Category:

Ethereum ETFs Debut with $106M Inflow

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Nine Ethereum ETFs launched on U.S. stock exchanges, attracting $106 million in net inflows on the first day
– BlackRock, Bitwise, and Fidelity ETFs saw the highest inflows
– Grayscale’s converted Ethereum Trust experienced significant outflows, likely due to higher fees
– The success of Ethereum ETFs follows the January launch of spot Bitcoin ETFs
– Crypto ETFs could impact traditional stock markets by offering new diversification options

The launch of nine exchange-traded funds (ETFs) tied to the spot price of Ethereum on U.S. stock exchanges marks another significant milestone in the integration of cryptocurrencies into traditional financial markets. On their first day of trading, these ETFs collectively attracted net inflows of $106 million, demonstrating substantial investor interest in gaining exposure to the world’s second-largest cryptocurrency through regulated investment vehicles.

The debut of Ethereum ETFs follows the successful launch of spot Bitcoin ETFs in January 2024, which saw considerable inflows and sparked increased institutional interest in cryptocurrencies. The positive reception of Ethereum ETFs suggests that the appetite for crypto-based investment products extends beyond Bitcoin, potentially paving the way for broader adoption of digital assets in mainstream finance.

Among the new Ethereum ETFs, BlackRock’s iShares Ethereum Trust ETF led the pack with $266.5 million in inflows, followed closely by the Bitwise Ethereum ETF with $204 million. Fidelity’s Ethereum Fund also saw significant interest, attracting $71 million in assets. These figures mirror the success of spot Bitcoin ETFs from the same issuers, indicating that established financial institutions are successfully leveraging their reputations to attract investors to crypto-based products.

An interesting development was the conversion of the Grayscale Ethereum Trust into an ETF. Despite launching with over $9 billion in assets, it experienced outflows of $484 million on its first day as an ETF. This outflow, significantly larger than what Grayscale’s converted Bitcoin ETF experienced in January, may be attributed to its higher fee structure compared to competitors. The market’s reaction suggests that investors are price-sensitive and willing to move their assets to more cost-effective options.

The introduction of Ethereum ETFs, following Bitcoin ETFs, represents a broader trend of cryptocurrencies gaining legitimacy in traditional financial markets. These products provide investors with exposure to digital assets without the complexities of direct ownership, such as wallet management and security concerns. This ease of access could potentially drive greater adoption of cryptocurrencies among both retail and institutional investors.

The impact of crypto ETFs on stock markets is multifaceted. Firstly, they provide a new asset class for investors to diversify their portfolios, potentially affecting allocations to traditional assets. Secondly, the performance of these ETFs could influence market sentiment, as cryptocurrencies are often seen as indicators of risk appetite. Lastly, the success of crypto ETFs may encourage more traditional financial institutions to develop crypto-related products, further blurring the lines between conventional and digital finance.

However, it’s important to note that the cryptocurrency market remains highly volatile, and regulatory scrutiny continues to evolve. The performance of these ETFs will likely be closely watched by investors and regulators alike, potentially influencing future policy decisions regarding digital assets.

Looking ahead, the success of Bitcoin and Ethereum ETFs may pave the way for similar products based on other cryptocurrencies. As the crypto ecosystem continues to mature, we may see ETFs tied to other major digital assets or even basket products that offer exposure to multiple cryptocurrencies.

In conclusion, the launch of Ethereum ETFs represents another step in the mainstream acceptance of cryptocurrencies. While it’s too early to determine their long-term impact, the strong initial interest suggests that investors are eager for regulated ways to gain exposure to digital assets. As the landscape continues to evolve, the interplay between cryptocurrencies and traditional financial markets will be an area of significant interest for investors, regulators, and market observers alike.

U.S. Housing Market Shifts Gears: June Sales Slump Signals Transition to Buyer’s Market

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Existing home sales dropped 5.4% in June, indicating a market slowdown
– Housing inventory increased by 23.4% year-over-year, yet prices continue to rise
– Market shows signs of transitioning from a seller’s to a buyer’s market

The U.S. housing market is showing signs of a significant shift, as June’s home sales data points to a cooling market and a potential transition favoring buyers. According to the latest report from the National Association of Realtors (NAR), sales of previously owned homes declined by 5.4% in June compared to May, reaching an annualized rate of 3.89 million units. This marks the slowest sales pace since December and represents a 5.4% decrease from June of the previous year.

The slowdown in sales can be largely attributed to the spike in mortgage rates, which surpassed 7% in April and May. Although rates have slightly retreated to the high 6% range, the impact on buyer behavior is evident. Lawrence Yun, chief economist for the NAR, noted, “We’re seeing a slow shift from a seller’s market to a buyer’s market.”

One of the most significant changes in the market is the substantial increase in housing inventory. The number of available homes jumped 23.4% year-over-year to 1.32 million units at the end of June. While this represents a considerable improvement from the record lows seen recently, it still only amounts to a 4.1-month supply, falling short of the six-month supply typically considered balanced between buyers and sellers.

The surge in inventory is partly due to homes remaining on the market for longer periods. The average time a home spent on the market increased to 22 days, up from 18 days a year ago. This extended selling time, coupled with buyers’ increasing insistence on home inspections and appraisals, further indicates a shift in market dynamics.

Interestingly, despite the increased supply and slower sales, home prices continue to climb. The median price of an existing home sold in June reached $426,900, marking a 4.1% increase year-over-year and setting an all-time high for the second consecutive month. However, this price growth is not uniform across all segments of the market.

The higher end of the market, particularly homes priced over $1 million, was the only category experiencing sales gains compared to the previous year. In contrast, the most significant drop in sales occurred in the $250,000 and lower range. This disparity highlights the ongoing affordability challenges in the housing market, especially for first-time buyers and those seeking lower-priced homes.

The changing market conditions are also influencing buyer behavior. Cash purchases increased to 28% of sales, up from 26% a year ago, while investor activity slightly decreased to 16% of sales from 18% the previous year. These trends suggest that well-funded buyers are still active in the market, potentially taking advantage of the increased inventory and longer selling times.

Looking ahead, the market’s trajectory remains uncertain. Yun suggests that if inventory continues to increase, one of two scenarios could unfold: either home sales will rise, or prices may start to decrease if demand doesn’t keep pace with supply. The influx of smaller and lower-priced listings, as noted by Danielle Hale, chief economist for Realtor.com, could help moderate overall price growth and potentially improve affordability for some buyers.

As the housing market navigates this transition, both buyers and sellers will need to adjust their strategies. Buyers may find more options and negotiating power, while sellers may need to be more flexible on pricing and terms. The coming months will be crucial in determining whether this shift towards a buyer’s market solidifies or if other factors, such as potential changes in mortgage rates or economic conditions, alter the market’s trajectory once again.

Release – Conduent Transportation Modernizes Ohio Turnpike’s Tolling Lanes to Improve Motorist Experience

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CNDT

JULY 23, 2024

TRANSPORTATION

Spanning 241 miles, the turnpike now features open-road E-ZPass® tolling lanes and a gated exit system using Automated Toll Payment Machines

The modernization is the largest construction project in Ohio Turnpike history since the toll road was completed in 1955

FLORHAM PARK, N.J.– Conduent Transportation, a global provider of smart mobility technology solutions and business unit of Conduent Incorporated (Nasdaq: CNDT), today announced the completion of a modernized toll collection infrastructure for the Ohio Turnpike. Conduent upgraded 216 lanes on the 241-mile-long turnpike to include self-service and collector-operated toll plazas, as well as open-road, automated tolling options for vehicles using E-ZPass® transponders.

The new system, managed by the Ohio Turnpike and Infrastructure Commission (OTIC), will help increase traffic flow and vehicle throughput, while providing for operational efficiencies – all leading to more convenience and an improved experience for motorists. According to OTIC, the modernization is the largest construction project in Ohio Turnpike history since the toll road was completed in 1955.

“The Conduent team has shown great partnership, professionalism and expertise throughout our implementation and go-live of the modernized toll collection system on the Ohio Turnpike,” said Ferzan M. Ahmed, P.E., Executive Director at OTIC. “Working closely with our staff, Conduent has implemented Ohio’s first open road tolling system that will help increase traffic flow and provide operational efficiencies.”

As a key part of the implementation, Conduent installed and will maintain state-of-the-art, open-road tolling lanes for E-ZPass customers, and separate lanes with Automated Toll Payment Machines that accept coins, cash, and credit or debit cards. The machines will be equipped in the future to enable contactless payments using smartphones and digital wallets. The open-road tolling solution, meanwhile, incorporates LiDAR (Light Detection and Ranging)-based scanners with proven performance and accuracy. Automated License Plate Recognition technology will also be used to account for vehicles driving through E-ZPass lanes without a transponder.

“Since 2020, our team has partnered with OTIC to make this new tolling infrastructure a reality, and we are proud to complete such an important project on one of the longest-running toll roads in the country,” said Adam Appleby, Group President, Public Sector Solutions. “Today’s announcement reinforces our leadership in providing tolling solutions that bring lasting value for agencies and the customers who experience the true benefits of modern mobility.”

This Ohio project follows another recently announced implementation, in which Conduent launched an Express Lanes tolling system for the Virginia Department of Transportation (VDOT). That system enables flexible, dynamic pricing and license plate image reviews, helping to improve the flow of traffic and relieve congestion for VDOT.

Conduent Transportation is a leading provider of streamlined, high-volume mobility services and solutions, spanning road usage charging and advanced transit systems, that enhance the services provided by transportation agencies to benefit the citizens who use them. For over 50 years, the company has helped clients advance transportation solutions in more than 20 countries.

About Conduent

Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 59,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.

Note: To receive RSS news feeds, visit www.news.conduent.com. For open commentary, industry perspectives and views, visit http://twitter.com/Conduent, http://www.linkedin.com/company/conduent or http://www.facebook.com/Conduent.

Trademarks

Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.

Media Contacts

NEIL FRANZ

Conduent

neil.franz@conduent.com

+1-240-687-0127

GILES GOODBURN

Conduent

ir@conduent.com

+1-203-216-3546

Release – Century Lithium Changes Project Name to Angel Island Mine

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CYDVF

July 23, 2024 – Vancouver, Canada – Century Lithium Corp. (TSXV: LCE) (OTCQX: CYDVF) (Frankfurt: C1Z)

Century Lithium (or the Company) announces it has changed the name of its 100%-owned Clayton Valley Lithium Project in Nevada, USA to the Angel Island Mine (the Project). In April 2024, the Company announced a positive Feasibility Study for the Project, making it one of the few advanced lithium projects being developed in the United States. As the Company now continues to work towards permitting the Project, regulators encouraged a name change for clarity in the permitting process. The Angel Island name distinguishes it from other mining and energy projects in the area by using the name of a topographical feature from the Project.

ABOUT ANGEL ISLAND

Angel Island is named for the ridge of older metavolcanic and clastic rocks bordering the west side of Century’s lithium clay deposit. The name itself dates to the 1800’s, one of three landforms in Clayton Valley named for islands in San Francisco Bay (Alcatraz and Goat islands being the other two). Of the three landforms, Angel Island is the largest, rising to a height 400 meters above the valley floor. Its presence on the east side of the valley, separating Century’s lithium clay deposit from the lithium brine operation of Albemarle Corp., is owed to uplift along a major northeast trending normal fault located along the western base of the ridge. Although not directly related to the formation of Century’s deposit, uplift of Angel Island along this fault was responsible for elevating the clay deposits east of the fault and bringing them to the surface where they are now accessible for mining. The harder rocks in the ridge also likely acted as a physical barrier protecting Century’s lithium clay deposit from erosion.

ABOUT CENTURY LITHIUM CORP.

Century Lithium Corp. is an advanced stage lithium company, focused on developing its 100%-owned Angel Island Mine in west-central Nevada, USA. Century Lithium recently completed a Feasibility Study on the Project and is currently in the permitting stage, with the goal of becoming a domestic producer of lithium for the growing electric vehicle and battery storage market.

ON BEHALF OF CENTURY LITHIUM CORP.
WILLIAM WILLOUGHBY, PhD., PE
President & Chief Executive Officer

For further information, please contact:
Spiros Cacos | Vice President, Investor Relations
Direct: +1 604 764 1851
Toll Free: 1 800 567 8181
scacos@centurylithium.com
centurylithium.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

Cautionary Note Regarding Forward-Looking Statements

This release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” and similar expressions suggesting future outcomes or statements regarding an outlook.

Forward-looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, without limitation, statements with respect to the potential development and value of the Project and benefits associated therewith, statements with respect to the expected project economics for the Project, such as estimates of life of mine, lithium prices, production and recoveries, capital and operating costs, IRR, NPV and cash flows, any projections outlined in the Feasibility Study in respect of the Project, the permitting status of the Project and the Company’s future development plans.

These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. These risks include those described under the heading “Risk Factors” in the Company’s most recent annual information form and its other public filings, copies of which can be under the Company’s profile at www.sedarplus.com. The Company expressly disclaims any obligation to update-forward-looking information except as required by applicable law. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place reliance on forward-looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Fed’s Cautious Approach: Two Rate Cuts Expected in 2024 Despite Market Optimism

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Economists predict two Fed rate cuts in 2024, less than market expectations
– Resilient consumer demand and strong labor market support a cautious approach
– Inflation easing but not expected to reach 2% target until at least 2026

In a recent Reuters poll, economists have outlined a more conservative outlook for Federal Reserve interest rate cuts compared to current market expectations. While financial markets are pricing in two to three rate reductions this year, a growing majority of economists anticipate only two cuts, scheduled for September and December 2024. This cautious stance reflects the complex interplay between easing inflation, robust consumer spending, and a resilient labor market.

The survey, conducted from July 17-23, revealed that over 80% of the 100 economists polled expect the first 25-basis-point cut to occur in September. This would bring the federal funds rate to the 5.00%-5.25% range. Nearly three-quarters of respondents predicted a second cut in December, maintaining this view for the past four months despite shifting market sentiments.

The rationale behind this conservative approach lies in the unexpected strength of the U.S. economy. June’s retail sales data surpassed expectations, indicating that consumer spending remains a powerful economic driver. Additionally, the unemployment rate, currently at 4.1%, is not projected to rise significantly. These factors suggest that the economy may not require as much monetary policy support as previously thought.

Inflation, while decelerating, continues to be a concern for policymakers. The personal consumption expenditures (PCE) price index, the Fed’s preferred inflation gauge, is expected to show only a slight decline to 2.5% in June from 2.6% in May. More importantly, economists don’t foresee inflation reaching the Fed’s 2% target until at least 2026, underscoring the persistent nature of price pressures.

The divergence between economist predictions and market expectations has notable implications. Recent market movements have seen stocks rise by around 2% and yields on 10-year Treasury notes fall by more than 25 basis points this month, reflecting optimism about potential rate cuts. However, the more measured outlook from economists suggests that market participants may need to temper their expectations.

Looking ahead, the Fed’s decision-making process will be heavily influenced by upcoming economic data. This week’s releases, including the second-quarter GDP growth rate and June’s PCE price index, will be crucial in shaping the economic landscape. Economists project Q2 GDP growth at an annualized rate of 2.0%, up from 1.4% in Q1, indicating continued economic expansion.

The long-term outlook suggests a gradual easing of monetary policy. Economists anticipate one rate cut per quarter through 2025, potentially bringing the federal funds rate to the 3.75%-4.00% range by the end of that year. This measured approach aligns with the Fed’s dual mandate of maintaining price stability and maximum employment.

It’s worth noting that the U.S. economy is expected to grow by 2.3% in 2024, surpassing the Fed’s estimated non-inflationary growth rate of 1.8%. This robust growth projection further supports the case for a cautious approach to rate cuts.

In conclusion, while the Federal Reserve has made progress in its fight against inflation, the path forward remains complex. The resilience of the U.S. consumer and labor market, coupled with stubborn inflationary pressures, necessitates a balanced approach to monetary policy. As we move through 2024, market participants and policymakers alike will need to closely monitor economic indicators to gauge the appropriate pace of monetary easing.

Release – Maple Gold Strengthens Board and Management Team with Addition of Seasoned Mining Executives

Posted on by aweinsoff@channelchek.com

Research News and Market Data on MGMLF

Vancouver, British Columbia–(Newsfile Corp. – July 23, 2024) – Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company“) is pleased to announce the appointments of Mr. Darwin Green, P.Geo. to its Board of Directors, effective immediately, and Mr. Ian Cunningham-Dunlop, P.Eng. to the position of Vice President, Technical Services, effective on or before August 1, 2024. Mr. Green is a veteran mining entrepreneur and professional geologist with a passion for discovery and value creation. Mr. Cunningham-Dunlop is a senior mining executive and professional engineer with over 40 years of diversified experience in domestic/international mineral exploration and advanced project development.

“We are thrilled to have attracted executives of Mr. Green’s and Mr. Cunningham-Dunlop’s caliber to help drive the Company’s next phase of growth,” stated Kiran Patankar, President and CEO of Maple Gold. “These key appointments further enhance the technical, capital markets and corporate governance expertise of our senior leadership team as we continue to transform into a premier Canadian gold exploration and development company. Their endorsement of Maple Gold speaks to the resource expansion, discovery and development potential of our district-scale gold projects in Québec.”

Darwin Green, P.Geo. – Director

Darwin Green, P.Geo. has over 30 years of experience in the minerals mining industry and brings significant industry, corporate and technical knowledge to the Company. He currently serves on the boards of NYSE-listed Contango ORE, Inc., TSX Venture Exchange-listed Onyx Gold Corp. and Evergold Corp., and as a Technical Advisor to other junior mining companies. Mr. Green previously served as Founder, Director, President and Chief Executive Officer of HighGold Mining Inc. from August 2019 until its recent acquisition by Contango ORE in July 2024 and has served as Founder and Executive Chairman of Onyx Gold since July 2023. Between November 2008 and December 2019, he served as the Vice President Exploration for Constantine Metal Resources Ltd. and prior to that, Mr. Green oversaw exploration and underground development programs at the Niblack (Cu-Au-Zn-Ag) deposit in Alaska, for which he received the Commissioner’s Award for Project Excellence by the State of Alaska. Mr. Green holds a B.Sc. from the University of British Columbia and an M.Sc. in Economic Geology from Carleton University.

Ian Cunningham Dunlop, P.Eng. – Vice President, Technical Services

Ian Cunningham-Dunlop, P.Eng. has a proven discovery track record and an excellent familiarity with Archean lode gold systems from work throughout Ontario, Québec, and West Africa. He currently serves as Executive Vice President with Onyx Gold and his extensive exploration and project management experience also includes HighGold Mining’s Johnson Tract (Au-Zn-Cu-Ag-Pb) project in Alaska, NewCastle Gold’s Castle Mountain gold project in California, True Gold Mining’s Karma gold mine in Burkina Faso, Fronteer Gold’s Long Canyon gold mine in Nevada and Agi Dagi/Kirazli/Halilaga/TV Tower gold and gold-copper projects in Turkey, and Aurora Energy’s Michelin uranium deposit in Labrador. Mr. Cunningham-Dunlop also led the exploration team at Homestake Mining’s/Barrick Gold’s Eskay Creek (Au-Ag-Cu-Pb-Zn) mine in British Columbia from 1997-2003 where he was awarded the B.C. & Yukon Chamber of Mines E.A. Scholz Award in October 2003 for “Outstanding Contribution to a Mining Development Project in B.C. and the Yukon”. He holds a B.Sc. in Geological Engineering from Queen’s University and is a Qualified Person under NI43-101.

Stock Option Issuance

The Company’s Board of Directors has approved the grant of stock options (“Options”) to purchase an aggregate of 1,075,000 common shares of the Company (each, a “Common Share”), with an exercise price of $0.085 per Common Share to certain employees, officers, directors and consultants. Once vested, each Option is exercisable into one Common Share for a period of five years from the grant date. The Company’s Equity Incentive Plan (the “Plan”) governs these Options, as well as the terms and conditions of their exercise, which is in accordance with policies of the TSX Venture Exchange. Further details regarding the Plan are set out in the Company’s Management Information Circular filed on May 15, 2023, which is available on SEDAR+.

About Maple Gold

Maple Gold Mines Ltd. is a Canadian advanced exploration company focused on advancing the district-scale Douay and Joutel gold projects located in Québec’s prolific Abitibi Greenstone Gold Belt. The projects benefit from exceptional infrastructure access and boast ~400 km2 of highly prospective ground including an established gold mineral resource at Douay with significant expansion potential as well as the past-producing Telbel and Eagle West mines at Joutel. In addition, the Company holds an exclusive option to acquire 100% of the Eagle Mine Property, a key part of the historical Joutel mining complex.

The district-scale property package also hosts a significant number of regional exploration targets along a 55-km strike length of the Casa Berardi Deformation Zone that have yet to be tested through drilling, making the project ripe for new gold and polymetallic discoveries. The Company is currently focused on carrying out exploration and drill programs to grow mineral resources and make new discoveries to establish an exciting new gold district in the heart of the Abitibi. For more information, please visit www.maplegoldmines.com.

ON BEHALF OF MAPLE GOLD MINES LTD.

“Kiran Patankar”

Kiran Patankar, President & CEO

For Further Information Please Contact:

Mr. Kiran Patankar
President & CEO
Tel: 604.639.2536
Email: kpatankar@maplegoldmines.com

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 PRESS RELEASE.

Forward Looking Statements and Cautionary Notes:

This news release contains “forward-looking information” and “forward-looking statements” (collectively referred to as “forward-looking statements”) within the meaning of applicable Canadian securities legislation in Canada. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,”, “strategy”, “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. Forward-looking statements in this news release include, but are not limited to, statements about the resource expansion and discovery potential across the Company’s gold projects, and its intention to pursue such potential, and the Company’s exploration work and results from current and future work programs. Although the Company believes that forward-looking statements in this news release are reasonable, it can give no assurance that such expectations will prove to be correct, as forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events on the date the statements are made and involve a number of risks and uncertainties. Consequently, actual events or results could differ materially from the Company’s expectations and projections, and readers are cautioned not to place undue reliance on forward-looking statements. For a more detailed discussion of additional risks and other factors that could cause actual results to differ materially from those expressed or implied by forward-looking statements in this news release, please refer to the Company’s filings with Canadian securities regulators available on the System for Electronic Document Analysis and Retrieval Plus (SEDAR+) at www.sedarplus.ca or the Company’s website at www.maplegoldmines.com. Except to the extent required by applicable securities laws and/or the policies of the TSX Venture Exchange, the Company undertakes no obligation to, and expressly disclaims any intention to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/217395

Release – MAIA Biotechnology Announces New Updates From Phase 2 Trial Of Novel Cancer Treatment Agent

Posted on by aweinsoff@channelchek.com

Research News and Market Data on MAIA

July 23, 2024 4:11am EDT

  • THIO followed by cemiplimab shown to be well tolerated throughout trial, with far lower toxicity compared to standard of care treatments
  • 6 patients on trial regimen for more than 12 months have completed up to 21 cycles, with treatment ongoing

CHICAGO–(BUSINESS WIRE)– MAIA Biotechnology, Inc., (NYSE American: MAIA) (“MAIA”, the “Company”), a clinical-stage biopharmaceutical company developing targeted immunotherapies for cancer, today announces positive treatment updates from its Phase 2 clinical trial, THIO-101, evaluating THIO sequenced with the immune checkpoint inhibitor (CPI) cemiplimab (Libtayo®) in patients with advanced non-small cell lung cancer (NSCLC) who failed two or more standard-of-care therapy regimens.

The trial’s therapeutic regimen is cycled every 3 weeks, with THIO 180mg administered in 60mg incremental doses on days 1, 2 and 3, followed by immune activation on day 4 (no dosing), and cemiplimab 350mg administered on day 5. As of the latest clinical cutoff date, June 12, 2024:

  • 6 patients remain on treatment following at least 12 months of therapy.
  • Treatment with THIO followed by cemiplimab has been well tolerated throughout the trial, with much lower toxicity compared to standard-of care treatments.
  • Continuing treatment past 12 months demonstrates safety, efficacy and ongoing benefit from MAIA’s novel telomere targeting NSCLC therapy.

“Our longest treated patient so far has completed 21 cycles of THIO sequenced with a CPI, and 6 patients who have crossed the 12-month survival follow-up are continuing the treatment,” said Vlad Vitoc, M.D., Chairman and Chief Executive Officer of MAIA. “With current therapies, second-line patients’ treatment duration is usually around 3-4 months1 and third-line is even lower than that. It is very encouraging to see that our patients can remain on treatment for much longer. The ongoing benefits of THIO in longer-term patients are particularly notable, signifying THIO’s potential as a durable and efficacious treatment for advanced NSCLC patients faced with limited options.”

  1. https://www.sciencedirect.com/science/article/pii/S0169500217304373

About THIO

THIO (6-thio-dG or 6-thio-2’-deoxyguanosine) is a first-in-class investigational telomere-targeting agent currently in clinical development to evaluate its activity in Non-Small Cell Lung Cancer (NSCLC). Telomeres, along with the enzyme telomerase, play a fundamental role in the survival of cancer cells and their resistance to current therapies. The modified nucleotide 6-thio-2’-deoxyguanosine (THIO) induces telomerase-dependent telomeric DNA modification, DNA damage responses, and selective cancer cell death. THIO-damaged telomeric fragments accumulate in cytosolic micronuclei and activates both innate (cGAS/STING) and adaptive (T-cell) immune responses. The sequential treatment with THIO followed by PD-(L)1 inhibitors resulted in profound and persistent tumor regression in advanced, in vivo cancer models by induction of cancer type–specific immune memory. THIO is presently developed as a second or later line of treatment for NSCLC for patients that have progressed beyond the standard-of-care regimen of existing checkpoint inhibitors.

About THIO-101, a Phase 2 Clinical Trial

THIO-101 is a multicenter, open-label, dose finding Phase 2 clinical trial. It is the first trial designed to evaluate THIO’s anti-tumor activity when followed by PD-(L)1 inhibition. The trial is testing the hypothesis that low doses of THIO administered prior to cemiplimab (Libtayo®) will enhance and prolong immune response in patients with advanced NSCLC who previously did not respond or developed resistance and progressed after first-line treatment regimen containing another checkpoint inhibitor. The trial design has two primary objectives: (1) to evaluate the safety and tolerability of THIO administered as an anticancer compound and a priming immune activator (2) to assess the clinical efficacy of THIO using Overall Response Rate (ORR) as the primary clinical endpoint. Treatment with cemiplimab (Libtayo®) followed by THIO has been generally well-tolerated to date in a heavily pre-treated population. For more information on this Phase II trial, please visit ClinicalTrials.gov using the identifier NCT05208944.

About MAIA Biotechnology, Inc.

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.

Forward Looking Statements

MAIA cautions that all statements, other than statements of historical facts contained in this press release, are forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, levels or activity, performance or achievements to be materially different from those anticipated by such statements. The use of words such as “may,” “might,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “intend,” “future,” “potential,” or “continue,” and other similar expressions are intended to identify forward looking statements. However, the absence of these words does not mean that statements are not forward-looking. For example, all statements we make regarding (i) the initiation, timing, cost, progress and results of our preclinical and clinical studies and our research and development programs, (ii) our ability to advance product candidates into, and successfully complete, clinical studies, (iii) the timing or likelihood of regulatory filings and approvals, (iv) our ability to develop, manufacture and commercialize our product candidates and to improve the manufacturing process, (v) the rate and degree of market acceptance of our product candidates, (vi) the size and growth potential of the markets for our product candidates and our ability to serve those markets, and (vii) our expectations regarding our ability to obtain and maintain intellectual property protection for our product candidates, are forward looking. All forward-looking statements are based on current estimates, assumptions and expectations by our management that, although we believe to be reasonable, are inherently uncertain. Any forward-looking statement expressing an expectation or belief as to future events is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future events and are subject to risks and uncertainties and other factors beyond our control that may cause actual results to differ materially from those expressed in any forward-looking statement. Any forward-looking statement speaks only as of the date on which it was made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. In this release, unless the context requires otherwise, “MAIA,” “Company,” “we,” “our,” and “us” refers to MAIA Biotechnology, Inc. and its subsidiaries.

Investor Relations Contact
+1 (872) 270-3518
ir@maiabiotech.com

Source: MAIA Biotechnology, Inc.

Released July 23, 2024

Seanergy Maritime (SHIP) – Two Time Charters with Costamare Bulkers Inc.; Updating Estimates

Posted on by cpereira@noblefcm.com


Tuesday, July 23, 2024

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 17 Capesize vessels with an average age of approximately 12 years and aggregate cargo carrying capacity of approximately 3,011,083 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and its Class B warrants under “SHIPZ”.

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.

M/V Iconship. In mid-June, Seanergy announced the delivery of the M/V Iconship and the simultaneous commencement of its employment. The M/V Iconship is on a time-charter with Costamare Bulkers, Inc. for ~22 months. The daily hire is based at a premium over the Baltic Capesize Index (BCI). The company has the option to convert the daily hire from index-linked to fixed for a period of two to twelve months based on prevailing Capesize forward freight agreements (FFA).

M/V Lordship. The M/V Lordship, a scrubber-fitted Capesize dry bulk vessel built in 2010, has also been fixed on a time-charter with Costamare. The time-charter is expected to commence around the end of July, following the vessel’s scheduled drydocking, for a period of ~22 months.


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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. 

Election Curveball: How Harris’s Candidacy Could Influence Market Sentiment

Posted on by slightbourne@noblecapitalmarkets.com

As Vice President Kamala Harris steps into the spotlight as the likely Democratic presidential nominee, following President Joe Biden’s unexpected withdrawal from the race, the U.S. stock market faces a new layer of uncertainty in an already volatile election year. Harris’s sudden elevation to presumptive nominee status introduces fresh variables into the complex equation of political influence on financial markets.

Historically, election years have been associated with market volatility, as investors attempt to price in potential policy shifts. With Harris now at the forefront, market participants are scrambling to reassess their projections and strategies.

One of the primary factors influencing market sentiment will be Harris’s economic agenda. While she has largely supported Biden’s policies during her tenure as Vice President, investors will be keenly watching for any signs of divergence or new initiatives. Her stance on corporate tax rates, regulatory policies, and government spending will be particularly scrutinized, as these factors directly impact corporate profitability and economic growth projections.

The technology sector, which has been a significant driver of market performance in recent years, may face increased scrutiny under a Harris administration. Her background as a Senator from California suggests a deep familiarity with the tech industry, but also raises questions about potential regulatory efforts. Any indication of stricter oversight or antitrust measures could lead to volatility in tech stocks, which have a outsized influence on major indices.

Healthcare is another sector likely to see significant attention. Harris’s support for expanding healthcare access could boost hospital and insurance stocks, while potentially putting pressure on pharmaceutical companies if drug pricing reform becomes a central campaign issue.

The energy sector may also experience shifts based on Harris’s environmental policies. Her strong stance on climate change and support for renewable energy could benefit green energy stocks while potentially creating headwinds for traditional oil and gas companies.

Financial markets generally prefer policy continuity, and Harris’s nomination represents a degree of continuity with the current administration. However, her potential to energize certain demographic groups, particularly younger voters and minorities, could shift market expectations if it’s perceived to increase the Democrats’ chances of retaining the White House.

On the flip side, if Harris struggles to gain traction with voters or if the transition leads to visible fractures within the Democratic Party, it could boost market expectations of a Republican victory. Historically, some investors have viewed Republican administrations as more business-friendly, although this perception has become more nuanced in recent years.

The reaction of international markets will also be crucial. Harris’s foreign policy approach, particularly regarding trade relations with China and global climate initiatives, could impact multinational corporations and currency markets.

It’s important to note that while politics can influence market sentiment in the short term, long-term market performance is ultimately driven by economic fundamentals, corporate earnings, and global economic conditions. Investors should be cautious about making significant portfolio changes based solely on political developments.

As we navigate this unprecedented election season, with a last-minute change in the Democratic nominee, markets are likely to experience periods of heightened volatility. Each new poll, policy announcement, or debate performance could trigger market movements as investors continually reassess the likelihood of various election outcomes and their potential economic impacts.

For investors, the key will be to maintain a long-term perspective while staying informed about potential policy shifts that could impact specific sectors or the broader economy. As always, diversification and a focus on individual company fundamentals remain crucial strategies for navigating market uncertainty.

In the coming months, as Harris defines her campaign and policy positions, market participants will be watching closely, adjusting their strategies in real-time to this dramatic twist in the 2024 election narrative.

Woodside’s Gamble: A High-Stakes Bet on U.S. LNG

Posted on by slightbourne@noblecapitalmarkets.com

Australia’s Woodside Energy has taken the energy sector by surprise, announcing its acquisition of Tellurian for $1.2 billion, staking its claim on the ambitious yet troubled Driftwood LNG project in Louisiana. This transaction marks a significant departure from Woodside’s traditionally conservative approach, signaling a dramatic shift in its global LNG strategy.

The Driftwood project, long considered one of the most challenging prospects in the U.S. LNG sector, has struggled to gain traction despite years of development efforts. Tellurian’s inability to secure long-term off-take agreements has been a persistent obstacle, leaving many industry analysts skeptical about the project’s viability. Woodside’s decision to take on this challenge represents a calculated risk that could potentially reshape the company’s position in the global energy market.

Woodside CEO Meg O’Neill has framed this acquisition as a strategic move to establish the company as an “LNG powerhouse.” However, this ambitious goal comes at a time when the energy industry is navigating complex transitions, with increasing pressure to reduce carbon emissions and pivot towards renewable sources. Woodside’s substantial investment in LNG infrastructure appears to run counter to these trends, raising questions about the long-term wisdom of such a commitment.

Perhaps the most intriguing aspect of this deal is Woodside’s proposed departure from the traditional U.S. LNG business model. Rather than adopting the typical tolling approach, where LNG facilities essentially function as processing units for natural gas, Woodside intends to implement a fully integrated strategy. This would encompass control from the wellhead to the final point of sale, potentially allowing for greater flexibility and profitability, but also introducing additional complexities and risks.

The timing of this acquisition is particularly noteworthy. With Europe actively diversifying its energy sources away from Russian gas and Asian demand for LNG continuing to grow, Woodside is positioning itself to capitalize on these market dynamics. However, the Driftwood project’s extended development timeline means that Woodside may miss out on the current favorable market conditions, potentially facing a different landscape upon project completion.

Woodside’s strategy to mitigate risk by bringing in partners and reducing its equity stake to around 50% is prudent, but may prove challenging. The project’s history of struggling to secure long-term commitments suggests that finding willing investors could be an uphill battle, even with Woodside’s involvement.

This transaction has the potential to be transformative for both Woodside and the broader LNG industry. If successful, it could catapult Woodside into the upper echelons of global LNG producers, surpassing even some of the oil and gas majors. However, the risks are substantial, and the execution of this strategy will be closely watched by industry observers and competitors alike.

Ultimately, Woodside’s acquisition of Tellurian and the Driftwood LNG project represents a high-stakes wager on the future of natural gas in the global energy mix. As the world grapples with the complexities of energy transition, Woodside’s bold move could either position them at the forefront of the LNG market or serve as a cautionary tale of misplaced optimism in a rapidly evolving industry.

As this ambitious project unfolds, it will undoubtedly provide valuable insights into the future direction of the LNG sector and the role of natural gas in the broader energy landscape. The industry will be watching closely to see if Woodside’s gambit pays off in this high-risk, high-reward venture.

Release – V2X Secures $48.5 Million U.S. Army Contract to Enhance Battlefield Communications with Versatile Gateway Mission Router

Posted on by dburczyk@noblecapitalmarkets.com

Research News and Market Data on VVX

MCLEAN, Va., July 22, 2024 /PRNewswire/ — V2X, Inc. (NYSE:VVX) announces the award of a  $48.5 million Indefinite Delivery Indefinite Quantity (IDIQ) contract by the U.S. Army, under the purview of the PEO Soldier portfolio, for the innovative Gateway Mission Router (GMR). The GMR creates a fully converged operational environment on the battlefield for our warfighters by seamlessly integrating information and assured communications across multiple domains. The contract spans four years and underscores V2X’s commitment to delivering cutting-edge solutions in support of national defense. 

The GMR represents the pinnacle of rugged and cyber-hardened technology. Designed to facilitate real-time situational awareness, the GMR seamlessly integrates information from diverse sources across multiple domains, creating a fully converged operational environment on the battlefield. Offering platform independence, the GMR is adaptable for deployment across aviation and ground vehicle platforms, ensuring versatility and effectiveness in a variety of operational scenarios.

“V2X’s receipt of this contract marks a significant milestone in our ongoing partnership with the U.S. Army,” said Jeremy C. Wensinger, President and Chief Executive Officer at V2X. “Our commitment to innovation and mission excellence enables us to deliver solutions like the Gateway Mission Router that enhance mission effectiveness and support our nation’s defense objectives.”

V2X continues to expand its presence within the U.S. Army, with the integration of GMR across numerous platforms. The GMR family’s wide-ranging flexibility positions it as a key enabler for the Department of Defense’s Combined Joint All Domain Command and Control (CJADC2) initiative, demonstrating V2X’s dedication to advancing modern warfare capabilities.

About V2X

V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.

Media Contact 
Angelica Spanos Deoudes
Director, Corporate Communications
Angelica.Deoudes@goV2X.com
571-338-5195

Investor Contact 
Mike Smith, CFA
Vice President, Treasury, Corporate Development and Investor Relations
IR@goV2X.com
719-637-5773

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/v2x-secures-48-5-million-us-army-contract-to-enhance-battlefield-communications-with-versatile-gateway-mission-router-302202141.html

SOURCE V2X, Inc.

Release – Bitcoin Depot Exceeds Goal Deploying of 8,000 Bitcoin ATMs Five Months Ahead of Schedule

Posted on by aweinsoff@channelchek.com

Research News and Market Data on BTM

July 22, 2024 8:00 AM EDT

Pioneering Bitcoin ATM Provider Continues Market Dominance and Accelerated Growth with the Largest Installed Fleet in Its History

ATLANTA, July 22, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”) (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today proudly announced that it has achieved and exceeded its ambitious goal of deploying over 8,000 Bitcoin ATMs five months ahead of schedule, with 8,180 kiosks. This milestone reinforces Bitcoin Depot’s abiding market dominance and showcases its rapid growth trajectory. The achievement solidifies the Company’s previously announced achievement of signing 8,000 locations and its year-end objective of having the largest installed fleet of BTMs in the Company’s history.

“Surpassing our deployment goal well ahead of schedule is a testament to the relentless dedication of our team and our strategic initiatives aimed at expanding Bitcoin’s accessibility,” said Bitcoin Depot CEO Brandon Mintz. “Building on the momentum we’ve already cultivated in the first half of 2024; we have no intention of slowing down as we gear up to provide even more customers with seamless access to the digital financial ecosystem. “

Bitcoin Depot’s aggressive expansion strategy has been a key driver of this achievement. In the first half of 2024, the Company not only secured contracts to exceed over 8,000 kiosk locations but also enhanced its operational footprint significantly.

Highlights of the company’s achievements year-to-date include:

  • Expanded into Australia and Puerto Rico, introducing nearly 225 Bitcoin ATMs.
  • Announced retail partnership announcements with leading national and regional convenience store brands, increasing accessibility and brand reach.
  • Expanded its BTM fleet by over 900 kiosks to support 2024 growth initiatives.
  • Advanced its profit-sharing program through kiosks sales and investments from Sopris Capital.
  • Adopted a Bitcoin treasury strategy to further align with its commitment to the digital financial ecosystem. 

Bitcoin Depot’s ATMs offer a straightforward, quick, and convenient method for converting cash into Bitcoin. This empowers users to participate in the digital financial ecosystem, facilitating payments, transfers, remittances, online purchases, and investments.

Since becoming the largest BTM operator in North America in early 2022, Bitcoin Depot has maintained its market-leading position. Despite market volatility, the Company made history in 2023 by becoming the first BTM operator to go public on a major U.S. stock exchange. The Company and its leadership have earned recognition for their exceptional growth, including accolades from Forbes 30 Under 30, Deloitte’s 2023 Technology Fast 500, and the 2023 Inc. 5000.

About Bitcoin Depot 
Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with approximately 7,400 kiosk locations as of April 1, 2024. Learn more at www.bitcoindepot.com. 

Cautionary Note Regarding Forward-Looking Statements

This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, the anticipated effects of the Amendment, and the closing of the Preferred Sale. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.

These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.

We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

Contacts: 

Investors  
Cody Slach, Alex Kovtun  
Gateway Group, Inc.  
949-574-3860  
BTM@gateway-grp.com 

Media  
Christina Lockwood, Brenlyn Motlagh, Ryan Deloney  
Gateway Group, Inc. 
949-574-3860  
BTM@gateway-grp.com

Primary Logo

Source: Bitcoin Depot Inc.

Released July 22, 2024

Resources Connection (RGP) – Full 2024 Review and Updated Projections

Posted on by cpereira@noblefcm.com


Monday, July 22, 2024

Resources Connection, Inc. provides agile consulting services in North America, Europe, and the Asia Pacific. The company offers finance and accounting services, including process transformation and optimization, financial reporting and analysis, technical and operational accounting, merger and acquisition due diligence and integration, audit readiness, preparation and response, implementation of new accounting standards, and remediation support. It also provides information management services, such as program and project management, business and technology integration, data strategy, and business performance management. In addition, the company offers corporate advisory, strategic communications, and restructuring services; and corporate governance, risk, and compliance management services, such as contract and regulatory compliance, enterprise risk management, internal controls management, and operation and information technology (IT) audits. Further, it provides supply chain management services comprising strategy development, procurement and supplier management, logistics and materials management, supply chain planning and forecasting, and unique device identification compliance; and human capital services, including change management, organization development and effectiveness, compensation and incentive plan strategies, and optimization of human resources technology and operations. Additionally, the company offers legal and regulatory supporting services for commercial transactions, global compliance initiatives, law department operations, and law department business strategies and analytics. It also provides policyIQ, a proprietary cloud-based governance, risk, and compliance software application. The company was formerly known as RC Transaction Corp. and changed its name to Resources Connection, Inc. in August 2000. Resources Connection, Inc. was founded in 1996 and is headquartered in Irvine, California.

Joe Gomes, CFA, 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.

Full Year Results. For the twelve months ended May 25, 2024, RGP posted revenue of $632.8 million, a decline of 18.4% y-o-y. Same day constant currency revenue fell 18.8% y-o-y. Gross margin was 38.9% versus 40.4% in FY23. GAAP net income was $21 million, or $0.62/sh., compared to $54.4 million, or $1.59 last year. Adjusted EPS was $0.93 versus $2.00. Adjusted EBITDA in FY24 totaled $51.5 million, down from $100.2 million a year ago.

Setting Foundation. Management continues to control what they can while setting the foundation for an expected industry upturn. While the timing of the upturn is difficult to predict, we believe clients will become more willing to start spending on new projects as economic certainty becomes clearer. We believe the first interest rate reductions by the Federal Reserve will be a signal of improved clarity and will provide clients comfort to start new projects.


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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.