has retired as DLH’s President and CEO. The Board appointed CFO Kathryn JohnBull as the new President and CEO. Steve Oroho, Senior Vice President, Finance & Accounting, has been named as the new CFO. Mr. Parker will remain with the Company as an advisor to the Board and to Ms. JohnBull through the end of the current fiscal year. He will continue to serve as a member of the Board and, beginning in fiscal 2027, will serve as a consultant to the Company in support of certain strategic growth pursuits.

Kathryn JohnBull. Ms. JohnBull brings deep public-company leadership experience, financial discipline, and a thorough understanding of the government services market to her new role. She joined DLH as Chief Financial Officer in 2012, and has been central to the Company’s growth, acquisition strategy, capital markets activities, financial operations, and investor engagement. We view Ms. JohnBull’s appointment positively, as not only does it provide continuity, but her in-depth knowledge of the Company and its industry is a strong positive.

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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).

Private Payrolls Miss Expectations in June as Hiring Slows. Thursday’s Report Will Tell the Full Story

Posted on July 2, 2026July 2, 2026 by [email protected]

The US labor market showed signs of cooling Wednesday morning, and the timing could not be more consequential. Private employers added just 98,000 jobs in June according to ADP’s monthly payroll report, falling well short of the 120,000 economists had anticipated. The miss comes one day before the government’s official employment situation report, which is expected to show a gain of approximately 115,000 positions and is being released Thursday rather than Friday due to the July 4 holiday market closure.

After months of surprisingly strong job gains that helped keep the Federal Reserve locked in a hawkish posture, the June ADP number introduces a new variable into the rate conversation at precisely the moment investors needed clarity most.

What the Data Actually Shows

The 98,000 figure represents a meaningful deceleration from May’s revised 122,000 and an even sharper slowdown from the blowout 172,000 gain reported in the government’s May payroll data. ADP’s chief economist described the report as reflecting a labor market caught between two forces: workers are taking longer to find new positions, while certain industries are simultaneously running into labor supply constraints. The net effect is a slowdown in job creation that is neither a collapse nor a continuation of the strength that characterized the spring.

Other labor market indicators released this week paint a slightly more constructive picture. Layoff announcements fell in June, and job openings for May came in stronger than economists had predicted at 7.6 million. But hiring activity itself remained weak, reinforcing a pattern the Federal Reserve’s Beige Book described last month as a “low-hire, low-fire environment” in which companies are holding headcount steady rather than expanding.

Why Thursday Matters More

The ADP report is a useful directional signal, but the government’s nonfarm payrolls report is the data point the Fed actually uses in its policy deliberations. Thursday’s number will land less than two weeks after Fed Chair Kevin Warsh’s first FOMC meeting, where the committee dropped its easing bias and signaled through its dot plot that nine of 18 officials expect at least one rate hike before year-end.

A strong Thursday print would reinforce that hawkish posture and keep rate hike probabilities elevated. A miss particularly one that aligns with ADP’s softening signal — would complicate the committee’s case for tightening and could mark the first meaningful crack in the “higher-for-longer” narrative that has dominated rate expectations since March.

The Small Cap Implications

For companies in the sub-$2 billion market cap space, the difference between those two outcomes is material. Small and microcap companies carry disproportionately more variable-rate debt than their large cap counterparts, making them acutely sensitive to shifts in rate expectations. A labor market that is genuinely cooling gives the Fed room to hold rather than hike, which would be a direct and immediate benefit to smaller balance sheets that have been absorbing elevated borrowing costs all year.

At the same time, a slowing labor market carries its own risk for consumer-facing small caps. Fewer jobs means less consumer spending power, and the companies most exposed to discretionary spending: restaurants, specialty retail, travel, and leisure feel that pressure faster than most. The staffing and employment services sector, where several smaller publicly traded companies operate, is also a direct read on hiring trends.

Wednesday’s ADP report is a warning flare, not a verdict. Thursday morning’s number is the one that will actually move the Fed’s thinking, the bond market, and the cost of capital for every small company in America.

Release – Aurania Grants Stock Options Including Options in Lieu of Fees to Directors

Posted on July 1, 2026July 1, 2026 by [email protected]

Toronto, Ontario–(Newsfile Corp. – June 30, 2026) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) announces that its Board of Directors granted 3,260,000 stock options to directors, officers, and employees (the “Optionees”) pursuant to the terms and subject to the conditions of the Company’s Incentive Stock Option Plan.

The 3,260,000 stock options were granted to directors, officers, and employees on June 30, 2026, and have an exercise price of C$0.185. These options are exercisable for five years from the date of grant and the options shall vest in thirds on the date of grant and each of the first and second anniversaries of the dates of grant, always subject to the Optionee’s maintenance of continuous status as an employee, director, or officer of the Company.

In addition to the options noted above, certain Directors of the Company agreed to receive their quarterly director fees for the second quarter of 2026 in the form of stock options in lieu of cash. On June 30th, 2026, an aggregate of 94,500 stock options was granted to directors in lieu of their director fees for the second financial quarter of 2026. All such stock options will be exercisable at a price of C$0.185 for a period of three years from the date of grant and vested immediately upon grant. In the event a director intends to exercise such stock options, such director shall be solely responsible for paying the entirety of the exercise price.

About Aurania
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and critical energy in Europe and abroad.

Information on Aurania and technical reports are available at www.aurania.com and www.sedarplus.ca, as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.

For further information, please contact:

Carolyn Muir
VP Corporate Development & Investor Relations
Aurania Resources Ltd.
(416) 367-3200
[email protected]

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Release – Cadrenal Therapeutics Announces up to $8.8 Million Private Placement Priced At-The-Market Under Nasdaq Rules

Posted on July 1, 2026July 1, 2026 by [email protected]

PONTE VEDRA, Fla., June 30, 2026 (GLOBE NEWSWIRE) — Cadrenal Therapeutics, Inc. (Nasdaq: CVKD) (the “Company”), a biopharmaceutical company advancing late-stage novel therapies for life-threatening immune and thrombotic conditions, today announced that it has entered into a definitive agreement with a single healthcare-focused institutional investor for the issuance and sale of 960,000 shares of its common stock (or pre-funded warrants in lieu thereof), series C-1 warrants to purchase up to an aggregate of 960,000 shares of common stock and series C-2 warrants to purchase up to an aggregate of 960,000 shares of common stock, at a combined purchase price of $3.125 per share (or pre-funded warrant in lieu thereof) and accompanying warrants in a private placement priced at-the-market under Nasdaq rules.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The series C-1 warrants will have an exercise price of $3.00 per share, will be exercisable beginning on the effective date of stockholder approval of the issuance of the shares of common stock issuable upon exercise of the series C-1 warrants (the “Stockholder Approval Date”) and will expire five years after the later of (i) the Stockholder Approval Date and (ii) the effective date of a resale registration statement registering for resale all of the shares of common stock underlying the series C-1 warrants. The series C-2 warrants will have an exercise price of $3.00 per share, will be exercisable immediately upon issuance, and will expire twenty-four months after the effective date of a resale registration statement registering for resale all of the shares of common stock and the shares of common stock underlying the series C-2 warrants.

The aggregate gross proceeds to the Company from the offering are expected to be $3 million, before deducting placement agent fees and other offering expenses. The potential additional gross proceeds to the Company from the series C-1 warrants and the series C-2 warrants, if fully exercised on a cash basis, will be approximately $5.8 million. No assurance can be given that any of the warrants will be exercised, or that the Company will receive cash proceeds from the exercise of the warrants. The offering is expected to close on or about July 1, 2026, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the offering for working capital purposes.

The securities described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”) and Regulation D promulgated thereunder and, along with the shares of common stock underlying the warrants sold in the offering, have not been registered under the Act or applicable state securities laws. Accordingly, such securities may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (“SEC”) or an applicable exemption from such registration requirements. Pursuant to a registration rights agreement, the Company has agreed to file one or more registration statements with the SEC covering the resale of the unregistered securities to be issued in the offering.

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

About Cadrenal Therapeutics, Inc.

Cadrenal Therapeutics, Inc. is a late-stage biopharmaceutical company advancing novel therapies for life-threatening immune and thrombotic conditions. Its lead program, CAD-1005, is being investigated as a first-in-class 12-LOX inhibitor for heparin-induced thrombocytopenia (HIT), a deadly immune-mediated thrombotic disorder, and Cardiac Surgery-Associated Acute Kidney Injury (CSA-AKI). CAD-1005 has received Orphan Drug and Fast Track designations from the U.S. Food and Drug Administration and orphan drug status from the European Medicines Agency. Second-generation 12-LOX oral therapeutics are also in development for chronic indications.

The Company’s broader pipeline includes tecarfarin, a late-stage oral vitamin K antagonist designed to prevent heart attacks, strokes, and deaths from blood clots in patients requiring chronic anticoagulation, including those with end-stage kidney disease, those with left ventricular assist devices, and potentially, those with Kawasaki disease (KD), an acute self-limited febrile illness that primarily affects children <5 years old, and the leading cause of acquired heart disease in developed countries.

Safe Harbor

Any statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements include, without limitation, statements regarding the closing of the offering, the satisfaction of customary closing conditions related to the offering, the expected gross proceeds from the offering, the Company seeking stockholder approval, receipt of stockholder approval, the filing of one or more registration statements with the SEC covering the resale of the unregistered securities to be issued in the offering, the intended use of net proceeds from the offering, the potential exercise of the warrants for cash prior to their expiration and the Company’s receipt of potential proceeds therefrom, net proceeds anticipated to extend the Company’s cash runway into first quarter of 2027; and the Company’s cash runway anticipated to be extended into second half of 2027 to advance partnering opportunities for tecarfarin in Kawasaki Disease (potential rare pediatric disease designation) and CAD-1005 in CSA-AKI and HIT.

Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the ability to close the offering, the ability of the Company to obtain stockholder approval, the ability of the Company to advance partnering opportunities for tecarfarin in Kawasaki Disease (potential rare pediatric disease designation) and CAD-1005 in CSA-AKI and HIT; the ability to raise sufficient capital to continue progress of its product candidates; the ability to derive the results needed for an NDA submission; and the other risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and the Company’s subsequent filings with the Securities and Exchange Commission, including subsequent periodic reports on Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statements contained in this press release speak only as of the date hereof and, except as required by federal securities laws, the Company specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

For more information, visit https://www.cadrenal.com/ and connect with the Company on LinkedIn.

For more information, please contact:

Lytham Partners, LLC, Robert Blum, Managing Partner, 602-889-9700, [email protected]

Release – NN, Inc. Announces $75.0 Million Private Placement

Posted on July 1, 2026July 1, 2026 by [email protected]

CHARLOTTE, N.C., July 01, 2026 (GLOBE NEWSWIRE) — NN, Inc. (“NN” or the “Company”) (NASDAQ: NNBR), a global diversified industrial company that engineers and manufactures high-precision components and assemblies with six sigma quality, today announced that it has entered into a securities purchase agreement for a private investment in public equity financing (the “PIPE”) that is expected to result in gross proceeds of $75.0 million before deducting placement agent fees and offering expenses. The PIPE is expected to close on or about July 2, 2026, subject to the satisfaction of customary closing conditions.

Pursuant to the terms of the securities purchase agreement, at the closing of the PIPE, NN will issue an aggregate of 24,509,804 shares of common stock at a price of $3.06 per share.

The Company intends to use the net proceeds from the PIPE for working capital and general corporate purposes, which may include actions designed to optimize NN’s balance sheet.

Harold Bevis, President and CEO of NN, stated, “We are excited to bring new investors into the stock who are committed to our business plan. The capital from this offering also provides us flexibility to take actions to strengthen our balance sheet, which we believe will provide long-term benefits to our investors.”

Craig-Hallum Capital Group LLC acted as the sole placement agent for the PIPE. Cooley LLP served as counsel to NN for the PIPE and Faegre Drinker Biddle & Reath served as counsel to the placement agent.

The securities being issued and sold in the PIPE have not been registered under the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, these securities may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. Concurrently with the execution of the securities purchase agreement, NN and the investors named therein entered into a registration rights agreement pursuant to which NN has agreed to file a registration statement with the U.S. Securities and Exchange Commission (“SEC”) registering the resale of the shares of common stock.

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

About NN

NN, Inc., a global diversified industrial company, combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Charlotte, North Carolina, NN has facilities in North America, Europe, South America, and China. For more information about the Company and its products, please visit www.nninc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements regarding the timing and completion of the PIPE, the use of the net proceeds from the PIPE, including any potential actions designed to optimize the Company’s balance sheet and any potential long-term benefits to our investors of such actions, and other statements that are not historical facts. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “will,” “possible,” “potential,” “predict,” “project,” “achieve,” “growth,” “enable,” “improve,” or the negative of these terms, and similar words, phrases or expressions that convey uncertainty of future events or outcomes. Forward-looking statements involve a number of risks and uncertainties that are outside of management’s control and that may cause actual results to be materially different from such statements. Such factors include, among others, matters related to the completion of the PIPE and related transactions, including the need to satisfy the closing conditions therefor. The foregoing factors should not be construed as exhaustive and should be read in conjunction with the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s filings made with the SEC. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. The Company qualifies all forward-looking statements by these cautionary statements.

Investor Relations:
Joseph Caminiti
[email protected]
312-445-2870

Release – Snail Announces Reverse Stock Split to Support Effort to Regain Compliance with Nasdaq’s Minimum Bid Price

Posted on July 1, 2026July 1, 2026 by [email protected]

July 1, 2026 at 8:30 AM EDT

CULVER CITY, Calif., July 01, 2026 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, today announced that it will effect a 1-for-5 reverse stock split (the “Reverse Stock Split”) of its Class A Common Stock, par value $0.0001 per share (the “Class A Common Stock”) and Class B Common Stock, par value $0.0001 per share (the “Class B Common Stock” and together with the Class A Common Stock, the “Common Stock”). The Reverse Stock Split will become effective at 11:59 p.m. Eastern Time on July 2, 2026 (the “Effective Time”). The Company’s Class A Common Stock will continue to trade on the Nasdaq Capital Market (“Nasdaq”) under the symbol “SNAL” and will begin trading on a split-adjusted basis when the Nasdaq opens on July 6, 2026. The new CUSIP number for the Class A Common Stock following the Reverse Stock Split will be 83301J308.

On June 2, 2026, a written consent was delivered to the Company’s Board of Directors from the holders of 95% of the voting power of the Company’s issued and outstanding Common Stock (the “Majority Stockholders”), pursuant to which the Majority Stockholders approved an amendment (the “Amendment”) to the Company’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) to effect a reverse stock split with respect to the Common Stock at a ratio of 1-for-2 to 1-for-10, with the ratio within such range to be determined at the discretion of the Board of Directors. The Company’s Board of Directors subsequently approved the final ratio for the Reverse Stock Split of 1-for-5.

The Reverse Stock Split will proportionally reduce the number of outstanding shares of Common Stock from approximately 15,468,890 shares of Class A Common Stock and 28,748,580 shares of Class B Common Stock to approximately 3,093,778 shares of Class A Common Stock and 5,749,716 shares of Class B Common Stock. The ownership percentage of each stockholder will remain unchanged other than as a result of fractional shares. Proportional adjustments will be made to the number of shares of Common Stock issuable upon exercise of outstanding warrants or options, or the conversion of outstanding convertible notes, as well as to the applicable exercise or conversion price. There will be no change to the total number of authorized shares of Common Stock as set forth in the Certificate of Incorporation. Stockholders whose shares are held in brokerage accounts should direct any questions concerning the Reverse Stock Split to their broker. All stockholders of record may direct questions to the Company’s transfer agent, Equiniti Trust Company, LLC at 800-468-9716.

The Reverse Stock Split is intended to support the Company’s effort to regain compliance with the minimum bid price requirement for maintaining the listing of its Class A Common Stock on the Nasdaq Capital Market, and to make the bid price more attractive to a broader group of institutional and retail investors. The Nasdaq Capital Market requires, among other things, that a listed company’s common stock maintain a minimum bid price of at least $1.00 per share.

Any person who would otherwise be entitled to a fractional share of Common Stock as a result of the reclassification and combination following the Effective Time (after taking into account all fractional shares of Common Stock otherwise issuable to such holder) shall be entitled to receive a cash payment equal to the number of shares of the Common Stock held by such stockholder before the reverse split that would otherwise have been exchanged for such fractional share interest multiplied by the average closing sales price of the Common Stock as reported on the Nasdaq for the ten days preceding the Effective Time.

About Snail, Inc.

Snail, Inc. (Nasdaq: SNAL) 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. For more information, please visit: https://snail.com/

Forward-Looking Statements

This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding the Reverse Stock Split allowing the Company to regain compliance with Nasdaq’s minimum bid price requirement, enabling the Company to attract a broader universe of investors; and assumptions underlying any of the foregoing.

Further information on risks, uncertainties and other factors that could affect Snail’s financial results and business include Snail’s ability to strengthen its gaming portfolio’s visibility; Snail’s ability to expand and grow its franchise and increase its revenue; Snail’s ability to retain its key employees or maintain its Nasdaq listing; and the risks that are included in its filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its annual reports on Form 10-K and quarterly reports on Form 10-Q filed, or to be filed, with the SEC. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those expressed or implied in the forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on management’s beliefs and assumptions and on information currently available to Snail, and Snail does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

Investor Contact

John Yi and Steven Shinmachi
Gateway Group, Inc.
949-574-3860
[email protected]

Fed Chair Warsh’s Inflation Hard Line Puts Rate-Sensitive Investors on Notice

Posted on July 1, 2026July 1, 2026 by [email protected]

There was no ambiguity in Sintra, Portugal on Wednesday. Speaking at the European Central Bank’s annual forum on central banking, Federal Reserve Chair Kevin Warsh delivered a clear message to anyone hoping the Fed had quietly accepted a new normal: it has not. “If there were people who thought that this central bank was going to be comfortable with an inflation objective above 2%,” Warsh said, “I guess they’d be disappointed. We’re going to deliver price stability in the US.”

The comments came two weeks after Warsh’s first press conference as Fed chair, where he struck a markedly more hawkish tone than markets anticipated. Rates remain at 3.50% to 3.75%, but the Fed’s own projections now show officials expect headline inflation to reach 3.6% this year, up sharply from an earlier estimate of 2.7%. Core PCE, the Fed’s preferred inflation gauge, rose to 3.4% in May, its highest reading since October 2023.

Warsh Is Deliberately Withholding Forward Guidance

One of the more consequential shifts under Warsh is what he is choosing not to say. Traditional Fed communication has relied on forward guidance, the practice of telegraphing the likely direction of rates in advance. Warsh has signaled he wants to curtail that approach, and Wednesday’s appearance was consistent: asked about the July 28-29 FOMC meeting, he offered almost nothing beyond promising a “good debate” behind closed doors.

For markets conditioned to reading Fed signals, the absence of guidance is itself a message. Investors can no longer price in a clear rate path, which introduces uncertainty that has historically weighed on higher-volatility, higher-risk assets.

A Complicated Inflation Picture

The path to 2% runs through several crosscurrents. Oil prices fell after President Trump announced a tentative deal with Iran, but negotiations have stalled and both sides have resumed strikes, keeping energy price volatility alive. Meanwhile, AI-driven demand appears to be pushing core prices higher even as supply-side productivity gains remain a future promise rather than a current reality. When asked whether AI is ultimately inflationary, Warsh declined to draw a conclusion, noting only that the Fed will make that determination and act accordingly.

Warsh also pushed back on any suggestion that political pressure would influence policy. “We’ve been an independent central bank for a very long time,” he said. “We’re going to be an independent central bank at this moment.”

What This Means for Small and Microcap Investors

This matters more for small and microcap investors than for almost any other market segment. Companies under $2 billion in market cap carry a disproportionate share of floating rate debt and depend more heavily on external financing to fund growth. When the rate path tilts toward hikes rather than cuts, the cost of that capital rises quickly, and smaller balance sheets feel it first.

The Russell 2000’s record-setting first half of 2026 was built partly on expectations of rate relief that are now being recalibrated. With the July 29 decision approaching and core inflation running above 3%, investors in smaller companies should pay close attention to balance sheet composition. Companies with manageable debt loads and strong cash generation are best positioned to navigate a higher-for-longer environment. Warsh has made his priorities clear. The question now is how quickly inflation answers back.

Conduent (CNDT) – Completes Transportation Exit

Posted on July 1, 2026July 1, 2026 by [email protected]

Wednesday, July 01, 2026

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.

Tolling divestiture completes Transportation exit. Conduent announced the sale of its Tolling business to Quarterhill for $70 million, completing its previously announced exit from the Transportation segment and advancing management’s portfolio simplification strategy. The transaction is expected to close during the fourth quarter of 2026, subject to satisfaction or waiver of customary closing conditions.

Deal terms limit Conduent’s residual risk. Quarterhill will assume substantially all liabilities associated with the business, including surety bond obligations, while Conduent will retain a 7% equity stake in Quarterhill, providing potential upside participation.

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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).