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This Year’s Russell Rebalance May Accelerate Market-Cap Sector Rotation

Posted on by phoffman@channelchek.com

Investors Already Wary of Big Tech’s Dizzying Heights May Deviate Away From Swelling Large Cap Weightings

What’s different about this year’s Russell Index Reconstitution?

When the market closes on Friday, June 23rd , the overall FTSE Russell 3000 index and the other indexes that it impacts, including the Russell 1000 Large-cap and Russell 2000 Small-cap index, will be rebalanced to reflect current market-cap size. When the bell rings on Monday June 26th, the indexes will have different members and adjusted weighting of those constituents. Some market watchers and analysts expect this year to be a “headache” for active portfolio managers. Here’s why.

The new FTSE Russell makeup is already known. There is only a small chance a change in that might occur between now and Friday, it is largely assured that the reconstitution will increase the concentration of the top ten biggest companies in the large-cap Russell 1000 Index to a historical high of 29%. Active managers that are already underweighted mega-caps and big tech represented in the large-cap indexes will have to decide if they are going to increase holdings or be even more underweighted in comparison to an index that investors are likely to compare them to.

Additionally, while active fund managers are freer to weight their portfolios (within the boundaries of the fund’s prospectus), investors tend to compare the returns of index funds to the performance of managed funds when investing. This would increase the size of the bet in terms of fund percentage for managed funds, some already underweighted in tech. They’ll have a decision to make.

Further confusing things on the large-cap side is that the wisdom of diversification is being tested. If ten of the largest company’s make up 29% of an index, one that financial advisors and mom-and-pop investors are comparing them to, then roughly mimicking its concentrations would reduce diversification. Investing in a fund with a more even balance of stocks had once been the primary driver of mutual funds’ growth in popularity.

The rebalancing will heap a higher weighting to mega-cap names, including those referred to as FAANG stocks. This group of companies have already had tremendous gains this year, a pace that history would indicate is not sustainable.

Just look at the numbers, as we near the mid-year mark in 2023.

To date the top 100 stocks in the Nasdaq, heavily weighted with mega-caps and large-cap tech, has increased 38.87%. Using historical returns, most would forecast that these topstocks have much more downside for the next six months than upside. Yet, to stay on the same playing field with index funds, managed money would have to bet against stock market history.

The largest of stocks, as demonstrated below, are pulling a lot of weight. Nvidia (NVDA) is up nearly 200%, Meta (META) returned 137%, Tesla (TSLA) is also up over 100%. A fund manager with flexibility could be torn; on the one hand, afraid to bet against such momentum, on the other, historical probabilities suggest they should.

Source: Koyfin

There’s recent evidence that portfolio managers are looking for value away from the mega-cap stocks that have had the kind of run that in some cases made them twice as expensive. The Russell Small-cap Index, which is part of the June rebalancing is made up of the lowest 2,000 companies in terms of market cap of the broader Russell 3000. June has been a great month for the index so far. The index month-to-date is up 7.75% compared to the Nasdaq 100’s 6.56%. This beats June’s returns for Microsoft (MSFT), Apple (AAPL), and Amazon, among others. The performance, which includes an increase of 3.6% and a 2.8% jump on June 6th indicates investors are rotating away from large-cap stocks that have become historically expensive and into smaller companies that are cheap by historical standards.

The reconstitution also provides investors in the weeks and hours leading up to the rebalance to speculate on how the rebalance will impact individual stocks. Since the preliminary list of changes was announced last month, companies expected to be added to the Russell 1000 Index have gained 4.9%, while the those that moved to a smaller-cap index have grown 11.3%, according to data compiled by Wells Fargo (6/14/23).

Take Away

The Russell Reconstitution elevates the percentage weighting of mega-cap tech stocks that usually trade in rough tandem. Mutual fund managers, and other managed money will have to rethink their weighting of a sector that has already skyrocketed on speculation of future growth.

There has already been signs of a slowdown of interest in mega-tech, compared to a significant increase in attention to small-caps that are cheap by most measures. If the rotation continues, money managers that adhere to tried and true wisdom related to diversification, and metrics like P/E ratios, may wind up the year outperforming the indexed funds they tend to be compared to.

Paul Hoffman

Managing Editor, Channelchek

Sources

https://www.ft.com/content/01ad3636-f15c-42c2-ab2c-81418f8160be

https://www.forbes.com/sites/jjkinahan/2023/06/16/stocks-looking-to-keep-the-party-going/?sh=4e85e4c86067

Equity Investors Shouldn’t Fear Quadruple Witching if They Understand It

Posted on by phoffman@channelchek.com

June Quad-Witching is the Friday Before a Three-Day Weekend

Double, triple, and quadruple witching hours are often characterized by increased stock market activity as traders manage expiring positions in the last hours of trading. Friday, June 16th is a quadruple witching which may demonstrate increased activity as it leads into a weekend where markets are closed on Monday.

The term “quadruple witching hour” is used to describe the simultaneous expiration of stock options, stock index futures, and stock index options and single stock futures contracts on the same day. This happens only four times a year on the third Friday just before a quarter end. The same expiration date of all three types of stock derivatives can cause unusual swings as expiring derivative positions can cause increased trading volume and unusual price action in the underlying assets as traders close, roll, or offset expiring derivative positions, particularly in the final hour of trading.

Options Expirations and Futures Contracts

Stock index options, and stock options, are financial instruments that grant the holder the contractual right, but not the obligation, to buy (call option), or sell (put option) a specific quantity of an underlying security or value of an underlying index at a predetermined price (strike price) within a specified period. The final day of the period is known as the option’s expiration date.

Stock index options are options based on the broad market indexes, such as the S&P 500 or the NASDAQ-100. These options give investors exposure to the overall market’s performance rather than individual stocks.

Stock options work similarly, but are based not on index values, but on stock price.

Stock index futures and single stock index futures are contracts that obligate (not optional) traders to buy or sell an index at a specific price or a single stocks at a specific price on a future date.

Expiration Fridays often witness heightened trading activity, as investors attempt to rebalance portfolios and positions. This can cause increased volume and produce significant price fluctuations in the underlying, impacting both individual stocks and the overall market.

Arbitrage Opportunities

Though much of the trading in closing, opening, and offsetting futures and options contracts during witching days is related to the squaring of positions, this increased, and at times, frantic activity can create price inefficiencies, this may provide short-term arbitrage opportunities for those skilled and quick enough.

The arbatrageurs would generate even more volume into the close on quadruple witching days as traders attempt to profit on small price imbalances with large trades that may execute a buy and sell in seconds.

Additional Reasons To Care About Triple Witching

As four types of derivatives, with related underlying indexes and securities expire, traders, especially before a long weekend, will often seek to close out all of their open positions well in advance of the close. This can lead to increased trading volume and intraday swings. Traders with large short positions are particularly exposed to price movements that could be more difficult to manage leading up to expiration. Arbitrageurs try to take advantage of abnormal price action, this actually serves to keep prices more in synch.

The higher trading volumes can be one-sided and potentially result in wider bid-ask spreads and greater slippage. Investors mindful of the potential one-sided liquidity challenges may decide to wait for the smoke to clear the following week, or see if they can benefit by feeding into demand if they can.  

Traders who are skilled at interpreting trends, and have great execution, may find quick opportunities to make money during these multiple expiration dates.

Take Away

Quadruple expiration dates, which happen four times a year, can have significant implications for traders and investors. It is best to, at a minimum, know the dates to understand unusual price moves. Understanding the intricacies of option expiration, and multiple witching hours helps investors navigate markets. Advanced traders may even find ways to capitalize on the moves intraday.

June 2023 is unusual in that the quadruple witching hour comes before a three-day weekend; this could push more volatility to earlier periods during the afternoon.

Paul Hoffman

Managing Editor, Channelchek

Release – Aurania ShareholdersApprove All Resolutions At Annual And Special Meeting

Posted on by aweinsoff@channelchek.com

Research News and Market Data on AUIAF

Aurania Resources Ltd. (TSXV: ARU; OTCQB: AUIAF; Frankfurt: 20Q) (“Aurania” or the “Company”) is pleased to announce that its shareholders have approved all resolutions at the Company’s Annual and Special Meeting (the “Meeting”) which was held on June 14, 2023.   

At the Meeting, shareholders approved the financial statements for the year-ended December 31, 2022, and the report of the auditors thereon, the appointment of auditors, election of directors, amendments to the Company’s restricted stock unit plan and the Company’s incentive stock option plan for the upcoming year.  Details of these matters are disclosed in the Management Information Circular for the Meeting dated May 2, 2023, and posted under the Company’s profile on www.sedar.com and on the Company’s corporate website http://www.aurania.com/investors/annual-general-meeting/.  The formal part of the Meeting was followed by an update from Aurania’s President & CEO, Dr. Keith Barron.  A summary of Keith Barron’s update will be provided in the coming days.

The Company also announces that its Chairman, President and Chief Executive Officer, Dr. Keith Barron (the “Lender”) completed a loan of C$2,000,000 to the Company. The loan is unsecured, bears interest at 2% per annum and matures upon notice of twelve months and one day from the Lender.  The loan will help fund the Company’s working capital and general corporate purposes as well as any exploration expenses in Ecuador.

Dr. Keith Barron is a related party of the Company by virtue of the fact that he is the Chairman, the President and Chief Executive Officer, a promoter and a principal shareholder of the Company, and as a result, each of the Loan constitutes a “related party transaction” for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying upon an exemption from the formal valuation and minority shareholder approval requirements under MI 61-101 in respect of the Related Party Transactions, in reliance on Sections5.5(a) and 5.7(1) of MI 61-101, respectively, as the fair market value of the Related Party Transaction, collectively, does not exceed 25% of the Company’s market capitalization, as determined in accordance with MI 61-101. The Company did not file a material change report related to the Loan more than 21 days before the expected closing of the Loan as required by MI 61-101, as the Company required the funds from closing on an expedited basis for sound business reasons.

The Loan and the Insider Participation were approved by the members of the board of directors of the Company who are independent for purposes of the Related Party Transactions, being all directors other than Dr. Barron. No special committee was established in connection with the Loan and the Insider Participation, and no materially contrary view or abstention was expressed or made by any director of the Company in relation thereto.

About Aurania

Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America.  Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.

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

Click this link to view the full release dated June 14, 2023 on Aurania’s website.

Release – Great American Cookies Continues U.S. Expansion Push with First Alaska Location

Posted on by aweinsoff@channelchek.com

Research News and Market Data on FAT

 

JUNE 15, 2023

Original Cookie Cake Franchise Now Open in Anchorage

LOS ANGELES, June 15, 2023 (GLOBE NEWSWIRE) — Great American Cookies, the Original Cookie Cake franchise, announces its first location in the state of Alaska. Located in Anchorage, the new store serves as the ultimate sweet spot for locals with desserts including Custom Cookie Cakes, fresh, soft-baked cookies, brownies, and more.

“This year, Great American Cookies arrived in Arizona, New Mexico, and Illinois,” said Allison Lauenstein, President of Great American Cookies. “Growing domestically has been a key growth pillar for us so we are pleased to be able to expand our footprint to four new states, including Alaska, in just a few months. We see Anchorage as a great market to make our Alaska debut in, providing a perfect spot for family nights, birthdays, and beyond.”

Since 1977, Great American Cookies has baked up a reputation for not only being the creator of the Original Cookie Cake, but also for its famous chocolate chip cookie recipe. Other crave-able menu items include brownies and Double Doozies™, delectable icing sandwiched between two cookies.

The Anchorage Great American Cookies is located at 800 E Dimond Blvd, Suite 183, Anchorage, AK 99515, and is open Monday through Saturday, 10 a.m. to 9 p.m., and Sunday, 12 p.m. to 7 p.m.

For more information on Great American Cookies, visit www.greatamericancookies.com.

About FAT (Fresh. Authentic. Tasty.) Brands
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.

About Great American Cookies
Founded on a family chocolate chip cookie recipe in 1977, Great American Cookies believes that pure, simple delight is part of living a full life. Serving the Original Cookie Cake, fresh baked cookies in a variety of flavors, brownies, and Double Doozies™, we promise to treat you to bites of bliss that prove how sweet life can be. With more than 370 bakeries across the country and internationally in Bahrain, Guam, and Saudi Arabia, and treats available to ship right to your door, the sweet spot is always close to home. For more information, visit www.greatamericancookies.com. 

MEDIA CONTACT:
Erin Mandzik, FAT Brands
emandzik@fatbrands.com
860-212-6509

Release – Tonix Pharmaceuticals Announces Publication of Results from Phase 3 RELIEF Trial of TNX-102 SL for the Management of Fibromyalgia

Posted on by aweinsoff@channelchek.com

Research News and Market Data on TNXP

June 15, 2023 7:00am EDT

Previously Disclosed Data Demonstrated that TNX-102 SL Achieved Statistically Significant Pain Reduction Over Placebo at Week 14 (Primary Endpoint, p=0.01) and Was Generally Safe and Well Tolerated

Topline Data from RESILIENT, a Potentially Confirmatory Registration-Enabling Phase 3 Fibromyalgia Trial of TNX-102 SL, Expected Fourth Quarter 2023

CHATHAM, N.J., June 15, 2023 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP), a clinical-stage biopharmaceutical company, today announced that previously disclosed results from the Phase 3 RELIEF study of TNX-102 SL for the management of fibromyalgia have been published in the peer-reviewed journal Arthritis Care & Research, an official journal of the American College of Rheumatology. In RELIEF, treatment with TNX-102 SL was associated with significant reductions in daily pain and was generally safe and well tolerated in patients with fibromyalgia. Secondary results also suggest that treatment with TNX-102 SL can improve sleep and reduce fatigue, which together with pain are recognized as core fibromyalgia symptoms. TNX-102 SL is a novel, non-opioid, centrally-acting analgesic, intended to be taken once daily at bedtime. The paper can be accessed online at https://pubmed.ncbi.nlm.nih.gov/37165930/.

“There continues to be a pressing need for novel, safe and more tolerable drugs to treat patients with fibromyalgia, a debilitating chronic disease that afflicts an estimated 6 to 12 million adults in the United States, with symptoms including multisite pain and disturbed sleep,” said Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals. “Current fibromyalgia therapies have limited efficacy in alleviating symptoms of sleep disturbance and fatigue. These Phase 3 RELIEF data suggest that treatment with TNX-102 SL may improve sleep quality and fatigue in patients with fibromyalgia, in addition to reducing pain.”

The paper, titled, “Efficacy and Safety of TNX-102 SL (Sublingual Cyclobenzaprine) for the Treatment of Fibromyalgia: Results From the Randomized, Placebo Controlled RELIEF Trial,” includes data demonstrating that TNX-102 SL met its pre-specified primary endpoint in the Phase 3 RELIEF trial, significantly reducing daily pain compared to placebo (p=0.01) in participants with fibromyalgia. Also, in an exploratory analysis, when the primary endpoint was analyzed as a ≥30% pain responder analysis, there was a higher rate of responders to TNX-102 SL (47%) than to placebo (35%; p=0.006). TNX-102 SL at 5.6 mg also showed activity in key secondary endpoints demonstrating improvements in sleep quality, mitigation of fatigue and fibromyalgia-specific global symptomatic and functional recovery.

Early discontinuation rates were similar for TNX-102 SL and placebo (17.7% and 16.5%, respectively). In addition, TNX-102 SL was well tolerated with the most common adverse event from active treatment being oral numbness or hypoaesthesia, an administration site reaction that is typically transient, was never rated as severe, and lead to only one discontinuation.

Tonix is currently enrolling in a potentially confirmatory, registration-enabling Phase 3 study (RESILIENT). Topline results are expected in the fourth quarter of this year.

About Fibromyalgia

Fibromyalgia is a chronic pain disorder that is understood to result from amplified sensory and pain signaling within the central nervous system. Fibromyalgia afflicts an estimated 6-12 million adults in the U.S., approximately 90% of whom are women. Symptoms of fibromyalgia include chronic widespread pain, nonrestorative sleep, fatigue, and morning stiffness. Other associated symptoms include cognitive dysfunction and mood disturbances, including anxiety and depression. Individuals suffering from fibromyalgia struggle with their daily activities, have impaired quality of life, and frequently are disabled. Physicians and patients report common dissatisfaction with currently marketed products.

About TNX-102 SL

TNX-102 SL is a patented sublingual tablet formulation of cyclobenzaprine hydrochloride which provides rapid transmucosal absorption and reduced production of a long half-life active metabolite, norcyclobenzaprine, due to bypass of first-pass hepatic metabolism. As a multifunctional agent with potent binding and antagonist activities at the 5-HT2A-serotonergic, α1-adrenergic, H1-histaminergic, and M1-muscarinic receptors, TNX-102 SL is in development as a daily bedtime treatment for fibromyalgia, Long COVID (formally known as post-acute sequelae of COVID-19 [PASC]), alcohol use disorder and agitation in Alzheimer’s disease. The United States Patent and Trademark Office (USPTO) issued United States Patent No. 9636408 in May 2017, Patent No. 9956188 in May 2018, Patent No. 10117936 in November 2018, Patent No. 10,357,465 in July 2019, and Patent No. 10736859 in August 2020. The Protectic™ protective eutectic and Angstro-Technology™ formulation claimed in the patent are important elements of Tonix’s proprietary TNX-102 SL composition. These patents are expected to provide TNX-102 SL, upon NDA approval, with U.S. market exclusivity until 2034/2035.

About the Phase 3 RESILIENT Study

The RESILIENT study is a double-blind, randomized, placebo-controlled trial designed to evaluate the efficacy and safety of TNX-102 SL (cyclobenzaprine HCl sublingual tablets) in the management of fibromyalgia. The two-arm trial is expected to enroll approximately 470 participants in the U.S. The first two weeks of treatment consist of a run-in period in which participants start on TNX-102 SL 2.8 mg (1 tablet) or placebo. Thereafter, all participants increase their dose to TNX-102 SL 5.6 mg (2 x 2.8 mg tablets) or two placebo tablets for the remaining 12 weeks. The primary endpoint is the daily diary pain severity score change (TNX-102 SL 5.6 mg vs. placebo) from baseline to Week 14 (using the weekly averages of the daily numerical rating scale scores), analyzed by mixed model repeated measures with multiple imputation.

For more information, see ClinicalTrials.gov Identifier: NCT05273749.

Tonix Pharmaceuticals Holding Corp.*

Tonix is a clinical-stage biopharmaceutical company focused on discovering, licensing, acquiring and developing therapeutics to treat and prevent human disease and alleviate suffering. Tonix’s portfolio is composed of central nervous system (CNS), rare disease, immunology and infectious disease product candidates. Tonix’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 (cyclobenzaprine HCl sublingual tablet), is in mid-Phase 3 development for the management of fibromyalgia with topline data expected in the fourth quarter of 2023. TNX-102 SL is also being developed to treat Long COVID, a chronic post-acute COVID-19 condition. Enrollment in a Phase 2 study has been completed, and topline results are expected in the third quarter of 2023. TNX-1900 (intranasal potentiated oxytocin), in development for chronic migraine, is currently enrolling with topline data expected in the fourth quarter of 2023. TNX-601 ER (tianeptine hemioxalate extended-release tablets), a once-daily formulation being developed as a treatment for major depressive disorder (MDD), is also currently enrolling with interim data expected in the fourth quarter of 2023. TNX-4300 (estianeptine) is a small molecule oral therapeutic in preclinical development to treat MDD, Alzheimer’s disease and Parkinson’s disease. TNX-1300 (cocaine esterase) is a biologic designed to treat cocaine intoxication and has been granted Breakthrough Therapy designation by the FDA. A Phase 2 study of TNX-1300 is expected to be initiated in the third quarter of 2023. Tonix’s rare disease portfolio includes TNX-2900 (intranasal potentiated oxytocin) for the treatment of Prader-Willi syndrome. TNX-2900 has been granted Orphan Drug designation by the FDA. Tonix’s immunology portfolio includes biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-1500, which is a humanized monoclonal antibody targeting CD40-ligand (CD40L or CD154) being developed for the prevention of allograft rejection and for the treatment of autoimmune diseases. A Phase 1 study of TNX-1500 is expected to be initiated in the third quarter of 2023. Tonix’s infectious disease pipeline includes TNX-801, a vaccine in development to prevent smallpox and mpox, for which a Phase 1 study is expected to be initiated in the first quarter of 2024. TNX-801 also serves as the live virus vaccine platform or recombinant pox vaccine platform for other infectious diseases. The infectious disease portfolio also includes TNX-3900 and TNX-4000, classes of broad-spectrum small molecule oral antivirals.

*All of Tonix’s product candidates are investigational new drugs or biologics and have not been approved for any indication.

This press release and further information about Tonix can be found at www.tonixpharma.com.

Forward Looking Statements

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to the failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; delays and uncertainties caused by the global COVID-19 pandemic; risks related to the timing and progress of clinical development of our product candidates; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission (the “SEC”) on March 13, 2023, and periodic reports filed with the SEC on or after the date thereof. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.

Contacts

Jessica Morris (corporate)
Tonix Pharmaceuticals
investor.relations@tonixpharma.com
(862) 904-8182

Maddie Stabinski (media)
Russo Partners
madeline.stabinski@russopartnersllc.com
(212) 845-4273

Peter Vozzo (investors)
ICR Westwicke
peter.vozzo@westwicke.com
(443) 213-0505

Source: Tonix Pharmaceuticals Holding Corp.

Released June 15, 2023

PDS Biotechnology Corp. (PDSB) – Reiterating Outperform – Phase 2 Trial Meets Efficacy Endpoint

Posted on by cpereira@noblefcm.com


Thursday, June 15, 2023

PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of molecularly targeted cancer and infectious disease immunotherapies based on the Company’s proprietary Versamune® and Infectimune™ T-cell activating technology platforms. Our Versamune®-based products have demonstrated the potential to overcome the limitations of current immunotherapy by inducing in vivo, large quantities of high-quality, highly potent polyfunctional tumor specific CD4+ helper and CD8+ killer T-cells. PDS Biotech has developed multiple therapies, based on combinations of Versamune® and disease-specific antigens, designed to train the immune system to better recognize diseased cells and effectively attack and destroy them. The Company’s pipeline products address various cancers including HPV16-associated cancers (anal, cervical, head and neck, penile, vaginal, vulvar) and breast, colon, lung, prostate and ovarian cancers.

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.

ASCO Efficacy Data Has Been Updated. PDS Bioscience announced that the Phase 2 VERSATILE-002 trial has met the threshold for efficacy. This is good news for the trial and should help clarify misunderstandings of the data presented at the ASCO conference earlier this month. The Phase 3 trial is expected to begin in 3Q23.

New Data Should Clarify Trial Results.  In our June Research Note, we discussed data from the VERSATILE-002 trial presented at the ASCO annual meeting. This presentation showed a 12-month survival rate of 87% and a progression-free survival rate of 10.4 months. Responses were determined by the RECIST 1.1 criteria, requiring 30% tumor shrinkage. According to the trial protocols, responses seen in the first scan were considered unconfirmed responses until a second confirmatory scan 9 weeks later.


Get the Full Report

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

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

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

Bit Digital, Inc. (BTBT) – Into the Digital Mines

Posted on by cpereira@noblefcm.com


Thursday, June 15, 2023

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

Initiating Coverage. We are initiating research coverage on Bit Digital, Inc. with an Outperform rating and a $4.50 price target. Bit Digital is an asset-light, sustainability-focused digital asset mining company with mining and staking operations in the US, Canada, and Iceland. We believe the Company provides an opportunity for investors to invest in cryptocurrency mining and staking operations through two blue chip tokens in Bitcoin (BTC) and Ethereum (ETH).

Asset-Light Mining. Bit Digital’s primary revenue source is through BTC mining. The Company manages to keep an asset-light model through multi-year contracts with facilities to host the Company’s miners, enabling Bit Digital to exclusively focus on mining. The Company is currently at a hash rate of 1.2 EH/s with a goal of 2.6 EH/s by the end of 2023. We believe Bit Digital is capable of reaching its goal through increased utilization of the existing fleet as well as various miner purchases.


Get the Full Report

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

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

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

CoreCivic, Inc. (CXW) – Two Sides of a Coin

Posted on by cpereira@noblefcm.com


Thursday, June 15, 2023

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

A Renewal. CoreCivic entered into a lease agreement with the Oklahoma Department of Corrections (ODOC) for the company-owned, 1,670-bed Davis Correctional Facility (DCF), which the Company currently operates under a management contract with ODOC that is currently scheduled to expire on June 30, 2023. The new lease agreement includes a base term commencing October 1, 2023, with a scheduled expiration date of June 30, 2029, and unlimited two-year renewal options.

But. While CoreCivic retained a client, it went from a management contract to a lease. Previously, under the May 2021 management contract terms, we estimate the facility was generating north of $30 million in annual revenue (assuming full occupancy), while the under the lease agreement this declines to $7.5 million. However, gross margins on Properties segment agreements run in the high 70% range, compared to gross margins in the low 20% range for Safety segment managed locations.


Get the Full Report

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

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

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

Onconova Therapeutics (ONTX) – New Leukemia Data Presented Supports Wide Range Of Action

Posted on by cpereira@noblefcm.com


Thursday, June 15, 2023

Onconova Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing novel products for patients with cancer. The Company has proprietary targeted anti-cancer agents designed to disrupt specific cellular pathways that are important for cancer cell proliferation. Onconova’s novel, proprietary multi-kinase inhibitor narazaciclib (formerly ON 123300) is being evaluated in two Phase 1 dose-escalation and expansion studies. These trials are currently underway in the United States and China. Onconova’s product candidate rigosertib is being studied in an investigator-sponsored study program, including in a dose-escalation and expansion Phase 1/2a investigator-sponsored study with oral rigosertib in combination with nivolumab for patients with KRAS+ non-small cell lung cancer.

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.

Data In Mantle Cell Lymphoma Updated. Onconova presented new data testing narazaciclib in mantle cell lymphoma (MCL) at the annual International Conference on Malignant Lymphoma, adding to data presented at the AACR meeting in April 2023. The preclinical studies tested the combination of narazaciclib as a single agent or in combination with ibrutinib (Imbruvica from AbbVie, an inhibitor of BTK or Bruton tyrosine kinase), a drug widely used to treat mantle cell lymphoma. Narazaciclib also was tested against approved CDK4/6 inhibitors and showed superior efficacy. 

Presentation Expands On Previous Data. Narazaciclib was tested with ibrutinib in multiple cell lines that are sensitive or resistant to ibrutinib. The combination showed anti-tumor activity that was synergistic compared with either drug alone. The drugs were shown to use separate pathways to downregulate cell cycle checkpoints and lead to G1 cell cycle arrest. This stops the cancer cells reproduction cycle, causing the cell to die. The combination inhibited tumor growth and reduced infiltrations of malignant B-cells in the bone marrow.


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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. 

Unhyped Information to Improve Investment Success

Posted on by phoffman@channelchek.com

Retail Traders Looking in the Right Place, Never Had it So Good

Do you feel like every time you buy a stock, it goes down? You’re not alone, it’s a common complaint. Yet there’s a large universe of industries, companies, and ideas to choose to invest in. And at the same time, a flood of people who make a living telling you where you should invest. So why do so many investors buy after a run-up, perhaps even at the high, then watch their holdings languish?

Part of the problem may be in how the self-directed investor, consumes information. Watching investment news, digesting a fast-talking influencer’s words, or being told which moving average to rely on is, at best a good start to knowing what the masses are seeing, but taking time away from the hype, and absorbing well-presented material, data, and other information will provide a better look at companies in a way that could help prevent the late-in-the-trade buys that retail investors are known for.

Multiple Sources of Investment Information

When it comes to making investment decisions, the probability of success should increase if you take a look from different angles by using a few sources of trusted information. Beginner investors learn quickly that, if success was as easy as just buying your favorite TV stock pickers love of day, viewers of shows like Mad Money on CNBS would all be rich. It clearly doesn’t work that way.

But if you’re not prone to acting on hype, watching stockpickers fall in and out of love, every show is entertaining. If you are prone to hype, as most humans are, you have to be suspicious of anyone who has to come up with a stock or two for each show (or article). Then speak or write about it with a convincing and engaging style. Keep in mind, viewers or readers are their customers, they lose customers if they’re boring, they gain customers by instilling hope. Yet, as a person who managed billions in institutional funds, I can attest to you that most days, it is best to sit on your hands, monitor your current holdings, and keep scouring resources for high-probability stocks to watch.

Celebrity CEOs

Another problem with mainstream media’s financial news is the coverage universe is typically only familiar household names. You can turn on Fox Business, read the Wall Street Journal, or even Yahoo Finance and expect that on any given day there will be information on Apple, Tesla, and Microsoft, and they’ll be highlighting celebrity CEOs of similar companies. As mentioned earlier, there is a large universe of stocks to choose from. If the only stocks that have your attention are the huge names, largely held by funds and transacted by Wall Street’s most powerful, you could be in the same position you’d be in if you came down from the stands at a pro basketball game and played for a couple of quarters. You’re considered lucky if you put any points on the board.

Broadening your watchlist stocks to include companies that you have to search for, because they aren’t hyped, may include making a few additions to your stock market news, information, and analysis regimen.

News Information and Analysis

In addition to the traditional sources for investment ideas, including TV market analysts, stock picking columnists, and any paid-for advertorial seen on even big name financial websites and publications. You may wish to explore lesser-known companies and review emotionless equity investment research. Outside of stock research, you may find an appealing company you never heard of by viewing videos that invite you to “Meet the CEO” and listen to someone who knows the company better than anyone. If you’re in a metropolitan area, you may get on an email list to see what roadshows are within driving distance so you can attend and better understand an opportunity. Investors who aren’t near financial hubs that attract roadshows can still benefit from face-to-face presentations, including questions and answers at an investor conference geared toward their interests.

Investment Research

Receiving up-to-date research from analysts that never forget they have a reputation to maintain used to be difficult for retail investors. It was expensive to subscribe to financial firms’ research, and with good reason. Large investor’s could afford it because they stood to benefit most from the insights, justifying the cost. And the firm doing the research and setting the price was justified because maintaining a staff of analysts is expensive. But it kept a lot of good info from smaller players. This has evolved recently and become more fair.

The availability of quality stock research began to fall off last decade as regulatory bodies began making rules on who can provide valuable research, based on financial licenses, company registrations, and compensation arrangements.

Equity research that was once paid for by subscribers, has now taken a similar path as “free” trading apps. Retail customers, or institutional are not the ones paying for it, in many cases, the company that wants to be evaluated is. This is called company-sponsored research or CSR.

There are a number of firms that now provide this investor service, Channelchek, with the expertise of the equity analysts at Noble Capital Markets, is the largest provider of CSR in North America.

So no hype investment research is available, and more companies are recognizing how it helps interest in their stock if investors have trusted sources evaluating their business.

Video Presentations

While it isn’t hard to find the CEO of Tesla or many other mega-cap companies talking about their plans, the CEO’s of the thousands of less celebrated, often higher potential, companies have to be sought out and there has to be a means to understand their plans, ideas, and expectations. Technology has helped solve some of this. In fact YouTube and similar platforms has opened the floodgates to information on everything from fixing your air conditioner, to how to braid hair. While there are many video presentations best avoided, presentations direct from company management, in a six months or younger video, can provide tremendous insight, and confidence to pull the buy trigger, or even confidence to decide not to.

A large selection of content of this type can be found in Channelchek’s Video Library.  

In-Person Roadshows

A roadshow is essentially management of a company, getting out of their office and meeting in different towns with investors. This could be done individually, perhaps at a financial institutions office, or in a reserved area in a public restaurant or other venue. This is particularly interesting as not only do investors get to look the person presenting directly in the eye, they benefit from questions being asked from all the other interested investors – they often have a great question you hadn’t thought of.

While every firm that conducts road shows has its own way of getting the word out, Noble Capital Markets organized roadshows list their calendar of roadshows on Channelchek.

Investment Conferences

While roadshows are great if it’s a company you want to hear from, and if it is convenient, a conference with many interesting companies, and perhaps in a vacation destination, can really help investors in a few short days hear many management presentations, ask questions and listen to other’s questions, and meet and network with investors of all levels. These events tend to be held in vacation destinations, so self-directed investors tend to bring family members, and professionals can spend a productive day of work enjoying a beautiful change of scenery.

I won’t even try to hide that I have a favorite conference.

Each year Noble Capital Markets puts on a popular two or three day investor event called NobleCon. Now in its 19th year, it attracts companies with interesting stories and business models from various industries, and professional and retail investors from three continents.

Now in its 19th year, NobleCon19 will be held in Late Fall 2023. The plans are pretty hush, but the opportunities for presenting companies and those looking to enhance their portfolios, I’m told, will be even greater than previous NobleCons. That’s a high hurdle.

Take Away

Understanding that the person on TV saying a stock is a buy, sell, or hold is, in a way, part of a reality TV show that needs to entertain to retain an audience, could improve your investment performance. Much of what is written is the same. Frankly, most days, there is little or nothing worth acting on, but they aren’t going to tell you this – it’s just not in their best career interest.

Alternative sources of ideas and information involve less hype and include, company- sponsored research, management discussions on video, roadshows, and investment conferences.

Most years there are many opportunities, most of these are under the radar companies that, even after they do well, are still under the radar. The ability to find these companies is becoming easier to all investors, but not if they are not looking for it.

Paul Hoffman

Managing Editor, Channelchek

Copper Market Poised for Unprecedented Growth

Posted on by phoffman@channelchek.com

New Projections for Copper Demand High, Price Seen as Still “Muted”

The copper market could see an “unprecedented” inflow in the coming years as investors seek to profit from the metal’s anticipated surge in value, driven by growing demand for electric vehicles (EVs) and renewable energy, according to Citigroup.

In an interview with Bloomberg last week, Max Layton, Citi’s managing director for commodities research, said he believes now is an ideal time for investors to buy, as the price of copper is still muted on global recession concerns. The red metal is currently trading around $8,300 a ton, down approximately 26% from its all-time high of nearly $11,300, set in October 2021.

According to Layton, copper could top out at $15,000 a ton by 2025, a jump that would “make oil’s 2008 bull run look like child’s play.”

Citi also pointed out that copper may dip further in the short-term but could begin to rally in the next six to 12 months as the market fully recognizes the massive imbalance between supply and demand, a gap that’s expected to widen as demand for EVs and renewables expands.

This article was republished with permission from Frank Talk, a CEO Blog by Frank Holmes of U.S. Global Investors (GROW).

Find more of Frank’s articles here – Originally published June 12, 2023.

Internal Combustion Vehicle Sales Set To Peak This Decade: BloombergNEF

As I’ve mentioned before, electric vehicles (EVs) require up to three times more copper compared to traditional internal combustion engine (ICE) vehicles. This presents a challenge because the number of newly discovered copper deposits is decreasing, and the time it takes to go from discovery to production has been increasing due to rising costs. According to S&P Global, out of the 224 copper deposits found between 1990 and 2019, only 16 have been discovered in the last decade.

Meanwhile, EV sales continue to rise. Last year, these sales reached a total of 10.5 million, and projections by Bloomberg New Energy Finance (NEF) suggest that they could escalate to around 27 million by 2026. Bloomberg predicts that the global fleet of ICE vehicles will peak in as little as two years, after which the market will be dominated primarily by EVs and, to a lesser extent, hybrids. By 2030, EVs might constitute 44% of all passenger vehicle sales, and by 2040, three could account for three quarters of all vehicle sales.

Tesla Stock Supported By String Of Positive News

Tesla, which remains the world’s largest EV manufacturer, has seen its stock increase over 100% year-to-date in 2023, making it the third best performer in the S&P 500, following NVIDIA (+166%) and Meta (120%). In fact, shares of Tesla have now fully recovered (and then some) from October 2022, when CEO Elon Musk purchased Twitter for $44 billion. This raised concerns among investors about Musk’s ability to run the EV manufacturer while taking on a new, time-intensive project, not to mention also juggling SpaceX.

Friday marked the 12th straight day that shares of Tesla have advanced, representing a remarkable winning streak that we haven’t seen since January 2021.

The Austin-based carmaker got a huge boost last week after it announced that its popular Model 3 now qualifies for a $7,500 EV consumer tax credit. This action means that in California, which applies its own $7,500 tax rebate for EV purchases, a brand new Tesla Model S is cheaper than a Toyota Camry.

To qualify for the U.S. tax credit, Tesla had to make changes to how it sourced materials for its batteries in accordance with the Inflation Reduction Act (IRA), signed into law in August 2022. The IRA stipulates that 40% of electric vehicle battery materials and components must be extracted or processed in the U.S. or in a country that has a free trade agreement with the U.S. This manufacturing threshold will increase annually, and by 2027, 80% of the battery must be produced in the U.S. or a partner country to qualify for the full rebate.

Tesla stock also benefited from last Thursday’s announcement that drivers of EVs made by rival General Motors (GM) would be able to use Tesla’s North American supercharger network starting next year. The deal not only gives GM customers access to an additional 12,000 charging stations across the continent, but it also vastly increases Tesla’s market share of the essential charging infrastructure.

Musk’s Copper Quest

Thinking ahead, Musk reportedly met virtually last month with L. Oyun-Erdene, prime minister of Mongolia. The details of their discussion were not fully disclosed, but it’s worth pointing out that Mongolia is a copper-rich country, home to the world’s fourth-largest copper mine, operated jointly by Rio Tinto and the Mongolian government. In May, Rio Tinto announced that production had finally begun at the mine, which sits 1.3 kilometers (0.8 miles) below the Gobi Desert.

With access to this copper, perhaps Tesla is planning to build a metals processing plant in Mongolia? This would make sense, as the company maintains a factory in Shanghai, China.

US Global Investors Disclaimer

Holdings may change daily. Holdings are reported as of the most recent quarter-end. The following securities mentioned in the article were held by one or more accounts managed by U.S. Global Investors as of (03/31/2023): Tesla Inc.

All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the link(s) above, you will be directed to a third-party website(s). U.S. Global Investors does not endorse all information supplied by this/these website(s) and is not responsible for its/their content.

Release – Comtech, E-Space Team Up to Make Space-Powered Connectivity Services Available and Actionable Anywhere

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CMTL

MELVILLE, N.Y. & LOS GATOS, Calif. – June 14, 2023– Comtech (NASDAQ: CMTL) and E-Space, the company bridging Earth and space to enable hyper-scaled deployments of Internet of Things (IoT) solutions and services, today announced a teaming agreement to collaborate, develop and deploy innovative space-based communications solutions and IoT services to support predominantly government and targeted commercial customers.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230613091149/en/

The collaboration will leverage Comtech’s vast portfolio of industry leading technologies and strategic partnerships, coupled with E-Space’s future advanced space system, inclusive of its global low Earth orbit (LEO) constellation and unique device capabilities, to provide customers with secure, resilient global connectivity services. The E-Space space system, optimized with edge Artificial Intelligence (edge AI), will enable the delivery of new smart applications, real-time actionable insights and suggested courses of action.

“Continuous connectivity is a fundamental need in today’s information-driven society that will generate ongoing demand to blend terrestrial, wireless and satellite networks,” said Ken Peterman, President and CEO, Comtech. “By teaming with E-Space, we will provide end users with reliable, global connectivity to enable near real-time predictive insights that will drive efficiency, reduce operator burden and empower individuals by providing access to new technologies.”

Greg Wyler, founder, chairman and CEO of E-Space, added, “Combining the expertise and resources from Comtech and E-Space will help revolutionize the way defense and commercial companies leverage space-powered data to connect, communicate and put intelligence into action. From providing warfighters up-to-the-minute situational awareness to ensuring logistics providers have incredible insights into every asset in a shipment – we will be able to provide unique information sets that will enable smarter operations.”

E-Space is building a satellite infrastructure that will blur the line between satellite and terrestrial communications network capabilities for delivering IoT connectivity. E-Space’s advanced technology will enable a new class of ubiquitous, real-time communications capabilities, which is expected to reduce device costs and increase coverage.

Comtech delivers innovative approaches to automate workflows, enhance safety, improve reliability and reduce system downtime. The Company holds hundreds of patents spanning terrestrial and satellite communications as well as location-based services, and its technologies are currently fielded in over 200 countries. Comtech is expanding its already vast portfolio of solutions and services through EVOKE, Comtech’s Innovation Foundry, as well as through strategic partnerships with world class innovators, like E-Space. These relationships provide customers with unprecedented access to data and insights that deliver meaningful value and uncover a number of new economic growth opportunities in diverse global markets.

About Comtech
Comtech Telecommunications Corp. is a leading global technology company providing terrestrial and wireless network solutions, next-generation 9-1-1 emergency services, satellite and space communications technologies, and cloud native capabilities to commercial and government customers around the world. Our unique culture of innovation and employee empowerment unleashes a relentless passion for customer success. With multiple facilities located in technology corridors throughout the United States and around the world, Comtech leverages our global presence, technology leadership, and decades of experience to create the world’s most innovative communications solutions.For more information, please visit www.comtech.com.

About E-Space
E-Space is bridging Earth and space to enable hyper-scaled deployments of Internet of Things (IoT) solutions and services. The Company is fundamentally changing the design, economics, manufacturing, coverage limitations and service delivery of space-powered IoT connectivity. Its advanced, sustainable low Earth orbit (LEO) space infrastructure will blur the line between satellite and terrestrial communications networks, creating a new class of ubiquitous, real-time communications capabilities that enable end-users to connect, track, sense and act on edge AI optimized data, gathered from billions of novel E-Space devices deployed planet-wide. Learn more about E-Space at: e-space.com and follow the Company on LinkedIn and Instagram.

Forward-Looking Statements
Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results and performance could differ materially from such forward-looking information. The Company’s Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such Securities and Exchange Commission filings.

Comtech:
Investor Relations
Robert Samuels
631-962-7102
robert.samuels@comtech.com

Media Relations
Jamie Clegg
480-532-2523
jamie.clegg@comtech.com

E-Space:
PR & Communications
Chris Phillips
917-974-1667
chris.phillips@e-space.com

Release – US Navy and Gaming Community Network Host Never Before Seen STEM Competition for High School Students

Posted on by aweinsoff@channelchek.com

Research, News and Market Data on GAME

06/14/2023

Three talented high school STEM students will win the opportunity to play their custom Fortnite maps with the U.S. Navy’s Goats & Glory Team and the chance at $30,000 in cash prizes.

FRISCO, TX / ACCESSWIRE / June 14, 2023 / GameSquare Holdings, Inc. (“GameSquare”, or the “Company”) (NASDAQ:GAME)(TSXV:GAME) announced today that the U.S. Navy, the most highly skilled and technologically advanced military force in the world, with over half of all jobs in STEM fields, has partnered with Gaming Community Network (GCN) to create an exciting new STEM competition for high school students. In this unique competition, students will use their STEM skills to create new and innovative islands in the recently released Unreal Editor for Fortnite.The islands must incorporate a Navy inspired nautical theme where the player experiences and challenges such as scavenger hunts, puzzles or speed runs are happening on, or under, the water.

According to a Naval spokesperson, “This competition offers a first-of-its-kind opportunity for high school students to showcase their STEM skills and creativity in a fun, engaging way. By taking part in the competition, students not only will develop valuable skills, but also gain exposure to potential opportunities in Navy STEM fields.”

The qualifying competition will be judged by four well-known gaming influencers, who also will drive the conversation surrounding the different paths and STEM opportunities available in America’s Navy. These influencers will judge each map submitted by the students and help promote them to the gaming community.

This is the first time GCN will launch a campaign using the Unreal Editor for Fortnite.

According to Epic, this application is created for “designing, developing, and directly publishing games and experiences into Fortnite.” This implementation grants players greater artistic license, as well as access to innovative Unreal Engine 5 tools that will allow for expanded capabilities and more efficient workflow for creators.

The maps will be played and promoted by the Navy’s own Esports team, Goats & Glory. The top three finalists will be invited to a final map judging event by Goats & Glory team members. GCN will award the grand prize winner with $30,000 in scholarships.

“We’re thrilled to partner with America’s Navy and offer this exciting opportunity to high school students,” said Drew Brunson, President at Gaming Community Network. “We believe that this competition will help inspire students to pursue careers in Navy STEM fields and show them the endless possibilities that await them.”

The competition opens today, June 14th and runs until July 31st. To enter, high school students should visit operationoceanodyssey.com.

###

About the U.S. Navy
With more than 330,000 active-duty Sailors, 290 deployable ships, more than 3,700 aircraft and dozens of bases in the U.S. and across the globe, America’s Navy is the largest, most powerful naval force in the world. The opportunities available in today’s Navy are as boundless as the sea itself. You can learn more about these opportunities at Navy.com, and on Facebook, Twitter, Instagram, YouTube, and LinkedIn.

About Gaming Community Network
GCN is the only independent media group completely dedicated to gaming and esports across community sites, content producers, influencers and tournament/event operators. Bridging the gap between traditional media and gaming with a “Gamer First” promise, GCN’s aggregated & integrated proprietary media network reaches 65M+ MAUs in the US and 115M+ MAUs globally, driving scale for premium content designed to provoke and share conversations. GCN builds bespoke strategy solutions from content creation to full-scale tournaments for any endpoint, be it social, broadcast TV or live stream. GCN collaborates with its partners to deliver memorable experiences for gamers and brands. Learn more at GCN.gg or follow on LinkedIn.

About GameSquare Holdings, Inc.

GameSquare Holdings, Inc. (NASDAQ:GAME | TSXV:GAME) is a vertically integrated, digital media, entertainment and technology company that connects global brands with gaming and youth culture audiences. GameSquare’s end-to-end platform includes GCN, a digital media company focused on gaming and esports audiences, Cut+Sew (Zoned), a gaming and lifestyle marketing agency, USA, Code Red Esports Ltd., a UK based esports talent agency, Complexity Gaming, a leading esports organization, Fourth Frame Studios, a creative production studio, Mission Supply, a merchandise and consumer products business, Frankly Media, programmatic advertising, Stream Hatchet, live streaming analytics, and Sideqik a social influencer marketing platform. www.gamesquare.com.

SOURCE: GameSquare Holdings, Inc.



View source version on accesswire.com:
https://www.accesswire.com/761123/US-Navy-and-Gaming-Community-Network-Host-Never-Before-Seen-STEM-Competition-for-High-School-Students