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Release – YS Biopharma Announces Changes to its Board Committees

Posted on by aweinsoff@channelchek.com

Research News and Market Data on YS

 Download this Press Release

GAITHERSBURG, Md., Jan. 8, 2024 /PRNewswire/ — YS Biopharma Co., Ltd. (NASDAQ: YS) (“YS Biopharma” or the “Company“), a global biopharmaceutical company dedicated to discovering, developing, manufacturing, and delivering new generations of vaccines and therapeutic biologics for infectious diseases and cancer, today announced that the Company’s Board of Directors (the “Board“) has approved Ms. Rui Yu as the new Chairperson of its Audit Committee, as a member of its Compensation Committee, and as a member of the Nominating and Corporate Governance Committee on January 7, 2024 (Beijing Time), with immediate effect. Ms. Yu currently serves as a partner at Oceanpine Capital, a position she has held since 2021. Prior to that, she served as a managing director at China Renaissance Group and vice president and head of China healthcare research at Gerson Lehman Group. Ms. Yu received her Bachelor of Science degree from Guangdong Pharmaceutical University, her Master of Science degree from the University of Missouri School of Medicine, and her MBA from the University of Chicago Booth School of Business with concentrations in finance, accounting and entrepreneurship.

   

Accordingly, the membership of each Board Committee will be as follows:

Audit Committee

Rui Yu (Chairperson), Viren Mehta, and Shaojing Tong

Compensation Committee

Viren Mehta (Chairperson), Ajit Shetty, Shaojing Tong, and Rui Yu

Nominating and Corporate Governance Committee

Ajit Shetty (Chairperson), Viren Mehta, Rui Yu, and Yi Zhang

About YS Biopharma

YS Biopharma is a global biopharmaceutical company dedicated to discovering, developing, manufacturing, and commercializing new generations of vaccines and therapeutic biologics for infectious diseases and cancer. It has developed a proprietary PIKA® immunomodulating technology platform and a series of preventive and therapeutic biologics with a potential for improved Rabies, Coronavirus, Hepatitis B, Influenza, and Shingles vaccines. YS Biopharma operates in China, the United States, Singapore and the Philippines, and is led by a management team that combines rich local expertise and global experience in the bio-pharmaceutical industry. For more information, please visit investor.ysbiopharm.com.

Investor Relations Contact
Robin Yang
Partner, ICR, LLC
Tel: +1 (212) 537-4035
Email: YSBiopharma.IR@icrinc.com

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SOURCE YS Biopharma Co., Ltd.

Annual JPMorgan Conference Attracts Investors Seeking Insights Into Biotech’s Promising Pipeline

Posted on by slightbourne@noblecapitalmarkets.com

The buzz in biotech circles is building as the industry prepares to descend on San Francisco for the annual JPMorgan Healthcare Conference running January 8th through 11th. The high-profile event represents a prime opportunity for investors to gain valuable insights into the sector’s most promising up-and-comers.

Now in its 42nd year, the JPMorgan conference attracts leading biotech and pharmaceutical companies along with institutional investors, analysts, and dealmakers. Presenting firms range from massive big pharma players to small emerging growth biotechs.

Nearly 500 companies are slated to present this year, most running 30-minute Q&A sessions. These tightly packed presentations offer a wealth of intel for those looking to separate promising science from speculative hype.

The event also facilitates crucial networking and dealmaking. With so many industry leaders gathered in one place, the conference often catalyzes partnerships, financing deals, and even M&A activity.

For investors, the information bonanza can heavily influence trading decisions in the year ahead. The majority of presenting firms see significant stock volatility around their presentations as analysts and investors digest new details.

This is especially true for micro-cap biotechs developing novel platforms. The conference represents their best shot at introducing promising science to a captive audience.

Noble Capital Markets analyst Robert LeBoyer will be at the JPMorgan conference seeking hidden gems among early-stage drug developers to add to his coverage universe. His focus areas include oncology, rare diseases, and molecular diagnostics.

The four-day gathering kicks off Monday evening with keynote presentations from industry luminaries like Eli Lilly CEO Dave Ricks and CVS Health Executive Vice President Karen Lynch.

But the real action gets going Tuesday morning when company presentations start at 7:30am local time. With non-stop panels running through Thursday afternoon, the schedule stays jam-packed.

Much of the focus tends to fall on clinical trial data reveals and pipeline updates for major drug development programs. However, digging into the schedules of micro-cap presenters can pay off big for enterprising analysts and investors.

These small companies are often where the next generation of groundbreaking therapies get their start. Wall Street has seen many cases where a small or microcap biotech makes waves at JPMorgan only to become a mammoth player years later.

For instance, cancer therapy innovator Mirati Therapeutics has skyrocketed from a $200 million micro-cap at the 2012 conference to now boast a $10 billion valuation. The company’s promising clinical data updates year after year built significant investor enthusiasm.

Success stories like Mirati help explain why the JPMorgan conference receives such massive interest despite its insider feel. Registering to attend requires an invitation, and getting meetings with management teams can prove challenging given packed schedules.

But resourceful attendees find ways to build productive agendas even without formal presentations. The four-day stretch offers countless sidebar conversations and impromptu meetups.

The healthcare sector faces no shortage of complex challenges, from surging costs to ageing populations across the developed world. But the constant flow of biopharmaceutical innovation provides reason for long-term optimism.

Conferences like JPMorgan offer a window into the relentless progress companies of all sizes are making against the world’s most pressing health needs. For investors, finding the next breakthrough drug before it makes headlines could lead to substantial upside. That’s why analysts like LeBoyer eagerly make the trek each year.

The scope of the JPMorgan Healthcare Conference mirrors the diverse breadth of the wider industry. Oncology, rare diseases, neurology, infectious diseases – no area with unmet needs goes overlooked.

Both science and business play equal roles at a conference ultimately aimed at facilitating capital flows into the most promising research. The progress showcased reflects the entwinement of noble medical advancement and shrewd financial investment.

In that sense, JPMorgan offers the ideal backdrop for launching promising biotech companies into the public markets. The conference’s elevated stage has introduced scores of now-large firms over the years, and 2024 will undoubtedly add to that list.

For a list of emerging growth biotech companies, take a look at Noble Capital Markets’ Senior Research Analyst Robert LeBoyer’s coverage universe.

Oil Major APA Corporation to Acquire Callon Petroleum in $4.5 Billion All-Stock Deal

Posted on by slightbourne@noblecapitalmarkets.com

Independent oil and gas producer APA Corporation has agreed to purchase rival Callon Petroleum Company in an all-stock transaction valued at approximately $4.5 billion including debt. The deal expands APA’s operations in Texas’ prolific Permian Basin as the company continues building out a diversified oil and gas portfolio.

Under the definitive agreement announced Thursday, each Callon share will be exchanged for 1.0425 shares of APA common stock. This represents a purchase price of $38.31 per Callon share based on APA’s closing stock price on January 3rd.

APA expects to issue around 70 million new shares to fund the acquisition, leaving existing APA shareholders with 81% of the combined company. Callon shareholders will own the remaining 19% once the deal closes.

Strategic Fit

According to APA CEO and President John J. Christmann IV, Callon’s Delaware Basin assets perfectly complement APA’s existing Permian footprint.

He stated the deal “fits all the criteria of our disciplined approach to evaluating external growth opportunities.” It provides additional scale across the Permian while increasing APA’s oil mix.

Notably, Callon holds nearly 120,000 net acres in the Delaware Basin, an oil-rich subsection of the larger Permian. APA’s Delaware acreage will expand by over 50% after absorbing Callon’s properties.

Meanwhile, APA’s Midland Basin presence will continue driving natural gas volumes. The combined Permian portfolio increases APA’s total company oil production mix from 37% to 43%.

Accretive Metrics

APA expects the deal will prove accretive to key financial and value metrics. Management sees over $150 million in annual overhead, operational, and cost of capital synergies resulting from the increased scale.

The company will also benefit from Callon’s inventory of short-cycle drilling opportunities in the Permian. APA believes the deal enhances its portfolio of low-risk, high-return investments.

What’s more, the transaction stands to improve APA’s credit profile. The company will retire all of Callon’s existing debt after closing, replacing it with $2 billion in APA term loan facilities. This is expected to provide flexibility for near-term debt pay-down.

Conditions and Close

The definitive agreement has received unanimous approval from the boards of directors at both companies. The deal now requires customary regulatory clearances along with a thumbs up from Callon shareholders.

APA anticipates the acquisition will close during the second quarter of 2024. Upon closing, a representative from Callon will join APA’s board of directors.

APA’s current executive team led by Christmann will continue managing the expanded company. Headquarters will remain in Houston, Texas.

Diversified Portfolio

According to Christmann, the deal aligns with APA’s strategy of maintaining a globally diversified oil and gas portfolio. The company runs both legacy and exploration assets across the United States, Egypt, the UK, and offshore Suriname.

Post-acquisition, 36% of APA’s total production will come from international plays. The remaining 64% stems from U.S. assets, with the bulk supplied by the newly expanded Permian footprint.

Callon Brings Strong Permian Position

Founded in 1950, Callon Petroleum has grown into a leading independent Permian producer. The Houston-based company focuses on acquiring, exploring, and developing high-quality assets across the prolific West Texas basin.

As of September 2022, Callon reported net production of over 106,000 barrels of oil equivalent per day. Its portfolio includes a mix of productive acreage, infrastructure, and upside opportunities in both the Midland and Delaware Basins.

According to Callon President and CEO Joe Gatto, the combination with APA will enhance value for Callon shareholders. It also provides increased capital flexibility and potential from APA’s robust Permian operations.

The proposed acquisition marks the latest move in APA’s ongoing growth strategy. The company continues positioning itself as a diversified, large-scale independent oil and gas producer able to drive value across business cycles.

Take a moment to take a look at Noble Capital Markets’ Senior Research Analyst Michael Heim’s coverage list.

Release – Eledon Pharmaceuticals Highlights Recent Business Milestones and Provides 2024 Outlook

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ELDN

January 4, 2024

PDF Version

Reported updated data from ongoing Phase 1b trial in kidney transplantation demonstrating tegoprubart treatment successfully prevented kidney transplant rejection and was generally safe and well-tolerated 

Dosed first participants in Phase 2 BESTOW trial in kidney transplantation 

Tegoprubart dosed in second-ever pig to human xenotransplant procedure

IRVINE, Calif., Jan. 04, 2024 (GLOBE NEWSWIRE) — Eledon Pharmaceuticals, Inc. (“Eledon”) (NASDAQ: ELDN) today announced a summary of 2023 accomplishments and provided guidance for anticipated upcoming 2024 milestones.

2023 Key Highlights

  • Reported updated data from ongoing Phase 1b trial evaluating tegoprubart for prevention of rejection in kidney transplantation. Data from 11 trial participants demonstrated that tegoprubart was generally safe and well-tolerated in patients undergoing kidney transplantation, with aggregate mean estimated glomerular filtration rate (eGFR) above 70 mL/min/1.73m2 at all reported time points after 90 days post-transplant. Amended the Phase 1b trial protocol to add a second cohort, now allowing enrollment of up to 24 trial participants who are undergoing kidney transplantation.
  • Dosed first participants in Phase 2 BESTOW trial assessing tegoprubart head-to-head with tacrolimus for the prevention of rejection in kidney transplantation.
  • Dosed tegoprubart in second-ever transplant of genetically modified heart from a pig to a human.
  • Completed financing of up to $185 million, with $35 million in upfront funding and additional aggregate financing of up to $105 million, subject to achieving clinical development milestones, volume weighted share price levels, and trading volume conditions, as well as up to an additional $45 million upon exercise of warrants. If all commitments are met, the financing is expected to be sufficient to fund the Company through the completion of the Phase 2 BESTOW trial, subject to the achievement of specified milestones, including clinical development enrollment targets.
  • Partnered with the University of Chicago Transplantation Institute to secure financing from the Juvenile Diabetes Research Foundation (JDRF) and The Cure Alliance to fund an investigator sponsored study in pancreatic islet cell transplantation in participants with type 1 diabetes. Tegoprubart treatment will be evaluated for the prevention of transplant rejection.
  • Strengthened leadership team with appointment of Eliezer Katz, M.D., FACS as Chief Medical Officer and strengthened board of directors with appointment of Allan Kirk, M.D., Ph.D. and James Robinson.

“Eledon made significant progress in 2023 on multiple fronts, highlighted by the presentation of the first clinical evidence of tegoprubart’s potential to prevent organ rejection while producing robust improvements in eGFR and maintaining a favorable safety profile. We were also honored to play an important role in the second-ever transplant of a genetically modified heart from a pig to a human with the use of tegoprubart as part of the patient’s cornerstone immunosuppressive regimen,” said David-Alexandre C. Gros, M.D., Chief Executive Officer of Eledon. “In the coming year, we look forward to building upon the promising results from our tegoprubart kidney transplant Phase 1b trial, generating additional long-term data from the Phase 1b extension study, and completing enrollment in our Phase 2 BESTOW trial.”

Anticipated 2024 Milestones

  • First half of 2024: Report updated interim clinical data from the ongoing Phase 1b trial of tegoprubart in kidney transplantation.
  • First half of 2024: Dose the 12th participant in the Phase 2 BESTOW trial. Upon the dosing of the 12th participant, the Company will have completed both clinical development milestones related to the second financing tranche from the private placement announced on May 1, 2023.
  • End of 2024: Complete enrollment in the Phase 2 BESTOW trial of tegoprubart in kidney transplantation.
  • 2024: Dose the first islet cell transplant participant for the treatment of type 1 diabetes at the University of Chicago Transplantation Institute.

About Eledon Pharmaceuticals and tegoprubart

Eledon Pharmaceuticals, Inc. is a clinical stage biotechnology company that is developing immune-modulating therapies for the management and treatment of life-threatening conditions. The Company’s lead investigational product is tegoprubart, an anti-CD40L antibody with high affinity for CD40 Ligand, a well-validated biological target within the costimulatory CD40/CD40L cellular pathway. The central role of CD40L signaling in both adaptive and innate immune cell activation and function positions it as an attractive target for non-lymphocyte depleting, immunomodulatory therapeutic intervention. The Company is building upon a deep historical knowledge of anti-CD40 Ligand biology to conduct preclinical and clinical studies in kidney allograft transplantation, xenotransplantation, and amyotrophic lateral sclerosis (ALS). Eledon is headquartered in Irvine, California. For more information, please visit the Company’s website at www.eledon.com.

Follow Eledon Pharmaceuticals on social media: LinkedIn; Twitter

Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. Any statements about the company’s future expectations, plans and prospects, including statements about planned clinical trials, the development of product candidates, expected timing for initiation of future clinical trials, expected timing for receipt of data from clinical trials, the company’s capital resources and ability to finance planned clinical trials, as well as other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “estimates,” “intends,” “predicts,” “projects,” “targets,” “looks forward,” “could,” “may,” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently uncertain and are subject to numerous risks and uncertainties, including: risks relating to the safety and efficacy of our drug candidates; risks relating to clinical development timelines, including interactions with regulators and clinical sides, as well as patient enrollment; risks relating to costs of clinical trials and the sufficiency of the company’s capital resources to fund planned clinical trials; and risks associated with the impact of the ongoing coronavirus pandemic. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors. These risks and uncertainties, as well as other risks and uncertainties that could cause the company’s actual results to differ significantly from the forward-looking statements contained herein, are discussed in our quarterly 10-Q, annual 10-K, and other filings with the U.S. Securities and Exchange Commission, which can be found at www.sec.gov. Any forward-looking statements contained in this press release speak only as of the date hereof and not of any future date, and the company expressly disclaims any intent to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact:

Stephen Jasper
Gilmartin Group
(858) 525 2047
stephen@gilmartinir.com

Media Contact:

Jenna Urban
Berry & Company Public Relations
(212) 253 8881
jurban@berrypr.com

Source: Eledon Pharmaceuticals

Energy Industry Report – Energy Stocks Fell Alongside Energy Prices But Remain Attractive Investments

Posted on by cpatches

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Friday, January 5, 2024

Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the bottom of the report for important disclosures

Energy stocks declined in the fourth quarter in response to falling energy prices. Energy stocks declined 7.2% during the 2023 fourth quarter. The movement of the XLE is similar to that of near-month oil future prices.

Oil prices declined sharply in the fourth quarter after a runup in the third quarter. West Texas Intermediate oil prices declined 21.1% in the fourth quarter to $71.65 per barrel. Domestic oil production continues to grow (up 7% year over year through October) even as the number of domestic oil rigs has decreased 20% since this time last year. Natural gas prices declined 14.2% during the quarter to $2.51 per thousand cubic feet (mcf) of gas. Weather was 13% warmer than normal in the December quarter. As a result, natural gas storage levels are at five-year seasonally high levels as they have been for the last twelve months. 

Merger Activity is heating up. More than $100 billion in acquisitions were announced in the last three months as APA, Exxon Mobil and Chevron all announced transactions. The acquisitions come as major energy companies seek to expand production during a period when production growth from technological improvements seems to be slowing. 

Energy Companies continue to generate high cash levels at current energy prices. Despite the drop in energy prices, operating netbacks (revenues less royalties and operating costs) remain high. With debt levels low, energy managements have raised capital budgets, increased dividends, and repurchased shares. 

Valuations remain attractive. With the decline in energy company stock values, many companies are trading at enterprise values that are less than five times free cash flow. Given our belief that energy prices are entering a period of relative stability (oil prices trade in a range of $60-$10/bbl) and that stock prices have already reacted to energy price declines to the lower end of this range, we see limited downside to investing in energy stocks and large upside should energy prices rise.

Energy stocks declined in the fourth quarter in response to falling energy prices.

Energy stocks, as measured by the Energy Select Sector SPDR Fund (XLE) declined 7.2% during the 2023 fourth quarter. The decline stands in sharp contrast to an 11.2% increase in the S&P Composite index. The decline in the XLE began early with the index dropping almost 10% in the first week of the quarter before regaining its losses in the next two weeks. After peaking on October 18th, the index fell sharply over the next two months and never recovered from its losses. The movement of the XLE is similar to that of near-month oil future prices.

Oil prices declined sharply in the fourth quarter after a runup in the third quarter.

West Texas Intermediate oil prices declined 21.1% in the fourth quarter to $71.65 per barrel, offsetting a 30.0% increase in the third quarter. For the year, WTI declined 10%. The oil price spikes of 2022 that sent prices above $120 per barrel shortly after Russia invaded Ukraine seem a distant memory. Energy production disruptions and political sanctions have changed the direction of the flow of energy but not the overall global demand and supply of energy. We are keeping an eye on political developments in the Red Sea, but to date there has been little impact on oil prices. Domestic oil production continues to grow (up 7% year over year through October) even as the number of domestic oil rigs has decreased 20% since this time last year. The biggest decline has been in the Permian Basin. Almost all wells being drilled are now horizontal wells.

The decline in natural gas prices was not as sharp and was largely explained by warm weather.

Natural gas prices declined 14.2% during the quarter to $2.51 per thousand cubic feet (mcf) of gas. After sharp spikes in 2022, natural gas prices have settled into a narrow range between $2.00/mcf and $3.00/mcf. Weather was 13% warmer than normal on a population-weighted basis in the December quarter. As a result, natural gas storage levels are at five-year seasonally high levels as they have been for the last twelve months. Gas production continues to increase steadily, mainly to feed an increased demand for natural gas for power generation.

Merger Activity is heating up.

On January 4, 2024, APA Corporation, parent of Apache Corporation, agreed to acquire Callon Petroleum for approximately $4.5 billion in a stock-swap deal. The acquisition follows Exxon Mobil’s $59.5 billion agreement to buy Pioneer Natural Resources and Chevron’s $53 billion deal to buy Hess Corporation in October 2023. The acquisitions come as major energy companies seek to expand production during a period when production growth from technological improvements seems to be slowing. The acquisitions, while all three stock transactions, may also represent improved balance sheets and cash flow. As we have discussed in the past, energy companies have used recent energy price upcycles to pay down debt and repurchase shares as opposed to previous cycles when management expanded drilling efforts that eventually drove down energy prices. The result has been more muted energy price cycles that extend for longer periods of time.

Energy Companies continue to generate high cash levels at current energy prices.

Despite the drop in energy prices, operating netbacks (revenues less royalties and operating costs) remain high. With debt levels low, energy management have raised capital budgets, increased dividends, and repurchased shares. Management is always reluctant to raise dividends to levels that are unsustainable in a down cycle. As a result several energy companies have begun to institute special dividends. We expect manage to continue to invest in growth and reward shareholders even at current energy levels. Should energy prices rise, these activities should accelerate.

Valuations remain attractive.

With the decline in energy company stock values, many companies are trading at enterprise values that are less than five times free cash flow. We view this multiple as unsustainable given an increased use of cash flow to repurchase shares. This is especially true of companies with slow production decline curves such as the companies we follow in western Canada. Given our belief that energy prices are entering a period of relative stability (oil prices trade in a range of $60-$10/bbl) and that stock prices have already reacted to energy price declines to the lower end of this range, we see limited downside to investing in energy stocks and large upside should energy prices rise. We believe this is especially true for smaller cap energy stocks that have ample drilling opportunities and that could be takeover targets for larger energy companies that do not.

GENERAL DISCLAIMERS

All statements or opinions contained herein that include the words “we”, “us”, or “our” are solely the responsibility of Noble Capital Markets, Inc.(“Noble”) and do not necessarily reflect statements or opinions expressed by any person or party affiliated with the company mentioned in this report. Any opinions expressed herein are subject to change without notice. All information provided herein is based on public and non-public information believed to be accurate and reliable, but is not necessarily complete and cannot be guaranteed. No judgment is hereby expressed or should be implied as to the suitability of any security described herein for any specific investor or any specific investment portfolio. The decision to undertake any investment regarding the security mentioned herein should be made by each reader of this publication based on its own appraisal of the implications and risks of such decision.

This publication is intended for information purposes only and shall not constitute an offer to buy/sell or the solicitation of an offer to buy/sell any security mentioned in this report, nor shall there be any sale of the security herein in any state or domicile in which said offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or domicile. This publication and all information, comments, statements or opinions contained or expressed herein are applicable only as of the date of this publication and subject to change without prior notice. Past performance is not indicative of future results. Noble accepts no liability for loss arising from the use of the material in this report, except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to Noble. This report is not to be relied upon as a substitute for the exercising of independent judgement. Noble may have published, and may in the future publish, other research reports that are inconsistent with, and reach different conclusions from, the information provided in this report. Noble is under no obligation to bring to the attention of any recipient of this report, any past or future reports. Investors should only consider this report as single factor in making an investment decision.

IMPORTANT DISCLOSURES

This publication is confidential for the information of the addressee only and may not be reproduced in whole or in part, copies circulated, or discussed to another party, without the written consent of Noble Capital Markets, Inc. (“Noble”). Noble seeks to update its research as appropriate, but may be unable to do so based upon various regulatory constraints. Research reports are not published at regular intervals; publication times and dates are based upon the analyst’s judgement. Noble professionals including traders, salespeople and investment bankers may provide written or oral market commentary, or discuss trading strategies to Noble clients and the Noble proprietary trading desk that reflect opinions that are contrary to the opinions expressed in this research report.
The majority of companies that Noble follows are emerging growth companies. Securities in these companies involve a higher degree of risk and more volatility than the securities of more established companies. The securities discussed in Noble research reports may not be suitable for some investors and as such, investors must take extra care and make their own determination of the appropriateness of an investment based upon risk tolerance, investment objectives and financial status.

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The following disclosures relate to relationships between Noble and the company (the “Company”) covered by the Noble Research Division and referred to in this research report.
Noble is not a market maker in any of the companies mentioned in this report. Noble intends to seek compensation for investment banking services and non-investment banking services (securities and non-securities related) with any or all of the companies mentioned in this report within the next 3 months

ANALYST CREDENTIALS, PROFESSIONAL DESIGNATIONS, AND EXPERIENCE

Senior Equity Analyst focusing on Basic Materials & Mining. 20 years of experience in equity research. BA in Business Administration from Westminster College. MBA with a Finance concentration from the University of Missouri. MA in International Affairs from Washington University in St. Louis.
Named WSJ ‘Best on the Street’ Analyst and Forbes/StarMine’s “Best Brokerage Analyst.”
FINRA licenses 7, 24, 63, 87

WARNING

This report is intended to provide general securities advice, and does not purport to make any recommendation that any securities transaction is appropriate for any recipient particular investment objectives, financial situation or particular needs. Prior to making any investment decision, recipients should assess, or seek advice from their advisors, on whether any relevant part of this report is appropriate to their individual circumstances. If a recipient was referred to Noble Capital Markets, Inc. by an investment advisor, that advisor may receive a benefit in respect of
transactions effected on the recipients behalf, details of which will be available on request in regard to a transaction that involves a personalized securities recommendation. Additional risks associated with the security mentioned in this report that might impede achievement of the target can be found in its initial report issued by Noble Capital Markets, Inc.. This report may not be reproduced, distributed or published for any purpose unless authorized by Noble Capital Markets, Inc..

RESEARCH ANALYST CERTIFICATION

Independence Of View
All views expressed in this report accurately reflect my personal views about the subject securities or issuers.

Receipt of Compensation
No part of my compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed in the public
appearance and/or research report.

Ownership and Material Conflicts of Interest
Neither I nor anybody in my household has a financial interest in the securities of the subject company or any other company mentioned in this report.

Great Lakes Dredge & Dock (GLDD) – A “Reset” on Empire II

Posted on by cpereira@noblefcm.com


Friday, January 05, 2024

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

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

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

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

A Termination. Coming as no surprise, European energy firms Equinor and BP announced an agreement with the New York State Energy Research and Development Authority to terminate the Offshore Wind Renewable Energy Certificate Agreement for the Empire Wind II project. As we previously noted, rising inflation, higher borrowing costs, and supply chain issues combined to negatively impact potential returns from the project. Termination of the Empire Wind II project initiates a contractually obligated termination fee payable to Great Lakes and Van Oord that is intended to cover lost earnings potential related to Empire Wind II.

But A Reset. But all is not lost, as Equinor and BP can re-submit the project on more acceptable terms. With the state supporting offshore wind projects, we believe there remains a strong chance the project is revived in some form. Winners of an expedited solicitation for offshore wind will be announced in February.


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

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

Bit Digital (BTBT) – December BTC Production Increases 19%

Posted on by cpereira@noblefcm.com


Friday, January 05, 2024

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

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

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

Production. During the month of December, Bit Digital produced 169.5 BTC, a 19% increase compared to the prior month. Active hash rate as of December 31st was approximately 2.52 EH/s, up from 2.25 EH/s as of November 30, 2023, and well on the way to the new goal of  doubling the operating fleet in the Bitcoin mining operations, to approximately 6.0 EH/s, during 2024.

Staking. Bit Digital had approximately 12,752 ETH actively staked in native and liquid staking protocols as of December 31, 2023, down slightly from 12,784 at the end of November. Approximately 12,352 ETH were natively staked and 400 ETH were deployed in liquid staking protocols as of that date. The Company earned a blended APY of approximately 3.67% on its staked ETH position for the month, down from 4.35% in November, and earned aggregate staking rewards of approximately 38.5 ETH.


Get the Full Report

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

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

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

Strong December Jobs Report Challenges Expectations of Imminent Fed Rate Cuts

Posted on by slightbourne@noblecapitalmarkets.com

The Labor Department’s December jobs report reveals continued strength in the U.S. economy that defies expectations of an imminent slowdown. Employers added 216,000 jobs last month, handily beating estimates of 170,000. The unemployment rate remained low at 3.7%, contrary to projections of a slight uptick.

This hiring surge indicates the labor market remains remarkably resilient, even as the Federal Reserve wages an aggressive battle against inflation through substantial interest rate hikes. While many anticipated slowing job growth at this stage of the economic cycle, employers continue adding workers at a solid clip.

Several sectors powered December’s payroll gains. Government employment rose by 52,000, likely reflecting hiring for the 2024 Census. Healthcare added 38,000 jobs across ambulatory care services and hospitals, showing ongoing demand for medical services. Leisure and hospitality contributed 40,000 roles, buoyed by Americans’ continued willingness to dine out and travel.

Notable gains also emerged in social assistance (+21,000), construction (+17,000), and retail (+17,000), demonstrating broad-based labor market vitality. Transportation and warehousing shed 23,000 jobs, a rare weak spot amid widespread hiring.

Just as importantly, wage growth remains elevated, with average hourly earnings rising 0.4% over November and 4.1% year-over-year. This exceeds projections, signaling ongoing inflationary pressures in the job market as employers compete for talent. It also challenges hopes that wage growth would start moderating.

Financial markets reacted negatively to the jobs data, with stock index futures declining sharply and Treasury yields spiking. The strong hiring and wage numbers dampen expectations for the Fed to begin cutting interest rates in the first half of 2023. Traders now see reduced odds of a rate cut at the March policy meeting.

This report paints a picture of an economy that is far from running out of steam. Despite the steepest interest rate hikes since the early 1980s, businesses continue adding jobs at a healthy pace. Consumers keep spending as well, with holiday retail sales estimated to have hit record highs.

Meanwhile, GDP growth looks solid, inflation has clearly peaked, and the long-feared recession has yet to materialize. Yet the Fed’s priority is returning inflation to its 2% target. With the job market still hot, the path to lower rates now appears more arduous than markets anticipated.

The data supports the notion that additional rate hikes may be necessary to cool economic activity and tame inflation. However, the Fed also wants to avoid triggering a recession through overtightening, making its policy stance a delicate balancing act.

For most of 2023, the central bank enacted a series of unusually large 0.75 percentage point rate increases. But it downshifted to a 0.5 point hike in December, and markets once priced in rate cuts starting as early as March 2024. This jobs report challenges that relatively dovish stance.

While inflation is clearly off its summertime highs, it remains well above the Fed’s comfort zone. Particularly concerning is the continued strong wage growth, which could fuel further inflation. Businesses will likely need to pull back on hiring before the wage picture shifts significantly.

Despite market hopes for imminent rate cuts, the Fed has consistently stressed the need to keep rates elevated for some time to ensure inflation is well and truly tamed. This data backs up the central bank’s more hawkish messaging in recent weeks.

The strong December jobs numbers reinforce the idea that the economy enters 2024 on solid ground, though facing uncertainties and challenges on the path ahead. With inflation still lingering and the full impacts of rising interest rates yet to be felt, the road back to normalcy remains long.

For policymakers, the report highlights the delicate balancing act between containing prices and maintaining growth. Cooling the still-hot labor market without triggering a downturn will require skillful and strategic policy adjustments informed by data like this jobs report.

While markets may hope for a swift policy pivot, the Fed is likely to stay the course until inflation undeniably approaches its 2% goal on a sustained basis. That day appears further off after this robust jobs data, meaning businesses and consumers should prepare for more rate hikes ahead.

Microchip Secures $162M in Federal Funding to Amplify U.S. Chip Production Capacities

Posted on by slightbourne@noblecapitalmarkets.com

The U.S. government is making a strategic $162 million bet on accelerating domestic semiconductor manufacturing capabilities through a major grant for Microchip Technology. The move aims to strengthen supply chain security for critical technologies while reducing dependence on overseas chip production.

Announced by the Department of Commerce, the funding will help Microchip Technology significantly expand output of mature-node semiconductors and microcontroller units at two fabrication plants in the United States.

The boosted stateside capacity for these legacy chips, used across autos, consumer devices, telecom infrastructure, aerospace and defense, is a core tenet of the Biden administration’s “Chips for America” initiative to rebuild domestic chipmaking.

For investors, the government subsidization provides a buffer against supply shocks in key end-markets for Microchip and peers specializing in current-generation chips. The build-out of U.S. semiconductor infrastructure also unlocks new revenue opportunities associated with “onshoring” trends.

Strategic Tech Security Play

The $162 million grant, which still requires finalization, represents the second major award under the Chips for America program passed by Congress in 2022. The legislation allocated $52.7 billion towards strengthening U.S. semiconductor R&D and manufacturing.

The hefty government funding aims to insulate the U.S. from the global chip shortages and supply chain disruptions experienced during the pandemic, which rippled across the auto sector, consumer appliance makers, and other key domestic industries.

“The award will help reduce reliance on global supply chains that led to price spikes and long wait lines for everything from autos to washing machines during the pandemic,” said Lael Brainard, Director of the White House National Economic Council.

The U.S. chip funding arrives amid mounting concern over economic and national security risks associated with foreign chipmaking dominance. America now accounts for only 12% of worldwide semiconductor manufacturing, down from 37% in 1990, according to SIA data. Meanwhile, East Asia now represents 75% of fabrication, led by Taiwan at 92% of the advanced chips market.

As chips become more vital for technologies like EVs, 5G, and AI, U.S. officials seek to curb dependence on overseas production capacity to ensure domestic tech leadership. The risks became evident as COVID-related shutdowns drove severe chip shortages.

Doubling Down on Legacy Chip Lines

The direct grants to Microchip Technology will expand legacy chip production at the firm’s factories in Colorado and Oregon. Microchip specializes in microcontroller, analog, and flash memory chips used in everything from cars to defense systems.

The $90 million Colorado facility investment will triple output of 8-inch wafers for mature-node integrated circuits. The $72 million Oregon fab funding will double microcontroller manufacturing.

The ramped up legacy chip capacities reinforce Microchip’s competitive position as demand intensifies for current-generation semiconductors across tech and automotive. The expansions build on the firm’s January announcement of an $800 million investment to triple Oregon fab output.

For investors, the state support helps de-risk Microchip’s domestic production scale-up amid turbulent macroeconomic conditions and provides a backstop as management executes its capacity roadmap.

The funding also spotlights the ongoing critical role of mature node chips, even as leading-edge semiconductors grab headlines. While crucial for advanced chips, restoring U.S. leadership in legacy nodes directly serves major industries where shortages have hammered bottom lines.

First Moves in U.S. Chip Reshoring

The planned Microchip award marks an early win under the broader Chips and Science Act Passed by Congress. The bipartisan legislation codified semiconductor manufacturing and R&D funding as a strategic priority, authorizing $52 billion in incentives.

The law sets aside $39 billion in semiconductor manufacturing subsidies, $11 billion for R&D, and $2 billion for legacy chip production – recognizing the outsized importance of lagging U.S. capacities in mature node manufacturing.

The Microchip grants constitute the second such funding award under the Act, following $35 million granted in December to a BAE Systems semiconductor facility that produces chips for defense platforms.

But this represents merely the tip of the iceberg, with Commerce Secretary Gina Raimondo forecasting about a dozen total semiconductor subsidy awards in 2024 potentially worth billions each. The incoming wave of sizeable incentives promises to radically reshape the domestic chipmaking landscape.

For institutional investors, the government initiatives lend viability to plans from Intel, Micron, and other U.S. firms to build large-scale domestic fabrication plants. The investments will drive growth while reducing exposure to offshore production risks.

The amplified U.S. chipmaking capacities will also benefit semiconductor equipment providers and material/gas suppliers up and down the supply chain. As the push accelerates in 2023 and 2024, investors have an opportunity to position for the resshoring trend.

Overall, the expansion of U.S. chip fabrication driven by the incoming subsidies provides a long-term structural tailwind. With semiconductors only becoming more indispensable, boosting domestic manufacturing enhances the tech independence and leadership vital for national security interests. The Microchip awards represent an early step on the path towards reclaiming domestic chip dominance.

Release – GeoVax Announces Gedeptin® Patient Enrollment Closure for Phase 1/2 Clinical Trial Among Advanced Head and Neck Cancer Patients

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GOVX

 

Therapy Demonstrated Safety, Stabilization/Shrinkage of Treated Tumors

Expanded Development for Monotherapy and Combination Therapy Anticipated

Atlanta, GA, January 4, 2024 – GeoVax Labs, Inc. (Nasdaq: GOVX), a biotechnology company developing immunotherapies and vaccines against cancers and infectious diseases, today announced the closure of patient enrollment for the Phase 1/2 clinical study evaluating Gedeptin® in patients suffering from advanced head and neck cancer.

Kelly McKee, MD, MPH, GeoVax’s Chief Medical Officer stated, “Completion of this trial will be a significant milestone in our Gedeptin clinical development program. Allowing time for the maximum number of cycles of Gedeptin therapy and patient follow-up, we expect to complete the study by the third quarter of this year. In the interim, we are in active discussions with advisors on protocol development in support of a follow-on Phase 2 or Phase 2/3 trial among patients with advanced head and neck cancer in whom current therapeutic options are suboptimal.  Our intent is to discuss this follow-on protocol with the FDA, in conjunction with a complete review of the results of the current trial, to ensure alignment with the regulator’s expectations.  We expect that such discussions will include addressing the opportunity and basis for an expedited approval pathway.”

Dr. McKee continued, “Demonstrating the safety, tolerability, and stabilization or shrinkage of injected tumors in patients receiving multiple cycles of Gedeptin opens the door to advancing this promising therapeutic in additional patients with advanced head and neck cancer as well as in patients with other solid tumor types and at multiple points in their therapeutic journey.”

David Dodd, GeoVax’s Chairman and CEO, commented, “We believe that the successful completion of the current trial, in conjunction with earlier findings from the completed Phase 1 first-in-human trial and preclinical investigations, provide a sound rationale for proceeding with further Gedeptin investigations.  These will include adjustments to the Gedeptin treatment regimen and combination with immune checkpoint inhibitors in advanced head and neck cancer as well as for additional cancerous and non-cancerous tumor indications. These advances represent a significant potential opportunity for GeoVax to improve the performance of immune checkpoint inhibitors and/or introduce Gedeptin as a treatment option in patients with earlier-stage disease.”

About Gedeptin®

Gedeptin is a novel patented product/technology for the treatment of solid tumors through a gene therapy strategy known as Gene-Directed Enzyme Prodrug Therapy (GDEPT). In GDEPT, a vector is used to selectively transduce tumor cells with a nonhuman gene, which expresses an enzyme that can convert a nontoxic prodrug into a very toxic antitumor compound in situ.

The ongoing Phase 1/2 trial (ClinicalTrials.gov Identifier: NCT03754933) is evaluating the safety and efficacy of repeat cycles of Gedeptin therapy in patients with recurrent head and neck squamous cell carcinoma (HNSCC), with tumor(s) accessible for injection and no curable treatment options. The protocol entails up to five treatment cycles, each consisting of three intratumoral injections of Gedeptin over two days followed by infusion of a prodrug, fludarabine phosphate, once a day for three days. A completed Phase 1 dose-ranging study demonstrated that treating a tumor with a single cycle of Gedeptin, followed by fludarabine infusions, was well tolerated, with evidence of a reduction in tumor size in patients with solid tumors.

A previously reported interim data review demonstrated:

  • No dose limiting toxicities or serious adverse events (SAEs) are definitively attributable to treatment. Additionally, no adverse events above grade 3 severity have been reported.
  • Up to 5 cycles of Gedeptin treatment have been administered without limiting sequelae. Intratumoral expression of the PNP transgene by RT-PCR has been established in treated tumors studied to date.
  • Impairment of tumor growth (i.e., “stable disease” using RECIST 1.1 evaluation criteria) in targeted lesions was seen in 5 of 7 patients; tumor response assessment in one patient remains under study.

The current study is being funded in part by the FDA pursuant to its Orphan Products Clinical Trials Grants Program.  The FDA has also granted Gedeptin orphan drug status for the intratumoral treatment of anatomically accessible oral and pharyngeal cancers, including cancers of the lip, tongue, gum, floor of mouth, salivary gland, and other oral cavities.

About GeoVax

GeoVax Labs, Inc. is a clinical-stage biotechnology company developing novel therapies and vaccines for solid tumor cancers and many of the world’s most threatening infectious diseases. The company’s lead program in oncology is a novel oncolytic solid tumor gene-directed therapy, Gedeptin®, presently in a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. GeoVax’s lead infectious disease candidate is GEO-CM04S1, a next-generation COVID-19 vaccine targeting high-risk immunocompromised patient populations. Currently in three Phase 2 clinical trials, GEO-CM04S1 is being evaluated as 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, and as a booster vaccine in patients with chronic lymphocytic leukemia (CLL). In addition, GEO-CM04S1 is in a Phase 2 clinical trial evaluating the vaccine as a more robust, durable COVID-19 booster among healthy patients who previously received the mRNA vaccines. GeoVax has a leadership team who have driven significant value creation across multiple life science companies over the past several decades. For more information, 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. 

Company Contact:                  Investor Relations Contact:                  Media Contact:
info@geovax.com paige.kelly@sternir.com sr@roberts-communications.com 
678-384-7220 212-698-8699 202-779-0929

Release – ISG Launches Suite of Applied AI Advisory Services

Posted on by aweinsoff@channelchek.com

Research News and Market Data on III

1/4/2024

Firm plans to leverage its longstanding expertise in technology sourcing and governance to help enterprise clients adopt AI at scale

STAMFORD, Conn.–(BUSINESS WIRE)– Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, has launched a new suite of advisory services to help clients navigate the complexities and implications of adopting artificial intelligence at scale.

“Artificial Intelligence, specifically Generative AI, is the next big thing in technology,” said Michael P. Connors, chairman and CEO of ISG. “Gen AI has risen to the top of the agenda for the world’s largest corporations. Business leaders are already seeking our advice and guidance on the practical applications of this technology, as well as longer-term strategies for scaling AI as the technology grows and matures.”

ISG Research forecasts the global market for AI-related managed services should reach $175 billion by 2030, Connors said.

Organizations already working with ISG on AI engagements include a global hospitality and entertainment company, a major U.S. manufacturer, two major global insurance companies, and a U.S. state government, with many others in discussions with the firm about advancing their AI agenda.

“ISG has always been at the forefront of guiding our clients through the complexities of adopting technology at scale,” said Steve Hall, ISG president and newly appointed as the firm’s first chief AI officer. “Our expansion into applied AI strategy and advisory is our next great leap forward, ensuring businesses can harness AI to drive unprecedented value into every aspect of their operations.”

Hall noted clients trust ISG for its independent advice and long-held expertise in technology sourcing and governance. “Typical of the feedback we’re getting from our clients is this statement: ‘We wanted to get ISG in right at the start of our journey so we can cut through the hype and do this right the first time. This is moving so fast we need to avoid any missteps.’”

ISG’s Applied AI Advisory services help clients assess their AI readiness, identify practical use cases, experiment with proofs of concept, create an AI strategy, and establish a business case for investment. ISG also helps clients select the right business partners and build a cognitive infrastructure to support AI at scale. Finally, ISG provides training and organizational change management, a strategy realization office, and governance through a proprietary AI control plane to help clients mitigate risk and maximize ROI from their AI investments.

ISG was the first sourcing advisory firm to establish a reference architecture for applied Generative AI when it published a September 2023 global study of enterprise use cases. An analysis of the use cases shows AI can lower the cost of IT operations by 30 to 58 percent.

The use cases range from personalizing customer experiences at scale and optimizing supply chain operations to enhancing decision-making through predictive analytics and pioneering the development of new products and services.

The ISG study found that 85 percent of enterprises believe investment in generative AI over the next two years is important, but only a small percentage are achieving tangible results today.

Hall said ISG is looking to help clients move beyond the hype and identify practical applications of AI that can lead to enterprise-wide adoption.

“Our goal is to empower businesses to define their AI-driven future, find the perfect partners to make it a reality, lead change in their organizations, and realize tangible value at a scale,” he said.

Hall noted that successful adoption of AI at scale will require the use of an “AI control plane” to oversee and manage the deployment of artificial intelligence systems.

“An AI control plane encompasses robust security measures to safeguard against data breaches and unauthorized access, ensuring the integrity and confidentiality of sensitive information,” said Hall.

“It also ensures AI operations adhere to legal and ethical standards and avoid biases, protecting users’ rights and promoting fairness, while providing oversight of AI-related expenditures and resource allocation, enabling efficient budget management and cost optimization.”

For more information about ISG’s Applied AI Advisory services, visit this webpage.

About ISG

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 900 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,600 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

Source: Information Services Group, Inc.

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Release – Kratos and Rancher Government Solutions Announce Strategic Partnership to Enable Customers to Seamlessly Deploy and Scale Virtual Ground Systems Using Kratos’ OpenSpace® Software Platform

Posted on by aweinsoff@channelchek.com

Research News and Market Data on KTOS

January 4, 2024 at 8:00 AM EST

First-to-Market OpenSpace Platform is a Software-Based Networking Solution that Connects Space to the Dynamic Ground, Supporting Multiple Satellites, Orbits, Payloads and Services

SAN DIEGO, Jan. 04, 2024 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology company in Defense, National Security and Global Markets and Rancher Government Solutions (RGS), the leading provider of enterprise Kubernetes management solutions to the U.S. Government, announced today a strategic partnership to enable customers to seamlessly deploy and scale virtual ground systems using Kratos’ software-based OpenSpace® Platform.

With increasingly complex and dynamic satcom and Earth Observation missions, satellite operators and government agencies are transitioning from fixed and proprietary hardware to flexible and scalable generic compute-based cloud environments. This enables a virtualized and software-defined ground system like Kratos’ OpenSpace Platform to more cost effectively and securely support multiple missions simultaneously, deliver services faster and streamline operations.

Today, customers leverage a range of computing environments from bare metal, virtual machines to the cloud, making the deployment of software-based ground systems more complex and time consuming. Working together, Kratos and Rancher Government Solutions have enhanced the ability of the OpenSpace Platform, the first commercially available, fully virtualized and software-defined satellite ground system to be deployed more easily across customer environments.

“With Rancher, the OpenSpace Platform deploys its virtual functions including modems, channelizers, combiners, and more, as Kubernetes-based containerized software applications that act as independent and portable computing environments that can run and scale on any infrastructure,” said Brandon Gulla, Chief Technology Officer at RGS. “We are proud to be working with Kratos to support this truly transformational platform that will free satellite operators from proprietary hardware architectures and move to software-defined, flexible and extensible virtual platforms.”

By the nature of it being software-defined and containerized, the OpenSpace Platform is already much faster, and more flexible to deploy than traditional hardware-based satellite ground systems. As customer demands grow, the software-based OpenSpace Platform can reconfigure on the fly and deploy new services automatically and cost effectively in minutes. Software containers can be spun up and down and scaled on demand elastically using a single management interface from the Rancher Platform.

“Rancher serves as the Kubernetes management technology that supports the OpenSpace Platform’s ability to automate the deployment, scaling, and management of our containerized workloads,” said Anthony Semiao, Chief Solutions Architect of the OpenSpace Platform. “The combined technologies support hybrid and multi-cloud environments enabling OpenSpace customers to run in the data center and cloud environment of their choice such as Google, Amazon or Microsoft and to easily switch from one cloud provider to another.”

About Kratos OpenSpace
Kratos’ OpenSpace family of solutions enables the digital transformation of satellite ground systems to become a more dynamic and powerful part of the space network. OpenSpace® is the industry’s only commercially available digital transformation solution that enables operators of satellites, Ground Systems-as-a-Service (GSaaS) providers, teleports and others in the satellite services supply chain to capitalize on dynamic ground capabilities. The OpenSpace family consists of three product lines: OpenSpace SpectralNet for converting satellite RF signals to be used in digital environments; OpenSpace quantum products, which are virtual versions of traditional hardware components; and the OpenSpace Platform, the first commercially available, fully orchestrated, software-defined ground system. These three OpenSpace lines enable satellite operators and other service providers to implement digital operations at their own pace and in ways that meet their unique mission goals and business models. For more information about the OpenSpace family, visit www.KratosDefense.com/OpenSpace.

About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we utilize proven, leading edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach reducing cost, schedule and risk, and enabling us to be first to market with cost effective solutions. Kratos is known as the innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low cost future manufacturing and as a competitive differentiator to our large traditional prime system integrator partners and also to our government and commercial customers. Kratos’ primary business areas include, virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, hypersonic vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com.

About Ranger
Rancher Government Solutions (RGS) is specifically designed to address the unique security and operational needs of the U.S. Government and military as it relates to application modernization, containers, and Kubernetes.

Rancher is a complete open source software stack for teams adopting containers. It addresses the operational and security challenges of managing multiple Kubernetes clusters at scale, while providing DevOps teams with integrated tools for running containerized workloads.

RGS supports all Rancher products with U.S. based American citizens who are currently supporting programs across the Department of Defense, Intelligence Community, and civilian agencies. From more information, visit www.ranchergovernment.com

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 25, 2022, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

Kratos Press Contact:
Yolanda White
858-812-7302 Direct

Kratos Investor Information:
877-934-4687
investor@kratosdefense.com

Rancher Government Press Contact:
Don Poole
(844) 747-7779
don.poole@ranchergovernment.com

Source: Kratos Defense & Security Solutions, Inc.

Release – Harte Hanks Extends Line of Credit with Texas Capital Bank

Posted on by aweinsoff@channelchek.com

Research News and Market Data on HHS

Extends Existing Line of Credit by Six Months

CHELMSFORD, MA / ACCESSWIRE / January 4, 2024 / Harte Hanks, Inc. (NASDAQ:HHS), a leading global customer experience company focused on bringing companies closer to customers for 100 years, today announced that the company has extended its $25 million secured revolving line of credit with Texas Capital Bank for an additional six (6) month term, beyond its original maturity date in December, 2024. The revised loan agreement, which now matures at the end of June, 2025, will enhance the Company’s financial flexibility and provide the Company with operational stability over this extended term.

The Company intends to use the credit facility for working capital and to create growth opportunities by investing in and enhancing client offerings.

“Texas Capital continues to be an important partner for Harte Hanks, and we are gratified in their confidence to extend our line of credit,” commented Kirk Davis, Harte Hanks’ Chief Executive Officer. “Having launched our transformation plan, Elevate, in Q3 of 2023, this successful extension supports our growth and transformation initiatives for the future.”

About Harte Hanks:

Harte Hanks (NASDAQ:HHS) is a leading global customer experience company whose mission is to partner with clients to provide them with CX strategy, data-driven analytics and actionable insights combined with seamless program execution to better understand, attract and engage their customers.

Using its unparalleled resources and award-winning talent in the areas of Customer Care, Fulfillment and Logistics, and Marketing Services, Harte Hanks has a proven track record of driving results for some of the world’s premier brands, including HBOMax, GlaxoSmithKline, Unilever, Pfizer, Volvo, Ford, FedEx, Midea, Sony and IBM among others. Headquartered in Chelmsford, Massachusetts, Harte Hanks has over 2,500 employees in offices across the Americas, Europe, and Asia Pacific.

For more information, visit hartehanks.com

As used herein, “Harte Hanks” or “the Company” refers to Harte Hanks, Inc. and/or its applicable operating subsidiaries, as the context may require. Harte Hanks’ logo and name are trademarks of Harte Hanks, Inc.

Cautionary Note Regarding Forward-Looking Statements:

Our press release and related earnings conference call contain “forward-looking statements” within the meaning of U.S. federal securities laws. All such statements are qualified by this cautionary note, provided pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements other than historical facts are forward-looking and may be identified by words such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “seeks,” “could,” “intends,” or words of similar meaning. These forward-looking statements are based on current information, expectations and estimates and involve risks, uncertainties, assumptions and other factors that are difficult to predict and that could cause actual results to vary materially from what is expressed in or indicated by the forward-looking statements. In that event, our business, financial condition, results of operations or liquidity could be materially adversely affected and investors in our securities could lose part or all of their investments. These risks, uncertainties, assumptions and other factors include: (a) local, national and international economic and business conditions, including (i) the outbreak of diseases, such as the COVID-19 coronavirus, which has curtailed travel to and from certain countries and geographic regions, created supply chain disruption and shortages, disrupted business operations and reduced consumer spending, (ii) market conditions that may adversely impact marketing expenditures, (iii) the impact of the Russia/Ukraine conflict on the global economy and our business, including impacts from related sanctions and export controls and (iv) the impact of economic environments and competitive pressures on the financial condition, marketing expenditures and activities of our clients and prospects; (b) the demand for our products and services by clients and prospective clients, including (i) the willingness of existing clients to maintain or increase their spending on products and services that are or remain profitable for us, and (ii) our ability to predict changes in client needs and preferences; (c) economic and other business factors that impact the industry verticals we serve, including competition and consolidation of current and prospective clients, vendors and partners in these verticals; (d) our ability to manage and timely adjust our facilities, capacity, workforce and cost structure to effectively serve our clients; (e) our ability to improve our processes and to provide new products and services in a timely and cost-effective manner though development, license, partnership or acquisition; (f) our ability to protect our facilities against security breaches and other interruptions and to protect sensitive personal information of our clients and their customers; (g) our ability to respond to increasing concern, regulation and legal action over consumer privacy issues, including changing requirements for collection, processing and use of information; (h) the impact of privacy and other regulations, including restrictions on unsolicited marketing communications and other consumer protection laws; (i) fluctuations in fuel prices, paper prices, postal rates and postal delivery schedules; (j) the number of shares, if any, that we may repurchase in connection with our repurchase program; (k) unanticipated developments regarding litigation or other contingent liabilities; (l) our ability to complete anticipated divestitures and reorganizations, including cost-saving initiatives; (m) our ability to realize the expected tax refunds; and (n) other factors discussed from time to time in our filings with the Securities and Exchange Commission, including under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022 which was filed on March 31, 2023. The forward-looking statements in this press release and our related earnings conference call are made only as of the date hereof, and we undertake no obligation to update publicly any forward-looking statement, even if new information becomes available or other events occur in the future.

Investor Relations Contact:

Rob Fink or Tom Baumann
646.809.4048 / 646.349.6641
FNK IR
HHS@fnkir.com

SOURCE: Harte Hanks, Inc.



View the original press release on accesswire.com