MALVERN, Pa., April 29, 2024 (GLOBE NEWSWIRE) — Ocugen, Inc. (Ocugen or the Company) (NASDAQ: OCGN), a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies and vaccines, today announced that Benjamin Bakall, MD, PhD, Director of Clinical Research at Associated Retina Consultants and Clinical Assistant Professor at the University of Arizona, College of Medicine—Phoenix will present data from the OCU400 Phase 1/2 clinical trial at the Retinal Cell and Gene Therapy Innovation Summit being held May 3, 2024 in Seattle, WA.
“I look forward to sharing more about my clinical experience with this novel modifier gene therapy with my peers and industry leadership during the summit,” said Dr. Bakall. “There remains a significant unmet need for patients with retinitis pigmentosa (RP) and I believe that this approach can offer a new therapeutic option to address the disease itself.”
The Retinal Cell and Gene Therapy Innovation Summit 2024 is jointly organized by the Foundation Fighting Blindness and the Oregon Health and Science University Casey Eye Institute. The Summit brings together representatives from the biotech and pharma industries, along with members of the medical and research communities, to discuss rapidly emerging ocular gene and cell therapies and strategize how to move the most advanced retinal disease therapies toward clinical utility.
Details on Dr. Bakall’s presentation are as follows:
PresentationTitle: “Nuclear Hormone Receptor-Based Gene Modifier Therapy: Safety and Efficacy from Phase 1/2 Clinical Trials for Retinitis Pigmentosa” Date: Friday, May 3, 2024 Time: 10:50 – 11:05 a.m. (PT) Location: Hyatt Regency Seattle
The OCU400 Phase 3 liMeliGhT clinical trial is currently underway and on track to meet the Company’s 2026 BLA and MAA approval targets. Between the U.S. and EU, nearly 300,000 people are affected by RP.
About OCU400 OCU400 is the Company’s gene-agnostic modifier gene therapy product based on NHR gene, NR2E3. NR2E3 regulates diverse physiological functions within the retina—such as photoreceptor development and maintenance, metabolism, phototransduction, inflammation and cell survival networks. Through its drive functionality, OCU400 resets altered/affected cellular gene networks and establishes homeostasis—a state of balance, which has the potential to improve retinal health and function in patients with RP.
About RP RP is a group of rare, genetic disorders that involve a breakdown and loss of cells in the retina, leading to vision loss and blindness. Currently, RP is associated with mutations in more than 100 genes. There are no approved treatment options that slow or stop the progression of multiple forms of RP. Proposed treatments for RP include gene replacement therapy, retinal implant devices, retinal transplantation, stem cells, vitamin therapy, and other pharmacological treatments. Current gene replacement therapies are promising but are limited to treating just a single mutation. In addition, while gene therapies may provide a new functional gene, they do not necessarily eliminate the underlying genetic defect, which may still cause stress and toxic effects leading to retina degeneration. Therefore, the development of gene-specific replacement therapy is highly challenging, especially when multiple and unknown genes are involved. Thus, novel therapeutic approaches targeting broader RP disease in a gene-agnostic manner offer greater hope for patients.
About Ocugen, Inc. Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, and vaccines that improve health and offer hope for patients across the globe. We are making an impact on patient’s lives through courageous innovation—forging new scientific paths that harness our unique intellectual and human capital. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with a single product, and we are advancing research in infectious diseases to support public health and orthopedic diseases to address unmet medical needs. Discover more at www.ocugen.com and follow us on X and LinkedIn.
Cautionary Note on Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding qualitative assessments of available data, potential benefits, expectations for ongoing clinical trials, anticipated regulatory filings and anticipated development timelines, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations, including, but not limited to, the risks that preliminary, interim and top-line clinical trial results may not be indicative of, and may differ from, final clinical data; that unfavorable new clinical trial data may emerge in ongoing clinical trials or through further analyses of existing clinical trial data; that earlier non-clinical and clinical data and testing of may not be predictive of the results or success of later clinical trials; and that that clinical trial data are subject to differing interpretations and assessments, including by regulatory authorities. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.
Increased coal sales volumes to 8.7 million tons, up 2.4% year-over-year
Record oil & gas royalty volumes of 898 MBOE, up 18.3% year-over-year and 11.0% sequentially
First quarter 2024 total revenue of $651.7 million, net income of $158.1 million, and EBITDA of $235.0 million
Enhanced liquidity position to $551.3 million, which included $134.0 million in cash and $417.3 million of borrowings available under credit facilities
In April 2024, declared quarterly cash distribution of $0.70 per unit, or $2.80 per unit annualized
TULSA, Okla.–(BUSINESS WIRE)– Alliance Resource Partners, L.P. (NASDAQ: ARLP) (“ARLP” or the “Partnership”) today reported financial and operating results for the quarter ended March 31, 2024 (the “2024 Quarter”). This release includes comparisons of results to the quarter ended March 31, 2023 (the “2023 Quarter”) and to the quarter ended December 31, 2023 (the “Sequential Quarter”). All references in the text of this release to “net income” refer to “net income attributable to ARLP.” For a definition of EBITDA and related reconciliation to its comparable GAAP financial measure, please see the end of this release.
Total revenues in the 2024 Quarter decreased slightly to $651.7 million compared to $662.9 million for the 2023 Quarter primarily as a result of lower average coal sales prices, partially offset by higher oil & gas royalties and other revenues. Net income for the 2024 Quarter was $158.1 million, or $1.21 per basic and diluted limited partner unit, compared to $191.2 million, or $1.45 per basic and diluted limited partner unit, for the 2023 Quarter as a result of lower revenues and increased total operating expenses. EBITDA for the 2024 Quarter was $235.0 million compared to $270.9 million in the 2023 Quarter.
Compared to the Sequential Quarter, total revenues in the 2024 Quarter increased 4.2% primarily as a result of higher average coal sales prices, which increased 6.9% to $64.78 per ton sold compared to $60.60 per ton sold in the Sequential Quarter. Net income and EBITDA in the 2024 Quarter increased 36.9% and 28.6%, respectively, compared to the Sequential Quarter.
CEO Commentary
“We had a solid start to the year operationally, with all our mines running as expected and strong volumes coming from our Oil & Gas Royalties segment,” commented Joseph W. Craft III, Chairman, President and Chief Executive Officer. “Our contracted coal position also contributed to our performance for the 2024 Quarter mitigating the impact of mild winter weather and low natural gas prices. On the strength of our heavily contracted coal order book and continued growth in our Oil & Gas Royalties business, we are pleased to reiterate full-year guidance.”
Segment Results and Analysis
% Change
2024 First
2023 First
Quarter /
2023 Fourth
% Change
(in millions, except per ton and per BOE data)
Quarter
Quarter
Quarter
Quarter
Sequential
Coal Operations (1)
Illinois Basin Coal Operations
Tons sold
6.437
6.190
4.0
%
6.419
0.3
%
Coal sales price per ton sold
$
57.58
$
54.43
5.8
%
$
55.06
4.6
%
Segment Adjusted EBITDA Expense per ton
$
36.21
$
33.45
8.3
%
$
35.26
2.7
%
Segment Adjusted EBITDA
$
140.3
$
132.0
6.3
%
$
130.1
7.8
%
Appalachia Coal Operations
Tons sold
2.237
2.279
(1.8
)%
2.194
2.0
%
Coal sales price per ton sold
$
85.49
$
106.13
(19.4
)%
$
76.82
11.3
%
Segment Adjusted EBITDA Expense per ton
$
52.53
$
55.20
(4.8
)%
$
63.52
(17.3
)%
Segment Adjusted EBITDA
$
74.2
$
116.6
(36.3
)%
$
29.8
149.4
%
Total Coal Operations
Tons sold
8.674
8.469
2.4
%
8.613
0.7
%
Coal sales price per ton sold
$
64.78
$
68.34
(5.2
)%
$
60.60
6.9
%
Segment Adjusted EBITDA Expense per ton
$
40.85
$
39.66
3.0
%
$
42.91
(4.8
)%
Segment Adjusted EBITDA
$
210.9
$
245.7
(14.2
)%
$
156.2
35.0
%
Royalties (1)
Oil & Gas Royalties
BOE sold (2)
0.898
0.759
18.3
%
0.809
11.0
%
Oil percentage of BOE
44.2
%
47.3
%
(6.6
)%
46.3
%
(4.5
)%
Average sales price per BOE (3)
$
41.22
$
45.42
(9.2
)%
$
44.60
(7.6
)%
Segment Adjusted EBITDA Expense
$
4.9
$
4.4
11.7
%
$
4.7
5.7
%
Segment Adjusted EBITDA
$
31.4
$
30.0
4.5
%
$
31.0
1.1
%
Coal Royalties
Royalty tons sold
5.512
5.057
9.0
%
5.018
9.8
%
Revenue per royalty ton sold
$
3.39
$
3.07
10.4
%
$
3.33
1.8
%
Segment Adjusted EBITDA Expense
$
6.3
$
5.4
16.3
%
$
6.6
(5.3
)%
Segment Adjusted EBITDA
$
12.4
$
10.1
22.9
%
$
10.2
22.5
%
Total Royalties
Total royalty revenues
$
56.1
$
51.1
9.8
%
$
53.0
5.7
%
Segment Adjusted EBITDA Expense
$
11.2
$
9.8
14.2
%
$
11.3
(0.7
)%
Segment Adjusted EBITDA
$
43.8
$
40.2
9.2
%
$
41.2
6.4
%
Consolidated Total
Total revenues
$
651.7
$
662.9
(1.7
)%
$
625.4
4.2
%
Segment Adjusted EBITDA Expense
$
358.3
$
339.3
5.6
%
$
376.6
(4.9
)%
Segment Adjusted EBITDA
$
260.6
$
291.9
(10.7
)%
$
203.2
28.2
%
_______________________
(1)
For definitions of Segment Adjusted EBITDA Expense and Segment Adjusted EBITDA and related reconciliations to comparable GAAP financial measures, please see the end of this release. Segment Adjusted EBITDA Expense per ton is defined as Segment Adjusted EBITDA Expense – Coal Operations (as reflected in the reconciliation table at the end of this release) divided by total tons sold.
(2)
Barrels of oil equivalent (“BOE”) for natural gas volumes is calculated on a 6:1 basis (6,000 cubic feet of natural gas to one barrel).
(3)
Average sales price per BOE is defined as oil & gas royalty revenues excluding lease bonus revenue divided by total BOE sold.
Coal Operations
In the Illinois Basin, coal sales prices increased by 5.8% and 4.6% compared to the 2023 Quarter and Sequential Quarter, respectively, as a result of improved domestic price realizations. In Appalachia, coal sales price per ton decreased by 19.4% compared to the 2023 Quarter due primarily to reduced domestic pricing from our Tunnel Ridge mine, which benefited from significantly elevated pricing during the 2023 Quarter. Compared to the Sequential Quarter, Appalachian coal sales prices were higher by 11.3% as a result of improved domestic price realizations across the region. Tons sold increased by 4.0% in the Illinois Basin compared to the 2023 Quarter due primarily to increased sales volumes from our Hamilton and Warrior mines. Appalachian coal sales volumes decreased by 1.8% compared to the 2023 Quarter primarily due to fewer operating units at our MC Mining operation. Compared to the Sequential Quarter, tons sold in Appalachia increased by 2.0% as a result of increased volumes from our Mettiki operation, which experienced challenging geologic conditions in the Sequential Quarter. ARLP ended the 2024 Quarter with total coal inventory of 1.9 million tons, representing an increase of 0.6 million tons and 0.5 million tons compared to the end of the 2023 Quarter and Sequential Quarter, respectively.
Segment Adjusted EBITDA Expense per ton for the 2024 Quarter increased by 8.3% in the Illinois Basin compared to the 2023 Quarter, due primarily to reduced production and recoveries at our River View mine. Compared to the Sequential Quarter, Segment Adjusted EBITDA Expense per ton in the Illinois Basin increased by 2.7% due to higher inventory charges at several mines. In Appalachia, Segment Adjusted EBITDA Expense per ton decreased by 4.8% and 17.3% compared to the 2023 Quarter and Sequential Quarter, respectively, due to increased production and recoveries at our Mettiki mine during the 2024 Quarter.
Royalties
Segment Adjusted EBITDA for the Oil & Gas Royalties segment increased to $31.4 million in the 2024 Quarter compared to $30.0 million and $31.0 million in the 2023 Quarter and Sequential Quarter, respectively. Improved Segment Adjusted EBITDA in the 2024 Quarter was due to record oil & gas volumes, which rose to 898 MBOE sold in the 2024 Quarter, representing increases of 18.3% and 11.0% compared to the 2023 Quarter and Sequential Quarter, respectively, as a result of increased drilling and completion activities on our interests and acquisitions of additional oil & gas mineral interests.
Segment Adjusted EBITDA for the Coal Royalties segment increased to $12.4 million for the 2024 Quarter compared to $10.1 million and $10.2 million for the 2023 Quarter and Sequential Quarter, respectively. Higher average royalty rates per ton and increased royalty tons sold contributed to improved results for the 2024 Quarter.
Balance Sheet and Liquidity
As of March 31, 2024, total debt and finance leases outstanding were $441.0 million, including $284.6 million in ARLP’s 2025 senior notes. The Partnership’s total and net leverage ratios were 0.49 times and 0.34 times debt to trailing twelve months Adjusted EBITDA, respectively, as of March 31, 2024. ARLP ended the 2024 Quarter with total liquidity of $551.3 million, which included $134.0 million of cash and cash equivalents and $417.3 million of borrowings available under its revolving credit and accounts receivable securitization facilities.
During the 2024 Quarter, the Partnership increased its accounts receivable securitization facility by 50% to $90.0 million and entered into a new $54.6 million, four-year amortizing term loan maturing February 2028 to replace a prior equipment financing that matured in November 2023.
Distributions
On April 26, 2024, we announced that the Board of Directors of ARLP’s general partner (the “Board”) approved a cash distribution to unitholders for the 2024 Quarter of $0.70 per unit (an annualized rate of $2.80 per unit), payable on May 15, 2024, to all unitholders of record as of the close of trading on May 8, 2024. The announced distribution is consistent with the cash distributions for the 2023 Quarter and Sequential Quarter.
Outlook
“With our operations running as expected year-to-date and a well-contracted order book, we are reiterating our full-year guidance,” commented Mr. Craft. “We continue to maintain a small, uncontracted tonnage position that we can flex to either domestic or export markets as demand dictates, while our Oil & Gas Royalties business is off to a strong start that should set the tone for another robust year.”
“Our focus in 2024 will continue to be the safe operations of our assets, delivering the same level of reliability that our customers value so greatly, while also executing major infrastructure projects at our Tunnel Ridge, Hamilton, Warrior and River View complexes,” Mr. Craft continued. “Over the past year, grid planners nearly doubled the five-year electricity demand growth forecast (from 2.6% to 4.7%) on a nationwide basis per FERC filings. We expect this rapid growth in electricity demand will lead to delays and extensions in the premature closure of critical coal power plants in the markets we serve. We are making investments today that will position us to be the low-cost, reliable provider in a market seeking to respond to accelerated demand associated with the electrification of new industry, and rapid load growth associated with data centers and artificial intelligence. These trends represent fundamental changes to consumption patterns, reinforcing our belief that coal, and our operations in particular, will remain critical to a reliable, affordable grid for many years to come.”
ARLP is reiterating the following guidance for the full year ended December 31, 2024 (the “2024 Full Year”):
2024 Full Year Guidance
Coal Operations
Volumes (Million Short Tons)
Illinois Basin Sales Tons
24.5 — 25.8
Appalachia Sales Tons
9.5 — 10.0
Total Sales Tons
34.0 — 35.8
Committed & Priced Sales Tons
2024 — Domestic / Export / Total
28.1 / 4.5 / 32.6
2025 — Domestic / Export / Total
15.2 / 1.1 / 16.3
Coal Sales Price Per Ton Sold (1)
Illinois Basin
$54.50 — $56.00
Appalachia
$80.50 — $83.50
Total
$61.75 — $63.75
Segment Adjusted EBITDA Expense Per Ton Sold (2)
Illinois Basin
$35.25 — $37.25
Appalachia
$54.25 — $57.25
Total
$41.00 — $43.00
Royalties
Oil & Gas Royalties
Oil (000 Barrels)
1,400 — 1,500
Natural gas (000 MCF)
5,600 — 6,000
Liquids (000 Barrels)
675 — 725
Segment Adjusted EBITDA Expense (% of Oil & Gas Royalties Revenue)
~ 12.0%
Coal Royalties
Royalty tons sold (Million Short Tons)
20.4 — 22.2
Revenue per royalty ton sold
$3.15 — $3.35
Segment Adjusted EBITDA Expense per royalty ton sold
$1.15 — $1.25
Consolidated(Millions)
Depreciation, depletion and amortization
$280 — $300
General and administrative
$80 — $85
Net interest expense
$20 — $25
Income tax expense
$17 — $19
Total capital expenditures
$450 — $500
Growth capital expenditures
$25 — $30
Maintenance capital expenditures
$425 — $470
_______________________
(1)
Sales price per ton is defined as total coal sales revenue divided by total tons sold.
(2)
Segment Adjusted EBITDA Expense is defined as operating expenses, coal purchases and other expenses.
Conference Call
A conference call regarding ARLP’s 2024 Quarter financial results is scheduled for today at 10:00 a.m. Eastern. To participate in the conference call, dial (877) 407-0784 and request to be connected to the Alliance Resource Partners, L.P. earnings conference call. International callers should dial (201) 689-8560 and request to be connected to the same call. Investors may also listen to the call via the “Investors” section of ARLP’s website at www.arlp.com.
An audio replay of the conference call will be available for approximately one week. To access the audio replay, dial U.S. Toll Free (844) 512-2921; International Toll (412) 317-6671 and request to be connected to replay using access code 13745713.
About Alliance Resource Partners, L.P.
ARLP is a diversified energy company that is currently the largest coal producer in the eastern United States, supplying reliable, affordable energy domestically and internationally to major utilities, metallurgical and industrial users. ARLP also generates operating and royalty income from mineral interests it owns in strategic coal and oil & gas producing regions in the United States. In addition, ARLP is evolving and positioning itself as a reliable energy partner for the future by pursuing opportunities that support the advancement of energy and related infrastructure.
News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission (“SEC”), are available at www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7673 or via e-mail at investorrelations@arlp.com.
The statements and projections used throughout this release are based on current expectations. These statements and projections are forward-looking, and actual results may differ materially. These projections do not include the potential impact of any mergers, acquisitions or other business combinations that may occur after the date of this release. We have included more information below regarding business risks that could affect our results.
FORWARD-LOOKING STATEMENTS: With the exception of historical matters, any matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from projected results. Those forward-looking statements include expectations with respect to our future financial performance, coal and oil & gas consumption and expected future prices, our ability to increase unitholder distributions in future quarters, business plans and potential growth with respect to our energy and infrastructure transition investments, optimizing cash flows, reducing operating and capital expenditures, infrastructure projects at our existing properties, growth in domestic electricity demand, preserving liquidity and maintaining financial flexibility, and our future repurchases of units and senior notes, among others. These risks to our ability to achieve these outcomes include, but are not limited to, the following: decline in the coal industry’s share of electricity generation, including as a result of environmental concerns related to coal mining and combustion, the cost and perceived benefits of other sources of electricity and fuels, such as oil & gas, nuclear energy, and renewable fuels and the planned retirement of coal-fired power plants in the U.S.; our ability to provide fuel for growth in domestic electricity demand, should it materialize; changes in macroeconomic and market conditions and market volatility, and the impact of such changes and volatility on our financial position; changes in global economic and geo-political conditions or changes in industries in which our customers operate; changes in commodity prices, demand and availability which could affect our operating results and cash flows; the outcome or escalation of current hostilities in Ukraine and the Israel-Gaza conflict; the severity, magnitude and duration of any future pandemics and impacts of such pandemics and of businesses’ and governments’ responses to such pandemics on our operations and personnel, and on demand for coal, oil, and natural gas, the financial condition of our customers and suppliers and operators, available liquidity and capital sources and broader economic disruptions; actions of the major oil-producing countries with respect to oil production volumes and prices could have direct and indirect impacts over the near and long term on oil & gas exploration and production operations at the properties in which we hold mineral interests; changes in competition in domestic and international coal markets and our ability to respond to such changes; potential shut-ins of production by the operators of the properties in which we hold oil & gas mineral interests due to low commodity prices or the lack of downstream demand or storage capacity; risks associated with the expansion and investments into the infrastructure of our operations and properties; our ability to identify and complete acquisitions and to successfully integrate such acquisitions into our business and achieve the anticipated benefits therefrom; our ability to identify and invest in new energy and infrastructure transition ventures; the success of our development plans for our wholly owned subsidiary, Matrix Design Group, LLC, and our investments in emerging infrastructure and technology companies; dependence on significant customer contracts, including renewing existing contracts upon expiration; adjustments made in price, volume, or terms to existing coal supply agreements; the effects of and changes in trade, monetary and fiscal policies and laws, central bank policy actions including interest rates, bank failures and associated liquidity risks; the effects of and changes in taxes or tariffs and other trade measures adopted by the United States and foreign governments; legislation, regulations, and court decisions and interpretations thereof, both domestic and foreign, including those relating to the environment and the release of greenhouse gases, mining, miner health and safety, hydraulic fracturing, and health care; deregulation of the electric utility industry or the effects of any adverse change in the coal industry, electric utility industry, or general economic conditions; investors’ and other stakeholders’ increasing attention to environmental, social, and governance matters; liquidity constraints, including those resulting from any future unavailability of financing; customer bankruptcies, cancellations or breaches to existing contracts, or other failures to perform; customer delays, failure to take coal under contracts or defaults in making payments; our productivity levels and margins earned on our coal sales; disruptions to oil & gas exploration and production operations at the properties in which we hold mineral interests; changes in equipment, raw material, service or labor costs or availability, including due to inflationary pressures; changes in our ability to recruit, hire and maintain labor; our ability to maintain satisfactory relations with our employees; increases in labor costs including costs of health insurance and taxes resulting from the Affordable Care Act, adverse changes in work rules, or cash payments or projections associated with workers’ compensation claims; increases in transportation costs and risk of transportation delays or interruptions; operational interruptions due to geologic, permitting, labor, weather, supply chain shortage of equipment or mine supplies, or other factors; risks associated with major mine-related accidents, mine fires, mine floods or other interruptions; results of litigation, including claims not yet asserted; foreign currency fluctuations that could adversely affect the competitiveness of our coal abroad; difficulty maintaining our surety bonds for mine reclamation as well as workers’ compensation and black lung benefits; difficulty in making accurate assumptions and projections regarding post-mine reclamation as well as pension, black lung benefits, and other post-retirement benefit liabilities; uncertainties in estimating and replacing our coal mineral reserves and resources; uncertainties in estimating and replacing our oil & gas reserves; uncertainties in the amount of oil & gas production due to the level of drilling and completion activity by the operators of our oil & gas properties; uncertainties in the future of the electric vehicle industry and the market for EV charging stations; the impact of current and potential changes to federal or state tax rules and regulations, including a loss or reduction of benefits from certain tax deductions and credits; difficulty obtaining commercial property insurance, and risks associated with our participation in the commercial insurance property program; evolving cybersecurity risks, such as those involving unauthorized access, denial-of-service attacks, malicious software, data privacy breaches by employees, insiders or others with authorized access, cyber or phishing-attacks, ransomware, malware, social engineering, physical breaches, or other actions; and difficulty in making accurate assumptions and projections regarding future revenues and costs associated with equity investments in companies we do not control.
Additional information concerning these, and other factors can be found in ARLP’s public periodic filings with the SEC, including ARLP’s Annual Report on Form 10-K for the year ended December 31, 2023, filed on February 23, 2024. Except as required by applicable securities laws, ARLP does not intend to update its forward-looking statements.
In a major shakeup in the booming music rights acquisition space, private equity giant Blackstone has emerged victorious in a heated bidding war to acquire Hipgnosis Songs Fund, trumping an earlier offer from music company Concord.
The deal, valued at around $1.57 billion, sees Blackstone acquiring the prized music rights portfolio of Hipgnosis, which holds over 65,000 songs from iconic artists like Shakira, Red Hot Chili Peppers, Blondie, and Neil Young. Blackstone’s superior cash offer of $1.30 per share outmaneuvered Concord’s bid of $1.25 per share, which had previously received the backing of Hipgnosis’ board. However, the board has now withdrawn its recommendation in favor of Blackstone’s higher bid.
The transaction represents a significant expansion of Blackstone’s already formidable music rights holdings. The private equity titan has been aggressively building its intellectual property portfolio, with existing assets including hit songs from superstars like Justin Bieber, Justin Timberlake, and performance rights organization SESAC, which boasts affiliates like Bob Dylan and Adele.
The Hipgnosis acquisition also sets the stage for an insightful discussion at Noble Capital Markets’ upcoming Consumer, Communications, Media and Technology Virtual Conference in June. Hosted by leading industry analysts, the conference will provide a comprehensive look at the latest trends, challenges, and opportunities shaping the dynamic technology, media, and telecom landscape. With disruptive forces like streaming, 5G, and AI reshaping multiple industries, analysts are eager to examine the strategic implications and growth avenues for major players across this critical sector. The music rights boom will undoubtedly be a key topic of discussion, but the conference aims to deliver a holistic perspective on the evolving TMT ecosystem.
As the dust settles on this blockbuster deal, all eyes will be on Blackstone’s next strategic moves in the world of music IP. With its substantial resources and existing portfolio, the private equity titan is well-positioned to further consolidate its dominance in this lucrative arena. The company’s aggressive pursuit of Hipgnosis signals its belief in the long-term value and growth potential of iconic musical works as the industry continues its shift towards streaming platforms and new content consumption models emerge.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Initiating coverage with an Outperform rating and $5 price target. SKYX Platforms is an innovative developer of smart home technologies that improve safety in residential and commercial buildings. The company holds over 30 patents with approximately 60 pending. In our view, SKYX shares could offer investors significant upside due to the growth of the smart home technology industry, as well as the prospect for one of the most impactful electrical safety developments in the last 40 years.
Favorable outlook. In 2024, we estimate revenue will grow roughly 60% from the prior year, reaching $94.1 million. In 2025, revenue is expected to reach $140.3 million, an increase of 49% over 2024. The strong revenue growth is to be driven by the company’s owned and operated lighting websites, as well as its key partnerships, detailed later in this report.
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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.
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.
Contract Expansions. V2X recently saw two major ID/IQ contracts receive major expansions by the federal contracting authorities. These expansions provide additional growth opportunities, in our view, for V2X which will benefit operational results going forward.
MAC III. V2X was once again named to the U.S. Navy’s Global Contingency Services Multiple Award Contract (MAC) III. The contract is valued at up to $2 billion with an expected completion date of September 2032. Under the previous $900 million MAC II vehicle, V2X received nearly $300 million in awarded task orders. Under MAC III, the Company will continue to provide critical facility support services for a wide range of scenarios.
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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.
Inflation in the United States showed alarmingly little signs of cooling in March, according to the latest data on the Federal Reserve’s preferred price gauge released Friday. The stubbornly elevated readings essentially guarantee the U.S. central bank will need to keep interest rates higher for longer to fully constrain persistent price pressures.
The core personal consumption expenditures (PCE) price index, which strips out volatile food and energy costs, rose 2.8% in March from a year earlier, the Commerce Department reported. This matched February’s annual increase and exceeded economists’ expectations of 2.7%.
On a month-over-month basis, the core PCE climbed 0.3% in March, in line with projections. The headline PCE price index including food and energy costs also rose 0.3% for the month and was up 2.7% annually.
The data highlights the challenges the Fed is facing in its battle to bring inflation back down to its 2% target after it surged to multi-decade highs last year on supply shocks, robust demand and pandemic-driven disruptions. Price pressures have proved remarkably persistent, defying the central bank’s aggressive interest rate hiking campaign that kicked off in March 2022.
“Inflation reports released this morning were not as hot as feared, but investors should not get overly anchored to the idea that inflation has been completely cured and the Fed will be cutting interest rates in the near-term,” said George Mateyo, chief investment officer at Key Private Bank. “The prospects of rate cuts remain, but they are not assured.”
The fresh PCE readings follow worse-than-expected inflation figures in Thursday’s GDP report that revealed the personal consumption expenditures price index surged at a 3.4% annualized rate in the first quarter. That was well above the 2.7% forecast and offset a decent 1.6% rise in economic growth over the same period.
The persistent inflation pressures backed bets that the Fed will likely leave interest rates unchanged at the current 4.75%-5% range at its next couple of meetings in June and July. According to the CME Group’s FedWatch tool, traders now see around a 44% probability that the central bank could implement two quarter-point rate cuts by the end of 2023.
However, most analysts agree that the Fed would need to see clear signs that consistently high inflation is beginning to dent the still-robust labor market before feeling confident about pivoting to an easing cycle. Policymakers want to avoid making the same mistake of prematurely loosening monetary policy like they did in the 1970s, which allowed inflation to become deeply entrenched.
For investors, the path forward for markets hinges on whether the Fed can achieve a so-called “soft landing” by getting inflation under control without sparking a severe recession. Equity traders largely looked past Friday’s inflation data, with futures pointing to a higher open on Wall Street. But Treasury yields edged lower as traders increased bets on the Fed ultimately reversing course next year.
Still, the latest PCE figures underscore the Fed’s dilemma and the likelihood that interest rates will need to remain restrictive for some time to prevent inflation from becoming unmoored. That raises the risks of overtightening and potential economic turbulence ahead as the full impact of the most aggressive tightening cycle since the 1980s hits home.
In a move that further solidifies its position in the inflammatory disease space, Incyte Corporation has agreed to acquire Escient Pharmaceuticals for $750 million. The deal, announced on Tuesday, will add two promising immunology and inflammation candidates to Incyte’s pipeline, complementing its existing dermatology portfolio.
The star assets in the acquisition are EP262 and EP547, both of which have shown promising early results in clinical trials. EP262, the more advanced of the two, is currently being evaluated for the treatment of various inflammatory skin conditions, including atopic dermatitis, psoriasis, and vitiligo. Preclinical data has demonstrated EP262’s ability to improve atopic dermatitis-like lesions and reduce inflammation, making it a potentially valuable addition to Incyte’s dermatology lineup.
EP547, while in an earlier stage of development, is being studied for the treatment of itching associated with kidney and liver diseases – a condition known as pruritus, which can significantly impact a patient’s quality of life. With two phase 1 trials currently underway, EP547 could address a significant unmet need in these patient populations.
“EP262 and EP547 are complementary additions to our portfolio, providing an opportunity to leverage our expertise, address the needs of patients with inflammatory diseases and additional potential launch opportunities starting in 2029,” said Hervé Hoppenot, Incyte’s CEO.
For Incyte, the acquisition of Escient Pharmaceuticals represents a strategic move to strengthen its position in the lucrative dermatology market. The company already has an approved JAK1/JAK2 inhibitor cream, Opzelura, which is indicated for atopic dermatitis and vitiligo. With EP262 and additional pipeline candidates, Incyte aims to expand its offerings and capture a larger share of the growing inflammatory skin disease market.
The deal also follows Incyte’s recent acquisition of the cancer drug Monjuvi from MorphoSys, further demonstrating the company’s commitment to bolstering its portfolio through strategic partnerships and acquisitions.
Escient Pharmaceuticals, a relatively young company founded in 2018, had already attracted significant investor interest, raising over $200 million in private financing rounds from the likes of Sanofi. The company’s promising early-stage pipeline and expertise in inflammatory diseases likely made it an attractive target for Incyte.
The transaction, which is expected to close in the third quarter of 2024, will provide Incyte with a diverse range of assets spanning multiple inflammatory and immunological indications. As the company continues to expand its offerings, it remains well-positioned to capitalize on the growing demand for innovative treatments in these therapeutic areas.
LAKE ZURICH, Ill.–(BUSINESS WIRE)– ACCO Brands Corporation (NYSE: ACCO) today announced that its board of directors has declared a quarterly cash dividend of $0.075 per share. The dividend will be paid on June 12, 2024, to stockholders of record as of the close of business on May 17, 2024.
“This is the Company’s 26th quarterly cash dividend since it began paying dividends in 2018. The Company’s dividend has become an important part of our capital allocation strategy, and we remain committed to supporting our quarterly dividend with our robust free cash flow. At the current stock price, on an annualized basis, our shareholders are receiving a 6% yield on their investment,” said Tom Tedford, President, and Chief Executive Officer of ACCO Brands.
About ACCO Brands Corporation
ACCO Brands, the Home of Great Brands Built by Great People, designs, manufactures and markets consumer and end-user products that help people work, learn and play. Our widely recognized brands include AT-A-GLANCE®, Five Star®, Kensington®, Leitz®, Mead®, PowerA®, Swingline®, Tilibra® and many others. More information about ACCO Brands Corporation (NYSE: ACCO) can be found at www.accobrands.com.
MALVERN, Pa., April 26, 2024 (GLOBE NEWSWIRE) — Ocugen, Inc. (Ocugen or the Company) (NASDAQ: OCGN), a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, and vaccines, today announced that the Company will present on its innovative modifier gene therapy platform, including OCU400 for the treatment of retinitis pigmentosa (Phase 3 LiMeliGhT clinical trial), OCU410 for the treatment of geographic atrophy (Phase 1/2 ArMaDa clinical trial), and OCU410ST for the treatment of Stargardt disease (Phase 1/2 GARDian clinical trial) at The Association for Research in Vision and Ophthalmology (ARVO) 2024 Annual Meeting in Seattle, WA from May 5-9, 2024.
“With three gene therapies to treat blindness diseases currently in the clinic, now is an exciting time for Ocugen and the patients who can potentially benefit from our first-in-class modifier gene therapy platform,” said Dr. Shankar Musunuri, Chairman, CEO and Co-founder of Ocugen. “We look forward to sharing more about the scientific foundation of our programs and providing clinical updates with industry leaders during ARVO.”
Ocugen’s presence at ARVO 2024 includes:
Paper Session (oral presentation)
Title: OCU400 Nuclear Hormone Receptor-Based Gene Modifier Therapy: Safety and Efficacy from Phase 1/2 Clinical Trial for Retinitis Pigmentosa Associated with NR2E3 and RHO Mutations
Authors: Byron L. Lam, Arun K. Upadhyay, Shankar Musunuri, Murthy Chavali, Sahar Matloob, Nalin Mehta, David G. Birch, Paul Yang, Benjamin Bakall, Nieraj Jain, Jose S. Pulido, Borooah Shyamanga
Presenter: Byron Lam, MD, Professor of Ophthalmology, Dr. Mark J. Daily Endowed Chair, University of Miami Presentation Number: 406 Location: Seattle Convention Center, Arch Building, Room 612 Date: Sunday, May 5, 2024 Time: 1:45-2 p.m. (PT)
Exhibitor Presentations
Title: OCU400—A Gene Agnostic Modifier Gene Therapy for the Treatment of Retinitis Pigmentosa (Phase 1/2 Clinical Study Results and Phase 3 liMeliGhT Study Design) Presenter: Arun Upadhyay, PhD, Chief Scientific Officer, Head of Research & Development, Ocugen Location: Show Floor, Educational Lounge, Booth #4921 Date: Monday, May 6, 2024 Time: 1 p.m. (PT)
Title: OCU410 Gene Therapy—Multifactorial Therapeutic Intervention for Dry Age-Related Macular Degeneration Presenter: Huma Qamar, MD, MPH, Chief Medical Officer, Ocugen Location: Show Floor, Educational Lounge, Booth #4921 Date: Tuesday, May 7, 2024 Time: 2 p.m. (PT)
Title: Nuclear Hormone Receptor RORA as a Novel Modifier Approach for Treatment of Stargardt Disease Presenter: Murthy Chavali, PhD, Director, Clinical Development, Ocugen Location: Show Floor, Educational Lounge, Booth #4921 Date: Wednesday, May 8, 2024 Time: 2 p.m. (PT)
Ocugen is committed to bringing game-changing therapies to treat inherited retinal diseases as well as blindness diseases affecting millions to market and working even harder to provide access to patients globally.
About AAV-hNR2E3 (OCU400) OCU400 is the Company’s gene-agnostic modifier gene therapy product based on NHR gene, NR2E3. NR2E3 regulates diverse physiological functions within the retina—such as photoreceptor development and maintenance, metabolism, phototransduction, inflammation and cell survival networks. Through its drive functionality, OCU400 resets altered/affected cellular gene networks and establishes homeostasis—a state of balance, which has the potential to improve retinal health and function in patients with retinitis pigmentosa. Between the U.S. and EU, nearly 300,000 people are affected by retinitis pigmentosa. The OCU400 Phase 3 liMeliGhT clinical trial is currently underway and on track to meet the Company’s 2026 BLA and MAA filing targets.
About AAV-hRORA (OCU410/OCU410ST) AAV-hRORA utilizes an AAV delivery platform for the retinal delivery of the RORA (ROR Related Orphan Receptor A) gene. The RORA protein plays an important role in lipid metabolism, reducing lipofuscin deposits and oxidative stress, and demonstrates an anti-inflammatory role as well as inhibiting the complement system in in-vitro and in-vivo (animal model) studies. These results demonstrate the ability to target multiple pathways linked with dry age-related macular degeneration and Stargardt pathophysiology. Ocugen is developing OCU410 as a one-time gene therapy for the treatment of GA (affecting one million people in the U.S.) and OCU410ST as a one-time gene therapy for the treatment of Stargardt disease (affecting 41,000 people in the U.S.).
About Ocugen, Inc. Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, and vaccines that improve health and offer hope for patients across the globe. We are making an impact on patient’s lives through courageous innovation—forging new scientific paths that harness our unique intellectual and human capital. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with a single product, and we are advancing research in infectious diseases to support public health and orthopedic diseases to address unmet medical needs. Discover more at www.ocugen.com and follow us on X and LinkedIn.
Cautionary Note on Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding qualitative assessments of available data, potential benefits, expectations for ongoing clinical trials, anticipated regulatory filings and anticipated development timelines, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations, including, but not limited to, the risks that preliminary, interim and top-line clinical trial results may not be indicative of, and may differ from, final clinical data; that unfavorable new clinical trial data may emerge in ongoing clinical trials or through further analyses of existing clinical trial data; that earlier non-clinical and clinical data and testing of may not be predictive of the results or success of later clinical trials; and that that clinical trial data are subject to differing interpretations and assessments, including by regulatory authorities. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.
SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision (NYSE: EVC), a leading global advertising solutions, media and technology company, announced that it will release its first quarter 2024 financial results after market close on Thursday, May 2, 2024. The Company will host a conference call that day at 5:00 p.m. Eastern Time to discuss the first quarter 2024 results.
To access the conference call, please dial (844) 836-8739 (U.S.) or (412) 317-5440 (International) ten minutes prior to the start time. The call will also be available via live webcast on the investor relations portion of the Company’s website located at www.entravision.com.
If you cannot listen to the conference call at its scheduled time, there will be a replay available through Thursday, May 16, 2024, which can be accessed by dialing (844) 512-2921 (U.S.) or (412) 317-6671 (International) and entering the passcode 10188233. The webcast will also be archived on the Company’s website.
About Entravision
Entravision (NYSE: EVC) is a global advertising solutions, media and technology company. Over the past three decades, we have strategically evolved into a digital powerhouse, expertly connecting brands to consumers in the U.S., Latin America, Europe and Asia. Our digital segment offers a full suite of end-to-end advertising services across the world. We have commercial partnerships with X Corp. (formerly known as Twitter), TikTok, and Spotify, and marketers can use our Smadex and other platforms to deliver targeted advertising to audiences around the globe. In the U.S., we maintain a diversified portfolio of television and radio stations that target Hispanic audiences and complement our global digital services. Entravision remains the largest affiliate group of the Univision and UniMás television networks. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn and Facebook.
Conduent to maintain flexible, dynamic pricing and conduct license plate image reviews, helping to improve the flow of traffic and relieve congestion for VDOT
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 implementation of an Express Lanes tolling system in Virginia. The system, which went live March 17 on a segment of the I-64 Hampton Roads Express Lanes, was designed by Conduent as part of a 2021 contract from the Virginia Department of Transportation (VDOT).
Conduent will operate and maintain an innovative and completely overhead vehicle classification system, a traffic-responsive dynamic pricing system and an automated license plate recognition system, as well as conduct license plate image reviews for VDOT. These technologies and services are designed to help improve traffic flow and relieve congestion for motorists and passengers.
To enable dynamic pricing, VDOT will use data analytics to determine toll rates based on the volume of traffic during different times of the day, helping reduce overall travel times and enhance predictability and mobility choices for motorists. The lanes remain free for vehicles with two or more occupants using a required E-ZPass Flex transponder.
“It’s exciting to offer our clients the latest innovations in tolling technology that greatly enhance the roadway experience for motorists, from an overhead vehicle classification system to the ease of booth-less electronic payment – all enabling reduced congestion and faster journeys,” said Adam Appleby, President, Transportation Solutions at Conduent. “Our tolling solutions also improve operational efficiency, accuracy and customer service for transportation and tolling authorities. As a leader in road usage charging, Conduent continues to identify new solutions to transform mobility.”
This segment on I-64, located in Chesapeake and Norfolk, is the first of four segments that will be implemented with the new system. The segments will ultimately become a part of a continuous 45-mile Express Lanes network on the corridor. VDOT also has the option under the contract to implement a vehicle occupancy detection system in the future, which would use camera systems and video analytics to identify the number of occupants in a vehicle.
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.
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.
ATLANTA, April 25, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot (“Bitcoin Depot” or the “Company”) (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced a strategic investment from Sopris Capital (“Sopris”), a 20-year-old multi-strategy investment firm. As part of the investment, Sopris Capital has purchased 2,906,976 Class A common shares and is now one of the Company`s largest independent shareholders.
“We are thrilled to own part of a growing, market-leading business at such a compelling valuation. We look forward to collaborating with Bitcoin Depot as they pursue their numerous growth initiatives,” said Andy Paul, Founder and CEO of Sopris Capital.
“We’re excited to welcome Sopris Capital as a strategic investor to help accelerate our growth,” said Bitcoin Depot CEO Brandon Mintz. “With their extensive network of valuable relationships and experience in the cryptocurrency space, Sopris Capital is a fantastic fit for us. Most importantly, they understand our mission and our value proposition.”
In March of this year Sopris Capital purchased 50 kiosks to become a partner in Bitcoin Depot`s Franchise Program, which allowed Sopris to leverage Bitcoin Depot`s operating expertise and receive a passive income stream from its Bitcoin ATMs.
“The investment reinforces the confidence we have in Bitcoin Depot’s strategy and growth potential, which we believe is not reflected in the current public market valuation given their underlying unit economics and ability to redeploy capital at a high return,” said Sopris Capital Vice President Dan Wedman.
Bitcoin Depot’s products and services provide an intuitive, quick, and convenient process for converting cash into Bitcoin, giving users the ability to access the broader digital financial system, including using their Bitcoin for purposes of making payments, transfers, remittances, online purchases, and investments.
This news marks the latest show of momentum for Bitcoin Depot, which holds the largest market BTM share in North America, with over 7,400 Bitcoin ATM locations. The announcement follows several recent milestones and expansions for the company, including its first partnership with a major grocery chain as well as the advancement of its newly launched profit share program in April 2024. The company also recently surpassed its goal of signing 8,000 BTM locations ahead of schedule to achieve the largest installed fleet of locations in its history and announced expansions into new markets, including Puerto Rico and Australia.
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.
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
CHELMSFORD, MA / ACCESSWIRE / April 25, 2024 / Harte Hanks, Inc. (NASDAQ:HHS), a leading global customer experience company focused on bringing companies closer to customers for over 100 years, announced today that the company will release financial results for the first quarter of 2024, the period ended March 31, 2024, on Thursday, May 9, 2024, after the close of the market.
The Company will host a conference call and live webcast to discuss these results at 4:30 p.m. EDT on the same day. Interested parties may access the webcast at https://www.webcaster4.com/Webcast/Page/2810/50446 or access the conference call by dialing 888-506-0062 in the United States or 973-528-0011 from outside the U.S. and using access code 689651.
A replay of the call can also be accessed via phone through May 23, 2024, by dialing (877) 481-4010 from the U.S., or (919) 882-2331 from outside the U.S. The conference call replay passcode is 50446.
About Harte Hanks:
Harte Hanks (NASDAQ:HHS) is a leading global customer experience company whose mission is to partner with clients to provide them with CX strategy, data-driven analytics and actionable insights combined with seamless program execution to better understand, attract and engage their customers.
Using its unparalleled resources and award-winning talent in the areas of Customer Care, Fulfillment and Logistics, and Marketing Services, Harte Hanks has a proven track record of driving results for some of the world’s premier brands, including Bank of America, GlaxoSmithKline, Unilever, Pfizer, HBOMax, Volvo, Ford, FedEx, Midea, Sony and IBM among others. Headquartered in Chelmsford, Massachusetts, Harte Hanks has over 2,500 employees in offices across the Americas, Europe, and Asia Pacific.
As used herein, “Harte Hanks” or “the Company” refers to Harte Hanks, Inc. and/or its applicable operating subsidiaries, as the context may require. Harte Hanks’ logo and name are trademarks of Harte Hanks.
Investor Relations Contact:
Rob Fink or Tom Baumann 646.809.4048 / 646.349.6641 FNK IR HHS@fnkir.com
