Key Points: – US stocks rise as inflation data meets forecasts, supporting a potential December Fed rate cut. – Consumer Price Index (CPI) shows annual inflation at 2.6% with core inflation at 3.3%, aligning with expectations. – FedWatch tool indicates 80% likelihood of a rate cut in December, reinforcing investor confidence.
US stocks gained in Wednesday afternoon trading as the latest consumer inflation report aligned with expectations, reinforcing the likelihood of a Federal Reserve interest rate cut in December. The Dow Jones Industrial Average (^DJI) rose by approximately 0.4%, recovering from previous session losses, while the S&P 500 (^GSPC) and the tech-heavy Nasdaq Composite (^IXIC) saw increases of about 0.3% and 0.2%, respectively. Bitcoin (BTC-USD) also continued its bullish trend, climbing 5% to over $92,000 per coin as investors maintained optimism in the digital asset market.
The October Consumer Price Index (CPI) reported a 2.6% year-over-year increase, with core inflation — which excludes volatile food and energy prices — rising by 3.3%. Both monthly and annual inflation rates met analyst forecasts, with core inflation edging up 0.3% month-over-month. These figures suggest that inflation may be stabilizing, a welcome development for the Fed as it considers a rate cut to support economic growth.
Minneapolis Fed President Neel Kashkari commented on the importance of inflation data for upcoming Fed policy decisions. He stated that while the numbers are in line with expectations, any unexpected rise in inflation could influence the Fed’s approach. The latest CME FedWatch tool data indicates an 80% chance of a December rate cut, as traders expect the Fed to act cautiously in light of recent economic and inflation trends.
Looking at broader market factors, post-election economic optimism has slowed somewhat as investors consider the potential impact of President-elect Donald Trump’s policy promises on inflation and growth. Concerns over rising borrowing costs due to increased Treasury yields have tempered market enthusiasm, adding some caution to the economic outlook. However, the inflation data provides a clearer backdrop for the Fed, likely keeping it on a path toward reducing rates next month, which could help offset higher yields and bolster economic activity.
Investors continue to keep a close eye on inflation as well as any signals from the Fed. With the markets increasingly expecting rate cuts, the stability of inflation numbers may provide confidence for both consumers and businesses as they plan for 2024. Meanwhile, the growing strength of assets like bitcoin reflects a broader trend of investor confidence across diverse sectors.
As the year winds down, the stock market will closely monitor any changes in inflation, economic data, and Fed commentary, which will likely guide trading activity into 2024.
Toronto, Ontario–(Newsfile Corp. – November 11, 2024) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) has received preliminary results from ongoing mineral processing, laboratory assay and metallurgical studies conducted by SGS Laboratories (Lakefield) Ltd. (“SGS”) on a sample of magnetic sand taken from Nonza Beach, Corsica, under independent supervision by Mr. John Rae, P. Geo. of Ontario, Canada. The nickel-bearing mineral in the black magnetic sand is awaruite, a naturally occurring nickel-iron alloy, which is both of high specific gravity (dense) and of high magnetic susceptibility (magnetic).
Project Highlights:
Black beach sands from Nonza Beach, Corsica, contain the magnetic nickel-iron mineral awaruite transported by longshore drift from a nearby historic mine.
The beach is approximately 1350 metres long and up to 350 metres wide, with the beach material extending on the seabed up to at least an additional 600 metres offshore. The maximum beach thickness is estimated at 14 metres but this has yet to be tested by drilling.
Preliminary studies indicate the beach is 40% sand, up to 31.7% of which is magnetic, and a magnetic concentrate of the sand (containing awaruite+magnetite) yielded 40.1% nickel. 98% of the awaruite reports to the ˂ 1 mm fraction
New assays of an awaruite flotation concentrate yielded 71.4% nickel, 0.98% cobalt, 0.65% copper, 0.58 g/t gold, 0.09 g/t platinum and 0.39 g/t palladium
Further metallurgical studies are underway to determine the potential marketability of the mixed awaruite-magnetite as nickel-matte feedstock versus pure awaruite as a polymetallic product
Study of identical sands at the nearby Albo Beach are also underway
SGS was able to isolate a nearly pure awaruite concentrate using a combination of grinding and flotation of magnetic sand collected in a traverse of Nonza Beach using a high field strength rare earth magnet. The awaruite flotation concentrate assayed 71.4% nickel, 0.98% cobalt, 0.65% copper, 0.58 g/t gold, 0.09 g/t platinum and 0.39 g/t palladium. The flotation method was able to recover 83.8% of the nickel contained in the magnetic sand, which had a head grade of 6% nickel. Using reverse flotation, a second product of nearly pure (93%) magnetite was obtained. This process has not been optimised and is a “first pass” only. It is believed that the recovery of nickel from the raw magnetic sand can be improved.
An examination of the literature shows that platinum group metal (“PGM”) enrichment in awaruite is quite rare. The only other occurrence documented being in the Kamchatka Peninsula of Russia[1] The Company had previously determined that the Corsican awaruite contains PGMs by electron microprobe analysis carried out at Western University in Canada, and these new assay results by SGS confirm and quantify this.
As presented in the Company’s press release dated October 3, 2024, a Mozley gravity table concentrate of magnetic beach sand generated by SGS yielded 40.1% nickel. The Company believes that an “impure” awaruite-magnetite gravity concentrate by itself could be potentially saleable as feedstock for a nickel-matte furnace. However, recovery and isolation of a pure awaruite product may allow for the extraction of cobalt, copper, and precious metals in a “value-added” scenario. Hydrometallurgical studies using an atmospheric leach on the remainder of the sample recovered by flotation is in progress with encouraging early results. The Company has no plan at this time to build a refinery or manufacture any battery grade materials but would like to explore all possibilities for commerciality.
The Company notes that it has not done sufficient work to determine a compliant resource at this juncture.
Qualified Persons: The geological information contained in this news release has been verified and approved by Aurania’s VP Exploration, Mr. Jean-Paul Pallier, MSc. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
About Aurania Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities – Cutucú Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the tonnage and grade of mineralization which has the potential for economic extraction and processing, the merits and effectiveness of known process and recovery methods, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations, the Company’s teams being on track ahead of any drill program, the commencement of any drill program and estimates of market conditions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; the inability to recover and process mineralization using known mining methods; the presence of deleterious mineralization or the inability to process mineralization in an environmentally acceptable manner; commodity prices, supply chain disruptions, restrictions on labour and workplace attendance and local and international travel; a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents; an inability to access financing as needed; a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania; a failure to comply with environmental regulations; a weakening of market and industry reliance on precious metals and base metals; and those risks set out in the Company’s public documents filed on SEDAR+. Aurania cautions the reader that the above list of risk factors is not exhaustive. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
MORTON GROVE, Ill., Nov. 8, 2024 /PRNewswire/ — Lifeway Foods, Inc. (Nasdaq: LWAY) (“Lifeway” or “the Company”), a leading U.S. supplier of kefir and fermented probiotic products to support the microbiome, today announced it will report financial results for the third quarter ended September 30, 2024 on November 14, 2024 before market hours.
A pre-recorded conference call and webcast with Julie Smolyanksy, Lifeway’s President and Chief Executive Officer, discussing these results with additional comments and details will be made available through the “Investor Relations” section of the Company’s website at https://lifewaykefir.com/webinars-reports/ upon dissemination of the third quarter results on November 14, 2024 before market hours.
About Lifeway Foods, Inc. Lifeway Foods, Inc., which has been recognized as one of Forbes’ Best Small Companies, is America’s leading supplier of the probiotic, fermented beverage known as kefir. In addition to its line of drinkable kefir, the company also produces a variety of cheeses and a ProBugs line for kids. Lifeway’s tart and tangy fermented dairy products are now sold across the United States, Mexico, Ireland, South Africa, United Arab Emirates and France. Learn how Lifeway is good for more than just you at lifewayfoods.com.
Media: Derek Miller Vice President of Communications, Lifeway Foods Email: derekm@lifeway.net
General inquiries: Lifeway Foods, Inc. Phone: 847-967-1010 Email: info@lifeway.net
Key Points: – Bitcoin surged to $83,000, continuing a post-election rally attributed to Trump’s pro-crypto policies. – Inflows into Bitcoin and Ethereum ETFs reached record highs post-election, supporting Bitcoin’s climb. – Analysts see Bitcoin hitting $100,000 by year-end, with regulatory support fueling market optimism.
Bitcoin hit an all-time high on Monday, surpassing $83,000 as excitement around the recent U.S. presidential election continues to fuel a strong rally in cryptocurrency markets. Following Donald Trump’s election victory, investor optimism has pushed Bitcoin’s price up by 5%, alongside other popular cryptocurrencies like Ethereum, which gained 2%, and Cardano, which ticked up by 1.7%. The decentralized finance token XRP saw a slight dip after a robust week, while Dogecoin, another popular digital currency, surged nearly 8% in trading, reflecting widespread enthusiasm for Trump’s pro-crypto stance.
This recent surge in cryptocurrency prices underscores a market mood filled with “euphoria,” according to Susannah Streeter, head of money and markets at Hargreaves Lansdown. She noted that Trump’s promises to transform the United States into a “crypto capital” have driven fresh investor enthusiasm. During his campaign, Trump expressed support for an array of crypto-friendly policies, including a vision to make the U.S. the world’s top destination for cryptocurrency innovation. He also suggested that all Bitcoin mining should take place domestically to boost national production, sparking a hopeful outlook among investors who see his administration as likely to adopt a favorable regulatory approach for digital assets.
Trump’s win has created a notable shift in the cryptocurrency landscape, with Citi strategists identifying crypto as one of the few “Trump trades that has yet to retrace.” The election has already generated significant inflows into crypto ETFs, with $2.01 billion flowing into Bitcoin ETFs and an additional $132 million into Ethereum ETFs in just two days. This shift in institutional investment toward digital assets is encouraging for the crypto market, as it not only raises Bitcoin’s current price but also establishes it as a more permanent asset in mainstream portfolios. Analysts point to these ETFs as one of the primary drivers of Bitcoin’s current climb, suggesting that institutional investors view crypto as a hedge against inflation and an opportunity to capitalize on future growth.
Many analysts believe Bitcoin’s climb isn’t over yet. Several experts, including Citi’s David Glass, anticipate that Bitcoin could hit the $100,000 mark by the end of the year. This target is ambitious but plausible if Trump’s administration maintains the cryptosupportive tone it has promised. Glass argues that the anticipated regulatory clarity, along with investor optimism, has helped push Bitcoin to these record-breaking levels. With major corporations like Coinbase and MicroStrategy already riding the wave of this upward momentum, their respective stock prices have seen double-digit gains of 15% and 12% respectively, showcasing widespread investor confidence across the digital asset sector.
Despite the enthusiasm, some analysts remain cautious about Trump’s ability to deliver on all his crypto-related promises. Notably, his suggestion to replace U.S. SEC Chairman Gary Gensler, who has been critical of the crypto market, is beyond the president’s direct authority and unlikely to happen easily. Still, his administration’s pro-crypto stance may encourage a more favorable regulatory environment that could sustain Bitcoin’s rally.
Bitcoin’s recent surge highlights the potent mix of politics and finance in today’s digital economy. Trump’s promise to make the U.S. the world leader in cryptocurrency has breathed new life into Bitcoin and other digital assets, but only time will tell if the optimism surrounding his victory translates into long-term gains for the market. With $83,000 now in the rearview mirror and $100,000 in sight, Bitcoin’s performance in the coming months could define a new era of mainstream acceptance for digital currency.
Digital Represents 52% of September YTD Total Net Revenue Ignite’s Digital Advertising Revenue Growth Accelerates in Q3 Repurchased $25 Million of Debt ($36M through October) and $24 Million of Equity in September YTD Period
PURCHASE, N.Y., Nov. 07, 2024 (GLOBE NEWSWIRE) — Townsquare Media, Inc. (NYSE: TSQ) (“Townsquare”, the “Company,” “we,” “us,” or “our”) announced today its financial results for the third quarter ended September 30, 2024.
“I am pleased to share that Townsquare’s net revenue returned to year-over-year growth, driven by sequential improvement across each of our three business segments, due to our local focus and our unique and differentiated digital platform, as well as the benefit from political revenue. Third quarter net revenue increased +0.2% year-over-year and Adjusted EBITDA decreased -6.3% year-over-year, both meeting guidance and reflecting a sequential improvement from the first and second quarter. In addition, net income improved $47.8 million year-over-year, in large part due to a reduction in non-cash impairment charges,” commented Bill Wilson, Chief Executive Officer of Townsquare Media, Inc. “Our return to net revenue growth in the third quarter coincided with our return to total Digital net revenue growth, which increased by +1% year-over-year. In particular, Townsquare Interactive’s sequential revenue growth improved to +3% quarter-over-quarter, and Digital Advertising net revenue increased +5% year-over-year, an acceleration from the +1% revenue growth rates in the first six months of 2024. In total, Digital represented more than half of Townsquare’s net revenue in the first nine months of the year, a true point of differentiation from others in local media, as we have evolved from a local broadcast radio company that was founded in 2010, to a Digital First Local Media Company with a world class team and a unique and differentiated strategy, assets, platforms and solutions.”
Mr. Wilson continued, “We have executed and delivered on what we said we would do, while simultaneously building value for our shareholders through dividend payments, debt reduction and share repurchases. In the first nine months of the year, we have repurchased and retired $25 million of our bonds at a discount to par ($36 million through October), and repurchased $24 million of equity, or 2.3 million shares, including the accretive share repurchase of 1.5 million shares from Madison Square Garden. At the same time, we have maintained our high yielding dividend and a strong cash balance, which was $22 million at the end of the third quarter, and net leverage remained below 4.9x. We are gearing up for our upcoming refinancing, and we look forward to sharing that outcome with our investors when we next report.”
The Company announced today that its Board of Directors approved a quarterly cash dividend of $0.1975 per share. The dividend will be payable on February 1, 2025 to shareholders of record as of the close of business on January 21, 2025. As of yesterday’s closing price that reflects a dividend yield of approximately 8%.
Segment Reporting We have three reportable operating segments, Subscription Digital Marketing Solutions, Digital Advertising and Broadcast Advertising. The Subscription Digital Marketing Solutions segment includes our subscription digital marketing solutions business, Townsquare Interactive. The Digital Advertising segment, marketed externally as Townsquare Ignite, includes digital advertising on our owned and operated digital properties, our first party data digital management platform and our digital programmatic advertising platform. The Broadcast Advertising segment includes our local, regional, and national advertising products and solutions delivered via terrestrial radio broadcast, and other miscellaneous revenue that is associated with our broadcast advertising platform. The remainder of our business is reported in the Other category, which includes our live events business.
Third Quarter Results*
As compared to the third quarter of 2023:
Net revenue increased 0.2%, and decreased 2.5% excluding political
Net income increased $47.8 million
Adjusted EBITDA decreased 6.3%
Total Digital net revenue increased 1.1%
Subscription Digital Marketing Solutions (“Townsquare Interactive”) net revenue decreased 5.8%
Digital Advertising net revenue increased 4.7%
Total Digital Adjusted Operating Income decreased 8.9%
Subscription Digital Marketing Solutions Adjusted Operating Income decreased 11.0%
Digital Advertising Adjusted Operating Income decreased 7.9%
Broadcast Advertising net revenue increased 0.3%, and decreased 5.3% excluding political
Net Income per diluted share was $0.63 and Adjusted Net Income per diluted share was $0.35
Repurchased an aggregate $11.0 million of our 2026 Senior Secured Notes below par
Repurchased 0.1 million shares of the Company’s common stock at an average price of $11.32
Year-to-Date Highlights*
As compared to the nine months ended September 30, 2023:
Net revenue decreased 1.8%, and 3.3% excluding political
Net loss decreased $5.2 million
Adjusted EBITDA decreased 8.0%
Total Digital net revenue decreased 2.6%
Subscription Digital Marketing Solutions net revenue decreased 11.5%
Digital Advertising net revenue increased 2.4%
Total Digital Adjusted Operating Income decreased 17.0%
Subscription Digital Marketing Solutions Adjusted Operating Income decreased 10.3%
Digital Advertising Adjusted Operating Income decreased 20.2%
Broadcast Advertising net revenue decreased 0.3%, and 3.4%, excluding political
Repurchased an aggregate $24.7 million of our 2026 Senior Secured Notes below par
Repurchased 2.3 million shares of the Company’s common stock at an average price of $10.31
Repurchased and retired 3.2 million options expiring in July 2024 for a net purchase price of $3.60 per option
*See below for discussion of non-GAAP measures.
Guidance For the fourth quarter of 2024, net revenue is expected to be between $114.8 million and $118.8 million, and Adjusted EBITDA is expected to be between $30.8 million and $31.8 million.
For the full year 2024, net revenue is expected to be between $448 million and $452 million, and Adjusted EBITDA is expected to be between $100 million and $101 million, both within our original guidance ranges.
Quarter Ended September 30, 2024 Compared to the Quarter Ended September 30, 2023
Net Revenue Net revenue for the three months ended September 30, 2024 increased $0.2 million, or 0.2%, to $115.3 million as compared to $115.1 million in the same period in 2023. Digital Advertising net revenue increased $1.9 million, or 4.7%, as compared to the same period in 2023, and Broadcast Advertising net revenue increased $0.2 million, or 0.3%, as compared to the same period in 2023. These increases were partially offset by a decrease in Subscription Digital Marketing Solutions net revenue of $1.2 million, or 5.8%, and a $0.6 million, or 37.3%, decrease in Other net revenue as compared to the same period in 2023. Excluding political revenue of $3.7 million and $0.6 million for the three months ended September 30, 2024 and 2023, respectively, net revenue decreased $2.9 million, or 2.5%, to $111.6 million. Broadcast Advertising net revenue decreased $2.8 million, or 5.3%, to $50.8 million, and Digital Advertising net revenue increased $1.8 million, or 4.6%, to $40.7 million.
Net Income (Loss) For the three months ended September 30, 2024, we reported net income of $11.3 million, an increase of $47.8 million as compared to a net loss of $36.5 million in the same period last year. The increase was primarily due to a $29.0 million decrease in non-cash impairment charges, partially offset by a $2.5 million increase in direct operating expenses and a $22.6 million decrease in the income tax provision due to the valuation allowance for interest expense carryforwards and an increase in certain non-deductible compensation costs. Adjusted Net Income decreased $2.2 million as compared to the same period last year.
Adjusted EBITDA Adjusted EBITDA for the three months ended September 30, 2024 decreased $1.7 million, or 6.3%, to $25.5 million, as compared to $27.2 million in the same period last year. Adjusted EBITDA (Excluding Political) decreased $4.3 million, or 16.3%, to $22.3 million, as compared to $26.6 million in the same period last year.
Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023
Net Revenue Net revenue for the nine months ended September 30, 2024, decreased $6.3 million, or 1.8%, to $333.2 million as compared to $339.4 million in the same period in 2023. Subscription Digital Marketing Solutions net revenue decreased $7.2 million, or 11.5%, Other net revenue decreased $1.3 million, or 15.3%, and Broadcast Advertising net revenue decreased $0.4 million, or 0.3%, as compared to the same period in 2023. These declines were partially offset by a $2.7 million, or 2.4%, increase in Digital Advertising net revenue as compared to the same period in 2023. Excluding political revenue of $6.2 million and $1.2 million for the nine months ended September 30, 2024 and 2023, respectively, net revenue decreased $11.3 million, or 3.3% to $327.0 million, Broadcast Advertising net revenue decreased $5.1 million, or 3.4%, to $147.6 million, and Digital Advertising net revenue increased $2.5 million, or 2.2%, to $116.2 million.
Net Loss For the nine months ended September 30, 2024, we reported a net loss of $36.0 million, a decrease of $5.2 million as compared to a net loss of $41.1 million in the same period last year. The decrease was due to a $29.4 million decrease in non-cash impairment charges, partially offset by increases in stock-based compensation and transaction and business realignment costs, the decrease in net revenue and a $4.5 million increase in the income tax provision was driven by the valuation allowance for interest expense carryforwards and an increase in certain non-deductible compensation costs. Adjusted Net Income decreased $9.7 million as compared to the same period last year.
Adjusted EBITDA Adjusted EBITDA for the nine months ended September 30, 2024 decreased $6.0 million, or 8.0% to $69.2 million, as compared to $75.2 million in the same period last year. Adjusted EBITDA (Excluding Political) decreased $10.3 million, or 13.8%, to $63.9 million, as compared to $74.2 million in the same period last year.
Liquidity and Capital Resources As of September 30, 2024, we had a total of $21.8 million of cash and cash equivalents and $478.9 million of outstanding indebtedness, representing 5.10x and 4.86x gross and net leverage, respectively, based on Adjusted EBITDA for the twelve months ended September 30, 2024, of $94.0 million.
The table below presents a summary, as of November 1, 2024, of our outstanding common stock (net of treasury shares).
Security
Number Outstanding
Description
Class A common stock
14,231,917
One vote per share.
Class B common stock
815,296
10 votes per share.1
Class C common stock
500,000
No votes.1
Total
15,547,213
1 Each share converts into one share of Class A common stock upon transfer or at the option of the holder, subject to certain conditions, including compliance with FCC rules.
Conference Call Townsquare Media, Inc. will host a conference call to discuss certain third quarter 2024 financial results and 2024 guidance on Thursday, November 7, 2024 at 10:00 a.m. Eastern Time. The conference call dial-in number is 1-800-717-1738 (U.S. & Canada) or 1-646-307-1865 (International) and the conference ID is “Townsquare”. A live webcast of the conference call will also be available on the investor relations page of the Company’s website at www.townsquaremedia.com.
A replay of the conference call will be available through November 14, 2024. To access the replay, please dial 1-844-512-2921 (U.S. and Canada) or 1-412-317-6671 (International) and enter confirmation code 1142541. A web-based archive of the conference call will also be available at the above website.
About Townsquare Media, Inc. Townsquare is a community-focused digital media and digital marketing solutions company with market leading local radio stations, principally focused outside the top 50 markets in the U.S. Our assets include a subscription digital marketing services business, Townsquare Interactive, providing website design, creation and hosting, search engine optimization, social media and online reputation management as well as other digital monthly services for SMBs; a robust digital advertising division, Townsquare Ignite, a powerful combination of a) an owned and operated portfolio of more than 400 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data and b) a proprietary digital programmatic advertising technology stack with an in-house demand and data management platform; and a portfolio of 349 local terrestrial radio stations in 74 U.S. markets strategically situated outside the Top 50 markets in the United States. Our portfolio includes local media brands such as WYRK.com, WJON.com and NJ101.5.com, and premier national music brands such as XXLmag.com, TasteofCountry.com, UltimateClassicRock.com, and Loudwire.com. For more information, please visit www.townsquaremedia.com, www.townsquareinteractive.com and www.townsquareignite.com.
Forward-Looking Statements Except for the historical information contained in this press release, the matters addressed are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “aim,” “anticipate,” “estimate,” “expect,” “forecast,” “outlook,” “potential,” “project,” “projection,” “plan,” “intend,” “seek,” “believe,” “may,” “could,” “would,” “will,” “should,” “can,” “can have,” “likely,” the negatives thereof and other words and terms. Actual events or results may differ materially from the results anticipated in these forward-looking statements as a result of a variety of factors. While it is impossible to identify all such factors, factors that could cause actual results to differ materially from those estimated by us include the impact of general economic conditions in the United States, or in the specific markets in which we currently do business including supply chain disruptions, inflation, labor shortages and the effect on advertising activity, industry conditions, including existing competition and future competitive technologies, the popularity of radio as a broadcasting and advertising medium, cancellations, disruptions or postponements of advertising schedules in response to national or world events, our ability to develop and maintain digital technologies and hire and retain technical and sales talent, our dependence on key personnel, our capital expenditure requirements, our continued ability to identify suitable acquisition targets, and consummate and integrate any future acquisitions, legislative or regulatory requirements, risks and uncertainties relating to our leverage and changes in interest rates, our ability to obtain financing at times, in amounts and at rates considered appropriate by us, our ability to access the capital markets as and when needed and on terms that we consider favorable to us and other factors discussed in this section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this report and under “Risk Factors” in our 2023 Annual Report on Form 10-K, for the year ended December 31, 2023, filed with the SEC on March 15, 2024, as well as other risks discussed from time to time in our filings with the SEC. Many of these factors are beyond our ability to predict or control. In addition, as a result of these and other factors, our past financial performance should not be relied on as an indication of future performance. The cautionary statements referred to in this section also should be considered in connection with any subsequent written or oral forward-looking statements that may be issued by us or persons acting on our behalf. The forward-looking statements included in this report are made only as of the date hereof or as of the date specified herein. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Measures and Definitions In this press release, we refer to Adjusted Operating Income, Adjusted EBITDA, Adjusted EBITDA (Excluding Political), Adjusted Net Income and Adjusted Net Income Per Share which are financial measures that have not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”).
We define Adjusted Operating Income by Segment as operating income by segment before the deduction of depreciation and amortization, stock-based compensation, corporate expenses, transaction costs, business realignment costs, impairments and net loss (gain) on sale and retirement of assets. We define Adjusted EBITDA as net income before the deduction of income taxes, interest expense, net, gain on repurchases of debt, transaction and business realignment costs, depreciation and amortization, stock-based compensation, impairments, net loss (gain) on sale and retirement of assets and other expense (income) net. We define Adjusted EBITDA (Excluding Political) as Adjusted EBITDA less political net revenue, net of a fifteen percent deduction to account for estimated national representative firm fees, music licensing fees and sales commissions expense. Adjusted Net Income is defined as net income before the deduction of transaction and business realignment costs, impairments, gains on sale of investments, change in fair value of investment, net loss (gain) on sale and retirement of assets, gain on repurchases of debt, gain on sale of digital assets, gain on insurance recoveries and net income attributable to non-controlling interest, net of income taxes stated at the Company’s applicable statutory effective tax rate. Adjusted Net Income Per Share is defined as Adjusted Net Income divided by the weighted average shares outstanding. We define Net Leverage as our total outstanding indebtedness, net of our total cash balance as of September 30, 2024, divided by our Adjusted EBITDA for the twelve months ended September 30, 2024. These measures do not represent, and should not be considered as alternatives to or superior to, financial results and measures determined or calculated in accordance with GAAP. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. You should be aware that in the future we may incur expenses or charges that are the same as or similar to some of the adjustments in the presentation, and we do not infer that our future results will be unaffected by unusual or non-recurring items. In addition, these non-GAAP measures may not be comparable to similarly-named measures reported by other companies.
We use Adjusted Operating Income by Segment to evaluate the operating performance of our business segments. We use Adjusted EBITDA and Adjusted EBITDA (Excluding Political) to facilitate company-to-company operating performance comparisons by backing out potential differences caused by variations in capital structures (affecting interest expense), taxation and the age and book depreciation of facilities and equipment (affecting relative depreciation expense), which may vary for different companies for reasons unrelated to operating performance, and to facilitate year over year comparisons, by backing out the impact of political revenue which varies depending on the election cycle and may be unrelated to operating performance. We use Adjusted Net Income and Adjusted Net Income Per Share to assess total company operating performance on a consistent basis. We use Net Leverage to measure the Company’s ability to handle its debt burden. We believe that these measures, when considered together with our GAAP financial results, provide management and investors with a more complete understanding of our business operating results, including underlying trends, by excluding the effects of transaction costs, net loss (gain) on sale and retirement of assets, business realignment costs and certain impairments. Further, while discretionary bonuses for members of management are not determined with reference to specific targets, our board of directors may consider Adjusted Operating Income by Segment, Adjusted EBITDA, Adjusted EBITDA (Excluding Political), Adjusted Net Income, Adjusted Net Income Per Share, and Net Leverage when determining discretionary bonuses.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Lithium carbonate production at the pilot plant. Century Lithium has successfully produced battery-quality lithium carbonate at its Angel Island lithium project pilot plant and demonstrated it has an end-to-end process to produce lithium carbonate. The pilot plant utilizes the Company’s patent-pending process for chloride leaching combined with direct lithium extraction (DLE). Management is now focused on process optimization to reduce the project’s estimated capital and operating costs, along with advancing environmental studies, permitting, and project funding.
Progress on the environmental and permitting front. Century Lithium has completed a draft hydrological model and a draft Plan of Operations Additionally, Century has identified potential alternative locations for water supply closer to the project within its water rights permit to optimize resource usage.
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*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: – The Fed is on track for a 0.25% rate cut in November, with another likely in December. – October saw only 12,000 jobs added, with hurricanes and strikes impacting hiring. – Downward revisions for August and September reinforce a cooling labor market.
The Federal Reserve is set to move forward with an anticipated 0.25% rate cut next week, following weaker-than-expected jobs data for October. According to the Bureau of Labor Statistics, the economy added just 12,000 nonfarm payrolls last month, a sharp decline from previous months. Hurricanes Helene and Milton, along with a significant strike at Boeing, played a role in reducing hiring across multiple industries. Additionally, revised data showed downward adjustments for August and September, signaling a cooling labor market.
The October jobs report and recent revisions provide further evidence that the labor market has slowed from the high-demand levels seen in recent years. As inflation moderates, Federal Reserve officials see this as a favorable environment to begin loosening the restrictive rates they implemented to contain rising prices. The Fed lowered its benchmark rate by 0.5% in September, and it signaled intentions to cut rates gradually through the end of the year. According to Steven Blitz, Chief U.S. Economist at TS Lombard, the Fed is likely to reduce rates by a further 0.25% in both November and December, aiming for a target range between 4% and 4.25% by year-end.
Job market indicators have continued to soften, as shown in the Fed’s Beige Book, which highlighted flat economic activity across most U.S. regions since early September. Meanwhile, job openings have been steadily decreasing, suggesting that demand for new hires is easing. Although the U.S. economy expanded at an annualized 2.8% rate in Q3, driven by robust consumer spending, Fed policymakers remain cautious. Several officials have recently voiced a preference for a measured approach to further cuts, citing the mixed signals between consumer demand and labor market pressures.
The BLS reported that October’s labor market data was affected by temporary disruptions, but it could not definitively quantify the hurricanes’ impact on job additions. Even so, most policymakers and market participants agree that this report doesn’t alter the Fed’s previous position. Vanguard senior economist Josh Hirt commented that, aside from October’s numbers, the year-to-date data reflects a healthy labor market. However, with the Fed’s rate reductions expected to provide stimulus, officials remain attentive to the broader trends in economic activity and employment stability.
The Fed’s gradual approach to rate adjustments aligns with its broader economic strategy: while inflation remains a concern, the cooling labor market and job revisions provide the flexibility needed to support growth without risking excessive inflationary pressures. The Fed’s decision on November 7, just after the U.S. presidential election, will be closely watched as it marks a pivotal point in the central bank’s policy response to evolving economic conditions.
Key Points: – S&P 500 hits an intraday record high driven by strong performance from chip stocks, with Nvidia and Apple leading the charge. – Investors focus on upcoming corporate earnings reports from major companies like Bank of America and Netflix, as well as key economic data. – Boeing and Caterpillar stocks drag on the Dow due to job cuts and rating downgrades, while the broader market shows cautious optimism.
The S&P 500 and Nasdaq indices reached new highs on Monday, buoyed by a rally in chip stocks and positive market sentiment as investors prepared for a week filled with critical corporate earnings reports and important economic data. The S&P 500 achieved an intraday record high, continuing the momentum it gained from last week’s solid performance. Meanwhile, the Nasdaq also rose as tech stocks, particularly Nvidia and Apple, saw substantial gains.
Nvidia’s stock rose by 2.2%, while Apple gained 1.6%, propelling an index of semiconductor companies to its highest point in over two months. The strength of these companies underscored the resilience of the technology sector, which has continued to lead market gains throughout 2024. With the semiconductor index posting significant growth, the technology sector contributed heavily to the S&P 500’s rise, with five out of eleven sectors inching higher.
Despite the overall strength of the S&P 500 and Nasdaq, the Dow Jones Industrial Average struggled due to underperformance from major industrial stocks. Caterpillar, a bellwether for the industrial sector, fell by 3% after being downgraded by Morgan Stanley from “equal weight” to “underweight.” Boeing also faced challenges, as the company’s stock slipped 2.4% after announcing a larger-than-expected third-quarter loss, job cuts, and a delay in the delivery of its 777X jet.
As corporate earnings season kicks into full gear, investors are eagerly awaiting results from major companies including Bank of America, Citigroup, Johnson & Johnson, and Netflix. Analysts are projecting year-over-year third-quarter earnings growth of 4.9% for the S&P 500. Last week, bank earnings set a positive tone for the earnings season, with JPMorgan delivering strong results that injected optimism into the market.
However, concerns remain regarding high stock valuations. The S&P 500 is trading at nearly 22 times forward earnings, significantly higher than its long-term average of 15.7. As corporate results roll in, companies will need to deliver strong numbers to justify the elevated stock prices, making this earnings season a pivotal moment for the market.
In addition to earnings reports, investors are keenly watching for crucial economic data, particularly the September retail sales figures due to be released on Thursday. These figures are expected to provide insight into the financial health of U.S. consumers, a key factor influencing market sentiment.
On the monetary policy front, Minneapolis Fed President Neel Kashkari made headlines by suggesting that modest interest-rate cuts could be on the horizon as inflation nears the Federal Reserve’s 2% target. Similarly, Fed Governor Christopher Waller is set to provide further insights into the Fed’s stance on interest rates. While investors have scaled back expectations for a large interest-rate cut, the CME Group’s FedWatch tool shows an 84.2% probability of a 25-basis-point reduction at the Fed’s November meeting.
While tech stocks soared, other sectors showed more caution. Boeing’s job cuts and delivery delays, alongside Caterpillar’s rating downgrade, weighed on the Dow, dragging the index down by 0.10%. Meanwhile, energy stocks took a hit as oil prices declined, with the energy sector slipping 0.4%. On the other hand, defense stocks such as Northrop Grumman and Lockheed Martin saw gains amid rising geopolitical tensions, including Iran’s missile launch against Israel.
In contrast, B. Riley Financial experienced a significant 20% jump after announcing a deal to sell its Great American Group unit to Oaktree Capital for $386 million, reflecting optimism in the financial sector.
Despite these mixed performances, the overall market remains cautiously optimistic as traders brace for a critical week that will provide further clues about the strength of corporate America and the broader U.S. economy.
Key Points: – Coeur Mining has agreed to acquire SilverCrest Metals in a $1.7 billion deal, offering a 22% premium to SilverCrest shareholders. – The combined company is expected to produce 21 million ounces of silver and 432,000 ounces of gold in 2025, with significant free cash flow generation. – SilverCrest’s high-grade Las Chispas mine will enhance Coeur’s cost structure and accelerate its deleveraging efforts, reducing its leverage ratio by 40%.
Coeur Mining, Inc. (NYSE: CDE) and SilverCrest Metals (NYSE: SILV) have announced they have entered into a definitive agreement where Coeur will acquire all issued and outstanding shares of SilverCrest in a transaction valued at approximately $1.7 billion. The acquisition will take place through a court-approved plan of arrangement, with SilverCrest shareholders set to receive 1.6022 Coeur common shares for each SilverCrest share, implying a total consideration of $11.34 per share—a 22% premium over SilverCrest’s closing price on October 3.
A Strategic Union to Create a Global Silver Leader
The acquisition is expected to transform Coeur into a leading global silver company. By integrating SilverCrest’s flagship Las Chispas mine in Sonora, Mexico, with Coeur’s existing operations—including its expanded Rochester mine in Nevada and Palmarejo mine in Mexico—the combined company aims to produce a peer-leading 21 million ounces of silver and 432,000 ounces of gold in 2025.
The acquisition is projected to deliver significant value for Coeur shareholders through expanded production capacity and improved financial metrics. Coeur anticipates the combined company will generate approximately $700 million in EBITDA and $350 million in free cash flow by 2025, with lower costs and higher margins thanks to the low-cost nature of SilverCrest’s assets.
Accelerating Coeur’s Deleveraging Strategy
A key benefit of the transaction is the immediate impact on Coeur’s balance sheet. SilverCrest’s solid financial standing, which includes $122 million in total treasury assets, no debt, and a strong cash flow profile, is expected to drive Coeur’s deleveraging efforts. The deal is anticipated to reduce Coeur’s leverage ratio by 40% upon closing, enhancing the company’s ability to reduce debt and strengthen its overall financial position.
Mitchell J. Krebs, Chairman, President, and Chief Executive Officer of Coeur Mining, commented: “The acquisition of SilverCrest creates a leading global silver company by adding low-cost silver and gold production and significant free cash flow to our rapidly growing production and cash flow, driven by the recent expansion of our Rochester silver and gold mine in Nevada.”
SilverCrest’s High-Quality Assets to Bolster Coeur’s Portfolio
SilverCrest’s Las Chispas underground mine, one of the world’s highest-grade, lowest-cost silver and gold operations, has shown exceptional operational performance since starting production in 2022. In 2023, the mine produced 10.25 million silver equivalent ounces at an average cash cost of $7.73 per ounce, demonstrating strong financial results and operational efficiency. Coeur expects Las Chispas to significantly improve its overall cost and margin profile while enhancing free cash flow generation.
N. Eric Fier, Chief Executive Officer and Director of SilverCrest, said: “I feel confident that the Coeur team will extend this track record of success at Las Chispas. This transaction provides our shareholders with an immediate premium and the opportunity to be part of a growing U.S.-based silver and gold company with tremendous upside potential.”
Fier will continue his involvement as a director of Coeur, helping guide the future of the combined entity.
Closing Conditions and Expected Timeline
The transaction remains subject to customary regulatory approvals, including Mexican antitrust approval and the approval of Coeur shares to be listed on the NYSE. Shareholder and court approvals are also required, with the transaction expected to close by the end of the first quarter of 2025, provided all conditions are met.
About Coeur Mining
Coeur Mining, Inc. is a well-diversified U.S.-based precious metals producer with operations across North America, including the Palmarejo gold-silver complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, and the Wharf gold mine in South Dakota. The company is committed to increasing production while maintaining financial strength and reducing leverage.
About SilverCrest Metals
SilverCrest Metals is a Canadian precious metals producer headquartered in Vancouver, focused on its Las Chispas operation in Sonora, Mexico. The company has a strong track record of taking projects from discovery to production, delivering high-grade, low-cost silver and gold, and remains committed to expanding its resources and reserves to operate multiple silver-gold mines in the Americas.
Key Points: – Office real estate prices have dropped 12.4% year-over-year as of Q2 2024. – Stressed property sales at significant discounts signal potential price benchmarks. – Federal Reserve rate cuts provide some relief but are insufficient for full market recovery.
The U.S. office real estate market may be showing early signs of bottoming out, as recent sales of stressed properties at significant discounts begin to set new pricing benchmarks. After being severely impacted by the pandemic, with prices for office buildings plummeting by 12.4% year-over-year as of the second quarter of 2024, some experts now believe that the worst may be behind us.
For the past two years, office buildings have faced declining demand as remote work became more widespread, leading to persistent vacancies. The combination of high operating costs and higher interest rates has created a challenging environment for developers and lenders. Many have chosen to extend maturing loans with revised terms or delay sales in hopes of avoiding losses. As a result, transaction volumes have remained low, preventing the market from finding a clear pricing benchmark.
“We’re starting to see a shift,” said Stephen Buschbom, research director at Trepp, a real estate data and research firm. “There have been a few big sales at significant discounts recently, and that helps establish some kind of pricing benchmark, which we desperately need.”
According to Moody’s, the second quarter of 2024 saw seven office buildings sell at more than $100 million discounts. This includes a notable sale of 135 West 50th Street in Manhattan, which was sold at a staggering 97% discount, resulting in a $276.5 million loss compared to its previous valuation of $285 million. Similar deals have been recorded in other major markets, such as Chicago, Seattle, and Washington, D.C.
These steep discounts have caused some industry experts to speculate that the market may be at or near its bottom, with distressed property sales finally providing clarity on pricing. Kevin Fagan, head of Commercial Real Estate Economic Analysis at Moody’s, notes that these sales mark a turning point. “We’re seeing some sophisticated property owners willing to sell their buildings at a loss, and that’s helping create a clearer understanding of office values.”
Despite these glimmers of hope, the overall outlook for the office real estate market remains uncertain. With a large volume of loans maturing over the next year, property owners may still face difficulties refinancing their existing debt, even as the Federal Reserve has begun cutting interest rates. According to Moody’s, around 72% of the $19 billion worth of maturing loans over the next 12 months will require property owners to contribute between 30-35% in additional equity to secure refinancing.
The Federal Reserve’s recent 50-basis-point rate cut has offered some relief, but experts warn that more substantial rate cuts will be needed to stimulate a full recovery in the market. “While the rate cut is helpful, the market likely needs a reduction of 300-400 basis points to truly revive commercial real estate,” said Alex Horn, founder of private lender BridgeInvest.
Looking ahead, analysts expect more property owners to begin selling distressed assets, creating potential opportunities for buyers willing to invest in heavily discounted properties. Keerthi Raghavan, head of ABS strategy at Waterfall Asset Management, said his firm has already invested nearly $2 billion in bonds and loans sold at steep discounts over the last year. “We believe there will be more opportunities as many commercial real estate assets still need to be sold or resolved,” he said.
While the road to recovery is likely to be long and fraught with challenges, the recent uptick in stressed property sales suggests that the U.S. office real estate market may finally be finding its bottom.
September 26, 2024 – Limassol, Cyprus – GDEV Inc. (NASDAQ: GDEV), an international gaming and entertainment company (“GDEV” or the “Company”), has released its 2023 Sustainability Report, highlighting the Company’s continued contribution to the communities we serve and the Company’s sustainability achievements towards generating a positive impact from gaming for all our stakeholders.
GDEV is committed to environmental stewardship, corporate social responsibility, and robust corporate governance. The report introduces updates to the GDEV Sustainability Strategy, including the Games for Good Philosophy and policies on supporting local communities where we operate.
Andrey Fadeev, Founder and CEO of GDEV, commented, “It is personally gratifying to me that our games not only entertain but also contribute to meaningful positive outcomes. From engaging players in eco-friendly practices to raising awareness on crucial social issues, we are transforming gaming into a powerful force for good. Who knew making a difference could be so much fun?”
Natasha Braginsky Mounier, Chairperson of the Board of Directors, added, “This report reflects our deep belief in the long term value of sustainable business practices. We demonstrate this through ongoing innovative and educational initiatives, engaging our workforce and the local communities. We are pleased with the progress we’ve made and will continue to seek effective solutions for the challenges of our times.”
GDEV is a gaming and entertainment holding company, focused on development and growth of its franchise portfolio across various genres and platforms. With a diverse range of subsidiaries including Nexters and Cubic Games, among others, GDEV strives to create games that will inspire and engage millions of players for years to come. Its franchises, such as Hero Wars, Island Hoppers, Pixel Gun 3D and others have accumulated over 550 million installs and $2.5 bln of bookings worldwide. For more information, please visit www.gdev.inc
CONTACTS:
Investor Relations
Roman Safiyulin | Chief Corporate Development Officer
Certain statements in this press release may constitute “forward-looking statements” for purposes of the federal securities laws. Such statements are based on current expectations that are subject to risks and uncertainties. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.
The forward-looking statements contained in this press release are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s 2023 Annual Report on Form 20-F, filed by the Company on April 29, 2024, and other documents filed by the Company from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the Company’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, 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 may be required under applicable securities laws.
BOTHELL, Wash., Sept. 26, 2024 (GLOBE NEWSWIRE) — Cocrystal Pharma, Inc. (Nasdaq: COCP) (“Cocrystal” or the “Company”) announces dosing of the first subjects in the multiple-ascending dose (MAD) portion of the Phase 1 study with CDI-988, its potent, broad-spectrum, oral pan-viral protease inhibitor. Topline study results are expected in late 2024 or early 2025. CDI-988 was specifically designed and developed using Cocrystal’s proprietary structure-based drug discovery platform technology and is being developed as the first-in-class pan-viral antiviral for the treatment of viral gastroenteritis and COVID-19 caused by noroviruses and coronaviruses, respectively.
“We are delighted to advance the clinical evaluation of CDI-988, a novel direct-acting antiviral (DAA) targeting the viral proteases of noroviruses and coronaviruses,” said Sam Lee, Ph.D., Cocrystal’s President and co-CEO. “Multiple-ascending dose results will further evaluate safety and tolerability of this potentially groundbreaking antiviral therapeutic.”
This randomized, double-blind Phase 1 study, which is being conducted at a single center in Australia, is evaluating the safety, tolerability and pharmacokinetics of orally administered CDI-988 compared with placebo in healthy adults. In July 2024 Cocrystal reported favorable safety and tolerability results from study participants in the single-ascending dose (SAD) portion of the trial. All SAD participants completed the study with no reported serious adverse events or severe treatment-emergent adverse events. No clinically significant observations were noted in laboratory assessments, physical exams or electrocardiograms.
About Noroviruses
Human noroviruses are highly contagious, constantly evolving, extremely stable in the environment and associated with debilitating illness. Symptoms include vomiting and diarrhea, with or without nausea and abdominal cramps. Norovirus infection can be much more severe and prolonged in specific risk groups including infants, children, the elderly and people with immunodeficiency. In the U.S. alone, noroviruses are responsible for an estimated 21 million cases of acute gastroenteritis annually, including 109,000 hospitalizations, 465,000 emergency department visits and nearly 900 deaths, according to the Centers for Disease Control and Prevention (CDC). The estimated annual burden of noroviruses to the U.S. at $10.6 billion, according to the National Institutes of Health (NIH). Outbreaks occur most commonly in semi-closed communities such as nursing homes, hospitals, cruise ships, schools, disaster relief sites and military settings. To date, no antiviral treatment or vaccine is approved for norovirus infections.
Coronaviruses Including SARS-CoV-2 and its Variants
Coronaviruses (CoV) are a family of viruses that historically have been associated with a wide range of symptoms, ranging from no symptoms at all to more severe disease that includes pneumonia, acute respiratory distress syndrome (ARDS), kidney failure and death. By targeting the viral replication enzymes and protease, Cocrystal believes it is possible to develop an effective treatment for all coronaviruses, including SARS-CoV-2 (which causes COVID-19) and its variants, ARDS and Middle East Respiratory Syndrome (MERS). The ability of an asymptomatic individual to transmit infection heightened the public health challenge of COVID-19.
About Cocrystal Pharma, Inc.
Cocrystal Pharma, Inc. is a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication process of influenza viruses, coronaviruses (including SARS-CoV-2), noroviruses, and hepatitis C viruses. Cocrystal employs unique structure-based technologies and Nobel Prize-winning expertise to create first- and best-in-class antiviral drugs. For further information about Cocrystal, please visit www.cocrystalpharma.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the potential efficacy of CDI-988 against coronaviruses and noroviruses, the expected timing of topline results of the MAD portion of the CDI-988 study, and the potential market for such product candidate. The words “believe,” “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. Some or all of the events anticipated by these forward-looking statements may not occur. Important factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to, risks relating to our ability to obtain regulatory authority for and proceed with clinical trials including the recruiting of volunteers for the MAD cohorts of the CDI-988 Phase 1 study by our clinical research organizations and vendors, the results of such studies, our collaboration partners’ technology and software performing as expected, general risks arising from clinical studies, receipt of regulatory approvals, regulatory changes, and potential development of effective treatments and/or vaccines by competitors, including as part of the programs financed by the U.S. government, and potential mutations in a virus we are targeting that may result in variants that are resistant to a product candidate we develop. Further information on our risk factors is contained in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023. 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.
Key Points: – Alibaba, JD.com, and Pinduoduo stocks soar after China announces new monetary stimulus measures. – The People’s Bank of China released $140 billion in liquidity by cutting interest rates and reserve requirements. – Skepticism remains over whether these measures will lead to long-term economic recovery.
China’s major e-commerce players—Alibaba, JD.com, and Pinduoduo—saw a significant stock surge on Tuesday after the People’s Bank of China (PBOC) unveiled its first major stimulus package since the pandemic. The central bank’s efforts aim to inject liquidity into the economy and spark growth amid ongoing challenges in the property market and reduced consumer demand.
Shares of Alibaba rose by 7%, while JD.com jumped 11%, and Pinduoduo saw an increase of nearly 10%. This sharp rise followed the PBOC’s announcement of key interest rate cuts and a reduction in reserve requirements for banks. These measures are expected to free up around 1 trillion yuan ($140 billion) in liquidity, making it easier for businesses and households to access loans at lower interest rates.
The stimulus comes at a critical time for China’s economy, which has been grappling with a cooling property market and weaker-than-expected demand in recent months. The government’s regulatory crackdown on tech companies over the last few years further compounded the struggles of companies like Alibaba and JD.com. At the height of this crackdown, Alibaba was slapped with a $2.6 billion fine for antitrust violations. Despite some recovery in 2024, these companies remain far from their 2020 stock price highs.
The tech sector, which includes major firms such as Baidu, Tencent, and NetEase, saw a broad rally following the announcement. The CSI 300, Shanghai Composite, and Hang Seng indexes all rose over 4%, reflecting optimism among investors about the new economic measures.
While the stock market responded favorably, some experts remain cautious about the long-term impact of China’s stimulus efforts. Charles Schwab’s chief global investment strategist, Jeffrey Kleintop, expressed doubts that these moves will be enough to stabilize China’s property market or significantly improve household incomes. “A lower mortgage rate on existing loans might help households, but it doesn’t do anything to arrest the decline in property prices or aggregate incomes or jobs,” said Kleintop. Wolfe Research chief economist Stephanie Roth echoed these sentiments, noting that similar announcements in the past have generated excitement but did not produce sustained economic improvements.
The stakes are high for China’s economy, which has long been seen as a key driver of global growth. As the world’s second-largest economy, a slowdown in China could have ripple effects across international markets. Investors are keenly watching whether these new stimulus measures will generate enough momentum to help China regain its footing and whether companies like Alibaba and JD.com can continue to capitalize on a more favorable economic environment.
Despite the skepticism, the stock surge offers a brief respite for Chinese e-commerce firms, which have faced intense pressure over the last few years. While these gains are encouraging, the question remains whether this upward trajectory will last or if more comprehensive measures will be needed to keep China’s economic recovery on track.
