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Tripadvisor and Liberty TripAdvisor Announce Merger to Simplify Corporate Structure

Posted on by slightbourne@noblecapitalmarkets.com

Tripadvisor, Inc. (NASDAQ: TRIP) and Liberty TripAdvisor Holdings, Inc. (OTCMKTS: LTRPA, LTRPB) have announced a definitive agreement to merge. The merger will see Tripadvisor acquiring Liberty TripAdvisor, resulting in a simplified capital structure for the global travel platform. The transaction, valued at approximately $435 million, includes the conversion of Liberty TripAdvisor’s Series A and Series B Common Stock into cash, alongside the redemption of its 8% Series A Cumulative Redeemable Preferred Stock and the repayment of its 0.50% Exchangeable Senior Debentures. Liberty TripAdvisor’s shareholders will receive approximately $20 million in cash for their common stock and $42.5 million in cash, along with 3,037,959 shares of Tripadvisor common stock for their preferred stock.

This merger enables Tripadvisor to retire about 27 million shares of its common stock held by Liberty TripAdvisor, net of shares pledged as collateral. The effective repurchase price of these shares stands at $16.21, representing a 16% premium based on the 10-day volume-weighted average price as of December 17, 2024. The agreement marks a pivotal move to create strategic flexibility and unlock value for stakeholders.

Matt Goldberg, President and CEO of Tripadvisor, highlighted the significance of the transaction as a step toward simplifying Tripadvisor’s corporate structure. He emphasized the opportunity to retire a significant portion of shares while maintaining a healthy balance sheet. According to Goldberg, this transaction will empower Tripadvisor to pursue its strategic vision and expand its role in the travel and experiences sector. The deal also represents an important milestone for Liberty TripAdvisor, allowing the entity to address challenges stemming from its complex capital structure and financial obligations, especially in the wake of the COVID-19 pandemic.

Greg Maffei, Chairman and CEO of Liberty TripAdvisor, praised the agreement, emphasizing its alignment with the company’s goals to maximize stakeholder value and enhance Tripadvisor’s ability to adapt and grow. By removing the dual-class share structure, Tripadvisor will gain greater strategic and operational agility, enabling it to better compete and innovate within the travel industry.

The merger was unanimously approved by the boards of both companies following a thorough evaluation by Tripadvisor’s Special Committee of independent directors. This committee, supported by financial and legal advisors, played a critical role in securing terms favorable to all parties involved. Liberty TripAdvisor’s stakeholders, including those holding Exchangeable Debentures, are expected to benefit from the streamlined structure and improved financial position post-merger.

The transaction is subject to customary closing conditions, including approval by a majority of Liberty TripAdvisor’s voting shareholders. The companies anticipate finalizing the merger by the second quarter of 2025. If the deal encounters delays beyond March 27, 2025, Tripadvisor has agreed to provide a secured loan to Liberty TripAdvisor to address any financial obligations related to its Exchangeable Debentures. This loan will be canceled upon the successful closing of the transaction or will become due shortly thereafter if the merger is not completed.

Tripadvisor operates as a family of brands connecting people with travel experiences worldwide. Its portfolio includes Viator and TheFork, along with Tripadvisor’s core platform, which provides travel guidance and booking services for accommodations, restaurants, and attractions. The merger with Liberty TripAdvisor is expected to enhance Tripadvisor’s strategic flexibility and solidify its position as a leading player in the travel industry, unlocking new opportunities for growth and innovation.

Release – Data and Safety Monitoring Board Reviews Interim Safety Data of Phase 2 Subjects of OCU410 ArMaDa Clinical Trial for Geographic Atrophy Secondary to Dry Age-Related Macular Degeneration

Posted on by aweinsoff@channelchek.com

Research News and Market Data on OCGN

December 19, 2024

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  • OCU410 has a very favorable safety and tolerability profile
  • No serious adverse events related to the study drug have been reported, such as exudation, infectious endophthalmitis, intraocular Inflammation, anterior ischemic optic neuropathy, or vasculitis

MALVERN, Pa., Dec. 19, 2024 (GLOBE NEWSWIRE) — Ocugen, Inc. (Ocugen or the Company) (NASDAQ: OCGN), a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines, today announced that the Data and Safety Monitoring Board (DSMB) for the OCU410 ArMaDa clinical trial recently convened and approved continuation of the second phase of the Phase 1/2 study. OCU410 (AAV5-hRORA) is a novel modifier gene therapy candidate being developed for geographic atrophy (GA) secondary to dry age-related macular degeneration (dAMD).

“The DSMB assessed data on 15 subjects from Phase 2. Initial data indicates that OCU410 appears to be safe and well-tolerated,” said Peter Chang, MD, FACS, Co-President and Partner of the Massachusetts Eye Research and Surgery Institution (MERSI). “No serious adverse events (SAEs) related to OCU410 have been reported to date.”

The ArMaDa clinical trial will assess the safety and efficacy of unilateral subretinal administration of OCU410 in subjects with GA. Phase 2 is an ongoing, randomized, outcome assessor-blinded, dose-expansion study in which 45 subjects are randomized in a 1:1:1 ratio to either one of two OCU410 treatment groups (5×1010 vg/mL or 1.5 ×1011 vg/mL) or an untreated control group.

“Currently approved treatments for GA require 6-12 intravitreal injections annually and frequent injections are a burden on patients and caregivers,” said Huma Qamar, MD, MPH, CMI, Chief Medical Officer of Ocugen. “We are very enthusiastic about the potential of OCU410 to serve as a game-changing, one-time treatment for life for patients with GA.”

Positive preliminary efficacy and safety data from the Phase 1 dose-escalation portion of the ArMaDa clinical trial demonstrated: no drug-related serious adverse events, reduced lesion growth, preservation of retinal tissue, and—most importantly—there was a positive effect on the functional visual measure of low luminance visual acuity (LLVA).

dAMD is a multifactorial disease involving genetic and environmental factors that is one of the world’s leading causes of blindness in people aged 50 years and older. Four cellular pathways drive the pathology of dry AMD: lipid metabolism, inflammation, oxidative stress, and complement. Currently approved therapies target only the latter, while OCU410 addresses all four and thereby helps reestablish retinal homeostasis.

The ArMaDa clinical trial is currently being performed at 13 leading retinal surgery centers across the U.S. Dosing in the OCU410 ArMaDa clinical trial will be completed in early 2025 and the Company will continue to provide 9- and 12-month efficacy updates from Phase 1.  

About dAMD and GA
dAMD affects approximately 10 million Americans and more than 266 million people worldwide. It is characterized by the thinning of the macula. The macula is the part of the retina responsible for clear vision in one’s direct line of sight. dAMD involves the slow deterioration of the retina with submacular drusen (small white or yellow dots on the retina), atrophy, loss of macular function and central vision impairment. dAMD accounts for 85-90% of the total AMD population.

About OCU410
OCU410 utilizes an AAV delivery platform for the retinal delivery of the RORA (RAR Related Orphan Receptor A) gene. The RORA protein plays an important role in lipid metabolism, reducing lipofuscin deposits and oxidative stress, and demonstrates an anti-inflammatory role in vitro and in vivo (animal model) studies. These results demonstrate the ability of OCU410 to target multiple pathways linked with dAMD pathophysiology. Ocugen is developing AAV5–hRORA as a one-time gene therapy for the treatment of GA.

About Ocugen, Inc.
Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies and vaccines that improve health and offer hope for patients across the globe. We are making an impact on patient’s lives through courageous innovation—forging new scientific paths that harness our unique intellectual and human capital. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with a single product, and we are advancing research in infectious diseases to support public health and orthopedic diseases to address unmet medical needs. Discover more at www.ocugen.com and follow us on X and LinkedIn.

Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including, but not limited to, strategy, business plans and objectives for Ocugen’s clinical programs, plans and timelines for the preclinical and clinical development of Ocugen’s product candidates, including the therapeutic potential, clinical benefits and safety thereof, expectations regarding timing, success and data announcements of current ongoing preclinical and clinical trials, the ability to initiate new clinical programs; statements regarding qualitative assessments of available data, potential benefits, expectations for ongoing clinical trials, anticipated regulatory filings and anticipated development timelines, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations, including, but not limited to, the risks that preliminary, interim and top-line clinical trial results may not be indicative of, and may differ from, final clinical data; that unfavorable new clinical trial data may emerge in ongoing clinical trials or through further analyses of existing clinical trial data; that earlier non-clinical and clinical data and testing of may not be predictive of the results or success of later clinical trials; and that that clinical trial data are subject to differing interpretations and assessments, including by regulatory authorities. These and other risks and uncertainties are more fully described in our annual and periodic filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.

Contact:
Tiffany Hamilton
Head of Communications
Tiffany.Hamilton@ocugen.com 

Cara Therapeutics and Tvardi Therapeutics to Merge, Forming New Biopharma Leader

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Cara Therapeutics and Tvardi Therapeutics announce an all-stock merger, set to create a Nasdaq-listed biopharmaceutical company.
– Tvardi’s recent $28 million financing strengthens the combined company’s financial outlook, funding operations into 2026.
– The new entity will focus on developing STAT3 inhibitors for fibrosis-driven diseases, with Phase 2 data expected in 2025.

Cara Therapeutics (Nasdaq: CARA) and Tvardi Therapeutics have announced a definitive merger agreement, marking a significant step in the development of innovative treatments for fibrosis-driven diseases. The all-stock transaction will combine Cara’s resources with Tvardi’s promising pipeline, including its lead candidate, TTI-101, a small-molecule STAT3 inhibitor. The combined entity will be Nasdaq-listed under the name Tvardi Therapeutics, Inc. and is expected to trade under the ticker symbol “TVRD” once the deal closes in the first half of 2025, subject to regulatory and shareholder approvals.

The merger will give pre-merger Cara stockholders an estimated 17% stake in the new company, while Tvardi investors will own around 83%, assuming Cara’s cash balance at closing falls within the expected range. This transaction comes after Tvardi completed a $28 million private financing round, which, alongside the combined company’s cash, will provide funding into 2026, supporting clinical development through critical data readouts expected in 2025.

Tvardi’s pipeline, which is focused on fibrosis-driven diseases, will be the cornerstone of the merged company’s future. The lead candidate, TTI-101, is currently in Phase 2 trials for idiopathic pulmonary fibrosis (IPF) and Phase 1b/2 trials for hepatocellular carcinoma (HCC). The drug is designed to inhibit STAT3, a central transcription factor involved in the progression of these diseases. Early-stage data from the clinical trials is expected to be reported in the second half of 2025, potentially marking significant inflection points for the company.

In addition to TTI-101, Tvardi is developing TTI-109, another STAT3 inhibitor that is set to enter clinical trials in 2025. Tvardi’s innovative approach to targeting STAT3 positions the combined company as a key player in addressing serious, chronic diseases with significant unmet medical need.

The new company will be headquartered in Houston, Texas, and led by Tvardi CEO Imran Alibhai, Ph.D. The board will consist of members from both Cara and Tvardi, with six directors from Tvardi and one from Cara. This leadership structure is expected to ensure a seamless transition as the combined company moves forward with its mission to develop novel, oral therapies for fibrosis-driven diseases.

This merger comes at a time when the biopharmaceutical sector is increasingly focused on addressing complex diseases with limited treatment options. With a strong financial foundation, a promising pipeline, and a leadership team well-versed in the challenges of drug development, the combined company is poised to make significant strides in the field.

As the merger progresses, investors and industry watchers will be closely monitoring upcoming clinical trial results and further developments in the company’s pipeline, which could position Tvardi Therapeutics as a leader in the treatment of fibrosis-driven diseases.

Tonix Pharmaceuticals (TNXP) – Tonix Announces FDA Acceptance Of NDA For Review

Posted on by cpereira@noblefcm.com


Wednesday, December 18, 2024

Tonix is a clinical-stage biopharmaceutical company focused on discovering, licensing, acquiring and developing therapeutics and diagnostics to treat and prevent human disease and alleviate suffering. Tonix’s portfolio is composed of immunology, rare disease, infectious disease, and central nervous system (CNS) product candidates. Tonix’s immunology portfolio includes biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-15001 which is a humanized monoclonal antibody targeting CD40-ligand being developed for the prevention of allograft and xenograft rejection and for the treatment of autoimmune diseases. A Phase 1 study of TNX-1500 is expected to be initiated in the second half of 2022. Tonix’s rare disease portfolio includes TNX-29002 for the treatment of Prader-Willi syndrome. TNX-2900 has been granted Orphan-Drug Designation by the FDA. Tonix’s infectious disease pipeline includes a vaccine in development to prevent smallpox and monkeypox called TNX-8013, next-generation vaccines to prevent COVID-19, and an antiviral to treat COVID-19. Tonix’s lead vaccine candidates for COVID-19 are TNX-1840 and TNX-18504, which are live virus vaccines based on Tonix’s recombinant pox vaccine (RPV) platform. TNX-35005 (sangivamycin, i.v. solution) is a small molecule antiviral drug to treat acute COVID-19 and is in the pre-IND stage of development. TNX-102 SL6, (cyclobenzaprine HCl sublingual tablets), is a small molecule drug being developed to treat Long COVID, a chronic post-acute COVID-19 condition. Tonix expects to initiate a Phase 2 study in Long COVID in the second quarter of 2022. The Company’s CNS portfolio includes both small molecules and biologics to treat pain, neurologic, psychiatric and addiction conditions. Tonix’s lead CNS candidate, TNX-102 SL, is in mid-Phase 3 development for the management of fibromyalgia with a new Phase 3 study launched in the second quarter of 2022. Finally, TNX-13007 is a biologic designed to treat cocaine intoxication that is expected to start a Phase 2 trial in the second quarter of 2022. TNX-1300 has been granted Breakthrough Therapy Designation by the FDA.

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.

New Drug Application For Tonmya Accepted For Review. Tonix announced that the FDA has accepted the filing of the Tonmya NDA, showing that the application met the requirements for a full review. Tonmya received Fast Track designation, and an application for Priority Review was filed. Next, notification of the assigned PDUFA date (the statutory date for completing a review under the Prescription Drug User Fee Act) and Priority Review status are expected in about 14 days.

We Believe Tonmya Can Have A Significant Impact On Fibromyalgia Treatment. Symptoms of fibromyalgia include chronic pain, insomnia, depression, brain fog, fatigue, and abdominal cramps with varying severity. This variety of physical and cognitive symptoms has been treated with a combination of pain medications, anti-depressants, insomnia drugs, and neurological drugs. Tonmya is the first drug that was developed for fibromyalgia. Its clinical trials showed strong statistical significance in its primary endpoint (pain reduction) and all six secondary endpoints. No other single drug has shown this broad effect on multiple fibromyalgia symptoms.


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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).

MAIA Biotechnology (MAIA) – Pediatric Designation Qualifies THIO For A Priority Review Voucher

Posted on by cpereira@noblefcm.com


Wednesday, December 18, 2024

MAIA is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is THIO, a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.

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.

Successful Development Could Qualify For A Valuable Asset. Maia announced that THIO has received FDA designation as a drug for a rare pediatric disease (RPD) when used to treat pediatric-type diffuse high-grade gliomas (PDHGG). This designation makes MAIA eligible to receive a Priority Review Voucher (PRV) upon approval. The PRV can be redeemed for priority review for a different new drug application or sold to another company. During 2024, PRVs have been sold for between $100 million and $158 million.

Data In Pediatric Brain Cancer Was Presented In April 2024. MAIA presented clinical data testing THIO in the PDHGG indication at the American Association for Cancer Research (AACR) Annual Meeting in April 2024. Patients with a highly aggressive subtype of PDHGG known as diffuse intrinsic pontine glioma (DIPG) were treated with ionizing radiation and THIO. The results showed significant decreases in cell proliferation and anti-cancer effects.


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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. 

Cumulus Media (CMLS) – Highlights From NobleCon20

Posted on by cpereira@noblefcm.com


Wednesday, December 18, 2024

Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 406 owned-and-operated radio stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.

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.

NobleCon20. On December 4, Frank Lopez-Balboa, CFO, presented at NobleCon20 at Florida Atlantic University (FAU) in Boca Raton, Florida, to the investment community. A replay of the presentation can be viewed here. Notably, the presentation highlighted the prospect of digital revenue growth, a national advertising recovery, which accounts for roughly 50% of revenue, and its sizeable cost reduction efforts.

Digital Outlook. Notably, digital revenue has been a bright spot for the company throughout 2024, given that revenue growth has been positive every quarter. Mr. Frank Lopez-Balboa highlighted his optimism about the company’s digital growth prospects, stating it could generate north of $200 million in revenue a few years from now. Moreever, digital offers healthy contribution margins. 


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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 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. 

Comstock (LODE) – Investment Rating Lowered to Market Perform

Posted on by cpereira@noblefcm.com


Wednesday, December 18, 2024

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

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

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

Reassessing the path to commercialization. We are lowering our investment rating to a Market Perform from Outperform. While Comstock has made significant progress advancing its business unit plans, we think the path toward commercializing its Fuels and Metals businesses could take longer than we previously expected and is subject to a number of risk factors, including execution and financing. Based on the company’s liquidity, anticipated capital requirements, risk and reward profile, and lead time associated with commercializing its businesses, we think a Market Perform is appropriate.

SBC Commerce transaction. In August, Comstock announced a significant and promising transaction with SBC Commerce LLC (SBCC), a U.S. based private equity group, to directly invest in each of Comstock’s businesses and acquire Comstock’s properties in Silver Springs, Nevada. Our previous valuation and price target were based in part on the implied value of the transaction. To date, no definitive agreement has been announced with SBC Commerce, and it is unclear to us whether the transaction will close as contemplated. We look forward to an update and will wait to assess any final agreement(s).


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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. 

Quanterix Advances Scientific Innovation with Strategic Acquisition of EMISSION

Posted on by slightbourne@noblecapitalmarkets.com
Key Points
– Quanterix acquires EMISSION for $10M, expanding its technological capabilities and entering the OEM market.
– EMISSION’s bead technology enhances Quanterix’s Simoa platform for high-multiplex and multi-omic assays.
– The acquisition is expected to drive revenue growth and improve margins by 2026.

Quanterix Corporation (NASDAQ: QTRX), a company advancing scientific discovery through ultrasensitive biomarker detection, has announced the acquisition of EMISSION iNC., a Georgetown, TX-based manufacturer of proprietary magnetic beads and mid-plex assay platforms. The transaction, expected to close in January 2025, aims to vertically integrate EMISSION’s bead technology into Quanterix’s next-generation platform and drive a new multi-plex segment targeting OEM customers.

Masoud Toloue, Quanterix’s CEO, emphasized the importance of controlling core components to expand their technology stack and capabilities. “EMISSION’s proprietary bead technology has already been validated on our upcoming new Simoa platform and will enable us to provide OEM beads to other non-Quanterix platforms. We look forward to welcoming EMISSION’s innovations and colleagues to the Quanterix team,” he stated.

EMISSION’s magnetic beads are designed for low and mid-plex assays, offering high uniformity and scalability. Their integration into Quanterix’s platform will enhance multi-plex and multi-omic capabilities, ensuring greater control over critical components. EMISSION CEO Van Chandler expressed enthusiasm about the partnership, noting that their high-quality bead technology aligns with Quanterix’s vision to make advanced multi-plex assays accessible to all labs.

The acquisition involves an upfront cash payment of $10 million, with an additional $10 million contingent on the completion of technical milestones. EMISSION may also earn up to $50 million in performance-based payouts, expected to be funded through cash generated from meeting those milestones. Quanterix anticipates the deal will positively impact revenue and gross margins by 2026.

This strategic move reinforces Quanterix’s commitment to innovation in biomarker detection and diagnostics. By integrating EMISSION’s technology, the company strengthens its position in the multi-plex assay market while opening new revenue streams through OEM partnerships. With Simoa technology already setting industry standards for ultrasensitive biomarker detection, the acquisition marks a significant step toward broadening the reach of Quanterix’s tools and solutions.

Quanterix’s focus on neurology, oncology, immunology, and infectious disease research continues to fuel breakthroughs in disease understanding and management. With nearly two decades of experience, the company remains a trusted partner for researchers, boasting over 2,900 peer-reviewed publications featuring its technology. The integration of EMISSION’s beads is expected to enhance Quanterix’s ability to deliver precise, flexible solutions to researchers and clinicians worldwide, further cementing its leadership in the field.

Furthermore, the acquisition aligns with Quanterix’s strategy of vertical integration, which is increasingly critical in the competitive field of diagnostics. By bringing key components in-house, Quanterix not only enhances its technological control but also reduces dependence on external suppliers, paving the way for faster innovation cycles and cost efficiencies. This approach is expected to drive long-term growth and maintain the company’s edge in a rapidly evolving industry.

The addition of EMISSION’s proprietary bead technology also has implications for the broader scientific community. By targeting third-party OEM customers, Quanterix is fostering collaboration and expanding access to advanced diagnostic tools. This could accelerate the adoption of multi-plex assays across various laboratories and research institutions, driving progress in disease diagnostics and personalized medicine.

As the demand for high-sensitivity biomarker detection continues to grow, Quanterix’s ability to deliver scalable, high-quality solutions becomes increasingly vital. The integration of EMISSION’s technology not only reinforces Quanterix’s position as a market leader but also underscores its commitment to empowering scientists with cutting-edge tools to address complex healthcare challenges. With this acquisition, Quanterix is poised to play a pivotal role in shaping the future of diagnostics and research.

Novo Holdings Finalizes $16.5 Billion Acquisition of Catalent

Posted on by slightbourne@noblecapitalmarkets.com

Novo Holdings, the controlling shareholder of Novo Nordisk, has officially completed its $16.5 billion acquisition of Catalent, a leading contract drug manufacturer. This strategic move is poised to bolster Novo Nordisk’s production capabilities for Wegovy, the company’s blockbuster weight-loss medication.

As part of the deal, Novo Nordisk gains control of three key fill-finish facilities located in Italy, Belgium, and the United States. These facilities will now be fully dedicated to manufacturing and filling injection pens for Wegovy, addressing the rising global demand for the medication.

The acquisition process, which began with Novo Holdings’ agreement in February, faced scrutiny from U.S. consumer groups and labor unions urging the Federal Trade Commission (FTC) to block the transaction. Despite these challenges, the FTC did not oppose the deal. Additionally, earlier this month, European antitrust regulators gave their approval, citing sufficient competition in the contract manufacturing market to prevent monopolistic practices.

Wegovy, chemically known as semaglutide, has seen a meteoric rise since its U.S. launch in 2021. It has since expanded to 15 additional countries, becoming a cornerstone of Novo Nordisk’s portfolio. Wegovy belongs to the GLP-1 receptor agonist class of drugs, which mimic a hormone that regulates blood sugar, slows digestion, and suppresses appetite.

The popularity of GLP-1-based drugs, including Eli Lilly’s rival treatment Zepbound, has driven companies to ramp up production to meet skyrocketing demand. Analysts project that the global obesity drug market could reach a staggering $150 billion annually within the next decade.

Novo Nordisk’s acquisition of Catalent is expected to alleviate supply constraints for Wegovy and position the company as a leader in meeting growing patient needs. By integrating Catalent’s state-of-the-art facilities into its operations, Novo Nordisk will enhance its ability to scale production efficiently while maintaining high-quality standards.

The acquisition underscores Novo Holdings’ commitment to advancing innovation in the pharmaceutical industry and supporting Novo Nordisk’s mission to address the global obesity epidemic. With regulatory hurdles cleared and the deal finalized, Novo Holdings and Novo Nordisk are set to play an even larger role in shaping the future of obesity treatment and beyond.

Release – Kratos Awarded $6.5 Million Contract to Provide Flight Testing for Hypersonic Research to Support Future Weapon Systems from DARPA

Posted on by dburczyk@noblecapitalmarkets.com

Research News and Market Data on KTOS

SAN DIEGO, Dec. 17, 2024 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology company in Defense, National Security and Global Markets, was awarded a $6.5 million, single award contract by the Defense Advanced Research Projects Agency (DARPA) to provide flight testing for hypersonic research supporting future weapon systems. The two-year contract which began in August 2023 includes flight tests to develop, characterize, and validate critical hypersonic components for technology maturation and risk reduction.

The contract was awarded by the DARPA Defense Sciences Office (DSO) and supports their mission of creating the next generation of scientific discoveries and fueling innovation by leaning forward to expand the art of the possible. During program execution, Kratos is leveraging flight proven, affordable hypersonic test beds and sounding rocket-based launch vehicles to fulfill various flight experiment requirements and validate modeling and simulation (M&S) tools rapidly and affordably for future hypersonic flight testing.

Kratos is a leading provider of innovative products and solutions supporting ballistic missile targets, hypersonic systems, sub-orbital research, sounding rockets, unmanned drone systems, turbine technologies, directed energy and laser program systems. In recent years, Kratos has made significant investments in launch vehicle and hypersonic systems and technologies, including a focus on enabling affordable, rapid high-speed testing for the DoD and agencies including DARPA. Among the investments made by Kratos are the Erinyes hypersonic flyer, the Zeus solid rocket motor series and Dark Fury.

Dave Carter, President of Kratos’ Defense & Rocket Systems Division, said “Kratos’ investments in affordable and relevant hypersonic flight systems continue to pay off for our stakeholders and our customers. We are committed to helping our partners and customers, including DARPA, develop new technologies and execute test regimes and programs that push science towards its fundamental limits. We are excited and look forward to working with DARPA and supporting their mission.”

Eric DeMarco, President and CEO of Kratos said, “Our entire organization is laser focused on working with our government and industry partners and customers to rapidly deliver relevant, affordable systems and capabilities for United States National Security. Kratos’ in production and operational Erinyes and Zeus hypersonic systems, Valkyrie, Thanatos and entire family of affordable tactical jet UCAVs, Spartan family of low-cost turbojet engines for drones and cruise missiles and OpenSpace software-based TT&C and C2 systems for satellite communications are representative of the value Kratos delivers to each of our stakeholders.”

About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading-edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing which is a value-add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, hypersonic vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com.

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 31, 2023, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

Press Contact:
Claire Burghoff
Claire.Burghoff@kratosdefense.com

Investor Information:
877-934-4687
investor@kratosdefense.com

Primary Logo

Source: Kratos Defense & Security Solutions, Inc.

Release – LODE: Comstock Fuels Awarded $3 Million Fuel Incentive From Oklahoma

Posted on by dburczyk@noblecapitalmarkets.com

Research News and Market Data on LODE

VIRGINIA CITY, NEVADA, December 17, 2024 – Comstock Inc. (NYSE: LODE) (“Comstock” or the “Company”) today announced that Comstock Fuels Corporation, (“Comstock Fuels”), an industry leader in extremely high yielding advanced lignocellulosic biomass refining solutions, including sustainable aviation fuel (“SAF”), renewable diesel, and other fuels, has been approved for a $3,000,000 incentive award from the Oklahoma Department of Commerce’s Quick Action Closing Fund. Under the terms of the agreement, Comstock Fuels will establish its headquarters and an initial site for the construction and operation of a next-generation renewable fuel refinery in Oklahoma.

“Oklahoma is a long-established leader in the oil and gas sector, pioneering innovations and contributing significantly to the nation’s energy independence,” said David Winsness, President of Comstock Fuels. “Our development team has been rigorously assessing feedstocks, sites, offtakes and incentives across the country and Oklahoma’s economic development teams have been exceptional.”

Comstock Fuels is currently assessing multiple locations throughout Oklahoma for the construction of an initial Demonstration Scale Facility capable of processing 75,000 metric tons of biomass per year for renewable fuel production. Following the successful launch and operation of that facility, Comstock Fuels plans to expand its processing capacity to 1,000,000 metric tons per year for production of sustainable aviation fuel and other renewable fuels.

“Oklahoma’s vast supplies of previously untapped feedstock sources have positioned the state to lead the country in new sources of sustainable oil production from woody biomass,” said Chad Michael Black, Director of Business Development for Comstock Fuels. “We’re proud to call Oklahoma home, excited for what this enables and very thankful to Governor Stitt and the Oklahoma Department of Commerce for the cash incentive granted under this agreement.”

“We are thrilled that Comstock Fuels has chosen Oklahoma to establish its headquarters,” said Evan Brown, Executive Director of EDGE, a division of Oklahoma Department of Commerce. “Oklahoma is a proud oil and gas state with a history of energy innovation, and Comstock’s sustainable aviation fuel technology, which blends with petroleum, fits perfectly with our approach to energy. Our goal is to be the most business-friendly state in the country, and I look forward to working with David, Chad and the entire Comstock team and supporting their efforts to relocate and bring high-paying jobs to Oklahoma.”

About Comstock Fuels Corporation

Comstock Fuels delivers advanced lignocellulosic biomass refining solutions that set industry benchmarks for production of SAF, renewable diesel, gasoline, cellulosic ethanol and other renewable fuels, with extremely low carbon intensity scores of 15 and market-leading yields of up to 125 gallons per dry metric ton of feedstock (on a gasoline gallon equivalent basis, or “GGE”), depending on feedstock, lignin content, site conditions, and other process parameters. Comstock Fuels plans to directly build, own, and operate a network of Bioleum Refineries in the U.S., including an initial Demonstration Scale Facility to validate its fully integrated process at 75,000 tons per year, paving the way for rapid full-scale commercialization. Comstock Fuels also licenses its advanced refining solutions to third parties for additional production in the U.S. and global markets, including several recently announced and other pending projects. To learn more, please visit www.comstockfuels.com.

About Comstock Inc.

Comstock Inc. (NYSE: LODE) innovates and commercializes technologies that are deployable across entire industries to contribute to global decarbonization and the clean energy transition by efficiently extracting and converting under-utilized natural resources, such as waste and other forms of woody biomass into renewable fuels, and end-of-life electronics into recovered electrification metals. Comstock’s innovations group is also developing and using artificial intelligence technologies for advanced materials development and mineral discovery for sustainable mining. To learn more, please visit www.comstock.inc.

Comstock Social Media Policy

Comstock has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its Twitter, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contacts

For investor inquiries:
RB Milestone Group LLC
Tel (203) 487-2759
ir@comstockinc.com

For media inquiries:
Comstock Inc., Tracy Saville
Tel (775) 847-7573
media@comstockinc.com

Forward-Looking Statements

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future market conditions; future explorations or acquisitions; future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; business opportunities, growth rates, future working capital, needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious and other metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; challenges to, or potential inability to, achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology and efficacy, quantum computing and generative artificial intelligence supported advanced materials development, development of cellulosic technology in bio-fuels and related material production; commercialization of cellulosic technology in bio-fuels and generative artificial intelligence development services; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.

Gold Prices Dip as Fed Meeting Looms

Posted on by slightbourne@noblecapitalmarkets.com
Key Points
– Gold fell 0.6% to $2,636.89 per ounce as the dollar and Treasury yields strengthened.
– A widely expected 25 basis-point Fed rate cut this week has not buoyed gold, with attention shifting to 2025 projections.
– Other precious metals, including silver, platinum, and palladium, also saw declines.

Gold prices fell on Tuesday as market participants adjusted their expectations for Federal Reserve policy in 2025. Spot gold dropped by 0.6% to $2,636.89 per ounce, while U.S. gold futures declined 0.7% to $2,650.50. The precious metal faced downward pressure from a strengthening U.S. dollar and rising Treasury yields, signaling a cautious investor outlook ahead of the Federal Reserve’s final policy meeting of the year.

Key Drivers of Gold’s Retreat

Federal Reserve Expectations: Investors anticipate a 25 basis-point rate cut during this week’s meeting, with a staggering 97% probability according to the CME’s FedWatch tool. However, projections for 2025 suggest a more gradual pace of easing, tempering gold’s appeal. Analysts believe this cautious approach reflects lingering concerns over inflation and economic stability.The Federal Reserve’s updated economic projections and the dot plot are expected to shed light on how policymakers view the trajectory of interest rates in the years ahead. A more hawkish stance than currently anticipated could put additional pressure on gold prices, as higher rates reduce the appeal of non-yielding assets like gold.

Economic Data Signals: Strong U.S. retail sales in November and recent warmer inflation readings have introduced the possibility that the Fed could pause additional rate cuts in January, adding uncertainty to the outlook for gold. Robust consumer spending, which has been a key driver of economic growth, suggests that the U.S. economy remains resilient despite previous rate hikes. This resilience could push the Fed to adopt a more measured approach to future rate cuts, weighing on gold’s safe-haven demand.

Currency and Bond Market Impact: A modest 0.1% gain in the U.S. dollar index made gold more expensive for holders of other currencies. Concurrently, 10-year Treasury yields climbed to a four-week high, further diminishing bullion’s allure. Rising yields increase the opportunity cost of holding gold, prompting some investors to shift toward income-generating assets.

    Market Insights

    Analysts remain cautious about gold’s near-term trajectory. “Heading into the Fed meeting, risks for gold are actually tilted to the downside,” noted Zain Vawda of MarketPulse. Similarly, Fawad Razaqzada of Forex.com highlighted the importance of the Fed’s stance on rate cuts in shaping market sentiment. If the Fed signals a more cautious approach to easing, gold could face continued headwinds.

    Beyond the immediate Fed meeting, traders are also eyeing key U.S. GDP and inflation data due later this week. These indicators will provide further clarity on the economic outlook and could influence gold’s performance heading into 2024. Historically, gold has thrived in low-interest-rate environments, but the prospect of a slower pace of rate cuts could limit its upside momentum.

    Broader Precious Metals Market

    The decline in gold was mirrored across other metals:

    • Silver: Fell 0.7% to $30.30 per ounce, as the industrial metal reacted to broader economic signals and a stronger dollar.
    • Platinum: Dropped 0.3% to $932.93 per ounce, weighed down by weak demand prospects in the automotive sector.
    • Palladium: Declined 1.5% to $932.75 per ounce, continuing its downward trend amid waning interest from industrial buyers.

    These moves underscore the interconnected nature of precious metals markets, where factors such as dollar strength and interest rate expectations play a pivotal role.

    Looking Ahead

    Traders are closely monitoring upcoming U.S. GDP and inflation data later this week for further insights. Gold’s performance in the near term will hinge on how the Fed’s messaging aligns with market expectations. Additionally, geopolitical uncertainties and potential shifts in global monetary policy could impact gold’s safe-haven appeal.

    For now, the metal’s trajectory remains uncertain, with market sentiment hinging on the Fed’s ability to balance inflation control with economic growth. As the central bank’s decisions unfold, gold traders will need to stay nimble to navigate the evolving landscape.

    Release – The GEO Group Announces $70 Million Investment in Expanding ICE Services Capabilities and New Corporate Reorganization

    Posted on by dburczyk@noblecapitalmarkets.com

    Research News and Market Data on GEO

    BOCA RATON, Fla.–(BUSINESS WIRE)–Dec. 16, 2024– The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today a $70 million investment in capital expenditures to strengthen the Company’s capabilities to deliver expanded detention capacity, secure transportation, and electronic monitoring services to U.S. Immigration and Customs Enforcement (“ICE”). GEO is currently the largest service provider to ICE, currently providing approximately 21,000 detention beds (with a present census of 14,000) at 16 ICE Processing Centers with the ability to expand to a minimum of 32,000 beds at 23 facilities. GEO also presently provides electronic monitoring and case management services for approximately 185,000 participants under the Intensive Supervision Appearance Program, as well as secure ground transportation and air operations support services. With the objective of offsetting the $70 million investment in capital expenditures and further reducing debt, GEO intends to pursue the possible sale of several underperforming company-owned state correctional facilities.

    In addition, GEO also announced several senior management changes. GEO’s Chief Executive Officer, Brian Evans, has given GEO notice of his retirement to pursue other opportunities, effective December 31, 2024. J. David Donahue will begin serving as the new Chief Executive Officer, effective January 1, 2025. Mr. Donahue has more than 40 years of experience in corrections and detention, having served in senior executive roles overseeing operational planning, facility activations, and managing operational teams. He joined GEO as the Eastern Region Vice President in 2009, after a distinguished career in corrections with the Federal Bureau of Prisons, Kentucky, and Indiana, where he served as Corrections Commissioner from 2005 to 2008. He also served as the Vice President of the American Correctional Association (“ACA”) and is an ACA-Certified Corrections Executive. During his tenure with GEO, Mr. Donahue was promoted to Senior Vice President and President of GEO Secure Services in 2016 and retired from GEO in July of 2020.

    GEO previously announced the appointment of Paul Laird as Senior Vice President of Secure Services, effective January 1, 2025, replacing James Black who will retire on December 31, 2024 as previously announced. Mr. Laird joined GEO in 2015 as Eastern Region Director of Operations and was subsequently promoted to Western Region Vice President and was most recently transferred to Eastern Region Vice President. Prior to joining GEO, he served as Regional Director of the Federal Bureau of Prisons, North Central Regional Office, overseeing 20 facilities. Prior to that assignment, he served five years as the Chief Operating Officer of Federal Prison Industries and as Assistant Director of the Industries, Educational and Vocational Training Division. He also served on the AbilityOne Commission as a Presidential Appointee representing the United States Department of Justice between 2005 and 2015.

    GEO also announced the appointment of Daniel Ragsdale as Senior Vice President, Contract Administration and Compliance, effective January 1, 2025. Mr. Ragsdale joined GEO in 2017 as Executive Vice President, Contract Compliance, after a successful career at ICE, where he served as Deputy Director from 2012 to 2017. In that capacity, he served as Chief Operating Officer for ICE, leading 20,000 employees, including 7,000 criminal investigators at Homeland Security Investigations and 6,000 officers in Enforcement and Removal Operations. He also previously served as a Special Assistant U.S. Attorney in the Criminal Division of the U.S. Attorney’s Office for the District of Arizona.

    George C. Zoley, Executive Chairman of GEO, said, “We are pleased to welcome back David Donahue to GEO in his new role as Chief Executive Officer. His more than 40 years of experience in corrections and detention, coupled with his experience in operational planning, facility activations, and managing and overseeing operational teams will serve as an asset to our Company as we face the new and expanding opportunities ahead. We are also pleased to welcome Paul Laird and Dan Ragsdale to our Senior Management team. Mr. Laird’s operational experience and Mr. Ragsdale’s background in federal contract administration will continue to be important assets for our Company.

    We are continuing to prepare for what we believe are potentially unprecedented future growth opportunities. We are making a $70 million investment in capital expenditures to strengthen our capabilities to deliver expanded detention capacity, secure transportation, and electronic monitoring and related services to ICE. We also intend to pursue the possible sale of several of our underperforming company-owned state correctional facilities with the objective of offsetting these capital investments and further reducing our overall debt.”

    About The GEO Group

    The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 99 facilities totaling approximately 80,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

    Use of forward-looking statements

    This news release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission including its Form 10-K, 10-Q and 8-K reports. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission, including those referenced above. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.

    Pablo E. Paez (866) 301 4436
    Executive Vice President, Corporate Relations

    Source: The GEO Group, Inc.