Author: [email protected]

Release – Alliance Resource Partners, L.P. Expands Oil & Gas Royalties Platform With $206 Million Acquisition

Posted on by [email protected]

TULSA, Okla.–(BUSINESS WIRE)–Alliance Resource Partners, L.P. (NASDAQ: ARLP) (“ARLP” or the “Partnership”) today announced that it has entered into definitive agreements to acquire certain general partner and limited partner interests in AllDale Minerals III, LP and AllDale Minerals IV, LP (collectively, “AllDale III & IV”) for approximately $206.2 million, subject to customary closing price adjustments.

The transaction implies an aggregate gross valuation for AllDale III & IV of approximately $410.0 million. The general partner and limited partner interests being sold by the third-party selling interest holders are valued at approximately $306.2 million, with $206.2 million of the interests to be acquired by ARLP and $100.0 million of the interests to be acquired by related parties of Joseph W. Craft III, ARLP’s Chairman, President and Chief Executive Officer.

The difference between the $410.0 million aggregate gross valuation and the $306.2 million value of interests being acquired reflects existing interests already owned by ARLP and related parties of Mr. Craft.

Upon closing, ARLP’s aggregate economic interest across AllDale III & IV is expected to increase from approximately 5% to 61% and ARLP, through a wholly owned subsidiary, is expected to own 100% of the general partner interests of AllDale III & IV, that will be non-economic post-closing.

The agreements provide for an effective date of April 1, 2026, and the transaction is expected to close during July 2026, subject to customary closing conditions. Given the participation in the transaction by related parties of Mr. Craft, the terms of the transaction were approved by the conflicts committee of the Board of Directors of ARLP’s general partner, which is comprised entirely of independent directors.

AllDale III & IV Acquisition Highlights

  • AllDale III & IV hold approximately 48,500 net royalty acres (“NRAs”) across premier basins and resource plays including the Permian, Anadarko, Bakken, and Haynesville
  • The Permian represents approximately 7,300 of the NRAs and 52% of 1Q26 total royalty revenue
  • Average 1Q26 production of approximately 5,940 BOE per day in total and 3,665 BOE per day net to ARLP’s economic interests(1), consisting of 27% oil, 18% NGLs, and 55% natural gas
  • Approximately 67% of 1Q26 total royalty revenue was generated from oil
  • The acquisition further de-risks ARLP’s existing minerals portfolio via a gross core acreage expansion with limited overlap to ARLP’s existing royalty asset base
  • Meaningfully enhances ARLP’s northern Delaware, Anadarko, and Bakken positions, increasing trailing-twelve-month new wells placed on production by 59%, 78%, and 91%, respectively
  • Provides entry into the Haynesville, a key natural gas resource play supporting LNG export demand
  • Implied acquisition multiple on the general partner and limited partner interests being acquired by ARLP of approximately 5.0x projected next-twelve-month Adjusted EBITDA, based on commodity strip pricing as of June 5, 2026, and inclusive of existing AllDale III & IV hedges to be assumed at closing
  • Expected to be immediately accretive to ARLP’s free cash flow per unit, based on current assumptions
  • ARLP’s acquisition is expected to be funded through a combination of cash on hand, borrowings under ARLP’s revolving credit facility, and a new debt facility at Alliance Minerals, LLC, a wholly owned subsidiary of ARLP
  • Pro forma total leverage is expected to remain below 1.0x following the closing of the transaction

Pro Forma ARLP Oil & Gas Royalties Segment Highlights

Upon closing the transaction, ARLP is expected to have:

  • Control of approximately 115,680 NRAs, with over 44,770 NRAs in the Permian
  • Average 1Q26 production of approximately 17,295 BOE per day in total, and 14,285 BOE per day net to ARLP’s economic interests(1)
  • Exposure to 59 gross active rigs across the pro forma portfolio, including 47 gross active rigs on Permian acreage

(1) Net BOE per day attributable to ARLP’s economic interests represents ARLP’s acquired share of production after excluding noncontrolling interests.

Management Commentary

“This acquisition accelerates the continued growth of our Oil & Gas Royalties segment,” said Mr. Craft. “The AllDale III & IV portfolio adds scale and development upside across multiple U.S. basins, anchored by a meaningful Permian position. It also expands our natural gas footprint with entry into the Haynesville, a resource play well-positioned to benefit from long-term LNG export demand growth.”

Mr. Craft continued, “We believe this acquisition strengthens ARLP’s long-term royalty platform, broadens our exposure to high-quality operators and advances our long-term strategy of building a durable, cash-generating royalties business that complements our existing coal operations.”

Cary Marshall, Senior Vice President and Chief Financial Officer, added, “The participation by related parties of Mr. Craft is expected to enhance the capital efficiency of the transaction for ARLP. We expect this structure will generate attractive risk-adjusted returns, maintain pro forma leverage below 1.0x, and preserve liquidity for future growth opportunities.”

About Alliance Resource Partners, L.P.

ARLP is a diversified natural resource company that is currently the second largest coal producer in the eastern United States, supplying reliable, affordable energy domestically and internationally to major utilities, metallurgical and industrial users. ARLP also generates operating and royalty income from mineral interests it owns in strategic coal and oil & gas producing regions in the United States. In addition, ARLP is positioning itself as a reliable energy partner for the future by pursuing opportunities that support the growth and development of energy-related technologies and infrastructure.

News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission (“SEC”), are available at www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7673 or via e-mail at [email protected].

The statements and projections used throughout this release are based on current expectations. These statements and projections are forward-looking, and actual results may differ materially. These projections do not include the potential impact of any mergers, acquisitions or other business combinations that may occur after the date of this release. We have included more information below regarding business risks that could affect our results.

FORWARD-LOOKING STATEMENTS: With the exception of historical matters, any matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from projected results. Those forward-looking statements include expectations with respect to our future financial and operational performance, coal and oil & gas consumption and expected future prices, our ability to increase or maintain unitholder distributions in future quarters, business plans and potential growth with respect to our energy and infrastructure investments, optimizing cash flows, reducing operating and capital expenditures, infrastructure projects at our existing properties, growth in domestic electricity demand, preserving liquidity and maintaining financial flexibility, and our future repurchases of units. These risks to our ability to achieve these outcomes include, but are not limited to, the following: decline in the coal industry’s share of electricity generation, including as a result of environmental concerns related to coal mining and combustion, the cost and perceived benefits of other sources of electricity and fuels, such as oil & gas, nuclear energy, and renewable fuels and the retirement of coal-fired power plants in the U.S.; our ability to provide fuel for growth in domestic energy demand, should it materialize; changes in macroeconomic and market conditions and market volatility, and the impact of such changes and volatility on our financial position; changes in global economic and geo-political conditions or changes in industries in which our customers operate; changes in commodity prices, demand and availability which could affect our operating results and cash flows; impacts of geopolitical events, including the conflicts in Ukraine and in the Middle East; actions of the major oil-producing countries with respect to oil production volumes and prices and the direct and indirect impacts over the near and long term on oil & gas exploration and production operations at the properties in which we hold mineral interests; changes in competition in domestic and international coal markets and our ability to respond to such changes; potential shut-ins of production by the operators of the properties in which we hold oil & gas mineral interests due to low commodity prices or the lack of downstream demand or storage capacity; risks associated with the expansion of and investments into the infrastructure of our operations and properties, including the timing of such investments coming online; our ability to identify and complete acquisitions and to successfully integrate such acquisitions into our business and achieve the anticipated benefits therefrom; our ability to identify and invest in new energy and infrastructure ventures; the success of our development and growth plans for our wholly owned subsidiary, Matrix Design Group, LLC, and our investments in emerging and other infrastructure and technology companies; dependence on significant customer contracts, and failure of customers to renew existing contracts upon expiration; adjustments made in price, volume, or terms to existing coal supply agreements; the effects of and changes in trade, monetary and fiscal policies and laws, and the results of central bank policy actions including interest rates, bank failures, and associated liquidity risks; the effects of and changes in taxes or tariffs and other trade measures adopted or threatened by the United States and foreign governments, including the imposition of or increase in tariffs on steel and/or other raw materials; legislation, regulations, and court decisions and interpretations thereof, both domestic and foreign, including those relating to the environment and the release of greenhouse gases, such as state legislation seeking to impose liability on a wide range of energy companies under greenhouse gas “superfund” laws, mining, miner health and safety, hydraulic fracturing, and health care; deregulation of the electric utility industry or the effects of any adverse change in the coal industry, electric utility industry, or general economic conditions; investors’ and other stakeholders’ attention to sustainability matters; liquidity constraints, including those resulting from any future unavailability of financing; customer bankruptcies, cancellations or breaches to existing contracts, or other failures to perform; customer delays, failure to take coal under contracts or defaults in making payments; our productivity levels and margins earned on our coal sales; disruptions to oil & gas exploration and production operations at the properties in which we hold mineral interests; changes in equipment, raw material, service or labor costs or availability, including due to inflationary pressures or tariffs; changes in our ability to recruit, hire and maintain labor; our ability to maintain satisfactory relations with our employees; increases in labor costs, including increases in the costs of health insurance, adverse changes in work rules, or cash payments or projections associated with workers’ compensation claims; increases in transportation costs and risk of transportation delays or interruptions; operational interruptions due to geologic, permitting, labor, weather, supply chain shortage of equipment or mine supplies, or other factors; risks associated with major mine-related accidents, mine fires, mine floods or other interruptions; results of litigation, including claims not yet asserted; foreign currency fluctuations that could adversely affect the competitiveness of our coal abroad; difficulty maintaining our surety bonds for mine reclamation as well as workers’ compensation and black lung benefits; difficulty in making accurate assumptions and projections regarding post-mine reclamation as well as pension, black lung benefits, and other post-retirement benefit liabilities; uncertainties in estimating and replacing our coal mineral reserves and resources; uncertainties in estimating and replacing our oil & gas reserves; uncertainties in the amount of oil & gas production due to the level of drilling and completion activity by the operators of our oil & gas properties; the impact of current and potential changes to federal or state tax rules and regulations, including a loss or reduction of benefits from certain tax deductions and credits; difficulty obtaining commercial property insurance, and risks associated with our participation in the commercial insurance property program; evolving cybersecurity risks, such as those involving unauthorized access, denial-of-service attacks, malicious software, data privacy breaches by employees, insiders or others with authorized access, cyber or phishing attacks, ransomware, malware, social engineering, physical breaches, or other actions; and difficulty in making accurate assumptions and projections regarding future revenues and costs associated with equity investments in companies we do not control.

Additional information concerning these, and other factors can be found in ARLP’s public periodic filings with the SEC, including ARLP’s Annual Report on Form 10-K for the year ended December 31, 2025, filed on February 26, 2026, and ARLP’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed on May 8, 2026. Except as required by applicable securities laws, ARLP does not intend to update its forward-looking statements.

Contacts

Investor Relations Contact
Cary P. Marshall
Senior Vice President and Chief Financial Officer
918-295-7673
[email protected]

Release – Summit Midstream Secures Additional Double E Commitments and Extends Open Season Amid Strong Shipper Demand

Posted on by [email protected]

HOUSTON, June 8, 2026 /PRNewswire/ — Summit Midstream Corporation (NYSE: SMC) (“Summit,” “SMC” or the “Company”) today announced continued commercial execution across two of its key growth platforms, the Double E Pipeline in the Permian Basin and its crude oil gathering systems in the Williston Basin.

Highlights

  • Executed two new long-term firm transportation agreements totaling 150 MMcf/d, bringing total Double E open season commitments to 250 MMcf/d and total contracted capacity to approximately 1.9 Bcf/d
  • Extended Double E open season to June 30, 2026 given significant inbound interest; advanced discussions ongoing with multiple shippers in excess of available expansion capacity
  • Expect to FID Double E compression expansion by end of the summer; executed purchase order to secure turbine compressor units to maintain end of 2028 project in-service date
  • Executed a new crude gathering agreement in Divide County, North Dakota with more than 40,000-acre area of dedication; 15 new four-mile lateral well connects expected during fourth quarter 2026

Management Commentary

Heath Deneke, President, Chief Executive Officer and Chairman, commented, “We are very pleased with the progress we are making on obtaining commercial commitments to support the previously announced Double E Compression Expansion project and we remain on track to reach a project FID by the end of this summer. To date, we have executed 250 MMcf/d of long-term binding agreements during the open season with multiple Shippers. We have also entered into a firm option agreement to provide an additional 200 MMcf/d of capacity for a certain Shipper. Additionally, we continue to advance discussions with multiple Shippers, which collectively, have expressed interest well in excess of the 800 to 900 MMcf/d of expansion capacity. As a result, we have extended the open season through June 30 while we continue to work on securing additional binding commitments. The remaining available expansion capacity will be awarded on a first-come, first-served basis to Shippers that execute a binding precedent agreement.

“In the Williston, today’s announced commercial agreement is another example of Summit capturing growth as development activity in the basin continues to migrate towards our operating footprint in Williams and Divide Counties. With this additional long-term crude gathering agreement, we have now expanded our dedicated acreage footprint by more than 240,000 acres in just the past six months.”

Double E Pipeline — Compression Expansion Open Season Update

As part of the ongoing binding open season for Double E’s Compression Expansion project, we have now executed three long-term firm transportation agreements totaling 250 MMcf/d and we have entered into a firm option agreement for an additional 200 MMcf/d of capacity which may be executed by the Shipper this summer. Additionally, we have received an affirmative FID notice on a processing plant expansion from the Shipper on the previously announced 230 MMcf/d firm transportation agreement. With the 250 MMcf/d of new binding agreements entered into thus far during the open season and the affirmative FID on the previously announced 230 MMcf/d firm transportation agreement, Double E’s total contracted firm capacity has increased to approximately 1.9 Bcf/d.

As a result of the ongoing significant level of interest received from prospective Shippers, Double E has extended the binding open season through June 30, 2026. The Company believes the expansion capacity could ultimately be oversubscribed and is awarding available capacity to Shippers that execute binding precedent agreements on a first-come, first-served basis.

Double E’s Compression Expansion project would increase the pipeline’s capacity by approximately 50%, from approximately 1.6 Bcf/d to approximately 2.4 Bcf/d. The Company expects to reach a formal final investment decision by the end of summer 2026. In advance of the FID, Double E has recently executed a purchase order to acquire gas turbine compressors to secure the long lead time equipment necessary for the project and maintain the Company’s end of 2028 targeted in-service date. Additionally, Double E anticipates filing its 7c certificate application with the Federal Energy Regulatory Commission later this year.

Williston Basin — New Crude Oil Gathering Agreement

Summit has executed a new crude oil gathering agreement with a producer in Divide County, North Dakota. The agreement includes a 40,000-acre area of dedication contiguous to Summit’s existing Polar and Divide systems, and the Company expects to connect 15 four-mile lateral wells associated with the agreement by year-end 2026.

This agreement is similar in structure to the new crude oil gathering agreement Summit announced in its fourth quarter 2025 earnings results. Taken together, these agreements reflect increasing operator engagement in the northern and western portions of the Williston Basin, where Summit’s infrastructure is well positioned to service incremental development as activity migrates towards our operating footprint in Williams and Divide counties. Summit remains well positioned to continue to expand its customer base and contracted dedicated acreage position as operators continue to pursue 3- and 4-mile lateral development programs in these areas.

About Summit Midstream Corporation

SMC is a value-driven corporation focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in the continental United States. SMC provides natural gas, crude oil and produced water gathering, processing and transportation services pursuant to primarily long-term, fee-based agreements with customers and counterparties in five unconventional resource basins: (i) the Williston Basin, which includes the Bakken and Three Forks shale formations in North Dakota; (ii) the Denver-Julesburg Basin, which includes the Niobrara and Codell shale formations in Colorado and Wyoming; (iii) the Fort Worth Basin, which includes the Barnett Shale formation in Texas; (iv) the Arkoma Basin, which includes the Woodford and Caney shale formations in Oklahoma; and (v) the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado. SMC has an equity method investment in Double E Pipeline, LLC, which provides interstate natural gas transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas. SMC is headquartered in Houston, Texas.

Forward-Looking Statements

This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements and may contain the words “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will be,” “will continue,” “will likely result,” and similar expressions, or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), repurchases of the Company’s common stock, payment of dividends on any series of stock, ongoing business strategies and possible actions taken by SMC or its subsidiaries are also forward-looking statements. Forward-looking statements also contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management’s control) that may cause SMC’s actual results in future periods to differ materially from anticipated or projected results. An extensive list of specific material risks and uncertainties affecting SMC is contained in its 2025 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on March 16, 2026, as amended and updated from time to time. Any forward-looking statements in this press release are made as of the date of this press release and SMC undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/summit-midstream-secures-additional-double-e-commitments-and-extends-open-season-amid-strong-shipper-demand-302793484.html

SOURCE Summit Midstream Corporation

832-413-4770, [email protected]

Release – Eledon Announces Updated Data from Investigator-Initiated Islet Transplant Trial of Tegoprubart in Patients with Type 1 Diabetes (T1D) at UChicago Medicine

Posted on by [email protected]
Primary Logo

June 8, 2026

PDF Version

– All 12 patients in study (100%) achieved insulin independence, producing their own insulin and no longer requiring exogenous insulin therapy to manage their T1D

– All 12 patients also achieved an HbA1c below 6.5%, with a mean most recent HbA1c of approximately 5.4%, representing an approximately 2.6% average improvement in HbA1c from baseline

– No severe hypoglycemic episodes were reported post-transplant, compared with a history of recurrent severe hypoglycemic events prior to transplantation in all enrolled patients

IRVINE, Calif., June 08, 2026 (GLOBE NEWSWIRE) — Eledon Pharmaceuticals, Inc. (“Eledon”) (NASDAQ: ELDN) today announced updated results from an investigator-initiated trial evaluating tegoprubart, its investigational anti-CD40L antibody, as part of a calcineurin inhibitor-free immunosuppression regimen in patients with type 1 diabetes undergoing allogeneic islet cell transplantation at the University of Chicago Medicine Transplant Institute. The results were presented by trial investigator Piotr Witkowski, M.D., Ph.D., Director of the Pancreas and Islet Transplant Program at UChicago Medicine, at the American Diabetes Association 86th Scientific Sessions, taking place June 5-9, 2026, in New Orleans, Louisiana.

All patients treated in the study (n=12) showed rapid improvement in glycemic control following islet transplantation and treatment with tegoprubart, with stable islet graft function observed across the cohort over a median and maximum post-transplant follow-up period of 8 and 22 months, respectively. All 12 patients achieved insulin independence, meaning that they no longer needed chronic, exogenous insulin therapy to manage their T1D. Also, all patients demonstrated a most recent hemoglobin A1C (“HbA1c”) below the diabetic threshold of 6.5%, with a mean most recent HbA1c of approximately 5.4% across the cohort.

While all patients enrolled reported recurrent severe hypoglycemic events pre-transplant, no severe hypoglycemic episodes were reported following transplantation. Severe hypoglycemia is a serious complication of type 1 diabetes that may require emergency medical intervention and can cause loss of consciousness, seizures, injury, or death. Recurrent severe hypoglycemic episodes can significantly impact patients’ daily activities and quality of life.

Higher levels of post-transplant islet cell engraftment were observed with the tegoprubart-based immunosuppression regimen than in historical patients treated with a tacrolimus-based immunosuppression regimen at UChicago Medicine. There were no rejection episodes, and no patients developed de novo donor-specific HLA antibodies. Tegoprubart-based immunosuppression was generally well tolerated, with immunosuppression-related adverse events generally successfully treated by lowering the mycophenolic acid dose, if necessary. Additionally, no evidence of nephrotoxicity, hypertension or neurotoxicity, which are commonly associated with tacrolimus-based immunosuppression regimens, was observed. These findings further support the potential of CD40L blockade to enable effective islet graft protection while avoiding the toxicities of calcineurin inhibitors such as tacrolimus.

The investigator-initiated pilot study enrolled 12 adults with long-standing T1D undergoing allogeneic islet transplantation at UChicago Medicine with a median duration of diabetes of approximately 33 years and mean HbA1c of approximately 8.0% prior to transplantation. Participants received tegoprubart, as part of a calcineurin inhibitor-free immunosuppression regimen. Calcineurin inhibitors such as tacrolimus are commonly used to prevent transplant rejection but can be associated with kidney toxicity, hypertension, neurological side effects, and harm to insulin-producing islet cells, limiting their suitability for long-term use in patients with T1D receiving an islet cell transplant.

“T1D patients have been waiting decades for a potential functional cure, and it is exciting to see the progress being made in that direction through the emerging promise of tegoprubart,” said David-Alexandre C. Gros, M.D., Chief Executive Officer of Eledon. “For people who have difficulty managing T1D, a regimen that may protect an islet cell graft without the long-term burden associated with calcineurin inhibitors, the current standard of care, could be transformational. We are proud to support this important research effort led by Dr. Witkowski and the team at UChicago Medicine. We also look forward to working closely with the FDA towards our goal of receiving regulatory guidance on a path to market for tegoprubart in islet cell transplantation later this year.”

“Insulin independence without the burden of traditional immunosuppression has long been one of cell replacement therapy’s biggest goals,” said Aaron Kowalski, Ph.D., Chief Executive Officer of Breakthrough T1D. “Results like these show that this goal is becoming increasingly achievable. Breakthrough T1D is proud to fund this important study.”

This UChicago Medicine-initiated clinical trial is funded by Breakthrough T1D, with initial support from The Cure Alliance. Breakthrough T1D has also committed to fund a second study evaluating tegoprubart as part of a calcineurin inhibitor-free immunosuppression drug regimen to prevent islet transplant rejection in individuals with T1D and chronic kidney disease.

About Islet Transplantation for Type 1 Diabetes

Pancreatic islet transplantation is a minimally invasive procedure developed to provide blood glucose control for subjects with type 1 diabetes and minimize or eliminate dependence on insulin. During the procedure, pancreatic islets containing insulin-producing beta cells are isolated from the pancreas of a deceased organ donor and infused through a small catheter into the patient’s liver. The islet cells lodge in small blood vessels in the liver and release insulin. After the procedure, subjects remain on immunosuppression therapy to prevent transplant rejection.

About Eledon Pharmaceuticals and tegoprubart

Eledon Pharmaceuticals, Inc. is a clinical stage biotechnology company that is developing immune-modulating therapies for the management and treatment of life-threatening conditions. The Company’s lead investigational product is tegoprubart, an anti-CD40L antibody with high affinity for the CD40 Ligand, a well-validated biological target that has broad therapeutic potential. The central role of CD40L signaling in both adaptive and innate immune cell activation and function positions it as an attractive target for non-lymphocyte depleting, immunomodulatory therapeutic intervention. The Company is building upon a deep historical knowledge of anti-CD40 Ligand biology to conduct preclinical and clinical studies in kidney allograft transplantation, xenotransplantation, islet cell transplantation, liver allograft transplantation and amyotrophic lateral sclerosis (ALS). Eledon is headquartered in Irvine, California. For more information, please visit the Company’s website at www.eledon.com.

Follow Eledon Pharmaceuticals on social media: LinkedIn; X

Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. Any statements about the company’s planned clinical trials, the development of product candidates, expected or future results of tegoprubart trials and its ability to prevent rejection in connection with islet cell transplantation, as well as other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “estimates,” “intends,” “predicts,” “projects,” “targets,” “looks forward,” “could,” “may,” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently uncertain and are subject to numerous risks and uncertainties, including: risks relating to the safety and efficacy of our drug candidates; risks relating to clinical development timelines, including interactions with regulators and clinical sites, as well as patient enrollment; and risks relating to costs of clinical trials and the sufficiency of the company’s capital resources to fund planned clinical trials. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors. These risks and uncertainties, as well as other risks and uncertainties that could cause the company’s actual results to differ significantly from the forward-looking statements contained herein, are discussed in our quarterly 10-Q, annual 10-K, and other filings with the U.S. Securities and Exchange Commission, which can be found at www.sec.gov. Any forward-looking statements contained in this press release speak only as of the date hereof and not of any future date, and the company expressly disclaims any intent to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact:

Stephen Jasper
Gilmartin Group
(858) 525 2047
[email protected]

Media Contact:

Jenna Urban
CG Life
(212) 253 8881
[email protected]

Source: Eledon Pharmaceuticals

The Russell Reconstitution Enters Lock-Down Today. Here Is What Happens Next and Why It Matters

Posted on by [email protected]

If you have been following the small and microcap market closely over the past several weeks, today marks a significant checkpoint. Monday June 8 is the official “lock-down” date in the 2026 Russell US Indexes reconstitution schedule — the point at which preliminary membership changes are considered final and the market begins positioning in earnest for one of the highest trading volume events of the entire year.

The reconstitution itself happens after the close on Friday June 26. Markets open on Monday June 29 with the newly rebalanced indexes in effect. Between now and then, every dollar benchmarked to the Russell family of indexes — which collectively underpin trillions in passive investment products, ETFs, and institutional mandates — begins its systematic repositioning process.

What the 2026 Reconstitution Actually Shows

The preliminary data released by FTSE Russell on May 22 tells a specific story about where the US equity market stands after a year of significant movement. The total market capitalization of the Russell 3000 — the broad index tracking the largest 3,000 US-listed companies — rose 29% year over year to $75.6 trillion as of the April 30 rank day. That growth was driven primarily by continued mega-cap strength, with the ten largest companies in the index growing their combined market cap 47% to $26.4 trillion. But the preliminary data also confirms what we have been covering here throughout May and early June: small cap companies posted strong gains of their own, and market breadth is genuinely improving.

The migration numbers tell the story at the company level. Sixty-two companies are graduating from the Russell 2000 to the Russell 1000 — meaning they have grown large enough to cross into large cap territory. Of those, technology and industrials companies account for the largest share with 18 additions each, followed by healthcare with seven. At the same time, 237 companies are being added to the Russell 2000 this cycle, including 37 moving down from the Russell 1000 and a significant cohort of healthcare names — 87 in total — joining the small cap index.

Why Lock-Down Day Matters for Active Investors

The mechanics of reconstitution create predictable price dynamics that active investors in the small cap space have historically used to their advantage. Stocks confirmed to be added to the Russell 2000 or Russell 1000 attract forced buying from passive funds and ETFs that must replicate the index composition. Stocks being deleted face the opposite — forced selling by the same funds regardless of underlying fundamentals. Both effects tend to be most pronounced in the days immediately before and after reconstitution day itself.

June 26 consistently ranks among the highest single-day trading volume events of the year precisely because of the scale of simultaneous repositioning happening across the index. This year that dynamic is amplified by an additional layer of significance.

A Historic Change to the Reconstitution Process

2026 marks the first time since 1989 that FTSE Russell is running a semi-annual reconstitution schedule. Rather than one annual rebalance in June, the indexes will now be updated twice a year — with a second reconstitution scheduled after the close on Friday December 11, 2026. The shift is designed to more accurately capture the pace at which companies are moving across market cap segments in today’s environment and to reduce the distortive impact of concentrating all index-related trading into a single annual event.

For small and microcap investors, the semi-annual schedule has a direct implication: the window between when a company’s fundamentals change and when those changes are reflected in index composition is now meaningfully shorter. Companies growing rapidly into small cap territory, or contracting out of it, will be captured and repositioned faster than at any point in the past 37 years.

We have been covering the small cap outperformance story throughout May and into June — from the valuation discount that still exists relative to large caps, to the record microcap returns that most investors have not fully noticed. The Russell reconstitution on June 26 is the structural mechanism through which much of that market evolution gets formally recognized and institutionally repriced. Mark the date.

Star Equity Holdings, Inc. (STRR) – Noble Virtual Conference June 2026

Posted on by [email protected]


Monday, June 08, 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.

Noble Virtual Conference. Star Equity CEO Jeff Eberwein presented at the Noble Virtual Conference. Highlights included the GEE Group investment, efforts to monetize non-cash flowing assets, and future financial goals.  A rebroadcast is available at https://www.channelchek.com/videos/star-equity-holdings-strr-noble-capital-markets-virtual-conference-replay-june-2026.

GEE Group. Star remains very involved in GEE Group. Star already has proposed to acquire the firm, and last week Star issued a press release announcing a director nomination to GEE’s board and calling for GEE shareholders to vote to remove the existing GEE directors. Star’s nominee, Rick Coleman, is currently COO of Star and previously was CEO of staffing company Command Center, where he implemented policies that drove significant shareholder value creation.


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

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

SKYX Platforms (SKYX) – Noble Virtual Conference June 2026

Posted on by [email protected]


Monday, June 08, 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.

Noble Virtual Conference. SKYX Platforms CEO Leonard Sokolow presented at the Noble Virtual Conference. Highlights included regulatory efforts, new agreements, and product introductions.  A rebroadcast is available at https://www.channelchek.com/videos/skyx-platforms-skyx-noble-capital-markets-virtual-conference-replay-june-2026.

Regulatory. SKYX continues to pursue mandatory regulation for the ceiling outlet receptacle, or weight support ceiling receptacle, as classified by the National Electric Code. SKYX has some heavyweights behind the push here, and we would not be surprised to see some type of resolution in the near term. Although mandatory classification could be a game-changer for the Company, the demonstrable savings in installation time, ease of swap-outs, and harm reduction benefits of SKYX’s system are sufficient to drive results, in our opinion.


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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. 

ONE Group Hospitality (STKS) – Noble Virtual Conference June 2026

Posted on by [email protected]


Monday, June 08, 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.

Noble Virtual Conference. ONE Group Hospitality CEO Manny Hilario and CFO Nicole Thaung presented at the Noble Virtual Conference. Highlights included accelerating SSS, pursuing capital-efficient growth, and optimizing the portfolio.  A rebroadcast is available at https://www.channelchek.com/videos/the-one-group-hospitality-stks-noble-capital-markets-virtual-conference-replay-june-2026.

SSS. Improving Same Store Sales remains a key focus of management. In the first quarter of 2026, all brands saw sequential SSS growth, with STK reporting positive SSS and Benihana flat SSS. Even the Grill concepts have experienced a significant improvement in SSS over the past three quarters. ONE Group’s focus on providing value, the vibe experience, execution, and targeted marketing is paying dividends in a tough operating environment.


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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. 

Iran and Israel Exchanged Strikes Over the Weekend. Markets Are Climbing Anyway

Posted on by [email protected]

The Middle East ceasefire that had been pushing oil prices lower and lifting consumer-facing small caps out of a months-long margin squeeze took a significant blow over the weekend. Iran and Israel exchanged military strikes in a direct escalation that threatened to unravel the fragile framework that US and Gulf state diplomats had been carefully assembling since late May. Oil prices rose sharply on the news. The geopolitical risk premium that had been slowly draining out of the market snapped back in an instant.

And yet Monday morning, US equity markets are climbing. The Nasdaq is rebounding from Friday’s steep losses. The Russell 2000 is recovering alongside it. Investors looked at the weekend’s escalation and largely decided to keep buying.

The Pattern That Keeps Repeating

This is not the first time the market has absorbed a Middle East shock and moved higher. Throughout the Iran conflict that began February 28, equity markets have repeatedly demonstrated a capacity to digest geopolitical escalation faster than most historical precedents would suggest. Each time the news cycle generates a fresh crisis — strikes, drone exchanges, ceasefire collapses, renewed negotiations — the initial market reaction has been sharp and the recovery has followed within sessions rather than weeks.

The explanation is not that investors are ignoring the conflict. It is that the underlying economic data keeps coming in strong enough to compete with the geopolitical noise for the market’s attention. Last Friday’s May payroll report showed 172,000 jobs added against expectations of just 88,000 — nearly double the consensus estimate. Consumer spending data has held up. Corporate earnings, particularly in AI infrastructure and energy, have been robust. The domestic economy that small cap companies are most exposed to has continued to perform even as the broader geopolitical environment remains unsettled.

The Oil Variable

The weekend escalation immediately reversed some of the oil price relief that had been building since late May when a draft memorandum of understanding between the US and Iran first circulated. WTI crude, which had pulled back toward $90 on ceasefire optimism, moved higher Monday as the market repriced the probability of a near-term resolution. The Strait of Hormuz situation, which we have been tracking closely since the conflict began, remains the central variable. Any sustained closure or re-escalation of maritime disruption would send prices back toward the levels that were squeezing small cap consumer and logistics companies through most of April and May.

The Iran-Israel dimension adds a new layer of complexity to what had been framed primarily as a US-Iran negotiation. Israeli strikes on Iranian territory and Iranian retaliatory fire represent a direct bilateral military exchange that operates on a different diplomatic track than the economic negotiations brokered through Gulf intermediaries.

What Resilient Markets Are Telling Small Cap Investors

The market’s repeated ability to recover from geopolitical shocks carries a specific message for investors in the sub-$2 billion market cap space. Domestically focused small cap companies generate approximately 80% of their revenue inside the United States. Their fundamental performance is far more tied to the strength of the domestic labor market, consumer spending patterns, and the rate environment than to the outcome of overseas conflicts — unless those conflicts translate into sustained inflation through energy prices.

That is the key variable to watch. If the Iran-Israel escalation remains contained and does not materially disrupt oil flows through the Strait of Hormuz, the market’s Monday morning recovery is likely to hold. If it escalates into a broader regional event that pushes WTI back above $100 and reignites inflation expectations, the calculus for the Federal Reserve and for small cap borrowing costs changes quickly.

For now the market has made its read. The Russell 2000 is green on Monday morning despite a weekend of serious geopolitical news. That is a data point worth noting.

Broadcom’s 15% Single-Day Plunge Took $300 Billion Off the Table

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The semiconductor sector just recorded one of its worst sessions of 2026. Broadcom fell approximately 15% Thursday after reporting fiscal second quarter results that beat earnings estimates but failed to raise full-year guidance — a distinction that matters enormously when a stock has run more than 90% year to date. The selloff spread immediately across the chip space. Micron dropped more than 6%, Marvell fell 5%, AMD declined 6%, and ARM Holdings lost nearly 9%. The Philadelphia Semiconductor Index, which had climbed 92% in 2026 heading into this week, shed more than 5% in a single session — one of its largest single-day drops since early 2025.

By Friday morning losses were extending. The two-day chip sector rout has now erased hundreds of billions in large cap market value in what has become one of the most closely watched sector corrections of the year.

What Actually Happened With Broadcom

The Broadcom report was not a fundamental collapse. Revenue for the quarter came in at $22.19 billion, up 48% year over year, with adjusted earnings per share of $2.44 beating the consensus estimate of $2.40. AI chip revenue grew more than 200% year over year. The company maintained its long-term target of semiconductor revenue exceeding $100 billion next fiscal year.

What rattled investors was a combination of two things. First, Q3 AI chip revenue guidance of approximately $16 billion came in below market expectations of $17.2 billion. Second, management reiterated rather than raised its 2026 full-year guidance — a significant signal to a market that had been pricing in continuous upward revisions. Separately, Broadcom is beginning to lose market share in supplying custom AI chips to Alphabet, with its share of Google’s tensor processing unit business expected to decline meaningfully through 2028 as a Taiwan-based competitor gains ground.

The underlying business did not break. Market expectations simply caught up with where the stock was trading. That is a valuation story, not a demand story — and that distinction matters considerably for how investors should interpret what happened.

Why This Matters for Smaller Semiconductor Companies

The selloff at the large cap level does not reflect a change in the fundamental demand environment driving chip sector growth. The five largest hyperscalers — Amazon, Alphabet, Meta, Microsoft, and Oracle — are collectively projecting $725 billion in capital expenditures in 2026, up 77% from the prior year’s already record-breaking level. Total AI infrastructure spending is projected at $7.6 trillion between 2026 and 2031. That capital does not flow exclusively through the top five chip companies. It moves through hundreds of suppliers, component manufacturers, and technology providers operating at every layer of the AI hardware stack.

Specialty materials companies, advanced packaging providers, power management chip designers, optical component manufacturers, and printed circuit board makers all sit in the downstream path of hyperscaler capital expenditure. Many of those companies operate well below the $2 billion market cap threshold and have not experienced the same run-up in valuations that left Broadcom, Micron, and AMD exposed to a guidance disappointment.

The pattern playing out this week is one the semiconductor sector has seen before. Extended rallies in large cap names draw increasing analyst scrutiny and tighter expectations — and when any element of those expectations goes unmet, the correction is sharp and immediate. Smaller companies in the same supply chain, carrying lower valuations and more modest expectations, tend to absorb that volatility differently.

For investors in smaller semiconductor names, Thursday’s large cap selloff is worth examining as a reference point rather than a warning signal. The AI infrastructure buildout that created the demand environment these companies operate in did not change on Thursday evening. The stock prices of a handful of mega cap chip companies did.

May Payrolls Nearly Double Expectations at 172,000

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The US labor market delivered its strongest headline surprise of 2026 on Friday morning. The Bureau of Labor Statistics reported the economy added 172,000 jobs in May, nearly doubling the 88,000 that economists surveyed by Bloomberg had anticipated. The unemployment rate held steady at 4.3%. The report landed alongside upward revisions to prior months: April’s original 115,000 payroll figure was revised to 179,000, and March was adjusted to 214,000, marking the first monthly gain above 200,000 since early 2024.

On the surface, the numbers paint a picture of a labor market that has defied repeated predictions of deterioration. Beneath the surface, the report is more complicated.

May’s gains were notably broad-based rather than concentrated in the healthcare sector, which has been the primary engine of US job growth for the better part of two years. Leisure and hospitality led all sectors with 70,000 new positions, followed by local government at 55,000 and healthcare at approximately 35,000. Food services and drinking places contributed 48,000 of the leisure and hospitality total.

That sectoral breakdown matters for context. A Bank of America Institute analysis released this week found that while May payroll growth accelerated, much of the underlying strength appears to be concentrated in lower-income job categories. Average hourly earnings for food services workers, one of the month’s largest contributing sectors, stand at $21.86 according to government data. Across the full economy, average hourly earnings grew 3.4% year over year in May, a pace that continues to track below the current rate of consumer price inflation.

The Federal Reserve’s Beige Book, released Wednesday, reinforced this picture at the ground level. Eleven of the Fed’s 12 districts described a low-hire, low-fire environment, with workers increasingly reluctant to change jobs amid broader economic uncertainty. The report noted that hiring across most districts remained selective and primarily focused on critical roles or attrition replacement rather than expansion.

For investors tracking monetary policy, Friday’s report arrives at a sensitive moment. Federal Reserve Chair Kevin Warsh presides over his first FOMC meeting June 16-17, and a labor market printing nearly double expectations gives the committee additional justification to hold rates steady. Markets had already priced in more than an 80% probability of a June hold heading into this week. A 172,000 payroll print is unlikely to change that calculus and may further push rate cut expectations into 2027.

The jobs report delivers a split verdict for the sub-$2 billion market cap space. The 70,000 jobs added in leisure and hospitality represent real incremental consumer activity that flows directly through to small cap restaurant operators, regional hospitality companies, and travel-adjacent businesses that have been managing through an uneven demand environment. More workers employed in discretionary spending sectors is a near-term tailwind for these names.

The counterweight is the Fed. A stronger-than-expected labor market that keeps the central bank on hold extends the timeline for the rate relief that smaller, variable-rate borrowers have been waiting on. Until wage growth catches up with inflation and gives the Fed room to ease, the rate environment for small cap balance sheets remains a structural headwind regardless of how many jobs the economy adds each month.

V2X (VVX) – Lowering Cost of Capital; More Flexibility

Posted on by [email protected]


Thursday, June 04, 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.

Term Loan Repricing. V2X successfully repriced its approximately $869 million First Lien Term Loan. The repricing improves the applicable interest rate to SOFR plus an applicable margin of 2.0%, with an additional 25 basis-point reduction upon achieving specific corporate credit ratings of Ba3 (stable outlook) from Moody’s and BB (stable outlook) from S&P. The repricing also reduced the SOFR floor from 0.75% to 0.00%.

Implications. The transaction immediately lowers the Company’s borrowing costs and positions V2X to realize interest savings as the Company’s financial profile continues to strengthen. While the actual amount of interest savings will depend on SOFR rates, the transaction enhances the Company’s cost of capital and increases value for shareholders, in our view. With the closing, V2X has now successfully repriced its First Lien Term Loan four times since October 2023, highlighting the ongoing improvement in the Company’s financial profile, as well as the increased opportunity set, in our opinion.


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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).

*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. 

Kelly Services (KELYA) – Are the Shoots Getting Greener?

Posted on by [email protected]


Thursday, June 04, 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.

Labor Market Sustained Momentum? U.S. private employers added 122,000 jobs in May, according to ADP, exceeding the 120,000 consensus estimate and up from April’s 105,000 revised number. ADP noted, “The labor market continues to show sustained momentum going into the summer hiring season.” While still early, these improving green shoots provide encouragement for the second half improvement in Kelly’s business, in our view.

Broad-Based. ADP noted the hiring was more broad-based in May than in the last few years, with eight of the ten supersectors ADP tracks posting positive momentum. Gains were led by the education and health care sectors.


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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. 

Release – Cocrystal Pharma Appoints James Sapirstein, Biopharma Industry Leader with Extensive Antiviral Development Experience, as Chief Executive Officer

Posted on by [email protected]

June 03, 2026

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BOTHELL, Wash., June 03, 2026 (GLOBE NEWSWIRE) — Cocrystal Pharma Inc. (Nasdaq: COCP) (“Cocrystal” or the “Company”), a clinical-stage biotechnology company developing novel therapeutics to meet the growing need for effective, safe antiviral treatments, has appointed James Sapirstein Chief Executive Officer, effective immediately. The Company also plans to appoint Mr. Sapirstein as a member of the Board of Directors. He has extensive pharmaceutical industry leadership and development experience. Mr. Sapirstein replaces Sam Lee and Jim Martin, who served as Co-Chief Executive Officers. Sam Lee will continue as President and transition to Chief Scientific Officer, and Jim Martin will continue as Chief Financial Officer.

“James brings the right experience in the biopharma business as we’re accelerating the advancement of multiple clinical programs,” said Roger Kornberg, Ph.D., Chairman of Cocrystal Pharma. “We have known him for many years, and our management team and board are appreciative of his decision to join us as Chief Executive Officer.”

Mr. Sapirstein commented, “Cocrystal’s pipeline comprises transformative antivirals developed using its structure based drug discovery platform. We are well positioned with the right technology and team to create meaningful benefits for patients as well as our shareholders. The potential to address the need for new antivirals is highly motivating for me with my product development and launch background.”

Mr. Sapirstein has participated in or led 23 product launches. He has also driven numerous business development transactions. Mr. Sapirstein was Chief Executive Officer of Contravir Pharmaceuticals, served as the founding Chief Executive Officer of Tobira Therapeutics, and as Executive Vice President, Metabolic and Endocrinology, for Serono Laboratories.

Earlier in his career, he held senior marketing and commercialization positions, at Gilead Sciences and director of international marketing of the infectious disease division at Bristol Myers Squibb.

Mr. Sapirstein is a member of several industry boards and previously served as Chairman of BioNJ as well as Biotechnology Innovation Organization board member for more than a decade. He is also a founding member of the board of advisors of the Miami Biotech Collective.

About Cocrystal Pharma’s Structure-Based Drug Discovery Platform

Cocrystal Pharma is leveraging its structure based drug discovery platform technology to design next generation antiviral candidates that precisely target viral replication mechanisms. By binding to highly conserved regions of viral enzymes, the Company’s compounds aim to maintain potency against mutating strains while minimizing off target effects, offering potentially safer, broad spectrum antiviral solutions. This approach streamlines candidate identification and optimization, enabling more rapid progression of promising therapies with robust resistance and safety profiles.

The Company’s platform provides a three dimensional structure of inhibitor complexes at near-atomic resolution, providing immediate insight to guide Structure Activity Relationships. This helps identify novel binding sites and enables a rapid turnaround of structural information through highly automated X-ray data processing and refinement. This technology permits the development of novel broad spectrum antivirals.

About Cocrystal Pharma

Cocrystal Pharma Inc. is a clinical stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication process of noroviruses, influenza viruses, coronaviruses (including SARS-CoV-2), and hepatitis C viruses. Cocrystal employs unique structure based technologies to create viable antiviral drugs. For more information, visit www.cocrystalpharma.com.