Just 24 hours after data showed job openings surging to their highest level since November 2024, the American labor market delivered a jarring reality check. Private sector employment unexpectedly contracted by 33,000 positions in June, according to ADP’s Wednesday report—marking the first monthly decline since March 2023 and painting a starkly different picture of employment dynamics.
The contradiction between Tuesday’s robust job openings data (7.76 million available positions) and Wednesday’s payroll contraction illustrates the complexity of today’s labor market, where demand for workers remains strong but actual hiring has stalled dramatically.
ADP’s report revealed a troubling disconnect between employer intentions and actions. While May data showed companies posting abundant job openings, June hiring patterns suggest businesses are increasingly reluctant to pull the trigger on new hires. The 33,000 job loss significantly missed economist expectations for 100,000 new positions, representing a stunning 133,000-job swing from forecasts.
“Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month,” explained Nela Richardson, ADP’s chief economist. This phenomenon—where companies maintain job postings but delay actual hiring decisions—reflects growing business uncertainty about economic conditions.
The May revision further underscored this trend, with private payroll gains reduced to just 29,000 from an initially reported 37,000, highlighting how even modest job growth has been weaker than initially perceived.
Service Sector Bears the Brunt
The June contraction was concentrated in service industries, with professional and business services shedding 56,000 positions and health and education losing 52,000 jobs. Financial services added to the decline with 14,000 fewer positions. These sectors, which typically drive white-collar employment growth, appear to be exercising extreme caution in their hiring strategies.
However, goods-producing industries provided some offset, adding 32,000 positions across manufacturing and mining operations. This divergence suggests that while consumer-facing and office-based businesses are pulling back, industrial sectors continue to see steady demand.
Geographically, the Midwest and West experienced the steepest declines, losing 24,000 and 20,000 jobs respectively, while the South managed modest growth of 13,000 positions. The Northeast saw minimal contraction of 3,000 roles.
The data revealed a striking pattern based on company size. Large employers with over 500 employees actually expanded payrolls by 30,000 positions, suggesting that well-capitalized companies continue to invest in talent acquisition. Conversely, small businesses with fewer than 20 employees accounted for 29,000 lost positions, indicating that smaller enterprises are bearing the brunt of economic uncertainty.
This divergence reflects different risk tolerances and financial capabilities, with smaller businesses typically more sensitive to economic headwinds and policy uncertainties.
Wage Growth Momentum Fades
Adding to concerns, annual wage growth decelerated for both job stayers and job switchers. Workers remaining in their positions saw pay increases of 4.4%, down from 4.5% in May, while those changing jobs experienced wage growth of 6.8%, declining from 7.0%. This moderation in wage pressures could provide some relief for inflation-conscious Federal Reserve officials but signals weakening worker bargaining power.
The stark contradiction between job openings and actual hiring creates a challenging environment for Federal Reserve policymakers already under pressure from the Trump administration to cut interest rates. While Tuesday’s job opening surge suggested labor market strength, Wednesday’s payroll contraction reinforces concerns about economic momentum.
Financial markets will closely watch Thursday’s official Bureau of Labor Statistics employment report, which economists expect to show 110,000 nonfarm payroll additions and unemployment rising to 4.3%. If the government data confirms ADP’s weak showing, it could significantly strengthen the case for monetary easing.
The divergent signals—strong job demand but weak hiring execution—suggest an economy in transition, where businesses remain optimistic enough to post openings but cautious enough to delay actual hiring decisions. This hesitancy may reflect concerns about tariff impacts, regulatory changes, or broader economic uncertainty.
For investors and policymakers alike, the labor market’s mixed messages underscore the importance of looking beyond headline numbers to understand the underlying dynamics driving employment trends in an increasingly complex economic environment.
With global cases rising and bipartisan momentum for pandemic preparedness, GeoVax’s GEO-MVA vaccine advances on an expedited development track toward commercialization and revenue generation
ATLANTA, GA — July 2, 2025 — GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies against infectious diseases and cancer, today emphasized the growing global public health importance of its GEO-MVA Mpox/smallpox vaccine in response to rising public health threats and a rapidly evolving regulatory environment.
With favorable regulatory input from the European Medicines Agency (EMA), GEO-MVA is on an expedited path toward market access—accelerating GeoVax’s focus toward regulatory approval and commercialization.
“GeoVax is entering a value inflection phase,” said David Dodd, Chairman and CEO. “The EMA’s expedited development path brings us closer to regulatory registration and commercial readiness, providing the opportunity to address urgent public health needs, expanding the critically needed supply option of MVA-vaccine, addressing both expanding outbreak needs and stockpile opportunities.”
Modern Platform for Variant-Responsive Stockpiling
GeoVax’s development-stage continuous avian cell line process is anticipated to provide increased production of MVA-based vaccines, the ability to quickly respond to epidemics and pandemics, local implementation of MVA-based vaccine manufacturing and overall reduced production costs.
With confirmed Mpox cases across multiple U.S. states, throughout Europe and new clade Ib outbreaks in West and Central Africa, the urgency for additional MVA-vaccine supply options is increasingly, critically important.
“There is a clear need for diversity in stockpile planning,” Dodd added. “GEO-MVA is well-positioned to serve as a complementary or alternative solution where current, single-source options fall short. Ending the current monopoly of MVA-vaccine will benefit public health worldwide, providing an expanded supply option of this critically needed vaccine.”
EMA Scientific Advice and BARDA RRPV Proposal Expedite Readiness
GeoVax recently received favorable Scientific Advice from the EMA, confirming an expedited regulatory development path for GEO-MVA. This milestone enhances the product’s standing with international regulatory bodies and opens pathways to revenue-generating opportunities across Europe and beyond.
In parallel, GeoVax’s advanced MVA-based vaccine manufacturing proposal under BARDA’s Rapid Response Partnership Vehicle (RRPV) remains under active review. The program is designed to fund scalable vaccine platforms, eliminating the dependency for stockpiling of MVA-based vaccines relative to high-consequence threats such as smallpox.
About GeoVax
GeoVax Labs, Inc. is a clinical-stage biotechnology company developing novel vaccines against infectious diseases and therapies for solid tumor cancers. The Company’s lead clinical program is GEO-CM04S1, a next-generation COVID-19 vaccine currently in three Phase 2 clinical trials, being evaluated as (1) a primary vaccine for immunocompromised patients such as those suffering from hematologic cancers and other patient populations for whom the current authorized COVID-19 vaccines are insufficient, (2) a booster vaccine in patients with chronic lymphocytic leukemia (CLL) and (3) a more robust, durable COVID-19 booster among healthy patients who previously received the mRNA vaccines. In oncology the lead clinical program is evaluating a novel oncolytic solid tumor gene-directed therapy, Gedeptin®, having recently completed a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. GeoVax is also developing a vaccine targeting Mpox and smallpox and, based on recent regulatory guidance, anticipates progressing directly to a Phase 3 clinical evaluation, omitting Phase 1 and Phase 2 trials. GeoVax has a strong IP portfolio in support of its technologies and product candidates, holding worldwide rights for its technologies and products. For more information about the current status of our clinical trials and other updates, visit our website: www.geovax.com.
Forward-Looking Statements
This release contains forward-looking statements regarding GeoVax’s business plans. The words “believe,” “look forward to,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Actual results may differ materially from those included in these statements due to a variety of factors, including whether: GeoVax is able to obtain acceptable results from ongoing or future clinical trials of its investigational products, GeoVax’s immuno-oncology products and preventative vaccines can provoke the desired responses, and those products or vaccines can be used effectively, GeoVax’s viral vector technology adequately amplifies immune responses to cancer antigens, GeoVax can develop and manufacture its immuno-oncology products and preventative vaccines with the desired characteristics in a timely manner, GeoVax’s immuno-oncology products and preventative vaccines will be safe for human use, GeoVax’s vaccines will effectively prevent targeted infections in humans, GeoVax’s immuno-oncology products and preventative vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete development, there is development of competitive products that may be more effective or easier to use than GeoVax’s products, GeoVax will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which GeoVax has no control.
Further information on our risk factors is contained in our periodic reports on Form 10-Q and Form 10-K that we have filed and will file with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
SKYX New Patents Were Issued in the U.S., India, Japan, U.K. France, Germany, Italy, and Spain
SKYX’s Patent Portfolio Includes Advanced Plug & Play Smart Home Platforms, Enabling AI Capabilities and Eco System Integration, Home Safety Sensors, Ceiling Fan & Heater, Lighting, Among Others
MIAMI, July 02, 2025 (GLOBE NEWSWIRE) — SKYX Platforms Corp. (NASDAQ: SKYX) (“SKYX” or the “Company”), a highly disruptive smart home platform technology company with over 100 issued and pending patents globally and a growing portfolio of over 60 lighting and home décor websites, with a mission to make homes and buildings become smart, safe, and advanced as the new standard, today announces the issuance of 8 newly issued U.S. and global patents with now over 100 patents and pending applications with 45 issued patents. The new patents were issued in U.S., India, Japan, U.K., France, Germany, Italy, and Spain.
The Company’s patent portfolio includes advanced and plug and play smart home platforms, enabling AI capabilities and ecosystem, home safety sensors, ceiling fan & heater, lighting, among others.
SKYX’s Total Addressable Market (“TAM”) of over $500 billion, with its robust and versatile U.S. and global patent portfolio, creates tremendous Company value. The Company’s U.S. and global patent portfolio of over 100 issued and pending patents, 45 of which are issued patents covers SKYX’s advanced plug-and-play and smart home platform technologies for safety, smart home, AI, electrical, lighting and ceiling fan industries.
Rani Kohen, Founder and Executive Chairman of SKYX Platforms, said: “We are proud to announce these additional 8 patent issuances, which further strengthen our globally robust intellectual property portfolio in the important areas of our advanced safe, smart homes, and sensor technologies. These advancements position SKYX to be a leading technology provider of smart home platforms for the smart home, electrical, lighting and ceiling fan industries.”
About SKYX Platforms Corp.
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 100 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.
Forward-Looking Statements
Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with First-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions, including recent measures adopted by the federal government, on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.
Non-GAAP Financial Measures
Management considers earnings (loss) before interest, taxes, depreciation and amortization, or EBITDA, as adjusted, an important indicator in evaluating the Company’s business on a consistent basis across various periods. Due to the significance of non-recurring items, EBITDA, as adjusted, enables management to monitor and evaluate the business on a consistent basis. The Company uses EBITDA, as adjusted, as a primary measure, among others, to analyze and evaluate financial and strategic planning decisions regarding future operating investments and potential acquisitions. The Company believes that EBITDA, as adjusted, eliminates items that are not part of the Company’s core operations, such as interest expense and amortization expense associated with intangible assets, or items that do not involve a cash outlay, such as share-based payments and non-recurring items, such as transaction costs. EBITDA, as adjusted, should be considered in addition to, rather than as a substitute for, pre-tax income (loss), net income (loss) and cash flows used in operating activities. This non-GAAP financial measure excludes significant expenses that are required by GAAP to be recorded in the Company’s financial statements and is subject to inherent limitations. Investors should review the reconciliation of this non-GAAP financial measure to the comparable GAAP financial measure. Investors should not rely on any single financial measure to evaluate the Company’s business.
Iconic Burger Franchise to Increase Footprint in State to Over 40 Restaurants
LOS ANGELES, July 02, 2025 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc., parent company of Fatburger and 17 other restaurant concepts, announces a new development deal with existing franchisee Whole Factor Inc., to open 40 additional Fatburger locations across Florida over the next 10 years, including new areas such as Jacksonville. Since 2021, Whole Factor Inc. has been steadily growing the Fatburger brand across the state with a 14-unit development deal to grow in the Orlando and Tampa areas, with two restaurants open to date in Riverview and Celebration.
“Two years ago, Fatburger made its return to the state of Florida after a 20-year absence, and we are not looking back,” said Taylor Wiederhorn, Co-CEO and Chief Development Officer of FAT Brands. “Our Riverview and Celebration locations have exceeded expectations with an incredible fanbase that loves our cooked-to-order burgers, fries, and hand-scooped milkshakes. Whole Factor is an excellent partner that understands what makes Fatburger such a unique, beloved brand, and their future growth will cement Fatburger as a key burger player in the state of Florida.”
“We are excited to grow Fatburger across the state with Whole Factor Inc., bringing our fresh, handcrafted burgers to more communities in the Tampa and Orlando areas in addition to entering the Jacksonville market,” said Spike Singh, Owner of Whole Factor Inc. “With a new store opening later this year in Orange Park near Jacksonville, we are eager to share Fatburger’s iconic menu and vibrant atmosphere with even more fans.”
Ever since the first Fatburger opened in Los Angeles over 70 years ago, the chain has been known for its delicious, grilled-to-perfection and cooked-to-order burgers. Founder Lovie Yancey believed that a big burger with everything on it is a meal in itself; at Fatburger “everything” is not just the usual roster of toppings. Burgers can be customized with everything from bacon and eggs to chili and onion rings. In addition to its famous burgers, the Fatburger menu also includes Fat and Skinny Fries, sweet potato fries, scratch-made onion rings, Impossible™ Burgers, turkeyburgers, hand-breaded crispy chicken sandwiches, and hand-scooped milkshakes made from 100 percent real ice cream.
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets and develops fast casual, quick-service, casual and polished casual dining restaurant concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
About Fatburger
An all-American, Hollywood favorite, Fatburger is a fast-casual restaurant serving big, juicy, tasty burgers, crafted specifically to each customer’s liking. With a legacy spanning over 70 years, Fatburger’s extraordinary quality and taste inspire fierce loyalty amongst its fan base, which includes a number of A-list celebrities and athletes. Featuring a contemporary design and ambiance, Fatburger offers an unparalleled dining experience, demonstrating the same dedication to serving gourmet, homemade, custom-built burgers as it has since 1952 – The Last Great Hamburger Stand™.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the timing and performance of new store openings and area development agreements. Forward-looking statements reflect expectations of FAT Brands Inc. (“we” or “our”) concerning the future and are subject to significant business, economic and competitive risks, uncertainties and contingencies. These factors are difficult to predict and beyond our control, and could cause our actual results to differ materially from those expressed or implied in such forward-looking statements. We refer you to the documents that we file from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other factors. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
Combination treatment of mTNX-1700 (mTFF2-MSA fusion protein) with anti-PD1 antibody was associated with increased survival and decreased metastases in animal models of gastric cancer relative to anti-PD1 treatment alone
mTNX-1700 treatment was associated with activation of cancer-killing CD8+ T Cells and limiting neutrophil-mediated immune evasion
TNX-1700 (hTFF2-HSA fusion protein) is in preclinical development for gastric and colorectal cancers
CHATHAM, N.J., July 02, 2025 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (Tonix or the Company), a fully-integrated biopharmaceutical company with marketed products and a pipeline of development candidates, today announced the publication of a paper entitled, “A CXCR4 Partial Agonist, Improves Immunotherapy by Targeting Immunosuppressive Neutrophils and Cancer-Driven Granulopoiesis,”1 in the peer-reviewed journal Cancer Cell, that represents a collaboration between scientists at Tonix and Columbia University’s Medical School and presents data demonstrating that treatment with murine TNX-1700 (mTNX-1700) increased survival and decreased metastases in animal models of gastric cancer. The manuscript can be accessed here: http://bit.ly/3I7Wcvu.
“Addressing the root causes of resistance to immunotherapy in solid tumors is a hurdle for the successful application of immuno-oncology to anti-PD-1 resistant cancers,” said Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals. “The combination therapy of mTFF2-MSA with anti-PD1 treatment shows significant promise in reducing the ability of tumors to evade anti-PD-1 therapy in animal models. We believe the published data support further development of TNX-1700 as an approach to overcome resistance to anti-PD-1 immunotherapy in the treatment of gastric cancer and other tumors.”
The published studies examined mTNX-1700, which is a fusion protein of murine trefoil factor-2 (mTFF2) and murine serum albumin (MSA). The human version, TNX-1700 is a fusion protein of human TFF2 (hTFF2) and human serum albumin (HSA) that is under development for the treatment of gastric and colorectal cancers.
Dr. Lederman added, “The study showed that in several mouse models, mTNX-1700 plus anti-PD-1 shrank primary tumors, cut liver and lung metastases, and increased survival compared to anti-PD-1 alone. These data show that fine-tuned modulation of CXCR4 can dismantle neutrophil-driven immune suppression and revive checkpoint efficacy without compromising normal myelopoiesis. We are excited, through our collaboration with Columbia University, to continue studies to identify potential clinical biomarkers through preclinical models while enhancing our understanding of the relationship between the role of TFF2 in overcoming resistance to anti-PD1 therapy in the tumor microenvironment (TME).”
Immunosuppressive neutrophils, also known as polymorphonuclear myeloid-derived suppressor cells (PMN-MDSCs), are a major component in solid tumors that significantly hinder anti-tumor activity2,3. Despite being short-lived, the continuous replenishment of PMN-MDSCs from the bone marrow sustains their potent immunosuppression in the TME4. Stromal cells in the TME promote immunosuppression by recruiting MDSCs via secretion of CXCL12. Trefoil Factor 2 (TFF2), a secreted peptide of the trefoil factor family, has displayed activity as a partial agonist of CXCR45,6. The Cancer Cell publication describes data demonstrating that TFF2-MSA selectively reduces immunosuppressive neutrophils and cancer-driven granulopoiesis. Treatment with TFF2-MSA, in combination with an anti-PD1 antibody, induced robust anti-tumoral CD8+ T cell responses, inhibiting tumor invasion. This combination of the mTNX-1700 with anti-PD1 therapy has been shown to reduce tumor size and increase survival in these animal models. TFF2 reduction correlated with elevated PMN-MDSCs in gastric cancer patients, highlighting the potential negative correlation between TFF2 and PMN-MDSCs levels while promoting a T-cell rich microenvironment and inducing an increase in CD8+ T cells in the tumor.
About Trefoil Factor Family Member 2 (TFF2)
Human TFF2 is a secreted protein, encoded by the TFF2 gene in humans, that is expressed in gastrointestinal mucosa where it functions to protect and repair mucosa. TFF2 is also expressed at low levels in splenic immune cells and is now appreciated to have intravascular roles in the spleen and in the tumor microenvironment. In gastric cancer, TFF2 is epigenetically silenced, and TFF2 is suggested to be protective against cancer development through several mechanisms. Tonix is developing TNX-1700 for the treatment of gastric and colorectal cancers under a license from Columbia University. The inventor of the core technology at Columbia is Dr. Timothy Wang, who is an expert in the molecular mechanisms of carcinogenesis whose research has focused on the carcinogenic role of inflammation in modulating stem cell functions. Dr. Wang demonstrated that knocking out the mTFF2 gene in mice leads to faster tumor growth and that overexpression of TFF2 markedly suppresses tumor growth by curtailing the homing, differentiation, and expansion of MDSCs to allow activation of cancer-killing CD8+ T cells. He went on to show that a novel engineered form of recombinant murine TFF2 (mTFF2-CTP) had an extended half-life in vivo and was able to suppress MDSCs and tumor growth in an animal model of colorectal cancer. Later, he showed in gastric cancer models that suppressing MDSCs using chemotherapy enhances the effectiveness of anti-PD1 therapy and significantly reduces tumor growth. Dr. Wang proposed the concept of employing recombinant TFF2 in combination with other therapies in cancer prevention and early treatment.
1Qian, J. et al. Cancer Cell. 2025. on-line: https://doi.org/10.1016/j.ccell.2025.06.006. 2Kim W, et al. Gastroenterology. 2021. 160(3):781-796 3Veglia F, et al. J Exp Med. 2021. 218(4):e20201803. 4Colligan SH, et al. J Clin Invest. 2022. 132(23):e158661. 5Dubeykovskaya Z, et al. J Biol Chem. 2009. 284(6):3650-62. 6Dubeykovskaya Z, et al. Nat Commun. 2016. 7:10517.
Tonix Pharmaceuticals Holding Corp.*
Tonix is a fully-integrated biotechnology company focused on transforming therapies for pain management and vaccines for public health challenges. Tonix’s development portfolio is focused on central nervous system (CNS) disorders. Tonix’s priority is to advance TNX-102 SL, a product candidate for the management of fibromyalgia, for which an NDA was submitted based on two statistically significant Phase 3 studies for the management of fibromyalgia and for which a PDUFA (Prescription Drug User Fee act) goal date of August 15, 2025 has been assigned for a decision on marketing authorization. The FDA has also granted Fast Track designation to TNX-102 SL for the management of fibromyalgia. TNX-102 SL is also being developed to treat acute stress reaction and acute stress disorder under a Physician-Initiated IND at the University of North Carolina in the OASIS study funded by the U.S. Department of Defense (DoD). Tonix’s immunology development portfolio consists of biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-1500, which is an Fc-modified humanized monoclonal antibody targeting CD40-ligand (CD40L or CD154) being developed for the prevention of allograft rejection and for the treatment of autoimmune diseases. Tonix’s infectious disease portfolio includes TNX-801, a vaccine in development for mpox and smallpox, as well as TNX-4200 for which Tonix has a contract with the U.S. DoD’s Defense Threat Reduction Agency (DTRA) for up to $34 million over five years. TNX-4200 is a small molecule broad-spectrum antiviral agent targeting CD45 for the prevention or treatment of infections to improve the medical readiness of military personnel in biological threat environments. Tonix owns and operates a state-of-the art infectious disease research facility in Frederick, Md. Tonix Medicines, our commercial subsidiary, markets Zembrace® SymTouch® (sumatriptan injection) 3 mg and Tosymra® (sumatriptan nasal spray) 10 mg for the treatment of acute migraine with or without aura in adults.
* Tonix’s product development candidates are investigational new drugs or biologics; their efficacy and safety have not been established and have not been approved for any indication.
Zembrace SymTouch and Tosymra are registered trademarks of Tonix Medicines. All other marks are property of their respective owners.
This press release and further information about Tonix can be found at www.tonixpharma.com.
Forward Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to the failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; risks related to the failure to successfully market any of our products; risks related to the timing and progress of clinical development of our product candidates; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission (the “SEC”) on March 18, 2025, and periodic reports filed with the SEC on or after the date thereof. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.
Zembrace® SymTouch® (sumatriptan succinate) injection (Zembrace) and Tosymra® (sumatriptan) nasal spray are prescription medicines used to treat acute migraine headaches with or without aura in adults who have been diagnosed with migraine.
Zembrace and Tosymra are not used to prevent migraines. It is not known if Zembrace or Tosymra are safe and effective in children under 18 years of age.
Important Safety Information
Zembrace and Tosymra can cause serious side effects, including heart attack and other heart problems, which may lead to death. Stop use and get emergency help if you have any signs of a heart attack:
discomfort in the center of your chest that lasts for more than a few minutes or goes away and comes back
severe tightness, pain, pressure, or heaviness in your chest, throat, neck, or jaw
pain or discomfort in your arms, back, neck, jaw or stomach
shortness of breath with or without chest discomfort
breaking out in a cold sweat
nausea or vomiting
feeling lightheaded
Zembrace and Tosymra are not for people with risk factors for heart disease (high blood pressure or cholesterol, smoking, overweight, diabetes, family history of heart disease) unless a heart exam shows no problem.
Do not use Zembrace or Tosymra if you have:
history of heart problems
narrowing of blood vessels to your legs, arms, stomach, or kidney (peripheral vascular disease)
uncontrolled high blood pressure
hemiplegic or basilar migraines. If you are not sure if you have these, ask your provider.
had a stroke, transient ischemic attacks (TIAs), or problems with blood circulation
severe liver problems
taken any of the following medicines in the last 24 hours: almotriptan, eletriptan, frovatriptan, naratriptan, rizatriptan, ergotamines, or dihydroergotamine. Ask your provider for a list of these medicines if you are not sure.
are taking certain antidepressants, known as monoamine oxidase (MAO)-A inhibitors or it has been 2 weeks or less since you stopped taking a MAO-A inhibitor. Ask your provider for a list of these medicines if you are not sure.
an allergy to sumatriptan or any of the components of Zembrace or Tosymra
Tell your provider about all of your medical conditions and medicines you take, including vitamins and supplements.
Zembrace and Tosymra can cause dizziness, weakness, or drowsiness. If so, do not drive a car, use machinery, or do anything where you need to be alert.
Zembrace and Tosymra may cause serious side effects including:
changes in color or sensation in your fingers and toes
sudden or severe stomach pain, stomach pain after meals, weight loss, nausea or vomiting, constipation or diarrhea, bloody diarrhea, fever
cramping and pain in your legs or hips; feeling of heaviness or tightness in your leg muscles; burning or aching pain in your feet or toes while resting; numbness, tingling, or weakness in your legs; cold feeling or color changes in one or both legs or feet
increased blood pressure including a sudden severe increase even if you have no history of high blood pressure
medication overuse headaches from using migraine medicine for 10 or more days each month. If your headaches get worse, call your provider.
serotonin syndrome, a rare but serious problem that can happen in people using Zembrace or Tosymra, especially when used with anti-depressant medicines called SSRIs or SNRIs. Call your provider right away if you have: mental changes such as seeing things that are not there (hallucinations), agitation, or coma; fast heartbeat; changes in blood pressure; high body temperature; tight muscles; or trouble walking.
hives (itchy bumps); swelling of your tongue, mouth, or throat
seizures even in people who have never had seizures before
The most common side effects of Zembrace and Tosymra include: pain and redness at injection site (Zembrace only); tingling or numbness in your fingers or toes; dizziness; warm, hot, burning feeling to your face (flushing); discomfort or stiffness in your neck; feeling weak, drowsy, or tired; application site (nasal) reactions (Tosymra only) and throat irritation (Tosymra only).
Tell your provider if you have any side effect that bothers you or does not go away. These are not all the possible side effects of Zembrace and Tosymra. For more information, ask your provider.
This is the most important information to know about Zembrace and Tosymra but is not comprehensive. For more information, talk to your provider and read the Patient Information and Instructions for Use. You can also visit https://www.tonixpharma.com or call 1-888-869-7633.
You are encouraged to report adverse effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch, or call 1-800-FDA-1088.
The battle lines are drawn between the Treasury Department and Federal Reserve, with Treasury Secretary Scott Bessent intensifying pressure on Fed Chair Jerome Powell to slash interest rates amid mounting evidence of economic deceleration.
Speaking on Fox News Tuesday evening, Bessent delivered a pointed critique of Fed policy, suggesting rate cuts could come by September or “sooner” if the central bank acknowledges that tariffs haven’t triggered the inflationary surge many economists predicted. His comments reflect growing frustration within the Trump administration over the Fed’s cautious stance on monetary policy.
“I think that the criteria is that tariffs were not inflationary,” Bessent stated, adding a dig at Fed officials by claiming “tariff derangement syndrome happens even over at the Fed.” This rhetoric underscores the administration’s view that monetary policymakers are overreacting to trade policy changes.
The Treasury Secretary’s comments align with increasingly direct pressure from President Trump, who posted a scathing message on Truth Social targeting Powell directly: “Jerome—You are, as usual, ‘Too Late.’ You have cost the USA a fortune. Lower The Rate—by a lot!”
Trump’s demand for rate reductions of up to 3 percentage points represents an unprecedented level of presidential intervention in Federal Reserve policy discussions. The political stakes are particularly high given that Bessent is reportedly being considered as a potential replacement for Powell when the Fed Chair’s term expires in May 2026.
Supporting the administration’s case for monetary easing, fresh employment data revealed troubling trends in the job market. ADP reported that private employers unexpectedly eliminated 33,000 positions in June—the first monthly decline since March 2023. This sharp reversal from May’s modest 29,000 job gains fell well short of economist expectations for 98,000 new positions.
The disappointing private payroll data comes ahead of Thursday’s comprehensive employment report, where economists anticipate just 116,000 nonfarm payroll additions and an unemployment rate climbing to 4.3% from 4.2%. These projections suggest the labor market momentum that characterized much of 2024 may be waning.
The employment weakness has created visible splits within the Federal Reserve system. Fed Governors Christopher Waller and Michelle Bowman have both signaled openness to July rate cuts, expressing greater concern about labor market deterioration than inflation risks.
However, regional Fed presidents remain divided. Atlanta Fed President Raphael Bostic advocated for patience, stating he wants to “wait and see how tariffs play out in the economy” before committing to policy changes. This cautious approach reflects concerns that tariff-driven price increases could prove more persistent than the Treasury Department suggests.
Powell himself struck a measured tone at a European Central Bank conference in Portugal, acknowledging that rate cuts would have already occurred “if not for the tariffs introduced by the Trump administration.” He noted that “essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs.”
Financial markets are pricing in approximately a 23% probability of a July rate cut, with odds rising to 96% for at least one reduction by September. These expectations could shift dramatically based on Thursday’s employment data and ongoing political pressure.
The Fed’s next meeting on July 28-29 represents a critical juncture where monetary policy, political pressure, and economic data will converge in determining the central bank’s course forward.
The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
A Purchase. The GEO Group is purchasing the currently leased 770-bed Western Region Detention facility for $60 million, or $77,900/bed. GEO is currently leasing the facility at a cost of $5.1 million annually. GEO has had a long-term contract with the U.S. Marshals Service for use of the facility, which generates approximately $57 million of annualized revenue.
A Tax Savings. Expected to close by the end of July, the transaction is expected to be funded as a like kind real estate property exchange with proceeds from the previously announced sale of the GEO-owned Lawton Correctional Facility, which is expected to close on July 25th, resulting in an estimated capital gains cash tax savings of approximately $9.5 million.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Cooperation Agreement. Resources Connection has entered into a “Cooperation Agreement” with shareholder Circumference Group LLC. According to a Form 3 filing of June 30th, Circumference owns 1,289,243 RGP shares, representing 3.9% of the common shares outstanding as of March 31st.
Board Changes. As part of the Cooperation Agreement, RGP appointed Jeff Fox, founding partner and CEO of Circumference Group, and Filip Gyde, former CEO of Computer Task Group, to the Board. Current Board members Anthony Cherbak and Neil Dimick will retire from the Board following the conclusion of their terms in October 2025.
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.
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.
Amended credit agreement. On June 30, the company announced an amendment to its credit agreement, extending the maturity of the company’s Class A Revolving Commitments from Q2 end to Q3 end. Moreover, any interest due on the revolver and refinanced term loans through that date will be paid in-kind. The amendment also waived financial covenant testing for Q2 and Q3, offering the company a temporary liquidity reprieve.
Cost of amendment. As part of the amendment, GoHealth will pay a 1.00% amendment fee to consenting lenders, which, along with all interest through September 30, will be paid in-kind and added to the principal balance of its loans. As a result, we estimate these provisions will increase the company’s outstanding debt by approximately $6 million.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
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.
Bolt-on acquisition. AZZ Inc. entered into an agreement to acquire all the assets of Canton Galvanizing, LLC, a privately held hot dip galvanizing company based in Canton, Ohio. While the terms of the transaction were not disclosed, AZZ expects the transaction to be accretive to earnings within the first year of operation. Founded in 2019, Canton provides hot-dip galvanizing to customers in the U.S. Midwest and specializes in coating small to mid-size parts.
Strengthens AZZ’s presence in the U.S. Midwest. The strategic acquisition expands AZZ’s Metal Coatings capabilities in the US. Midwest and increases its total galvanizing network to 42 sites in North America. It has been renamed AZZ Galvanizing – Canton East LLC. With a spinning operation and a 21-foot kettle, Canton is known for quick turnaround times and excellent customer service.
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.
NEW YORK, July 1, 2025 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), today announced that the underwriters of its recent underwritten public offering have fully exercised their option to purchase an additional 11,250,000 ordinary shares, resulting in additional net proceeds to the Company of approximately $21.4 million, before estimated offering expenses. The exercise of the option closed on July 1, 2025.
After giving effect to the full exercise of the underwriters’ option to purchase additional ordinary shares, a total of 86,250,000 ordinary shares were issued and sold by the Company in the underwritten public offering. The net proceeds to the Company from the underwritten public offering, including the full exercise of the underwriters’ option to purchase additional ordinary shares, are approximately $162.9 million, after deducting the underwriting discount and estimated offering expenses payable by us. The Company intends to use the net proceeds from this offering to purchase Ethereum.
B. Riley Securities acted as the sole bookrunning manager in the offering and Clear Street, Craig-Hallum and Northland Capital Markets acted as co-managers for the offering.
The securities described above were offered by the Company pursuant to a shelf registration statement on Form S-3, as amended, including a base prospectus, that was originally filed with the Securities and Exchange Commission (the “SEC”), by the Company on April 30, 2025 and was declared effective on June 20, 2025. A final prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available for free on the SEC’s website located at http://www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Bit Digital
Bit Digital is a publicly traded digital asset platform focused on Ethereum-native treasury and staking strategies. The Company began accumulating and staking ETH in 2022 and now operates one of the largest institutional Ethereum staking infrastructures globally. Bit Digital’s platform includes advanced validator operations, institutional-grade custody, active protocol governance, and yield optimization. Through strategic partnerships across the Ethereum ecosystem, Bit Digital aims to deliver exposure to secure, scalable, and compliant access to onchain yield. For additional information, please contact ir@bit-digital.com.
Safe Harbor Statement
This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact, included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “intends,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (Annual Report) and any subsequently filed quarterly reports on Form 10-Q and any Current Reports on Form 8-K. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Strategic Acquisition Expands AZZ’s Metal Coatings Capabilities in the Midwest
FORT WORTH, Texas, July 1, 2025 /PRNewswire/ — AZZ Inc. (NYSE: AZZ), the leading independent provider of hot-dip galvanizing and coil coating solutions in North America, today announced that it has entered into an agreement to acquire all the assets of Canton Galvanizing, LLC (“Canton”), a privately held hot-dip galvanizing company based in Canton, Ohio. Terms of the transaction were not disclosed. AZZ expects the acquisition will be accretive to earnings within the first year of operation. AZZ will operate the new facility under the name AZZ Galvanizing – Canton East LLC further extending AZZ’s ability to support customers in the Midwest region of the United States. The new galvanizing facility will be integrated into AZZ’s existing network of hot-dip galvanizing plants, increasing its total galvanizing network to 42 sites in North America.
Bryan L. Stovall, President and Chief Operating Officer – Metal Coatings, commented, “We are pleased to add Canton’s galvanizing operations and expand our geographical coverage in the Midwest region of the United States. This strategic acquisition increases our metal coating capacity and further strengthens our network of metal coatings facilities. We welcome Canton’s employees and customers to AZZ and look forward to a seamless integration with uninterrupted industry-leading customer service.”
About Canton Galvanizing, LLC Founded in 2019, Canton provides hot-dip galvanizing to customers located in the Midwest and specializes in coating small to mid-size parts. Featuring a spinning operation and a 21-foot kettle, Canton provides quick turnaround times and excellent customer service.
About AZZ Inc. AZZ Inc. is the leading independent provider of hot-dip galvanizing and coil coating solutions to a broad range of end-markets. Collectively, our business segments provide sustainable, unmatched metal coating solutions that enhance the longevity and appearance of buildings, products and infrastructure that are essential to everyday life.
Safe Harbor Statement Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as “may,” “could,” “should,” “expects,” “plans,” “will,” “might,” “would,” “projects,” “currently,” “intends,” “outlook,” “forecasts,” “targets,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial, and economic data and management’s views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. Forward-looking statements speak only as of the date they are made and are subject to risks that could cause them to differ materially from actual results. Certain factors could affect the outcome of the matters described herein. This press release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand for our manufactured solutions, including demand by the construction markets, the industrial markets, and the metal coatings markets. We could also experience additional increases in labor costs, components and raw materials including zinc and natural gas, which are used in our hot-dip galvanizing process; supply-chain vendor delays; customer requested delays of our manufactured solutions; delays in additional acquisition opportunities; an increase in our debt leverage and/or interest rates on our debt, of which a significant portion is tied to variable interest rates; availability of experienced management and employees to implement AZZ’s growth strategy; a downturn in market conditions in any industry relating to the manufactured solutions that we provide; economic volatility, including a prolonged economic downturn or macroeconomic conditions such as inflation or changes in the political stability in the United States or Canada; tariffs; acts of war or terrorism inside the United States or abroad; and other changes in economic and financial conditions. AZZ has provided additional information regarding risks associated with the business, including in Part I, Item 1A. Risk Factors, in AZZ’s Annual Report on Form 10-K for the fiscal year ended February 28, 2025, and other filings with the SEC, available for viewing on AZZ’s website at www.azz.com and on the SEC’s website at www.sec.gov. You are urged to consider these factors carefully when evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Investor Relations and Company Contact: David Nark, Chief Marketing, Communications, and Investor Relations Officer AZZ Inc. (817) 810-0095 www.azz.com
Investor Contact: Sandy Martin / Phillip Kupper Three Part Advisors (214) 616-2207 www.threepa.com
BOCA RATON, Fla.–(BUSINESS WIRE)–Jul. 1, 2025– The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today that it has entered into a purchase agreement with SDCC Middle Block, LLC (the “Seller”), an affiliate of Holland Partners Group, to acquire the 770-bed Western Region Detention Facility located in San Diego, California (the “San Diego Facility”) for $60 million. GEO currently leases the San Diego Facility for approximately $5.1 million annually under a lease agreement that expires on March 31, 2029. GEO has a contract with the U.S. Marshals Service for the exclusive use of the San Diego Facility, which generates approximately $57 million in annualized revenues.
The purchase of the San Diego Facility is expected to close on July 31, 2025, subject to the satisfaction of customary closing conditions, and is expected to be funded as a like kind real estate property exchange with proceeds from the previously announced sale of the GEO-owned Lawton Correctional Facility in Oklahoma (the “Lawton Facility”), which is expected to close on July 25, 2025, resulting in an estimated capital gains cash tax savings of approximately $9.5 million.
Following the closing of the sale of the Lawton Facility and the purchase of the San Diego Facility, GEO expects to have approximately $222 million in net proceeds. GEO expects to use the net proceeds, along with cash on hand and available liquidity, to pay off senior secured debt, including approximately $300 million in floating rate debt, which is expected to position GEO to consider potential future capital returns.
George C. Zoley, Executive Chairman of GEO, said, “The purchase of the San Diego Facility is expected to be accretive to our annualized Adjusted EBITDA and is expected to result in significant capital gains cash tax savings as a like kind real estate property exchange in connection with the previously announced sale of our Lawton Facility. The San Diego Facility has provided federal detention capacity and transportation services on behalf of the U.S. Marshals Services for approximately 25 years, and we believe it is ideally suited to provide these essential services due to its close proximity to the U.S. District Courthouse for the Southern District of California in downtown San Diego. Our Management Team and Board of Directors remain focused on the disciplined allocation of capital to enhance long-term value for our shareholders.”
About The GEO Group The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 98 facilities totaling approximately 77,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.
Use of forward-looking statements This news release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission including its Form 10-K, 10-Q and 8-K reports. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission, including those referenced above. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.
