Guess?, Inc. (NYSE: GES) will exit public markets after agreeing to a $1.4 billion buyout led by its co-founders and Authentic Brands Group, in a move that highlights the growing shift of heritage fashion labels into private ownership backed by global licensing platforms.
The transaction values Guess? at $16.75 per share, representing a premium of about 73% to the company’s unaffected stock price as of mid-March. The offer ranks among the year’s largest fashion buyouts, underscoring the resilience of brand-driven retail even in a challenging consumer environment.
Under the terms of the agreement, Authentic Brands will acquire a majority stake in Guess?’s intellectual property portfolio, while the Marciano family and CEO Carlos Alberini will retain the remaining interest. The operating company, which runs Guess?’s stores, e-commerce, and wholesale operations, will remain entirely under existing management. This structure reflects Authentic’s typical playbook: leveraging its brand management expertise and global licensing network, while entrusting day-to-day operations to experienced retail leaders.
For Guess?, going private provides greater strategic flexibility. Freed from the pressures of quarterly earnings, the company will be positioned to pursue long-term brand building, international expansion, and potential new product categories. The involvement of Authentic Brands, which manages more than 50 global names across fashion, sports, and lifestyle, signals a push to extend Guess?’s reach through licensing deals, partnerships, and new distribution channels.
The premium offered to shareholders is intended to deliver immediate value while also recognizing the enduring equity of Guess?’s brand. After more than four decades in business, Guess? has built one of the most recognizable names in denim and lifestyle apparel. Despite industry headwinds, the company has improved its financial discipline in recent years, strengthened its e-commerce channels, and invested in expanding its global footprint.
For Authentic Brands, the deal further consolidates its position as a dominant force in fashion and brand licensing. Adding Guess? to its portfolio not only diversifies its holdings but also provides another globally recognized fashion label that can be scaled across markets and categories.
The buyout reflects broader trends in retail, where public markets have often undervalued legacy fashion brands relative to their long-term licensing potential. By combining private ownership with Authentic’s infrastructure, Guess? is expected to transition from being primarily a retail operator to becoming a broader lifestyle platform with stronger global licensing opportunities.
The transaction is expected to close in Guess?’s fiscal fourth quarter of 2026, subject to regulatory approvals and a shareholder vote. Once complete, Guess? shares will be delisted from the New York Stock Exchange, marking the company’s shift into a new era of private ownership and long-term brand development.
ATLANTA, GA, August 20, 2025 – GeoVax Labs, Inc. (Nasdaq: GOVX), a biotechnology company developing immunotherapies and vaccines against cancers and infectious diseases, today announced that the U.S. Patent and Trademark Office (USPTO) has issued a Notice of Allowance for U.S. Patent Application No. 17/888,131, titled “Vaccines and Uses Thereof to Induce an Immune Response to SARS-CoV-2.”
The allowed claims broadly cover recombinant Modified Vaccinia Ankara (MVA) viral vectors encoding multiple SARS-CoV-2 proteins – including Spike (S), Membrane (M), and Envelope (E) antigens – configured to generate virus-like particles (VLPs) upon expression. These constructs are designed to induce both antibody and T-cell responses, providing durable and broad immune protection against current and emerging variants of SARS-CoV-2.
Key features of the allowed claims include:
Multi-antigen design (Spike, Membrane, and Envelope proteins) to mimic the natural virus structure and induce robust immune responses.
VLP formation within host cells, enabling presentation of antigens in their natural conformation for optimal immune recognition.
Coverage of both ancestral strain sequences and variant-associated mutations (e.g., K417N/T, E484K, N501Y) to address immune escape.
David Dodd, GeoVax President and CEO, commented: “This Notice of Allowance represents an important strengthening of our intellectual property estate protecting our next-generation, multi-antigen COVID-19 vaccines. Unlike single-antigen vaccines, our MVA-based multi-antigen constructs are designed to elicit durable, broad-spectrum protection – even as the virus continues to evolve.”
About GeoVax’s Multi-Antigen COVID-19 Vaccine Portfolio
GeoVax is pioneering a differentiated, multi-antigen approach to COVID-19 vaccination. The newly allowed patent broadly covers constructs central to the Company’s CM01 and CM02 candidates, which express multiple SARS-CoV-2 proteins to generate virus-like particles (VLPs) in vaccinated individuals. These vaccine designs are intended to provide broad and durable protection by engaging both arms of the immune system and countering immune escape by new viral variants.
Together with GEO-CM04S1, which is advancing through Phase 2 clinical trials in immunocompromised and healthy populations, CM01 and CM02 give GeoVax what CEO David Dodd describes as “the corner on the multi-antigen space.” This combined portfolio underscores GeoVax’s position as a leader in next-generation COVID-19 vaccine innovation, uniquely differentiated from single-antigen approaches such as mRNA vaccines.
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 EMA 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.
Federal Reserve Chair Jerome Powell will take the stage at this week’s Jackson Hole Economic Symposium under some of the most difficult circumstances of his tenure, with markets, policymakers, and global counterparts all watching for signals about the path ahead.
The annual gathering in Wyoming comes at a pivotal time. Inflation has remained stubbornly above the Fed’s 2% target for four years, with recent indicators pointing to renewed upward momentum. At the same time, signs of a weakening labor market have begun to surface, raising questions about the balance between price stability and employment—two pillars of the central bank’s mandate.
Powell’s address is expected to be his last as Fed chair, adding even more weight to his words. Yet the environment he faces is unusually complex. Not only is the economy sending mixed signals, but political scrutiny of the central bank is intensifying, and divisions within the Federal Open Market Committee have become increasingly visible. The recent dissent among Fed governors—the first in decades—underscores that fracture. Meanwhile, the nomination of a new governor known for his sharp critiques of recent policy decisions further complicates Powell’s ability to unify the institution.
Investors remain split on what they hope to hear. Some want clarity on whether the Fed will move to cut interest rates as soon as September, while others are looking for insights into the deeper structural changes reshaping the labor market. The official theme of this year’s symposium is employment, but the debate over monetary policy and the Fed’s long-term framework is expected to dominate conversations.
Data dependence has long been the hallmark of Powell’s approach, but that strategy is increasingly being tested. Inflation readings have painted a conflicting picture: headline CPI slowed last month, but producer prices accelerated, and consumer surveys revealed rising inflation expectations. On the labor front, headline unemployment remains steady at just above 4%, yet underlying weakness is evident in reduced hiring, sector-specific job growth, and challenges facing new graduates.
Layered onto this economic backdrop are broader forces complicating the outlook. Tighter immigration policies under the Trump administration are reshaping the available workforce, while artificial intelligence raises new uncertainties about whether technology will ultimately augment or displace labor. Both trends make it harder to interpret traditional indicators.
Powell must also navigate the unveiling of a revised Monetary Policy Framework, which will guide how the Fed pursues its dual mandate in the years ahead. The last framework, designed to combat inflation undershooting, proved inadequate for the structural shocks that emerged after 2020. Whether the new iteration will address current challenges—or simply repackage old assumptions—remains an open question.
Markets are bracing for potential volatility. If Powell leans too heavily on flexibility and avoids specifics, investors may interpret it as indecision, further eroding confidence in the Fed’s direction. Conversely, signaling aggressive easing could push bond markets to react sharply, steepening the yield curve in ways reminiscent of last year’s turbulence.
The stakes at Jackson Hole could hardly be higher. Powell will not only be judged on how he balances immediate economic risks but also on how he frames the Fed’s strategic direction for a world that looks markedly different than when he first assumed the chair. With his legacy and the institution’s credibility on the line, his final address may shape how policymakers, markets, and history remember his leadership.
Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
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Greenwich LifeSciences Is Developing An Immunotherapy For Prevention Of Breast Cancer Recurrence. Greenwich LifeSciences is a biotechnology company developing GSLI-100, an immunotherapy based on HER2/neu. GLSI-100 completed four clinical trials that lead to the design of the current Phase 3 Flamingo-01 trial. The trial is currently enrolling patients in the US and Europe.
GLSI-100 Is Directed At A Validated Target. GLSI-100 contains GP2, a segment of the HER2/neu (HER2, or human epidermal growth factor receptor 2) receptor found on the surface of breast cancer cells. HER2 is overexpressed in several common cancers, with an estimated 75% of all breast cancers expressing HER2 at some level. Monoclonal antibodies targeting HER2 are the current standard of care for treating certain types of breast cancer.
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Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
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Disappointing Q2. Total company revenues of $22.2 million increased nearly 3% over the prior year earlier period, but was lighter than our $26.0 million estimate. The variance was largely attributable to quality issues of its Aquatica DLC and subsequent disappointing sales. Adj. EBITDA loss of $2.2 million was higher than our slightly positive adj. EBITDA expectation.
Stronger finish to the year expected. While we believe that the company’s product roadmap should significantly improve revenue performance, particularly in Q4, we are lowering our second half and full year 2025 revenue and adj. EBITDA expectations. Based on a 2025 lower revenue base, we are tweaking our 2026 estimates lower, as well.
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.
In one of the largest utility deals of the year, Black Hills Corp. (NYSE: BKH) and NorthWestern Energy Group, Inc. (Nasdaq: NWE) announced a definitive agreement to merge in an all-stock, tax-free transaction that gives the combined company an enterprise value of roughly $15.4 billion. The boards of both companies approved the deal unanimously, setting the stage for the creation of a new regulated electric and natural gas utility with operations across eight states.
Together, the companies will serve about 2.1 million customers, including more than 700,000 electric customers and 1.4 million natural gas customers. Their combined footprint will stretch across Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming, supported by nearly 97,000 miles of transmission and distribution lines and close to 3 gigawatts of generation capacity from a mix of thermal, hydro, and wind resources. The companies expect the deal to nearly double their combined rate base to $11.4 billion, providing the scale needed to meet rising energy demand and expand infrastructure for new industries such as data centers.
Management emphasized that the merger would create long-term value for both shareholders and customers. The new utility is projected to deliver annual earnings-per-share growth in the range of 5 to 7 percent, a pace that exceeds what either company had targeted on a standalone basis. Executives also pointed to stronger access to capital, a more balanced regulatory profile, and improved financial flexibility as key benefits of the transaction. Shareholders of Black Hills will own about 56 percent of the merged company, while NorthWestern shareholders will hold the remaining 44 percent.
The combined company will be headquartered in Rapid City, South Dakota, but leadership responsibilities will be shared. NorthWestern’s chief executive Brian Bird will serve as CEO, while Black Hills’ senior vice president and chief utility officer Marne Jones will become chief operating officer. Crystal Lail, currently CFO of NorthWestern, will take the same role in the new company, and Kimberly Nooney, CFO of Black Hills, will become chief integration officer. The board of directors will include six members from Black Hills and five from NorthWestern.
Both companies said they remain committed to safety, reliability, and sustainability, and they plan to continue investing heavily in grid modernization and renewable energy. With more than $7 billion in planned investments between 2025 and 2029, the new entity expects to play a central role in supporting the energy transition while keeping costs manageable for customers.
The merger, which is subject to shareholder approval, regulatory review in several states, and clearance from the Federal Energy Regulatory Commission, is expected to close within 12 to 15 months. If approved, it would establish a premier mid-cap regulated utility with diversified operations, predictable cash flows, and the capacity to pursue growth opportunities across an expanding energy landscape.
Thumzup Media Corporation has announced a major strategic shift with plans to acquire Dogehash Technologies, Inc., a leading industrial-scale blockchain infrastructure company specializing in Dogecoin and Litecoin mining. The all-stock transaction is expected to close in the fourth quarter of 2025, pending shareholder approvals, and will mark Thumzup’s transformation from a digital marketing platform into a diversified digital asset infrastructure company.
Under the terms of the agreement, Dogehash shareholders will exchange their holdings for 30.7 million shares of Thumzup stock. Following the merger, the combined entity will be renamed Dogehash Technologies Holdings, Inc. and trade on Nasdaq under the ticker symbol XDOG.
Thumzup recently completed a $50 million common stock offering to support its expansion into cryptocurrency strategies. This capital will fund additional mining equipment, energy infrastructure, and the accumulation of digital assets for a long-term treasury strategy.
Robert Steele, CEO of Thumzup, framed the move as a natural evolution for the company, blending digital marketing expertise with blockchain-based financial infrastructure. By combining Dogehash’s mining fleet with Thumzup’s strategic capital and brand, the company aims to become a global leader in Dogecoin-focused mining.
Dogehash currently operates around 2,500 high-performance Scrypt ASIC miners, with plans to scale significantly by year-end and into 2026. The company’s flagship mining hub is located at a renewable-energy-powered data center in North America, with additional satellite operations coming online.
The fleet leverages industry-leading energy efficiency and uptime, designed to deliver steady block rewards from Dogecoin and Litecoin. Importantly, Dogehash differentiates itself by building infrastructure rather than simply buying digital assets. This approach ensures recurring production-based revenue, creating a sustainable pipeline of Dogecoin accumulation.
Dogecoin remains one of the most active cryptocurrencies globally, ranking among the largest by market capitalization and consistently seeing billions in daily transaction volume. Its fast block times, low transaction fees, and inflationary but predictable issuance model give it utility as both a transactional currency and a reliable mining asset.
Unlike Bitcoin, which relies on halving events that reduce miner rewards every four years, Dogecoin’s issuance schedule offers steadier miner economics. Combined with the efficiency of Scrypt-based mining hardware, this positions Dogehash to capture stronger power-to-revenue ratios compared to many Bitcoin miners.
Looking ahead, the company plans to leverage Dogecoin’s Layer-2 DeFi ecosystem, DogeOS, to enhance miner returns through staking and yield-generating products.
Beyond mining, Thumzup’s board has authorized diversification of its digital asset treasury to include not only Dogecoin and Litecoin but also Solana, Ripple, Ether, and USD Coin. This multi-asset approach is designed to give the company flexibility in a rapidly evolving digital economy.
If successful, the Dogehash acquisition could position the combined company as one of the most prominent players in the emerging Dogecoin mining industry, bridging the gap between utility-scale crypto infrastructure and mainstream financial strategies.
Tonix is a clinical-stage biopharmaceutical company focused on discovering, licensing, acquiring and developing therapeutics and diagnostics to treat and prevent human disease and alleviate suffering. Tonix’s portfolio is composed of immunology, rare disease, infectious disease, and central nervous system (CNS) product candidates. Tonix’s immunology portfolio includes biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-15001 which is a humanized monoclonal antibody targeting CD40-ligand being developed for the prevention of allograft and xenograft rejection and for the treatment of autoimmune diseases. A Phase 1 study of TNX-1500 is expected to be initiated in the second half of 2022. Tonix’s rare disease portfolio includes TNX-29002 for the treatment of Prader-Willi syndrome. TNX-2900 has been granted Orphan-Drug Designation by the FDA. Tonix’s infectious disease pipeline includes a vaccine in development to prevent smallpox and monkeypox called TNX-8013, next-generation vaccines to prevent COVID-19, and an antiviral to treat COVID-19. Tonix’s lead vaccine candidates for COVID-19 are TNX-1840 and TNX-18504, which are live virus vaccines based on Tonix’s recombinant pox vaccine (RPV) platform. TNX-35005 (sangivamycin, i.v. solution) is a small molecule antiviral drug to treat acute COVID-19 and is in the pre-IND stage of development. TNX-102 SL6, (cyclobenzaprine HCl sublingual tablets), is a small molecule drug being developed to treat Long COVID, a chronic post-acute COVID-19 condition. Tonix expects to initiate a Phase 2 study in Long COVID in the second quarter of 2022. The Company’s CNS portfolio includes both small molecules and biologics to treat pain, neurologic, psychiatric and addiction conditions. Tonix’s lead CNS candidate, TNX-102 SL, is in mid-Phase 3 development for the management of fibromyalgia with a new Phase 3 study launched in the second quarter of 2022. Finally, TNX-13007 is a biologic designed to treat cocaine intoxication that is expected to start a Phase 2 trial in the second quarter of 2022. TNX-1300 has been granted Breakthrough Therapy Designation by the FDA.
Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
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Management Discussed Plans For Marketing and Launch. Following the FDA approval of Tonmya (or TNXP-102 SL) on August 15, Tonix held a webcast to discuss plans for marketing and sales in advance of its 4Q25 launch. The presentations included a discussion of fibromyalgia, the market, and the Tonmya product label. We believe the clinical data shows meaningful improvements for several important symptoms.
Fibromyalgia Market Is Large and Underestimated. The fibromyalgia population is estimated at about 10 million diagnosed patients. Patients live with symptoms for an average of 7 years before diagnosis, including bodily pain (the most common). Other symptoms include fatigue, insomnia, anxiety, “brain fog”. and depression. Many patients are on multiple drugs, taking an average of 2.7 drugs at any given time. As a non-opioid, non-habit forming drug, we believe Tonmya can meet the need for an effective therapy.
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InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQX Exchange under the symbol IPOOF.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
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Second quarter financial results. InPlay Oil reported Q2 2025 revenue of C$91.6 million, above our estimate of C$87.9 million, driven by stronger-than-expected production of 20,401 boe/d compared to our forecast of 19,000 boe/d. The company recorded a net loss of C$3.2 million, versus net income of C$5.4 million in the prior-year period. On an adjusted basis, which excludes C$10.1 million in transaction and integration costs and reflects C$4.9 million in hedging gains, net income was C$2.0 million. Adjusted funds flow totaled C$40.1 million, or C$1.49 per share, ahead of our forecast of C$38.6 million, or C$1.38 per share.
2025 Guidance. Despite strong second-quarter production and AFF growth, management maintained full-year 2025 guidance across all metrics, noting that output is now expected to reach the upper end of the range. With oil prices still subdued, the company remains focused on maximizing free cash flow, materially reducing debt, and returning capital to shareholders, while benefiting from robust post-acquisition production levels.
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Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
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Second quarter financial results. Hemisphere reported oil and gas revenue of C$24.4 million in the second quarter, down 15.7% from the prior year period but ahead of our estimate of C$20.9 million. Net income was C$7.1 million, or C$0.07 per share, compared to C$10.4 million, or C$0.10 per share, last year, and above our forecast of C$5.8 million, or C$0.06 per share. Average daily production rose to 3,826 boe/d, up from 3,628 in Q2 2024 and modestly ahead of our estimate of 3,800 boe/d. The company realized an average sales price of C$70.06/boe, compared to C$87.65/boe in the prior year quarter. Adjusted funds flow totaled C$10.3 million, or C$0.10 per diluted share, versus C$13.6 million, or C$0.14 per diluted share, a year ago. This result exceeded our estimate of C$8.9 million, or C$0.09 per diluted share.
Updating estimates. Given the stronger-than-expected second quarter, we are raising our 2025 revenue forecast to C$97.7 million from C$95.0 million. Our operating expense assumption has been modestly increased to C$38.8 million from C$38.4 million. We now project net income of C$29.6 million, or C$0.30 per share, up from our prior forecast of C$28.7 million, or C$0.28 per share. Adjusted funds flow is expected to reach C$43.3 million, compared to our earlier estimate of C$42.2 million. For 2026, we forecast revenue of C$93.7 million, net income of C$27.5 million, or C$0.28 per share, and AFF of C$39.6 million, reflecting our expectation of a softer commodity price environment relative to 2025.
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CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
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A Transition. CoreCivic announced President and COO Patrick Swindle will succeed current CEO Damon Hininger effective January 1, 2026. As part of the transition, Mr. Hininger and the Company have entered into a transition agreement with an effective date of January 1, 2026. Under the transition agreement, Mr. Hininger will work closely with both Mr. Swindle and Mr. Emkes, as a Special Advisor to the CEO and Chairman, to ensure a smooth transition. Mr. Hininger will resign from CoreCivic’s Board effective January 1, 2026, with Mr. Swindle appointed to fill the vacancy.
Patrick Swindle. Mr. Swindle joined CoreCivic in 2007 as Managing Director, Treasury, and has held numerous positions, including Vice President, Strategic Development; Senior Vice President, Operations; Executive Vice President and Chief Corrections Officer; and Executive Vice President and Chief Operating Officer, before being promoted to President and Chief Operating Officer in January 2025. Prior to joining CoreCivic, Mr. Swindle spent ten years in equity research in the equity capital markets divisions of SunTrust Equitable Securities, Raymond James Financial Services, Inc., and Avondale Partners, LLC.
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U.S. mortgage rates dropped this week to their lowest point in nearly a year, offering a glimmer of relief for homeowners and prospective buyers navigating an expensive housing market. According to Freddie Mac data, the average 30-year fixed mortgage rate slipped to 6.58%, down from 6.63% last week and the lowest reading since October 2024. The 15-year fixed rate also eased slightly, falling to 5.71%.
The decline comes as financial markets grow more confident that the Federal Reserve will cut benchmark interest rates in September. Although mortgage rates aren’t set directly by the Fed, they tend to move in tandem with expectations about the central bank’s future policy decisions.
Weak job growth in recent months and inflation figures that undershot economists’ projections have increased the likelihood of a rate cut. Traders now see a more than 90% probability of the Fed reducing rates by 25 basis points next month. That anticipation has already been factored into mortgage pricing, helping push borrowing costs lower.
Economists caution that borrowers shouldn’t assume today’s levels will continue falling. With much of the expected Fed policy shift already “priced in,” mortgage rates may hover in the current range rather than dropping sharply after the central bank makes its move. Some analysts even suggest volatility could return as new economic data on jobs, wages, and consumer spending is released in the coming weeks.
In other words, the window for buyers to lock in a rate in the mid-6% range may be limited.
For now, the latest decline in borrowing costs has sparked a modest uptick in refinancing activity. Applications to refinance existing mortgages rose 23% in the past week, according to data from the Mortgage Bankers Association. Purchase applications, however, barely moved, rising just 1% as affordability challenges continue to weigh heavily on potential buyers.
Even at 6.58%, mortgage rates remain well above pre-2022 levels, when many borrowers were able to secure loans below 4%. Combined with elevated home prices and limited housing supply, that means affordability remains stretched for first-time buyers in particular.
The direction of mortgage rates through the rest of 2025 will depend largely on how quickly the economy cools and how aggressive the Fed becomes in easing monetary policy. If inflation continues to trend lower and job growth slows further, rates could remain at the lower end of their recent range. However, any surprises in economic data could push borrowing costs higher again.
For now, borrowers considering a purchase or refinance may find this moment to be one of the most favorable opportunities since late last year.
Hininger to Remain Special Advisor to both CEO and Board Chairman During Transition Agreement
BRENTWOOD, Tenn., Aug. 18, 2025 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (“CoreCivic” or “Company”) announced today that CoreCivic’s Board of Directors (the “Board”) has appointed Patrick D. Swindle to President and Chief Executive Officer, effective January 1, 2026. This follows Mr. Swindle’s appointment as President and Chief Operating Officer on January 1, 2025. Mr. Swindle will succeed Damon T. Hininger, who has served as Chief Executive Officer since August 17, 2009. In addition, effective January 1, 2026, Mr. Hininger will resign from CoreCivic’s Board, and Mr. Swindle will be appointed to fill the vacancy.
“We are excited to welcome Patrick as our new Chief Executive Officer,” said Mark Emkes, CoreCivic’s Board Chairman. “His vision and expertise make him the ideal leader to guide CoreCivic into its next chapter. As Chief Operating Officer, he has overseen the largest component of the business, and he has proven his ability to develop people and solve challenging problems. Since his promotion to President, Patrick’s responsibilities have expanded, and he’s led CoreCivic’s teams exceptionally well during a period of rapid growth.”
Mr. Swindle brings more than eighteen years of industry experience, having served in various leadership positions at CoreCivic. He joined CoreCivic in 2007 as Managing Director, Treasury and has held numerous positions, including Vice President, Strategic Development; Senior Vice President, Operations; Executive Vice President and Chief Corrections Officer; and Executive Vice President and Chief Operating Officer before being promoted to President and Chief Operating Officer in January 2025.
During his tenure, Mr. Swindle has enhanced the practices for our strategic development initiatives, transformed the Company’s operations department, and most recently, led the teams responsible for activations of certain idle facilities. In 2018, he led efforts to restructure CoreCivic’s operational leadership team while standardizing core processes such as workforce management, resident programming, and security functions, based on the evolving needs and opportunities for CoreCivic. Those efforts, which Mr. Swindle has continued to build upon and refine during his tenure, have resulted in greater operational consistency and organizational strength while positioning CoreCivic to meet the increased demand for the Company’s innovative solutions today and going forward. Most recently, Mr. Swindle’s leadership of the teams responsible for the activations of certain idle facilities has shown that the Company can act swiftly and efficiently scale to meet the growing needs of the Company’s government partners while maintaining the high level of professional integrity and quality operations expected by the Company’s stakeholders.
“I’m grateful to the Board for this opportunity and to Damon for his exemplary guidance and partnership,” said Swindle. “CoreCivic is uniquely positioned for growth and future success, and I’m excited to continue working alongside our talented team as we work to fulfill our mission, drive value for our government partners and stockholders, and make a difference in the lives of individuals entrusted to our care.”
Prior to joining CoreCivic, Mr. Swindle spent ten years in equity research in the equity capital markets divisions of SunTrust Equitable Securities, Raymond James Financial Services, Inc. and Avondale Partners, LLC. Mr. Swindle holds a bachelor’s degree in finance from Western Kentucky University.
“As I mentioned when Patrick was promoted to President, he’s an exceptional leader with a broad set of skills and experiences, and over many years, has developed a deep knowledge of CoreCivic’s business, strong relationships with our customers, field leaders, investors, and other key stakeholders,” said Hininger. “Having seen his outstanding performance since stepping into the role of President, I’m more confident than ever in Patrick’s ability to lead CoreCivic forward. Finally, this transition has gone exactly the way I had hoped and on a personal note, I am so extremely proud and happy for Patrick.”
In connection with the appointment of Mr. Swindle as CEO, Mr. Hininger and CoreCivic have entered into a transition agreement with an effective date of January 1, 2026. Under the transition agreement, Mr. Hininger will work closely with both Mr. Swindle and Mr. Emkes, as a Special Advisor to the CEO and Chairman, to ensure a smooth transition.
“On behalf of the Board and management, I would like to thank Damon for his invaluable service and leadership to CoreCivic,” said Emkes. “Damon has boldly led CoreCivic through periods of substantial transformation and innovation. His thoughtful leadership, strategic vision, and dedication to CoreCivic’s mission have established a foundation for continued growth and success. The Board and management extend their deep appreciation for his many years of service and his ongoing support during this transition period.”
“I am humbled by the opportunity to have served this great company since I started my career as a correctional officer in 1992. This has been such an amazing ride! Never in my wildest dreams when starting my career with this company did I think someday I would be CEO,” added Hininger. “To our employees, both current and retired, customers, and investors, it has been a tremendous honor and a privilege to work with you all and to serve as CEO of CoreCivic for the past sixteen years.”
About CoreCivic
CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and one of the largest operators of such facilities in the United States. We have been a flexible and dependable partner for government for more than 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
This press release contains statements as to our beliefs and expectations of the outcome of future events that are “forward-looking” statements as defined within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning the expected transition of executive leadership at CoreCivic and prospects of growth in CoreCivic’s business. These forward-looking statements may include such words as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. Important factors that could cause actual results to differ from our expectations are described in the filings made from time to time by CoreCivic with the Securities and Exchange Commission (“SEC”) and include the risk factors described in CoreCivic’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 21, 2025 and subsequent filings.
CoreCivic takes no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services, except as may be required by law.
