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They need money
Company exploring alternatives to improve cash position, including restructuring or refinancing debt, seeking additional debt or equity capital, reduction of business activities, strategic transactions or other measures,...
Opgen (OPGN): 0,3193 + 69.8%
Volume 4.133.493
Opgen: 8,899,524 shares of the Company’s common stock, par value $0.01 per share, were outstanding as of August 11, 2023
Volume more than have of the free float???
Opgen (OPGN): 0,3193 + 69.8%
Volume 4.133.493
Opgen: 8,899,524 shares of the Company’s common stock, par value $0.01 per share, were outstanding as of August 11, 2023
Volume more than have of the free float???
Very high risk but very high potential
Opgn: 0.188
52 Week Range 0.1800 - 11.2000
https://ir.opgen.com/static-files/77ecaaec-38df-443c-937c-20dc3b67b9c8
Opgen: 8,899,524 shares of the Company’s common stock, par value $0.01 per share, were outstanding as of August 11, 2023
= marketcap: 1.67 M
June 30, 2023
Cash and cash equivalents $ 3,237,176
Total assets $ 22,434,962
Total current liabilities 12,415,551
4 years ago: Curetis and OpGen Enter Into Definitive Agreement to Combine Businesses
reflecting a valuation of the combined business of roughly $24 million.
Aug 17, 2023 0.2200
Aug 16, 2023 0.2500
Aug 15, 2023 0.2600
Aug 14, 2023 0.3010
Aug 11, 2023 0.3050
Aug 10, 2023 0.4650
Aug 09, 2023 0.5450
Aug 08, 2023 0.5700
Aug 07, 2023 0.6100
Aug 04, 2023 0.6100
Aug 03, 2023 0.6200
Aug 02, 2023 0.6100
Aug 01, 2023 0.6280
Jul 31, 2023 0.6180
Jul 28, 2023 0.5700
Jul 27, 2023 0.5780
Jul 26, 2023 0.6100
Jul 25, 2023 0.6180
Jul 24, 2023 0.6100
Jul 21, 2023 0.6490
Jul 20, 2023 0.6800
Jul 19, 2023 0.7000
Jul 18, 2023 0.7200
Jul 17, 2023 0.8300
Jul 14, 2023 0.9000
Jul 13, 2023 0.9000
Jul 12, 2023 0.9600
Very high risk but very high potential
Opgn: 0.188
52 Week Range 0.1800 - 11.2000
https://ir.opgen.com/static-files/77ecaaec-38df-443c-937c-20dc3b67b9c8
Opgen: 8,899,524 shares of the Company’s common stock, par value $0.01 per share, were outstanding as of August 11, 2023
= marketcap: 1.67 M
June 30, 2023
Cash and cash equivalents $ 3,237,176
Total assets $ 22,434,962
Total current liabilities 12,415,551
4 years ago: Curetis and OpGen Enter Into Definitive Agreement to Combine Businesses
reflecting a valuation of the combined business of roughly $24 million.
Aug 17, 2023 0.2200
Aug 16, 2023 0.2500
Aug 15, 2023 0.2600
Aug 14, 2023 0.3010
Aug 11, 2023 0.3050
Aug 10, 2023 0.4650
Aug 09, 2023 0.5450
Aug 08, 2023 0.5700
Aug 07, 2023 0.6100
Aug 04, 2023 0.6100
Aug 03, 2023 0.6200
Aug 02, 2023 0.6100
Aug 01, 2023 0.6280
Jul 31, 2023 0.6180
Jul 28, 2023 0.5700
Jul 27, 2023 0.5780
Jul 26, 2023 0.6100
Jul 25, 2023 0.6180
Jul 24, 2023 0.6100
Jul 21, 2023 0.6490
Jul 20, 2023 0.6800
Jul 19, 2023 0.7000
Jul 18, 2023 0.7200
Jul 17, 2023 0.8300
Jul 14, 2023 0.9000
Jul 13, 2023 0.9000
Jul 12, 2023 0.9600
LORDSTOWN MOTORS (RIDEQ) : 3.8 + 15.85%
$4 tomorrow??
LORDSTOWN MOTORS (RIDEQ) : 3.8 + 15.85%
$4 tomorrow??
I expect today at least 3.5
LORDSTOWN MOTORS (RIDEQ) : 3.4 + 4.88%
Aug 04, 2023 3.8260
Jun 16, 2023 6.7600
May 03, 2023 7.0350
Apr 26, 2023 8.0850
Apr 11, 2023 9.0750
Apr 04, 2023 10.0500
40 million instead of 900 million is very good news!!
If these 13 bidders fight for the best parts = $$$
110 million cash (130 - 20 debt)
Foxconn who has to pay millions if they loose
... and less than 16 million shares.
Current marketcap only 50 million with 130 M cash
I expect today at least 3.5
LORDSTOWN MOTORS (RIDEQ) : 3.4 + 4.88%
Aug 04, 2023 3.8260
Jun 16, 2023 6.7600
May 03, 2023 7.0350
Apr 26, 2023 8.0850
Apr 11, 2023 9.0750
Apr 04, 2023 10.0500
40 million instead of 900 million is very good news!!
If these 13 bidders fight for the best parts = $$$
110 million cash (130 - 20 debt)
Foxconn who has to pay millions if they loose
... and less than 16 million shares.
Current marketcap only 50 million with 130 M cash
LORDSTOWN MOTORS (RIDEQ) : 3.28
52w high: 38.62
https://www.otcmarkets.com/filing/conv_pdf?id=16866045&guid=FoN-kKuv_eMSJth
Company said deal with Karma Automotive helps sale process
Deal comes weeks after judge said Lordstown must face trial
Bankrupt electric-vehicle maker Lordstown Motors Corp. has agreed to pay $40 million to settle a Karma Automotive LLC lawsuit alleging that the company lifted designs and technology to develop its flagship Endurance truck.
The settlement disclosed in bankruptcy court papers Tuesday averts an upcoming trial that threatened to derail Lordstown’s efforts to sell its business in Chapter 11.
The deal is for substantially less than the more than $900 million Karma had been seeking, but it ensures Karma is compensated despite Lordstown’s bankruptcy. Lordstown said that while it still disputes Karma’s allegations, a settlement was necessary to avert a costly and time-consuming jury trial that posed a “significant impediment” to its sale process and risked scaring off potential bidders.
If they sell the assets and win the foxconn case we could get more than $10/share
As of August 10, 2023, 15,953,212 shares of the registrant’s Class A common stock were outstanding
130 (cash) - 20 (debt) - 40 (karma) + 47.3 foxconn + 50 (assets) = 167M
I'm surprised we are not much higher after the good news this week.
Aug 16, 2023 3.3200
Aug 15, 2023 3.3800
Aug 14, 2023 3.4500
Aug 11, 2023 3.4900
Aug 10, 2023 3.4600
Aug 09, 2023 3.4900
Aug 08, 2023 3.5800
Aug 07, 2023 3.6500
Aug 04, 2023 3.8260
I'm still hoping for at least $4 this week, hopefully we get more updates this week.
Let’s hope for a big battle between the 13 bidders
LORDSTOWN MOTORS (RIDEQ) : 3.28
52w high: 38.62
https://www.otcmarkets.com/filing/conv_pdf?id=16866045&guid=FoN-kKuv_eMSJth
Company said deal with Karma Automotive helps sale process
Deal comes weeks after judge said Lordstown must face trial
Bankrupt electric-vehicle maker Lordstown Motors Corp. has agreed to pay $40 million to settle a Karma Automotive LLC lawsuit alleging that the company lifted designs and technology to develop its flagship Endurance truck.
The settlement disclosed in bankruptcy court papers Tuesday averts an upcoming trial that threatened to derail Lordstown’s efforts to sell its business in Chapter 11.
The deal is for substantially less than the more than $900 million Karma had been seeking, but it ensures Karma is compensated despite Lordstown’s bankruptcy. Lordstown said that while it still disputes Karma’s allegations, a settlement was necessary to avert a costly and time-consuming jury trial that posed a “significant impediment” to its sale process and risked scaring off potential bidders.
If they sell the assets and win the foxconn case we could get more than $10/share
As of August 10, 2023, 15,953,212 shares of the registrant’s Class A common stock were outstanding
130 (cash) - 20 (debt) - 40 (karma) + 47.3 foxconn + 50 (assets) = 167M
I'm surprised we are not much higher after the good news this week.
Aug 16, 2023 3.3200
Aug 15, 2023 3.3800
Aug 14, 2023 3.4500
Aug 11, 2023 3.4900
Aug 10, 2023 3.4600
Aug 09, 2023 3.4900
Aug 08, 2023 3.5800
Aug 07, 2023 3.6500
Aug 04, 2023 3.8260
I'm still hoping for at least $4 this week, hopefully we get more updates this week.
Let’s hope for a big battle between the 13 bidders
Taoping Inc. (TAOP) : 3.20 + 10.34%
Shares Outstanding 1.86M
Float 1.09M
52w: 2.91 – 11.90
Very high volatility
Aug 16, 2023 2.8600 3.2000 2.8200 3.1997 3.1997 56,738
Aug 15, 2023 3.0200 3.0300 2.9000 2.9000 2.9000 26,500
Aug 14, 2023 3.0800 3.1900 2.9400 3.1000 3.1000 25,900
Aug 11, 2023 3.4200 3.5100 3.1700 3.1700 3.1700 43,500
Aug 10, 2023 3.9000 3.9200 3.5000 3.5100 3.5100 77,300
Aug 09, 2023 3.5000 3.7800 3.4300 3.6200 3.6200 124,700
Aug 08, 2023 3.4600 3.5700 3.2000 3.5000 3.5000 66,800
Aug 07, 2023 3.6800 3.8500 3.3500 3.6300 3.6300 77,400
Aug 04, 2023 4.0400 5.1700 3.8600 4.0900 4.0900 633,900
Aug 03, 2023 3.8000 4.2500 3.5200 4.1000 4.1000 176,300
Aug 02, 2023 4.7200 4.8500 3.7000 3.8000 3.8000 181,400
Aug 01, 2023 5.5900 6.0000 4.8000 4.9000 4.9000 262,400
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.
Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."
"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
________________________________________
Taoping Inc. (TAOP) : 3.20 + 10.34%
Shares Outstanding 1.86M
Float 1.09M
52w: 2.91 – 11.90
Very high volatility
Aug 16, 2023 2.8600 3.2000 2.8200 3.1997 3.1997 56,738
Aug 15, 2023 3.0200 3.0300 2.9000 2.9000 2.9000 26,500
Aug 14, 2023 3.0800 3.1900 2.9400 3.1000 3.1000 25,900
Aug 11, 2023 3.4200 3.5100 3.1700 3.1700 3.1700 43,500
Aug 10, 2023 3.9000 3.9200 3.5000 3.5100 3.5100 77,300
Aug 09, 2023 3.5000 3.7800 3.4300 3.6200 3.6200 124,700
Aug 08, 2023 3.4600 3.5700 3.2000 3.5000 3.5000 66,800
Aug 07, 2023 3.6800 3.8500 3.3500 3.6300 3.6300 77,400
Aug 04, 2023 4.0400 5.1700 3.8600 4.0900 4.0900 633,900
Aug 03, 2023 3.8000 4.2500 3.5200 4.1000 4.1000 176,300
Aug 02, 2023 4.7200 4.8500 3.7000 3.8000 3.8000 181,400
Aug 01, 2023 5.5900 6.0000 4.8000 4.9000 4.9000 262,400
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.
Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."
"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
________________________________________
LORDSTOWN MOTORS (RIDEQ) : 3.3 + 1.54%
I'm surprised we are not much higher after the good news this week.
Aug 16, 2023 3.3200
Aug 15, 2023 3.3800
Aug 14, 2023 3.4500
Aug 11, 2023 3.4900
Aug 10, 2023 3.4600
Aug 09, 2023 3.4900
Aug 08, 2023 3.5800
Aug 07, 2023 3.6500
Aug 04, 2023 3.8260
I'm still hoping for at least $4 this week, hopefully we get more updates this week.
Let’s hope for a big battle between the 13 bidders
LORDSTOWN MOTORS (RIDEQ) : 3.3 + 1.54%
I'm surprised we are not much higher after the good news this week.
Aug 16, 2023 3.3200
Aug 15, 2023 3.3800
Aug 14, 2023 3.4500
Aug 11, 2023 3.4900
Aug 10, 2023 3.4600
Aug 09, 2023 3.4900
Aug 08, 2023 3.5800
Aug 07, 2023 3.6500
Aug 04, 2023 3.8260
I'm still hoping for at least $4 this week, hopefully we get more updates this week.
Let’s hope for a big battle between the 13 bidders
Today 3.5?
LORDSTOWN MOTORS (RIDEQ): 3.30 +1.54%
https://www.otcmarkets.com/filing/conv_pdf?id=16866045&guid=FoN-kKuv_eMSJth
Company said deal with Karma Automotive helps sale process
Deal comes weeks after judge said Lordstown must face trial
Bankrupt electric-vehicle maker Lordstown Motors Corp. has agreed to pay $40 million to settle a Karma Automotive LLC lawsuit alleging that the company lifted designs and technology to develop its flagship Endurance truck.
The settlement disclosed in bankruptcy court papers Tuesday averts an upcoming trial that threatened to derail Lordstown’s efforts to sell its business in Chapter 11.
The deal is for substantially less than the more than $900 million Karma had been seeking, but it ensures Karma is compensated despite Lordstown’s bankruptcy. Lordstown said that while it still disputes Karma’s allegations, a settlement was necessary to avert a costly and time-consuming jury trial that posed a “significant impediment” to its sale process and risked scaring off potential bidders.
If they sell the assets and win the foxconn case we could get more than $10/share
As of August 10, 2023, 15,953,212 shares of the registrant’s Class A common stock were outstanding
130 (cash) - 20 (debt) - 40 (karma) + 47.3 foxconn + 50 (assets) = 167M
Today 3.5?
LORDSTOWN MOTORS (RIDEQ): 3.30 +1.54%
https://www.otcmarkets.com/filing/conv_pdf?id=16866045&guid=FoN-kKuv_eMSJth
Company said deal with Karma Automotive helps sale process
Deal comes weeks after judge said Lordstown must face trial
Bankrupt electric-vehicle maker Lordstown Motors Corp. has agreed to pay $40 million to settle a Karma Automotive LLC lawsuit alleging that the company lifted designs and technology to develop its flagship Endurance truck.
The settlement disclosed in bankruptcy court papers Tuesday averts an upcoming trial that threatened to derail Lordstown’s efforts to sell its business in Chapter 11.
The deal is for substantially less than the more than $900 million Karma had been seeking, but it ensures Karma is compensated despite Lordstown’s bankruptcy. Lordstown said that while it still disputes Karma’s allegations, a settlement was necessary to avert a costly and time-consuming jury trial that posed a “significant impediment” to its sale process and risked scaring off potential bidders.
If they sell the assets and win the foxconn case we could get more than $10/share
As of August 10, 2023, 15,953,212 shares of the registrant’s Class A common stock were outstanding
130 (cash) - 20 (debt) - 40 (karma) + 47.3 foxconn + 50 (assets) = 167M
Mullen Announces Debut of the Ultra-High-Performance FIVE RS Demonstrator
Mullen Automotive, Inc.
Wed, August 16, 2023 at 1:30 PM
The Mullen FIVE RS EV Sport Crossover, featuring a top speed of over 200 mph and acceleration from 0-60 mph in under 2 seconds, will be highlighted on the upcoming “Strikingly Different” EV tour kicking off on Aug. 20, 2023, in Austin, Texas
The FIVE RS is equipped with 800-volt architecture, all-wheel drive, a two-speed gearbox, and over 1,100 horsepower
BREA, Calif., Aug. 16, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces the debut of the ultra-high-performance Mullen FIVE RS EV Crossover. The RS will be featured on the upcoming “Strikingly Different” EV tour kicking off on Aug. 20, 2023, in Austin, Texas.
The Mullen FIVE RS is an ultra-high-performance EV featuring a top speed of 200 mph and acceleration from 0-60 mph in under 2 seconds. Equipped with 800-volt architecture, all-wheel drive, a two-speed gearbox, and over 1,100 horsepower, the vehicle has a performance-oriented suspension and massive 325/35R21 front and rear tires. Specifically developed brakes provide quick stopping for the RS, which is fully race prepped to allow occupants to experience max-performance potential.
“I want to encourage shareholders to continue sharing thoughts and opinions with Mullen, and remember we are working together to achieve great things, including pushing the boundaries of EV performance and electrifying the world,” said David Michery, CEO and chairman of Mullen Automotive.
Due to the high-powered capabilities of the FIVE RS, consumers will not be allowed to test drive the vehicle directly. Instead, Mullen will offer consumers the opportunity to ride in the Mullen FIVE RS alongside a professional race car driver, providing an up-close and personal experience in one of the fastest vehicles available globally.
Mullen will offer “front row” FIVE reservation holders the first chance to experience the Mullen FIVE RS in person on the “Strikingly Different” U.S. test drive tour. More details on the upcoming tour can be accessed here.
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential” and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include but are not limited to whether the ultra-high-performance Mullen FIVE RS EV Crossover will perform as expected or be a success, and the dates and cars featured on the “Strikingly Different” EV tour. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
Mullen Announces Debut of the Ultra-High-Performance FIVE RS Demonstrator
Mullen Automotive, Inc.
Wed, August 16, 2023 at 1:30 PM
The Mullen FIVE RS EV Sport Crossover, featuring a top speed of over 200 mph and acceleration from 0-60 mph in under 2 seconds, will be highlighted on the upcoming “Strikingly Different” EV tour kicking off on Aug. 20, 2023, in Austin, Texas
The FIVE RS is equipped with 800-volt architecture, all-wheel drive, a two-speed gearbox, and over 1,100 horsepower
BREA, Calif., Aug. 16, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces the debut of the ultra-high-performance Mullen FIVE RS EV Crossover. The RS will be featured on the upcoming “Strikingly Different” EV tour kicking off on Aug. 20, 2023, in Austin, Texas.
The Mullen FIVE RS is an ultra-high-performance EV featuring a top speed of 200 mph and acceleration from 0-60 mph in under 2 seconds. Equipped with 800-volt architecture, all-wheel drive, a two-speed gearbox, and over 1,100 horsepower, the vehicle has a performance-oriented suspension and massive 325/35R21 front and rear tires. Specifically developed brakes provide quick stopping for the RS, which is fully race prepped to allow occupants to experience max-performance potential.
“I want to encourage shareholders to continue sharing thoughts and opinions with Mullen, and remember we are working together to achieve great things, including pushing the boundaries of EV performance and electrifying the world,” said David Michery, CEO and chairman of Mullen Automotive.
Due to the high-powered capabilities of the FIVE RS, consumers will not be allowed to test drive the vehicle directly. Instead, Mullen will offer consumers the opportunity to ride in the Mullen FIVE RS alongside a professional race car driver, providing an up-close and personal experience in one of the fastest vehicles available globally.
Mullen will offer “front row” FIVE reservation holders the first chance to experience the Mullen FIVE RS in person on the “Strikingly Different” U.S. test drive tour. More details on the upcoming tour can be accessed here.
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential” and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include but are not limited to whether the ultra-high-performance Mullen FIVE RS EV Crossover will perform as expected or be a success, and the dates and cars featured on the “Strikingly Different” EV tour. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
I said: I hope we see 3.5 - 3.7 today and ... at least 4 by the end of the week.
Were almost there:
LORDSTOWN MOTORS CORP 3,38 +6,62%
Company said deal with Karma Automotive helps sale process
Deal comes weeks after judge said Lordstown must face trial
Bankrupt electric-vehicle maker Lordstown Motors Corp. has agreed to pay $40 million to settle a Karma Automotive LLC lawsuit alleging that the company lifted designs and technology to develop its flagship Endurance truck.
The settlement disclosed in bankruptcy court papers Tuesday averts an upcoming trial that threatened to derail Lordstown’s efforts to sell its business in Chapter 11.
The deal is for substantially less than the more than $900 million Karma had been seeking, but it ensures Karma is compensated despite Lordstown’s bankruptcy. Lordstown said that while it still disputes Karma’s allegations, a settlement was necessary to avert a costly and time-consuming jury trial that posed a “significant impediment” to its sale process and risked scaring off potential bidders.
The deal was struck weeks after Judge Mary Walrath ruled Lordstown would have to go to trial over Karma’s allegations despite the fact that the company recently filed Chapter 11, an action that usually pauses litigation. The outcome of a trial was expected to determine which company owns assets related to the Endurance, meaning the dispute could have determined what potential bidders could actually acquire from Lordstown.
The $40 million settlement must be approved by Judge Walrath. The settlement amount includes a $5 million royalty payment, according to court documents.
Lordstown filed Chapter 11 in June amid a separate, costly dispute with iPhone maker Foxconn Technology Group over a deal to make pickup trucks for Lordstown at an assembly plant in Ohio.
The bankruptcy is Lordstown Motors Corp., 23-10831, US Bankruptcy Court for the District of Delaware.
I said: I hope we see 3.5 - 3.7 today and ... at least 4 by the end of the week.
Were almost there:
LORDSTOWN MOTORS CORP 3,38 +6,62%
Company said deal with Karma Automotive helps sale process
Deal comes weeks after judge said Lordstown must face trial
Bankrupt electric-vehicle maker Lordstown Motors Corp. has agreed to pay $40 million to settle a Karma Automotive LLC lawsuit alleging that the company lifted designs and technology to develop its flagship Endurance truck.
The settlement disclosed in bankruptcy court papers Tuesday averts an upcoming trial that threatened to derail Lordstown’s efforts to sell its business in Chapter 11.
The deal is for substantially less than the more than $900 million Karma had been seeking, but it ensures Karma is compensated despite Lordstown’s bankruptcy. Lordstown said that while it still disputes Karma’s allegations, a settlement was necessary to avert a costly and time-consuming jury trial that posed a “significant impediment” to its sale process and risked scaring off potential bidders.
The deal was struck weeks after Judge Mary Walrath ruled Lordstown would have to go to trial over Karma’s allegations despite the fact that the company recently filed Chapter 11, an action that usually pauses litigation. The outcome of a trial was expected to determine which company owns assets related to the Endurance, meaning the dispute could have determined what potential bidders could actually acquire from Lordstown.
The $40 million settlement must be approved by Judge Walrath. The settlement amount includes a $5 million royalty payment, according to court documents.
Lordstown filed Chapter 11 in June amid a separate, costly dispute with iPhone maker Foxconn Technology Group over a deal to make pickup trucks for Lordstown at an assembly plant in Ohio.
The bankruptcy is Lordstown Motors Corp., 23-10831, US Bankruptcy Court for the District of Delaware.
RIDEQ: 3.26 +2.85%
52 high :43,6500
Maybe they only have to pay 4.44% of what Karma first asked.
I hope we see 3.5 - 3.7 today and ... at least 4 by the end of the week.
Aug 15 (Reuters) - Lordstown Motors said on Tuesday it
had reached a $40-million settlement with Karma Automotive over
a 2020 lawsuit in which the now-bankrupt electric vehicle firm
was accused of stealing proprietary technology.
The settlement, placed with the bankruptcy court for
approval, involves $5 million to be paid as royalty for the use
of Karma's intellectual property, which Lordstown was accused of
having misappropriated.
California-based Karma had sued Lordstown for allegedly
poaching its employees and stealing technology used in vehicles'
infotainment systems. That case is scheduled for trial in
September.
In June, electric truck company Lordstown filed for
bankruptcy protection and put itself up for sale after failing
to resolve a dispute over a promised investment from Taiwan's
Foxconn .
According to a filing, Lordstown's debtors have requested
the settlement to be approved by the bankruptcy court on or
before August 28, but a hearing has not been scheduled so far.
In case the settlement is not approved and the case goes to
trial, Lordstown will continue to defend against Karma's claims,
the filing added.
RIDEQ: 3.26 +2.85%
52 high :43,6500
Maybe they only have to pay 4.44% of what Karma first asked.
I hope we see 3.5 - 3.7 today and ... at least 4 by the end of the week.
Aug 15 (Reuters) - Lordstown Motors said on Tuesday it
had reached a $40-million settlement with Karma Automotive over
a 2020 lawsuit in which the now-bankrupt electric vehicle firm
was accused of stealing proprietary technology.
The settlement, placed with the bankruptcy court for
approval, involves $5 million to be paid as royalty for the use
of Karma's intellectual property, which Lordstown was accused of
having misappropriated.
California-based Karma had sued Lordstown for allegedly
poaching its employees and stealing technology used in vehicles'
infotainment systems. That case is scheduled for trial in
September.
In June, electric truck company Lordstown filed for
bankruptcy protection and put itself up for sale after failing
to resolve a dispute over a promised investment from Taiwan's
Foxconn .
According to a filing, Lordstown's debtors have requested
the settlement to be approved by the bankruptcy court on or
before August 28, but a hearing has not been scheduled so far.
In case the settlement is not approved and the case goes to
trial, Lordstown will continue to defend against Karma's claims,
the filing added.
LORDSTOWN MOTORS (RIDEQ): 3.15
52w 1.13 - 43.65
Very good news:
They maybe have to pay only 40 million instead of 900 million.
https://investor.lordstownmotors.com/static-files/86fc44dc-4867-4f5d-b580-b2d03aec61f0
If they sell the assets and win the foxconn case we could get more than $10/share
As of August 10, 2023, 15,953,212 shares of the registrant’s Class A common stock were outstanding
130 (cash) - 20 (debt) - 40 (karma) + 47.3 foxconn + 50 (assets) = 167M
LORDSTOWN MOTORS (RIDEQ): 3.15
52w 1.13 - 43.65
Very good news:
They maybe have to pay only 40 million instead of 900 million.
https://investor.lordstownmotors.com/static-files/86fc44dc-4867-4f5d-b580-b2d03aec61f0
If they sell the assets and win the foxconn case we could get more than $10/share
As of August 10, 2023, 15,953,212 shares of the registrant’s Class A common stock were outstanding
130 (cash) - 20 (debt) - 40 (karma) + 47.3 foxconn + 50 (assets) = 167M
Taoping Inc. (TAOP) : 2.9400 -0.2300 -7.2555%
Shares Outstanding 1.86M
Float 1.09M
mktcap: 5.5M
52w: 2.94 – 11.90
Very high volatility
Aug 14, 2023 3.0800 3.1500 2.9400 2.9586 2.9586 18,701
Aug 11, 2023 3.4200 3.5100 3.1700 3.1700 3.1700 43,500
Aug 10, 2023 3.9000 3.9200 3.5000 3.5100 3.5100 77,300
Aug 09, 2023 3.5000 3.7800 3.4300 3.6200 3.6200 124,700
Aug 08, 2023 3.4600 3.5700 3.2000 3.5000 3.5000 66,800
Aug 07, 2023 3.6800 3.8500 3.3500 3.6300 3.6300 77,400
Aug 04, 2023 4.0400 5.1700 3.8600 4.0900 4.0900 633,900
Aug 03, 2023 3.8000 4.2500 3.5200 4.1000 4.1000 176,300
Aug 02, 2023 4.7200 4.8500 3.7000 3.8000 3.8000 181,400
Aug 01, 2023 5.5900 6.0000 4.8000 4.9000 4.9000 262,400
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.
Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."
"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
Taoping Inc. (TAOP) : 2.9400 -0.2300 -7.2555%
Shares Outstanding 1.86M
Float 1.09M
mktcap: 5.5M
52w: 2.94 – 11.90
Very high volatility
Aug 14, 2023 3.0800 3.1500 2.9400 2.9586 2.9586 18,701
Aug 11, 2023 3.4200 3.5100 3.1700 3.1700 3.1700 43,500
Aug 10, 2023 3.9000 3.9200 3.5000 3.5100 3.5100 77,300
Aug 09, 2023 3.5000 3.7800 3.4300 3.6200 3.6200 124,700
Aug 08, 2023 3.4600 3.5700 3.2000 3.5000 3.5000 66,800
Aug 07, 2023 3.6800 3.8500 3.3500 3.6300 3.6300 77,400
Aug 04, 2023 4.0400 5.1700 3.8600 4.0900 4.0900 633,900
Aug 03, 2023 3.8000 4.2500 3.5200 4.1000 4.1000 176,300
Aug 02, 2023 4.7200 4.8500 3.7000 3.8000 3.8000 181,400
Aug 01, 2023 5.5900 6.0000 4.8000 4.9000 4.9000 262,400
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.
Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."
"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
MULN: 1.07
The Board of Directors of the Company has authorized a stock buyback program, pursuant to which the Company may, until
December 31, 2023, purchase up to $25 million in shares of its outstanding common stock. The shares may be repurchased,
from time to time, in the open market or in privately negotiated transactions depending upon market conditions and other
factors, and in accordance with applicable regulations of the Securities and Exchange Commission. The authorization of the
stock buyback program does not obligate the Company to purchase any shares and may be terminated or amended by the
Board at any time prior to its expiration date.
The Company ended fiscal third quarter on June 30, 2023, with stockholders’ equity of $351.8 million, compared to $157.0
million on Sept 30, 2022, which represents an increase of 124%.
During the quarter ended June 30, 2023, the Company successfully secured $100 million in funding from its Series D
preferred stock investors which completes all remaining investment obligations to the Series D holders. With this latest
investment, the Company’s cash and cash equivalents exceed $200 million as of July 3, 2023, bolstering our liquidity and
supporting our move from prototype to production for commercial vehicles.
During the quarter ended June 30, 2023, the Company recorded its first revenues on the sale of Campus EV Cargo Vans.
June 30, 2023
Cash and cash equivalents $ 214,012,136
Restricted cash 13,419,872
Accounts receivable 308,000
Inventory 12,146,844
Prepaid expenses and other current assets 15,154,205
TOTAL CURRENT ASSETS 255,041,057
Shares Outstanding 74.48M
Float 49.67M
Shares Short (Jul 30, 2023) 13.86M
52 Week Range 0.87 - 23.2500
= 3.42/share
MULN: 1.07
The Board of Directors of the Company has authorized a stock buyback program, pursuant to which the Company may, until
December 31, 2023, purchase up to $25 million in shares of its outstanding common stock. The shares may be repurchased,
from time to time, in the open market or in privately negotiated transactions depending upon market conditions and other
factors, and in accordance with applicable regulations of the Securities and Exchange Commission. The authorization of the
stock buyback program does not obligate the Company to purchase any shares and may be terminated or amended by the
Board at any time prior to its expiration date.
The Company ended fiscal third quarter on June 30, 2023, with stockholders’ equity of $351.8 million, compared to $157.0
million on Sept 30, 2022, which represents an increase of 124%.
During the quarter ended June 30, 2023, the Company successfully secured $100 million in funding from its Series D
preferred stock investors which completes all remaining investment obligations to the Series D holders. With this latest
investment, the Company’s cash and cash equivalents exceed $200 million as of July 3, 2023, bolstering our liquidity and
supporting our move from prototype to production for commercial vehicles.
During the quarter ended June 30, 2023, the Company recorded its first revenues on the sale of Campus EV Cargo Vans.
June 30, 2023
Cash and cash equivalents $ 214,012,136
Restricted cash 13,419,872
Accounts receivable 308,000
Inventory 12,146,844
Prepaid expenses and other current assets 15,154,205
TOTAL CURRENT ASSETS 255,041,057
Shares Outstanding 74.48M
Float 49.67M
Shares Short (Jul 30, 2023) 13.86M
52 Week Range 0.87 - 23.2500
= 3.42/share
MULN will be fun
Mullen Automotive, Inc. (MULN) : 1.0100-0.0070 (-0.6883%)
Shares Outstanding 74.48M
Float 49.67M
Shares Short (Jul 30, 2023) 13.86M
mktcap: 75.22M
52 Week Range 0.87 - 23.2500
BREA, Calif., Aug. 08, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), The Company intends to begin repurchasing up to $25 million in shares through a stock buyback program after the filing of its 10-Q and upon expiration of its blackout period.
“We believe the Company is highly undervalued and the stock buyback program represents a compelling use of our capital, reflecting confidence in our business," said David Michery, CEO and chairman of Mullen Automotive.
LOS ANGELES, CA - (NewMediaWire) - August 13, 2023 - (InvestorBrandNetwork via NewMediaWire) - IBN, a multifaceted financial news, content creation and publishing company, is utilized by both public and private companies to optimize investor awareness and recognition.
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle ("EV") manufacturer, today announced the start of vehicle production at its Tunica, Mississippi, assembly plant for the Mullen THREE, Class 3 EV truck with first customer deliveries on track to begin in August and September. According to the update, the company will be gradually ramping up the production rate over the course of September through December, with Class 3 production capacity at the Tunica facility currently planned for 3,000 Class 3 vehicles per year. To date, Mullen has received $79 million in purchase orders for 1,250 Mullen THREE, Class 3 EV trucks from Randy Marion Automotive Group and MGT Lease Company. "I am proud to announce that our Class 3 vehicle line is now in production mode at our Tunica facility," said David Michery, CEO and chairman of Mullen Automotive. "Our team has been working seven days a week, day and night, getting this plant reconfigured and ready for Class 3 production."
To view the full news release, visit https://ibn.fm/SHN0E
About Mullen Automotive Inc.
Mullen is a Southern California-based automotive company building the next generation of electric vehicles ("EVs") that will be manufactured in its two United States-based assembly plants. Mullen's EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of Electric Last Mile Solutions' ("ELMS") assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana. For more information about the company, visit www.MullenUSA.com.
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company's newsroom at https://ibn.fm/MULN
MULN will be fun
Mullen Automotive, Inc. (MULN) : 1.0100-0.0070 (-0.6883%)
Shares Outstanding 74.48M
Float 49.67M
Shares Short (Jul 30, 2023) 13.86M
mktcap: 75.22M
52 Week Range 0.87 - 23.2500
BREA, Calif., Aug. 08, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), The Company intends to begin repurchasing up to $25 million in shares through a stock buyback program after the filing of its 10-Q and upon expiration of its blackout period.
“We believe the Company is highly undervalued and the stock buyback program represents a compelling use of our capital, reflecting confidence in our business," said David Michery, CEO and chairman of Mullen Automotive.
LOS ANGELES, CA - (NewMediaWire) - August 13, 2023 - (InvestorBrandNetwork via NewMediaWire) - IBN, a multifaceted financial news, content creation and publishing company, is utilized by both public and private companies to optimize investor awareness and recognition.
Mullen Automotive (NASDAQ: MULN), an emerging electric vehicle ("EV") manufacturer, today announced the start of vehicle production at its Tunica, Mississippi, assembly plant for the Mullen THREE, Class 3 EV truck with first customer deliveries on track to begin in August and September. According to the update, the company will be gradually ramping up the production rate over the course of September through December, with Class 3 production capacity at the Tunica facility currently planned for 3,000 Class 3 vehicles per year. To date, Mullen has received $79 million in purchase orders for 1,250 Mullen THREE, Class 3 EV trucks from Randy Marion Automotive Group and MGT Lease Company. "I am proud to announce that our Class 3 vehicle line is now in production mode at our Tunica facility," said David Michery, CEO and chairman of Mullen Automotive. "Our team has been working seven days a week, day and night, getting this plant reconfigured and ready for Class 3 production."
To view the full news release, visit https://ibn.fm/SHN0E
About Mullen Automotive Inc.
Mullen is a Southern California-based automotive company building the next generation of electric vehicles ("EVs") that will be manufactured in its two United States-based assembly plants. Mullen's EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of Electric Last Mile Solutions' ("ELMS") assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana. For more information about the company, visit www.MullenUSA.com.
NOTE TO INVESTORS: The latest news and updates relating to MULN are available in the company's newsroom at https://ibn.fm/MULN
Very high risk (ch11)
RIDEQ Lordstown Motors Corp.: 3.28
Cash: 130 M
Debt: 20 M
Shares Outstanding 16.8M
= 130 – 20 : 16.8 = 6.5/share
The buyout price will be determined by the bids received in September. Multiple interested bidders
LORDSTOWN — Thirteen parties have shown an interest in acquiring all or some of the assets of Lordstown Motors Corp. out of bankruptcy, an attorney for the electric-vehicle company said Thursday during a court hearing in Delaware.
“Four of those are to acquire all or substantially all of the company’s assets as a going concern. Four of them are for different components of the company’s assets and five of them are from liquidators who would like to buy some or all of the company’s assets either for an upfront cash fee or for a fee and a shared participation in the proceeds from their sale,” Thomas E. Lauria, an attorney with White & Case LLP, said.
In common parlance, “going concern” is the company’s ability to stay in business.
Only one, he said, has included a condition regarding Karma Automotive LLC — referring to the intellectual property federal lawsuit pending between the California-based company and Lordstown Motors — “but all are actively going forward at this time,” Lauria said.
“I will tell the court that some of these proposals have big issues and problems and some are more promising. At this time, we have not eliminated any of the proposals from consideration and we are doing what I think this court would expect us to do, which is to work with the bidders, to respond to their questions and work to get either one bidder or an aggregation of bidders together to provide a proposal that can be brought forward for stalking horse protection by the deadline …,” Lauria said.
A stalking horse bidder is the initial bidder with whom a debtor, in this case Lordstown Motors, negotiates purchase agreement. The stalking horse bidder sets the low-end purchase price.
Thursday’s hearing was to determine the sale procedures, which included the stalking horse bid and other deadlines. It was a continuation of a hearing from July 27 before Judge Mary F. Walrath, who wanted to see if any potential buyers showed interest in the company by Monday’s deadline to do so.
Lordstown Motors had proposed Aug. 17 as the deadline for a stalking horse bidder in the sale process timeline it recommended to the court.
“I think the important thing for this estate is to preserve optionality at this point. We currently have 13 interested parties who are engaged in looking at a transaction to buy some or all of the assets of the company. If we were to hit the pause button now and restart it later, it’s unclear how many, if any, of those bidders would come back,” Lauria said.
Walrath pushed the stalking horse bid deadline back one week to Aug. 24 and set a Sept. 8 deadline for all bids.
“Even in the absence of the Karma issue, I am concerned with the timing of the sale process,” Walrath said. “Given the debtor’s cash on hand, I’m not certain why it needs to proceed as quickly as the debtor proposes.”
Testimony last week and court documents related to the case indicate Lordstown Motors has $130 million in cash on hand.
Walrath held off setting an auction deadline, which Lordstown Motors had proposed to be Aug. 31, “until the court sees what are the viable bids and path forward as the debtor is describing it,” she said.
She agreed to hold Oct. 5 on the calendar for a sale hearing. Lordstown Motors had proposed Sept. 12.
KARMA OBJECTS
Karma’s attorney James Sowka with Seyfarth Shaw LLP objected to the deadlines Lordstown Motors had proposed, arguing it was inappropriate to proceed down that timeline because Karma’s case against Lordstown Motors has been allowed to proceed to trial.
“To the extent the bid procedures as proposed proceed, it would potentially raise a situation where the property interests could be at dispute before this court … while they are also at issue in California,” he said. “We just think that duplication of resources isn’t going to benefit any of the parties,” Sowka said.
Last week, Walrath lifted a stay automatically imposed on the lawsuit when Lordstown Motors filed Chapter 11 bankruptcy protection June 27, allowing the case out west to proceed.
Karma sued Lordstown Motors in October 2020 in U.S court in California, claiming Lordstown Motors stole trade secrets about Karma’s infotainment system and plundered a specialized team of Karma employees who were designing it for use in the Lordstown Motors’ truck, the Endurance.
The trial in California is set to begin Sept. 12 and last two to three weeks. The company is seeking nearly $1 billion in relief.
Very high risk (ch11)
RIDEQ Lordstown Motors Corp.: 3.28
Cash: 130 M
Debt: 20 M
Shares Outstanding 16.8M
= 130 – 20 : 16.8 = 6.5/share
The buyout price will be determined by the bids received in September. Multiple interested bidders
LORDSTOWN — Thirteen parties have shown an interest in acquiring all or some of the assets of Lordstown Motors Corp. out of bankruptcy, an attorney for the electric-vehicle company said Thursday during a court hearing in Delaware.
“Four of those are to acquire all or substantially all of the company’s assets as a going concern. Four of them are for different components of the company’s assets and five of them are from liquidators who would like to buy some or all of the company’s assets either for an upfront cash fee or for a fee and a shared participation in the proceeds from their sale,” Thomas E. Lauria, an attorney with White & Case LLP, said.
In common parlance, “going concern” is the company’s ability to stay in business.
Only one, he said, has included a condition regarding Karma Automotive LLC — referring to the intellectual property federal lawsuit pending between the California-based company and Lordstown Motors — “but all are actively going forward at this time,” Lauria said.
“I will tell the court that some of these proposals have big issues and problems and some are more promising. At this time, we have not eliminated any of the proposals from consideration and we are doing what I think this court would expect us to do, which is to work with the bidders, to respond to their questions and work to get either one bidder or an aggregation of bidders together to provide a proposal that can be brought forward for stalking horse protection by the deadline …,” Lauria said.
A stalking horse bidder is the initial bidder with whom a debtor, in this case Lordstown Motors, negotiates purchase agreement. The stalking horse bidder sets the low-end purchase price.
Thursday’s hearing was to determine the sale procedures, which included the stalking horse bid and other deadlines. It was a continuation of a hearing from July 27 before Judge Mary F. Walrath, who wanted to see if any potential buyers showed interest in the company by Monday’s deadline to do so.
Lordstown Motors had proposed Aug. 17 as the deadline for a stalking horse bidder in the sale process timeline it recommended to the court.
“I think the important thing for this estate is to preserve optionality at this point. We currently have 13 interested parties who are engaged in looking at a transaction to buy some or all of the assets of the company. If we were to hit the pause button now and restart it later, it’s unclear how many, if any, of those bidders would come back,” Lauria said.
Walrath pushed the stalking horse bid deadline back one week to Aug. 24 and set a Sept. 8 deadline for all bids.
“Even in the absence of the Karma issue, I am concerned with the timing of the sale process,” Walrath said. “Given the debtor’s cash on hand, I’m not certain why it needs to proceed as quickly as the debtor proposes.”
Testimony last week and court documents related to the case indicate Lordstown Motors has $130 million in cash on hand.
Walrath held off setting an auction deadline, which Lordstown Motors had proposed to be Aug. 31, “until the court sees what are the viable bids and path forward as the debtor is describing it,” she said.
She agreed to hold Oct. 5 on the calendar for a sale hearing. Lordstown Motors had proposed Sept. 12.
KARMA OBJECTS
Karma’s attorney James Sowka with Seyfarth Shaw LLP objected to the deadlines Lordstown Motors had proposed, arguing it was inappropriate to proceed down that timeline because Karma’s case against Lordstown Motors has been allowed to proceed to trial.
“To the extent the bid procedures as proposed proceed, it would potentially raise a situation where the property interests could be at dispute before this court … while they are also at issue in California,” he said. “We just think that duplication of resources isn’t going to benefit any of the parties,” Sowka said.
Last week, Walrath lifted a stay automatically imposed on the lawsuit when Lordstown Motors filed Chapter 11 bankruptcy protection June 27, allowing the case out west to proceed.
Karma sued Lordstown Motors in October 2020 in U.S court in California, claiming Lordstown Motors stole trade secrets about Karma’s infotainment system and plundered a specialized team of Karma employees who were designing it for use in the Lordstown Motors’ truck, the Endurance.
The trial in California is set to begin Sept. 12 and last two to three weeks. The company is seeking nearly $1 billion in relief.
Very high risk (ch11)
RIDEQ Lordstown Motors Corp.: 3.28
Cash: 130 M
Debt: 20 M
Shares Outstanding 16.8M
= 130 – 20 : 16.8 = 6.5/share
The buyout price will be determined by the bids received in September. Multiple interested bidders
LORDSTOWN — Thirteen parties have shown an interest in acquiring all or some of the assets of Lordstown Motors Corp. out of bankruptcy, an attorney for the electric-vehicle company said Thursday during a court hearing in Delaware.
“Four of those are to acquire all or substantially all of the company’s assets as a going concern. Four of them are for different components of the company’s assets and five of them are from liquidators who would like to buy some or all of the company’s assets either for an upfront cash fee or for a fee and a shared participation in the proceeds from their sale,” Thomas E. Lauria, an attorney with White & Case LLP, said.
In common parlance, “going concern” is the company’s ability to stay in business.
Only one, he said, has included a condition regarding Karma Automotive LLC — referring to the intellectual property federal lawsuit pending between the California-based company and Lordstown Motors — “but all are actively going forward at this time,” Lauria said.
“I will tell the court that some of these proposals have big issues and problems and some are more promising. At this time, we have not eliminated any of the proposals from consideration and we are doing what I think this court would expect us to do, which is to work with the bidders, to respond to their questions and work to get either one bidder or an aggregation of bidders together to provide a proposal that can be brought forward for stalking horse protection by the deadline …,” Lauria said.
A stalking horse bidder is the initial bidder with whom a debtor, in this case Lordstown Motors, negotiates purchase agreement. The stalking horse bidder sets the low-end purchase price.
Thursday’s hearing was to determine the sale procedures, which included the stalking horse bid and other deadlines. It was a continuation of a hearing from July 27 before Judge Mary F. Walrath, who wanted to see if any potential buyers showed interest in the company by Monday’s deadline to do so.
Lordstown Motors had proposed Aug. 17 as the deadline for a stalking horse bidder in the sale process timeline it recommended to the court.
“I think the important thing for this estate is to preserve optionality at this point. We currently have 13 interested parties who are engaged in looking at a transaction to buy some or all of the assets of the company. If we were to hit the pause button now and restart it later, it’s unclear how many, if any, of those bidders would come back,” Lauria said.
Walrath pushed the stalking horse bid deadline back one week to Aug. 24 and set a Sept. 8 deadline for all bids.
“Even in the absence of the Karma issue, I am concerned with the timing of the sale process,” Walrath said. “Given the debtor’s cash on hand, I’m not certain why it needs to proceed as quickly as the debtor proposes.”
Testimony last week and court documents related to the case indicate Lordstown Motors has $130 million in cash on hand.
Walrath held off setting an auction deadline, which Lordstown Motors had proposed to be Aug. 31, “until the court sees what are the viable bids and path forward as the debtor is describing it,” she said.
She agreed to hold Oct. 5 on the calendar for a sale hearing. Lordstown Motors had proposed Sept. 12.
KARMA OBJECTS
Karma’s attorney James Sowka with Seyfarth Shaw LLP objected to the deadlines Lordstown Motors had proposed, arguing it was inappropriate to proceed down that timeline because Karma’s case against Lordstown Motors has been allowed to proceed to trial.
“To the extent the bid procedures as proposed proceed, it would potentially raise a situation where the property interests could be at dispute before this court … while they are also at issue in California,” he said. “We just think that duplication of resources isn’t going to benefit any of the parties,” Sowka said.
Last week, Walrath lifted a stay automatically imposed on the lawsuit when Lordstown Motors filed Chapter 11 bankruptcy protection June 27, allowing the case out west to proceed.
Karma sued Lordstown Motors in October 2020 in U.S court in California, claiming Lordstown Motors stole trade secrets about Karma’s infotainment system and plundered a specialized team of Karma employees who were designing it for use in the Lordstown Motors’ truck, the Endurance.
The trial in California is set to begin Sept. 12 and last two to three weeks. The company is seeking nearly $1 billion in relief.
Very high risk (ch11)
RIDEQ Lordstown Motors Corp.: 3.28
Cash: 130 M
Debt: 20 M
Shares Outstanding 16.8M
= 130 – 20 : 16.8 = 6.5/share
The buyout price will be determined by the bids received in September. Multiple interested bidders
LORDSTOWN — Thirteen parties have shown an interest in acquiring all or some of the assets of Lordstown Motors Corp. out of bankruptcy, an attorney for the electric-vehicle company said Thursday during a court hearing in Delaware.
“Four of those are to acquire all or substantially all of the company’s assets as a going concern. Four of them are for different components of the company’s assets and five of them are from liquidators who would like to buy some or all of the company’s assets either for an upfront cash fee or for a fee and a shared participation in the proceeds from their sale,” Thomas E. Lauria, an attorney with White & Case LLP, said.
In common parlance, “going concern” is the company’s ability to stay in business.
Only one, he said, has included a condition regarding Karma Automotive LLC — referring to the intellectual property federal lawsuit pending between the California-based company and Lordstown Motors — “but all are actively going forward at this time,” Lauria said.
“I will tell the court that some of these proposals have big issues and problems and some are more promising. At this time, we have not eliminated any of the proposals from consideration and we are doing what I think this court would expect us to do, which is to work with the bidders, to respond to their questions and work to get either one bidder or an aggregation of bidders together to provide a proposal that can be brought forward for stalking horse protection by the deadline …,” Lauria said.
A stalking horse bidder is the initial bidder with whom a debtor, in this case Lordstown Motors, negotiates purchase agreement. The stalking horse bidder sets the low-end purchase price.
Thursday’s hearing was to determine the sale procedures, which included the stalking horse bid and other deadlines. It was a continuation of a hearing from July 27 before Judge Mary F. Walrath, who wanted to see if any potential buyers showed interest in the company by Monday’s deadline to do so.
Lordstown Motors had proposed Aug. 17 as the deadline for a stalking horse bidder in the sale process timeline it recommended to the court.
“I think the important thing for this estate is to preserve optionality at this point. We currently have 13 interested parties who are engaged in looking at a transaction to buy some or all of the assets of the company. If we were to hit the pause button now and restart it later, it’s unclear how many, if any, of those bidders would come back,” Lauria said.
Walrath pushed the stalking horse bid deadline back one week to Aug. 24 and set a Sept. 8 deadline for all bids.
“Even in the absence of the Karma issue, I am concerned with the timing of the sale process,” Walrath said. “Given the debtor’s cash on hand, I’m not certain why it needs to proceed as quickly as the debtor proposes.”
Testimony last week and court documents related to the case indicate Lordstown Motors has $130 million in cash on hand.
Walrath held off setting an auction deadline, which Lordstown Motors had proposed to be Aug. 31, “until the court sees what are the viable bids and path forward as the debtor is describing it,” she said.
She agreed to hold Oct. 5 on the calendar for a sale hearing. Lordstown Motors had proposed Sept. 12.
KARMA OBJECTS
Karma’s attorney James Sowka with Seyfarth Shaw LLP objected to the deadlines Lordstown Motors had proposed, arguing it was inappropriate to proceed down that timeline because Karma’s case against Lordstown Motors has been allowed to proceed to trial.
“To the extent the bid procedures as proposed proceed, it would potentially raise a situation where the property interests could be at dispute before this court … while they are also at issue in California,” he said. “We just think that duplication of resources isn’t going to benefit any of the parties,” Sowka said.
Last week, Walrath lifted a stay automatically imposed on the lawsuit when Lordstown Motors filed Chapter 11 bankruptcy protection June 27, allowing the case out west to proceed.
Karma sued Lordstown Motors in October 2020 in U.S court in California, claiming Lordstown Motors stole trade secrets about Karma’s infotainment system and plundered a specialized team of Karma employees who were designing it for use in the Lordstown Motors’ truck, the Endurance.
The trial in California is set to begin Sept. 12 and last two to three weeks. The company is seeking nearly $1 billion in relief.
Very high risk (ch11)
RIDEQ Lordstown Motors Corp.: 3.44
Cash: 130 M
Debt: 20 M
Shares Outstanding 16.8M
= 130 – 20 : 16.8 = 6.5/share
The buyout price will be determined by the bids received in September. Multiple interested bidders
https://investor.lordstownmotors.com/news-releases/news-release-details/lordstown-motors-announces-strategic-restructuring-process
Very high risk (ch11)
RIDEQ Lordstown Motors Corp.: 3.44
Cash: 130 M
Debt: 20 M
Shares Outstanding 16.8M
= 130 – 20 : 16.8 = 6.5/share
The buyout price will be determined by the bids received in September. Multiple interested bidders
https://investor.lordstownmotors.com/news-releases/news-release-details/lordstown-motors-announces-strategic-restructuring-process
OpGen, Inc. (OPGN) : 0.3377-0.1033 (-23.42%)
At close: 03:59PM EDT
0.2998 -0.0379 (-11.2230%)
After hours: 5:31PM EDT
Total assets $ 22,434,962
Total liabilities $ 15,575,072
Total stockholders’ equity $ 6,859,890
Weighted average shares outstanding - basic and diluted 6,246,326
= $1.10 share
Total revenue for the first half of 2023 was approximately $1.65 million, an increase of approximately 15% compared to approximately $1.44 million in the first half of 2022
Signed FIND R&D collaboration contract extension
Entered distribution agreement with Fisher Healthcare for the distribution of the Unyvero A50 platform in the U.S.
Management conference call is scheduled for August 10, 2023, at 4:30 p.m. ET
ROCKVILLE, Md., Aug. 10, 2023 (GLOBE NEWSWIRE) -- OpGen, Inc. (Nasdaq: OPGN, “OpGen” or “the Company”), a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease, reported its second quarter and first half of 2023 financial and operating results. Management will host an investor call to discuss quarterly results and provide a business update.
Second Quarter 2023 and First Half 2023 Financial Results of OpGen, Inc.
Total revenue for the second quarter of 2023 was approximately $0.7 million compared to the company’s revenue of approximately $1.0 million in the second quarter of 2022, which was primarily driven by the one-time sale of a pool of Unyvero instrument systems to Menarini in Q2-2022. Total revenue for the first half of 2023 was approximately $1.65 million, an increase of approximately 15% compared to the company’s revenue of approximately $1.44 million in the first half of 2022.
Total operating expenses decreased in the second quarter of 2023 to approximately $5.9 million compared to approximately $6.2 million for the second quarter of 2022. Total operating expenses decreased by approximately 6% in the first half of 2023 to approximately $11.9 million compared to approximately $12.6 million for the same period in 2022.
Cash and cash equivalents were approximately $3.2 million as of June 30, 2023, compared with approximately $7.4 million as of December 31, 2022.
As previously reported, and in light of the Company’s business performance and current cash position, the Company does not expect that its current cash will be sufficient to fund operations beyond September 2023. Since the end of the second quarter, the Company has pursued options to improve its cash position or mitigate a liquidity shortfall. Nevertheless, the Company has concluded that there is substantial doubt about the Company’s ability to continue as a going concern. The Company continues to consider all alternatives, including restructuring or refinancing its debt, seeking additional debt or equity capital, reducing or delaying the Company’s business activities, selling assets, and other strategic transactions or other measures, including obtaining relief under U.S. as well as applicable foreign bankruptcy laws. There is no guarantee that the Company will be able to identify and execute on any of these alternatives or that any of them will be successful.
In the reporting quarter and year to date, the Company reached the following key milestones:
OpGen subsidiary, Curetis, and FIND signed an extension to their R&D collaboration agreement for the development of an AMR panel on the Unyvero A30 RQ platform for low- and middle-income countries. This next phase covers full development of AMR assay and cartridge, analytical testing and software development.
Curetis successfully completed the first phase of its FIND collaboration, including the expanded scope of the FIND project in Q1 and Q2, respectively. The FIND collaboration contributed $609 thousand to first half 2023 revenue.
In June 2023, OpGen received ten Unyvero A30 C-Series instruments which will be used in the next phase of the FIND collaboration.
Curetis announced the completion of two interim milestones of its collaboration project with InfectoGnostics under the PREPLEX grant.
The Company submitted a De Novo classification request to the FDA for marketing authorization of the Unyvero Urinary Tract Infection (UTI) panel. Following the FDA’s substantive review of the Company’s submission, the Company received a formal communication from the FDA requesting certain additional information on June 30, 2023. The FDA has provided OpGen with 180 days to fully respond to their requests.
OpGen entered into a distribution agreement with Fisher Healthcare, a division of Thermo Fisher Scientific, for the distribution of the Unyvero A50 platform and in vitro diagnostic tests for pneumonia and urinary tract infections in the U.S. During the second quarter and year-to-date, the Company successfully completed vendor set-up of OpGen under Fisher Healthcare’s systems, trained the Fisher Healthcare sales teams across the U.S., created digital marketing campaigns, and identified several hundred potential high priority leads with the Fisher Healthcare team. In several territories, the teams are already working towards commercial customer contract opportunities.
With the assistance of a U.S.-Chinese strategic advisory firm, OpGen continues to have an active strategic corporate business development campaign to over 40 Chinese corporate IVD companies potentially interested in the Unyvero A30 RQ.
Following a successful feasibility assessment, the Ares team recently signed an annual genomic surveillance contract with a major U.S. healthcare network to sequence and analyze pathogen isolates on a twice weekly basis. In addition, the team has signed multiple new ARESiss contracts for isolate sequencing and new AREScloud subscriptions for web-based sequence analysis.
On the IP front, OpGen’s subsidiary, Ares Genetics, successfully defended a key patent that was being contested in Europe. In the ruling, the European Patent Office ruled in favor of maintaining the patent, which broadly covers the prediction of AMR in pathogens based on any genetic determinants involving two or more nucleotides.
Ares recently announced a new feature release for its AREScloud software designed to enhance genomic surveillance. These features include a Single Nucleotide Polymorphism (SNP) analysis module and interpretation of plasmids with reporting customized for the needs of hospital epidemiologists.
OpGen, Inc. (OPGN) : 0.3377-0.1033 (-23.42%)
At close: 03:59PM EDT
0.2998 -0.0379 (-11.2230%)
After hours: 5:31PM EDT
Total assets $ 22,434,962
Total liabilities $ 15,575,072
Total stockholders’ equity $ 6,859,890
Weighted average shares outstanding - basic and diluted 6,246,326
= $1.10 share
Total revenue for the first half of 2023 was approximately $1.65 million, an increase of approximately 15% compared to approximately $1.44 million in the first half of 2022
Signed FIND R&D collaboration contract extension
Entered distribution agreement with Fisher Healthcare for the distribution of the Unyvero A50 platform in the U.S.
Management conference call is scheduled for August 10, 2023, at 4:30 p.m. ET
ROCKVILLE, Md., Aug. 10, 2023 (GLOBE NEWSWIRE) -- OpGen, Inc. (Nasdaq: OPGN, “OpGen” or “the Company”), a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease, reported its second quarter and first half of 2023 financial and operating results. Management will host an investor call to discuss quarterly results and provide a business update.
Second Quarter 2023 and First Half 2023 Financial Results of OpGen, Inc.
Total revenue for the second quarter of 2023 was approximately $0.7 million compared to the company’s revenue of approximately $1.0 million in the second quarter of 2022, which was primarily driven by the one-time sale of a pool of Unyvero instrument systems to Menarini in Q2-2022. Total revenue for the first half of 2023 was approximately $1.65 million, an increase of approximately 15% compared to the company’s revenue of approximately $1.44 million in the first half of 2022.
Total operating expenses decreased in the second quarter of 2023 to approximately $5.9 million compared to approximately $6.2 million for the second quarter of 2022. Total operating expenses decreased by approximately 6% in the first half of 2023 to approximately $11.9 million compared to approximately $12.6 million for the same period in 2022.
Cash and cash equivalents were approximately $3.2 million as of June 30, 2023, compared with approximately $7.4 million as of December 31, 2022.
As previously reported, and in light of the Company’s business performance and current cash position, the Company does not expect that its current cash will be sufficient to fund operations beyond September 2023. Since the end of the second quarter, the Company has pursued options to improve its cash position or mitigate a liquidity shortfall. Nevertheless, the Company has concluded that there is substantial doubt about the Company’s ability to continue as a going concern. The Company continues to consider all alternatives, including restructuring or refinancing its debt, seeking additional debt or equity capital, reducing or delaying the Company’s business activities, selling assets, and other strategic transactions or other measures, including obtaining relief under U.S. as well as applicable foreign bankruptcy laws. There is no guarantee that the Company will be able to identify and execute on any of these alternatives or that any of them will be successful.
In the reporting quarter and year to date, the Company reached the following key milestones:
OpGen subsidiary, Curetis, and FIND signed an extension to their R&D collaboration agreement for the development of an AMR panel on the Unyvero A30 RQ platform for low- and middle-income countries. This next phase covers full development of AMR assay and cartridge, analytical testing and software development.
Curetis successfully completed the first phase of its FIND collaboration, including the expanded scope of the FIND project in Q1 and Q2, respectively. The FIND collaboration contributed $609 thousand to first half 2023 revenue.
In June 2023, OpGen received ten Unyvero A30 C-Series instruments which will be used in the next phase of the FIND collaboration.
Curetis announced the completion of two interim milestones of its collaboration project with InfectoGnostics under the PREPLEX grant.
The Company submitted a De Novo classification request to the FDA for marketing authorization of the Unyvero Urinary Tract Infection (UTI) panel. Following the FDA’s substantive review of the Company’s submission, the Company received a formal communication from the FDA requesting certain additional information on June 30, 2023. The FDA has provided OpGen with 180 days to fully respond to their requests.
OpGen entered into a distribution agreement with Fisher Healthcare, a division of Thermo Fisher Scientific, for the distribution of the Unyvero A50 platform and in vitro diagnostic tests for pneumonia and urinary tract infections in the U.S. During the second quarter and year-to-date, the Company successfully completed vendor set-up of OpGen under Fisher Healthcare’s systems, trained the Fisher Healthcare sales teams across the U.S., created digital marketing campaigns, and identified several hundred potential high priority leads with the Fisher Healthcare team. In several territories, the teams are already working towards commercial customer contract opportunities.
With the assistance of a U.S.-Chinese strategic advisory firm, OpGen continues to have an active strategic corporate business development campaign to over 40 Chinese corporate IVD companies potentially interested in the Unyvero A30 RQ.
Following a successful feasibility assessment, the Ares team recently signed an annual genomic surveillance contract with a major U.S. healthcare network to sequence and analyze pathogen isolates on a twice weekly basis. In addition, the team has signed multiple new ARESiss contracts for isolate sequencing and new AREScloud subscriptions for web-based sequence analysis.
On the IP front, OpGen’s subsidiary, Ares Genetics, successfully defended a key patent that was being contested in Europe. In the ruling, the European Patent Office ruled in favor of maintaining the patent, which broadly covers the prediction of AMR in pathogens based on any genetic determinants involving two or more nucleotides.
Ares recently announced a new feature release for its AREScloud software designed to enhance genomic surveillance. These features include a Single Nucleotide Polymorphism (SNP) analysis module and interpretation of plasmids with reporting customized for the needs of hospital epidemiologists.
OpGen, Inc. (OPGN) : 0.4189 – 5.01%
52 Week Range 0.3725 - 12.7000
Shares Outstanding 6.12M
Market Cap (intraday) 2.29M
Time for a strong rebound??:
Aug 10, 2023 0.4513 0.4651 0.3580 0.3747 0.3747 252,896
Aug 09, 2023 0.5450 0.5450 0.4410 0.4410 0.4410 321,500
Aug 08, 2023 0.5600 0.5700 0.5110 0.5250 0.5250 92,200
Aug 07, 2023 0.6000 0.6100 0.5300 0.5600 0.5600 161,700
Aug 04, 2023 0.6000 0.6100 0.5800 0.5870 0.5870 63,000
Aug 03, 2023 0.6100 0.6200 0.5800 0.5830 0.5830 59,700
Aug 02, 2023 0.6000 0.6100 0.5600 0.5900 0.5900 48,500
Aug 01, 2023 0.6280 0.6280 0.5800 0.6010 0.6010 121,200
Jul 31, 2023 0.5700 0.6180 0.5610 0.6010 0.6010 102,000
Jul 28, 2023 0.5520 0.5700 0.5400 0.5700 0.5700 73,900
Jul 27, 2023 0.5570 0.5780 0.5340 0.5580 0.5580 84,300
Jul 26, 2023 0.6100 0.6100 0.5400 0.5680 0.5680 225,200
Jul 25, 2023 0.5850 0.6180 0.5690 0.6000 0.6000 99,000
Jul 24, 2023 0.6090 0.6100 0.5610 0.5870 0.5870 125,700
Jul 21, 2023 0.6490 0.6490 0.5900 0.6000 0.6000 95,100
Jul 20, 2023 0.6290 0.6800 0.6200 0.6210 0.6210 67,100
Jul 19, 2023 0.6510 0.7000 0.6350 0.6400 0.6400 105,100
Jul 18, 2023 0.7200 0.7200 0.6260 0.6500 0.6500 152,800
Jul 17, 2023 0.8100 0.8300 0.7010 0.7100 0.7100 295,800
Jul 14, 2023 0.8600 0.9000 0.7790 0.8270 0.8270 117,000
Jul 13, 2023 0.8700 0.9000 0.8500 0.8600 0.8600 66,800
Jul 12, 2023 0.9300 0.9600 0.8950 0.9000 0.9000 104,100
• Single nucleotide polymorphism (SNP) analysis module and interpretation of plasmids now available
• Added reporting customized for the needs of hospital epidemiologists
• Signed first large commercial contract with U.S. healthcare network using the new features
ROCKVILLE, Md., Aug. 07, 2023 (GLOBE NEWSWIRE) -- OpGen, Inc. (Nasdaq: OPGN, “OpGen”), a precision medicine company harnessing the power of molecular diagnostics and informatics to help combat infectious disease, and OpGen subsidiary, Ares Genetics, which strives to become a leader in bacterial genomics and AI-powered prediction of antimicrobial resistance (AMR), announced today a major feature upgrade for the AREScloud platform that has been implemented with our healthcare clients to enhance genomic surveillance.
Genomic surveillance uses prospective whole genome sequencing (WGS) of all relevant pathogen isolates in a healthcare setting to identify hospital associated infections (HAIs) in real-time and enable preventive measures to limit outbreaks. Working with its customers globally, the Ares team has developed the new AREScloud features to provide relevant reporting for hospital epidemiologists and infection preventionists.
These specific new AREScloud features include:
• a new single nucleotide polymorphism (SNP) analysis module designed to support continuous analysis of new isolates as part of an ongoing genomic surveillance program,
• a new module for interpretation of genetic elements such as plasmids responsible for horizontal gene transmission,
• results reporting specifically for the needs of hospital epidemiologists and infection prevention staff, and
• compliance with HIPAA and SOCS2 standards, with auditing expected to be completed in Q3.
The new AREScloud features are now deployed as part of the standard analysis package, and in use with our customers globally. This includes a genomic surveillance contract with a large U.S. hospital network where we provide systematic sequencing and analysis of pathogen isolates on a weekly basis through our ARESiss service in Rockville, Maryland and AREScloud analysis. The new features further broaden the capabilities of AREScloud for microbial genomics that include antimicrobial resistance profiling, and genomic antibiotic sensitivity testing. For its sequencing service customers, AREScloud is also included as part of the ARESiss send-out service available through our laboratories in Rockville, Maryland and Vienna, Austria.
Theo deVos, Ares Genetics Managing Director commented: “We are focused on bringing improved patient care with the published benefits of genomic surveillance to healthcare providers in the U.S. and globally. To support this goal, we continue to enhance our AREScloud features, while making pathogen sequencing both affordable and broadly available.”
About OpGen, Inc.
OpGen, Inc. (Rockville, Md., U.S.A.) is a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease. Along with our subsidiaries, Curetis GmbH and Ares Genetics GmbH, we are developing and commercializing molecular microbiology solutions helping to guide clinicians with more rapid and actionable information about life threatening infections to improve patient outcomes, and decrease the spread of infections caused by multidrug-resistant microorganisms, or MDROs. OpGen’s current product portfolio includes Unyvero, Acuitas AMR Gene Panel, and the ARES Technology Platform including ARESdb, NGS technology and AI-powered bioinformatics solutions for antibiotic response prediction including ARESiss, ARESid, ARESasp, and AREScloud.
For more information, please visit www.opgen.com.
• Total revenue for the first quarter of 2023 was approximately $0.91 million, an increase of approximately 94% compared to the first quarter of 2022
• Expanded U.S. growth opportunities with the Unyvero UTI De Novo FDA submission and Unyvero distribution partnership with Fisher Healthcare
• Met all remaining key milestones of the FIND collaboration for Unyvero A30
• Management conference call scheduled for May 15, 2023, at 4:30 p.m. EST
ROCKVILLE, Md., May 15, 2023 (GLOBE NEWSWIRE) -- OpGen, Inc. (Nasdaq: OPGN, “OpGen” or “the Company”), a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease, reported its first quarter 2023 financial and operating results. Management will host an investor call to discuss quarterly results and provide a business update.
Oliver Schacht, President & CEO of OpGen, commented, “The beginning of this year has been a news rich period. It's clear the momentum during the first quarter has carried over to the second quarter. We look forward to our near-term strategic goals and continue to focus on executing on our operational and commercial plans.”
Mr. Schacht continued, “We continue to see revenue growth opportunities for our Unyvero products and Ares Genetics’ services globally and especially here in the U.S. We recently announced our distribution partnership for Unyvero products with Fisher Healthcare, and we believe will create traction and momentum for our Unyvero sales in the U.S. under this distribution partnership in the coming quarters and beyond.”
First Quarter 2023 Financial Results of OpGen, Inc.
• Total revenue for the first quarter of 2023 was approximately $0.91 million, an increase of approximately 94% over the company’s revenue of $0.47 million in the first quarter of 2022. Compared to the fourth quarter 2022 revenue of $0.72 million, OpGen achieved a 26% revenue increase in the first quarter of 2023.
• Total operating expenses decreased in the first quarter of 2023 to $6.0 million compared to $6.3 million for the same quarter in 2022.
• Cash and cash equivalents were approximately $7.0 million as of March 31, 2023, compared with $7.4 million as of December 31, 2022.
During the year to date period, the Company reached the following key milestones:
• OpGen subsidiary, Curetis, met all remaining key milestones in its R&D collaboration project with the Foundation for Innovative New Diagnostics (FIND).
• Signed a short-term expansion of Curetis’ R&D collaboration with FIND. The work already completed under the collaboration was expanded by three work packages, which increased total project volume to up to approximately $913 thousand in revenue.
• Submitted a De Novo classification request to the FDA for the marketing authorization of Unyvero Urinary Tract Infection (UTI) panel. The Company received confirmation from the FDA that the submission is complete, and that they have initiated substantive review. If cleared, the Unyvero UTI would become the first ever rapid multiplex sample-to-answer IVD test for urinary tract infections available in the U.S.
• Entered a non-exclusive distribution agreement with Fisher Healthcare, a part of Thermo Fisher Scientific. This agreement is for the distribution of the Unyvero A50 platform and in vitro diagnostic tests for pneumonia and urinary tract infections.
• Entered into a strategic advisory agreement to support Unyvero A30 corporate business development in China and engage in frequent, ongoing dialog with our Chinese partners.
• OpGen subsidiary, Ares Genetics, announced that they were granted a key patent in China. The patent covers the identification and diagnostic use of genomic variants for the diagnosis of antibiotic resistant bacteria infections.
• Closed $7.5 million and $3.5 million public offerings with net proceeds to be used, among other things, for the support of commercialization of the Acuitas AMR Gene Panel, products on the Unyvero platform, development of the ARES database, and to support direct sales and marketing as well as repayment of certain indebtedness to the EIB.
The Company reiterates and updates its guidance for 2023 as follows:
• net cash consumption of around $4.5 to $5 million per quarter from its current operations;
• continue pursuing significant revenue growth opportunities, especially with Unyvero product sales and ARESiss services, both in the U.S. and internationally;
• actively pursue the commercial opportunities in our funnel;
• expect global revenues from our products, services and collaborations for 2023 to be in the range of approximately $4 to $5 million;
• engage in interactive review with the FDA towards a clearance decision on the De Novo classification request for the Unyvero UTI panel;
• recognize approximately $180 thousand in the second quarter for the additional work packages from the FIND collaboration;
• expect continued revenue generation and growth under the collaboration between Curetis and BioVersys during 2023 and 2024 as the BioVersys clinical trial progresses;
• prioritize non-dilutive financing with several multi-million dollar proposals already submitted or currently being prepared for submission, recognizing that the Company needs a strong balance sheet to support and provide co-funding for projects under any such agreements.