Key Points: – Wolfspeed is set to receive a $750 million grant from the U.S. government, boosting its shares over 30%. – The chipmaker plans a nearly 30% production capacity increase as part of a $6 billion investment strategy. – The funding aims to strengthen the U.S. semiconductor industry amid rising demand for energy-efficient technologies.
Wolfspeed, a leading manufacturer of electric vehicle (EV) chips, has announced that it will receive $750 million in government grants to support its new silicon carbide wafer manufacturing plant in North Carolina. This funding is part of the U.S. Commerce Department’s initiative to bolster domestic semiconductor production, a critical sector for the nation’s economy and technological security. Following the announcement, Wolfspeed’s stock price surged by over 30%, reflecting investor optimism about the company’s future prospects.
The Commerce Department emphasized that the preliminary funding agreement requires Wolfspeed to take steps to strengthen its balance sheet to safeguard taxpayer funds. In addition to the government grant, Wolfspeed has secured $750 million in new financing from a consortium of investment funds led by Apollo Global Management, the Baupost Group, Fidelity Management & Research Company, and Capital Group. This dual approach to funding will provide a solid financial foundation for the company’s ambitious expansion plans.
Wolfspeed specializes in producing silicon carbide chips, a more energy-efficient alternative to traditional silicon-based components. These chips are crucial for a variety of applications, including the transmission of power from electric vehicle batteries to motors, making them particularly important in the rapidly growing EV market. The company counts major automotive manufacturers such as General Motors and Mercedes-Benz among its customers, highlighting the increasing demand for advanced semiconductor technologies in the automotive sector.
As part of its strategy to enhance production capabilities, Wolfspeed is also expanding its silicon carbide device manufacturing facility in Marcy, New York, aiming to increase production capacity by nearly 30%. This expansion is a key component of its previously announced $6 billion capacity growth plan, which is designed to position Wolfspeed as a market leader in the semiconductor industry.
The recent funding announcement underscores the strategic significance of Wolfspeed’s technology, especially as the U.S. government intensifies efforts to revitalize its semiconductor industry. The company’s devices are used not only in the automotive sector but also in renewable energy systems and artificial intelligence applications. This diverse application range positions Wolfspeed well to benefit from ongoing investments in clean energy and technological innovation.
In addition to the grant and new financing, Wolfspeed anticipates receiving $1 billion in cash tax refunds from the “48D” advanced manufacturing tax credit under the Chips and Science Act. This further financial incentive underscores the government’s commitment to supporting domestic semiconductor production, especially as competition with global players intensifies.
However, despite these positive developments, Wolfspeed’s stock has faced significant challenges this year, with its value plummeting nearly 75% due to a sharp slowdown in electric vehicle demand. The company’s new 2 million-square-foot silicon carbide wafer factory in Chatham County, North Carolina, which was announced in 2022, is expected to deliver wafers by summer 2025 to meet its own chip manufacturing needs.
As Wolfspeed moves forward with these strategic initiatives, the company is poised to play a critical role in shaping the future of the semiconductor industry in the U.S., driving innovations in electric vehicles and renewable energy technologies.
Brendan Shanahan Appointed Chief Financial Officer of GoHealth, Bringing Decades of Leadership in Healthcare and Financial Strategy
CHICAGO, October 10, 2024 /Globe Newswire/ — GoHealth, Inc. (NASDAQ: GOCO), a leading health insurance marketplace and Medicare-focused digital health company, today announced the appointment of Brendan Shanahan as Chief Financial Officer (CFO), effective October 14, following a comprehensive search process. Mr. Shanahan, a seasoned executive with over 30 years of financial leadership experience and over 20 years of expertise in the Medicare Advantage space, will oversee GoHealth’s financial strategy and operations, contributing to the company’s profitable growth and innovation efforts.
“Brendan’s extensive expertise in financial strategy, M&A, operational leadership, and deep knowledge of the Medicare Advantage market makes him the ideal choice to lead GoHealth’s financial organization,” said Vijay Kotte, CEO of GoHealth. “His track record of driving financial performance, operational efficiency, and long-term value aligns perfectly with our mission to deliver outstanding results for shareholders.”
Mr Shanahan, who was also a licensed insurance agent, will manage all financial aspects of GoHealth, including financial planning, analysis, reporting, investor relations, and capital structure optimization. Additionally, he will provide leadership in financial risk management, business analytics, budgeting, audit, and tax compliance, to ensure GoHealth achieves both its short- and long-term financial goals.
Throughout his career, Mr. Shanahan has built high-performing finance teams, implemented systems to streamline financial operations, and played key roles in mergers and acquisitions. His leadership in financial strategy, including P&L oversight, cost containment, and capital management, has consistently delivered tangible results.
Mr. Shanahan holds an MBA in Banking and Finance from Hofstra University and a Bachelor of Science in Business Administration from The Citadel. He is also a Certified Public Accountant (CPA) (inactive) and a Chartered Global Management Accountant.
Mr. Shanahan expressed his excitement to join GoHealth, stating, “I’m thrilled to join GoHealth at such a pivotal time for the Medicare Advantage industry and the brokerage space. Having spent much of my career working to help individuals navigate their healthcare options, I am excited to continue that journey with GoHealth. The combination of GoHealth’s technology, deep expertise in Medicare, and commitment to empowering consumers is unparalleled. I look forward to working with Vijay and the team to capitalize on the significant opportunities ahead as we navigate this dynamic market and drive long-term value for shareholders.”
Katherine O’Halloran will remain as a key leader in the finance organization, continuing to serve as Chief Accounting Officer and reporting to the CFO. “We want to thank Katie for embracing with diligence her interim role as CFO and her commitment to managing GoHealth and the financial team through this transition. Katie is an extraordinary example of living our GoHealth values,” said Kotte.
About GoHealth, Inc.
GoHealth is a leading health insurance marketplace and Medicare-focused digital health company. Enrolling in a health insurance plan can be confusing for customers, and the seemingly small differences between plans can lead to significant out-of-pocket costs or lack of access to critical medicines and even providers. GoHealth combines cutting-edge technology, data science and deep industry expertise to build trusted relationships with consumers and match them with the healthcare policy and carrier that is right for them. Since its inception, GoHealth has enrolled millions of people in Medicare plans and individual and family plans. For more information, visit https://www.gohealth.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are made in reliance upon the safe harbor provision of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release may be forward-looking statements. Statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding our expected growth, future capital expenditures, debt service obligations and adoption and use of artificial intelligence technologies are forward-looking statements.
In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “aims,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “likely,” “future” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions, projections and other statements about future events that are based on current expectations and assumptions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.
These forward-looking statements speak only as of the date of this press release and are subject to a number of important factors that could cause actual results to differ materially from those in the forward-looking statements, including the factors described in the sections titled “Summary Risk Factors,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“2023 Annual Report on Form 10-K”) and in our other filings with the Securities and Exchange Commission. The factors described in our 2023 Annual Report on Form 10-K should not be construed as exhaustive and should be read together with the other cautionary statements included in this press release, as well as the cautionary statements and other risk factors set forth in the Quarterly Report on Form 10-Q for the first fiscal quarter ended March 31, 2024, the forthcoming Quarterly Report on Form 10-Q for the second quarter ended June 30, 2024 and in our other filings with the Securities and Exchange Commission.
You should read this press release and the documents that we reference in this press release completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise
MIAMI, Oct. 09, 2024 (GLOBE NEWSWIRE) — SKYX (NASDAQ: SKYX) (d/b/a “SKYX Technologies”), a highly disruptive smart platform technology company with over 97 issued and pending patents in the U.S. and globally, and which owns over 60 lighting and home décor websites with a mission to make homes and buildings become smart, safe, and advanced as the new standard, provides today a corporate update including significant insider buying.
SKYX Secures $11 million equity preferred stock investment representing $2.00 per share of common stock with NO warrants, led by global Marriott Hotel chain developer/owner of over 60 hotels.
Significant insider investing in this equity preferred round at $2.00 includes SKYX’s President Steve Schmidt, who invested $500,000, Co-CEO Lenny Sokolow, who invested $250,000, and Co-CEO John Campi, who also invested $250,000
Management emphasizes that it has sufficient cash to achieve its goals including being cash flow positive in 2025
2023 Sales of $58 million / 2024 Q-2 Record Sales of $21.4 million
Company’s total addressable market (TAM) in the U.S. of $500 billion with over 4.2 billion ceiling applications in the U.S. alone
Expected revenue streams from retail and professional segments include product sales, royalties/licensing/subscription/monitoring/sale of global country rights
Recent Collaborations:
Announced a Collaboration with Home Depot for the retail and professional markets. Company started shipping and products are already in 100 stores. Company has also started to sell product on Home Depot website and expects to have hundreds of advanced smart plug & play products on Home Depot’s website.
Signed with General Electric / GE Licensing a 5-year global licensing agreement to license its advanced and smart technologies with a goal to create an advanced smart global ceiling standard
Collaboration with world leading Chinese lighting distributor and manufacturer Ruee Appliances for the U.S., China and European markets, including financial backing
Collaboration with world leading lighting company Kichler for online and builder segments
Collaboration with U.S. leading lighting company Quoizel including for online and builder segments
Collaboration European leading lighting company EGLO for online and builder segments
Future Collaborations: Management is in the process of working on additional collaborations with leading strategic companies
Companies collaborating with SKYX are expected to leverage the fast and easy interchangeability capabilities of the technology to enhance sales of smart fixtures and fixture replacements for seasonality, energy savings, holidays, smart capabilities and renovations for both retail and professional segments
SKYX smart home technology wins 7 CES Awards (Consumer Electronics Show)
Safety Standardization Code: Based on the safety applications of the technology it was voted into 10 segments the National Electrical Code (NEC) Book and has filed for a mandatory safety standardization for its ceiling outlet receptacle for ceilings in homes and buildings
Leadership: Management, Board members, and Senior Advisors include former CEO’s and executives from Fortune 100 companies including Nielsen, Microsoft, Disney, GE, Home Depot, Office Depot, Chrysler, among others
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 94 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.
Forward-Looking Statements
Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.
Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Peterman Endorsement. Former CEO Ken Peterman, who was terminated for “conduct unrelated to Comtech’s business strategy, financial results or previously filed financial statements” this past March, has publicly declared his personal endorsement for the full slate of director nominees proposed by Michael Porcelain for the Company’s upcoming 2024 Annual Meeting of Stockholders, adding another layer of intrigue to the dissident efforts.
Reasons. Mr. Peterman notes serious concerns about many decisions made by the current Board, including the June 2024 refinancing, and what he terms the Board’s lack of critical domain expertise in Comtech’s core satellite and NG 911 markets.
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.
Key Points: – DOJ Remedies: The DOJ may force Google to sell off parts of its business or provide competitors with access to critical search and AI data to break its online search monopoly. – Legal Precedents: Similar to historic antitrust cases involving AT&T and Microsoft, the case could result in significant structural changes for Google, though a full breakup remains uncertain. – Impact on Big Tech: This case is part of a broader effort by the U.S. government to limit the dominance of tech giants, including Google, Apple, Amazon, and Microsoft, which could reshape the industry.
The U.S. Department of Justice (DOJ) has ramped up its antitrust case against Google, with a landmark lawsuit that could potentially force the tech giant to divest parts of its business. The DOJ argues that Google has maintained an illegal monopoly in the online search market for over a decade, leveraging its dominance across key platforms and products like Chrome, Android, Google Play, and its AI offerings to suppress competition. The case, which has already led to an August 2024 ruling from U.S. District Judge Amit Mehta, found that Google exploited its dominance to eliminate rivals and stifle innovation. Now, the DOJ is pushing for remedies that go beyond fines, aiming for structural changes that could reshape Google’s business.
Key Allegations and DOJ’s Proposed Remedies:
The DOJ’s filing highlights the numerous ways Google allegedly unfairly reinforces its search monopoly. For instance, Google has long maintained exclusive agreements to make its search engine the default option on devices running its Android operating system and on the Chrome browser, which holds a dominant market share. These arrangements leave competitors little room to gain traction in the search space.
In its filing, the DOJ proposed several aggressive remedies:
Divestiture: The most significant remedy the DOJ is considering is a forced divestiture, which could see parts of Google’s business—such as the Chrome browser or the Android operating system—spun off to eliminate Google’s ability to cross-leverage its products and maintain its search dominance.
Data Access for Competitors: Another potential remedy would require Google to allow competitors access to the underlying data that powers its search and artificial intelligence (AI) systems. This data is critical for the development of competitive search engines and AI tools, and the DOJ argues that Google’s control of this information has been a major barrier to competition.
Limiting Default Agreements: The DOJ has also suggested prohibiting Google from entering into exclusive or default agreements with device manufacturers or other digital platforms, which has been a cornerstone of Google’s search dominance strategy. This would open the door for rival search engines to be pre-installed on more devices, increasing competition in the market.
Data Privacy Restrictions: The DOJ is considering prohibiting Google from using or retaining certain data for its own purposes if it cannot be shared with others due to privacy concerns. This would limit Google’s advantage in data-driven areas like AI and personalized advertising.
In response, Google has labeled the DOJ’s proposals as extreme government overreach, with its vice president of regulatory affairs, Lee-Anne Mulholland, warning that such actions could have “significant unintended consequences” for consumers, businesses, and U.S. global competitiveness. Google maintains that its products and services provide immense value to consumers and that the company’s dominance in search is due to the quality of its products, not anti-competitive behavior.
Judge Mehta’s August 2024 Ruling and Google’s Appeal:
In August 2024, Judge Mehta ruled that Google has been using its market position to unfairly eliminate competition in the search engine market. While the ruling was a major victory for the DOJ, it did not immediately impose remedies. Instead, the next phase of the case focuses on what steps should be taken to remedy the situation. Google has already indicated plans to appeal the ruling, which could delay any concrete outcomes for years.
Should Google succeed in its appeal, the remedies proposed by the DOJ may never materialize. However, if the DOJ’s arguments hold up in the courts, it could lead to some of the most sweeping changes to a tech company’s structure since the breakup of AT&T in the 1980s.
Broader Antitrust Efforts:
Google’s legal troubles are part of a broader push by the Biden administration to rein in the perceived dominance of Big Tech companies. Google, which holds a 90% market share in search, is just one of several tech giants facing antitrust scrutiny. The DOJ has also filed a separate lawsuit against Google, accusing it of monopolizing the online advertising technology market. Other companies like Apple, Amazon, and Microsoft have also been caught up in the government’s efforts to curb anti-competitive practices in the tech sector.
Historical Context and Similar Antitrust Cases:
The potential break-up of Google recalls some of the most significant antitrust actions in U.S. history:
Microsoft (1990s): In a case with striking similarities to Google’s, Microsoft was accused of using its Windows operating system to promote its Internet Explorer browser, stifling competition. While the courts initially ruled to break up Microsoft, a settlement allowed the company to remain intact while agreeing to share APIs and alter its business practices.
AT&T (1980s): One of the most famous U.S. antitrust cases, AT&T was forced to divest its regional Bell operating companies, ending its monopoly over U.S. phone service. This breakup opened up the telecommunications market, increasing competition and innovation.
IBM (1960s-80s): The DOJ filed an antitrust case against IBM for monopolizing the computer hardware market. The case dragged on for over a decade before it was dropped, allowing IBM to avoid a breakup, though the company’s market dominance eroded over time due to rising competition.
The Long-Term Outlook:
The DOJ’s case against Google is significant not only because of its implications for the company but also for the broader tech industry. With a long-term growth outlook of 10% annually for digital markets like search and online advertising, Google remains an essential player in the global economy. Any structural changes to its business could reshape the tech landscape, affecting consumers, competitors, and even national competitiveness in the rapidly growing fields of AI and data-driven innovation.
However, many legal experts believe that a forced breakup of Google is unlikely. Instead, the case could result in more incremental remedies designed to increase competition in search and related markets, such as making it easier for users to switch search engines or banning certain exclusive agreements. Regardless of the outcome, this case will likely set the tone for how the U.S. government handles Big Tech monopolies in the coming years.
Management Emphasizes That It Has Sufficient Cash to Achieve Its Goals Including Recently Announced Collaborations and Being Cash Flow Positive During 2025
The $11 Million Investment includes Leading Builders and Hotel Developers
MIAMI, Oct. 07, 2024 (GLOBE NEWSWIRE) — SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the “Company” or “SKYX”), a highly disruptive smart platform technology company with more than 97 issued and pending patents globally and over 60 lighting and home décor websites, today announced the completion of a strategic investment of $11 million of a new class of preferred stock in SKYX, with a conversion price of $2.00 per common share, with an 8% annual dividend, led by Lance Shaner, Chairman & CEO of Shaner Hotel Group, joined by other strategic and key SKYX investors.
Mr. Shaner said, “I clearly recognize SKYX’s extreme value proposition for hotels, buildings, and homes, and its significant global growth opportunity. I am now aligned to participate as a significant long term minded SKYX investor. I strongly believe that SKYX’s game-changing advanced and smart platform technologies will make hotels, buildings, and homes, advanced, smart, and safe instantly, while saving cost, time, and lives.”
Steve Schmidt, President of SKYX, said, “We are truly excited about this strategic investment, led by a Marriott global hotel chain developer such as Lance Shaner. This represents another significant confirmation of our value proposition for hotels, buildings, and homes, while enhancing our cash position to support our continuing growth including our recent collaborations with U.S. and world leading companies.”
Rani Kohen, Founder and Executive Chairman of SKYX, said, “We are thrilled to have Mr. Shaner as a strategic lead investor, as he contributes vast multi-faceted business experience including in community and hospitality developments. His experience and reputation not only represent success, but his involvement also provides continued validation and a major stamp of approval that SKYX’s advanced and smart technologies are game-changing for buildings, hotels, and homes.”
About Shaner Hotels
Headquartered in State College, Pa., Shaner Hotels is one of the foremost owner-operator companies in the hospitality industry with more than $1 billion invested in 60 hotel properties owned and managed across the U.S., Italy, Greece and the Bahamas. Over the past 40 years, the company has also been engaged in both new development and redevelopment of more than 80 hotel projects with leading brand affiliations such as Marriott International, InterContinental Hotels, Choice Hotels and Hilton. New properties are constantly evaluated as Shaner Hotels continues a conservative yet opportunistic approach to growth. For more information about the company and its divisions visit shanercorp.com.
About SKYX Platforms Corp.
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 97 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.
Forward-Looking Statements
Certain statements made in this press release are not based on historical facts but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.
Key Points: – Comstock Inc. has acquired Quantum Generative Materials (GenMat), gaining control of its AI-driven materials discovery platform and technical team, with a focus on energy applications. – GenMat’s AI technology enables the discovery of new materials in much shorter timeframes, helping Comstock accelerate its decarbonization efforts and innovations in metals, mining, and fuels. – Comstock plans to integrate and commercialize GenMat’s technology efficiently.
Comstock Inc. (LODE) has announced the acquisition of Quantum Generative Materials (GenMat), marking a strategic investment in artificial intelligence for advancing materials discovery, particularly in energy applications. As part of the acquisition, Comstock will gain substantially all of GenMat’s equity, including its proprietary AI-driven materials discovery platform, synthesis technologies, and most of its technical team.
Strengthening AI Capabilities for Materials Science
GenMat’s breakthrough AI platform is designed to generate new atoms, molecules, and physical systems for a wide range of material applications. By combining physics and chemistry knowledge with proprietary synthetic datasets, GenMat dramatically reduces the time required for materials discovery compared to traditional methods. This acquisition will enable Comstock to accelerate the development of new technologies focused on decarbonizing energy and other key industries.
“Our interest in GenMat was and remains grounded in the critical need for AI in materials science and mineral discovery for breakthrough energy applications,” said Corrado De Gasperis, Comstock’s Executive Chairman and CEO. “This acquisition allows us to address large market opportunities with innovative AI-driven solutions.”
Expanding Comstock’s Innovation Capacity
Kevin Kreisler, Comstock’s Chief Technology Officer, emphasized the acquisition’s impact on the company’s strategic direction. “Focusing on GenMat’s competencies in materials science and computational chemistry, combined with cutting-edge AI technologies, will strengthen our competitive edge across our metals, mining, and fuels businesses,” Kreisler stated. “This acquisition expands our innovation capacity and reinforces our commitment to systemic decarbonization.”
Streamlining the Acquisition and Future Plans
Comstock’s original 2021 investment agreement with GenMat was a milestone-based deal worth $50 million for 50% of GenMat’s equity. With this new acquisition, all prior agreements between the two companies have been terminated. Comstock expects to integrate and commercialize GenMat’s AI platform efficiently, reinforcing its position in the materials science and energy sectors.
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 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 1,300 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 additional information, visit www.ISG-One.com
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Sale of a Unit. Wednesday, ISG announced the sale of its non-core automation unit to UST, a digital transformation solutions company, for $27 million. At closing, ISG received $20 million in cash with $4 million to be released over the next 90 days and $3 million to be released at the end of 1Q25. Proceeds will be used for reducing debt, re-investing in the business, and returning capital to shareholders. Automation contributed roughly $30 million of annual revenue, including $18 million of recurring revenue.
AI Business. With large enterprises’ increasing focus on AI, ISG is placing more emphasis in this area and we believe is poised to capitalize on future spending through its AI Advisory and Research segments. Early indications of growing demand are showing with ISG Tango’s total contract value rising at the end of the second quarter.
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.
Key Points: – OpenAI closes a $6.5 billion funding round, valuing the company at over $150 billion. – Thrive Capital led the investment, with participation from other global investors. – OpenAI solidifies its position as one of the largest venture-backed startups alongside SpaceX and ByteDance.
OpenAI has successfully raised over $6.5 billion in new funding, placing the artificial intelligence company at a staggering $150 billion valuation. This major deal, one of the largest private investments in tech history, further cements OpenAI’s dominance in the rapidly growing AI sector, alongside other tech giants like Elon Musk’s SpaceX and TikTok’s parent company, ByteDance.
The funding round, spearheaded by Thrive Capital, the venture firm headed by Josh Kushner, attracted significant interest from global investors, reflecting the industry’s confidence in AI’s transformative potential. OpenAI’s latest financial boost comes amid increased competition in the development of generative AI technologies. With this capital infusion, the company is well-positioned to further innovate and expand its technological capabilities.
This investment also highlights the industry’s willingness to back costly AI research, which powers advancements in generative AI. As the technology behind AI becomes increasingly expensive and complex, OpenAI’s ability to attract such high levels of funding showcases its pivotal role in shaping the future of artificial intelligence.
OpenAI’s recent funding round follows a turbulent year for the company. In November of last year, the company’s board made the surprising decision to fire and then quickly reinstate Chief Executive Officer Sam Altman. Despite the internal shake-up, including the loss of key leaders like Chief Technology Officer Mira Murati and Sutskever, OpenAI has remained a dominant force in the AI space. It has revamped its board and expanded its team, hiring hundreds of new employees to strengthen its foundation.
Thrive Capital’s role in leading the funding round is a testament to the venture capital firm’s belief in AI’s potential to revolutionize industries. OpenAI’s continued growth and its hefty valuation reinforce the broader tech sector’s commitment to pushing the boundaries of AI research, development, and application.
Move sharpens ISG’s focus, strengthens balance sheet and immediately enhances shareholder value
STAMFORD, Conn.–(BUSINESS WIRE)– Information Services Group ( ISG ) (Nasdaq: III ), a leading global technology research and advisory firm, said today it has sold its automation unit to UST, a leading digital transformation solutions company, for $27 million in an all-cash transaction, with a portion of the proceeds placed in escrow, to be released contingent upon meeting certain conditions.
The unit offers robotic process automation (RPA) software implementation and licensing services. It was established as a startup business in 2017 to meet the emerging demand for RPA.
ISG Chairman and CEO Michael P. Connors said the sale is a “win-win” for both ISG and UST.
“With this sale, ISG emerges as a stronger, more focused firm, devoted to serving our clients by leveraging our towering strengths in sourcing, powered by our AI-driven ISG Tango™ platform; digital transformation, including enterprise change and training-as-a-service; AI advisory, technology research and supplier governance,” Connors said. “In addition, the cash proceeds of the sale immediately strengthen our balance sheet and improve shareholder value.
“At the same time, our former automation unit will benefit from being part of a larger technology services organization in UST, one that we have known and respected for years, with the resources and scale to compete in the intelligent automation space,” Connors said.
Commenting on UST’s acquisition, Sajesh Gopinath, general manager and go-to-market leader, UST SmartOps, said: “This strategic investment in the intelligent automation space solidifies UST’s position as a market leader in a dynamic sector that has the potential to transform industries, enhance productivity, improve customer experiences, and generate new revenue streams. By onboarding experienced intelligent automation consultants and capabilities, UST is strengthening its standing in a competitive market and broadening its partner ecosystem to position itself for future growth and meet the emerging needs of our clients.”
Connors said ISG decided to exit the business because its implementation and software licensing activities no longer were a strategic fit with ISG’s position as an independent, third-party advisory firm.
ISG received $20 million in cash at closing with the remaining $7 million held in escrow. Of this amount, $4 million is to be released from escrow over the next 90 days as certain contractual conditions with clients are met, and the remaining $3 million is to be released after the end of the first quarter of 2025, based on the achievement of certain revenue targets. Net proceeds from the transaction are expected to provide the opportunity to reduce debt and return capital to shareholders.
To reflect the impact of the divestiture activity, ISG said it is updating its third-quarter guidance, targeting revenues in the range of $60 million to $61 million, and adjusted EBITDA (a non-GAAP measure defined below under “Non-GAAP Financial Measures”) in the range of $6.5 million to $7.0 million.
Sett & Lucas served as financial advisor to ISG, and Katten Muchin Rosenman LLP served as legal advisor.
ISG will file a Form 8-K with the Securities and Exchange Commission in connection with the sale.
Conference Call
ISG will hold a conference call today, Wednesday, October 2, at 4:30 p.m., US ET, to discuss the transaction. The call can be accessed by dialing (800) 715-9871 , or, for international callers, by dialing +1 (646) 307-1963 . The access code is 3455640 . A recording of the call will be available on ISG’s investor relations page for approximately four weeks following the call.
Forward-Looking Statements
This communication contains “forward-looking statements” which represent the current expectations and beliefs of management of ISG concerning future events and their potential effects. Statements contained herein including words such as “anticipate,” “believe,” “contemplate,” “plan,” “estimate,” “target,” “expect,” “intend,” “will,” “continue,” “should,” “may,” and other similar expressions are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future results and are subject to certain risks and uncertainties, many of which are beyond the control of ISG, its directors and its management, that could cause actual results to differ materially from those anticipated, including, without limitation: (1) the occurrence of any event, change or other circumstance that could affect ISG’s rights or obligations under the Share Purchase Agreement governing the divestiture, (2) risks related to the disruption of management’s attention from ISG’s ongoing business operations due to the divestiture and ISG’s obligations under the Share Purchase Agreement, (3) risks that the divestiture may disrupt current plans and operations and any potential difficulties in employee retention as a result and (4) the effect of the announcement of the transaction on the ISG’s relationships with its customers and suppliers and on its business generally. Certain of these and other applicable risks, cautionary statements and factors that could cause actual results to differ from ISG’s forward-looking statements are included in ISG’s filings with the U.S. Securities and Exchange Commission. ISG undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.
Non-GAAP Financial Measures
ISG reports all financial information required in accordance with U.S. generally accepted accounting principles (GAAP). In its updated third-quarter guidance appearing in this release, ISG has presented both GAAP financial results as well as non-GAAP information. ISG believes that evaluating its ongoing operating results will be enhanced if it discloses certain non-GAAP information. These non-GAAP financial measures exclude non-cash and certain other special charges that many investors believe may obscure the user’s overall understanding of ISG’s current financial performance and the Company’s prospects for the future. ISG believes that these non-GAAP measures provide useful information to investors because they improve the comparability of the financial results between periods and provide for greater transparency of key measures used to evaluate the Company’s performance.
In this press release, ISG provides adjusted EBITDA (defined as net income, plus interest, taxes, depreciation and amortization, foreign currency transaction gains/losses, non-cash stock compensation, interest accretion associated with contingent consideration, acquisition-related costs, and severance, integration and other expense), which is a non-GAAP measure that the Company believes provide useful information to both management and investors by excluding certain expenses, which management believes are not indicative of ISG’s core operations. This non-GAAP measure is used by ISG to evaluate the Company’s business strategies and management’s performance.
Management believes this information facilitates comparison of underlying results over time. Non-GAAP financial measures, when presented, are reconciled to the most closely applicable GAAP measure. Non-GAAP measures are provided as additional information and should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the forward-looking non-GAAP estimates contained herein to the corresponding GAAP measures is not being provided, due to the unreasonable efforts required to prepare it.
About UST
Since 1999, UST has worked side by side with the world’s best companies to make a powerful impact through transformation. Powered by technology, inspired by people, and led by our purpose, we partner with our clients from design to operation. Our digital solutions, proprietary platforms, engineering expertise, and innovation ecosystem turn core challenges into impactful, disruptive solutions. With deep industry knowledge and a future-ready mindset, we infuse innovation and agility into our clients’ organizations—delivering measurable value and positive lasting change for them, their customers, and communities around the world. Together, with 30,000+ employees in 30+ countries, we build for boundless impact—touching billions of lives in the process. Visit us at www.UST.com .
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 AI, 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 .
CHANDLER, Ariz. – Oct. 1, 2024– Comtech (NASDAQ: CMTL) (the “Company”), a global technology leader, today announced SES Space & Defense recently awarded the Company an initial order for Comtech’s market-leading software-defined SLM-5650B and other next-generation modems. Initial quantities under this new contract are expected to be delivered over the next year.
“In today’s threat environment, secure, resilient, and ubiquitous connectivity is critical to maintaining an information advantage across all domains,” said John Ratigan, Interim CEO of Comtech. “This contract award further demonstrates the trust of SES Space & Defense in Comtech’s ability to deliver next-generation digital solutions. O3b mPOWER is among the world’s most innovative satellite constellations, and we are thrilled to partner with SES Space & Defense as they pave the way for modernized military satellite communications (“SATCOM”) operations.”
“We choose customer mission success first. Comtech’s SLM modem series includes features that are unique and critical to our customers’ missions,” said David Fields, President and CEO of SES Space & Defense. “It is important that Comtech is part of the O3b mPOWER service infrastructure. Their experience developing and manufacturing defense-oriented modems that are ‘allied by design’ with footprints in many domestic and international programs of records make it an easy decision.”
Developed and manufactured at its headquarters in Chandler, AZ, Comtech’s SLM-5650B is the Company’s current Wideband Global SATCOM-certified modem designed to deliver critical communications services for commercial backhaul and government and military applications. The software-defined SLM-5650B currently supports multiple critical DoD and NATO waveforms including DVB-S2X, the preferred waveform for SES’ O3b mPOWER constellation, with the ability to easily add more waveforms and functions to meet emerging mission needs.
Comtech’s portfolio of U.S. sovereign defense technologies and services, including the Company’s SLM-5650B and next-generation modems, align with the Space Force Commercial Space Strategy and deliver capabilities that will enhance Combined Joint All Domain Command and Control operations. Comtech’s expansive portfolio of defense and security technologies is designed to continuously evolve over time to enable digitalized SATCOM infrastructures and integrate services across blended military and commercial networks to significantly enhance mission effectiveness in future all-domain operations.
About Comtech
Comtech Telecommunications Corp. is a leading global technology company providing terrestrial and wireless network solutions, next-generation 9-1-1 emergency services, satellite and space communications technologies, and cloud native capabilities to commercial and government customers around the world. Our unique culture of innovation and employee empowerment unleashes a relentless passion for customer success. With multiple facilities located in technology corridors throughout the United States and around the world, Comtech leverages our global presence, technology leadership, and decades of experience to create the world’s most innovative communications solutions.For more information, please visit www.comtech.com.
About SES Space & Defense
SES Space & Defense is a wholly-owned subsidiary of SES and is exclusively focused on building, managing, and supporting the most advanced satellite network solutions for the U.S. Government. SES Space & Defense uses a proven multi-operator network integration and management capability, a broad global terrestrial network, as well as access to SES’s multi-orbit satellite fleet. It also offers U.S. Department of Defense customers the essential tools in cybersecurity for mission-critical operations, coupled with a proven track record in governance and compliance. SES Space & Defense operates under a proxy board, enabling it to support classified projects, and it has participated in the U.S. Government satcom sector for nearly five decades. Further information can be found at: www.sessd.com.
Forward-Looking Statements
Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results and performance could differ materially from such forward-looking information. The Company’s Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such Securities and Exchange Commission filings.
Key Points: – DOJ opens probe into Super Micro amid allegations of accounting manipulation. – Shares tumble 12% following the report, building on earlier losses after a Hindenburg Research short position. – Super Micro, a major AI player, is under scrutiny as the investigation unfolds.
Super Micro Computer, Inc. (SMCI) saw its shares plummet over 12% on Thursday after a report emerged that the U.S. Department of Justice (DOJ) has initiated an investigation into the company. The investigation follows allegations from Hindenburg Research regarding possible accounting manipulation, which has cast a cloud over the company in recent months.
The DOJ probe, which is reportedly in its early stages, was first disclosed by The Wall Street Journal. While few specifics have been released, the inquiry is focusing on potential accounting violations linked to the company’s financial practices. CNBC has not yet independently verified the claims made by Hindenburg or the details of the DOJ’s investigation.
Super Micro, which designs and manufactures computers and servers for applications such as artificial intelligence (AI) algorithms, has been a significant player in the AI revolution. The company boasts major partnerships with industry leaders like Nvidia, AMD, and Intel. However, the recent news of the DOJ probe has shaken investor confidence, leading to a sharp sell-off in its stock.
The roots of this controversy trace back to late August when Hindenburg Research, a well-known short-seller, announced its short position in Super Micro, citing “fresh evidence of accounting manipulation.” Hindenburg’s report sent shockwaves through the market, causing Super Micro’s stock to plunge by nearly 20% at the time. Compounding matters, the company missed its deadline to file its annual report with the U.S. Securities and Exchange Commission (SEC), further fueling concerns. It remains unclear whether the delay is related to the allegations made by Hindenburg.
As the investigation gains traction, reports suggest that a prosecutor from the U.S. Attorney’s office in San Francisco has sought information about a former employee who previously accused Super Micro of engaging in questionable accounting practices. This has intensified scrutiny on the company’s financial integrity, leading many investors to reassess their positions.
Super Micro, founded in 1993, has enjoyed substantial growth in recent years, particularly benefiting from the AI boom. Its hardware is critical for the infrastructure powering websites, data storage, and AI computing. The company’s shares had been on an upward trajectory, driven by strong demand in the tech sector, until these allegations surfaced.
The fallout from the DOJ probe marks another chapter in a tumultuous period for Super Micro. It remains to be seen how this investigation will unfold and what its ultimate impact will be on the company’s financial health and market standing. At this stage, neither the DOJ nor Super Micro has offered substantial comment on the matter.
The investigation raises broader questions about corporate governance and financial transparency in tech companies. As Super Micro continues to face these allegations, the company will need to work swiftly to restore investor confidence and navigate the potential legal challenges ahead.
CHANDLER, Ariz. – Comtech (NASDAQ: CMTL) (the “Company”), a global technology leader, today noted the director nominations submitted by Michael Porcelain, Fred Kornberg and their affiliates to stand for election to the Comtech Board of Directors at the Company’s Fiscal 2024 Annual Meeting of Stockholders.
Comtech stockholders are not required to take any action at this time.
About Comtech
Comtech Telecommunications Corp. is a leading global technology company providing terrestrial and wireless network solutions, next-generation 9-1-1 emergency services, satellite and space communications technologies, and cloud native capabilities to commercial and government customers around the world. Our unique culture of innovation and employee empowerment unleashes a relentless passion for customer success. With multiple facilities located in technology corridors throughout the United States and around the world, Comtech leverages our global presence, technology leadership, and decades of experience to create the world’s most innovative communications solutions. For more information, please visit www.comtech.com.
Important Additional Information and Where to Find It
The Company intends to file a proxy statement on Schedule 14A, an accompanying white proxy card, and other documents with the Securities and Exchange Commission (the “SEC”) in connection with its solicitation of proxies from the Company’s stockholders for the Company’s Fiscal 2024 Annual Meeting of Stockholders. THE COMPANY’S STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING WHITE PROXY CARD, AND ALL OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and stockholders may obtain a copy of the definitive proxy statement, an accompanying white proxy card, any amendments or supplements to the definitive proxy statement and other documents filed by the Company with the SEC at no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge by clicking the “Governance” link in the “Investors” section of the Company’s website, https://comtech.com/investors/, or by contacting investors@comtech.com as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.
Participants in the Solicitation
The Company, its directors, certain of its officers, and other employees may be deemed to be “participants” (as defined in Section 14(a) of the Securities Exchange Act of 1934, as amended) in the solicitation of proxies from the Company’s stockholders in connection with matters to be considered at the Company’s Fiscal 2024 Annual Meeting of Stockholders.
Information about the names of the Company’s directors and officers, their respective interests in the Company by security holdings or otherwise, and their respective compensation is set forth in the sections entitled “Stockholders, Directors and Executive Officers,” “Director Compensation,” and “Executive Compensation” of the Company’s Proxy Statement on Schedule 14A in connection with the Fiscal 2023 Annual Meeting of Stockholders, filed with the SEC on November 16, 2023 (available here) and the Company’s Annual Report on Form 10-K, filed with the SEC on October 12, 2023 (available here). To the extent the security holdings of directors and executive officers have changed since the amounts described in these filings, such changes are set forth on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC, which can be found at no charge at the SEC’s website at www.sec.gov. Updated information regarding the identity of potential participants and their direct or indirect interests, by security holdings or otherwise, in the Company will be set forth in the Company’s Proxy Statement on Schedule 14A for the Fiscal 2024 Annual Meeting of Stockholders and other relevant documents to be filed with the SEC, if and when they become available. These documents will be available free of charge as described above.
