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Big party tomorrow
QNCX: 1.16
After-hours high: 1.6 (+37.93%)
Partial hold lifted by FDA on a billion dollar drug EryDex which is in phase 3 that was recently acquired. The company has $87 million in cash reserves and only $42 million marketcap.
SOUTH SAN FRANCISCO, Calif., September 28, 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 U.S. Food and Drug Administration (FDA or the "Agency") has lifted the partial clinical hold on EryDel S.p.A’s Investigational New Drug (IND) application for its lead Phase 3 asset, EryDex. Pending the closing of Quince’s acquisition of EryDel, Quince intends to advance the global Phase 3 NEAT (Neurologic Effects of EryDex on Subjects with A-T) clinical trial evaluating the safety and efficacy of EryDex for the potential treatment of a rare, fatal pediatric neurological disease, Ataxia-Telangiectasia (A-T). Currently, there are no approved treatments for patients with A-T and the market represents a $1+ billion estimated peak sales opportunity.
Dirk Thye, M.D., Quince’s Chief Executive Officer, said, "We are pleased with the FDA’s decision to lift the partial clinical hold related to EryDel’s lead asset, EryDex. We look forward to completing the clinical and regulatory activities necessary to advance EryDex into the Phase 3 NEAT study – with patient enrollment beginning as soon as the second quarter of 2024. Notably, this pivotal trial will be conducted under a Special Protocol Assessment (SPA) that has already been reviewed with the FDA, which should allow for the submission of a New Drug Application (NDA) following completion of this single study, assuming positive results."
The Agency had requested additional information on extractables and leachables related to a change in plastics utilized in the EryKit. The change in plastic bags and tubing in the EryKit were implemented in order to be compliant with recent European regulations regarding the type of plastics used in various products. The commercial version of the EryKit treatment consumables is already approved for clinical trial use in Europe.
Quince’s acquisition of EryDel is subject to certain regulatory approvals, including the foreign direct investment screening clearance in Italy, and other closing conditions and is expected to close in the fourth quarter of 2023.
About EryDex and the Phase 3 NEAT Trial
EryDex utilizes a unique drug/device combination that enables a fully automated process at the point of patient care for the autologous intracellular drug encapsulation (AIDE) of dexamethasone sodium phosphate (DSP; a pro-drug) into a patient’s red blood cells. Dexamethasone-loaded red blood cells are then re-infused into the patient, resulting in the circulation of controlled, slow release, low doses of dexamethasone, intended to provide efficacious dosing while avoiding the long-term toxicity typically associated with chronic steroid administration.
The Phase 3 NEAT clinical trial is a double blind, randomized, placebo-controlled, global 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 to potentially expand the label. The study’s primary endpoint will measure neurological function based on a rescored modified International Cooperative Ataxia Rating Scale (RmICARS) from baseline to month six of treatment. NDA submission is currently targeted for the end of 2025, assuming positive Phase 3 study results. EryDex has received orphan drug designation for the treatment of A-T from both the FDA and the European Medicines Agency (EMA).
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.
Big party tomorrow
QNCX: 1.16
After-hours high: 1.6 (+37.93%)
Partial hold lifted by FDA on a billion dollar drug EryDex which is in phase 3 that was recently acquired. The company has $87 million in cash reserves and only $42 million marketcap.
SOUTH SAN FRANCISCO, Calif., September 28, 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 U.S. Food and Drug Administration (FDA or the "Agency") has lifted the partial clinical hold on EryDel S.p.A’s Investigational New Drug (IND) application for its lead Phase 3 asset, EryDex. Pending the closing of Quince’s acquisition of EryDel, Quince intends to advance the global Phase 3 NEAT (Neurologic Effects of EryDex on Subjects with A-T) clinical trial evaluating the safety and efficacy of EryDex for the potential treatment of a rare, fatal pediatric neurological disease, Ataxia-Telangiectasia (A-T). Currently, there are no approved treatments for patients with A-T and the market represents a $1+ billion estimated peak sales opportunity.
Dirk Thye, M.D., Quince’s Chief Executive Officer, said, "We are pleased with the FDA’s decision to lift the partial clinical hold related to EryDel’s lead asset, EryDex. We look forward to completing the clinical and regulatory activities necessary to advance EryDex into the Phase 3 NEAT study – with patient enrollment beginning as soon as the second quarter of 2024. Notably, this pivotal trial will be conducted under a Special Protocol Assessment (SPA) that has already been reviewed with the FDA, which should allow for the submission of a New Drug Application (NDA) following completion of this single study, assuming positive results."
The Agency had requested additional information on extractables and leachables related to a change in plastics utilized in the EryKit. The change in plastic bags and tubing in the EryKit were implemented in order to be compliant with recent European regulations regarding the type of plastics used in various products. The commercial version of the EryKit treatment consumables is already approved for clinical trial use in Europe.
Quince’s acquisition of EryDel is subject to certain regulatory approvals, including the foreign direct investment screening clearance in Italy, and other closing conditions and is expected to close in the fourth quarter of 2023.
About EryDex and the Phase 3 NEAT Trial
EryDex utilizes a unique drug/device combination that enables a fully automated process at the point of patient care for the autologous intracellular drug encapsulation (AIDE) of dexamethasone sodium phosphate (DSP; a pro-drug) into a patient’s red blood cells. Dexamethasone-loaded red blood cells are then re-infused into the patient, resulting in the circulation of controlled, slow release, low doses of dexamethasone, intended to provide efficacious dosing while avoiding the long-term toxicity typically associated with chronic steroid administration.
The Phase 3 NEAT clinical trial is a double blind, randomized, placebo-controlled, global 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 to potentially expand the label. The study’s primary endpoint will measure neurological function based on a rescored modified International Cooperative Ataxia Rating Scale (RmICARS) from baseline to month six of treatment. NDA submission is currently targeted for the end of 2025, assuming positive Phase 3 study results. EryDex has received orphan drug designation for the treatment of A-T from both the FDA and the European Medicines Agency (EMA).
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.
Time for a strong recovery
Opgen OPGN : 0.25
52w: 0.17 – 9.06
Mktcap: 2 M
Total assets $ 22,434,962
Total liabilities $ 15,575,072
Total stockholders’ equity $ 6,859,890
Weighted average shares outstanding - basic and diluted 6,246,326
= $1.10 share
Total revenue for the first half of 2023 was approximately $1.65 million, an increase of approximately 15% compared to approximately $1.44 million in the first half of 2022
Signed FIND R&D collaboration contract extension
Entered distribution agreement with Fisher Healthcare for the distribution of the Unyvero A50 platform in the U.S.
Cash and cash equivalents were approximately $3.2 million as of June 30, 2023
In the reporting quarter and year to date, the Company reached the following key milestones:
OpGen subsidiary, Curetis, and FIND signed an extension to their R&D collaboration agreement for the development of an AMR panel on the Unyvero A30 RQ platform for low- and middle-income countries. This next phase covers full development of AMR assay and cartridge, analytical testing and software development.
Curetis successfully completed the first phase of its FIND collaboration, including the expanded scope of the FIND project in Q1 and Q2, respectively. The FIND collaboration contributed $609 thousand to first half 2023 revenue.
In June 2023, OpGen received ten Unyvero A30 C-Series instruments which will be used in the next phase of the FIND collaboration.
Curetis announced the completion of two interim milestones of its collaboration project with InfectoGnostics under the PREPLEX grant.
The Company submitted a De Novo classification request to the FDA for marketing authorization of the Unyvero Urinary Tract Infection (UTI) panel. Following the FDA’s substantive review of the Company’s submission, the Company received a formal communication from the FDA requesting certain additional information on June 30, 2023. The FDA has provided OpGen with 180 days to fully respond to their requests.
OpGen entered into a distribution agreement with Fisher Healthcare, a division of Thermo Fisher Scientific, for the distribution of the Unyvero A50 platform and in vitro diagnostic tests for pneumonia and urinary tract infections in the U.S. During the second quarter and year-to-date, the Company successfully completed vendor set-up of OpGen under Fisher Healthcare’s systems, trained the Fisher Healthcare sales teams across the U.S., created digital marketing campaigns, and identified several hundred potential high priority leads with the Fisher Healthcare team. In several territories, the teams are already working towards commercial customer contract opportunities.
With the assistance of a U.S.-Chinese strategic advisory firm, OpGen continues to have an active strategic corporate business development campaign to over 40 Chinese corporate IVD companies potentially interested in the Unyvero A30 RQ.
Following a successful feasibility assessment, the Ares team recently signed an annual genomic surveillance contract with a major U.S. healthcare network to sequence and analyze pathogen isolates on a twice weekly basis. In addition, the team has signed multiple new ARESiss contracts for isolate sequencing and new AREScloud subscriptions for web-based sequence analysis.
On the IP front, OpGen’s subsidiary, Ares Genetics, successfully defended a key patent that was being contested in Europe. In the ruling, the European Patent Office ruled in favor of maintaining the patent, which broadly covers the prediction of AMR in pathogens based on any genetic determinants involving two or more nucleotides.
Ares recently announced a new feature release for its AREScloud software designed to enhance genomic surveillance. These features include a Single Nucleotide Polymorphism (SNP) analysis module and interpretation of plasmids with reporting customized for the needs of hospital epidemiologists.
more info: https://www.opgen.com/
Taoping Reports First Half 2023 Financial Results
Fri, September 1, 2023 at 2:00 PM
93% Increase in Revenue Compared to First Half of 2022
10% Improvement in Net Loss Compared to First Half of 2022
Company Expects Continued Growth in Second Half of 2023
SHENZHEN, China, Sept. 1, 2023 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company") today reported financial results for the first six months of its fiscal year ending December 31, 2023.
(PRNewsfoto/Taoping Inc.)
(PRNewsfoto/Taoping Inc.)
Mr. Lin Jianghuai, Chairman and CEO of the Company, said: "We started off 2023 at a record pace, with stability coming back following the numerous challenges, closures and tragedies of the COVID pandemic worldwide. Our Team remained focused and continued to execute on our two core business competencies, the Taoping national sales network, and its compatible, highly scalable Smart Cloud platform, which helped drive a Company record 93% increase in revenue for the first six months of 2023, compared to the same period of last year."
Mr. Lin Jianghuai, continued, "We are on track for further growth in the second half of 2023, led by the rebound in demand from our 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 Cloud Nest AI system and intelligent Cloud platform. In addition to our intelligent software and Cloud platform, we have been investing in and expanding our AI-driven portfolio, including AI-related products and servers, to provide customers with fully integrated seamless solutions, as we target opportunities in this fast-growing segment. We are also benefitting from increased business momentum as we capture new business opportunities in the Smart City and new energy sectors. Our impressive progress in 2023 has already resulted in us entering into a series of long-term strategic cooperation agreements with various customers to provide Taoping's Cloud-based intelligent product solutions, including smart large screen, IoT Smart rest station and off-grid wastewater treatment solutions. We have built an advantageous competitive position and distinctive portfolio of products, which we expect will combine to help us generate significant revenue growth and operating cashflow for the Company and shareholders for year 2023 and beyond."
Financial Results for the First Six Months of Fiscal Year 2023
Revenue increased 93% to $14.1 million for the first six months of 2023, compared to $7.3 million for the same period of last year. The increase was primarily due to increased revenue from both products and software revenue, as the Company continues to execute on its two core business competencies, the Taoping national sales network, and its compatible, highly scalable cloud platform. The Company expects that revenue for the second half of 2023 will increase as a result of the growth of advertising businesses, as well as product sales of its cloud-based screens, terminals, and other new applications led by the advancement of its cutting-edge Smart City solutions, which seamlessly integrate with the Company's AI-driven intelligent Cloud platform.
Cost of revenue was $10.2 million for the six months ended June 30, 2023, compared to $4.7 million for the same period of 2022. Gross margin was 27.5% for the first six months ended June 30, 2023 compared with 35.4% for the same period of 2022 reflecting higher costs as the Company focuses on growth and new revenue opportunities. The Company expects that the gross margin for the second half of 2023 will be consistent with the first half of the year.
Administrative expenses increased by $0.8 million, or 24.9%, to $3.8 million for the first six months of 2023, from $3.0 million for the same period of 2022, primarily due to an increase in share-based compensation expense, which was partially offset by a decrease in professional service fees. As a percentage of revenue, administrative expenses decreased to 26.6% for the first six months of 2023, from 41.1% for the same period of 2022. The Company expects that the administrative expenses for the second half of 2023 will decrease as a result of the decrease of share-based compensation.
Research and development ("R&D") expenses decreased by $0.5 million, or 22.7%, to $1.6 million for the first six months of 2023, from $2.1 million for the same period of 2022, primarily due to the decrease in depreciation expenses of purchased software, and the decrease in payroll and benefits to R&D staff. As a percentage of revenue, R&D expenses decreased to 11.3% for the first six months of 2023, from 28.1% for the same period of last year. R&D expenses for the second half of 2023 are expected to be consistent with revenue growth.
Selling expenses decreased by $0.1 million, or 37.3%, to $0.2 million for the first six months of 2023, from $0.3 million for the same period of 2022. The decrease was primarily due to the decrease of sales related costs. Selling expenses for the second half of 2023 are expected to be consistent with revenue growth.
The Company reduced its net loss by 10% to $1.8 million or $1.10 per basic and diluted share for the six months ended June 30, 2023, compared to a net loss of $2.0 million or $1.26 per basic and diluted share for the same period of 2022, reflecting the higher revenue level and cost containment efforts. On August 1, 2023, the Company implemented a one-for-ten reverse stock split of the Company's issued and outstanding ordinary shares. Except shares authorized, all references to number of shares, and to per share information in the consolidated financial statements have been retroactively adjusted.
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 Reports First Half 2023 Financial Results
Fri, September 1, 2023 at 2:00 PM
93% Increase in Revenue Compared to First Half of 2022
10% Improvement in Net Loss Compared to First Half of 2022
Company Expects Continued Growth in Second Half of 2023
SHENZHEN, China, Sept. 1, 2023 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company") today reported financial results for the first six months of its fiscal year ending December 31, 2023.
(PRNewsfoto/Taoping Inc.)
(PRNewsfoto/Taoping Inc.)
Mr. Lin Jianghuai, Chairman and CEO of the Company, said: "We started off 2023 at a record pace, with stability coming back following the numerous challenges, closures and tragedies of the COVID pandemic worldwide. Our Team remained focused and continued to execute on our two core business competencies, the Taoping national sales network, and its compatible, highly scalable Smart Cloud platform, which helped drive a Company record 93% increase in revenue for the first six months of 2023, compared to the same period of last year."
Mr. Lin Jianghuai, continued, "We are on track for further growth in the second half of 2023, led by the rebound in demand from our 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 Cloud Nest AI system and intelligent Cloud platform. In addition to our intelligent software and Cloud platform, we have been investing in and expanding our AI-driven portfolio, including AI-related products and servers, to provide customers with fully integrated seamless solutions, as we target opportunities in this fast-growing segment. We are also benefitting from increased business momentum as we capture new business opportunities in the Smart City and new energy sectors. Our impressive progress in 2023 has already resulted in us entering into a series of long-term strategic cooperation agreements with various customers to provide Taoping's Cloud-based intelligent product solutions, including smart large screen, IoT Smart rest station and off-grid wastewater treatment solutions. We have built an advantageous competitive position and distinctive portfolio of products, which we expect will combine to help us generate significant revenue growth and operating cashflow for the Company and shareholders for year 2023 and beyond."
Financial Results for the First Six Months of Fiscal Year 2023
Revenue increased 93% to $14.1 million for the first six months of 2023, compared to $7.3 million for the same period of last year. The increase was primarily due to increased revenue from both products and software revenue, as the Company continues to execute on its two core business competencies, the Taoping national sales network, and its compatible, highly scalable cloud platform. The Company expects that revenue for the second half of 2023 will increase as a result of the growth of advertising businesses, as well as product sales of its cloud-based screens, terminals, and other new applications led by the advancement of its cutting-edge Smart City solutions, which seamlessly integrate with the Company's AI-driven intelligent Cloud platform.
Cost of revenue was $10.2 million for the six months ended June 30, 2023, compared to $4.7 million for the same period of 2022. Gross margin was 27.5% for the first six months ended June 30, 2023 compared with 35.4% for the same period of 2022 reflecting higher costs as the Company focuses on growth and new revenue opportunities. The Company expects that the gross margin for the second half of 2023 will be consistent with the first half of the year.
Administrative expenses increased by $0.8 million, or 24.9%, to $3.8 million for the first six months of 2023, from $3.0 million for the same period of 2022, primarily due to an increase in share-based compensation expense, which was partially offset by a decrease in professional service fees. As a percentage of revenue, administrative expenses decreased to 26.6% for the first six months of 2023, from 41.1% for the same period of 2022. The Company expects that the administrative expenses for the second half of 2023 will decrease as a result of the decrease of share-based compensation.
Research and development ("R&D") expenses decreased by $0.5 million, or 22.7%, to $1.6 million for the first six months of 2023, from $2.1 million for the same period of 2022, primarily due to the decrease in depreciation expenses of purchased software, and the decrease in payroll and benefits to R&D staff. As a percentage of revenue, R&D expenses decreased to 11.3% for the first six months of 2023, from 28.1% for the same period of last year. R&D expenses for the second half of 2023 are expected to be consistent with revenue growth.
Selling expenses decreased by $0.1 million, or 37.3%, to $0.2 million for the first six months of 2023, from $0.3 million for the same period of 2022. The decrease was primarily due to the decrease of sales related costs. Selling expenses for the second half of 2023 are expected to be consistent with revenue growth.
The Company reduced its net loss by 10% to $1.8 million or $1.10 per basic and diluted share for the six months ended June 30, 2023, compared to a net loss of $2.0 million or $1.26 per basic and diluted share for the same period of 2022, reflecting the higher revenue level and cost containment efforts. On August 1, 2023, the Company implemented a one-for-ten reverse stock split of the Company's issued and outstanding ordinary shares. Except shares authorized, all references to number of shares, and to per share information in the consolidated financial statements have been retroactively adjusted.
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
Taoping Inc. (TAOP) : 2.44
Premarket: 2.87 + 0.43 (17.68%)
Shares Outstanding 1.86M
marketcap less than 4.5M
Float 1.09M
52w: 2.14 – 11.90
Very high volatility
Aug 28, 2023 2.4700 2.4700 2.2600 2.2900 2.2900 13,200
Aug 25, 2023 2.5000 2.5100 2.3000 2.3400 2.3400 20,000
Aug 24, 2023 2.7600 2.9000 2.4900 2.5000 2.5000 35,700
Aug 23, 2023 2.8200 2.8900 2.6600 2.7400 2.7400 50,700
Aug 22, 2023 2.7900 2.9000 2.7400 2.7400 2.7400 9,200
Aug 21, 2023 2.7500 2.9000 2.7200 2.7800 2.7800 8,600
Aug 18, 2023 2.8000 2.8800 2.7500 2.8000 2.8000 22,300
Aug 17, 2023 3.0700 3.2000 2.8900 2.8900 2.8900 29,000
Aug 16, 2023 2.8600 3.3700 2.8200 3.1100 3.1100 122,300
Aug 15, 2023 3.0200 3.0300 2.9000 2.9000 2.9000 26,500
Aug 14, 2023 3.0800 3.1900 2.9400 3.1000 3.1000 25,900
Aug 11, 2023 3.4200 3.5100 3.1700 3.1700 3.1700 43,500
Aug 10, 2023 3.9000 3.9200 3.5000 3.5100 3.5100 77,300
Aug 09, 2023 3.5000 3.7800 3.4300 3.6200 3.6200 124,700
Aug 08, 2023 3.4600 3.5700 3.2000 3.5000 3.5000 66,800
Aug 07, 2023 3.6800 3.8500 3.3500 3.6300 3.6300 77,400
Aug 04, 2023 4.0400 5.1700 3.8600 4.0900 4.0900 633,900
Aug 03, 2023 3.8000 4.2500 3.5200 4.1000 4.1000 176,300
Aug 02, 2023 4.7200 4.8500 3.7000 3.8000 3.8000 181,400
Aug 01, 2023 5.5900 6.0000 4.8000 4.9000 4.9000 262,400
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.
Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."
"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
Taoping Inc. (TAOP) : 2.44
Premarket: 2.87 + 0.43 (17.68%)
Shares Outstanding 1.86M
marketcap less than 4.5M
Float 1.09M
52w: 2.14 – 11.90
Very high volatility
Aug 28, 2023 2.4700 2.4700 2.2600 2.2900 2.2900 13,200
Aug 25, 2023 2.5000 2.5100 2.3000 2.3400 2.3400 20,000
Aug 24, 2023 2.7600 2.9000 2.4900 2.5000 2.5000 35,700
Aug 23, 2023 2.8200 2.8900 2.6600 2.7400 2.7400 50,700
Aug 22, 2023 2.7900 2.9000 2.7400 2.7400 2.7400 9,200
Aug 21, 2023 2.7500 2.9000 2.7200 2.7800 2.7800 8,600
Aug 18, 2023 2.8000 2.8800 2.7500 2.8000 2.8000 22,300
Aug 17, 2023 3.0700 3.2000 2.8900 2.8900 2.8900 29,000
Aug 16, 2023 2.8600 3.3700 2.8200 3.1100 3.1100 122,300
Aug 15, 2023 3.0200 3.0300 2.9000 2.9000 2.9000 26,500
Aug 14, 2023 3.0800 3.1900 2.9400 3.1000 3.1000 25,900
Aug 11, 2023 3.4200 3.5100 3.1700 3.1700 3.1700 43,500
Aug 10, 2023 3.9000 3.9200 3.5000 3.5100 3.5100 77,300
Aug 09, 2023 3.5000 3.7800 3.4300 3.6200 3.6200 124,700
Aug 08, 2023 3.4600 3.5700 3.2000 3.5000 3.5000 66,800
Aug 07, 2023 3.6800 3.8500 3.3500 3.6300 3.6300 77,400
Aug 04, 2023 4.0400 5.1700 3.8600 4.0900 4.0900 633,900
Aug 03, 2023 3.8000 4.2500 3.5200 4.1000 4.1000 176,300
Aug 02, 2023 4.7200 4.8500 3.7000 3.8000 3.8000 181,400
Aug 01, 2023 5.5900 6.0000 4.8000 4.9000 4.9000 262,400
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.
Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."
"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
ATENOR (ATEB) : 18.5
ISIN: BE0003837540
18.10 - 52.8
Atenor SA is a Belgium-based company that develops real estate promotion projects in the area of office and residential buildings. Its project portfolio includes: UP-SITE, a mixed-use project; TREBEL, an office building; BRUSSELS EUROPA, a mixed-use project; VICTOR, a mixed-use project; CITY DOCKS, a mixed-use project; PORT DU BON DIEU, a residential building; AU FIL DES GRANDS PRES, a mixed-use project; LA SUCRERIE, a residential building; LES BRASSERIES DE NEUDORF, a residential project; AIR, an office project; HERMES BUSINESS CAMPUS, an office project, and SOUTH CITY HOTEL. The Company operates in Belgium and Luxembourg, as well as in Central Europe, such as Hungary and Romania. It operates through Hexaten SA.
FCEL: 1.50
Aug 28 (Reuters) - FuelCell Energy said on Monday it would extend a carbon capture joint development agreement with a unit of Exxon Mobil to March 31 next year.
The agreement, effective as of Aug. 31, will be extended for the fourth time and would increase research costs for Exxon to $67 million from $60 million.
FuelCell has been developing carbonate fuel cells to reduce carbon dioxide emissions from industrial and power sources, in exchange for fees from the oil major since 2019 when the companies first signed the agreement.
Carbonate fuel cells can capture carbon dioxide and generate additional power in the process, unlike other conventional cells.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Shinjini Ganguli)
Aug 01, 2023 2.1600 2.1800 1.3100 1.3300 1.3300 239,090,400
Jul 01, 2023 2.1500 2.5400 1.9900 2.1900 2.1900 333,048,400
Jun 01, 2023 2.1300 2.9400 2.0700 2.1600 2.1600 366,747,700
May 01, 2023 1.9800 2.6100 1.9500 2.1200 2.1200 256,817,600
Apr 01, 2023 2.8600 2.9200 1.7700 1.8800 1.8800 186,059,300
Mar 01, 2023 3.3700 4.0200 2.6100 2.8500 2.8500 248,156,700
Feb 01, 2023 3.6300 4.3600 3.1700 3.3400 3.3400 175,153,800
Jan 01, 2023 2.8500 3.8400 2.6000 3.6600 3.6600 220,356,200
Dec 01, 2022 3.4600 3.8300 2.4700 2.7800 2.7800 265,866,300
Nov 01, 2022 3.2000 3.9500 2.9200 3.4600 3.4600 179,650,100
Oct 01, 2022 3.4600 3.7700 2.7700 3.1200 3.1200 228,177,300
Sep 01, 2022 4.0700 4.4900 3.3000 3.4100 3.4100 221,445,700
Aug 01, 2022 3.5200 5.5000 3.3500 4.1900 4.1900 346,418,100
Jul 01, 2022 3.7400 4.3900 3.1800 3.5900 3.5900 299,464,400
Jun 01, 2022 4.1400 4.5300 3.1500 3.7500 3.7500 300,394,700
May 01, 2022 4.0700 4.7800 2.8700 4.1000 4.1000 349,223,600
Apr 01, 2022 5.8500 6.3600 3.9300 4.0800 4.0800 277,017,800
Mar 01, 2022 6.0900 7.3300 5.3900 5.7600 5.7600 556,047,800
Feb 01, 2022 4.3300 6.1300 3.9900 6.0000 6.0000 423,321,500
Jan 01, 2022 5.3500 5.8900 3.4000 4.2400 4.2400 508,365,300
Dec 01, 2021 8.8600 9.0000 4.8300 5.2000 5.2000 542,389,600
Nov 01, 2021 8.2800 11.6300 8.1500 8.6800 8.6800 768,144,600
Oct 01, 2021 6.7400 8.9300 5.8600 7.9900 7.9900 876,124,400
Sep 01, 2021 6.2100 7.8600 5.3400 6.6900 6.6900 692,649,800
Aug 01, 2021 6.4700 8.3100 5.6800 6.2400 6.2400 404,642,900
Jul 01, 2021 8.9800 8.9900 6.0500 6.3300 6.3300 307,364,700
Jun 01, 2021 9.9600 12.6200 8.4900 8.9000 8.9000 508,588,300
May 01, 2021 9.7600 10.5800 6.4200 9.8200 9.8200 438,609,600
Apr 01, 2021 15.3000 15.5500 7.9400 9.7100 9.7100 546,309,300
Mar 01, 2021 18.2000 19.1200 11.0700 14.4100 14.4100 734,987,900
Feb 01, 2021 21.5600 29.4400 13.8900 16.9400 16.9400 579,579,400
Taoping Inc. (TAOP) : 2.45
Shares Outstanding 1.86M
marketcap less than 4M
Float 1.09M
52w: 2.14 – 11.90
Very high volatility
Aug 28, 2023 2.4700 2.4700 2.2600 2.2900 2.2900 13,200
Aug 25, 2023 2.5000 2.5100 2.3000 2.3400 2.3400 20,000
Aug 24, 2023 2.7600 2.9000 2.4900 2.5000 2.5000 35,700
Aug 23, 2023 2.8200 2.8900 2.6600 2.7400 2.7400 50,700
Aug 22, 2023 2.7900 2.9000 2.7400 2.7400 2.7400 9,200
Aug 21, 2023 2.7500 2.9000 2.7200 2.7800 2.7800 8,600
Aug 18, 2023 2.8000 2.8800 2.7500 2.8000 2.8000 22,300
Aug 17, 2023 3.0700 3.2000 2.8900 2.8900 2.8900 29,000
Aug 16, 2023 2.8600 3.3700 2.8200 3.1100 3.1100 122,300
Aug 15, 2023 3.0200 3.0300 2.9000 2.9000 2.9000 26,500
Aug 14, 2023 3.0800 3.1900 2.9400 3.1000 3.1000 25,900
Aug 11, 2023 3.4200 3.5100 3.1700 3.1700 3.1700 43,500
Aug 10, 2023 3.9000 3.9200 3.5000 3.5100 3.5100 77,300
Aug 09, 2023 3.5000 3.7800 3.4300 3.6200 3.6200 124,700
Aug 08, 2023 3.4600 3.5700 3.2000 3.5000 3.5000 66,800
Aug 07, 2023 3.6800 3.8500 3.3500 3.6300 3.6300 77,400
Aug 04, 2023 4.0400 5.1700 3.8600 4.0900 4.0900 633,900
Aug 03, 2023 3.8000 4.2500 3.5200 4.1000 4.1000 176,300
Aug 02, 2023 4.7200 4.8500 3.7000 3.8000 3.8000 181,400
Aug 01, 2023 5.5900 6.0000 4.8000 4.9000 4.9000 262,400
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.
Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."
"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
FCEL: 1.50
Aug 28 (Reuters) - FuelCell Energy said on Monday it would extend a carbon capture joint development agreement with a unit of Exxon Mobil to March 31 next year.
The agreement, effective as of Aug. 31, will be extended for the fourth time and would increase research costs for Exxon to $67 million from $60 million.
FuelCell has been developing carbonate fuel cells to reduce carbon dioxide emissions from industrial and power sources, in exchange for fees from the oil major since 2019 when the companies first signed the agreement.
Carbonate fuel cells can capture carbon dioxide and generate additional power in the process, unlike other conventional cells.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Shinjini Ganguli)
Aug 01, 2023 2.1600 2.1800 1.3100 1.3300 1.3300 239,090,400
Jul 01, 2023 2.1500 2.5400 1.9900 2.1900 2.1900 333,048,400
Jun 01, 2023 2.1300 2.9400 2.0700 2.1600 2.1600 366,747,700
May 01, 2023 1.9800 2.6100 1.9500 2.1200 2.1200 256,817,600
Apr 01, 2023 2.8600 2.9200 1.7700 1.8800 1.8800 186,059,300
Mar 01, 2023 3.3700 4.0200 2.6100 2.8500 2.8500 248,156,700
Feb 01, 2023 3.6300 4.3600 3.1700 3.3400 3.3400 175,153,800
Jan 01, 2023 2.8500 3.8400 2.6000 3.6600 3.6600 220,356,200
Dec 01, 2022 3.4600 3.8300 2.4700 2.7800 2.7800 265,866,300
Nov 01, 2022 3.2000 3.9500 2.9200 3.4600 3.4600 179,650,100
Oct 01, 2022 3.4600 3.7700 2.7700 3.1200 3.1200 228,177,300
Sep 01, 2022 4.0700 4.4900 3.3000 3.4100 3.4100 221,445,700
Aug 01, 2022 3.5200 5.5000 3.3500 4.1900 4.1900 346,418,100
Jul 01, 2022 3.7400 4.3900 3.1800 3.5900 3.5900 299,464,400
Jun 01, 2022 4.1400 4.5300 3.1500 3.7500 3.7500 300,394,700
May 01, 2022 4.0700 4.7800 2.8700 4.1000 4.1000 349,223,600
Apr 01, 2022 5.8500 6.3600 3.9300 4.0800 4.0800 277,017,800
Mar 01, 2022 6.0900 7.3300 5.3900 5.7600 5.7600 556,047,800
Feb 01, 2022 4.3300 6.1300 3.9900 6.0000 6.0000 423,321,500
Jan 01, 2022 5.3500 5.8900 3.4000 4.2400 4.2400 508,365,300
Dec 01, 2021 8.8600 9.0000 4.8300 5.2000 5.2000 542,389,600
Nov 01, 2021 8.2800 11.6300 8.1500 8.6800 8.6800 768,144,600
Oct 01, 2021 6.7400 8.9300 5.8600 7.9900 7.9900 876,124,400
Sep 01, 2021 6.2100 7.8600 5.3400 6.6900 6.6900 692,649,800
Aug 01, 2021 6.4700 8.3100 5.6800 6.2400 6.2400 404,642,900
Jul 01, 2021 8.9800 8.9900 6.0500 6.3300 6.3300 307,364,700
Jun 01, 2021 9.9600 12.6200 8.4900 8.9000 8.9000 508,588,300
May 01, 2021 9.7600 10.5800 6.4200 9.8200 9.8200 438,609,600
Apr 01, 2021 15.3000 15.5500 7.9400 9.7100 9.7100 546,309,300
Mar 01, 2021 18.2000 19.1200 11.0700 14.4100 14.4100 734,987,900
Feb 01, 2021 21.5600 29.4400 13.8900 16.9400 16.9400 579,579,400
Taoping Inc. (TAOP) : 2.45
Shares Outstanding 1.86M
marketcap less than 4M
Float 1.09M
52w: 2.14 – 11.90
Very high volatility
Aug 28, 2023 2.4700 2.4700 2.2600 2.2900 2.2900 13,200
Aug 25, 2023 2.5000 2.5100 2.3000 2.3400 2.3400 20,000
Aug 24, 2023 2.7600 2.9000 2.4900 2.5000 2.5000 35,700
Aug 23, 2023 2.8200 2.8900 2.6600 2.7400 2.7400 50,700
Aug 22, 2023 2.7900 2.9000 2.7400 2.7400 2.7400 9,200
Aug 21, 2023 2.7500 2.9000 2.7200 2.7800 2.7800 8,600
Aug 18, 2023 2.8000 2.8800 2.7500 2.8000 2.8000 22,300
Aug 17, 2023 3.0700 3.2000 2.8900 2.8900 2.8900 29,000
Aug 16, 2023 2.8600 3.3700 2.8200 3.1100 3.1100 122,300
Aug 15, 2023 3.0200 3.0300 2.9000 2.9000 2.9000 26,500
Aug 14, 2023 3.0800 3.1900 2.9400 3.1000 3.1000 25,900
Aug 11, 2023 3.4200 3.5100 3.1700 3.1700 3.1700 43,500
Aug 10, 2023 3.9000 3.9200 3.5000 3.5100 3.5100 77,300
Aug 09, 2023 3.5000 3.7800 3.4300 3.6200 3.6200 124,700
Aug 08, 2023 3.4600 3.5700 3.2000 3.5000 3.5000 66,800
Aug 07, 2023 3.6800 3.8500 3.3500 3.6300 3.6300 77,400
Aug 04, 2023 4.0400 5.1700 3.8600 4.0900 4.0900 633,900
Aug 03, 2023 3.8000 4.2500 3.5200 4.1000 4.1000 176,300
Aug 02, 2023 4.7200 4.8500 3.7000 3.8000 3.8000 181,400
Aug 01, 2023 5.5900 6.0000 4.8000 4.9000 4.9000 262,400
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.
Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."
"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
ReShape Lifesciences Inc. (RSLS) 1.05 – 2.78%
52 Week Range 1.03 - 40.0000
Market Cap: 3.55M
As of August 3, 2023, 3,452,447 shares of the registrant’s Common Stock were outstanding.
Float : 2.54M
Book Value Per Share (mrq) 7.05
https://www.reshapelifesciences.com/lapbandvideos/
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.
Aug 21, 2023 1.1930 1.2200 1.0800 1.0800 1.0800 84,300
Aug 14, 2023 1.1100 1.2500 1.0600 1.2050 1.2050 207,600
Aug 07, 2023 1.4500 1.4500 1.1300 1.1500 1.1500 312,800
Jul 31, 2023 1.4500 1.5100 1.4000 1.4500 1.4500 228,200
Jul 24, 2023 1.4200 1.6600 1.3300 1.4300 1.4300 493,000
Jul 17, 2023 1.5000 1.5600 1.4000 1.4200 1.4200 221,200
Jul 10, 2023 1.4400 1.6600 1.4200 1.5000 1.5000 480,500
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
SAN CLEMENTE, Calif., Aug. 07, 2023 (GLOBE NEWSWIRE) -- ReShape Lifesciences Inc. (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health-solutions company, today reported financial results for the second quarter ended June 30, 2023 and provided a corporate strategic update.
Second Quarter 2023 and Subsequent Highlights
• In July, in response to the Company’s revenue shortfall caused by GLP-1 adoption and other market factors, ReShape made additional operational improvements to further invest in growth drivers and reduce expenses, with annualized savings estimated at more than $4 million.
• In June, the Company held its first Scientific Advisory Board meeting at which feedback affirmed market trends and the Company’s three growth pillars were discussed, including validation of the Lap-Band 2.0 design rationale and clinical publication strategies.
• In June, signed a preferred partner agreement with Hive Medical (Hive) for lead optimization software to improve patient engagement strategy, utilizing AI, machine-learning, SMS, and patient self-service technology to increase patient volume and, potentially, Lap-Band® surgeries.
• In June, presented preclinical data on its proprietary Diabetes Bloc-Stim Neuromodulation™ (DBSN™) device, which selectively modulates vagal block and stimulation to the liver and pancreas to manage blood glucose, in an e-poster at the American Society for Metabolic and Bariatric Surgery (ASMBS) 2023 Annual Meeting.
• In June, submitted a Premarket Approval (PMA) supplement application to the U.S. Food and Drug Administration (FDA) for the company’s next generation Lap-Band® 2.0, with an enhanced band reservoir technology that serves as a relief valve, designed to alleviate discomfort from swallowing large pieces of food, which may require in-office band adjustments.
• In April, completed a $2.5 million registered direct offering with a single institutional investor, extending the company's cash runway into 2024, creating a sustainable path to profitability.
• In April, received a Notice of Allowance from the U.S. Patent and Trademark Office (USPTO) for patent application 16/792,094, entitled, “Systems and Methods for Determining Failure of Intragastric Devices,” related to the company’s Obalon® Balloon System. The patent is expected to provide protection into at least January 2031, excluding any potential Patent Term Extension (PTE).
“Despite short-term headwinds as a result of the adoption of GLP-1 prescription therapy as a presurgical treatment option, we remain confident that this trend is expanding the medical weight loss market by promoting open discussions between physicians and the vast majority of those suffering from obesity, who have traditionally avoided surgery,” stated Paul F. Hickey, President and Chief Executive Officer of ReShape Lifesciences®. “The popularity of GLP-1’s has brought significant benefits to those suffering from type 2 diabetes and their use for weight loss has helped to normalize the stigma that often occurs around obesity and medical intervention. Excitingly, there is growing discussion regarding the application of GLP-1 therapy for patients who have plateaued with their weight loss following bariatric surgery, including Lap-Band® surgery patients. That said, as a standalone therapy, there is growing evidence that weight loss due to these pharmacological therapies levels off and can often lead to notable non-compliance due to their currently known side effects. From a continuum of care perspective, these patients are likely candidates for bariatric surgery as the next viable treatment.
Mr. Hickey continued, “During the second quarter, we took significant, tangible steps to further invest in our growth drivers by optimizing operational efficiencies and streamlining and enhancing our lead generation programs. As a direct result, we recognized a 53% reduction in operating expenses compared to last year’s second quarter and expect to see continued financial benefits throughout the rest of this year and into 2024. We are fully committed to attaining profitability by executing on our three growth pillars and are focused on being a disciplined and metrics driven organization, driving revenue by developing and expanding our pipeline, and validating our evidenced based products across the weight loss care continuum.
“To that end, in June, we submitted a PMA supplement application to the FDA for our next generation, Lap-Band® 2.0, developed with physician feedback to improve the patient experience using an enhanced band reservoir technology that serves as a relief valve and is designed to allow for increased Lap-Band® constriction and resultant satiety, without increasing discomfort due to swallowing large pieces of food that may require in-office band adjustments. We expect FDA feedback by year end or early 2024, at the latest. If approved, we believe that, based on discussions with physicians, there should be broad adoption by existing and new Lap-Band® surgeons.
“Also key is our recently signed agreement with Hive, which is expected to significantly improve our patient engagement strategy. Importantly, data generated during our testing of the Hive AI SMS platform in the first quarter, at select Lap-Band® accounts where we also have co-op marketing, revealed a more than 107% increase in medical consultations scheduled over the prior quarter. In conjunction with our highly targeted, direct-to-consumer marketing campaign, the Hive platform allows individuals to quickly and easily navigate new patient intake hurdles and book an appointment with a medical professional at any time. Taken together, we believe this strategy will better address patient leads, with the intent of increasing conversions and, ultimately, more Lap-Band® surgeries.”
Mr. Hickey concluded, “We believe our personalized, HIPAA-compliant, weight management program, ReShapeCare™, with resources including personalized health coaching, could be a meaningful adjunct for GLP-1 patients, helping them to make the necessary lifestyle changes to attain long-term weight loss. As the limitations of the use of GLP-1s become more evident, we are confident that our minimally invasive, adjustable Lap-Band® system, which remains broadly reimbursed, will continue to gain further acceptance as a long-term and safe weight loss solution. Going forward, we remain committed to continuing our collaborations with healthcare professionals to expand awareness and use of personalized treatments, including both our proprietary Lap-Band® and ReShapeCare™ programs, to ensure that patients can achieve durable long-term weight loss goals.”
Second Quarter and Six months Ended June 30, 2023, Financial and Operating Results
Revenue totaled $2.3 million for the three months ended June 30, 2023, which represents a contraction of $0.6 million compared to the same period in 2022. The primary reason is due to a decrease in sales throughout the U.S. and Europe. During the three months ended June 30, 2023, the company focused on its new strategies for marketing through a targeted digital media campaign near bariatric surgical centers, while reducing costs and increasing efficiencies. The company expects that, during the second half of 2023, these efforts will come to fruition and revenue will grow through the remainder of 2023, as the company continues to focus on increasing the demand for the Lap-Band®.
Revenue totaled $4.5 million for the six months ended June 30, 2023, which represents a contraction of $0.8 million compared to the same period in 2022. The primary reason is due to a decrease in sales throughout the U.S. and Europe. During the six months ended June 30, 2023, the company focused on its new strategies for marketing through a targeted digital media campaign near bariatric surgical centers, while reducing costs and increasing efficiencies. The company expects that, during the second half of 2023, these efforts will come to fruition and revenue will grow through the remainder of the year, as the company continues to focus on increasing the demand for the Lap-Band®.
Gross Profit for the three months ended June 30, 2023 was $1.2 million, compared to $1.9 million for the same period in 2022, a decrease of $0.7 million. Gross profit as a percentage of total revenue for the three months ended June 30, 2023 was 53.0%, compared to 65.1% for the same period in 2022. The decrease in gross profit percentage is due to the decrease in sales volume without a reduction in overhead costs.
Gross profit for the six months ended June 30, 2023 was $2.4 million, compared to $3.1 million for the same period in 2022, a decrease of $0.7 million. Gross profit as a percentage of total revenue for the six months ended June 30, 2023 was 53.2%, compared to 58.2% for the same period in 2022. The decrease in gross profit percentage is due to the decrease in sales volume without a reduction in overhead costs.
Sales and Marketing Expenses for the three months ended June 30, 2023, decreased by $2.5 million, or 53.0% to $2.2 million, compared to $4.6 million for the same period in 2022. The decrease is primarily due to a decrease of $1.6 million in advertising and marketing expenses, due to the move to a targeted digital marketing campaign. There were also reductions in payroll expenditures, including commissions, stock-based compensation, travel and consulting related services all totaling $0.9 million.
Sales and marketing expenses for the six months ended June 30, 2023, decreased by $5.0 million, or 53.3%, to $4.3 million, compared to $9.3 million for the same period in 2022. The decline is primarily due to a decrease of $4.0 million in advertising and marketing expenses, as the company has reevaluated its marketing approach and has moved to a targeted digital marketing campaign, resulting in a significant reduction of costs. The company also had reductions in payroll expenditures, including commissions, travel and stock-based compensation of $0.9 million, due to changes in sales personnel and lower sales.
General and Administrative Expenses for the three months ended June 30, 2023, decreased by $2.9 million, or 54.4%, to approximately $2.5 million, compared to $5.4 million for the same period in 2022. The decrease is primarily due to a reduction in legal related expenses of $1.9 million, due to the company recording $2.0 million in litigation losses during the three months ended June 30, 2022. In addition, the company had a reduction in stock-based compensation expense of $0.4 million and a reduction in payroll-related expenditures of $0.4 million, due to changes within personnel. The company had a decrease in intangible asset amortization, as it impaired the finite intangible assets during the fourth quarter of 2022. The company also had a decrease in rent and insurance of $0.2 million due to its lease of the Carlsbad, CA location expiring.
General and administrative expenses for the six months ended June 30, 2023, decreased by $2.6 million, or 28.0%, to approximately $6.7 million, compared to $9.3 million for the same period in 2022. The decrease is primarily due to a reduction in legal related expenses of $1.7 million, due to the company recording $2.0 million in litigation losses during the three months ended June 30, 2022. In addition, the company had a reduction in stock-based compensation expense of $0.8 million and a reduction in payroll related expenditures of $0.6 million, due to changes within personnel. The company had a decrease in intangible asset amortization of $0.9 million, as it impaired the finite intangible assets during the fourth quarter. The company also had a decrease in rent and insurance of $0.4 million due to the lease of its Carlsbad, CA location expiring. This was offset by an increase in audit and professional services of approximately $1.9 million, primarily due to the offerings the company completed in February 2023 and April 2023.
Research and Development Expenses for the three months ended June 30, 2023, decreased by $0.2 million, or 22.2%, to $0.6 million, compared to approximately $0.8 million for the same period in 2022. The decline is primarily due to a decrease of $0.1 million in payroll expenses and a reduction of $0.1 million in consulting and clinical related expenses.
Research and development expenses for the six months ended June 30, 2023, decreased by $0.5 million, or 30.8%, to $1.0 million, compared to $1.5 million for the same period in 2022. The decline is primarily due to a decrease of $0.2 million in payroll expenses and a reduction of $0.1 million in consulting and clinical related expenses. The company also had minor decreases in both stock-based compensation expense and depreciation expense.
Non-GAAP adjusted EBITDA loss was $3.7 million for the three months ended June 30, 2023, compared to a loss of $7.8 million for the same period last year.
Non-GAAP adjusted EBIDTA loss was $9.1 million for the six months ended June 30, 2023, compared to a loss of $15.0 million for the same period last year.
Cash and Cash Equivalents as of June 30, 2023, were $4.7 million and the company remains debt free on its balance sheet.
Conference Call Information
Management will host a conference call to discuss ReShape’s financial and operational results today at 5:00 pm ET and will be joined by a member of ReShape’s Scientific Advisory Board, Christine Ren-Fielding, M.D., Professor of Surgery at NYU Grossman School of Medicine, Director of the NYU Langone Weight Management Program and Chief of the Division of Bariatric Surgery.
To participate in the conference call please register with the following Registration Link, and dial-in details will be provided. Participants using this feature are requested to dial into the conference call fifteen minutes ahead of time to avoid delays.
An archived replay will also be available on the “Events and Presentations” section of ReShape’s website at: https://ir.reshapelifesciences.com/events-and-presentations.
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. The recently launched 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.
Forward-Looking Safe Harbor Statement
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those discussed due to known and unknown risks, uncertainties, and other factors. These forward-looking statements generally can be identified by the use of words such as "expect," "plan," "anticipate," "could," "may," "intend," "will," "continue," "future," other words of similar meaning and the use of future dates. Forward-looking statements in this press release include statements about the company’s expected path to profitability, the expected timing of the FDA review process for the Lap-Band® 2.0, the expected adoption of the Lap-Band® 2.0 by surgeons, and the expectation for increased revenue. These and additional risks and uncertainties are described more fully in the company's filings with the Securities and Exchange Commission, including those factors identified as "risk factors" in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. We are providing this information as of the date of this press release and do not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Disclosures
In addition to the financial information prepared in conformity with GAAP, we provide certain historical non-GAAP financial information. Management believes that these non-GAAP financial measures assist investors in making comparisons of period-to-period operating results.
Management believes that the presentation of this non-GAAP financial information provides investors with greater transparency and facilitates comparison of operating results across a broad spectrum of companies with varying capital structures, compensation strategies, and amortization methods, which provides a more complete understanding of our financial performance, competitive position, and prospects for the future. However, the non-GAAP financial measures presented in this release have certain limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-GAAP financial measures presented by the company may be different from similarly named non-GAAP financial measures used by other companies.
Adjusted EBITDA
Management uses Adjusted EBITDA in its evaluation of the company’s core results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Adjusted EBITDA is defined as net loss before interest, taxes, depreciation and amortization, stock-based compensation, and other one-time costs. Management uses Adjusted EBITDA in its evaluation of the company’s core results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-GAAP financial measures presented by the company may be different from similarly named non-GAAP financial measures used by other companies.
ReShape Lifesciences Inc. (RSLS) 1.05 – 2.78%
52 Week Range 1.03 - 40.0000
Market Cap: 3.55M
As of August 3, 2023, 3,452,447 shares of the registrant’s Common Stock were outstanding.
Float : 2.54M
Book Value Per Share (mrq) 7.05
https://www.reshapelifesciences.com/lapbandvideos/
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.
Aug 21, 2023 1.1930 1.2200 1.0800 1.0800 1.0800 84,300
Aug 14, 2023 1.1100 1.2500 1.0600 1.2050 1.2050 207,600
Aug 07, 2023 1.4500 1.4500 1.1300 1.1500 1.1500 312,800
Jul 31, 2023 1.4500 1.5100 1.4000 1.4500 1.4500 228,200
Jul 24, 2023 1.4200 1.6600 1.3300 1.4300 1.4300 493,000
Jul 17, 2023 1.5000 1.5600 1.4000 1.4200 1.4200 221,200
Jul 10, 2023 1.4400 1.6600 1.4200 1.5000 1.5000 480,500
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
SAN CLEMENTE, Calif., Aug. 07, 2023 (GLOBE NEWSWIRE) -- ReShape Lifesciences Inc. (Nasdaq: RSLS), the premier physician-led weight loss and metabolic health-solutions company, today reported financial results for the second quarter ended June 30, 2023 and provided a corporate strategic update.
Second Quarter 2023 and Subsequent Highlights
• In July, in response to the Company’s revenue shortfall caused by GLP-1 adoption and other market factors, ReShape made additional operational improvements to further invest in growth drivers and reduce expenses, with annualized savings estimated at more than $4 million.
• In June, the Company held its first Scientific Advisory Board meeting at which feedback affirmed market trends and the Company’s three growth pillars were discussed, including validation of the Lap-Band 2.0 design rationale and clinical publication strategies.
• In June, signed a preferred partner agreement with Hive Medical (Hive) for lead optimization software to improve patient engagement strategy, utilizing AI, machine-learning, SMS, and patient self-service technology to increase patient volume and, potentially, Lap-Band® surgeries.
• In June, presented preclinical data on its proprietary Diabetes Bloc-Stim Neuromodulation™ (DBSN™) device, which selectively modulates vagal block and stimulation to the liver and pancreas to manage blood glucose, in an e-poster at the American Society for Metabolic and Bariatric Surgery (ASMBS) 2023 Annual Meeting.
• In June, submitted a Premarket Approval (PMA) supplement application to the U.S. Food and Drug Administration (FDA) for the company’s next generation Lap-Band® 2.0, with an enhanced band reservoir technology that serves as a relief valve, designed to alleviate discomfort from swallowing large pieces of food, which may require in-office band adjustments.
• In April, completed a $2.5 million registered direct offering with a single institutional investor, extending the company's cash runway into 2024, creating a sustainable path to profitability.
• In April, received a Notice of Allowance from the U.S. Patent and Trademark Office (USPTO) for patent application 16/792,094, entitled, “Systems and Methods for Determining Failure of Intragastric Devices,” related to the company’s Obalon® Balloon System. The patent is expected to provide protection into at least January 2031, excluding any potential Patent Term Extension (PTE).
“Despite short-term headwinds as a result of the adoption of GLP-1 prescription therapy as a presurgical treatment option, we remain confident that this trend is expanding the medical weight loss market by promoting open discussions between physicians and the vast majority of those suffering from obesity, who have traditionally avoided surgery,” stated Paul F. Hickey, President and Chief Executive Officer of ReShape Lifesciences®. “The popularity of GLP-1’s has brought significant benefits to those suffering from type 2 diabetes and their use for weight loss has helped to normalize the stigma that often occurs around obesity and medical intervention. Excitingly, there is growing discussion regarding the application of GLP-1 therapy for patients who have plateaued with their weight loss following bariatric surgery, including Lap-Band® surgery patients. That said, as a standalone therapy, there is growing evidence that weight loss due to these pharmacological therapies levels off and can often lead to notable non-compliance due to their currently known side effects. From a continuum of care perspective, these patients are likely candidates for bariatric surgery as the next viable treatment.
Mr. Hickey continued, “During the second quarter, we took significant, tangible steps to further invest in our growth drivers by optimizing operational efficiencies and streamlining and enhancing our lead generation programs. As a direct result, we recognized a 53% reduction in operating expenses compared to last year’s second quarter and expect to see continued financial benefits throughout the rest of this year and into 2024. We are fully committed to attaining profitability by executing on our three growth pillars and are focused on being a disciplined and metrics driven organization, driving revenue by developing and expanding our pipeline, and validating our evidenced based products across the weight loss care continuum.
“To that end, in June, we submitted a PMA supplement application to the FDA for our next generation, Lap-Band® 2.0, developed with physician feedback to improve the patient experience using an enhanced band reservoir technology that serves as a relief valve and is designed to allow for increased Lap-Band® constriction and resultant satiety, without increasing discomfort due to swallowing large pieces of food that may require in-office band adjustments. We expect FDA feedback by year end or early 2024, at the latest. If approved, we believe that, based on discussions with physicians, there should be broad adoption by existing and new Lap-Band® surgeons.
“Also key is our recently signed agreement with Hive, which is expected to significantly improve our patient engagement strategy. Importantly, data generated during our testing of the Hive AI SMS platform in the first quarter, at select Lap-Band® accounts where we also have co-op marketing, revealed a more than 107% increase in medical consultations scheduled over the prior quarter. In conjunction with our highly targeted, direct-to-consumer marketing campaign, the Hive platform allows individuals to quickly and easily navigate new patient intake hurdles and book an appointment with a medical professional at any time. Taken together, we believe this strategy will better address patient leads, with the intent of increasing conversions and, ultimately, more Lap-Band® surgeries.”
Mr. Hickey concluded, “We believe our personalized, HIPAA-compliant, weight management program, ReShapeCare™, with resources including personalized health coaching, could be a meaningful adjunct for GLP-1 patients, helping them to make the necessary lifestyle changes to attain long-term weight loss. As the limitations of the use of GLP-1s become more evident, we are confident that our minimally invasive, adjustable Lap-Band® system, which remains broadly reimbursed, will continue to gain further acceptance as a long-term and safe weight loss solution. Going forward, we remain committed to continuing our collaborations with healthcare professionals to expand awareness and use of personalized treatments, including both our proprietary Lap-Band® and ReShapeCare™ programs, to ensure that patients can achieve durable long-term weight loss goals.”
Second Quarter and Six months Ended June 30, 2023, Financial and Operating Results
Revenue totaled $2.3 million for the three months ended June 30, 2023, which represents a contraction of $0.6 million compared to the same period in 2022. The primary reason is due to a decrease in sales throughout the U.S. and Europe. During the three months ended June 30, 2023, the company focused on its new strategies for marketing through a targeted digital media campaign near bariatric surgical centers, while reducing costs and increasing efficiencies. The company expects that, during the second half of 2023, these efforts will come to fruition and revenue will grow through the remainder of 2023, as the company continues to focus on increasing the demand for the Lap-Band®.
Revenue totaled $4.5 million for the six months ended June 30, 2023, which represents a contraction of $0.8 million compared to the same period in 2022. The primary reason is due to a decrease in sales throughout the U.S. and Europe. During the six months ended June 30, 2023, the company focused on its new strategies for marketing through a targeted digital media campaign near bariatric surgical centers, while reducing costs and increasing efficiencies. The company expects that, during the second half of 2023, these efforts will come to fruition and revenue will grow through the remainder of the year, as the company continues to focus on increasing the demand for the Lap-Band®.
Gross Profit for the three months ended June 30, 2023 was $1.2 million, compared to $1.9 million for the same period in 2022, a decrease of $0.7 million. Gross profit as a percentage of total revenue for the three months ended June 30, 2023 was 53.0%, compared to 65.1% for the same period in 2022. The decrease in gross profit percentage is due to the decrease in sales volume without a reduction in overhead costs.
Gross profit for the six months ended June 30, 2023 was $2.4 million, compared to $3.1 million for the same period in 2022, a decrease of $0.7 million. Gross profit as a percentage of total revenue for the six months ended June 30, 2023 was 53.2%, compared to 58.2% for the same period in 2022. The decrease in gross profit percentage is due to the decrease in sales volume without a reduction in overhead costs.
Sales and Marketing Expenses for the three months ended June 30, 2023, decreased by $2.5 million, or 53.0% to $2.2 million, compared to $4.6 million for the same period in 2022. The decrease is primarily due to a decrease of $1.6 million in advertising and marketing expenses, due to the move to a targeted digital marketing campaign. There were also reductions in payroll expenditures, including commissions, stock-based compensation, travel and consulting related services all totaling $0.9 million.
Sales and marketing expenses for the six months ended June 30, 2023, decreased by $5.0 million, or 53.3%, to $4.3 million, compared to $9.3 million for the same period in 2022. The decline is primarily due to a decrease of $4.0 million in advertising and marketing expenses, as the company has reevaluated its marketing approach and has moved to a targeted digital marketing campaign, resulting in a significant reduction of costs. The company also had reductions in payroll expenditures, including commissions, travel and stock-based compensation of $0.9 million, due to changes in sales personnel and lower sales.
General and Administrative Expenses for the three months ended June 30, 2023, decreased by $2.9 million, or 54.4%, to approximately $2.5 million, compared to $5.4 million for the same period in 2022. The decrease is primarily due to a reduction in legal related expenses of $1.9 million, due to the company recording $2.0 million in litigation losses during the three months ended June 30, 2022. In addition, the company had a reduction in stock-based compensation expense of $0.4 million and a reduction in payroll-related expenditures of $0.4 million, due to changes within personnel. The company had a decrease in intangible asset amortization, as it impaired the finite intangible assets during the fourth quarter of 2022. The company also had a decrease in rent and insurance of $0.2 million due to its lease of the Carlsbad, CA location expiring.
General and administrative expenses for the six months ended June 30, 2023, decreased by $2.6 million, or 28.0%, to approximately $6.7 million, compared to $9.3 million for the same period in 2022. The decrease is primarily due to a reduction in legal related expenses of $1.7 million, due to the company recording $2.0 million in litigation losses during the three months ended June 30, 2022. In addition, the company had a reduction in stock-based compensation expense of $0.8 million and a reduction in payroll related expenditures of $0.6 million, due to changes within personnel. The company had a decrease in intangible asset amortization of $0.9 million, as it impaired the finite intangible assets during the fourth quarter. The company also had a decrease in rent and insurance of $0.4 million due to the lease of its Carlsbad, CA location expiring. This was offset by an increase in audit and professional services of approximately $1.9 million, primarily due to the offerings the company completed in February 2023 and April 2023.
Research and Development Expenses for the three months ended June 30, 2023, decreased by $0.2 million, or 22.2%, to $0.6 million, compared to approximately $0.8 million for the same period in 2022. The decline is primarily due to a decrease of $0.1 million in payroll expenses and a reduction of $0.1 million in consulting and clinical related expenses.
Research and development expenses for the six months ended June 30, 2023, decreased by $0.5 million, or 30.8%, to $1.0 million, compared to $1.5 million for the same period in 2022. The decline is primarily due to a decrease of $0.2 million in payroll expenses and a reduction of $0.1 million in consulting and clinical related expenses. The company also had minor decreases in both stock-based compensation expense and depreciation expense.
Non-GAAP adjusted EBITDA loss was $3.7 million for the three months ended June 30, 2023, compared to a loss of $7.8 million for the same period last year.
Non-GAAP adjusted EBIDTA loss was $9.1 million for the six months ended June 30, 2023, compared to a loss of $15.0 million for the same period last year.
Cash and Cash Equivalents as of June 30, 2023, were $4.7 million and the company remains debt free on its balance sheet.
Conference Call Information
Management will host a conference call to discuss ReShape’s financial and operational results today at 5:00 pm ET and will be joined by a member of ReShape’s Scientific Advisory Board, Christine Ren-Fielding, M.D., Professor of Surgery at NYU Grossman School of Medicine, Director of the NYU Langone Weight Management Program and Chief of the Division of Bariatric Surgery.
To participate in the conference call please register with the following Registration Link, and dial-in details will be provided. Participants using this feature are requested to dial into the conference call fifteen minutes ahead of time to avoid delays.
An archived replay will also be available on the “Events and Presentations” section of ReShape’s website at: https://ir.reshapelifesciences.com/events-and-presentations.
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. The recently launched 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.
Forward-Looking Safe Harbor Statement
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those discussed due to known and unknown risks, uncertainties, and other factors. These forward-looking statements generally can be identified by the use of words such as "expect," "plan," "anticipate," "could," "may," "intend," "will," "continue," "future," other words of similar meaning and the use of future dates. Forward-looking statements in this press release include statements about the company’s expected path to profitability, the expected timing of the FDA review process for the Lap-Band® 2.0, the expected adoption of the Lap-Band® 2.0 by surgeons, and the expectation for increased revenue. These and additional risks and uncertainties are described more fully in the company's filings with the Securities and Exchange Commission, including those factors identified as "risk factors" in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. We are providing this information as of the date of this press release and do not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Disclosures
In addition to the financial information prepared in conformity with GAAP, we provide certain historical non-GAAP financial information. Management believes that these non-GAAP financial measures assist investors in making comparisons of period-to-period operating results.
Management believes that the presentation of this non-GAAP financial information provides investors with greater transparency and facilitates comparison of operating results across a broad spectrum of companies with varying capital structures, compensation strategies, and amortization methods, which provides a more complete understanding of our financial performance, competitive position, and prospects for the future. However, the non-GAAP financial measures presented in this release have certain limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-GAAP financial measures presented by the company may be different from similarly named non-GAAP financial measures used by other companies.
Adjusted EBITDA
Management uses Adjusted EBITDA in its evaluation of the company’s core results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Adjusted EBITDA is defined as net loss before interest, taxes, depreciation and amortization, stock-based compensation, and other one-time costs. Management uses Adjusted EBITDA in its evaluation of the company’s core results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. Further, the non-GAAP financial measures presented by the company may be different from similarly named non-GAAP financial measures used by other companies.
Time for a strong rebound
FCEL: 1.38
52w :1.32 – 4.62
Technical progress continues towards commercialization of carbonate fuel cell technology for carbon capture
DANBURY, Conn., Aug. 28, 2023 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) and ExxonMobil Technology and Engineering Company (EMTEC) have agreed to extend their ongoing joint development agreement through March 31, 2024. The extension enables further development related to manufacturing scale-up and work towards advancing the carbonate fuel cell technology for point source carbon capture applications against a broader set of carbon capture opportunities including lower carbon intensity flue streams. The extended development work will also enable continued joint marketing and sales efforts as well as performance improvement and cost optimization.
FuelCell Energy and EMTEC will continue to work on finalization of engineering and cost elements of a potential demonstration of the technology with ExxonMobil; a final investment decision on the demonstration project is expected later this year.
Jason Few, CEO and president of FuelCell Energy commented, “We are extremely pleased that our jointly-developed carbon capture technology has been found to be feasible for the commercial usage we are targeting and look forward to working with ExxonMobil towards a potential demonstration project.”
He added, “The focus on solutions for industrial businesses to reduce their emissions continues to grow, and we are excited about the promise of this technology to capture CO2 emissions from industrial and commercial exhaust streams. We are confident that the carbonate fuel cell technology can play a key role as part of integrated carbon abatement solutions, which include carbon utilization and sequestration. We are committed as a company to help reduce carbon emissions worldwide.”
Carbonate fuel cells can efficiently capture and concentrate carbon dioxide from external sources. CO2-containing flue streams, like combustion exhaust, can be directed to the fuel cell, where electrochemical reactions produce electricity and hydrogen while capturing and concentrating carbon dioxide for utilization or permanent sequestration. The modular design of the technology allows it to be used in a number of applications in a wide range of locations and enables high efficiency operation while permitting businesses in hard-to-decarbonize industrial and commercial sectors to advance their goals.
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ: FCEL): FuelCell Energy is a global leader in sustainable clean energy technologies that address some of the world’s most critical challenges around energy, safety and global urbanization. It collectively holds more than 450 fuel cell technology patents in the United States and globally. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers worldwide with sustainable products and solutions for businesses, utilities, governments and municipalities. The Company’s solutions are designed to enable a world empowered by clean energy, enhancing the quality of life for people around the globe.
Aug 25, 2023 1.3300 1.4200 1.3200 1.3800 1.3800 9,587,400
Aug 24, 2023 1.4500 1.4500 1.3200 1.3300 1.3300 10,638,600
Aug 23, 2023 1.4500 1.4800 1.4000 1.4200 1.4200 8,303,100
Aug 22, 2023 1.5500 1.5800 1.4100 1.4400 1.4400 12,998,200
Aug 21, 2023 1.6100 1.6200 1.5400 1.5400 1.5400 7,789,500
Aug 18, 2023 1.5700 1.6300 1.5500 1.6100 1.6100 9,465,300
Aug 17, 2023 1.7200 1.7300 1.6200 1.6300 1.6300 11,502,300
Aug 16, 2023 1.8000 1.8000 1.6700 1.7000 1.7000 13,834,200
Aug 15, 2023 1.8600 1.8600 1.7800 1.7800 1.7800 6,761,900
Aug 14, 2023 1.8400 1.8900 1.8000 1.8800 1.8800 7,629,500
Aug 11, 2023 1.8700 1.8800 1.8300 1.8700 1.8700 8,083,200
Aug 10, 2023 1.8800 1.9500 1.8300 1.9000 1.9000 11,721,100
Aug 09, 2023 1.9200 1.9600 1.8900 1.9100 1.9100 12,287,900
Aug 08, 2023 1.8800 1.9100 1.8200 1.9100 1.9100 10,679,300
Aug 07, 2023 1.9900 1.9900 1.8700 1.9100 1.9100 14,701,700
Aug 04, 2023 2.0500 2.0700 1.9600 1.9900 1.9900 13,526,500
Aug 03, 2023 2.0300 2.0800 2.0200 2.0300 2.0300 12,206,100
Aug 02, 2023 2.1000 2.1000 1.9300 2.0100 2.0100 24,709,400
Aug 01, 2023 2.1600 2.1800 2.1200 2.1300 2.1300 13,664,300
Jul 31, 2023 2.1800 2.2100 2.1300 2.1900 2.1900 17,719,900
Jul 28, 2023 2.1800 2.2000 2.1000 2.1500 2.1500 11,169,700
Jul 27, 2023 2.2000 2.2600 2.0800 2.0900 2.0900 16,843,500
Jul 26, 2023 2.1700 2.2100 2.1200 2.1600 2.1600 15,410,300
Jul 25, 2023 2.2600 2.2700 2.1500 2.1700 2.1700 11,817,200
Jul 24, 2023 2.2700 2.3200 2.2400 2.2500 2.2500 9,892,500
Jul 21, 2023 2.3200 2.3300 2.2200 2.2600 2.2600 13,045,400
Jul 20, 2023 2.3400 2.3600 2.2500 2.3000 2.3000 13,245,600
Jul 19, 2023 2.4000 2.4500 2.3500 2.4000 2.4000 11,950,500
Jul 18, 2023 2.4900 2.5400 2.3100 2.3400 2.3400 20,201,800
Time for a strong rebound
WNBD: 0.0002
0.0001 - 0.0013
https://www.winningbrandscorporation.com/index.html
2 times big news:
https://twitter.com/WinningCEO/status/1693732735389511793/photo/1
$WNBD #GestureTek @TruthToPower23 Hello Fresh - The relationship with the Progressive Grocer media organization begins with a double page spread in their industry magazine in September. It will introduce the subject of GestureTek interactive projections to grocery aisles. The… https://t.co/BqcNy9D7oV
— Eric Lehner (@WinningCEO) August 21, 2023
Time for a strong rebound
WNBD: 0.0002
0.0001 - 0.0013
https://www.winningbrandscorporation.com/index.html
2 times big news:
https://twitter.com/WinningCEO/status/1693732735389511793/photo/1
$WNBD #GestureTek @TruthToPower23 Hello Fresh - The relationship with the Progressive Grocer media organization begins with a double page spread in their industry magazine in September. It will introduce the subject of GestureTek interactive projections to grocery aisles. The… https://t.co/BqcNy9D7oV
— Eric Lehner (@WinningCEO) August 21, 2023
Opgen (OPGN): 0,3193 + 69.8%
very huge volume: 4.499.144
somebody buying the company???
They need money
Company exploring alternatives to improve cash position, including restructuring or refinancing debt, seeking additional debt or equity capital, reduction of business activities, strategic transactions or other measures,...
Opgen (OPGN): 0,3193 + 69.8%
Volume 4.133.493
Opgen: 8,899,524 shares of the Company’s common stock, par value $0.01 per share, were outstanding as of August 11, 2023
Volume more than have of the free float???
Opgen (OPGN): 0,3193 + 69.8%
Volume 4.133.493
Opgen: 8,899,524 shares of the Company’s common stock, par value $0.01 per share, were outstanding as of August 11, 2023
Volume more than have of the free float???
Very high risk but very high potential
Opgn: 0.188
52 Week Range 0.1800 - 11.2000
https://ir.opgen.com/static-files/77ecaaec-38df-443c-937c-20dc3b67b9c8
Opgen: 8,899,524 shares of the Company’s common stock, par value $0.01 per share, were outstanding as of August 11, 2023
= marketcap: 1.67 M
June 30, 2023
Cash and cash equivalents $ 3,237,176
Total assets $ 22,434,962
Total current liabilities 12,415,551
4 years ago: Curetis and OpGen Enter Into Definitive Agreement to Combine Businesses
reflecting a valuation of the combined business of roughly $24 million.
Aug 17, 2023 0.2200
Aug 16, 2023 0.2500
Aug 15, 2023 0.2600
Aug 14, 2023 0.3010
Aug 11, 2023 0.3050
Aug 10, 2023 0.4650
Aug 09, 2023 0.5450
Aug 08, 2023 0.5700
Aug 07, 2023 0.6100
Aug 04, 2023 0.6100
Aug 03, 2023 0.6200
Aug 02, 2023 0.6100
Aug 01, 2023 0.6280
Jul 31, 2023 0.6180
Jul 28, 2023 0.5700
Jul 27, 2023 0.5780
Jul 26, 2023 0.6100
Jul 25, 2023 0.6180
Jul 24, 2023 0.6100
Jul 21, 2023 0.6490
Jul 20, 2023 0.6800
Jul 19, 2023 0.7000
Jul 18, 2023 0.7200
Jul 17, 2023 0.8300
Jul 14, 2023 0.9000
Jul 13, 2023 0.9000
Jul 12, 2023 0.9600
Very high risk but very high potential
Opgn: 0.188
52 Week Range 0.1800 - 11.2000
https://ir.opgen.com/static-files/77ecaaec-38df-443c-937c-20dc3b67b9c8
Opgen: 8,899,524 shares of the Company’s common stock, par value $0.01 per share, were outstanding as of August 11, 2023
= marketcap: 1.67 M
June 30, 2023
Cash and cash equivalents $ 3,237,176
Total assets $ 22,434,962
Total current liabilities 12,415,551
4 years ago: Curetis and OpGen Enter Into Definitive Agreement to Combine Businesses
reflecting a valuation of the combined business of roughly $24 million.
Aug 17, 2023 0.2200
Aug 16, 2023 0.2500
Aug 15, 2023 0.2600
Aug 14, 2023 0.3010
Aug 11, 2023 0.3050
Aug 10, 2023 0.4650
Aug 09, 2023 0.5450
Aug 08, 2023 0.5700
Aug 07, 2023 0.6100
Aug 04, 2023 0.6100
Aug 03, 2023 0.6200
Aug 02, 2023 0.6100
Aug 01, 2023 0.6280
Jul 31, 2023 0.6180
Jul 28, 2023 0.5700
Jul 27, 2023 0.5780
Jul 26, 2023 0.6100
Jul 25, 2023 0.6180
Jul 24, 2023 0.6100
Jul 21, 2023 0.6490
Jul 20, 2023 0.6800
Jul 19, 2023 0.7000
Jul 18, 2023 0.7200
Jul 17, 2023 0.8300
Jul 14, 2023 0.9000
Jul 13, 2023 0.9000
Jul 12, 2023 0.9600
LORDSTOWN MOTORS (RIDEQ) : 3.8 + 15.85%
$4 tomorrow??
LORDSTOWN MOTORS (RIDEQ) : 3.8 + 15.85%
$4 tomorrow??
I expect today at least 3.5
LORDSTOWN MOTORS (RIDEQ) : 3.4 + 4.88%
Aug 04, 2023 3.8260
Jun 16, 2023 6.7600
May 03, 2023 7.0350
Apr 26, 2023 8.0850
Apr 11, 2023 9.0750
Apr 04, 2023 10.0500
40 million instead of 900 million is very good news!!
If these 13 bidders fight for the best parts = $$$
110 million cash (130 - 20 debt)
Foxconn who has to pay millions if they loose
... and less than 16 million shares.
Current marketcap only 50 million with 130 M cash
I expect today at least 3.5
LORDSTOWN MOTORS (RIDEQ) : 3.4 + 4.88%
Aug 04, 2023 3.8260
Jun 16, 2023 6.7600
May 03, 2023 7.0350
Apr 26, 2023 8.0850
Apr 11, 2023 9.0750
Apr 04, 2023 10.0500
40 million instead of 900 million is very good news!!
If these 13 bidders fight for the best parts = $$$
110 million cash (130 - 20 debt)
Foxconn who has to pay millions if they loose
... and less than 16 million shares.
Current marketcap only 50 million with 130 M cash
LORDSTOWN MOTORS (RIDEQ) : 3.28
52w high: 38.62
https://www.otcmarkets.com/filing/conv_pdf?id=16866045&guid=FoN-kKuv_eMSJth
Company said deal with Karma Automotive helps sale process
Deal comes weeks after judge said Lordstown must face trial
Bankrupt electric-vehicle maker Lordstown Motors Corp. has agreed to pay $40 million to settle a Karma Automotive LLC lawsuit alleging that the company lifted designs and technology to develop its flagship Endurance truck.
The settlement disclosed in bankruptcy court papers Tuesday averts an upcoming trial that threatened to derail Lordstown’s efforts to sell its business in Chapter 11.
The deal is for substantially less than the more than $900 million Karma had been seeking, but it ensures Karma is compensated despite Lordstown’s bankruptcy. Lordstown said that while it still disputes Karma’s allegations, a settlement was necessary to avert a costly and time-consuming jury trial that posed a “significant impediment” to its sale process and risked scaring off potential bidders.
If they sell the assets and win the foxconn case we could get more than $10/share
As of August 10, 2023, 15,953,212 shares of the registrant’s Class A common stock were outstanding
130 (cash) - 20 (debt) - 40 (karma) + 47.3 foxconn + 50 (assets) = 167M
I'm surprised we are not much higher after the good news this week.
Aug 16, 2023 3.3200
Aug 15, 2023 3.3800
Aug 14, 2023 3.4500
Aug 11, 2023 3.4900
Aug 10, 2023 3.4600
Aug 09, 2023 3.4900
Aug 08, 2023 3.5800
Aug 07, 2023 3.6500
Aug 04, 2023 3.8260
I'm still hoping for at least $4 this week, hopefully we get more updates this week.
Let’s hope for a big battle between the 13 bidders
LORDSTOWN MOTORS (RIDEQ) : 3.28
52w high: 38.62
https://www.otcmarkets.com/filing/conv_pdf?id=16866045&guid=FoN-kKuv_eMSJth
Company said deal with Karma Automotive helps sale process
Deal comes weeks after judge said Lordstown must face trial
Bankrupt electric-vehicle maker Lordstown Motors Corp. has agreed to pay $40 million to settle a Karma Automotive LLC lawsuit alleging that the company lifted designs and technology to develop its flagship Endurance truck.
The settlement disclosed in bankruptcy court papers Tuesday averts an upcoming trial that threatened to derail Lordstown’s efforts to sell its business in Chapter 11.
The deal is for substantially less than the more than $900 million Karma had been seeking, but it ensures Karma is compensated despite Lordstown’s bankruptcy. Lordstown said that while it still disputes Karma’s allegations, a settlement was necessary to avert a costly and time-consuming jury trial that posed a “significant impediment” to its sale process and risked scaring off potential bidders.
If they sell the assets and win the foxconn case we could get more than $10/share
As of August 10, 2023, 15,953,212 shares of the registrant’s Class A common stock were outstanding
130 (cash) - 20 (debt) - 40 (karma) + 47.3 foxconn + 50 (assets) = 167M
I'm surprised we are not much higher after the good news this week.
Aug 16, 2023 3.3200
Aug 15, 2023 3.3800
Aug 14, 2023 3.4500
Aug 11, 2023 3.4900
Aug 10, 2023 3.4600
Aug 09, 2023 3.4900
Aug 08, 2023 3.5800
Aug 07, 2023 3.6500
Aug 04, 2023 3.8260
I'm still hoping for at least $4 this week, hopefully we get more updates this week.
Let’s hope for a big battle between the 13 bidders
Taoping Inc. (TAOP) : 3.20 + 10.34%
Shares Outstanding 1.86M
Float 1.09M
52w: 2.91 – 11.90
Very high volatility
Aug 16, 2023 2.8600 3.2000 2.8200 3.1997 3.1997 56,738
Aug 15, 2023 3.0200 3.0300 2.9000 2.9000 2.9000 26,500
Aug 14, 2023 3.0800 3.1900 2.9400 3.1000 3.1000 25,900
Aug 11, 2023 3.4200 3.5100 3.1700 3.1700 3.1700 43,500
Aug 10, 2023 3.9000 3.9200 3.5000 3.5100 3.5100 77,300
Aug 09, 2023 3.5000 3.7800 3.4300 3.6200 3.6200 124,700
Aug 08, 2023 3.4600 3.5700 3.2000 3.5000 3.5000 66,800
Aug 07, 2023 3.6800 3.8500 3.3500 3.6300 3.6300 77,400
Aug 04, 2023 4.0400 5.1700 3.8600 4.0900 4.0900 633,900
Aug 03, 2023 3.8000 4.2500 3.5200 4.1000 4.1000 176,300
Aug 02, 2023 4.7200 4.8500 3.7000 3.8000 3.8000 181,400
Aug 01, 2023 5.5900 6.0000 4.8000 4.9000 4.9000 262,400
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.
Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."
"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
________________________________________
Taoping Inc. (TAOP) : 3.20 + 10.34%
Shares Outstanding 1.86M
Float 1.09M
52w: 2.91 – 11.90
Very high volatility
Aug 16, 2023 2.8600 3.2000 2.8200 3.1997 3.1997 56,738
Aug 15, 2023 3.0200 3.0300 2.9000 2.9000 2.9000 26,500
Aug 14, 2023 3.0800 3.1900 2.9400 3.1000 3.1000 25,900
Aug 11, 2023 3.4200 3.5100 3.1700 3.1700 3.1700 43,500
Aug 10, 2023 3.9000 3.9200 3.5000 3.5100 3.5100 77,300
Aug 09, 2023 3.5000 3.7800 3.4300 3.6200 3.6200 124,700
Aug 08, 2023 3.4600 3.5700 3.2000 3.5000 3.5000 66,800
Aug 07, 2023 3.6800 3.8500 3.3500 3.6300 3.6300 77,400
Aug 04, 2023 4.0400 5.1700 3.8600 4.0900 4.0900 633,900
Aug 03, 2023 3.8000 4.2500 3.5200 4.1000 4.1000 176,300
Aug 02, 2023 4.7200 4.8500 3.7000 3.8000 3.8000 181,400
Aug 01, 2023 5.5900 6.0000 4.8000 4.9000 4.9000 262,400
Taoping Inc. (NASDAQ: TAOP, the "Company" or "Taoping"), reported a 95% increase in contract revenue value for its cloud-based product, software and advertising businesses for the first half of 2023 on a year over year basis. The Company has received contracts totaling RMB 106 million (approximately US$14.65 million) in the first half of 2023, all of which are expected to be completed and recognized as revenue within fiscal year 2023.
Growth was led by a post-COVID-19 reopening, and a resumption in both commercial and travel activities, which has led to a rebound in demand from Taoping's city partner ecosystem and comprehensive portfolio of core high-value, high-traffic area software development and advertising business solutions, which leverage the Company's powerful new Cloud Nest AI system and intelligent Cloud platform.
Mr. Lin Jianghuai, Chairman and CEO of Taoping, said: "2023 started off at a record pace for us and we expect to keep the driving momentum for the remaining of the year, as we layer in new products and solutions, including our off-grid wastewater solutions. This is an exciting time for us as our team has done an excellent job staying focused during the challenging COVID-19 period. Throughout this time, we have maintained a strong connection with our valued customers, ensuring that we understand and address their evolving needs. Simultaneously, we have remained committed to investing in the advancement of cutting-edge Smart City solutions, which seamlessly integrate with our AI-driven intelligent Cloud platform. This deliberate strategy allows us to offer innovative and comprehensive offerings that deliver unparalleled value to our customers."
"We are filled with optimism regarding our impressive progress thus far, but our enthusiasm reaches even greater heights as we contemplate the promising prospects that lie ahead. This stems from our advantageous competitive position, distinctive range of products, and robust financial standing."
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. For more information about Taoping, please visit www.taop.com. You can also follow us via LinkedIn, Twitter or YouTube.
________________________________________
LORDSTOWN MOTORS (RIDEQ) : 3.3 + 1.54%
I'm surprised we are not much higher after the good news this week.
Aug 16, 2023 3.3200
Aug 15, 2023 3.3800
Aug 14, 2023 3.4500
Aug 11, 2023 3.4900
Aug 10, 2023 3.4600
Aug 09, 2023 3.4900
Aug 08, 2023 3.5800
Aug 07, 2023 3.6500
Aug 04, 2023 3.8260
I'm still hoping for at least $4 this week, hopefully we get more updates this week.
Let’s hope for a big battle between the 13 bidders
LORDSTOWN MOTORS (RIDEQ) : 3.3 + 1.54%
I'm surprised we are not much higher after the good news this week.
Aug 16, 2023 3.3200
Aug 15, 2023 3.3800
Aug 14, 2023 3.4500
Aug 11, 2023 3.4900
Aug 10, 2023 3.4600
Aug 09, 2023 3.4900
Aug 08, 2023 3.5800
Aug 07, 2023 3.6500
Aug 04, 2023 3.8260
I'm still hoping for at least $4 this week, hopefully we get more updates this week.
Let’s hope for a big battle between the 13 bidders
Today 3.5?
LORDSTOWN MOTORS (RIDEQ): 3.30 +1.54%
https://www.otcmarkets.com/filing/conv_pdf?id=16866045&guid=FoN-kKuv_eMSJth
Company said deal with Karma Automotive helps sale process
Deal comes weeks after judge said Lordstown must face trial
Bankrupt electric-vehicle maker Lordstown Motors Corp. has agreed to pay $40 million to settle a Karma Automotive LLC lawsuit alleging that the company lifted designs and technology to develop its flagship Endurance truck.
The settlement disclosed in bankruptcy court papers Tuesday averts an upcoming trial that threatened to derail Lordstown’s efforts to sell its business in Chapter 11.
The deal is for substantially less than the more than $900 million Karma had been seeking, but it ensures Karma is compensated despite Lordstown’s bankruptcy. Lordstown said that while it still disputes Karma’s allegations, a settlement was necessary to avert a costly and time-consuming jury trial that posed a “significant impediment” to its sale process and risked scaring off potential bidders.
If they sell the assets and win the foxconn case we could get more than $10/share
As of August 10, 2023, 15,953,212 shares of the registrant’s Class A common stock were outstanding
130 (cash) - 20 (debt) - 40 (karma) + 47.3 foxconn + 50 (assets) = 167M
Today 3.5?
LORDSTOWN MOTORS (RIDEQ): 3.30 +1.54%
https://www.otcmarkets.com/filing/conv_pdf?id=16866045&guid=FoN-kKuv_eMSJth
Company said deal with Karma Automotive helps sale process
Deal comes weeks after judge said Lordstown must face trial
Bankrupt electric-vehicle maker Lordstown Motors Corp. has agreed to pay $40 million to settle a Karma Automotive LLC lawsuit alleging that the company lifted designs and technology to develop its flagship Endurance truck.
The settlement disclosed in bankruptcy court papers Tuesday averts an upcoming trial that threatened to derail Lordstown’s efforts to sell its business in Chapter 11.
The deal is for substantially less than the more than $900 million Karma had been seeking, but it ensures Karma is compensated despite Lordstown’s bankruptcy. Lordstown said that while it still disputes Karma’s allegations, a settlement was necessary to avert a costly and time-consuming jury trial that posed a “significant impediment” to its sale process and risked scaring off potential bidders.
If they sell the assets and win the foxconn case we could get more than $10/share
As of August 10, 2023, 15,953,212 shares of the registrant’s Class A common stock were outstanding
130 (cash) - 20 (debt) - 40 (karma) + 47.3 foxconn + 50 (assets) = 167M
Mullen Announces Debut of the Ultra-High-Performance FIVE RS Demonstrator
Mullen Automotive, Inc.
Wed, August 16, 2023 at 1:30 PM
The Mullen FIVE RS EV Sport Crossover, featuring a top speed of over 200 mph and acceleration from 0-60 mph in under 2 seconds, will be highlighted on the upcoming “Strikingly Different” EV tour kicking off on Aug. 20, 2023, in Austin, Texas
The FIVE RS is equipped with 800-volt architecture, all-wheel drive, a two-speed gearbox, and over 1,100 horsepower
BREA, Calif., Aug. 16, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces the debut of the ultra-high-performance Mullen FIVE RS EV Crossover. The RS will be featured on the upcoming “Strikingly Different” EV tour kicking off on Aug. 20, 2023, in Austin, Texas.
The Mullen FIVE RS is an ultra-high-performance EV featuring a top speed of 200 mph and acceleration from 0-60 mph in under 2 seconds. Equipped with 800-volt architecture, all-wheel drive, a two-speed gearbox, and over 1,100 horsepower, the vehicle has a performance-oriented suspension and massive 325/35R21 front and rear tires. Specifically developed brakes provide quick stopping for the RS, which is fully race prepped to allow occupants to experience max-performance potential.
“I want to encourage shareholders to continue sharing thoughts and opinions with Mullen, and remember we are working together to achieve great things, including pushing the boundaries of EV performance and electrifying the world,” said David Michery, CEO and chairman of Mullen Automotive.
Due to the high-powered capabilities of the FIVE RS, consumers will not be allowed to test drive the vehicle directly. Instead, Mullen will offer consumers the opportunity to ride in the Mullen FIVE RS alongside a professional race car driver, providing an up-close and personal experience in one of the fastest vehicles available globally.
Mullen will offer “front row” FIVE reservation holders the first chance to experience the Mullen FIVE RS in person on the “Strikingly Different” U.S. test drive tour. More details on the upcoming tour can be accessed here.
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential” and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include but are not limited to whether the ultra-high-performance Mullen FIVE RS EV Crossover will perform as expected or be a success, and the dates and cars featured on the “Strikingly Different” EV tour. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
Mullen Announces Debut of the Ultra-High-Performance FIVE RS Demonstrator
Mullen Automotive, Inc.
Wed, August 16, 2023 at 1:30 PM
The Mullen FIVE RS EV Sport Crossover, featuring a top speed of over 200 mph and acceleration from 0-60 mph in under 2 seconds, will be highlighted on the upcoming “Strikingly Different” EV tour kicking off on Aug. 20, 2023, in Austin, Texas
The FIVE RS is equipped with 800-volt architecture, all-wheel drive, a two-speed gearbox, and over 1,100 horsepower
BREA, Calif., Aug. 16, 2023 (GLOBE NEWSWIRE) -- via IBN -- Mullen Automotive, Inc. (NASDAQ: MULN) (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, today announces the debut of the ultra-high-performance Mullen FIVE RS EV Crossover. The RS will be featured on the upcoming “Strikingly Different” EV tour kicking off on Aug. 20, 2023, in Austin, Texas.
The Mullen FIVE RS is an ultra-high-performance EV featuring a top speed of 200 mph and acceleration from 0-60 mph in under 2 seconds. Equipped with 800-volt architecture, all-wheel drive, a two-speed gearbox, and over 1,100 horsepower, the vehicle has a performance-oriented suspension and massive 325/35R21 front and rear tires. Specifically developed brakes provide quick stopping for the RS, which is fully race prepped to allow occupants to experience max-performance potential.
“I want to encourage shareholders to continue sharing thoughts and opinions with Mullen, and remember we are working together to achieve great things, including pushing the boundaries of EV performance and electrifying the world,” said David Michery, CEO and chairman of Mullen Automotive.
Due to the high-powered capabilities of the FIVE RS, consumers will not be allowed to test drive the vehicle directly. Instead, Mullen will offer consumers the opportunity to ride in the Mullen FIVE RS alongside a professional race car driver, providing an up-close and personal experience in one of the fastest vehicles available globally.
Mullen will offer “front row” FIVE reservation holders the first chance to experience the Mullen FIVE RS in person on the “Strikingly Different” U.S. test drive tour. More details on the upcoming tour can be accessed here.
About Mullen
Mullen Automotive (NASDAQ: MULN) is a Southern California-based automotive company building the next generation of electric vehicles (“EVs”) that will be manufactured in its two United States-based assembly plants. Mullen’s EV development portfolio includes the Mullen FIVE EV Crossover, Mullen-GO Commercial Urban Delivery EV, Mullen Commercial Class 1-3 EVs and Bollinger Motors, which features both the B1 and B2 electric SUV trucks and Class 4-6 commercial offerings. On Sept. 7, 2022, Bollinger Motors became a majority-owned EV truck company of Mullen Automotive, and on Dec. 1, 2022, Mullen closed on the acquisition of Electric Last Mile Solutions’ (“ELMS”) assets, including all IP and a 650,000-square-foot plant in Mishawaka, Indiana.
To learn more about the Company, visit www.MullenUSA.com.
Forward-Looking Statements
Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential” and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Mullen and are difficult to predict. Examples of such risks and uncertainties include but are not limited to whether the ultra-high-performance Mullen FIVE RS EV Crossover will perform as expected or be a success, and the dates and cars featured on the “Strikingly Different” EV tour. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Mullen with the Securities and Exchange Commission. Mullen anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Mullen assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Mullen’s plans and expectations as of any subsequent date.
Contact:
Mullen Automotive, Inc.
+1 (714) 613-1900
www.MullenUSA.com
I said: I hope we see 3.5 - 3.7 today and ... at least 4 by the end of the week.
Were almost there:
LORDSTOWN MOTORS CORP 3,38 +6,62%
Company said deal with Karma Automotive helps sale process
Deal comes weeks after judge said Lordstown must face trial
Bankrupt electric-vehicle maker Lordstown Motors Corp. has agreed to pay $40 million to settle a Karma Automotive LLC lawsuit alleging that the company lifted designs and technology to develop its flagship Endurance truck.
The settlement disclosed in bankruptcy court papers Tuesday averts an upcoming trial that threatened to derail Lordstown’s efforts to sell its business in Chapter 11.
The deal is for substantially less than the more than $900 million Karma had been seeking, but it ensures Karma is compensated despite Lordstown’s bankruptcy. Lordstown said that while it still disputes Karma’s allegations, a settlement was necessary to avert a costly and time-consuming jury trial that posed a “significant impediment” to its sale process and risked scaring off potential bidders.
The deal was struck weeks after Judge Mary Walrath ruled Lordstown would have to go to trial over Karma’s allegations despite the fact that the company recently filed Chapter 11, an action that usually pauses litigation. The outcome of a trial was expected to determine which company owns assets related to the Endurance, meaning the dispute could have determined what potential bidders could actually acquire from Lordstown.
The $40 million settlement must be approved by Judge Walrath. The settlement amount includes a $5 million royalty payment, according to court documents.
Lordstown filed Chapter 11 in June amid a separate, costly dispute with iPhone maker Foxconn Technology Group over a deal to make pickup trucks for Lordstown at an assembly plant in Ohio.
The bankruptcy is Lordstown Motors Corp., 23-10831, US Bankruptcy Court for the District of Delaware.
I said: I hope we see 3.5 - 3.7 today and ... at least 4 by the end of the week.
Were almost there:
LORDSTOWN MOTORS CORP 3,38 +6,62%
Company said deal with Karma Automotive helps sale process
Deal comes weeks after judge said Lordstown must face trial
Bankrupt electric-vehicle maker Lordstown Motors Corp. has agreed to pay $40 million to settle a Karma Automotive LLC lawsuit alleging that the company lifted designs and technology to develop its flagship Endurance truck.
The settlement disclosed in bankruptcy court papers Tuesday averts an upcoming trial that threatened to derail Lordstown’s efforts to sell its business in Chapter 11.
The deal is for substantially less than the more than $900 million Karma had been seeking, but it ensures Karma is compensated despite Lordstown’s bankruptcy. Lordstown said that while it still disputes Karma’s allegations, a settlement was necessary to avert a costly and time-consuming jury trial that posed a “significant impediment” to its sale process and risked scaring off potential bidders.
The deal was struck weeks after Judge Mary Walrath ruled Lordstown would have to go to trial over Karma’s allegations despite the fact that the company recently filed Chapter 11, an action that usually pauses litigation. The outcome of a trial was expected to determine which company owns assets related to the Endurance, meaning the dispute could have determined what potential bidders could actually acquire from Lordstown.
The $40 million settlement must be approved by Judge Walrath. The settlement amount includes a $5 million royalty payment, according to court documents.
Lordstown filed Chapter 11 in June amid a separate, costly dispute with iPhone maker Foxconn Technology Group over a deal to make pickup trucks for Lordstown at an assembly plant in Ohio.
The bankruptcy is Lordstown Motors Corp., 23-10831, US Bankruptcy Court for the District of Delaware.
RIDEQ: 3.26 +2.85%
52 high :43,6500
Maybe they only have to pay 4.44% of what Karma first asked.
I hope we see 3.5 - 3.7 today and ... at least 4 by the end of the week.
Aug 15 (Reuters) - Lordstown Motors said on Tuesday it
had reached a $40-million settlement with Karma Automotive over
a 2020 lawsuit in which the now-bankrupt electric vehicle firm
was accused of stealing proprietary technology.
The settlement, placed with the bankruptcy court for
approval, involves $5 million to be paid as royalty for the use
of Karma's intellectual property, which Lordstown was accused of
having misappropriated.
California-based Karma had sued Lordstown for allegedly
poaching its employees and stealing technology used in vehicles'
infotainment systems. That case is scheduled for trial in
September.
In June, electric truck company Lordstown filed for
bankruptcy protection and put itself up for sale after failing
to resolve a dispute over a promised investment from Taiwan's
Foxconn .
According to a filing, Lordstown's debtors have requested
the settlement to be approved by the bankruptcy court on or
before August 28, but a hearing has not been scheduled so far.
In case the settlement is not approved and the case goes to
trial, Lordstown will continue to defend against Karma's claims,
the filing added.