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Renewable Energy Group Prices Upsized Offering of $550 Million "Green Bond"
AMES, Iowa--(BUSINESS WIRE)--Renewable Energy Group, Inc. (REG) (NASDAQ: REGI) announced today the pricing of its offering (the “offering”) of $550 million aggregate principal amount of 5.875% senior secured notes due 2028 (the “Notes”) in a private placement pursuant to exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The offering was upsized from the previously announced $500 million offering amount. The sale of the Notes is scheduled to close on May 20, 2021, subject to satisfaction of customary closing conditions. REG estimates that the net proceeds from the offering will be approximately $538 million, after deducting the initial purchasers’ discount and estimated offering expenses payable by REG. REG intends to use the net proceeds to finance or refinance, in part or in full, new and/or existing eligible green projects, including the expansion of REG’s Geismar, Louisiana biorefinery. The Notes will mature on June 1, 2028 unless earlier redeemed or repurchased. On or after June 1, 2024, REG may redeem for cash all or part of the Notes at a redemption price equal to the principal amount thereof, plus accrued and unpaid interest, if any. Unless the Notes have been called for redemption, holders may require REG to repurchase the Notes, in cash, upon the occurrence of certain fundamental changes at a repurchase price equal to the principal amount thereof, plus accrued and unpaid interest, if any. The Notes and related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act or outside the United States to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The offer and sale of the Notes and related guarantees has not been registered under the Securities Act or applicable state securities laws and, unless so registered, the Notes and related guarantees may not be offered or sold in the United States or to U.S. persons except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. About Renewable Energy Group Renewable Energy Group, Inc. is leading the energy industry's transition to sustainability by transforming renewable resources into high-quality, cleaner fuels. REG is an international producer of cleaner fuels and one of North America’s largest producers of advanced biodiesel. REG solutions are alternatives for petroleum diesel and produce significantly lower carbon emissions. REG utilizes an integrated procurement, distribution and logistics network to operate 12 biorefineries in the U.S. and Europe. In 2020, REG produced 519 million gallons of cleaner fuel delivering 4.2 million metric tons of carbon reduction. REG is meeting the growing global demand for lower-carbon fuels and leading the way to a more sustainable future. Note Regarding Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “design,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding the offering and aggregate principal amount of the Notes, the expected use of the net proceeds from the offering, expectations regarding the eligible green project (including the expansion of the Geismar, Louisiana biorefinery), the expected terms of the offering and the expected closing of the offering. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, market and other conditions that may affect REG’s ability to complete the offering, risks related to REG’s ability to satisfy the conditions required to close any sale of the Notes, the use of the proceeds from any sale of the Notes, factors affecting REG’s business that may affect REG’s liquidity and working capital requirements, REG’s ability to successfully finance or refinance the eligible green projects (including the expansion of REG’s Geismar, Louisiana biorefinery), impacts related to the COVID-19 or any other pandemic, and other risks and uncertainties described from time to time in REG’s annual report on Form 10-K, quarterly reports on Forms 10-Q and other periodic filings with the Securities and Exchange Commission. All forward-looking statements are made as of the date of this press release, and REG does not undertake to update any forward-looking statements based on new developments or changes in its expectations, except as required by law. Contacts Todd Robinson Deputy Chief Financial Officer Renewable Energy Group todd.robinson@regi.com(515) 239-8048
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The world's first-in-class miRNA therapeutics to cure diabetes by pancreatic beta cell regeneration
RNA therapeutics, a breakthrough for major modern diseases such as Corona 19, orphan diseases, and chronic diseasesNexturn Bio Inc. completed its first investment review on RosVivo Therapeutics Inc., a new miRNA drug company in the U.S. SEOUL, South Korea, May 7, 2021 /PRNewswire/ -- Nexturn Bio Inc., a subsidiary of Nexturn Bioscience Co., Ltd. (KOSDAQ:89140), has selected its first technological investment target to expand its new bio business. Nexturn Bio announced that it has secured a 50% stake in RosVivo Therapeutics, Inc. as its final investment destination under support from its parent company Nexturn Bioscience Co., Ltd. RosVivo, planned to receive investment from Nexturn Bio Inc., is an R&D company for miRNA (MicroRNA) new drugs in Nevada. While the development of RNA vaccines has been spotlighted since the Corona-19 outbreak, RSVI-301, a new drug pipeline of RosVivo targeting diabetes, also uses miRNA (micro RNA). Consisting of 20–24 nucleotide, miRNA is known as a "small cleaner" in the body that naturally regulates metabolic processes of genes and proteins. Since these miRNA treatments inject human-derived genetic materials, they are expected to be of greater value in stability than conventional mRNA treatments using external genetic materials like viruses. In particular, miR-10-5p study, underlying study of the new drug development, enables the researchers to observe the world's first pancreatic beta cell regeneration. Nexturn Bio Inc. and RosVivo Therapeutics, Inc. said they will appoint Scientific Advisory Board (SAB) for thorough verification as it is important precedent for diabetes research. The advisors will be staffed at several major national Hospitals, such as Stanford University of Medicine, to support professional advice throughout the drug development. miR-10-5p performs as a key factor in GI dysmotility and Diabetes via the KLF11-KIT pathway Nexturn Bio Inc. plans to catch both "innovation" and "marketability" through RosVivo's new miRNA drug. It has been reported that CEO Song Myung-Seok participated to discover candidates while establishing a subsidiary. "RosVivo is the first official investment of Nexturn Bio, and RSVI-301 of RosVivo will be an innovative opportunity to open a new era of medicine after mRNA and challenge the complete cure of diabetes," said the CEO.
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Madison Square Garden Entertainment Corp. and MSG Networks Inc. Announce Key Filing Dates and Plans to Host Joint Webcast on Proposed Merger
NEW YORK--(BUSINESS WIRE)--Madison Square Garden Entertainment Corp. (“MSG Entertainment”) (NYSE: MSGE) today announced it plans to issue a press release on Friday, May 7, 2021 before the market opens, reporting financial results for its fiscal third quarter ended March 31, 2021. MSG Networks Inc. (“MSG Networks”) (NYSE: MSGN) previously announced it will issue a press release on Friday, May 7, 2021 before the market opens, reporting financial results for its fiscal third quarter ended March 31, 2021. In addition, MSG Entertainment plans to file a registration statement on Form S-4 that contains a joint proxy statement and prospectus before the market opens on Friday, May 7, 2021 and MSG Entertainment and MSG Networks plan to file a joint investor presentation on the proposed acquisition of MSG Networks by MSG Entertainment on Friday, May 7, 2021. The companies plan to host a joint webcast on Monday, May 10, 2021 at 4:30 p.m. Eastern Time regarding the proposed acquisition of MSG Networks by MSG Entertainment, moderated by Brandon Ross, Partner and TMT Analyst at LightShed Partners. The event will be available via webcast at investor.msgentertainment.com under the heading “Events & Presentations” and at investor.msgnetworks.com under the heading “Events & Presentations.” About Madison Square Garden Entertainment Corp. Madison Square Garden Entertainment Corp. (MSG Entertainment) is a leader in live entertainment experiences. The Company presents or hosts a broad array of events in its diverse collection of venues: New York’s Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre; and The Chicago Theatre. MSG Entertainment is also building a new state-of-the-art venue in Las Vegas, MSG Sphere at The Venetian, and has announced plans to build a second MSG Sphere in London, pending necessary approvals. In addition, the Company features the original production – the Christmas Spectacular Starring the Radio City Rockettes – and through Boston Calling Events, produces the Boston Calling Music Festival. Also under the MSG Entertainment umbrella is Tao Group Hospitality, with entertainment dining and nightlife brands including: Tao, Marquee, Lavo, Avenue, Beauty & Essex, Cathédrale, Hakkasan and Omnia. More information is available at www.msgentertainment.com. About MSG Networks Inc. MSG Networks Inc., a pioneer in sports media, owns and operates two award-winning regional sports and entertainment networks and a companion streaming service that serve the nation’s number one media market, the New York DMA, as well as other portions of New York, New Jersey, Connecticut and Pennsylvania. The networks feature a wide range of compelling sports content, including exclusive live local games and other programming of the New York Knicks, New York Rangers, New York Islanders, New Jersey Devils and Buffalo Sabres, as well as significant coverage of the New York Giants and Buffalo Bills. This content, in addition to a diverse array of other sporting events and critically acclaimed original programming, has established MSG Networks as the gold standard in regional sports. Additional Information and Where to Find It This press release may be deemed to be solicitation material in respect of the proposed transaction between MSG Entertainment and MSG Networks. In connection with the proposed transaction, MSG Entertainment and MSG Networks intend to file with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 that will include a joint proxy statement of MSG Entertainment and MSG Networks that also constitutes a prospectus of MSG Entertainment. MSG Entertainment and MSG Networks may also file other documents with the SEC regarding the proposed transaction. This document is not a substitute for the joint proxy statement/prospectus, Form S-4 or any other document which MSG Entertainment or MSG Networks may file with the SEC. INVESTORS AND SECURITY HOLDERS OF MSG ENTERTAINMENT AND MSG NETWORKS ARE URGED TO READ THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders may obtain free copies of the Form S-4 and the joint proxy statement/prospectus (when available) and other documents filed with the SEC by MSG Entertainment and MSG Networks from the SEC’s website at www.sec.gov. Copies of documents filed with the SEC by MSG Entertainment will be made available free of charge on MSG Entertainment’s investor relations website at http://investor.msgentertainment.com. Copies of documents filed with the SEC by MSG Networks will be made available free of charge on MSG Networks’ investor relations website at http://investor.msgnetworks.com. No Offer or Solicitation This communication is for informational purposes only and is not intended to and does not constitute an offer to sell, or the solicitation of an offer to subscribe for or buy, or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, sale or solicitation would be unlawful, prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. Participants in the Solicitation MSG Entertainment, MSG Networks and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of MSG Entertainment and MSG Networks securities in respect of the proposed transaction under the rules of the SEC. Certain information regarding these directors and executive officers and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the Form S-4 and joint proxy statement/prospectus regarding the proposed transaction (when available) and other relevant materials to be filed with the SEC by MSG Entertainment and MSG Networks. Information regarding MSG Entertainment’s directors and executive officers is available in MSG Entertainment’s proxy statement relating to its 2020 annual meeting of stockholders filed with the SEC on October 27, 2020. Information regarding MSG Networks’ directors and executive officers is available in MSG Networks’ proxy statement relating to its 2020 annual meeting of stockholders filed with the SEC on October 21, 2020. These documents will be available free of charge from the sources indicated above. Forward-Looking Statements This document contains statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Some of these forward-looking statements can be identified by the use of forward-looking words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “projects,” “strategy,” or “anticipates,” or the negative of those words or other comparable terminology. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements include, but are not limited to, statements regarding the proposed transaction, pro forma descriptions of the combined company and its operations, integration and transition plans, synergies, opportunities and anticipated future performance. Any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, the following factors: the impact of public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets; MSG Entertainment’s and MSG Networks’ ability to effectively manage the impacts of the COVID-19 pandemic and the actions taken in response by governmental authorities and certain professional sports leagues; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement with respect to the proposed transaction between MSG Entertainment and MSG Networks or otherwise cause the transaction not to occur; the risk that the conditions to the closing of the proposed transaction between MSG Entertainment and MSG Networks may not be satisfied or waived, including the risk that required approvals from the stockholders of MSG Entertainment and MSG Networks, regulatory clearances and other approvals are not obtained; the risk that the anticipated tax treatment of the proposed transaction between MSG Entertainment and MSG Networks is not obtained; potential litigation relating to the proposed transaction between MSG Entertainment and MSG Networks; uncertainties as to the timing of the consummation of the proposed transaction between MSG Entertainment and MSG Networks; the risk that the proposed transaction disrupts the current business plans and operations of MSG Entertainment or MSG Networks; the ability of MSG Entertainment and MSG Networks to retain and hire key personnel; unexpected costs, charges or expenses resulting from the proposed transaction; potential adverse reactions or changes to the business relationships of MSG Entertainment and MSG Networks resulting from the announcement, pendency or completion of the proposed transaction; financial community and rating agency perceptions of each of MSG Entertainment and MSG Networks and its business, operations, financial condition and the industry in which it operates; strategic or financial benefits or opportunities if the merger is completed; the impact of the merger on the liquidity position or financial flexibility and other potential impacts of the proposed transaction; opportunities related to sports gaming or growth initiatives; and the potential impact of general economic, political and market factors on MSG Entertainment and MSG Networks or the proposed transaction. These risks, as well as other risks associated with the proposed transaction between MSG Entertainment and MSG Networks, will be more fully discussed in the joint proxy statement/prospectus that will be included in the registration statement on Form S-4 that will be filed with the SEC in connection with the proposed transaction. The effects of the COVID-19 pandemic may give rise to risks that are currently unknown or amplify the risks associated with many of these factors. In addition, future performance and actual results are subject to other risks and uncertainties that relate more broadly to MSG Entertainment’s and MSG Networks’ overall business and financial condition, including those more fully described in MSG Entertainment’s and MSG Networks’ filings with the SEC including their respective Annual Reports on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other SEC filings, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. Forward-looking statements speak only as of the date made, and MSG Entertainment and MSG Networks each disclaim any obligation to update or revise any forward-looking statements except as required by applicable law. Contacts Kimberly Kerns EVP and Chief Communications Officer (212) 465-6442 Ari Danes, CFA Senior Vice President, Investor Relations & Treasury (212) 465-6072
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Biocom California Strongly Opposes TRIPS Waiver
WASHINGTON--(BUSINESS WIRE)--#TRIPS--Biocom California, the association representing the life science industry of California, issued the following statement in response to the White House’s support of a proposal to waive intellectual property rights for COVID-19 vaccines. This statement may be attributed to Joe Panetta, president and CEO of Biocom: “We are very disappointed to hear of the U.S. Trade Representative’s decision to support waiving intellectual property (IP) rights for companies producing COVID-19 vaccines under the World Trade Organization (WTO) Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). The life science industry has played an incredible role in successfully responding to the COVID-19 pandemic and is expanding manufacturing and distribution at a historical scale to ensure global access to vaccines. This policy is not only unnecessary, as there is no evidence that issues stemming from IP rights have delayed access to vaccines, but it will certainly hinder American innovation. The U.S. is the world leader in biopharmaceutical innovation because it relies on strong IP protections to incentivize research and development. For small companies, much of the value of the company is often predicated on the strength of its IP. Weakening IP protections will undermine the development of new treatments and cures, particularly by these smaller innovative companies. Suppressing IP rights will undermine the industry’s ability to continue to respond to the ongoing pandemic and may delay access to vaccines in those countries that need it the most. Providing patent protected information does not guarantee that countries will be able to replicate and produce vaccines successfully. Production requires a trained workforce, access to raw materials and existing manufacturing infrastructures that some countries may lack. On the other hand, this policy may weaken existing supply chains and open the door to counterfeit vaccines.” About Biocom California Biocom California is the largest, most experienced leader and advocate for California’s life science sector. We work on behalf of more than 1,400 members to drive public policy, build an enviable network of industry leaders, create access to capital, introduce cutting-edge STEM education programs, and create robust value-driven purchasing programs. Founded in 1995 in San Diego, Biocom California provides the strongest public voice to research institutions and companies that fuel the local and state-wide economy. Our goal is simple: to help our members produce novel solutions that improve the human condition. In addition to our San Diego headquarters, Biocom California operates core offices in Los Angeles and the San Francisco Bay Area, satellite offices in Washington, D.C. and Tokyo, and has a continuous staff presence in Sacramento. Our broad membership benefits apply to biotechnology, pharmaceutical, medical device, genomics and diagnostics companies of all sizes, as well as to research universities and institutes, clinical research organizations, investors and service providers. For more information on Biocom California, please visit our website at www.biocom.org. Connect with us on LinkedIn, Facebook, and Twitter (@BIOCOMCA). Contacts Biocom California Media Contact:Carolyn Hawley Canale Communications (619) 849-5382 Carolyn.hawley@canalecomm.com
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Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of ChemoCentryx, Inc. (CCXI) on Behalf of Investors
LOS ANGELES--(BUSINESS WIRE)--$CCXI #CLASSACTION--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of ChemoCentryx, Inc. (“ChemoCentryx” or the “Company”) (NASDAQ: CCXI) investors concerning the Company’s possible violations of the federal securities laws. If you suffered a loss on your ChemoCentryx investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/chemocentryx-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights. ChemoCentryx is a biopharmaceutical company. Its lead drug candidate is avacopan, which is developed as a potential treatment for ANCA-associated vasculitis (“AAV”). On July 9, 2020, ChemoCentryx announced that it had filed its New Drug Application (“NDA”) for avacopan to the U.S. Food and Drug Administration (“FDA”) for the treatment of AAV. On May 4, 2021, the FDA released a “Briefing Document” concerning the Company’s NDA for avacopan, stating that “[c]omplexities of the study design, as detailed in the briefing document, raise questions about the interpretability of the data to define a clinically meaningful benefit of avacopan and its role in the management of AAV.” The FDA also noted that “several areas of concern [that] rais[ed] uncertainties about the interpretability of these data and the clinical meaningfulness of these results.” The FDA also raised serious safety concerns with avacopan for the treatment of AAV. On this news, the Company’s stock price fell $22.19 per share, or 45.45%, to close at $26.63 per share on May 4, 2021, thereby injuring investors. Follow us for updates on LinkedIn, Twitter, or Facebook. Whistleblower Notice: Persons with non-public information regarding ChemoCentryx should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com. About GPM Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Contacts Glancy Prongay & Murray LLP, Los Angeles Charles H. Linehan, 310-201-9150 or 888-773-9224 1925 Century Park East, Suite 2100 Los Angeles, CA 90067 www.glancylaw.comshareholders@glancylaw.com
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RMB Capital Proposes Share Buyback and Termination of Poison Pill Plan at Nishikawa’s Annual General Shareholders Meeting
CHICAGO--(BUSINESS WIRE)--RMB Capital (“RMB”), a Chicago-based independent investment advisory firm, is a long-term shareholder of Nishikawa Rubber Industry Co., Ltd. (5161 JP, “Nishikawa”) and owns approximately 2% of the firm’s total outstanding shares. RMB has filed shareholder proposals of (a) a share buyback (maximum 200,000 shares of common stock or 300 million yen) and (b) the termination of its corporate defense plan (“poison pill”) for Nishikawa’s 72nd annual general shareholders meeting, scheduled in June 2021. Nishikawa holds 33.4 billion yen in cash and 21.2 billion in marketable securities on its balance sheet. RMB believes the management should start a buyback program to send a strong message to the stock market that Nishikawa remains a healthy business, despite its stock price staying at a historically low level. In addition, RMB believes the current “poison pill” plan should be terminated from the perspective of improving the standard of corporate governance at Nishikawa. Please refer to Nishikawa Activism for RMB’s past press releases on this topic. About RMB Capital Headquartered in Chicago, RMB Capital is an independent investment advisory firm that serves high-net-worth individuals and families as well as institutional investors. Its businesses include wealth management, family office services, asset management, and retirement plan consulting. Its asset management business specializes in long-term, concentrated, active investing strategies with coverage that spans the market-cap spectrum and the globe. To learn more about RMB, visit https://rmbcapital.com. Contacts Media Contact: Ilhwa Lee RMB Capital japan@rmbcap.com
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CHEMOCENTRYX SHAREHOLDER ALERT by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Reminds Investors with Losses in Excess of $100,000 of Lea
NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until July 6, 2021 to file lead plaintiff applications in a securities class action lawsuit against ChemoCentryx, Inc. (NasdaqGS: CCXI), if they purchased the Company’s shares between November 26, 2019 and May 3, 2021, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of California. What You May Do If you purchased shares of ChemoCentryx and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-ccxi/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by July 6, 2021. About the Lawsuit ChemoCentryx and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws. On May 4, 2021, the U.S. Food and Drug Administration issued briefing documents regarding the Company’s drug candidate, avacopan, noting that “[c]omplexities of the study design…raise questions about the interpretability of the data to define a clinically meaningful benefit of avacopan” and that the review had “identified several areas of concern, raising uncertainty about the interpretability of the data and the clinical meaningfulness of these results.” On this news, shares of ChemoCentryx plummeted approximately 45%, to close at $26.63 per share on May 4, 2021. The case is Homyk v. ChemoCentryx, Inc., et al., No. 3:21-cv-03343. About Kahn Swick & Foti, LLC KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana. To learn more about KSF, you may visit www.ksfcounsel.com. Contacts Kahn Swick & Foti, LLC Lewis Kahn, Managing Partner lewis.kahn@ksfcounsel.com1-877-515-1850
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Minister of State-Owned Enterprises, Erick Thohir Announces PT Pertamina International Shipping as the Company's First Subholding Shipping Compan
JAKARTA, Indonesia, May 7, 2021 /PRNewswire/ -- State-Owned Enterprises (SOE) Minister, Erick Thohir, unveils PT Pertamina (Persero)'s first shipping subholding company, PT Pertamina International Shipping (PT PIS). Minister Thohir made the announcement during an inauguration ceremony on Wednesday, May 5, 2021. Minister of State-Owned Enterprises, Erick Thohir Announces PT Pertamina International Shipping as the Company’s First Subholding Shipping Company. The Minister stated that the inauguration was the first big step for PT PIS to further strengthen its position in the energy and marine logistics sectors. "With the official inauguration of Pertamina Group's first sub-holding company, I hope PT PIS will embolden the sector to develop further and improve PT PIS position as a global leader," said Thohir. The inauguration ceremony was held in the Yudhistira Room, Patra Jasa Building and attended by SOE Minister, Erick Thohir; SOE Deputy Minister, Pahala Mansury; President Director of Pertamina, Nicke Widyawati; President Commissioner of Pertamina International Shipping A. Junaedy Ganie; and Subholding Shipping's Board of Directors. Pertamina's President Director, Nicke Widyawati, said "the announcement demonstrates the company's commitment to a strategic plan designed to integrate PT PIS' business with advanced shipping management and comprehensive business marine logistics." "PT PIS will strive to meet PT Pertamina (Persero)'s aim of continuously growing the business, seize any existing opportunities, and become the lifeblood of our nation in the energy distribution sector," said Widyawati. She also stated that PT PIS' integrated logistics services will help strengthen the company's position in the maritime sectors. "We will consistently maintain our synergy in assets and services management. Hence, PT PIS will be able to achieve the title of national industry and global leader with an emphasis on green energy consumption. Widyawati added that after officially becoming Pertamina's Subholding Shipping, now PIS manages 750 vessels, of which 540 are owned and leased, as well as managing six ports and terminals for oil-based fuel and LPG. "With Pertamina International Shipping being inaugurated as Pertamina's subholding, all ship assets, facilities and six ports and fuel and LPG terminals are managed by PIS. What PIS manages is 750 fleets of which 540 are self-owned, and the rest is leased," she concluded. In the short-term, PT PIS plans to participate in the green gasification project, with a consortium of 52 power plants owned by PT PLN (Persero). The company will implement efficient processing of energy cargoes, including refined Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG) to ensure a green and future-ready infrastructure for a prosperous Indonesia. For more information, please visit https://pertamina-pis.com/.
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Apollo Healthcare Corp. Reports First Quarter of 2021 Results
TORONTO--(BUSINESS WIRE)--Apollo Healthcare Corp. (formerly Acasta Enterprises Inc.) (TSX: AHC, OTC QX: AHCCF) (“Apollo” or the “Company”) today announced financial results for the first quarter ended March 31, 2021. The Company’s un-audited interim financial statements for the three months ended March 31, 2021, as well as its accompanying management discussion and analysis (MD&A) have been filed on SEDAR. Copies of the filings may be obtained at www.sedar.com. All values in this news release and the Company’s financial disclosures are in Canadian dollars unless otherwise stated. Highlights Revenues for the first quarter of 2021 was $51.1 million compared with $46.6 million in the comparative period. Revenues in Q1 2021 are up approximately 10% from the comparative quarter in Q1 2020. Q1 2021 revenues are down approximately 40% from Q4 2020 revenues due to supply and demand conditions related to the COVID 19 pandemic which include inconsistent demand for all products in the marketplace and additional impacts related to government imposed shut downs. The Company reminds investors that revenues and associated performance may be volatile as the Company adapts to less predictable market conditions caused by the pandemic. EBITDA for the first quarter of 2021 was $16.8 million compared with EBITDA of $8.4 million in the comparative period. Adjusted EBITDA for the first quarter of 2021 was $17.5 million compared with adjusted EBITDA of $5.5 million in the comparative period. Adjusted EBITDA removes the effects of foreign exchange and changes in fair value of financial instruments. Cash flow from operations in the first quarter of 2021 was $14.8 million compared to $4.7 million in the comparative period. Cash on hand increased by $14 million during the period from the $31.4 million at December 31, 2020 to $45.1 million at March 31, 2021. The Company is debt free and has access to a $50 million revolver from its commercial bank should it require additional liquidity for any accretive synergistic acquisition opportunities. The Board reviews capital allocation regularly. On March 3, 2021, the Company joined the OTC QX marketplace in the United States and trades under the symbol AHCCF. To qualify for OTC QX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws. The Company repurchased and cancelled 23,528 shares under its normal course issuer bid program in the first quarter of 2021 and a total of 326,212 shares since the program commenced in 2020. Please refer to Apollo’s MD&A for additional detail and discussion on the Company’s results from operations. Advisories: Cautionary Note Concerning Forward Looking Statements This news release includes forward looking statements. All such statements constitute forward looking information within the meaning of applicable securities law and are made pursuant to the “safe harbour” provisions of applicable securities laws. Forward looking statements include, but are not limited to statements about other anticipated future events or results, including comments with respect to Company’s future financial performance and condition. Forward looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions and are identified by words such as “will”, “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates” or similar expressions concerning matters that are not historical facts. Such statements are based on current expectations of the Company’s management and inherently involve numerous risks and uncertainties, known and unknown, including economic factors. The forward-looking information contained in this news release is presented for the purpose of assisting readers in understanding the Company’s business and strategic priorities and objectives. A number of risks, uncertainties and other factors may cause actual outcomes or financial results to differ materially from the forward looking statements contained in this news release, including, among other factors, those referenced in the section entitled “Risk Factors” in the Company’s annual information form for the year ended December 31, 2020, a copy of which is available on the SEDAR website at www.sedar.com under the Company’s profile. Forward looking statements contained in this news release are not guarantees of future outcomes performance and, while forward looking statements are based on certain assumptions that the Company considers reasonable, actual events could differ materially from those expressed or implied by forward looking statements made by the Company. Readers are cautioned to consider these and other factors carefully when making decisions with respect to the Company and to not place undue reliance on forward looking statements. Circumstances affecting the Company may change rapidly. Except as may be expressly required by applicable law, the Company does not undertake any obligation to update publicly or revise any such forward looking statements, whether as a result of new information, future events or otherwise. These cautionary statements expressly qualify all forward looking statements in this new release. In addition, past results are in part, reflective of the unique environment that existed during the past fiscal year and is no guarantee of future financial performance. Non-IFRS Financial Performance Measures (Unaudited) Adjusted net income (loss), EBITDA and adjusted EBITDA are not recognized measures under IFRS and this data may not be comparable to data presented by other companies. Adjusted net income (loss) is calculated by adjusting net income (loss) as recorded in the unaudited condensed consolidated interim statements of income (loss) and comprehensive income (loss) for the exclusion of certain other income and expense items determined in accordance with IFRS. The Company believes that this generally accepted measure allows the evaluation of the results of continuing operations and is useful in making comparisons between periods. Adjusted net income (loss) is intended to provide investors with information about the Company’s continuing income generating capabilities. Management uses this measure to monitor and plan for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS. EBITDA is calculated by adjusting net income (loss) as recorded in the unaudited condensed consolidated interim statements of income (loss) and comprehensive income (loss) for finance costs, current and deferred income tax, depreciation and amortization expenses. The Company believes that this measure allows the evaluation of the results of continuing operations and is useful in making comparisons between periods. EBITDA is intended to provide investors with information about the Company’s continuing income generating capabilities. Management uses this measure to monitor and plan for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS. Adjusted EBITDA is calculated by adjusting net income (loss) as recorded in the unaudited condensed consolidated interim statements of income (loss) and comprehensive income (loss) for the exclusion of certain other income and expense items determined in accordance with IFRS, being the calculation for adjusted net income (loss) and then further adjusting for finance costs, current and deferred income tax, depreciation and amortization expenses. The Company believes that this generally accepted measure allows the evaluation of the results of continuing operations and is useful in making comparisons between periods. Adjusted EBITDA is intended to provide investors with information about the Company’s continuing income generating capabilities. Management uses this measure to monitor and plan for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS. Contacts Paul Bozoki, Chief Financial Officer Email: info@ahcinvestor.comPhone: 647-370-5907 www.apolloheathcarecorp.com
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Ferro Schedules Conference Call for First Quarter 2021 Results
CLEVELAND--(BUSINESS WIRE)--Ferro Corporation (NYSE: FOE) today announced the following details for its first quarter 2021 conference call. Date and time: Tuesday, May 11, 2021, at 8:00 a.m. Eastern Time Ferro participants: Peter Thomas, Chairman, President and Chief Executive Officer; Benjamin Schlater, Group Vice President and Chief Financial Officer; Kevin Cornelius Grant, Director, Investor Relations and Corporate Communications Dial-in registration: United States or Canada: 800-582-4086 International: 212-231-2927 Please dial into the call 10 minutes prior to the start time. Webcast: The call may be accessed by clicking on the Investors link at the top of Ferro’s website at ferro.com. Replay: A replay will be available from 12:00 Noon Eastern Time on May 11, 2021, until 12:00 Noon Eastern Time on May 18, 2021. Replay numbers: United States or Canada: 800-633-8284 International: 402-977-9140 Passcode: 21993868 Webcast replay: Available on Ferro’s Investor website at ferro.com beginning at approximately 4:30 p.m. Eastern Time, Tuesday, May 11, 2021. Presentation material & podcast: Earnings presentation material and podcasts can be accessed through the Investors section of the Company’s website at ferro.com About Ferro Corporation Ferro Corporation (www.ferro.com) is a leading global supplier of technology-based functional coatings and color solutions. Ferro supplies functional coatings for glass, metal, ceramic and other substrates and color solutions in the form of specialty pigments and colorants for a broad range of industries and applications. Ferro products are sold into the building and construction, automotive, electronics, industrial products, household furnishings and appliance markets. The Company’s reportable segments include: Functional Coatings and Color Solutions. Headquartered in Mayfield Heights, Ohio, the Company has approximately 3,600 associates globally and reported 2020 sales of $959 million. Contacts Ferro CorporationInvestor and Media Contact:Kevin Cornelius Grant, 216.875.5451 Director, Investor Relations and Corporate Communications kevincornelius.grant@ferro.com
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Hexion Inc. Announces First Quarter 2021 Earnings Conference Call
COLUMBUS, Ohio--(BUSINESS WIRE)--Hexion Inc. (“Hexion” or the “Company”) will host a teleconference to discuss First Quarter 2021 results on Wednesday, May 12, 2021, at 9:00 a.m. Eastern Time. The Company will issue a press release announcing its financial results for the First Quarter ended March 31, 2021 prior to the opening of the market on May 12, 2021. Interested parties are asked to dial-in approximately 10 minutes before the call begins at the following numbers: U.S. Participants: (844) 492-6045 International Participants: (574) 990-2716 Participant Passcode: 6150939 Live internet access to the call and presentation materials will be available through the Investor Relations section of the Company’s website: www.hexion.com. A replay of the call will be available for one week following the call and can be accessed by dialing (855) 859-2056 (U.S.) and (404) 537-3406 (International). The passcode is 6150939. About the Company Based in Columbus, Ohio, Hexion Inc. is a global leader in thermoset resins. Hexion Inc. serves the global adhesive, coatings, composites and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries. Additional information about Hexion Inc. and its products is available at www.hexion.com. Contacts Investors and Media Contact:John Kompa 614-225-2223 john.kompa@hexion.com
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Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of PureCycle Technologies, Inc. (PCT) on Behalf of Investors
LOS ANGELES--(BUSINESS WIRE)--$PCT #CLASSACTION--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of PureCycle Technologies, Inc. (“PureCycle” or the “Company”) (NASDAQ: PCT) investors concerning the Company’s possible violations of the federal securities laws. If you suffered a loss on your PureCycle investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/purecycle-technologies-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights. On May 6, 2021, before the market opened, Hindenburg Research issued a report alleging that PureCycle is “another quintessential example of how executives and SPAC sponsors enrich themselves while hoisting unproven technology and ridiculous financial projections onto the public markets, leaving retail investors to face the ultimate consequences.” Hindenburg explained that it spoke with “multiple former employees” of earlier companies that PureCycle’s CEO and other associated executives took public before PureCycle, “who said that PureCycle’s executives based their financial projections on ‘wild… guessing,’ brought companies public far too early, and had deceived investors.” The report posited that one of the key challenges for the Company is obtaining sufficient quality feedstock to make its process economical, raising doubts about PureCycle’s projected 45% EBITDA margins. Follow us for updates on LinkedIn, Twitter, or Facebook. Whistleblower Notice: Persons with non-public information regarding PureCycle should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com. About GPM Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Contacts Glancy Prongay & Murray LLP, Los Angeles Charles H. Linehan, 310-201-9150 or 888-773-9224 1925 Century Park East, Suite 2100 Los Angeles, CA 90067 www.glancylaw.comshareholders@glancylaw.com
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AM Best Affirms Credit Ratings of The Northwestern Mutual Life Insurance Company and Its Subsidiary
OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of “aaa” of The Northwestern Mutual Life Insurance Company (Northwestern Mutual) and its subsidiary, Northwestern Long Term Care Insurance Company. The companies are domiciled in Milwaukee, WI, and collectively are known as Northwestern Mutual Group (NMG). Concurrently, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IR) of Northwestern Mutual. The outlook of these Credit Ratings (rating) is stable. (See below for a detail list of the Long-Term IRs.) The ratings reflect NMG’s balance sheet strength, which AM Best assesses as strongest, as well as its very strong operating performance, very favorable business profile and very strong enterprise risk management (ERM). NMG’s balance sheet consists of moderate leverage, a low-risk reserve profile, and a diversified investment portfolio with some degree of risk allocated to real estate-related assets, which to date, has been very well managed and has performed well through the COVID-19 pandemic. The company’s operating performance has demonstrated a strong and consistent trend in profitability, which is expected to continue, noting the earnings likely could come off of some historical highs with lower growth rates in capital attributed to earnings. NMG manages a flexible dividend policy, which can be calibrated to support capital and surplus targets. The company operates in a highly competitive marketplace, which could impact top-line growth and has not yet experienced this possible strain. NMG benefits from a very strong agency force, with strong market positions in whole life insurance along with a broad array of low-risk product offerings in disability, annuity and long-term care segments. The company’s ERM supports the broader risks associated with managing an insurance balance sheet that extends to all aspects of business including distribution, product risk pricing, and balance sheet and capital management. All aspects of business are supported by very high levels of regulatory capital. The following Long-Term IRs have been affirmed with a stable outlook: The Northwestern Mutual Life Insurance Company— -- “aa” on $1.2 billion 6.063% surplus notes, due 2040 -- “aa” on $1.2 billion 3.85% surplus notes, due 2047 -- “aa” on $1.2 billion 3.625% surplus notes, due 2059 -- “aa” on $900 million 3.45% surplus notes, due 2051 Northwestern Mutual Global Funding—“aaa” on program rating -- “aaa” on $350 million 0.6% senior secured notes, due 2024 -- “aaa” on $350 million floating rate senior secured notes, due 2024 -- “aaa” on $750 million 0.8% senior secured notes, due 2026 This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com. Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. Contacts Anthony McSwieneySenior Financial Analyst+1 908 439 2200, ext. 5715anthony.mcswieney@ambest.com Michael PorcelliDirector+1 908 439 2200, ext. 5548michael.porcelli@ambest.com Christopher SharkeyManager, Public Relations+1 908 439 2200, ext. 5159christopher.sharkey@ambest.com Jim PeavyDirector, Communications+1 908 439 2200, ext. 5644james.peavy@ambest.com
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D'HYON WATCHES Kickstarter Launching 13th May
SYDNEY, May 7, 2021 /PRNewswire/ -- Australian based D'HYON WATCHES is launching its Kickstarter campaign on the 13th May, designed to capture the you in every watch. D'HYON WATCHES is on Kickstarter with exclusive discounts for early backers: www.kickstarter.com/projects/dhyonwatches/dhyon-watches D'HYON WATCHES - 50 Combinations at Your Disposal. Minimalist. Classic. Versatile. These ideals are D'HYON WATCHES, a series of five watches with 50 combinations to choose from. D'HYON WATCHES finds its origins at the start of the COVID-19 pandemic. During this time of isolation, founder Hartley Dhyon envisioned a timepiece that connected people at a time when connection seemed distant. "I wanted to make a watch for people that would be an expression of them and accompany the wearer on their personal journey," said Hartley. Making a timepiece that could capture the individuality of the wearer inspired the minimalist in D'HYON WATCHES. During the design process, the aim was to capture the essence of a watch and embed that in the dial, a classic, timeless design. "Watches have been around for centuries and our design recognises this continuing legacy," said Hartley. To make this project a reality, D'HYON WATCHES worked with German watchmaker David Bana, a watchmaker with years of experience in the industry. After months of work and collaboration, the result was five watches. Each minimalist but classic in design. Creating a watch is only half the story. A strap will influence the feel of the watch and adds a personal flair. D'HYON WATCHES provides high quality genuine leather, nylon and 316L stainless steel mesh straps with quick release functions. With 50 combinations at the user's disposal, D'HYON WATCHES is both versatile and dynamic. D'HYON WATCHES are high-quality timepieces built to last. The 316L stainless steel casing with a screw down case back allows for 50M/5ATM water resistance. Enclosing the dial is our Sapphire Crystal glossed with two-sided anti-reflective coating for increased scratch resistance. D'HYON WATCHES use a Japanese MIYOTA Movement that has a 60-month battery life that is made for the long run. D'HYON WATCHES was founded by 21-year-old Hartley Dhyon, a young entrepreneur based in Western Sydney, Australia. He has spent over a year developing D'HYON WATCHES, hoping to create something that is not just meaningful to him but to each person who wears a D'HYON WATCH. D'HYON WATCHES is on Kickstarter with exclusive discounts for early supporters. To pledge, go to www.kickstarter.com/projects/dhyonwatches/dhyon-watches or visit www.dhyonwatches.com for more information. Related Links :https://www.dhyonwatches.com/
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First Command Reports: Financial Readiness Slipping in Career Military Families
First Command survey results highlight need to provide service members and military spouses with greater access to financial education and face-to-face coaching FORT WORTH, Texas--(BUSINESS WIRE)--Career military families are trailing their civilian counterparts in basic money knowledge, underscoring long-term financial readiness issues facing service members and their spouses, according to the First Command Financial Behaviors Index®. Results of the 10th annual financial readiness test and survey commissioned by First Command Financial Services, Inc., in partnership with First Command Educational Foundation, reveal that middle-class military families (commissioned officers and senior NCOs in pay grades E-5 and above with household incomes of at least $50,000) earned an average grade of 57. That’s down from 71 last year and the lowest in the history of the test. In contrast, general population test takers with similar household incomes earned an average grade of 69, which is statistically unchanged from 2020. Sixteen percent of military test takers correctly answered seven or more questions in the nine-question quiz, which is designed to measure basic money knowledge associated with financial readiness. That compares to 44 percent of civilian respondents. Perfect scores were earned by less than one percent of military respondents and eight percent of the general population. The military/general population gap is particularly noteworthy as military test takers are significantly more likely than their civilian counterparts to say they’ve completed a financial literacy or education program (56 percent versus 31 percent). Notably, the benefits of these programs are not fully reflected in test scores. Among those who completed a financial education program, perfect scores were earned by less than one percent of the military compared to 23 percent of the general population. “This year’s drop in military test scores is part of a long-term trend of service member families trailing the general population in basic money knowledge,” said First Command President/CEO Mark Steffe. “Military test takers scored less than the general population in eight of the past 10 years. The gap is particularly notable as military families are significantly more likely than general population families to say they have completed a financial literacy or education program. These results underscore the critical need to expand our efforts to improve the financial readiness of military families.” First Command stresses that financial readiness solutions must address the needs of military spouses as well as service members. Test results reveal that military spouses generally score about the same as service members, but they play an outsized role in family financial readiness. They often: Take the lead role in managing household budgets and savings, Face unique challenges in finding and maintaining meaningful employment because of frequent moves, Carry the burden of knowing that they will face these responsibilities alone in the event of a combat death, and Play a critical role in navigating the financial complexities of the family’s transition to civilian life. First Command seeks to improve financial readiness of service members and military spouses through face-to-face coaching. “Our financial advisors have a deep knowledge of personal finance and military pay and benefits, but coaching is where they bring the greatest value to military families,” Steffe said. “They help families change their financial behaviors so they can save more and feel greater confidence in their financial future. This is one of the key reasons we waive financial planning fees for active-duty military families. One-on-one coaching helps families bridge the gap in their own financial knowledge so they feel more confident while pursuing long-term financial security.” In addition to face-to-face coaching, First Command is committed to supporting training and education to the military through charitable gifts and hands-on assistance. Those efforts include providing ongoing support to First Command Educational Foundation, a separate 501(c)(3) charity that offers in-person and online financial readiness tools for service members across the globe as well as increased scholarship opportunities for service members and their families. Bill Johnson, CEO of First Command Educational Foundation, said “Last year we educated nearly 5,000 service members through virtual and in person presentations but we need to do better. Our number one priority is to educate those who serve our country. We are continuing to look at new programs and presentations that will help empower our service members and their families to make their best financial decisions.” About the First Command Financial Behaviors Index® Compiled by Sentient Decision Science, Inc., the First Command Financial Behaviors Index® assesses trends among the American public’s financial behaviors, attitudes and intentions through a monthly survey of approximately 530 U.S. consumers aged 25 to 70 with annual household incomes of at least $50,000. Results are reported quarterly. The margin of error is +/- 4.3 percent with a 95 percent level of confidence. For more details on our research, please email MarketingInbox@firstcommand.com. http://www.firstcommand.com/fbi/ About Sentient Decision Science, Inc. Sentient Decision Science was commissioned by First Command to compile the Financial Behaviors Index®. SDS is a behavioral science and consumer psychology consulting firm with special vertical expertise within the financial services industry. SDS specializes in advanced research methods and statistical analysis of behavioral and attitudinal data. About First Command First Command Financial Services and its subsidiaries, including First Command Brokerage Services and First Command Bank, coach our Nation’s military families in their pursuit of financial security. Since 1958, First Command Financial Advisors have been shaping positive financial behaviors through face-to-face coaching with hundreds of thousands of client families. ©2021 First Command Financial Services, Inc. is the parent company of First Command Brokerage Services, Inc. (Member SIPC, FINRA), First Command Advisory Services, Inc., First Command Insurance Services, Inc. and First Command Bank. Securities products and brokerage services are provided by First Command Brokerage Services, Inc., a broker-dealer. Financial planning and investment advisory services are provided by First Command Advisory Services, Inc., an investment adviser. Insurance products and services are provided by First Command Insurance Services, Inc. Banking products and services are provided by First Command Bank (Member FDIC). Securities are not FDIC insured, have no bank guarantee and may lose value. A financial plan, by itself, cannot assure that retirement or other financial goals will be met. First Command Financial Services, Inc. and its related entities are not affiliated with, authorized to sell or represent on behalf of or otherwise endorsed by any federal employee benefits programs referenced, by the U.S. government, or the U.S. Armed Forces. Contacts Mark Leach Media Relations 817-569-2419 msleach@firstcommand.com
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KBRA Assigns Preliminary Ratings to Velocity Commercial Capital 2021-1
NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 18 classes of Velocity Commercial Capital 2021-1 (VCC 2021-1) mortgage-backed certificates. VCC 2021-1 is a $264.5 million securitization collateralized by 672 small balance commercial loans secured by 764 residential rental or commercial real estate (CRE) properties. The pool is comprised of 651 fixed rate mortgages (96.3% of the total pool) and 21 adjustable rate mortgages (3.7%). The loans have an average outstanding principal balance of $393,643 which range from $74,175 (0.03%) to $3.9 million (1.5%). The weighted average appraisal loan-to-value ratio (LTV) and FICO score for the pool are 64.9% and 726, respectively. The underlying properties are located in or near 117 Core Based Statistical Areas (CBSAs) across 34 states and the District of Columbia. The top-three CBSAs represent 45.3% of the portfolio and include New York-Newark-Jersey City, NY-NJ (24.6%), Los Angeles-Long Beach-Anaheim, CA (10.8%), and Miami-Fort Lauderdale-West Palm Beach, FL (9.9%). The three largest state exposures represent 57.1% of the portfolio and consist of California (22.1%), Florida (17.6%), and New York (17.4%). KBRA relied on its RMBS, CMBS, and Single-Family Rental (SFR) methodologies to analyze the transaction. In doing so, KBRA divided the pool into three distinct loan groupings, as follows: Sub-pool 1 (332 loans, 44.6% of the total pool balance) is comprised of investor loans secured by a single residential rental property with four or less units. Sub-pool 2 (303 loans, 51.0%) is largely comprised of mixed-use (101 assets, 14.9% of total pool), multifamily properties with five or more units (52 assets, 9.4%), industrial/warehouse (29 assets, 7.5%), retail (42 assets, 7.1%), and office (36 assets, 5.0%) properties. The issuer assigned 24 assets (5.9% of CRE) a property type of commercial condominium, which KBRA reclassified to represent each asset’s respective core use. Sub-pool 3 (37 loans, 4.4%) consists of investor loans secured by portfolios of two or more residential rental properties with four or less units. The RMBS and aggregated CMBS and SFR portfolio credit model results were combined, on a WA basis, to determine KBRA’s modeled expected losses at each rating category and reflect the quality of the collateral, diligence, and information quality relative to typical RMBS and CMBS transactions. The losses were subsequently incorporated into our cash flow modeling, which was used to evaluate the transaction’s credit enhancement levels in the context of its modified pro rata structure. Click here to view the report. To access ratings and relevant documents, click here. Related Publications U.S. RMBS Rating Methodology U.S. RMBS Mortgage Default and Loss Model Methodology U.S. Single-Family Rental Securitization Methodology U.S. CMBS Property Evaluation Methodology U.S. CMBS Multi-Borrower Rating Methodology Methodology for Rating Interest-Only Certificates in CMBS Transactions Global Structured Finance Counterparty Methodology Disclosures Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com. About KBRA Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider. Contacts Analytical Contacts Sean Kane, Analyst (Lead Analyst) +1 (646) 731-2433 sean.p.kane@kbra.com Daniel Tegen, Senior Director +1 (646) 731-2429 daniel.tegen@kbra.com Jeremy Kugelman, Associate +1 (646) 731-1228 jeremy.kugelman@kbra.com Jack Kahan, Senior Managing Director +1 (646) 731-2429 jack.kahan@kbra.com Keith Kockenmeister, Senior Managing Director (Rating Committee Chair) +1 (646) 731-2349 keith.kockenmeister@kbra.com Business Development Contact Michele Patterson, Managing Director +1 (646) 731-2397 michele.patterson@kbra.com
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Sema4 and CM Life Sciences Announce the Filing of the Schedule-14A Proxy Statement in Connection with the Proposed Merger
STAMFORD, Conn.--(BUSINESS WIRE)--$CMLF #AI--Sema4, a patient-centered health intelligence company leveraging AI and machine learning to derive data-driven insights, and CM Life Sciences (Nasdaq: CMLF), a special purpose acquisition company, or SPAC, sponsored by affiliates of Casdin Capital, LLC and Corvex Management LP, today announced the filing of the preliminary proxy statement related to their proposed business combination. The filing of the preliminary proxy statement initiates the formal Securities and Exchange Commission (SEC) review process required to finalize the definitive proxy statement that will be sent to CM Life Sciences shareholders. “This is an important milestone and begins the process of transitioning Sema4 into an independent public company and leader in the clinical genomics space. There is tremendous growth potential ahead for the company and we are excited by the opportunities that will be enabled by this transaction,” commented Eli Casdin, Chief Executive Officer of CM Life Sciences. “As each day goes by, Sema4 grows as a leader in patient-centered genomic and clinical data,” remarked Eric Schadt, PhD, Founder and Chief Executive Officer of Sema4. “Meanwhile, we continue to be on track to achieve the 2021 financial and strategic goals and importantly build a business that is powered to execute on the long term potential of an AI-powered platform to health system partners, providers and their patients.” “We look forward to consummating the transaction following SEC review and approval from our shareholders, which is anticipated by the end of July,” said Keith Meister, Chairman of CM Life Sciences. About Sema4 Sema4 is a patient-centered health intelligence company dedicated to advancing healthcare through data-driven insights. Sema4 is transforming healthcare by applying AI and machine learning to multidimensional, longitudinal clinical and genomic data to build dynamic models of human health and defining optimal, individualized health trajectories. Centrellis™, our innovative health intelligence platform, is enabling us to generate a more complete understanding of disease and wellness and to provide science-driven solutions to the most pressing medical needs. Sema4 believes that patients should be treated as partners, and that data should be shared for the benefit of all. For more information, please visit sema4.com and connect with Sema4 on Twitter, LinkedIn, Facebook and YouTube. About CM Life Sciences CM Life Sciences was founded to take advantage of a dynamic life science sector buoyed by innovation yet fragmented, where many companies are under-resourced and under-scaled. Significant and under-appreciated opportunities for consolidation are ready for engagement by a team versed in the trends and themes, and who can bring together the strongest of the new companies and management teams to capitalize on near- and far-term opportunities. For more information, please visit https://cmlifesciencesspac.com/ Cautionary Statement Regarding Forward Looking Statements This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between Sema4 and CM Life Sciences, including statements regarding the anticipated benefits of the transaction, the anticipated timing of the transaction, the SEC review process for CM Life Sciences’ proxy statement for the transaction, shareholder approval for the transaction, expansion plans, projected future results, Sema4’s 2021 financial and strategic goals and Sema4’s business, growth and market opportunities. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of CM Life Sciences’ securities, (ii) the risk that the transaction may not be completed by CM Life Sciences’ business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by CM Life Sciences, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the merger agreement by the shareholders of CM Life Sciences, the satisfaction of the minimum trust account amount following redemptions by CM Life Sciences’ public shareholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third-party valuation in determining whether or not to pursue the transaction, (v) the inability to complete the PIPE investment in connection with the transaction, (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, (vii) the effect of the announcement or pendency of the transaction on Sema4’s business relationships, operating results and business generally, (viii) risks that the proposed transaction disrupts current plans and operations of Sema4 and potential difficulties in Sema4 employee retention as a result of the transaction, (ix) the outcome of any legal proceedings that may be instituted against Sema4 or against CM Life Sciences related to the merger agreement or the transaction, (x) the ability to maintain the listing of CM Life Sciences’ securities on a national securities exchange, (xi) the price of CM Life Sciences’ securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which CM Life Sciences plans to operate or Sema4 operates, variations in operating performance across competitors, changes in laws and regulations affecting CM Life Sciences’ or Sema4’s business and changes in the combined capital structure, (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities, (xiii) the risk of downturns and a changing regulatory landscape in the highly competitive healthcare industry and (xiv) the size and growth of the market in which Sema4 operates. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of CM Life Sciences’ annual report on Form 10-K, as amended, the proxy statement discussed above and other documents filed by CM Life Sciences from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the 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 Sema4 and CM Life Sciences assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Sema4 nor CM Life Sciences gives any assurance that either Sema4 or CM Life Sciences or the combined company will achieve its expectations. Additional Information and Where to Find It / Non-Solicitation In connection with the proposed transaction, CM Life Sciences has filed a preliminary proxy statement with the SEC, and CM Life Sciences will file a definitive proxy statement with the SEC, which will be sent to the stockholders of CM Life Sciences. CM Life Sciences also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of CM Life Sciences are urged to read the proxy statement and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Investors and security holders will be able to obtain free copies of the proxy statement and all other relevant documents filed or that will be filed with the SEC by CM Life Sciences through the website maintained by the SEC at www.sec.gov. The documents filed by CM Life Sciences with the SEC also may be obtained free of charge at CM Life Sciences’ website at https://cmlifesciencesspac.com/ or upon written request to CM Life Sciences, c/o Corvex Management, 667 Madison Ave, New York, NY 10065 Participants in Solicitation CM Life Sciences and Sema4 and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from CM Life Sciences’ shareholders in connection with the proposed transaction. Information about CM Life Sciences’ directors and executive officers and their ownership of CM Life Sciences’ securities is set forth in CM Life Sciences’ filings with the SEC. To the extent that holdings of CM Life Sciences’ securities have changed since the amounts reported in CM Life Sciences’ proxy statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. A list of the names of such directors and executive officers and information regarding their interests in the business combination are contained in the preliminary proxy statement and will be contained in the definitive proxy statement when available. You may obtain free copies of these documents as described in the preceding paragraph. Contacts Media contact: Radley Moss radley.moss@sema4.com Investor contact: David Deuchler Gilmartin Group Investor-all@sema4.com
