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Taoping Inc. (TAOP) :3.5600-0.5200 (-12.7451%)
Shares Outstanding 1.86M
Float 1.09M
52w: 3.5 – 11.90
Very high volatility
Aug 07, 2023 3.6800 3.8500 3.5000 3.5600 3.5600 49,332
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.
ReShape Lifesciences Inc. (RSLS) : 1.66 + 0.215 (14.85%)
52w: 1.31 – 40.00
marcet cap: 4.88M
Shares Outstanding : 2.94M
Float : 2.54M
Book Value Per Share (mrq) 7.05
Cash and Cash Equivalents as of March 31, 2023, were $9.1 million and the company remains debt free on its balance sheet
“In 2023, we have continued to leverage operational efficiencies, optimize our lead generation programs, and invest in our growth drivers. Our achievement of a 42.9% reduction in operating expenses, excluding one-time charges, during the first quarter, as compared to the same period last year, is a direct result of the execution of our growth pillars. We will continue to drive revenue by expanding our product offering to treat obesity and metabolic disease across the entire care continuum and strengthen our position to exceed our goals,” stated Paul F. Hickey, President and Chief Executive Officer of ReShape Lifesciences®. “We remain focused, not only on growth, but also our future profitability and delivering predictable shareholder value. Our balance sheet was bolstered by two capital raises this year, totaling $12.7 million in gross proceeds. These funds will allow us the continued ability to generate awareness of our evidence-based and differentiated product portfolio that spans the entire care continuum.”
MATTHEW NACHTRAB REPORTS 27.7% STAKE IN RESHAPE LIFESCIENCES AS
NACHTRAB-PURCHASED CO'S COMMON STOCK BASED ON BELIEF THAT SUCH SECURITIES, AT CURRENT MARKET PRICES, REPRESENTED AN ATTRACTIVE INVESTMENT OPPORTUNITY
NACHTRAB - WROTE A LETTER TO THE CEO OF CO WITH RECOMMENDATIONS FOR THE MANAGEMENT TEAM’S STRATEGY GOING FORWARD
I am excited for your new tenure as CEO of ReShape Lifesciences and I believe your team can rebuild and create a $100m plus market cap company with some austerity measures, leveraging assets currently owned, and capitalizing on the medicated weight loss secular trend to generate lead flow and massive revenue growth. I am willing to discuss this and advise in any way I can help.
IRVINE, Calif., June 26, 2023 (GLOBE NEWSWIRE) -- ReShape Lifesciences® (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health solutions company, today announced the submission of a Premarket Approval (PMA) supplement application to the U.S. Food and Drug Administration (FDA) for the company’s next generation, enhanced Lap-Band® 2.0, utilizing a band reservoir technology.
About ReShape Lifesciences®
ReShape Lifesciences® is America’s premier weight loss and metabolic health-solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and metabolic disease. The FDA-approved Lap-Band® System provides minimally invasive, long-term treatment of obesity and is an alternative to more invasive surgical stapling procedures such as the gastric bypass or sleeve gastrectomy. ReShapeCare™ is a virtual weight-management program that supports lifestyle changes for all weight loss patients led by board-certified health coaches to help them keep the weight off over time. ReShape Marketplace™ is an online collection of quality wellness products curated for all consumers to help them achieve their health goals. The investigational Diabetes Bloc-Stim Neuromodulation™ (DBSN™) system utilizes a proprietary vagus nerve block and stimulation technology platform for the treatment of Type 2 diabetes and metabolic disorders. The Obalon® balloon technology is a non-surgical, swallowable, gas-filled intra-gastric balloon that is designed to provide long-lasting weight loss. For more information, please visit www.reshapelifesciences.com.
Jun 12, 2023 2.3500 2.4400 2.1000 2.1100 2.1100 339,300
Jun 05, 2023 2.5850 2.5850 2.3320 2.3800 2.3800 199,200
May 29, 2023 2.5140 2.5600 2.3700 2.5200 2.5200 135,000
May 22, 2023 2.5200 2.7600 2.4700 2.5600 2.5600 272,900
May 15, 2023 2.3800 2.6690 2.2600 2.5200 2.5200 422,500
May 08, 2023 2.4500 2.7980 2.3200 2.3800 2.3800 530,500
May 01, 2023 2.3500 2.7000 2.3000 2.3800 2.3800 604,500
Apr 24, 2023 2.7500 2.7900 2.2100 2.2700 2.2700 457,500
Apr 17, 2023 2.6800 4.1000 2.6720 2.7500 2.7500 5,047,800
Apr 10, 2023 2.6800 3.8900 2.5700 2.7000 2.7000 5,020,400
Apr 03, 2023 2.6000 2.9800 2.5200 2.7500 2.7500 465,400
Mar 27, 2023 3.0400 3.1700 2.5000 2.5700 2.5700 550,200
Mar 20, 2023 3.1600 3.5600 2.6700 3.0800 3.0800 2,315,900
Mar 13, 2023 3.3200 3.3290 2.4900 2.6600 2.6600 543,800
Mar 06, 2023 4.4700 4.4700 3.2000 3.3500 3.3500 730,900
Feb 27, 2023 4.0000 4.5800 4.0000 4.4700 4.4700 669,800
Feb 20, 2023 4.9000 5.3900 3.9400 4.0300 4.0300 1,329,300
Feb 13, 2023 4.9000 5.5000 3.8300 5.0000 5.0000 6,166,900
Feb 06, 2023 6.5000 8.2000 5.0000 5.0200 5.0200 13,509,200
Jan 30, 2023 8.1400 22.4000 6.0600 17.0400 17.0400 12,624,600
Jan 23, 2023 7.5400 8.4100 7.3700 7.8700 7.8700 165,500
Jan 16, 2023 8.3800 8.5400 7.1100 7.6800 7.6800 93,100
Jan 09, 2023 7.5100 9.1100 7.1800 8.7200 8.7200 358,200
Jan 02, 2023 9.6600 20.6300 7.0800 7.2600 7.2600 13,614,600
ReShape Lifesciences Inc. (RSLS) : 1.66 + 0.215 (14.85%)
52w: 1.31 – 40.00
marcet cap: 4.88M
Shares Outstanding : 2.94M
Float : 2.54M
Book Value Per Share (mrq) 7.05
Cash and Cash Equivalents as of March 31, 2023, were $9.1 million and the company remains debt free on its balance sheet
“In 2023, we have continued to leverage operational efficiencies, optimize our lead generation programs, and invest in our growth drivers. Our achievement of a 42.9% reduction in operating expenses, excluding one-time charges, during the first quarter, as compared to the same period last year, is a direct result of the execution of our growth pillars. We will continue to drive revenue by expanding our product offering to treat obesity and metabolic disease across the entire care continuum and strengthen our position to exceed our goals,” stated Paul F. Hickey, President and Chief Executive Officer of ReShape Lifesciences®. “We remain focused, not only on growth, but also our future profitability and delivering predictable shareholder value. Our balance sheet was bolstered by two capital raises this year, totaling $12.7 million in gross proceeds. These funds will allow us the continued ability to generate awareness of our evidence-based and differentiated product portfolio that spans the entire care continuum.”
MATTHEW NACHTRAB REPORTS 27.7% STAKE IN RESHAPE LIFESCIENCES AS
NACHTRAB-PURCHASED CO'S COMMON STOCK BASED ON BELIEF THAT SUCH SECURITIES, AT CURRENT MARKET PRICES, REPRESENTED AN ATTRACTIVE INVESTMENT OPPORTUNITY
NACHTRAB - WROTE A LETTER TO THE CEO OF CO WITH RECOMMENDATIONS FOR THE MANAGEMENT TEAM’S STRATEGY GOING FORWARD
I am excited for your new tenure as CEO of ReShape Lifesciences and I believe your team can rebuild and create a $100m plus market cap company with some austerity measures, leveraging assets currently owned, and capitalizing on the medicated weight loss secular trend to generate lead flow and massive revenue growth. I am willing to discuss this and advise in any way I can help.
IRVINE, Calif., June 26, 2023 (GLOBE NEWSWIRE) -- ReShape Lifesciences® (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health solutions company, today announced the submission of a Premarket Approval (PMA) supplement application to the U.S. Food and Drug Administration (FDA) for the company’s next generation, enhanced Lap-Band® 2.0, utilizing a band reservoir technology.
About ReShape Lifesciences®
ReShape Lifesciences® is America’s premier weight loss and metabolic health-solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and metabolic disease. The FDA-approved Lap-Band® System provides minimally invasive, long-term treatment of obesity and is an alternative to more invasive surgical stapling procedures such as the gastric bypass or sleeve gastrectomy. ReShapeCare™ is a virtual weight-management program that supports lifestyle changes for all weight loss patients led by board-certified health coaches to help them keep the weight off over time. ReShape Marketplace™ is an online collection of quality wellness products curated for all consumers to help them achieve their health goals. The investigational Diabetes Bloc-Stim Neuromodulation™ (DBSN™) system utilizes a proprietary vagus nerve block and stimulation technology platform for the treatment of Type 2 diabetes and metabolic disorders. The Obalon® balloon technology is a non-surgical, swallowable, gas-filled intra-gastric balloon that is designed to provide long-lasting weight loss. For more information, please visit www.reshapelifesciences.com.
Jun 12, 2023 2.3500 2.4400 2.1000 2.1100 2.1100 339,300
Jun 05, 2023 2.5850 2.5850 2.3320 2.3800 2.3800 199,200
May 29, 2023 2.5140 2.5600 2.3700 2.5200 2.5200 135,000
May 22, 2023 2.5200 2.7600 2.4700 2.5600 2.5600 272,900
May 15, 2023 2.3800 2.6690 2.2600 2.5200 2.5200 422,500
May 08, 2023 2.4500 2.7980 2.3200 2.3800 2.3800 530,500
May 01, 2023 2.3500 2.7000 2.3000 2.3800 2.3800 604,500
Apr 24, 2023 2.7500 2.7900 2.2100 2.2700 2.2700 457,500
Apr 17, 2023 2.6800 4.1000 2.6720 2.7500 2.7500 5,047,800
Apr 10, 2023 2.6800 3.8900 2.5700 2.7000 2.7000 5,020,400
Apr 03, 2023 2.6000 2.9800 2.5200 2.7500 2.7500 465,400
Mar 27, 2023 3.0400 3.1700 2.5000 2.5700 2.5700 550,200
Mar 20, 2023 3.1600 3.5600 2.6700 3.0800 3.0800 2,315,900
Mar 13, 2023 3.3200 3.3290 2.4900 2.6600 2.6600 543,800
Mar 06, 2023 4.4700 4.4700 3.2000 3.3500 3.3500 730,900
Feb 27, 2023 4.0000 4.5800 4.0000 4.4700 4.4700 669,800
Feb 20, 2023 4.9000 5.3900 3.9400 4.0300 4.0300 1,329,300
Feb 13, 2023 4.9000 5.5000 3.8300 5.0000 5.0000 6,166,900
Feb 06, 2023 6.5000 8.2000 5.0000 5.0200 5.0200 13,509,200
Jan 30, 2023 8.1400 22.4000 6.0600 17.0400 17.0400 12,624,600
Jan 23, 2023 7.5400 8.4100 7.3700 7.8700 7.8700 165,500
Jan 16, 2023 8.3800 8.5400 7.1100 7.6800 7.6800 93,100
Jan 09, 2023 7.5100 9.1100 7.1800 8.7200 8.7200 358,200
Jan 02, 2023 9.6600 20.6300 7.0800 7.2600 7.2600 13,614,600
Aprea Therapeutics, Inc. (APRE) : 2.9200-0.1800 (-5.8064%)
52 w: 2.83 - 23.2000
Market Cap : 9.520.000
Weighted-average common shares outstanding, basic and diluted
3,260,484
Cash and cash equivalents
30,995,714
Total current assets
32,018,517
Total liabilities
4,227,388
Time for a rebound
Jul 25, 2023 3.0400 3.0741 2.8301 2.9200 2.9200 35,814
Jul 24, 2023 3.2600 3.3200 3.0000 3.1190 3.1190 43,100
Jul 21, 2023 3.3100 3.4090 3.2000 3.2500 3.2500 21,900
Jul 20, 2023 3.3400 3.5000 3.1700 3.4200 3.4200 102,300
Jul 19, 2023 3.5000 3.7500 3.3500 3.4200 3.4200 140,500
Jul 18, 2023 3.3900 5.2000 3.0600 3.5000 3.5000 1,796,200
Jul 17, 2023 3.2270 3.2780 3.1200 3.2240 3.2240 10,200
Jul 14, 2023 3.3200 3.3200 3.1300 3.1300 3.1300 4,300
Jul 13, 2023 3.2000 3.3200 3.1600 3.3200 3.3200 5,900
Aprea Therapeutics, Inc. (APRE) : 2.9200-0.1800 (-5.8064%)
52 w: 2.83 - 23.2000
Market Cap : 9.520.000
Weighted-average common shares outstanding, basic and diluted
3,260,484
Cash and cash equivalents
30,995,714
Total current assets
32,018,517
Total liabilities
4,227,388
Time for a rebound
Jul 25, 2023 3.0400 3.0741 2.8301 2.9200 2.9200 35,814
Jul 24, 2023 3.2600 3.3200 3.0000 3.1190 3.1190 43,100
Jul 21, 2023 3.3100 3.4090 3.2000 3.2500 3.2500 21,900
Jul 20, 2023 3.3400 3.5000 3.1700 3.4200 3.4200 102,300
Jul 19, 2023 3.5000 3.7500 3.3500 3.4200 3.4200 140,500
Jul 18, 2023 3.3900 5.2000 3.0600 3.5000 3.5000 1,796,200
Jul 17, 2023 3.2270 3.2780 3.1200 3.2240 3.2240 10,200
Jul 14, 2023 3.3200 3.3200 3.1300 3.1300 3.1300 4,300
Jul 13, 2023 3.2000 3.3200 3.1600 3.3200 3.3200 5,900
QUINCE THERAPEUTICS (QNCX) : 1.20
Pre-Market High $2.04 (07:03:38 AM)
Total Cash (mrq) 90.2M
Total Cash Per Share (mrq) 2.49
Total Debt (mrq) 269k
Quince Therapeutics to Acquire EryDel SpA and its Phase 3 Asset Targeting Ataxia-Telangiectasia with No Currently Approved Treatments and Estimated $1+ Billion Peak Sales Opportunity
Well-capitalized into 2026 with ability to fully fund lead asset EryDex expected through Phase 3 trial under special protocol assessment (SPA) and to NDA submission
EryDex utilizes autologous intracellular drug encapsulation (AIDE) technology designed for slow release of steroids over several weeks without long-term toxicity typically associated with chronic administration
Potential for rapid expansion of EryDex to other rare and debilitating disease indications where chronic steroid treatment is or could become the standard of care
SOUTH SAN FRANCISCO, Calif., July 24, 2023--(BUSINESS WIRE)--Quince Therapeutics, Inc. (Nasdaq: QNCX), a biotechnology company focused on acquiring, developing, and commercializing innovative therapeutics that transform patients’ lives, today announced that the company has entered into an agreement to acquire EryDel SpA, a privately-held, late-stage biotech company, in a stock-for-stock upfront exchange and potential downstream milestone cash payments. EryDel has developed an autologous intracellular drug encapsulation (AIDE) technology and a Phase 3 lead asset, EryDex, targeting a rare fatal pediatric neurological disease, Ataxia-Telangiectasia (A-T), which currently has no approved treatments. Upon completion of the transaction, EryDel stockholders will own approximately 16.7% of the combined company (subject to downward adjustment) and will be entitled to up to $485 million upon the achievement of development, regulatory, and commercial milestone payments, with no royalties. The transaction, which has been unanimously approved by the Boards of Directors of both companies, is subject to certain regulatory approvals and other closing conditions and is expected to close in the third quarter of 2023.
Dirk Thye, M.D., Quince’s Chief Executive Officer, said, "We are highly enthusiastic and optimistic about our acquisition of this unique drug/device combination technology platform and promising late-stage clinical asset to drive Quince’s next stage of growth. EryDel’s proprietary AIDE technology enables the autologous intracellular encapsulation and delivery of dexamethasone in a controlled, slow-release manner that has the potential to allow chronic administration of steroids over many months or years with a favorable safety profile. This represents a tremendous opportunity to target not only A-T, but also the potential to expand into several debilitating rare diseases where chronic steroid treatment is the standard of care – or could be in the absence of long-term steroid toxicity. Upon the close of the acquisition, we will quickly focus our considerable development expertise and financial resources toward advancing the lead asset EryDex for A-T through a single global Phase 3 clinical trial under a SPA already in place with the FDA to an anticipated NDA submission, assuming positive study results."
Luca Benatti, EryDel’s Chief Executive Officer, said, "EryDel’s acquisition by Quince offers the opportunity to advance our innovative, point-of-care autologous intracellular encapsulation technology through development to commercialization and to fulfill our mission to provide the first treatment for patients living with the devastating disease of A-T. Quince’s effort will be supported by the encouraging Phase 3 data generated from EryDel’s prior international study of EryDex, which demonstrated a significant delay in disease progression in A-T patients and further supported more than 10 years of safety data. Quince is well-positioned to advance EryDel’s differentiated AIDE technology and development of our lead asset EryDex to deliver innovative treatments to patients in need."
Transformative Acquisition with Value-Creating Clinical Milestones
Key highlights of the EryDel acquisition include:
Well-capitalized into 2026 with ability to fully fund lead asset EryDex expected through Phase 3 clinical trial under SPA and to NDA submission
• Strong balance sheet with approximately $87.6 million in cash, cash equivalents, and short term investments (unaudited) as of June 30, 2023, to provide funding for operating requirements into 2026.
• Capital efficient development plan allows for funding of EryDex through global Phase 3 clinical trial under SPA and, assuming positive study results, to NDA submission, in addition to pursuing European regulatory activities related to potential MAA submission.
• Potential to out-license ex-U.S. regional territories to provide runway through regulatory approval of EryDex.
Plan to enroll first patient in global Phase 3 trial of EryDex in second quarter of 2024 with NDA submission targeted by end of 2025
• SPA in place with FDA for a single global Phase 3 clinical trial of EryDex expected to be sufficient for NDA submission, assuming positive study results.
• EryDex designated as orphan drug for treatment of A-T from both the FDA and EMA.
• Phase 3 NEAT (Neurologic Effects of EryDex on Subjects with A-T) clinical trial is a planned double blind, randomized, placebo controlled, global efficacy study in approximately 86 A-T patients aged six to nine years-old with up to an additional 20 patients aged 10 years or older included for potential broader label support.
• Primary endpoint, as agreed upon with the FDA, to measure neurological function based on rescored modified International Cooperative Ataxia Rating Scale (RmICARS) from baseline to month six of treatment.
• Secondary endpoints to measure Clinical Global Impression scores for severity (CGI-S) and change (CGI-C), as well as EuroQol quality of life scoring.
• Plan to enroll first patient in Phase 3 NEAT clinical trial in the second quarter of 2024.
• Commercial version of EryKit treatment consumables approved in Europe and currently under partial clinical hold pending response to FDA query.
• Target EryDex NDA submission with the FDA by the end of 2025, assuming positive Phase 3 NEAT study results.
EryDex efficacy and safety profile demonstrated in prior Phase 3 clinical trial of A-T patients
• Pursuing European regulatory activities related to potential MAA submission of EryDex based on prior Phase 3 clinical trial.
• Completed largest global interventional study of A-T patients (N=175) in Phase 3 ATTeST (Ataxia Telangiectasia Trial with the EryDex SysTem) clinical trial and open label extension (OLE) (N=104).
• Primary endpoint measured modified International Cooperative Ataxia Rating Scale (mICARS) score from baseline to month six of treatment.
• Secondary endpoints measured CGI-C, Quality of Life (QOL), and Vineland Adaptive Behavior Scales (VABS) scores.
• EryDex high dose treatment arm demonstrated slowed neurological deterioration in A-T disease progression as measured by mICARS in intent to treat population (ITT) with statistically significant effect in six to nine year-old subgroup across multiple endpoints.
• 12-month safety analysis demonstrated EryDex well-tolerated with no major adverse events typically associated with chronic steroid administration.
• Sustained therapeutic effect and favorable safety profile maintained for more than three additional years in high dose treatment arm in OLE study, in addition to no steroid related toxicity observed in patients receiving more than 10 years of treatment.
• Conformité Européene (CE) mark already obtained in Europe for drug/device combination and commercial version of EryKit treatment consumables.
$1+ billion estimated peak global sales opportunity for A-T indication alone with rapid expansion potential for EryDex to other rare and debilitating diseases
• A-T population estimated to be approximately 10,000 patients in the U.S., U.K., and EU4 countries with no currently approved therapies and $1+ billion estimated peak sales opportunity globally.
• EryDex for A-T indication holds potential to be first-to-market with attractive pricing comparables and no known late-stage competition.
• EryDex designated as orphan drug for A-T treatment from the FDA and EMA.
• Potential for rapid expansion of EryDex to other rare and debilitating disease indications where chronic steroid administration is the standard of care – or could be in the absence of long-term steroid toxicity.
• AIDE platform capable of expansion to other drugs or biologics, including enzyme replacement therapy.
• Multi-faceted technology protections create high barriers to entry with intellectual property exclusivity until at least 2034 globally and at least 2035 in the U.S.
Transaction Details
Under the terms of the acquisition transaction, EryDel will operate as a wholly owned subsidiary of Quince Therapeutics with plans to retain EryDel’s corporate and manufacturing presence in Italy. The integrated company will be led by Dirk Thye, M.D., Quince’s Chief Executive Officer and member of the Quince Board of Directors. In addition, David Lamond remains Chairperson of Quince’s Board of Directors, which will be expanded by one member with the addition of EryDel representative Luca Benatti following the close of the transaction.
Upon completion of the stock-for-stock upfront exchange, EryDel stockholders will own a maximum of approximately 16.7%, or 7,250,352 shares, of the combined company (subject to downward adjustment). The transaction agreement includes up to $485 million in potential total downstream cash payments, including up to $5 million in development milestones, $25 million at NDA acceptance, $60 million in approval milestones, and $395 million in market and sales milestones, with no royalties paid to EryDel stockholders. The transaction will include the assumption of EryDel’s $13 million (€10 million in principal) European Investment Bank (EIB) loan with scheduled payments beginning in the second half of 2026.
The transaction, which has been unanimously approved by the Boards of Directors of both companies, is subject to certain regulatory approvals and other closing conditions and is expected to close in the third quarter of 2023.
Financial Statements
Quince has not completed preparation of its financial statements for the second quarter of 2023. The cash, cash equivalents, and short term investments presented as of June 30, 2023, are preliminary and unaudited and are, thus, inherently uncertain and subject to change. The company is in the process of completing its customary close and review procedures for the second quarter of 2023, and there can be no assurance that final results for this period will not differ from these preliminary, unaudited amounts. The company’s independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to such preliminary data for the second quarter ended June 30, 2023.
Advisors
MTS Health Partners, L.P. is serving as financial advisor and Cooley LLP is serving as legal counsel to Quince. Perella Weinberg Partners is serving as financial advisor and Goodwin Procter LLP and Clifford Chance LLP are serving as legal counsel to EryDel.
Investor Presentation Available
To learn more about the transaction, investors are encouraged to access an investor presentation provided by Quince management detailing the EryDel acquisition, which is currently available for viewing on the company’s Investor Relations website. Please visit the Events page under the News & Events heading of Quince’s Investor Relations website at ir.quincetx.com to access the presentation.
About Quince Therapeutics
Quince Therapeutics is a biotechnology company focused on acquiring, developing, and commercializing innovative therapeutics that transform the lives of patients suffering from debilitating and rare diseases. For more information, visit www.quincetx.com and follow Quince Therapeutics on LinkedIn and @Quince_Tx on Twitter.
About EryDel SpA
EryDel SpA is a global late-stage biotech company aimed at developing and commercializing therapies for the treatment of rare diseases delivered by its proprietary red blood cell technology. Its most advanced product, EryDex, is under late-stage development for the treatment of Ataxia Telangiectasia (A-T), a rare autosomal recessive neurological disorder for which no established therapy is currently available. EryDex is an automated outpatient bedside technology to ex-vivo encapsulate dexamethasone sodium phosphate (DSP; a pro-drug) into patient’s red blood cells, which are then re-infused, allowing for the circulation of controlled, slow release, low doses of dexamethasone (active drug) over the subsequent several weeks following treatment. EryDex has received orphan drug designation for the treatment of A-T both from the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA). An international multicenter, Phase 3 clinical trial, ATTeST, and its open label extension have been successfully completed. In addition to EryDex, EryDel’s technology platform is capable of expansion to other drugs or biologics, including enzyme replacement therapy, and has the potential to support a wide range of therapeutic opportunities.
Forward-looking Statements
Statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements contained in this news release may be identified by the use of words such as "believe," "may," "should," "expect," "anticipate," "plan," "believe," "estimated," "potential," "intend," "will," "can," "seek," or other similar words. Examples of forward-looking statements include, among others, statements relating to Quince’s acquisition of EryDel; the timing of the closing of the transaction; the expected benefits of the transaction, including the continued current and future clinical development and potential expansion of EryDel assets, related platform, and related timing and costs; the strategic development path for EryDex; planned FDA and EMA submissions and clinical trials and timeline, prospects, and milestone expectations; the timing and success of the clinical trials and related data, including plans and the ability to initiate, fund, conduct and/or complete current and additional studies; the potential therapeutic benefits, safety, and efficacy of EryDex; statements about its ability to obtain, and the timing relating to, further development of EryDex, regulatory submissions and interactions with regulators; therapeutic and commercial potential; the integration of EryDel’s business, operations, and employees into Quince; Quince’s future development plans and related timing; its cash position and projected cash runway; the company’s focus, objectives, plans, and strategies; and the ability to execute on any strategic transactions. Forward-looking statements are based on Quince’s current expectations and are subject to inherent uncertainties, risks, and assumptions that are difficult to predict and could cause actual results to differ materially from what the company expects. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ include, but are not limited to, the risks and uncertainties described in the section titled "Risk Factors" in the company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on May 15, 2023, and other reports as filed with the SEC. Forward-looking statements contained in this news release are made as of this date, and Quince undertakes no duty to update such information except as required under applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230724507851/en/
QUINCE THERAPEUTICS (QNCX) : 1.20
Pre-Market High $2.04 (07:03:38 AM)
Total Cash (mrq) 90.2M
Total Cash Per Share (mrq) 2.49
Total Debt (mrq) 269k
Quince Therapeutics to Acquire EryDel SpA and its Phase 3 Asset Targeting Ataxia-Telangiectasia with No Currently Approved Treatments and Estimated $1+ Billion Peak Sales Opportunity
Well-capitalized into 2026 with ability to fully fund lead asset EryDex expected through Phase 3 trial under special protocol assessment (SPA) and to NDA submission
EryDex utilizes autologous intracellular drug encapsulation (AIDE) technology designed for slow release of steroids over several weeks without long-term toxicity typically associated with chronic administration
Potential for rapid expansion of EryDex to other rare and debilitating disease indications where chronic steroid treatment is or could become the standard of care
SOUTH SAN FRANCISCO, Calif., July 24, 2023--(BUSINESS WIRE)--Quince Therapeutics, Inc. (Nasdaq: QNCX), a biotechnology company focused on acquiring, developing, and commercializing innovative therapeutics that transform patients’ lives, today announced that the company has entered into an agreement to acquire EryDel SpA, a privately-held, late-stage biotech company, in a stock-for-stock upfront exchange and potential downstream milestone cash payments. EryDel has developed an autologous intracellular drug encapsulation (AIDE) technology and a Phase 3 lead asset, EryDex, targeting a rare fatal pediatric neurological disease, Ataxia-Telangiectasia (A-T), which currently has no approved treatments. Upon completion of the transaction, EryDel stockholders will own approximately 16.7% of the combined company (subject to downward adjustment) and will be entitled to up to $485 million upon the achievement of development, regulatory, and commercial milestone payments, with no royalties. The transaction, which has been unanimously approved by the Boards of Directors of both companies, is subject to certain regulatory approvals and other closing conditions and is expected to close in the third quarter of 2023.
Dirk Thye, M.D., Quince’s Chief Executive Officer, said, "We are highly enthusiastic and optimistic about our acquisition of this unique drug/device combination technology platform and promising late-stage clinical asset to drive Quince’s next stage of growth. EryDel’s proprietary AIDE technology enables the autologous intracellular encapsulation and delivery of dexamethasone in a controlled, slow-release manner that has the potential to allow chronic administration of steroids over many months or years with a favorable safety profile. This represents a tremendous opportunity to target not only A-T, but also the potential to expand into several debilitating rare diseases where chronic steroid treatment is the standard of care – or could be in the absence of long-term steroid toxicity. Upon the close of the acquisition, we will quickly focus our considerable development expertise and financial resources toward advancing the lead asset EryDex for A-T through a single global Phase 3 clinical trial under a SPA already in place with the FDA to an anticipated NDA submission, assuming positive study results."
Luca Benatti, EryDel’s Chief Executive Officer, said, "EryDel’s acquisition by Quince offers the opportunity to advance our innovative, point-of-care autologous intracellular encapsulation technology through development to commercialization and to fulfill our mission to provide the first treatment for patients living with the devastating disease of A-T. Quince’s effort will be supported by the encouraging Phase 3 data generated from EryDel’s prior international study of EryDex, which demonstrated a significant delay in disease progression in A-T patients and further supported more than 10 years of safety data. Quince is well-positioned to advance EryDel’s differentiated AIDE technology and development of our lead asset EryDex to deliver innovative treatments to patients in need."
Transformative Acquisition with Value-Creating Clinical Milestones
Key highlights of the EryDel acquisition include:
Well-capitalized into 2026 with ability to fully fund lead asset EryDex expected through Phase 3 clinical trial under SPA and to NDA submission
• Strong balance sheet with approximately $87.6 million in cash, cash equivalents, and short term investments (unaudited) as of June 30, 2023, to provide funding for operating requirements into 2026.
• Capital efficient development plan allows for funding of EryDex through global Phase 3 clinical trial under SPA and, assuming positive study results, to NDA submission, in addition to pursuing European regulatory activities related to potential MAA submission.
• Potential to out-license ex-U.S. regional territories to provide runway through regulatory approval of EryDex.
Plan to enroll first patient in global Phase 3 trial of EryDex in second quarter of 2024 with NDA submission targeted by end of 2025
• SPA in place with FDA for a single global Phase 3 clinical trial of EryDex expected to be sufficient for NDA submission, assuming positive study results.
• EryDex designated as orphan drug for treatment of A-T from both the FDA and EMA.
• Phase 3 NEAT (Neurologic Effects of EryDex on Subjects with A-T) clinical trial is a planned double blind, randomized, placebo controlled, global efficacy study in approximately 86 A-T patients aged six to nine years-old with up to an additional 20 patients aged 10 years or older included for potential broader label support.
• Primary endpoint, as agreed upon with the FDA, to measure neurological function based on rescored modified International Cooperative Ataxia Rating Scale (RmICARS) from baseline to month six of treatment.
• Secondary endpoints to measure Clinical Global Impression scores for severity (CGI-S) and change (CGI-C), as well as EuroQol quality of life scoring.
• Plan to enroll first patient in Phase 3 NEAT clinical trial in the second quarter of 2024.
• Commercial version of EryKit treatment consumables approved in Europe and currently under partial clinical hold pending response to FDA query.
• Target EryDex NDA submission with the FDA by the end of 2025, assuming positive Phase 3 NEAT study results.
EryDex efficacy and safety profile demonstrated in prior Phase 3 clinical trial of A-T patients
• Pursuing European regulatory activities related to potential MAA submission of EryDex based on prior Phase 3 clinical trial.
• Completed largest global interventional study of A-T patients (N=175) in Phase 3 ATTeST (Ataxia Telangiectasia Trial with the EryDex SysTem) clinical trial and open label extension (OLE) (N=104).
• Primary endpoint measured modified International Cooperative Ataxia Rating Scale (mICARS) score from baseline to month six of treatment.
• Secondary endpoints measured CGI-C, Quality of Life (QOL), and Vineland Adaptive Behavior Scales (VABS) scores.
• EryDex high dose treatment arm demonstrated slowed neurological deterioration in A-T disease progression as measured by mICARS in intent to treat population (ITT) with statistically significant effect in six to nine year-old subgroup across multiple endpoints.
• 12-month safety analysis demonstrated EryDex well-tolerated with no major adverse events typically associated with chronic steroid administration.
• Sustained therapeutic effect and favorable safety profile maintained for more than three additional years in high dose treatment arm in OLE study, in addition to no steroid related toxicity observed in patients receiving more than 10 years of treatment.
• Conformité Européene (CE) mark already obtained in Europe for drug/device combination and commercial version of EryKit treatment consumables.
$1+ billion estimated peak global sales opportunity for A-T indication alone with rapid expansion potential for EryDex to other rare and debilitating diseases
• A-T population estimated to be approximately 10,000 patients in the U.S., U.K., and EU4 countries with no currently approved therapies and $1+ billion estimated peak sales opportunity globally.
• EryDex for A-T indication holds potential to be first-to-market with attractive pricing comparables and no known late-stage competition.
• EryDex designated as orphan drug for A-T treatment from the FDA and EMA.
• Potential for rapid expansion of EryDex to other rare and debilitating disease indications where chronic steroid administration is the standard of care – or could be in the absence of long-term steroid toxicity.
• AIDE platform capable of expansion to other drugs or biologics, including enzyme replacement therapy.
• Multi-faceted technology protections create high barriers to entry with intellectual property exclusivity until at least 2034 globally and at least 2035 in the U.S.
Transaction Details
Under the terms of the acquisition transaction, EryDel will operate as a wholly owned subsidiary of Quince Therapeutics with plans to retain EryDel’s corporate and manufacturing presence in Italy. The integrated company will be led by Dirk Thye, M.D., Quince’s Chief Executive Officer and member of the Quince Board of Directors. In addition, David Lamond remains Chairperson of Quince’s Board of Directors, which will be expanded by one member with the addition of EryDel representative Luca Benatti following the close of the transaction.
Upon completion of the stock-for-stock upfront exchange, EryDel stockholders will own a maximum of approximately 16.7%, or 7,250,352 shares, of the combined company (subject to downward adjustment). The transaction agreement includes up to $485 million in potential total downstream cash payments, including up to $5 million in development milestones, $25 million at NDA acceptance, $60 million in approval milestones, and $395 million in market and sales milestones, with no royalties paid to EryDel stockholders. The transaction will include the assumption of EryDel’s $13 million (€10 million in principal) European Investment Bank (EIB) loan with scheduled payments beginning in the second half of 2026.
The transaction, which has been unanimously approved by the Boards of Directors of both companies, is subject to certain regulatory approvals and other closing conditions and is expected to close in the third quarter of 2023.
Financial Statements
Quince has not completed preparation of its financial statements for the second quarter of 2023. The cash, cash equivalents, and short term investments presented as of June 30, 2023, are preliminary and unaudited and are, thus, inherently uncertain and subject to change. The company is in the process of completing its customary close and review procedures for the second quarter of 2023, and there can be no assurance that final results for this period will not differ from these preliminary, unaudited amounts. The company’s independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to such preliminary data for the second quarter ended June 30, 2023.
Advisors
MTS Health Partners, L.P. is serving as financial advisor and Cooley LLP is serving as legal counsel to Quince. Perella Weinberg Partners is serving as financial advisor and Goodwin Procter LLP and Clifford Chance LLP are serving as legal counsel to EryDel.
Investor Presentation Available
To learn more about the transaction, investors are encouraged to access an investor presentation provided by Quince management detailing the EryDel acquisition, which is currently available for viewing on the company’s Investor Relations website. Please visit the Events page under the News & Events heading of Quince’s Investor Relations website at ir.quincetx.com to access the presentation.
About Quince Therapeutics
Quince Therapeutics is a biotechnology company focused on acquiring, developing, and commercializing innovative therapeutics that transform the lives of patients suffering from debilitating and rare diseases. For more information, visit www.quincetx.com and follow Quince Therapeutics on LinkedIn and @Quince_Tx on Twitter.
About EryDel SpA
EryDel SpA is a global late-stage biotech company aimed at developing and commercializing therapies for the treatment of rare diseases delivered by its proprietary red blood cell technology. Its most advanced product, EryDex, is under late-stage development for the treatment of Ataxia Telangiectasia (A-T), a rare autosomal recessive neurological disorder for which no established therapy is currently available. EryDex is an automated outpatient bedside technology to ex-vivo encapsulate dexamethasone sodium phosphate (DSP; a pro-drug) into patient’s red blood cells, which are then re-infused, allowing for the circulation of controlled, slow release, low doses of dexamethasone (active drug) over the subsequent several weeks following treatment. EryDex has received orphan drug designation for the treatment of A-T both from the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA). An international multicenter, Phase 3 clinical trial, ATTeST, and its open label extension have been successfully completed. In addition to EryDex, EryDel’s technology platform is capable of expansion to other drugs or biologics, including enzyme replacement therapy, and has the potential to support a wide range of therapeutic opportunities.
Forward-looking Statements
Statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements contained in this news release may be identified by the use of words such as "believe," "may," "should," "expect," "anticipate," "plan," "believe," "estimated," "potential," "intend," "will," "can," "seek," or other similar words. Examples of forward-looking statements include, among others, statements relating to Quince’s acquisition of EryDel; the timing of the closing of the transaction; the expected benefits of the transaction, including the continued current and future clinical development and potential expansion of EryDel assets, related platform, and related timing and costs; the strategic development path for EryDex; planned FDA and EMA submissions and clinical trials and timeline, prospects, and milestone expectations; the timing and success of the clinical trials and related data, including plans and the ability to initiate, fund, conduct and/or complete current and additional studies; the potential therapeutic benefits, safety, and efficacy of EryDex; statements about its ability to obtain, and the timing relating to, further development of EryDex, regulatory submissions and interactions with regulators; therapeutic and commercial potential; the integration of EryDel’s business, operations, and employees into Quince; Quince’s future development plans and related timing; its cash position and projected cash runway; the company’s focus, objectives, plans, and strategies; and the ability to execute on any strategic transactions. Forward-looking statements are based on Quince’s current expectations and are subject to inherent uncertainties, risks, and assumptions that are difficult to predict and could cause actual results to differ materially from what the company expects. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ include, but are not limited to, the risks and uncertainties described in the section titled "Risk Factors" in the company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on May 15, 2023, and other reports as filed with the SEC. Forward-looking statements contained in this news release are made as of this date, and Quince undertakes no duty to update such information except as required under applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230724507851/en/
JAGX: 0.69
52w: 0.43 - 26.92
Jaguar Health is a commercial stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with GI distress, including chronic, debilitating diarrhea. Our crofelemer drug product candidate is the subject of the OnTarget study, an ongoing pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. We look forward to the expected availability of top line results from this study in October of this year. To learn more about Jaguar, click here to read coverage of the company that appeared July 21st in Business Insider.
Crofelemer, under the tradename Mytesi, is already on the market in the US with a chronic safety profile for the limited specialty market of HIV-related diarrhea. Cancer therapy-related diarrhea (CTD) is a chronic indication, with a global market expected to far exceed the global chemotherapy-induced nausea and vomiting (CINV) market, which is projected to reach $3.9 billion by 2029. To view a 3-minute video by a leading oncologist KOL who is a member of our Scientific Advisory Board discussing the need for a paradigm shift for the treatment of the high unmet medical need of CTD, click here or click the image below.
Jaguar’s other core focus is on evaluation of crofelemer for the rare and orphan disease indications of short bowel syndrome (SBS) with intestinal failure (IF) and microvillus inclusion disease (MVID)—an ultra-rare congenital diarrheal disorder (CDD). SBS and CDD patients are subject to intestinal failure, often requiring parenteral nutrition (PN) 20 hours a day, up to 7 days a week. These conditions are associated with significant morbidity and mortality; and high medical expenses associated with PN. CDD and SBS patients also share a primary common symptom: severe chronic diarrhea, and the associated sequelae from diarrhea, including significant dehydration, metabolic acidosis or alkalosis and malnutrition, and other secondary symptoms, many times become life-threatening.
In June 2023, the company submitted an Investigational New Drug (IND) application to the US FDA for a new crofelemer powder for oral solution formulation for the treatment of MVID.
We plan to support third-party investigator-initiated proof-of-concept (POC) studies of crofelemer in patients with SBS with intestinal failure or CDD, focused on obtaining POC data showing reduction of requirements of parenteral support. In accordance with the guidelines of specific European Union countries, publications of data from POC trials could support participation in early patient access programs in the EU for crofelemer for SBS or CDD, potentially in 2024, especially for patients with intestinal failure requiring parenteral support. Participation in early access programs, which do not exist in the U.S., provides an opportunity for reimbursement while impacting the morbidity and high cost of care for these chronic unmet needs.
Crofelemer has been granted Orphan Drug Designation (ODD) by the FDA and the European Medicines Agency (EMA) for SBS and MVID. The ODD program in both the U.S. and European Union qualifies sponsors to receive potential incentives to develop therapies for the diagnosis, prevention, or treatment of rare diseases or conditions.
We have other programs ongoing at Jaguar both related to our crofelemer pipeline and other early-stage discovery programs in psychoactive plants for mental health disorders. More to come in future communications.
I hope you’re well and enjoying the summer!
JAGX: 0.69
52w: 0.43 - 26.92
Jaguar Health is a commercial stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with GI distress, including chronic, debilitating diarrhea. Our crofelemer drug product candidate is the subject of the OnTarget study, an ongoing pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. We look forward to the expected availability of top line results from this study in October of this year. To learn more about Jaguar, click here to read coverage of the company that appeared July 21st in Business Insider.
Crofelemer, under the tradename Mytesi, is already on the market in the US with a chronic safety profile for the limited specialty market of HIV-related diarrhea. Cancer therapy-related diarrhea (CTD) is a chronic indication, with a global market expected to far exceed the global chemotherapy-induced nausea and vomiting (CINV) market, which is projected to reach $3.9 billion by 2029. To view a 3-minute video by a leading oncologist KOL who is a member of our Scientific Advisory Board discussing the need for a paradigm shift for the treatment of the high unmet medical need of CTD, click here or click the image below.
Jaguar’s other core focus is on evaluation of crofelemer for the rare and orphan disease indications of short bowel syndrome (SBS) with intestinal failure (IF) and microvillus inclusion disease (MVID)—an ultra-rare congenital diarrheal disorder (CDD). SBS and CDD patients are subject to intestinal failure, often requiring parenteral nutrition (PN) 20 hours a day, up to 7 days a week. These conditions are associated with significant morbidity and mortality; and high medical expenses associated with PN. CDD and SBS patients also share a primary common symptom: severe chronic diarrhea, and the associated sequelae from diarrhea, including significant dehydration, metabolic acidosis or alkalosis and malnutrition, and other secondary symptoms, many times become life-threatening.
In June 2023, the company submitted an Investigational New Drug (IND) application to the US FDA for a new crofelemer powder for oral solution formulation for the treatment of MVID.
We plan to support third-party investigator-initiated proof-of-concept (POC) studies of crofelemer in patients with SBS with intestinal failure or CDD, focused on obtaining POC data showing reduction of requirements of parenteral support. In accordance with the guidelines of specific European Union countries, publications of data from POC trials could support participation in early patient access programs in the EU for crofelemer for SBS or CDD, potentially in 2024, especially for patients with intestinal failure requiring parenteral support. Participation in early access programs, which do not exist in the U.S., provides an opportunity for reimbursement while impacting the morbidity and high cost of care for these chronic unmet needs.
Crofelemer has been granted Orphan Drug Designation (ODD) by the FDA and the European Medicines Agency (EMA) for SBS and MVID. The ODD program in both the U.S. and European Union qualifies sponsors to receive potential incentives to develop therapies for the diagnosis, prevention, or treatment of rare diseases or conditions.
We have other programs ongoing at Jaguar both related to our crofelemer pipeline and other early-stage discovery programs in psychoactive plants for mental health disorders. More to come in future communications.
I hope you’re well and enjoying the summer!
TUP: 0,94 +41,27%
Will we see $1 today???
very high volume
Volume 6,497,369
Avg. Volume 1,981,980
Shares Outstanding 44.48M
Float 38.58M
Shares Short (Jun 29, 2023) 9.02M
Short % of Float (Jun 29, 2023) 25.17%
TUP: 0,94 +41,27%
Will we see $1 today???
very high volume
Volume 6,497,369
Avg. Volume 1,981,980
Shares Outstanding 44.48M
Float 38.58M
Shares Short (Jun 29, 2023) 9.02M
Short % of Float (Jun 29, 2023) 25.17%
Tupperware Brands Corporation (TUP) : 0.7990+0.1336 (+20.0781%)
52 Week Range 0.6100 - 12.8600
Storage containers and kitchen products company Tupperware Brands Corp
Tupperware Brands Corporation (NYSE:TUP) ranks 7th in our list of the best one dollar stocks to buy according to hedge funds. Insider Monkey’s database shows that 20 hedge funds had stakes in Tupperware Brands Corporation (NYSE:TUP) at the close of the March quarter. The total worth of these stakes was $16 million. The biggest stakeholder of Tupperware Brands Corporation (NYSE:TUP) was DE Shaw which had a $5.1 million stake in the company.
Miller Value Deep Value Strategy made the following comment about Tupperware Brands Corporation (NYSE:TUP) in its Q4 2022 investor letter:
“During the quarter we only had one detractor, Tupperware Brands Corporation (NYSE:TUP) whose share price was down more than 30%. The company is in a midst of a multi-year transformation focused on enhancing their global direct selling business, expanding their omnichannel presence, exiting non-core assets, rolling out new product innovation and enhancing the company technology and supply chain. Tupperware’s revenues have been adversely impacted by significant market weakness in Europe and China along with the company experiencing weaker volumes from implementing recent price increases. Management has undertaken a $100M cost reduction program and with the recent price actions beginning to offset commodity price pressures, the company should see profitability and cash flow generation improve over the coming year. In addition, management continues to make incremental investments in the business to further expand their omni-channel efforts and modernize their infrastructure. While it will take longer for the company to complete the turnaround plan, we believe the current share price has limited value for successfully completing the transformation.”
Tupperware Brands Corporation (TUP) : 0.7990+0.1336 (+20.0781%)
52 Week Range 0.6100 - 12.8600
Storage containers and kitchen products company Tupperware Brands Corp
Tupperware Brands Corporation (NYSE:TUP) ranks 7th in our list of the best one dollar stocks to buy according to hedge funds. Insider Monkey’s database shows that 20 hedge funds had stakes in Tupperware Brands Corporation (NYSE:TUP) at the close of the March quarter. The total worth of these stakes was $16 million. The biggest stakeholder of Tupperware Brands Corporation (NYSE:TUP) was DE Shaw which had a $5.1 million stake in the company.
Miller Value Deep Value Strategy made the following comment about Tupperware Brands Corporation (NYSE:TUP) in its Q4 2022 investor letter:
“During the quarter we only had one detractor, Tupperware Brands Corporation (NYSE:TUP) whose share price was down more than 30%. The company is in a midst of a multi-year transformation focused on enhancing their global direct selling business, expanding their omnichannel presence, exiting non-core assets, rolling out new product innovation and enhancing the company technology and supply chain. Tupperware’s revenues have been adversely impacted by significant market weakness in Europe and China along with the company experiencing weaker volumes from implementing recent price increases. Management has undertaken a $100M cost reduction program and with the recent price actions beginning to offset commodity price pressures, the company should see profitability and cash flow generation improve over the coming year. In addition, management continues to make incremental investments in the business to further expand their omni-channel efforts and modernize their infrastructure. While it will take longer for the company to complete the turnaround plan, we believe the current share price has limited value for successfully completing the transformation.”
High risk, high potential
A lot short, few sellers
LORDSTOWN MOTORS (RIDEQ) : 3.815
52w: 1.13 – 55.95
Cash and cash equivalents $ 108,086
Short-term investments 68,589
Inventory, net 6,340
Prepaid expenses and other current assets 9,028
Total current assets $ 192,043
Property, plant and equipment, net 78,123
Other non-current assets 2,244
Total Assets $ 272,410
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Current Liabilities
Accounts payable $ 8,431
Accrued and other current liabilities 50,409
Total current liabilities $ 58,840
Warrant and other non-current liabilities 889
Total liabilities $ 59,729
Shares Outstanding 16.8M
= $ 12.66 / share
+ Net operating losses for future tax years are significant
High risk, high potential
A lot short, few sellers
LORDSTOWN MOTORS (RIDEQ) : 3.815
52w: 1.13 – 55.95
Cash and cash equivalents $ 108,086
Short-term investments 68,589
Inventory, net 6,340
Prepaid expenses and other current assets 9,028
Total current assets $ 192,043
Property, plant and equipment, net 78,123
Other non-current assets 2,244
Total Assets $ 272,410
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Current Liabilities
Accounts payable $ 8,431
Accrued and other current liabilities 50,409
Total current liabilities $ 58,840
Warrant and other non-current liabilities 889
Total liabilities $ 59,729
Shares Outstanding 16.8M
= $ 12.66 / share
+ Net operating losses for future tax years are significant
Recon Technology, Ltd. (RCON) : 0.3970
52 Week Range 0.2800 - 2.1300
Balance Sheet
Total Cash (mrq) 269.11M
Total Cash Per Share (mrq) 7.96
Total Debt (mrq) 31.5M
Book Value Per Share (mrq) 12.03
BEIJING, July 18, 2023 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ: RCON) ("Recon" or the "Company") is proud to announce a strategic partnership between its affiliate, Future Gas Station (Beijing) Technology Ltd. ("FGS") and Jiangsu Jiademan Information Technology Co., Ltd. ("Jia De Man"). This groundbreaking partnership aims to transform fueling services for national or regional logistics and transportation companies and logistics service platforms through the implementation of a customized electronic comprehensive service platform.
Under this partnership, FGS and Jia De Man will provide customized services tailored to meet the unique needs of digital freight platform companies or enterprise customers in the transportation sector. The initial focus will be on enabling customized fueling services at gas stations of China National Petroleum Corporation ("CNPC") and leveraging the capabilities of the enterprise electronic comprehensive service platform.
"We are delighted to announce this strategic cooperation between FGS and Jiangsu Jiademan, " said Mr. Shenping Yin, CEO of Recon. "Through this partnership, we aim to unlock synergies and drive mutual growth, further solidifying our position in the energy management and fuel service sector."
The partnership's first customer, a leading digital logistics platform that connects shippers and truckers and facilitates shipments across China, will benefit from the innovative and customized fueling services offered by FGS and Jiangsu Jiademan. By optimizing fuel management processes and improving operational efficiency, the customer will streamline its operations and deliver greater value to customers on its platform.
By combining FGS's expertise in digital operation services for gas stations with Jiangsu Jiademan's cutting-edge technology solutions, this partnership will bring an unprecedented level of efficiency and customization to enterprise oil services. Real-time data insights and streamlined operations will enable termial users, who are primary drivers, to reduce costs, improve resource utilization and enhance overall business performance for platform companies.
Recon remains committed to establishing strategic parnterships which deliver significant value to its clients and stakeholders. This partnership with FGS and Jiangsu Jiademan marks a significant milestone in Recon's journey towards providing intelligent and customized solutions to both transportation and oil industries.
About Recon Technology, Ltd
Recon is a leading provider of intelligent oilfield and energy management solutions in China. The company leverages advanced technologies to deliver innovative solutions that optimize resource utilization, enhance operational efficiency, and drive sustainable growth in the oil and gas industry. With a focus on digital transformation and customer-centric services, Recon is at the forefront of shaping the future of energy management.
About Jiangsu Jiademan Information Technology Co.
Jiangsu Jiademan Information Technology Co., Ltd. is a cutting-edge oil services provider, catering specifically to logistic enterprises. With a strong emphasis on innovation and technological advancements, Jiademan is dedicated to revolutionizing the way logistic companies manage their oil-related operations.
Recon Technology, Ltd. (RCON) : 0.3970
52 Week Range 0.2800 - 2.1300
Balance Sheet
Total Cash (mrq) 269.11M
Total Cash Per Share (mrq) 7.96
Total Debt (mrq) 31.5M
Book Value Per Share (mrq) 12.03
BEIJING, July 18, 2023 /PRNewswire/ -- Recon Technology, Ltd (NASDAQ: RCON) ("Recon" or the "Company") is proud to announce a strategic partnership between its affiliate, Future Gas Station (Beijing) Technology Ltd. ("FGS") and Jiangsu Jiademan Information Technology Co., Ltd. ("Jia De Man"). This groundbreaking partnership aims to transform fueling services for national or regional logistics and transportation companies and logistics service platforms through the implementation of a customized electronic comprehensive service platform.
Under this partnership, FGS and Jia De Man will provide customized services tailored to meet the unique needs of digital freight platform companies or enterprise customers in the transportation sector. The initial focus will be on enabling customized fueling services at gas stations of China National Petroleum Corporation ("CNPC") and leveraging the capabilities of the enterprise electronic comprehensive service platform.
"We are delighted to announce this strategic cooperation between FGS and Jiangsu Jiademan, " said Mr. Shenping Yin, CEO of Recon. "Through this partnership, we aim to unlock synergies and drive mutual growth, further solidifying our position in the energy management and fuel service sector."
The partnership's first customer, a leading digital logistics platform that connects shippers and truckers and facilitates shipments across China, will benefit from the innovative and customized fueling services offered by FGS and Jiangsu Jiademan. By optimizing fuel management processes and improving operational efficiency, the customer will streamline its operations and deliver greater value to customers on its platform.
By combining FGS's expertise in digital operation services for gas stations with Jiangsu Jiademan's cutting-edge technology solutions, this partnership will bring an unprecedented level of efficiency and customization to enterprise oil services. Real-time data insights and streamlined operations will enable termial users, who are primary drivers, to reduce costs, improve resource utilization and enhance overall business performance for platform companies.
Recon remains committed to establishing strategic parnterships which deliver significant value to its clients and stakeholders. This partnership with FGS and Jiangsu Jiademan marks a significant milestone in Recon's journey towards providing intelligent and customized solutions to both transportation and oil industries.
About Recon Technology, Ltd
Recon is a leading provider of intelligent oilfield and energy management solutions in China. The company leverages advanced technologies to deliver innovative solutions that optimize resource utilization, enhance operational efficiency, and drive sustainable growth in the oil and gas industry. With a focus on digital transformation and customer-centric services, Recon is at the forefront of shaping the future of energy management.
About Jiangsu Jiademan Information Technology Co.
Jiangsu Jiademan Information Technology Co., Ltd. is a cutting-edge oil services provider, catering specifically to logistic enterprises. With a strong emphasis on innovation and technological advancements, Jiademan is dedicated to revolutionizing the way logistic companies manage their oil-related operations.
today:
https://finance.yahoo.com/news/10-best-one-dollar-stocks-125218264.html
VIEWRAY INC 0,0718 -80,26%
9. ViewRay, Inc. (NASDAQ:VRAY)
Number of Hedge Fund Holders: 22
Shares of MRI-guided radiation therapy system company ViewRay, Inc. (NASDAQ:VRAY) has been struggling this year as the company pulled its guidance, posted disappointing quarterly figures and received analyst downgrades. Nonetheless, as of the end of the first quarter of this year, 22 hedge funds had stakes in ViewRay, Inc. (NASDAQ:VRAY), according to Insider Monkey’s proprietary database of 943 hedge funds and their holdings.
ViewRay, Inc. (NASDAQ:VRAY) earlier this year also revealed that it was considering strategic options, including a sale or merger. ViewRay, Inc. (NASDAQ:VRAY) also announced a cost reduction plan that would generate about $19 million to $23 million in cost savings annually.
Baron Discovery Fund made the following comment about ViewRay, Inc. (NASDAQ:VRAY) in its Q1 2023 investor letter:
“ViewRay, Inc. (NASDAQ:VRAY) sells equipment that enables MRI-guided radiation treatment of cancer. This equipment allows for real-time imaging of a patient’s tumor location and therefore accurate radiation delivery, even if the tumor moves during treatment. Shares declined on investor concerns around the company’s deposits at and loan commitments from Silicon Valley Bank. Our understanding is that the deposits are now secure and that ViewRay is in compliance with all debt covenants. Adoption of ViewRay’s equipment and MRI-guided radiation therapy has been accelerating on impressive early clinical trial results in pancreatic and prostate cancer and as patients have started “voting with their feet” and seeking treatment at centers with the capability to administer MRI-guided treatment. The company’s order book for new machines continues to accelerate. While supply-chain constraints may limit upside to 2023 installations, we still expect nearly 40% growth for the year and meaningfully higher sales in coming years.”
today:
https://finance.yahoo.com/news/10-best-one-dollar-stocks-125218264.html
VIEWRAY INC 0,0718 -80,26%
9. ViewRay, Inc. (NASDAQ:VRAY)
Number of Hedge Fund Holders: 22
Shares of MRI-guided radiation therapy system company ViewRay, Inc. (NASDAQ:VRAY) has been struggling this year as the company pulled its guidance, posted disappointing quarterly figures and received analyst downgrades. Nonetheless, as of the end of the first quarter of this year, 22 hedge funds had stakes in ViewRay, Inc. (NASDAQ:VRAY), according to Insider Monkey’s proprietary database of 943 hedge funds and their holdings.
ViewRay, Inc. (NASDAQ:VRAY) earlier this year also revealed that it was considering strategic options, including a sale or merger. ViewRay, Inc. (NASDAQ:VRAY) also announced a cost reduction plan that would generate about $19 million to $23 million in cost savings annually.
Baron Discovery Fund made the following comment about ViewRay, Inc. (NASDAQ:VRAY) in its Q1 2023 investor letter:
“ViewRay, Inc. (NASDAQ:VRAY) sells equipment that enables MRI-guided radiation treatment of cancer. This equipment allows for real-time imaging of a patient’s tumor location and therefore accurate radiation delivery, even if the tumor moves during treatment. Shares declined on investor concerns around the company’s deposits at and loan commitments from Silicon Valley Bank. Our understanding is that the deposits are now secure and that ViewRay is in compliance with all debt covenants. Adoption of ViewRay’s equipment and MRI-guided radiation therapy has been accelerating on impressive early clinical trial results in pancreatic and prostate cancer and as patients have started “voting with their feet” and seeking treatment at centers with the capability to administer MRI-guided treatment. The company’s order book for new machines continues to accelerate. While supply-chain constraints may limit upside to 2023 installations, we still expect nearly 40% growth for the year and meaningfully higher sales in coming years.”
HIGH RISK!!!:
Jan 05, 2023 4.9600
market cap was 908 m back in Januari, it's now 13m
VIEWRAY INC (VRAY): 0.0728-0.2909 (-79.9835%)
today: 0.0689 - 0.18
Shares Outstanding 183.4M
Float 112.3M
Total Cash (mrq) 85.5M
Total Debt (mrq) 85.13M
Received 13 new orders for MRIdian systems, totaling $68.3 million.
Total backlog increased to $411.0 million as of March 31, 2023, compared to approximately $331.0 million as of March 31, 2022.
Cash and cash equivalents, inclusive of restricted cash, was $85.5 million as of March 31, 2023.
The Company has begun a cost reduction program with expected annual savings of $19.0 million - $23.0 million, of which approximately 65% of the savings will be realized in fiscal year 2023. The program includes a reduction in discretionary spending and a workforce reduction of approximately 11%
ViewRay, Inc. designs, manufactures, and markets magnetic resonance imaging (MRI) guided radiation therapy systems to image and treat cancer patients in the United States, Italy, France, Taiwan, the United Kingdom, and internationally. It provides MRIdian, which is an MRI guided radiation therapy system that addresses beam distortion, skin toxicity, and other concerns. The company serves university research and teaching hospitals, community hospitals, private practices, government institutions, and freestanding cancer centers through a network of direct sales force and distributors. ViewRay, Inc. was founded in 2004 and is headquartered in Denver, Colorado. On July 16, 2023, ViewRay, Inc., alongwith its affiliate, filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.
DENVER, July 17, 2023 /PRNewswire/ -- ViewRay, Inc. (Nasdaq: VRAY) announced today that it and certain of its subsidiaries (collectively, "the Company") filed voluntary petitions for relief (the "Petitions") under Chapter 11 of Title 11 the U.S. Bankruptcy Code ("Chapter 11") in the United States Bankruptcy Court for the District of Delaware (the "Court"). The Company further disclosed that it intends to pursue a sale of its business under Section 363 of the Bankruptcy Code, including a sale of all or a portion of the Company's assets, while continuing to support its customers during the Chapter 11 process.
To facilitate this process, in addition to having the use of its sufficient existing cash reserves, the Company has received a commitment of approximately $6 million in debtor-in-possession financing from MidCap Financial Services, LLC. Following court approval, the Company expects this financing to provide the necessary liquidity to support operations during the Chapter 11 process.
Alongside these efforts, the Company is strategically managing inventory to maintain MRIdian MRI-guided radiation therapy systems at customer sites across the globe. The Company has filed a variety of "first day" motions containing customary relief intended to assure the Company's ability to continue its ordinary course operations, such as continuing to service its customers and honor its obligations to its remaining employees, following an additional reduction in force, as the Company begins its efforts to effectuate the sale of its assets.
On July 15, 2023, prior to filing the Petitions, Phillip M. Spencer and Gail Wilensky, Ph.D., advised the Board of Directors (the "Board") of the Company of their resignations from the Board. Subsequently, on July 15, 2023, Scott Drake ceased to serve as the Chief Executive Officer of the Company, and transitioned to a continuing role as a director of the Company.
The Company has appointed Paul Ziegler as Chief Executive Officer of the Company, effective July 15, 2023. Mr. Ziegler, who had been the Chief Commercial Officer of the Company, has also been appointed to the Board as a director. The Board also decreased the size of the Board from nine to seven directors. In addition, the Company has appointed Sanket Shah as Senior Vice President, General Counsel of the Company, effective as July 15, 2023. Mr. Shah has been at the Company since 2019, most recently acting as Vice President, Deputy General Counsel.
"Despite the operating challenges, MRIdian has facilitated real societal value and remains critically important for a broad population of cancer patients, including those who were previously considered untreatable," said Mr. Ziegler. "We deeply appreciate our teammates, customers, partners, and patients that we serve. We will continue to work diligently to maximize value for the benefit of all stakeholders."
Court filings and information about the Chapter 11 case can be found at a website maintained by the Company's claims agent Stretto at https://cases.stretto.com/ViewRay. Faegre Drinker Biddle & Reath LLP is serving as legal counsel, B. Riley Securities, Inc. is serving as investment banker, and Berkeley Research Group is serving as financial advisor.
About ViewRay
ViewRay, Inc. (Nasdaq: VRAY) designs, manufactures, and markets the MRIdian® MRI-Guided Radiation Therapy System. MRIdian is built upon a proprietary high-definition MR imaging system designed from the ground up to address the unique challenges and clinical workflow for advanced radiation oncology. Unlike MR systems used in diagnostic radiology, MRIdian's high-definition MR was purpose-built to address specific challenges, including beam distortion, skin toxicity, and other concerns that potentially may arise when high magnetic fields interact with radiation beams. ViewRay and MRIdian are registered trademarks of ViewRay, Inc.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Private Securities Litigation Reform Act. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, ViewRay's financial guidance for the full year 2023, anticipated future orders, anticipated future operating and financial performance, treatment results, therapy adoption, innovation, and the performance of the MRIdian systems. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to commercialize the MRIdian Linac System, demand for ViewRay's products, the ability to convert backlog into revenue, the timing of delivery of ViewRay's products, the timing, length, and severity of the COVID-19 pandemic, including its impacts across our businesses on demand, our operations and global supply chains, the results and other uncertainties associated with clinical trials, the ability to raise the additional funding needed to continue to pursue ViewRay's business and product development plans, the inherent uncertainties associated with developing new products or technologies, competition in the industry in which ViewRay operates, and overall market conditions. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to ViewRay's business in general, see ViewRay's current and future reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and its Quarterly Reports on Form 10-Q, as updated periodically with the Company's other filings with the SEC. These forward-looking statements are made as of the date of this press release, and ViewRay assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.
HIGH RISK!!!:
Jan 05, 2023 4.9600
market cap was 908 m back in Januari, it's now 13m
VIEWRAY INC (VRAY): 0.0728-0.2909 (-79.9835%)
today: 0.0689 - 0.18
Shares Outstanding 183.4M
Float 112.3M
Total Cash (mrq) 85.5M
Total Debt (mrq) 85.13M
Received 13 new orders for MRIdian systems, totaling $68.3 million.
Total backlog increased to $411.0 million as of March 31, 2023, compared to approximately $331.0 million as of March 31, 2022.
Cash and cash equivalents, inclusive of restricted cash, was $85.5 million as of March 31, 2023.
The Company has begun a cost reduction program with expected annual savings of $19.0 million - $23.0 million, of which approximately 65% of the savings will be realized in fiscal year 2023. The program includes a reduction in discretionary spending and a workforce reduction of approximately 11%
ViewRay, Inc. designs, manufactures, and markets magnetic resonance imaging (MRI) guided radiation therapy systems to image and treat cancer patients in the United States, Italy, France, Taiwan, the United Kingdom, and internationally. It provides MRIdian, which is an MRI guided radiation therapy system that addresses beam distortion, skin toxicity, and other concerns. The company serves university research and teaching hospitals, community hospitals, private practices, government institutions, and freestanding cancer centers through a network of direct sales force and distributors. ViewRay, Inc. was founded in 2004 and is headquartered in Denver, Colorado. On July 16, 2023, ViewRay, Inc., alongwith its affiliate, filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.
DENVER, July 17, 2023 /PRNewswire/ -- ViewRay, Inc. (Nasdaq: VRAY) announced today that it and certain of its subsidiaries (collectively, "the Company") filed voluntary petitions for relief (the "Petitions") under Chapter 11 of Title 11 the U.S. Bankruptcy Code ("Chapter 11") in the United States Bankruptcy Court for the District of Delaware (the "Court"). The Company further disclosed that it intends to pursue a sale of its business under Section 363 of the Bankruptcy Code, including a sale of all or a portion of the Company's assets, while continuing to support its customers during the Chapter 11 process.
To facilitate this process, in addition to having the use of its sufficient existing cash reserves, the Company has received a commitment of approximately $6 million in debtor-in-possession financing from MidCap Financial Services, LLC. Following court approval, the Company expects this financing to provide the necessary liquidity to support operations during the Chapter 11 process.
Alongside these efforts, the Company is strategically managing inventory to maintain MRIdian MRI-guided radiation therapy systems at customer sites across the globe. The Company has filed a variety of "first day" motions containing customary relief intended to assure the Company's ability to continue its ordinary course operations, such as continuing to service its customers and honor its obligations to its remaining employees, following an additional reduction in force, as the Company begins its efforts to effectuate the sale of its assets.
On July 15, 2023, prior to filing the Petitions, Phillip M. Spencer and Gail Wilensky, Ph.D., advised the Board of Directors (the "Board") of the Company of their resignations from the Board. Subsequently, on July 15, 2023, Scott Drake ceased to serve as the Chief Executive Officer of the Company, and transitioned to a continuing role as a director of the Company.
The Company has appointed Paul Ziegler as Chief Executive Officer of the Company, effective July 15, 2023. Mr. Ziegler, who had been the Chief Commercial Officer of the Company, has also been appointed to the Board as a director. The Board also decreased the size of the Board from nine to seven directors. In addition, the Company has appointed Sanket Shah as Senior Vice President, General Counsel of the Company, effective as July 15, 2023. Mr. Shah has been at the Company since 2019, most recently acting as Vice President, Deputy General Counsel.
"Despite the operating challenges, MRIdian has facilitated real societal value and remains critically important for a broad population of cancer patients, including those who were previously considered untreatable," said Mr. Ziegler. "We deeply appreciate our teammates, customers, partners, and patients that we serve. We will continue to work diligently to maximize value for the benefit of all stakeholders."
Court filings and information about the Chapter 11 case can be found at a website maintained by the Company's claims agent Stretto at https://cases.stretto.com/ViewRay. Faegre Drinker Biddle & Reath LLP is serving as legal counsel, B. Riley Securities, Inc. is serving as investment banker, and Berkeley Research Group is serving as financial advisor.
About ViewRay
ViewRay, Inc. (Nasdaq: VRAY) designs, manufactures, and markets the MRIdian® MRI-Guided Radiation Therapy System. MRIdian is built upon a proprietary high-definition MR imaging system designed from the ground up to address the unique challenges and clinical workflow for advanced radiation oncology. Unlike MR systems used in diagnostic radiology, MRIdian's high-definition MR was purpose-built to address specific challenges, including beam distortion, skin toxicity, and other concerns that potentially may arise when high magnetic fields interact with radiation beams. ViewRay and MRIdian are registered trademarks of ViewRay, Inc.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Private Securities Litigation Reform Act. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, ViewRay's financial guidance for the full year 2023, anticipated future orders, anticipated future operating and financial performance, treatment results, therapy adoption, innovation, and the performance of the MRIdian systems. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to commercialize the MRIdian Linac System, demand for ViewRay's products, the ability to convert backlog into revenue, the timing of delivery of ViewRay's products, the timing, length, and severity of the COVID-19 pandemic, including its impacts across our businesses on demand, our operations and global supply chains, the results and other uncertainties associated with clinical trials, the ability to raise the additional funding needed to continue to pursue ViewRay's business and product development plans, the inherent uncertainties associated with developing new products or technologies, competition in the industry in which ViewRay operates, and overall market conditions. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to ViewRay's business in general, see ViewRay's current and future reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and its Quarterly Reports on Form 10-Q, as updated periodically with the Company's other filings with the SEC. These forward-looking statements are made as of the date of this press release, and ViewRay assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.
Time for a strong recovery
ReShape Lifesciences Inc. (RSLS) : 1.59
52w: 1.31 – 40.00
market cap: 4.6M
Shares Outstanding : 2.94M
Float : 2.54M
Book Value Per Share (mrq) 7.05
Cash and Cash Equivalents as of March 31, 2023, were $9.1 million and the company remains debt free on its balance sheet
“In 2023, we have continued to leverage operational efficiencies, optimize our lead generation programs, and invest in our growth drivers. Our achievement of a 42.9% reduction in operating expenses, excluding one-time charges, during the first quarter, as compared to the same period last year, is a direct result of the execution of our growth pillars. We will continue to drive revenue by expanding our product offering to treat obesity and metabolic disease across the entire care continuum and strengthen our position to exceed our goals,” stated Paul F. Hickey, President and Chief Executive Officer of ReShape Lifesciences®. “We remain focused, not only on growth, but also our future profitability and delivering predictable shareholder value. Our balance sheet was bolstered by two capital raises this year, totaling $12.7 million in gross proceeds. These funds will allow us the continued ability to generate awareness of our evidence-based and differentiated product portfolio that spans the entire care continuum.”
MATTHEW NACHTRAB REPORTS 27.7% STAKE IN RESHAPE LIFESCIENCES AS
NACHTRAB-PURCHASED CO'S COMMON STOCK BASED ON BELIEF THAT SUCH SECURITIES, AT CURRENT MARKET PRICES, REPRESENTED AN ATTRACTIVE INVESTMENT OPPORTUNITY
NACHTRAB - WROTE A LETTER TO THE CEO OF CO WITH RECOMMENDATIONS FOR THE MANAGEMENT TEAM’S STRATEGY GOING FORWARD
I am excited for your new tenure as CEO of ReShape Lifesciences and I believe your team can rebuild and create a $100m plus market cap company with some austerity measures, leveraging assets currently owned, and capitalizing on the medicated weight loss secular trend to generate lead flow and massive revenue growth. I am willing to discuss this and advise in any way I can help.
IRVINE, Calif., June 26, 2023 (GLOBE NEWSWIRE) -- ReShape Lifesciences® (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health solutions company, today announced the submission of a Premarket Approval (PMA) supplement application to the U.S. Food and Drug Administration (FDA) for the company’s next generation, enhanced Lap-Band® 2.0, utilizing a band reservoir technology.
About ReShape Lifesciences®
ReShape Lifesciences® is America’s premier weight loss and metabolic health-solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and metabolic disease. The FDA-approved Lap-Band® System provides minimally invasive, long-term treatment of obesity and is an alternative to more invasive surgical stapling procedures such as the gastric bypass or sleeve gastrectomy. ReShapeCare™ is a virtual weight-management program that supports lifestyle changes for all weight loss patients led by board-certified health coaches to help them keep the weight off over time. ReShape Marketplace™ is an online collection of quality wellness products curated for all consumers to help them achieve their health goals. The investigational Diabetes Bloc-Stim Neuromodulation™ (DBSN™) system utilizes a proprietary vagus nerve block and stimulation technology platform for the treatment of Type 2 diabetes and metabolic disorders. The Obalon® balloon technology is a non-surgical, swallowable, gas-filled intra-gastric balloon that is designed to provide long-lasting weight loss. For more information, please visit www.reshapelifesciences.com.
Jul 10, 2023 1.4400 1.5100 1.4200 1.4700 1.4700 67,800
Jul 03, 2023 1.4700 1.5500 1.3600 1.4400 1.4400 485,200
Jun 26, 2023 1.7000 1.8100 1.3100 1.4800 1.4800 5,421,200
Jun 19, 2023 2.1100 2.4480 1.6500 1.6800 1.6800 1,003,500
Jun 12, 2023 2.3500 2.4400 2.1000 2.1100 2.1100 339,300
Jun 05, 2023 2.5850 2.5850 2.3320 2.3800 2.3800 199,200
May 29, 2023 2.5140 2.5600 2.3700 2.5200 2.5200 135,000
May 22, 2023 2.5200 2.7600 2.4700 2.5600 2.5600 272,900
May 15, 2023 2.3800 2.6690 2.2600 2.5200 2.5200 422,500
May 08, 2023 2.4500 2.7980 2.3200 2.3800 2.3800 530,500
May 01, 2023 2.3500 2.7000 2.3000 2.3800 2.3800 604,500
Apr 24, 2023 2.7500 2.7900 2.2100 2.2700 2.2700 457,500
Apr 17, 2023 2.6800 4.1000 2.6720 2.7500 2.7500 5,047,800
Apr 10, 2023 2.6800 3.8900 2.5700 2.7000 2.7000 5,020,400
Apr 03, 2023 2.6000 2.9800 2.5200 2.7500 2.7500 465,400
Mar 27, 2023 3.0400 3.1700 2.5000 2.5700 2.5700 550,200
Mar 20, 2023 3.1600 3.5600 2.6700 3.0800 3.0800 2,315,900
Mar 13, 2023 3.3200 3.3290 2.4900 2.6600 2.6600 543,800
Mar 06, 2023 4.4700 4.4700 3.2000 3.3500 3.3500 730,900
Feb 27, 2023 4.0000 4.5800 4.0000 4.4700 4.4700 669,800
Feb 20, 2023 4.9000 5.3900 3.9400 4.0300 4.0300 1,329,300
Feb 13, 2023 4.9000 5.5000 3.8300 5.0000 5.0000 6,166,900
Feb 06, 2023 6.5000 8.2000 5.0000 5.0200 5.0200 13,509,200
Jan 30, 2023 8.1400 22.4000 6.0600 17.0400 17.0400 12,624,600
Jan 23, 2023 7.5400 8.4100 7.3700 7.8700 7.8700 165,500
Jan 16, 2023 8.3800 8.5400 7.1100 7.6800 7.6800 93,100
Jan 09, 2023 7.5100 9.1100 7.1800 8.7200 8.7200 358,200
Jan 02, 2023 9.6600 20.6300 7.0800 7.2600 7.2600 13,614,600
Time for a strong recovery
ReShape Lifesciences Inc. (RSLS) : 1.59
52w: 1.31 – 40.00
market cap: 4.6M
Shares Outstanding : 2.94M
Float : 2.54M
Book Value Per Share (mrq) 7.05
Cash and Cash Equivalents as of March 31, 2023, were $9.1 million and the company remains debt free on its balance sheet
“In 2023, we have continued to leverage operational efficiencies, optimize our lead generation programs, and invest in our growth drivers. Our achievement of a 42.9% reduction in operating expenses, excluding one-time charges, during the first quarter, as compared to the same period last year, is a direct result of the execution of our growth pillars. We will continue to drive revenue by expanding our product offering to treat obesity and metabolic disease across the entire care continuum and strengthen our position to exceed our goals,” stated Paul F. Hickey, President and Chief Executive Officer of ReShape Lifesciences®. “We remain focused, not only on growth, but also our future profitability and delivering predictable shareholder value. Our balance sheet was bolstered by two capital raises this year, totaling $12.7 million in gross proceeds. These funds will allow us the continued ability to generate awareness of our evidence-based and differentiated product portfolio that spans the entire care continuum.”
MATTHEW NACHTRAB REPORTS 27.7% STAKE IN RESHAPE LIFESCIENCES AS
NACHTRAB-PURCHASED CO'S COMMON STOCK BASED ON BELIEF THAT SUCH SECURITIES, AT CURRENT MARKET PRICES, REPRESENTED AN ATTRACTIVE INVESTMENT OPPORTUNITY
NACHTRAB - WROTE A LETTER TO THE CEO OF CO WITH RECOMMENDATIONS FOR THE MANAGEMENT TEAM’S STRATEGY GOING FORWARD
I am excited for your new tenure as CEO of ReShape Lifesciences and I believe your team can rebuild and create a $100m plus market cap company with some austerity measures, leveraging assets currently owned, and capitalizing on the medicated weight loss secular trend to generate lead flow and massive revenue growth. I am willing to discuss this and advise in any way I can help.
IRVINE, Calif., June 26, 2023 (GLOBE NEWSWIRE) -- ReShape Lifesciences® (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health solutions company, today announced the submission of a Premarket Approval (PMA) supplement application to the U.S. Food and Drug Administration (FDA) for the company’s next generation, enhanced Lap-Band® 2.0, utilizing a band reservoir technology.
About ReShape Lifesciences®
ReShape Lifesciences® is America’s premier weight loss and metabolic health-solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and metabolic disease. The FDA-approved Lap-Band® System provides minimally invasive, long-term treatment of obesity and is an alternative to more invasive surgical stapling procedures such as the gastric bypass or sleeve gastrectomy. ReShapeCare™ is a virtual weight-management program that supports lifestyle changes for all weight loss patients led by board-certified health coaches to help them keep the weight off over time. ReShape Marketplace™ is an online collection of quality wellness products curated for all consumers to help them achieve their health goals. The investigational Diabetes Bloc-Stim Neuromodulation™ (DBSN™) system utilizes a proprietary vagus nerve block and stimulation technology platform for the treatment of Type 2 diabetes and metabolic disorders. The Obalon® balloon technology is a non-surgical, swallowable, gas-filled intra-gastric balloon that is designed to provide long-lasting weight loss. For more information, please visit www.reshapelifesciences.com.
Jul 10, 2023 1.4400 1.5100 1.4200 1.4700 1.4700 67,800
Jul 03, 2023 1.4700 1.5500 1.3600 1.4400 1.4400 485,200
Jun 26, 2023 1.7000 1.8100 1.3100 1.4800 1.4800 5,421,200
Jun 19, 2023 2.1100 2.4480 1.6500 1.6800 1.6800 1,003,500
Jun 12, 2023 2.3500 2.4400 2.1000 2.1100 2.1100 339,300
Jun 05, 2023 2.5850 2.5850 2.3320 2.3800 2.3800 199,200
May 29, 2023 2.5140 2.5600 2.3700 2.5200 2.5200 135,000
May 22, 2023 2.5200 2.7600 2.4700 2.5600 2.5600 272,900
May 15, 2023 2.3800 2.6690 2.2600 2.5200 2.5200 422,500
May 08, 2023 2.4500 2.7980 2.3200 2.3800 2.3800 530,500
May 01, 2023 2.3500 2.7000 2.3000 2.3800 2.3800 604,500
Apr 24, 2023 2.7500 2.7900 2.2100 2.2700 2.2700 457,500
Apr 17, 2023 2.6800 4.1000 2.6720 2.7500 2.7500 5,047,800
Apr 10, 2023 2.6800 3.8900 2.5700 2.7000 2.7000 5,020,400
Apr 03, 2023 2.6000 2.9800 2.5200 2.7500 2.7500 465,400
Mar 27, 2023 3.0400 3.1700 2.5000 2.5700 2.5700 550,200
Mar 20, 2023 3.1600 3.5600 2.6700 3.0800 3.0800 2,315,900
Mar 13, 2023 3.3200 3.3290 2.4900 2.6600 2.6600 543,800
Mar 06, 2023 4.4700 4.4700 3.2000 3.3500 3.3500 730,900
Feb 27, 2023 4.0000 4.5800 4.0000 4.4700 4.4700 669,800
Feb 20, 2023 4.9000 5.3900 3.9400 4.0300 4.0300 1,329,300
Feb 13, 2023 4.9000 5.5000 3.8300 5.0000 5.0000 6,166,900
Feb 06, 2023 6.5000 8.2000 5.0000 5.0200 5.0200 13,509,200
Jan 30, 2023 8.1400 22.4000 6.0600 17.0400 17.0400 12,624,600
Jan 23, 2023 7.5400 8.4100 7.3700 7.8700 7.8700 165,500
Jan 16, 2023 8.3800 8.5400 7.1100 7.6800 7.6800 93,100
Jan 09, 2023 7.5100 9.1100 7.1800 8.7200 8.7200 358,200
Jan 02, 2023 9.6600 20.6300 7.0800 7.2600 7.2600 13,614,600
ReShape Lifesciences Inc. (RSLS) : 1.59
52w: 1.31 – 40.00
marcet cap: 4.6M
Shares Outstanding : 2.94M
Float : 2.54M
Book Value Per Share (mrq) 7.05
Cash and Cash Equivalents as of March 31, 2023, were $9.1 million and the company remains debt free on its balance sheet
“In 2023, we have continued to leverage operational efficiencies, optimize our lead generation programs, and invest in our growth drivers. Our achievement of a 42.9% reduction in operating expenses, excluding one-time charges, during the first quarter, as compared to the same period last year, is a direct result of the execution of our growth pillars. We will continue to drive revenue by expanding our product offering to treat obesity and metabolic disease across the entire care continuum and strengthen our position to exceed our goals,” stated Paul F. Hickey, President and Chief Executive Officer of ReShape Lifesciences®. “We remain focused, not only on growth, but also our future profitability and delivering predictable shareholder value. Our balance sheet was bolstered by two capital raises this year, totaling $12.7 million in gross proceeds. These funds will allow us the continued ability to generate awareness of our evidence-based and differentiated product portfolio that spans the entire care continuum.”
MATTHEW NACHTRAB REPORTS 27.7% STAKE IN RESHAPE LIFESCIENCES AS
NACHTRAB-PURCHASED CO'S COMMON STOCK BASED ON BELIEF THAT SUCH SECURITIES, AT CURRENT MARKET PRICES, REPRESENTED AN ATTRACTIVE INVESTMENT OPPORTUNITY
NACHTRAB - WROTE A LETTER TO THE CEO OF CO WITH RECOMMENDATIONS FOR THE MANAGEMENT TEAM’S STRATEGY GOING FORWARD
I am excited for your new tenure as CEO of ReShape Lifesciences and I believe your team can rebuild and create a $100m plus market cap company with some austerity measures, leveraging assets currently owned, and capitalizing on the medicated weight loss secular trend to generate lead flow and massive revenue growth. I am willing to discuss this and advise in any way I can help.
IRVINE, Calif., June 26, 2023 (GLOBE NEWSWIRE) -- ReShape Lifesciences® (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health solutions company, today announced the submission of a Premarket Approval (PMA) supplement application to the U.S. Food and Drug Administration (FDA) for the company’s next generation, enhanced Lap-Band® 2.0, utilizing a band reservoir technology.
About ReShape Lifesciences®
ReShape Lifesciences® is America’s premier weight loss and metabolic health-solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and metabolic disease. The FDA-approved Lap-Band® System provides minimally invasive, long-term treatment of obesity and is an alternative to more invasive surgical stapling procedures such as the gastric bypass or sleeve gastrectomy. ReShapeCare™ is a virtual weight-management program that supports lifestyle changes for all weight loss patients led by board-certified health coaches to help them keep the weight off over time. ReShape Marketplace™ is an online collection of quality wellness products curated for all consumers to help them achieve their health goals. The investigational Diabetes Bloc-Stim Neuromodulation™ (DBSN™) system utilizes a proprietary vagus nerve block and stimulation technology platform for the treatment of Type 2 diabetes and metabolic disorders. The Obalon® balloon technology is a non-surgical, swallowable, gas-filled intra-gastric balloon that is designed to provide long-lasting weight loss. For more information, please visit www.reshapelifesciences.com.
Jul 10, 2023 1.4400 1.5100 1.4200 1.4700 1.4700 67,800
Jul 03, 2023 1.4700 1.5500 1.3600 1.4400 1.4400 485,200
Jun 26, 2023 1.7000 1.8100 1.3100 1.4800 1.4800 5,421,200
Jun 19, 2023 2.1100 2.4480 1.6500 1.6800 1.6800 1,003,500
Jun 12, 2023 2.3500 2.4400 2.1000 2.1100 2.1100 339,300
Jun 05, 2023 2.5850 2.5850 2.3320 2.3800 2.3800 199,200
May 29, 2023 2.5140 2.5600 2.3700 2.5200 2.5200 135,000
May 22, 2023 2.5200 2.7600 2.4700 2.5600 2.5600 272,900
May 15, 2023 2.3800 2.6690 2.2600 2.5200 2.5200 422,500
May 08, 2023 2.4500 2.7980 2.3200 2.3800 2.3800 530,500
May 01, 2023 2.3500 2.7000 2.3000 2.3800 2.3800 604,500
Apr 24, 2023 2.7500 2.7900 2.2100 2.2700 2.2700 457,500
Apr 17, 2023 2.6800 4.1000 2.6720 2.7500 2.7500 5,047,800
Apr 10, 2023 2.6800 3.8900 2.5700 2.7000 2.7000 5,020,400
Apr 03, 2023 2.6000 2.9800 2.5200 2.7500 2.7500 465,400
Mar 27, 2023 3.0400 3.1700 2.5000 2.5700 2.5700 550,200
Mar 20, 2023 3.1600 3.5600 2.6700 3.0800 3.0800 2,315,900
Mar 13, 2023 3.3200 3.3290 2.4900 2.6600 2.6600 543,800
Mar 06, 2023 4.4700 4.4700 3.2000 3.3500 3.3500 730,900
Feb 27, 2023 4.0000 4.5800 4.0000 4.4700 4.4700 669,800
Feb 20, 2023 4.9000 5.3900 3.9400 4.0300 4.0300 1,329,300
Feb 13, 2023 4.9000 5.5000 3.8300 5.0000 5.0000 6,166,900
Feb 06, 2023 6.5000 8.2000 5.0000 5.0200 5.0200 13,509,200
Jan 30, 2023 8.1400 22.4000 6.0600 17.0400 17.0400 12,624,600
Jan 23, 2023 7.5400 8.4100 7.3700 7.8700 7.8700 165,500
Jan 16, 2023 8.3800 8.5400 7.1100 7.6800 7.6800 93,100
Jan 09, 2023 7.5100 9.1100 7.1800 8.7200 8.7200 358,200
Jan 02, 2023 9.6600 20.6300 7.0800 7.2600 7.2600 13,614,600
ReShape Lifesciences Inc. (RSLS) : 1.59
52w: 1.31 – 40.00
marcet cap: 4.6M
Shares Outstanding : 2.94M
Float : 2.54M
Book Value Per Share (mrq) 7.05
Cash and Cash Equivalents as of March 31, 2023, were $9.1 million and the company remains debt free on its balance sheet
“In 2023, we have continued to leverage operational efficiencies, optimize our lead generation programs, and invest in our growth drivers. Our achievement of a 42.9% reduction in operating expenses, excluding one-time charges, during the first quarter, as compared to the same period last year, is a direct result of the execution of our growth pillars. We will continue to drive revenue by expanding our product offering to treat obesity and metabolic disease across the entire care continuum and strengthen our position to exceed our goals,” stated Paul F. Hickey, President and Chief Executive Officer of ReShape Lifesciences®. “We remain focused, not only on growth, but also our future profitability and delivering predictable shareholder value. Our balance sheet was bolstered by two capital raises this year, totaling $12.7 million in gross proceeds. These funds will allow us the continued ability to generate awareness of our evidence-based and differentiated product portfolio that spans the entire care continuum.”
MATTHEW NACHTRAB REPORTS 27.7% STAKE IN RESHAPE LIFESCIENCES AS
NACHTRAB-PURCHASED CO'S COMMON STOCK BASED ON BELIEF THAT SUCH SECURITIES, AT CURRENT MARKET PRICES, REPRESENTED AN ATTRACTIVE INVESTMENT OPPORTUNITY
NACHTRAB - WROTE A LETTER TO THE CEO OF CO WITH RECOMMENDATIONS FOR THE MANAGEMENT TEAM’S STRATEGY GOING FORWARD
I am excited for your new tenure as CEO of ReShape Lifesciences and I believe your team can rebuild and create a $100m plus market cap company with some austerity measures, leveraging assets currently owned, and capitalizing on the medicated weight loss secular trend to generate lead flow and massive revenue growth. I am willing to discuss this and advise in any way I can help.
IRVINE, Calif., June 26, 2023 (GLOBE NEWSWIRE) -- ReShape Lifesciences® (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health solutions company, today announced the submission of a Premarket Approval (PMA) supplement application to the U.S. Food and Drug Administration (FDA) for the company’s next generation, enhanced Lap-Band® 2.0, utilizing a band reservoir technology.
About ReShape Lifesciences®
ReShape Lifesciences® is America’s premier weight loss and metabolic health-solutions company, offering an integrated portfolio of proven products and services that manage and treat obesity and metabolic disease. The FDA-approved Lap-Band® System provides minimally invasive, long-term treatment of obesity and is an alternative to more invasive surgical stapling procedures such as the gastric bypass or sleeve gastrectomy. ReShapeCare™ is a virtual weight-management program that supports lifestyle changes for all weight loss patients led by board-certified health coaches to help them keep the weight off over time. ReShape Marketplace™ is an online collection of quality wellness products curated for all consumers to help them achieve their health goals. The investigational Diabetes Bloc-Stim Neuromodulation™ (DBSN™) system utilizes a proprietary vagus nerve block and stimulation technology platform for the treatment of Type 2 diabetes and metabolic disorders. The Obalon® balloon technology is a non-surgical, swallowable, gas-filled intra-gastric balloon that is designed to provide long-lasting weight loss. For more information, please visit www.reshapelifesciences.com.
Jul 10, 2023 1.4400 1.5100 1.4200 1.4700 1.4700 67,800
Jul 03, 2023 1.4700 1.5500 1.3600 1.4400 1.4400 485,200
Jun 26, 2023 1.7000 1.8100 1.3100 1.4800 1.4800 5,421,200
Jun 19, 2023 2.1100 2.4480 1.6500 1.6800 1.6800 1,003,500
Jun 12, 2023 2.3500 2.4400 2.1000 2.1100 2.1100 339,300
Jun 05, 2023 2.5850 2.5850 2.3320 2.3800 2.3800 199,200
May 29, 2023 2.5140 2.5600 2.3700 2.5200 2.5200 135,000
May 22, 2023 2.5200 2.7600 2.4700 2.5600 2.5600 272,900
May 15, 2023 2.3800 2.6690 2.2600 2.5200 2.5200 422,500
May 08, 2023 2.4500 2.7980 2.3200 2.3800 2.3800 530,500
May 01, 2023 2.3500 2.7000 2.3000 2.3800 2.3800 604,500
Apr 24, 2023 2.7500 2.7900 2.2100 2.2700 2.2700 457,500
Apr 17, 2023 2.6800 4.1000 2.6720 2.7500 2.7500 5,047,800
Apr 10, 2023 2.6800 3.8900 2.5700 2.7000 2.7000 5,020,400
Apr 03, 2023 2.6000 2.9800 2.5200 2.7500 2.7500 465,400
Mar 27, 2023 3.0400 3.1700 2.5000 2.5700 2.5700 550,200
Mar 20, 2023 3.1600 3.5600 2.6700 3.0800 3.0800 2,315,900
Mar 13, 2023 3.3200 3.3290 2.4900 2.6600 2.6600 543,800
Mar 06, 2023 4.4700 4.4700 3.2000 3.3500 3.3500 730,900
Feb 27, 2023 4.0000 4.5800 4.0000 4.4700 4.4700 669,800
Feb 20, 2023 4.9000 5.3900 3.9400 4.0300 4.0300 1,329,300
Feb 13, 2023 4.9000 5.5000 3.8300 5.0000 5.0000 6,166,900
Feb 06, 2023 6.5000 8.2000 5.0000 5.0200 5.0200 13,509,200
Jan 30, 2023 8.1400 22.4000 6.0600 17.0400 17.0400 12,624,600
Jan 23, 2023 7.5400 8.4100 7.3700 7.8700 7.8700 165,500
Jan 16, 2023 8.3800 8.5400 7.1100 7.6800 7.6800 93,100
Jan 09, 2023 7.5100 9.1100 7.1800 8.7200 8.7200 358,200
Jan 02, 2023 9.6600 20.6300 7.0800 7.2600 7.2600 13,614,600
Taoping Inc. (TAOP)
Pre-Market:1.0800 +0.5520 (+104.5455%)
Taoping Contract Revenue Value Surges 95% YoY 1H 2023
SHENZHEN, China, July 11, 2023 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), today 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.
(PRNewsfoto/Taoping Inc.)
(PRNewsfoto/Taoping Inc.)
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)
Pre-Market:1.0800 +0.5520 (+104.5455%)
Taoping Contract Revenue Value Surges 95% YoY 1H 2023
SHENZHEN, China, July 11, 2023 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), today 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.
(PRNewsfoto/Taoping Inc.)
(PRNewsfoto/Taoping Inc.)
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.
fuboTV
Shares of FuboTV (FUBO 16.59%), a streaming service for sports fans, have collapsed from the peaks they reached in late 2021. Wall Street expects a big comeback. The average price target on the stock suggests it can rise 56% over the next 12 months.
Wall Street's bullish for FuboTV because the way Americans watch local sports is changing fast. Traditionally, sports teams sell local viewing rights to regional sports networks like Sinclair Broadcast Group. Those rights are then licensed to cable and satellite TV providers that spread the cost to all of their subscribers.
NYSE: FUBO
fuboTV
Today's Change
(16.59%) US$ 0,36
Current Price
US$ 2,53
FUBO
Key Data Points
Market Cap
$738M
Day's Range
US$ 2,14 - US$ 2,56
52wk Range
US$ 0,96 - US$ 8,14
Volume
279,460
Avg Vol
13,510,728
Gross Margin
-4.85%
Dividend Yield
N/A
Back when everyone had cable, those fees worked out to a few dollars a month. Now that there are far fewer subscribers, those fees are so high that cable companies have started refusing to license rights to air local sports. FuboTV, though, is more than happy to make the deals cable companies are increasingly unable to afford.
Streaming services are famous for spending lavishly on content that may or may not attract long-term subscribers. Licensing local sports is a more straightforward venture that is pushing FuboTV's bottom line into profitability. First-quarter revenue soared 34% year over year, while operating expenses climbed just 11%.
FuboTV's recent market cap of just $586 million seems far too low for a streaming service provider likely to dominate the market for local sports. Investors want to keep an eye on the bottom line in the quarters ahead. For now, though, it looks like the analysts are right to pound the table on this stock.
fuboTV
Shares of FuboTV (FUBO 16.59%), a streaming service for sports fans, have collapsed from the peaks they reached in late 2021. Wall Street expects a big comeback. The average price target on the stock suggests it can rise 56% over the next 12 months.
Wall Street's bullish for FuboTV because the way Americans watch local sports is changing fast. Traditionally, sports teams sell local viewing rights to regional sports networks like Sinclair Broadcast Group. Those rights are then licensed to cable and satellite TV providers that spread the cost to all of their subscribers.
NYSE: FUBO
fuboTV
Today's Change
(16.59%) US$ 0,36
Current Price
US$ 2,53
FUBO
Key Data Points
Market Cap
$738M
Day's Range
US$ 2,14 - US$ 2,56
52wk Range
US$ 0,96 - US$ 8,14
Volume
279,460
Avg Vol
13,510,728
Gross Margin
-4.85%
Dividend Yield
N/A
Back when everyone had cable, those fees worked out to a few dollars a month. Now that there are far fewer subscribers, those fees are so high that cable companies have started refusing to license rights to air local sports. FuboTV, though, is more than happy to make the deals cable companies are increasingly unable to afford.
Streaming services are famous for spending lavishly on content that may or may not attract long-term subscribers. Licensing local sports is a more straightforward venture that is pushing FuboTV's bottom line into profitability. First-quarter revenue soared 34% year over year, while operating expenses climbed just 11%.
FuboTV's recent market cap of just $586 million seems far too low for a streaming service provider likely to dominate the market for local sports. Investors want to keep an eye on the bottom line in the quarters ahead. For now, though, it looks like the analysts are right to pound the table on this stock.
no surprice
Consistent with its history involving other public companies, the Board believes BML is targeting Astrotech for liquidation because the market value of Astrotech’s common stock is less than the book value of its cash and short-term investments. If BML were to acquire the Company at $17.25 per share (excluding shares directly held by BML), BML would expend an aggregate $25 million for the remaining 87% of Company shares that it does not own, and BML would then own 100% of a Company with a value of $26.17 per share, based solely on the book value of the cash and short-term investments as of March 31, 2023. If BML were then to liquidate the Company shortly thereafter, BML would realize a gain on all of its shares that would represent a significant premium over what all other stockholders would receive based on the Proposal, to the sole benefit of BML.
no surprice
Consistent with its history involving other public companies, the Board believes BML is targeting Astrotech for liquidation because the market value of Astrotech’s common stock is less than the book value of its cash and short-term investments. If BML were to acquire the Company at $17.25 per share (excluding shares directly held by BML), BML would expend an aggregate $25 million for the remaining 87% of Company shares that it does not own, and BML would then own 100% of a Company with a value of $26.17 per share, based solely on the book value of the cash and short-term investments as of March 31, 2023. If BML were then to liquidate the Company shortly thereafter, BML would realize a gain on all of its shares that would represent a significant premium over what all other stockholders would receive based on the Proposal, to the sole benefit of BML.
no surprice
Consistent with its history involving other public companies, the Board believes BML is targeting Astrotech for liquidation because the market value of Astrotech’s common stock is less than the book value of its cash and short-term investments. If BML were to acquire the Company at $17.25 per share (excluding shares directly held by BML), BML would expend an aggregate $25 million for the remaining 87% of Company shares that it does not own, and BML would then own 100% of a Company with a value of $26.17 per share, based solely on the book value of the cash and short-term investments as of March 31, 2023. If BML were then to liquidate the Company shortly thereafter, BML would realize a gain on all of its shares that would represent a significant premium over what all other stockholders would receive based on the Proposal, to the sole benefit of BML.
no surprice
Consistent with its history involving other public companies, the Board believes BML is targeting Astrotech for liquidation because the market value of Astrotech’s common stock is less than the book value of its cash and short-term investments. If BML were to acquire the Company at $17.25 per share (excluding shares directly held by BML), BML would expend an aggregate $25 million for the remaining 87% of Company shares that it does not own, and BML would then own 100% of a Company with a value of $26.17 per share, based solely on the book value of the cash and short-term investments as of March 31, 2023. If BML were then to liquidate the Company shortly thereafter, BML would realize a gain on all of its shares that would represent a significant premium over what all other stockholders would receive based on the Proposal, to the sole benefit of BML.
ASTROTECH CONFIRMS RECEIPT OF UNSOLICTED NON-BINDING ACQUISITION PROPOSAL
Astrotech Corporation (ASTC) : 14.20
AUSTIN, Texas, (GLOBE NEWSWIRE) -- Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) announced that it has received an unsolicited, non-binding proposal from BML Investment Partners, L.P. (“BML”) to acquire all of the outstanding shares of common stock of the Company for cash consideration of $17.25 per share. The non-binding proposal states that BML holds 13% of the Company’s outstanding shares. The non-binding proposal is not subject to a financing condition but is subject to limited confirmatory due diligence and is based on the Company having at least $35 million of cash and cash equivalents as of the potential closing date of the proposed acquisition, net of any tail and closing costs, and not having issued any shares pursuant to its at-the-market offering agreement dated June 16, 2023 (the “ATM Agreement”). Effective June 27, 2023, the Company terminated the ATM Agreement in accordance with its terms.
Consistent with its fiduciary duties, the Company’s board of directors will evaluate the non-binding proposal to determine the course of action that it believes is in the best interest of the Company and all Astrotech stockholders and respond appropriately. The Astrotech stockholders do not need to take any action at this time.
About Astrotech Corporation
Astrotech (Nasdaq: ASTC) is a mass spectrometry company that launches, manages, and commercializes scalable companies based on its innovative core technology through its wholly-owned subsidiaries. 1st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. AgLAB is developing chemical analyzers for use in the agriculture market. BreathTech is developing a breath analysis tool to provide early detection of lung diseases. Astrotech is headquartered in Austin, Texas. For information, please visit www.astrotechcorp.com.
Total Cash (mrq) 44.15M
Total Cash Per Share (mrq) 26.21
Total Debt (mrq) 576k
Book Value Per Share (mrq) 27.75
https://www.otcmarkets.com/filing/conv_pdf?id=16756014&guid=T-D-kK4N_tXrcLh
Jun 01, 2023 11.36 11.78 10.89 11.40 11.40 35,600
May 01, 2023 10.34 11.95 10.04 11.50 11.50 115,000
Apr 01, 2023 10.65 11.00 10.14 10.40 10.40 45,400
Mar 01, 2023 12.87 13.01 10.10 10.66 10.66 96,900
Feb 01, 2023 12.10 14.07 11.53 12.95 12.95 443,400
Jan 01, 2023 9.99 12.34 9.99 12.09 12.09 125,800
Dec 01, 2022 9.90 11.82 9.28 9.99 9.99 547,217
Nov 01, 2022 12.00 13.50 9.30 10.20 10.20 301,281
Oct 01, 2022 13.20 13.80 10.20 12.30 12.30 183,265
Sep 01, 2022 13.80 14.40 12.30 13.20 13.20 204,439
Aug 01, 2022 13.80 16.20 12.30 13.80 13.80 263,144
Jul 01, 2022 12.60 14.70 12.60 13.80 13.80 63,550
Jun 01, 2022 16.50 17.10 12.60 12.90 12.90 107,050
May 01, 2022 15.90 16.80 14.40 16.50 16.50 98,090
Apr 01, 2022 21.60 22.20 15.90 16.20 16.20 121,183
Mar 01, 2022 21.60 23.10 19.80 21.60 21.60 192,625
Feb 01, 2022 19.20 22.20 18.00 21.30 21.30 249,151
Jan 01, 2022 20.40 23.10 18.00 19.50 19.50 234,297
Dec 01, 2021 24.30 24.60 19.50 20.40 20.40 371,402
Nov 01, 2021 31.20 33.00 22.80 24.00 24.00 522,731
Oct 01, 2021 31.50 34.50 29.10 30.90 30.90 726,944
Sep 01, 2021 33.30 33.90 28.80 31.50 31.50 391,866
Aug 01, 2021 34.50 36.30 28.20 33.30 33.30 1,657,386
Jul 01, 2021 41.40 42.00 30.00 32.40 32.40 963,596
Jun 01, 2021 35.40 39.90 33.60 39.90 39.90 1,113,366
May 01, 2021 36.90 37.20 30.90 35.10 35.10 998,583
Apr 01, 2021 66.60 89.40 32.10 36.90 36.90 6,113,055
Mar 01, 2021 70.50 76.20 42.90 65.70 65.70 1,323,382
Feb 01, 2021 59.40 124.20 59.40 65.70 65.70 2,390,276
ASTROTECH CONFIRMS RECEIPT OF UNSOLICTED NON-BINDING ACQUISITION PROPOSAL
Astrotech Corporation (ASTC) : 14.20
AUSTIN, Texas, (GLOBE NEWSWIRE) -- Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) announced that it has received an unsolicited, non-binding proposal from BML Investment Partners, L.P. (“BML”) to acquire all of the outstanding shares of common stock of the Company for cash consideration of $17.25 per share. The non-binding proposal states that BML holds 13% of the Company’s outstanding shares. The non-binding proposal is not subject to a financing condition but is subject to limited confirmatory due diligence and is based on the Company having at least $35 million of cash and cash equivalents as of the potential closing date of the proposed acquisition, net of any tail and closing costs, and not having issued any shares pursuant to its at-the-market offering agreement dated June 16, 2023 (the “ATM Agreement”). Effective June 27, 2023, the Company terminated the ATM Agreement in accordance with its terms.
Consistent with its fiduciary duties, the Company’s board of directors will evaluate the non-binding proposal to determine the course of action that it believes is in the best interest of the Company and all Astrotech stockholders and respond appropriately. The Astrotech stockholders do not need to take any action at this time.
About Astrotech Corporation
Astrotech (Nasdaq: ASTC) is a mass spectrometry company that launches, manages, and commercializes scalable companies based on its innovative core technology through its wholly-owned subsidiaries. 1st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. AgLAB is developing chemical analyzers for use in the agriculture market. BreathTech is developing a breath analysis tool to provide early detection of lung diseases. Astrotech is headquartered in Austin, Texas. For information, please visit www.astrotechcorp.com.
Total Cash (mrq) 44.15M
Total Cash Per Share (mrq) 26.21
Total Debt (mrq) 576k
Book Value Per Share (mrq) 27.75
https://www.otcmarkets.com/filing/conv_pdf?id=16756014&guid=T-D-kK4N_tXrcLh
Jun 01, 2023 11.36 11.78 10.89 11.40 11.40 35,600
May 01, 2023 10.34 11.95 10.04 11.50 11.50 115,000
Apr 01, 2023 10.65 11.00 10.14 10.40 10.40 45,400
Mar 01, 2023 12.87 13.01 10.10 10.66 10.66 96,900
Feb 01, 2023 12.10 14.07 11.53 12.95 12.95 443,400
Jan 01, 2023 9.99 12.34 9.99 12.09 12.09 125,800
Dec 01, 2022 9.90 11.82 9.28 9.99 9.99 547,217
Nov 01, 2022 12.00 13.50 9.30 10.20 10.20 301,281
Oct 01, 2022 13.20 13.80 10.20 12.30 12.30 183,265
Sep 01, 2022 13.80 14.40 12.30 13.20 13.20 204,439
Aug 01, 2022 13.80 16.20 12.30 13.80 13.80 263,144
Jul 01, 2022 12.60 14.70 12.60 13.80 13.80 63,550
Jun 01, 2022 16.50 17.10 12.60 12.90 12.90 107,050
May 01, 2022 15.90 16.80 14.40 16.50 16.50 98,090
Apr 01, 2022 21.60 22.20 15.90 16.20 16.20 121,183
Mar 01, 2022 21.60 23.10 19.80 21.60 21.60 192,625
Feb 01, 2022 19.20 22.20 18.00 21.30 21.30 249,151
Jan 01, 2022 20.40 23.10 18.00 19.50 19.50 234,297
Dec 01, 2021 24.30 24.60 19.50 20.40 20.40 371,402
Nov 01, 2021 31.20 33.00 22.80 24.00 24.00 522,731
Oct 01, 2021 31.50 34.50 29.10 30.90 30.90 726,944
Sep 01, 2021 33.30 33.90 28.80 31.50 31.50 391,866
Aug 01, 2021 34.50 36.30 28.20 33.30 33.30 1,657,386
Jul 01, 2021 41.40 42.00 30.00 32.40 32.40 963,596
Jun 01, 2021 35.40 39.90 33.60 39.90 39.90 1,113,366
May 01, 2021 36.90 37.20 30.90 35.10 35.10 998,583
Apr 01, 2021 66.60 89.40 32.10 36.90 36.90 6,113,055
Mar 01, 2021 70.50 76.20 42.90 65.70 65.70 1,323,382
Feb 01, 2021 59.40 124.20 59.40 65.70 65.70 2,390,276
It will be a story like with QNCX
Quince, confirmed the takeover bid in a brief press statement. The offer valued Quince at $1.6 per share, for a total of $58.8 million.
The stock went to 1.93…
Apr 10, 2023 1.6100 1.6400 1.4300 1.5400 1.5400 1,479,500
Apr 03, 2023 1.6100 1.9300 1.5700 1.6400 1.6400 2,136,100
Mar 27, 2023 1.4800 1.5800 1.4500 1.5600 1.5600 2,305,400
Mar 20, 2023 0.8380 1.5300 0.8010 1.4900 1.4900 57,274,000
Mar 13, 2023 0.9500 0.9600 0.7900 0.8300 0.8300 1,108,000
Here we have an offer of $17.5 but they have almost no debt and more than 44 million cash.
Total Cash (mrq) 44.15M
Total Cash Per Share (mrq) 26.21
Total Debt (mrq) 576k
Shares Outstanding 1.68M
Float 1.28M
Total assets: 56.22 M
So they will say with cash alone more than $25/share, the price is way too low and they want at least 22 – 27...
It will be a story like with QNCX
Quince, confirmed the takeover bid in a brief press statement. The offer valued Quince at $1.6 per share, for a total of $58.8 million.
The stock went to 1.93…
Apr 10, 2023 1.6100 1.6400 1.4300 1.5400 1.5400 1,479,500
Apr 03, 2023 1.6100 1.9300 1.5700 1.6400 1.6400 2,136,100
Mar 27, 2023 1.4800 1.5800 1.4500 1.5600 1.5600 2,305,400
Mar 20, 2023 0.8380 1.5300 0.8010 1.4900 1.4900 57,274,000
Mar 13, 2023 0.9500 0.9600 0.7900 0.8300 0.8300 1,108,000
Here we have an offer of $17.5 but they have almost no debt and more than 44 million cash.
Total Cash (mrq) 44.15M
Total Cash Per Share (mrq) 26.21
Total Debt (mrq) 576k
Shares Outstanding 1.68M
Float 1.28M
Total assets: 56.22 M
So they will say with cash alone more than $25/share, the price is way too low and they want at least 22 – 27...
ASTROTECH CONFIRMS RECEIPT OF UNSOLICTED NON-BINDING ACQUISITION PROPOSAL
Astrotech Corporation
Tue, June 27, 2023 at 11:34 PM GMT+2
AUSTIN, Texas, June 27, 2023 (GLOBE NEWSWIRE) -- Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) announced today that it has received an unsolicited, non-binding proposal from BML Investment Partners, L.P. (“BML”) to acquire all of the outstanding shares of common stock of the Company for cash consideration of $17.25 per share. The non-binding proposal states that BML holds 13% of the Company’s outstanding shares. The non-binding proposal is not subject to a financing condition but is subject to limited confirmatory due diligence and is based on the Company having at least $35 million of cash and cash equivalents as of the potential closing date of the proposed acquisition, net of any tail and closing costs, and not having issued any shares pursuant to its at-the-market offering agreement dated June 16, 2023 (the “ATM Agreement”). Effective June 27, 2023, the Company terminated the ATM Agreement in accordance with its terms.
Consistent with its fiduciary duties, the Company’s board of directors will evaluate the non-binding proposal to determine the course of action that it believes is in the best interest of the Company and all Astrotech stockholders and respond appropriately. The Astrotech stockholders do not need to take any action at this time.
About Astrotech Corporation
Astrotech (Nasdaq: ASTC) is a mass spectrometry company that launches, manages, and commercializes scalable companies based on its innovative core technology through its wholly-owned subsidiaries. 1st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. AgLAB is developing chemical analyzers for use in the agriculture market. BreathTech is developing a breath analysis tool to provide early detection of lung diseases. Astrotech is headquartered in Austin, Texas. For information, please visit www.astrotechcorp.com.
ASTROTECH CONFIRMS RECEIPT OF UNSOLICTED NON-BINDING ACQUISITION PROPOSAL
Astrotech Corporation
Tue, June 27, 2023 at 11:34 PM GMT+2
AUSTIN, Texas, June 27, 2023 (GLOBE NEWSWIRE) -- Astrotech Corporation (Nasdaq: ASTC) (the “Company” or “Astrotech”) announced today that it has received an unsolicited, non-binding proposal from BML Investment Partners, L.P. (“BML”) to acquire all of the outstanding shares of common stock of the Company for cash consideration of $17.25 per share. The non-binding proposal states that BML holds 13% of the Company’s outstanding shares. The non-binding proposal is not subject to a financing condition but is subject to limited confirmatory due diligence and is based on the Company having at least $35 million of cash and cash equivalents as of the potential closing date of the proposed acquisition, net of any tail and closing costs, and not having issued any shares pursuant to its at-the-market offering agreement dated June 16, 2023 (the “ATM Agreement”). Effective June 27, 2023, the Company terminated the ATM Agreement in accordance with its terms.
Consistent with its fiduciary duties, the Company’s board of directors will evaluate the non-binding proposal to determine the course of action that it believes is in the best interest of the Company and all Astrotech stockholders and respond appropriately. The Astrotech stockholders do not need to take any action at this time.
About Astrotech Corporation
Astrotech (Nasdaq: ASTC) is a mass spectrometry company that launches, manages, and commercializes scalable companies based on its innovative core technology through its wholly-owned subsidiaries. 1st Detect develops, manufactures, and sells trace detectors for use in the security and detection market. AgLAB is developing chemical analyzers for use in the agriculture market. BreathTech is developing a breath analysis tool to provide early detection of lung diseases. Astrotech is headquartered in Austin, Texas. For information, please visit www.astrotechcorp.com.
Astrotech Corporation (ASTC) : 13,13 +13,78%
June 26, 2023
Board of Directors
Astrotech Corporation
c/o Thomas B. Pickens III, Chief Executive Officer
2105 Donley Drive, Suite 100
Austin, Texas 78758
Dear Directors,
As you are aware, BML Investment Partners, L.P. owns 13% of the shares of Astrotech and is
your largest shareholder. I was disappointed to see the company file an at-the-market (ATM)
offering on June 16, 2023. I believe that your shares are significantly undervalued, as they trade
at a large discount to net cash, and that any shares issued at this level would rapidly destroy
shareholder value. Considering these facts, I believe that shareholders would be better off if the
company was either sold or liquidated.
On behalf of BML Capital Management, LLC and BML Investment Partners, L.P., I am pleased
to submit this non-binding proposal to acquire 100% of the equity of Astrotech Corporation for
$17.25 per share in cash, which represents a 50% premium to the closing price on Friday, June
23.
This proposal is subject to limited confirmatory due diligence and is based on Astrotech having
at least $35 million of cash and cash equivalents at closing, net of any tail and closing costs, and
not having issued any shares under the ATM offering. This proposal is not subject to any
financing contingency, as we have funds readily available to close this transaction.
I believe that this proposal represents a compelling offer for Astrotech stockholders. I hope that
you share this view and look forward to discussing it with you further. I would appreciate a
response by 5pm ET on June 30, 2023, at which point this offer will expire.
Sincerely,
Braden Leonard
Total Cash (mrq) 44.15M
Total Cash Per Share (mrq) 26.21
Total Debt (mrq) 576k
Book Value Per Share (mrq) 27.75
Jun 01, 2023 11.36 11.78 10.89 11.40 11.40 35,600
May 01, 2023 10.34 11.95 10.04 11.50 11.50 115,000
Apr 01, 2023 10.65 11.00 10.14 10.40 10.40 45,400
Mar 01, 2023 12.87 13.01 10.10 10.66 10.66 96,900
Feb 01, 2023 12.10 14.07 11.53 12.95 12.95 443,400
Jan 01, 2023 9.99 12.34 9.99 12.09 12.09 125,800
Dec 01, 2022 9.90 11.82 9.28 9.99 9.99 547,217
Nov 01, 2022 12.00 13.50 9.30 10.20 10.20 301,281
Oct 01, 2022 13.20 13.80 10.20 12.30 12.30 183,265
Sep 01, 2022 13.80 14.40 12.30 13.20 13.20 204,439
Aug 01, 2022 13.80 16.20 12.30 13.80 13.80 263,144
Jul 01, 2022 12.60 14.70 12.60 13.80 13.80 63,550
Jun 01, 2022 16.50 17.10 12.60 12.90 12.90 107,050
May 01, 2022 15.90 16.80 14.40 16.50 16.50 98,090
Apr 01, 2022 21.60 22.20 15.90 16.20 16.20 121,183
Mar 01, 2022 21.60 23.10 19.80 21.60 21.60 192,625
Feb 01, 2022 19.20 22.20 18.00 21.30 21.30 249,151
Jan 01, 2022 20.40 23.10 18.00 19.50 19.50 234,297
Dec 01, 2021 24.30 24.60 19.50 20.40 20.40 371,402
Nov 01, 2021 31.20 33.00 22.80 24.00 24.00 522,731
Oct 01, 2021 31.50 34.50 29.10 30.90 30.90 726,944
Sep 01, 2021 33.30 33.90 28.80 31.50 31.50 391,866
Aug 01, 2021 34.50 36.30 28.20 33.30 33.30 1,657,386
Jul 01, 2021 41.40 42.00 30.00 32.40 32.40 963,596
Jun 01, 2021 35.40 39.90 33.60 39.90 39.90 1,113,366
May 01, 2021 36.90 37.20 30.90 35.10 35.10 998,583
Apr 01, 2021 66.60 89.40 32.10 36.90 36.90 6,113,055
Mar 01, 2021 70.50 76.20 42.90 65.70 65.70 1,323,382
Feb 01, 2021 59.40 124.20 59.40 65.70 65.70 2,390,276