Vimeo (NASDAQ: VMEO) has entered into a definitive agreement to be acquired by Bending Spoons in an all-cash transaction valued at approximately $1.38 billion. Under the terms of the deal, Vimeo shareholders will receive $7.85 per share, a price that reflects a 91% premium over the company’s 60-day volume-weighted average stock price as of September 9, 2025.
The decision to sell follows a comprehensive review of strategic options by Vimeo’s board. The agreement positions Vimeo to accelerate its long-term goals while providing shareholders with immediate and certain value. Once the deal is finalized, Vimeo will become a privately held company, and its stock will no longer be traded on public exchanges.
For Vimeo, the acquisition represents both a fresh chapter and a return to its roots. As a public company, it faced increasing pressure to balance growth initiatives with short-term financial expectations. Transitioning to private ownership under Bending Spoons is expected to provide greater flexibility to invest in innovation across self-serve tools, enterprise services, and streaming solutions. The company is also expected to expand its portfolio of AI-enabled features, reflecting the growing role of artificial intelligence in video production, editing, and distribution.
Bending Spoons, headquartered in Milan, has built a reputation for acquiring and scaling digital platforms with global reach. Its portfolio already includes well-known names such as Evernote, WeTransfer, Brightcove, Meetup, and Remini. By adding Vimeo, the company is signaling a strong commitment to video as a cornerstone of digital business. The firm has stated its intention to make significant investments in Vimeo’s operations, particularly in the U.S. and other priority markets, to enhance performance, reliability, and user experience.
The timing of the deal also reflects the rising strategic importance of video platforms. Businesses, creators, and enterprises increasingly rely on video for communication, marketing, and engagement. With demand for professional-grade video tools surging, Vimeo’s integration into the Bending Spoons ecosystem could help it compete more effectively with rivals while scaling globally.
From an investor standpoint, the acquisition delivers a substantial return at a time when Vimeo’s share price had struggled to reflect its long-term potential. The 91% premium on the stock’s recent trading average underscores the confidence Bending Spoons has in Vimeo’s future growth and the value of its established brand and customer base.
The transaction, unanimously approved by Vimeo’s board, is expected to close in the fourth quarter of 2025, pending shareholder approval and regulatory clearance. In the meantime, Vimeo will continue to meet its reporting obligations but will not host a third-quarter earnings call as it transitions toward private ownership.
By aligning with Bending Spoons, Vimeo is expected to gain the resources and strategic support needed to expand its role in the rapidly evolving video market. As global demand for high-quality, AI-driven video solutions continues to rise, this acquisition positions Vimeo for renewed growth and relevance in a highly competitive digital landscape.
Gold is having a remarkable year, climbing 39% year-to-date and setting records as investors increasingly seek safety outside of traditional markets. While the surge has sparked comparisons to past market dislocations, this rally is shaped by a unique combination of monetary policy shifts, debt concerns, and political uncertainty.
At the center of the story is the Federal Reserve. After holding rates at restrictive levels for longer than many expected, the Fed has pivoted toward easing. Markets are now pricing in further rate cuts as inflation cools but economic momentum slows. Lower borrowing costs typically reduce the opportunity cost of holding non-yielding assets like gold, fueling demand. But interest rates alone don’t explain the intensity of this rally.
A bigger factor is the growing anxiety around government debt. The United States, along with Germany, France, and the UK, is facing ballooning debt-to-GDP ratios. Once considered the safest of all havens, government bonds are losing their luster. Investors are increasingly asking: if sovereign debt is no longer risk-free, where should capital be parked? For many, the answer is gold. Unlike paper assets, gold cannot be debased by policy or politics. That reallocation of assets—away from Treasuries and into bullion—is one of the key drivers of today’s market.
Politics has only added fuel. Former President Trump’s legal battle over tariffs, which is now under review by the Supreme Court, could have major consequences. If the Court rejects the tariffs, the U.S. may be forced to refund billions of dollars to trading partners. Such a ruling would undermine the tariff regime entirely, creating both a short-term hit to government finances and long-term uncertainty over trade policy. International companies benefiting from freer trade might welcome the decision, but for the U.S. it could add to fiscal pressures and accelerate debt growth. That prospect strengthens the case for gold as a hedge against political and fiscal instability.
Investors also see echoes of history. In October 1987, during the dot-com bust, and again in the 2008 financial crisis, gold proved resilient when other assets collapsed. Those moments are often described as “black swan” events—rare and unpredictable shocks that reshape markets. Today’s surge suggests investors are bracing for another unforeseen disruption. What’s different this time is that the flight to gold isn’t just a reaction to crisis—it’s happening preemptively, driven by structural concerns over debt, politics, and the durability of fiat money.
The result is an unprecedented rush. For the first time, gold is not just a defensive asset but a proactive store of value that investors are chasing in anticipation of turbulence ahead. With rates heading lower, fiscal balances worsening, and political battles creating new risks, gold has emerged as the one constant—an asset that transcends borders, politics, and policy.
Whether this marks the beginning of a new golden era or simply another speculative peak remains to be seen. But one thing is clear: gold’s role in global markets is being redefined, not as a hedge of last resort, but as a safe haven of first choice.
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.
Gyre Has Made Strong YTD Progress. Gyre has made significant progress during the first three quarters of FY2025 that we believe positions the company for a strong year-end. These developments include continued sales growth from two products introduced in 1H25, an application for Hydronidone approval in China, and the start of a Phase 2 clinical trial for Hydronidone in the US. The company also announced the appointment of Dr. Han Ying as the new CEO, a member of the Board of Directors since January 2025.
Hydronidone Data Showed Efficacy and Proof of Concept. The pivotal Phase 3 trial testing Hydronidone in Chronic Hepatitis B-associated fibrosis has met its primary endpoint of fibrosis regression. The study was conducted in China, and an application for approval by the NMPA (the Chinese regulatory authority) is planned for 3Q2025. Hydronidone has received Breakthrough Therapy Designation, allowing for accelerated review. We expect approval in 2H2026, followed by launch in FY2027.
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The U.S. labor market just got a reality check — and it’s a sobering one. A government revision revealed that the economy employed 911,000 fewer people as of March 2025 than initially reported, exposing a far weaker job market than policymakers and the public had believed. The new data, released by the Bureau of Labor Statistics (BLS), shows the slowdown began months before the summer headlines of weakening payrolls and rising unemployment.
The revision, covering the 12 months between March 2024 and March 2025, slashes average monthly job gains from an already modest 147,000 to just 71,000. For context, that’s less than half the pace originally reported and a figure that suggests the labor market was cooling long before the recent downturn. Economists had anticipated downward revisions, but the scale was startling — many expected about 700,000 fewer jobs, while the actual figure exceeded even the most pessimistic forecasts.
Industries that once looked like pillars of resilience proved more fragile under scrutiny. Leisure and hospitality was revised down by 176,000 jobs, erasing gains that had been touted as proof of post-pandemic recovery strength. Professional and business services followed with a downward revision of 158,000 jobs, signaling weakness in white-collar employment as well. Overall, the private sector absorbed the brunt, losing 880,000 jobs in the revision, while government payrolls were adjusted down by 31,000.
These annual revisions are routine, as the BLS incorporates more accurate data like unemployment insurance filings. But the magnitude of recent adjustments has been unusually large, feeding political tensions and raising questions about the reliability of initial reporting. Last year’s revision cut 818,000 jobs, landing right in the middle of the presidential campaign and fueling criticism from then-candidate Donald Trump.
Now, President Trump is in office and once again pointing to the BLS, accusing it of producing “phony” numbers. He has already dismissed the agency’s former commissioner and nominated E.J. Antoni, a vocal critic from the Heritage Foundation, to lead the bureau. Antoni’s confirmation battle will likely intensify after this revision, as the administration pushes for overhauls in how labor data is collected and reported.
Beyond politics, the numbers matter for the Federal Reserve, which is under pressure to respond to slowing job growth and signs of economic fragility. Trump and his allies argue Fed Chair Jerome Powell has been “too late” in cutting rates, claiming the central bank clung too rigidly to its 2% inflation target at the expense of growth. The White House could now use these revisions as further evidence to press its case.
For millions of Americans, though, the revisions underscore a more personal reality. A job market once presented as resilient is now revealed to have been much shakier. With fewer jobs than thought, weaker household income growth, and rising uncertainty, the labor market is entering a precarious phase. The debate in Washington may revolve around statistics, but the impact is being felt in homes and businesses across the country.
In our previous article, we explored the strategic imperative behind European healthcare and life sciences (HCLS) companies and investors targeting the U.S. middle market. We highlighted the compelling valuations and the U.S.’s enduring role as a global growth and innovation engine. This time, we turn to the “WHAT” and “HOW”—the concrete strategic opportunities that await European acquirers in the dynamic U.S. HCLS landscape. Join us as we delve into the specific avenues through which European firms can unlock substantial value, from accessing the world’s deepest HCLS market to leveraging its unparalleled innovation ecosystems and diverse patient populations.
Accessing the World’s Deepest Market & Robust Growth
The sheer scale of the U.S. HCLS market remains a potent magnet for international capital. Representing over 40% of total global health spending and nearly 50% of global biopharma sales, the U.S. presents an immense operational footprint and growth trajectory rarely matched. For European companies, an acquisition here is more than just an expansion; it’s an immediate leap into the largest, most commercially mature healthcare arena. This article explores the specific, high-value opportunities that may result from European HCLS companies developing the US presence and how they can drive value going forward.
Despite some fluctuations in utilization rates, segments like Medicare Advantage continue to demonstrate robust growth, projected to expand by 5% annually through 2028. This provides a stable, expanding patient base for acquired entities, offering clear pathways for revenue generation and market penetration.
Tap into Dominant Biotech & Biopharma Innovation
The U.S. stands as the undeniable epicenter of biotech and biopharma innovation. Its vibrant ecosystems—think Boston/Cambridge, the San Francisco Bay Area, and the Research Triangle—are veritable hotbeds for pioneering clinical research, robust academic partnerships, and dynamic venture-backed startups. The biotech market alone is projected to grow from $1.74 trillion in 2025 to over $5 trillion by 2034, underscoring its explosive potential.
European acquirers can directly plug into these advanced networks, gaining access to cutting-edge R&D, intellectual property, and a pipeline of groundbreaking therapies. U.S.-based biopharmaceutical companies contribute 55% of global R&D investment, leading advancements in gene editing, mRNA vaccines, and precision medicine. Acquisitions provide a fast-track to these innovations, complementing Europe’s own scientific strengths. Budget related changes to government funding of HCLS research, will only increase the demand for private capital and keep downward pressure on valuations for earlier stage companies in the short term.
Leverage Advanced Digital & AI Integration
The rapid adoption of digital health technologies and artificial intelligence (AI) across the U.S. healthcare system presents another transformative opportunity. The global AI healthcare market is forecast to reach $110.61 billion by 2030, with North America holding the largest share and a high growth rate of 38.6% CAGR from 2025. This momentum translates into practical applications that European companies can acquire.
Over two-thirds of U.S. physicians utilized health AI in 2024, and 79% of healthcare organizations are actively integrating AI into their operations. This widespread adoption, from workflow optimization to predictive analytics and advanced diagnostics (with over 340 FDA-approved AI tools by 2025), offers European buyers a chance to acquire sophisticated digital capabilities, accelerating their own technological evolution and improving efficiency.
Access to Diverse Patient Populations for Clinical Advantage
The United States, with its highly diverse population, serves as an invaluable asset for clinical research and real-world data (RWD) generation. Acquiring a U.S. entity provides immediate access to a broad and varied patient base, crucial for conducting comprehensive clinical trials that reflect real world demographic variations. This diversity is vital for ensuring the safety and efficacy of new treatments across different genetic backgrounds, ages, and ethnicities.
Beyond traditional trials, the U.S. market’s extensive data infrastructure and growing emphasis on RWD allow for more robust post-market surveillance and the development of personalized medicine approaches. European firms can leverage this to refine therapies, expand indications, and accelerate market access.
Gaining A Foothold in a Mature, High-Value Commercial Landscape
An acquisition in the U.S. offers European HCLS companies more than just innovation; it provides immediate entry into a mature, high-value commercial landscape. This includes established distribution networks, robust sales infrastructures, and direct access to a complex yet lucrative multi-payer reimbursement system. While navigating the distinct U.S. market access landscape can be challenging compared to European models, a well-executed acquisition provides a foundational platform from which to optimize commercial strategies and capture significant revenue streams. FDA has served as a quasi-Global Benchmark. U.S. FDA approvals often set the standard for global market entry. Acquisitions and licensing U.S. assets can streamline regulatory pathways in other regions and offer faster times to market utilizing the FDA’s relatively agile regulatory frameworks (e.g., accelerated approval, breakthrough therapy designation).
This integration allows European acquirers to bypass years of organic market development, capitalizing on existing brand recognition, patient relationships, and regulatory approvals. U.S. biotech attracts over 60% of global biotech VC funding, providing acquired firms with greater access to follow-on capital. The U.S. has a mature biotech capital market and companies are acquisition-ready or near IPO-stage, offering clear exit strategies. Companies with US based assets advancing under the FFDA regulatory process are more likely to obtain access to US based biotech VC funding. US VC’s may have a propensity to rely on FDA standards as a benchmark for clinical success globally and access to a robust US commercial market.
Connecting Opportunities: How These Elements Combine for European Buyers
The strategic opportunities in U.S. HCLS are synergistic. For instance, a European biopharma firm might acquire a U.S. biotech startup not only for its innovative pipeline but also for its access to a major U.S. innovation cluster, a diverse patient cohort for future trials, and an existing network for commercialization. This “string-of-pearls” approach—acquiring smaller, specialized companies to build a larger presence—has been a major driver of several recent major deals involving targeted acquisitions that fill specific capability gaps and accelerate growth.
Recent examples, such as Denmark’s Novo Holdings acquiring U.S. CDMO giant Catalent and Swiss Alcon’s acquisition of U.S. medtech firm Lensar, underscore this trend. These deals provide examples of European companies strategically investing in the US to gain manufacturing capabilities, innovative product lines, and direct market access.
Conclusion
The U.S. HCLS market presents unparalleled strategic opportunities for European companies and investors. Beyond the attractive valuations discussed in Article 1, the ability to directly access its vast market scale, dominant innovation ecosystems, advanced digital integration, and diverse patient populations offers a compelling “WHAT” for transatlantic M&A. This is not merely about expansion but about transformative growth and competitive advantage.
In our next article, we will delve into the “HOW” of successful transatlantic M&A, focusing on the critical talent edge and operational synergies necessary for seamless integration and long-term value creation.
About the Authors:
Nathan Caliis a Managing Partner atNoble Capital Marketswith more than 18 years of Capital Markets experience. He has been a lead Managing Director/Head of the Healthcare and Life Sciences Investment Banking and Advisory franchise at NOBLE since 2017 and was previously a sell-side equity analyst for 9 years. Nathan is a Board Member of Precise Bio, a tissue engineering, biomaterials, and cell technologies company, including cardiology, orthopedics, and dermatology. He was previously a board observer of Eledon Pharmaceuticals (ELDN:NASDAQ, f.k.n.a. Anelixis Therapeutics, Inc.), a phase II biotechnology company. Prior to joining NOBLE, Nathan gained investment experience as a portfolio account analyst/manager at Franklin Templeton Investments. Nathan also currently holds series 7, 79, 86, and 87 FINRA designations.
Hinesh Patel, MCMI ChMCis a Partner in CNM LLP’sLos Angeles Office with over 20 years of experience in accounting. He leads and oversees the firm’s Accounting and Transaction Advisory practice. He brings a vast knowledge of US GAAP, technical accounting, and International Financial Reporting Standards (IFRS) reporting requirements to his role at CNM. Hinesh primarily focuses on technical accounting, IPO readiness, SEC reporting, and mergers and acquisitions. Prior to joining CNM, Hinesh worked as a Senior Manager at Deloitte with a primary focus in the technology, manufacturing, consumer business and entertainment industries for both public and private companies. He has assisted various companies through the IPO process and advised on a range of accounting services including technical accounting, financial reporting, and new business processes requirements.
Matthew (Matt) Podowitzis the founder and Principal Consultant ofPathfinder Advisors LLC, bringing experience on 400+ global M&A engagements to his clients. He specializes in the critical operational and technology aspects of M&A transactions, providing due diligence, carve-out, integration, and value creation services. Known for practical, actionable advice derived from extensive hands-on experience with healthcare and life sciences transactions, Matt helps companies, investment banks, and private equity firms navigate complex cross-border HCLS M&A through every step of the transaction lifecycle. Leveraging his perspective as a dual US/EU citizen, he provides seamless support for transactions in both markets. His background includes leadership roles at firms like Ernst & Young, Grant Thornton, and CFGI.
Chris Raphaelyis the Co-Chair ofCozen O’Connor’sHealth Care & Life Sciences Practice where he provides sophisticated transactional and regulatory counsel to an array of health care providers and investors in the health care industry. His practice focuses on mergers, acquisitions, and divestiture transactions for health care clients and the comprehensive regulatory schemes requisite to doing business in the health care space. Chris routinely handles matters involving payer negotiations, payment disputes and contract enforcement, accountable care organizations, management services organization, clinically integrated networks, value based payment arrangements, pharmacy benefit management and third party administrator contracts for self-insured employers, digital health, organizational and governance structures, HIPAA, information privacy and security, tax exemption, Stark Law, fraud and abuse matters, clinical integration, medical staff relations, facility and professional licensing, Pennsylvania’s Medical Marijuana Act, and general compliance. Prior to joining the firm, Chris served as the deputy general counsel to Jefferson Health System and general counsel to the system’s accountable care organization and captive professional liability insurance companies.
Nebius Group’s stock price skyrocketed this week after the Amsterdam-based artificial intelligence infrastructure firm announced a multi-year partnership with Microsoft worth up to $19.4 billion. The deal highlights the surging demand for GPU-powered cloud computing capacity and underscores the critical role infrastructure providers play in supporting the global AI boom.
Shares of Nebius, which was spun out of Russian internet company Yandex in 2023, surged more than 40% on Tuesday following the announcement. The rally came on top of a 60% spike in extended trading Monday, marking one of the steepest short-term gains for an AI-related stock in 2025. Under the agreement, Nebius will supply Microsoft with graphics processing units (GPUs) and computing power valued at $17.4 billion through 2031. Microsoft may also secure additional capacity, potentially bringing the total value of the contract to $19.4 billion.
The Nebius-Microsoft deal instantly positions the European company as a top-tier supplier of AI cloud infrastructure. GPUs are essential for training and scaling large language models, generative AI platforms, robotics, and other advanced artificial intelligence applications. As enterprises race to deploy AI, demand for this specialized hardware has grown far faster than traditional cloud services. For Microsoft, the agreement ensures Azure customers, OpenAI projects, and its own AI-powered products have the computing resources required to expand.
This partnership also shows that while Nvidia remains the leader in AI chips, competition is opening up. Nebius joins a growing roster of infrastructure providers—including CoreWeave, which saw its shares climb 8% on the news—benefiting from hyperscalers’ urgent need to lock in GPU supply. Investors see this as a sign that AI infrastructure spending could remain strong despite market concerns about inflated valuations.
Analysts note that the deal comes amid broader predictions of enormous long-term spending on AI hardware. Nvidia executives recently forecast that between $3 trillion and $4 trillion will flow into AI infrastructure globally by 2030. At the same time, some experts, including OpenAI CEO Sam Altman, have warned of a possible AI bubble as valuations for startups like Anthropic and OpenAI itself reach record highs. Nebius’s surge reflects the optimism that demand will outweigh bubble risks, at least for infrastructure suppliers.
For Nebius, the Microsoft partnership provides not only revenue security through 2031 but also credibility as a global player in the AI race. By aligning with one of the world’s largest technology companies, Nebius strengthens its position in a market where trust, scale, and performance are paramount.
The stock market response suggests investors believe infrastructure will be one of the most resilient segments of the artificial intelligence economy. While software companies may face volatile valuations, firms that deliver the backbone of AI workloads—GPUs, cloud data centers, and compute resources—are emerging as long-term winners. With its $19 billion deal, Nebius has firmly secured its spot in the spotlight.
The U.S. oil industry is facing a sharp slowdown, with layoffs and spending cuts rippling across the sector as lower crude prices and industry consolidation squeeze margins. The wave of belt-tightening could mark the end of the rapid production growth that helped the United States overtake other producers to become the world’s top oil supplier in recent years.
International crude prices have fallen roughly 12% this year, dragged lower in part by rising output from OPEC and its allies, who have been steadily ramping up supply to reclaim market share lost to U.S. shale producers. Prices are now hovering just above $62 a barrel, uncomfortably close to breakeven levels for many U.S. operators. For companies already grappling with higher costs and trade-related tariffs, the weaker pricing environment is forcing tough decisions.
ConocoPhillips, the nation’s third-largest oil producer, recently announced plans to cut up to a quarter of its workforce. The move follows Chevron’s decision earlier this year to trim about 20% of its staff, amounting to roughly 8,000 jobs. Oilfield service providers such as SLB and Halliburton have also been cutting jobs, underscoring how the slowdown is spreading beyond producers to the broader energy ecosystem.
The cuts aren’t limited to people. According to a Reuters review of second-quarter results, 22 publicly traded U.S. producers—including ConocoPhillips, Diamondback Energy, and Occidental Petroleum—have reduced their combined capital spending by about $2 billion. Industry insiders say those pullbacks, along with falling rig counts, are early warning signs that production growth is set to level off. Baker Hughes data shows that the U.S. oil rig count has dropped by nearly 70 so far this year, down to just over 400.
In the Permian Basin, the heart of America’s shale boom, the tone has shifted from aggressive expansion to cautious retrenchment. “We’ve gone from ‘drill, baby, drill’ to ‘wait, baby, wait,’” said one Texas producer, pointing out that prices need to stabilize closer to $70–$75 a barrel before rig activity rebounds. Without that, analysts warn that U.S. output will plateau and could even begin to decline, with OPEC quickly stepping in to fill the gap.
Research firms are already forecasting slower momentum. Energy Aspects expects U.S. onshore production to drop by 300,000 barrels per day in 2025, while Wood Mackenzie projects only modest growth of 200,000 barrels per day—far below the record-setting pace of recent years.
Adding to the pressure are rising costs, much of it tied to tariffs on steel and other inputs. Diamondback Energy expects the price of steel casing for wells to climb by nearly 25% this year, inflating breakeven costs across the industry. For ConocoPhillips, controllable costs have already risen by $2 per barrel since 2021, making profitability harder to sustain.
The impact on employment is significant. Texas labor data shows U.S. oil and gas production jobs fell by nearly 5,000 in the first half of 2025, while energy services jobs have dropped by about 23,000 since January. Even with gains in drilling efficiency, industry analysts caution that technology alone won’t be enough to offset the slowdown.
For now, the U.S. oil industry remains a global leader. But with lower prices, higher costs, and fewer rigs in action, the sector’s once-rapid growth story appears to be entering a more uncertain chapter.
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.
Data. Bit Digital reported its monthly Ethereum (“ETH”) treasury and staking metrics for the month of August 2025. As of August 31, 2025, the Company held approximately 121,252 ETH, including approximately 15,084 ETH and ETH-equivalents held in an externally managed fund, and approximately 5,094 ETH presented on an as-converted basis from LsETH using the Coinbase conversion rate as of 8/31/25. The Company’s total staked ETH was approximately 105,031 as of August 31st.
Yield and Value. Staking operations generated approximately 249 ETH in rewards during August, representing an annualized yield of approximately 2.94%. Based on a closing ETH price of $4,391.91, as of August 31, 2025, the market value of the Company’s ETH holdings was approximately $532.5 million.
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.
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Return. FAT Brands announced the return of Andrew Wiederhorn as Chief Executive Officer. Recall, Mr. Wiederhorn had stepped down from his CEO role in May 2023 when the U.S. Department of Justice filed fraud and tax evasion charges against Mr. Wiederhorn. With the criminal charges now dropped, Mr. Wiederhorn will resume leading the Company he founded. Current co-CEOs Ken Kuick and Taylor Wiederhorn will return to their original roles as CFO and Chief Development Officer, respectively.
Our View. We view the re-appointment of Mr. Wiederhorn as CEO as a positive, although in his role as Chairman of the Board and consultant over the past two years, we believe Mr. Wiederhorn was still a guiding force for the Company. We believe the Company will continue to focus on its strategic priorities: organic expansion, targeted acquisitions, increasing the manufacturing facility’s capacity, and focusing on the balance sheet.
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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.
The Canadian gold sector is set for a significant shakeup as New Found Gold Corp. announced plans to acquire Maritime Resources Corp. in a deal valued at approximately $292 million. The combination, announced Friday, will establish an emerging multi-asset gold producer in Newfoundland, a Tier 1 jurisdiction that has been attracting rising investor attention in recent years.
Under the arrangement, Maritime shareholders will receive 0.75 of a New Found Gold common share for each Maritime share they hold. The agreement implies a 32% premium to Maritime’s 20-day volume weighted average price as of September 4 and a 56% premium to its closing price before the two companies entered a letter of intent in late July. Following the closing of the transaction, expected in the fourth quarter of 2025, New Found Gold shareholders will own roughly 69% of the combined company, while Maritime shareholders will hold about 31%.
The merger brings together two strategically located projects: New Found Gold’s Queensway project and Maritime’s Hammerdown project. Hammerdown, which has been advancing toward production, is scheduled to ramp up to full output in early 2026, with ore processing set to begin later this year at the Pine Cove mill. The project is expected to produce 50,000 ounces of gold annually at an all-in sustaining cost of $912 per ounce, according to a 2022 feasibility study. Cash flow from Hammerdown is anticipated to help fund Queensway, which recently delivered a positive preliminary economic assessment and is targeting first production in 2027.
For New Found Gold, the acquisition represents a pivotal step in transforming from an exploration-focused company into a producer. The deal secures access to processing facilities such as Pine Cove and the Nugget Pond Hydrometallurgical Plant, while providing a near-term source of cash flow to support Queensway’s development. The company estimates Queensway could generate more than 1.5 million ounces of gold over a 15-year mine life, with a two-phased development plan designed to balance upfront costs with long-term growth.
For Maritime shareholders, the deal offers both an immediate premium and long-term exposure to a larger platform with greater liquidity. Shares of New Found Gold are actively traded on both the TSX Venture Exchange and the NYSE American, averaging about $4 million in daily volume over the past six months. That visibility is expected to give Maritime investors improved market access while allowing them to participate in the upside potential from Queensway’s development and further exploration across a 110-kilometer strike zone.
The boards of both companies have unanimously approved the deal. Maritime directors and senior officers, along with major shareholders representing nearly half of the company’s outstanding shares, have already agreed to vote in favor of the transaction. A shareholder meeting is planned for late October, with court and regulatory approvals still required.
Advisors on the deal include BMO Capital Markets for New Found Gold and SCP Resource Finance and Canaccord Genuity for Maritime. Both sides have received fairness opinions supporting the financial terms of the agreement. If approved, Maritime shares will be delisted from the TSX Venture Exchange shortly after closing.
With Hammerdown moving toward near-term production and Queensway positioned as one of Canada’s most promising new gold projects, the merger highlights the increasing consolidation trend in the sector. Investors seeking exposure to Canadian gold production are likely to watch closely as New Found Gold positions itself as a new mid-tier player with both cash flow and exploration upside.
PNC Financial Services Group has taken another major step in its national expansion strategy, announcing a $4.1 billion agreement to acquire FirstBank Holding Company, a Colorado-based institution with deep community roots and a strong regional presence. The deal, unveiled Monday, will significantly bolster PNC’s operations in two high-growth markets—Colorado and Arizona—while reinforcing its status as one of the nation’s leading banks.
FirstBank, headquartered in Lakewood, Colorado, reported $26.8 billion in assets as of June 30, 2025. The bank operates 95 branches, with a dominant presence in Colorado and an established footprint in Arizona. The combination will more than triple PNC’s branch network in Colorado to 120 locations and instantly make Denver one of PNC’s largest markets nationwide, securing the number one position in both retail deposit share and branch share in the metro area. In Arizona, PNC will expand its presence to over 70 branches, further solidifying its strategy to grow in fast-expanding regions across the western United States.
For PNC Chairman and CEO William S. Demchak, the acquisition is more than a geographic play. It reflects PNC’s strategy of scaling its franchise by blending organic growth with targeted acquisitions. Over the past decade, PNC has consistently delivered double-digit revenue growth in new and acquired markets, aided by substantial investments in branch expansion, marketing, and digital capabilities. “FirstBank is the standout branch banking franchise in Colorado and Arizona,” Demchak said, praising its trusted relationships, strong retail base, and community focus. “It is an ideal partner for PNC as we continue to expand nationally.”
FirstBank’s legacy of community service is central to its appeal. The bank is well known for sponsoring Colorado Gives Day, which has raised over $500 million for local nonprofits. Its community-first model mirrors PNC’s approach, particularly through initiatives like its $85 billion Community Benefits Plan, which supports affordable housing, small businesses, and economic development, and its $500 million Grow Up Great® program, which promotes early childhood education.
Leadership continuity will also play an important role. FirstBank CEO Kevin Classen will assume the role of PNC’s Colorado Regional President and Mountain Territory Executive, overseeing operations in Colorado, Arizona, and Utah. PNC plans to retain all FirstBank branches and staff, ensuring continuity for customers and communities while leveraging PNC’s scale and resources to enhance offerings.
The acquisition, unanimously approved by the boards of both companies, is expected to close in early 2026 pending regulatory approvals. Shareholders of FirstBank will receive consideration in a mix of PNC stock and cash, totaling approximately 13.9 million shares and $1.2 billion. Advisors to the deal include Wells Fargo and Wachtell, Lipton, Rosen & Katz for PNC, and Morgan Stanley, Goldman Sachs, and Sullivan & Cromwell for FirstBank.
For PNC, the acquisition cements its push into high-growth western markets, expanding beyond its strongholds in the Midwest and East. For FirstBank, it marks a new chapter, pairing its community-driven model with the capabilities of a national financial powerhouse. Together, the institutions are poised to reshape the banking landscape in Colorado and Arizona while reinforcing PNC’s growing influence nationwide.
Gold soared to an all-time high on Friday after a weaker-than-expected U.S. jobs report intensified expectations that the Federal Reserve will cut interest rates later this month. The move marked the latest milestone in a multi-year rally that has been powered by economic uncertainty, rising geopolitical risks, and a steady flight to safe-haven assets.
Spot gold gained as much as 1.5% to break above $3,600 an ounce, eclipsing its previous record and capping a week of sharp gains. By early afternoon in New York, bullion was trading at $3,592.50 an ounce, up 1.3% on the day and on track for a 4.2% weekly advance, the strongest since late May. Silver also edged higher, while Treasury yields and the U.S. dollar slipped in response to the data.
The rally was triggered by a pivotal U.S. payrolls report showing that hiring slowed markedly in August, while the unemployment rate rose to its highest level since 2021. Economists said the numbers signaled clear signs of a cooling labor market, reinforcing the view that the Fed may need to act more aggressively to support growth. Lower interest rates typically enhance the appeal of gold, which does not yield interest or dividends but benefits from reduced opportunity costs in a lower-rate environment.
Investors have also been positioning for heightened volatility around the Fed’s independence. President Donald Trump has escalated his criticism of the central bank this year, vowing to secure a majority on the Fed’s board “very shortly” and pressing for sharp rate cuts. Markets are watching closely for a forthcoming ruling on whether Trump has grounds to remove Fed Governor Lisa Cook, a move that could allow him to appoint a more dovish policymaker and raise questions about the institution’s long-term credibility. Goldman Sachs analysts wrote in a recent note that gold could rally toward $5,000 an ounce if investors lose confidence in the Fed’s independence and begin shifting even a small portion of their holdings from Treasuries into bullion.
Over the past three years, gold and silver have more than doubled in value, with a steady stream of macroeconomic and geopolitical risks bolstering demand. Trade tensions, slowing global growth, and renewed concerns about the trajectory of U.S. monetary policy have all converged to create a powerful tailwind for precious metals. At the same time, strong buying from central banks and institutional investors has added structural support to the market, pushing gold firmly into record territory.
While some analysts warn that prices may be vulnerable to a correction if employment data stabilizes or inflation ticks higher, many expect gold’s appeal to remain strong. With borrowing costs likely heading lower and confidence in traditional policy tools wavering, bullion’s role as a store of value appears more attractive than ever. For now, gold’s latest record marks another reminder that in times of economic uncertainty, investors continue to seek the safety of precious metals.
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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.
Weak Q4 results. Fiscal Q4 revenues declined 6.7% to $336.6 million, roughly in line with our $338.0 million estimate. Adj. EBITDA loss of $24.2 million was larger than our loss estimate of $20.5 million. The quarter benefited by the Easter shift from Q3 a year earlier into Q4 this year. Gross margins declined 290 basis points from the year earlier quarter, in part, due to a highly promotional sales environment.
Reimagining its business. Management indicated that it is seeking an omnichannel approach to target customers, including opening storefronts, and broadening its reach beyond its own e-commerce sites. The company plans to lower its operating costs beyond the earlier announced $40 million in annualized costs, of which $17 million of annualized costs reductions were achieved in Q4.
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