Day: August 12, 2021
FLS – Flowserve Announces Quarterly Cash Dividend of $0.20 Per Share
DALLAS–(BUSINESS WIRE)–Flowserve Corporation, (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, announced that its Board of Directors has authorized a quarterly cash dividend of $0.20 per share on the company’s outstanding shares of common stock.
The dividend is payable on October 8, 2021, to shareholders of record as of the close of business on September 24, 2021.
While Flowserve currently intends to pay regular quarterly cash dividends for the foreseeable future, any future dividends, at this $0.20 per share rate or otherwise, will be reviewed individually and declared by the Board at its discretion.
Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: the impact of the global outbreak of COVID-19 on our business and operations; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from our strategic transformation and realignment initiatives, our business could be adversely affected; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes to tariffs or trade agreements that could affect customer markets, particularly North African, Russian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela and Argentina; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.
All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.
OMQS – CORRECTION – OMNIQ Announces Record Six Months Revenue of $33M, a 24% Growth YoY and Second Quarter 3.5% Growth to $13.1M
- Subsequent to quarter end, OMNIQ announced the closing of its 51% acquisition of technology leader, Dangot Computers Ltd (Dangot). Based on 2020 results creating a combined $91 Million Revenue provider of automation and object identification solutions, positioned to drive increased adoption of OMNIQ’s AI Based Offerings.
- OMNIQ will start consolidating Dangot’s Financial Results beginning July 1, 2021.
- Growth in Revenue of OMNIQ and Dangot in H1 2021 result in a $52.5 Million Dollar Consolidated Revenue of the combined Company – an annual run rate exceeding $100 Million a year.
SALT LAKE CITY, Aug. 12, 2021 (GLOBE NEWSWIRE) — In a release issued under the same headline earlier today by OMNIQ Corp. (OTCQB: OMQS), please note that the date in the Conference Call Information section should state that the conference call would take place on August 13, 2021, not August 6, 2021. The corrected release follows:
OMNIQ Corp. (OTCQB: OMQS) (“OMNIQ” or “the Company”), a provider of Supply Chain and Artificial Intelligence (AI)-based solutions, today announced its financial results for the three month period ended June 30, 2021.
Subsequent to quarter end, OMNIQ announced the closing of its 51% acquisition of technology leader, Dangot Computers Ltd., creating a combined $91 Million Revenue provider of automation and object identification solutions, positioned to drive increased adoption of OMNIQ’s AI Based Offerings
Dangot Six-Month Ended June 30, 2021
- Six-month revenue of $19.5 million
- Six-month gross margin 24%
- Six-month net income before tax of $1.4 million
- Six-month net income of $1 million
- Aroma Espresso Bar (Aroma), the largest coffee chain in Israel with branches in the US, Canada and other countries, has chosen Dangot to provide its self-service kiosks. According to a Forbes article titled “Self-Order Kiosks Are Finally Having A Moment In The Fast Food Space”, written by Alicia Kelso (1) , it is predicted that the self-service kiosk market will reach $30.8 billion by 2024.
Pro Forma (OMNIQ and Dangot Combined) Six-Month Ended June 30, 2021
- Six-month revenue of $ 52.5
- Six-month gross margin 20%
OMNIQ (Stand-Alone) Q2 2021 and recent highlights include:
- Q2 sales of $13.1 million increased 3.5% YoY; 1H sales of $33 million increased 24% YoY
- Q2 Revenue [Sales Orders] from Artificial Intelligence (AI) Based Technology grew ~100% compared to Q1 2021
- Received an approximately $1.1 million purchase agreement from a leading global specialty apparel retailer, which generates over $3 billion in annual revenue.
- Secured purchase orders with a total value of approximately $1.5 million from a leading freight transportation and logistics company
- AI-based machine vision solution, Q Shield™, selected by largest seaport in Israel with annual cargo tonnage of more than 20 million tons
- AI Based cloud software, PERCS™, selected by multibillion dollar medical center for campus parking management
Shai Lustgarten, CEO of OMNIQ, “Our strong momentum in 2021 continued during the second quarter, and into Q3. In fact, just last month we announced the closing of our 51% acquisition of Dangot, based on Pro Forma 2021 half year results the combined consolidated revenue exceeds $52 million representing an annual run rate of over $100 million. We have become a powerhouse of AI, object identification and automation that is well placed to drive growth and stronger financial results. First steps in combining technologies and efforts with Dangot look very promising and we hope to benefit from these efforts very soon. Also, we expect pro forma financials, combined with Dangot, will help us achieve our goal of uplisting to a major stock exchange. Additionally, Dangot launches OMQNIQ into the self-service kiosk market, which is estimated to reach $30.8 billion by 2024.”
“We also recorded strong results on an organic basis” said Shai Lustgarten, CEO of OMNIQ. “Six months revenue reached $33 million, up 24% year over year, and AI based revenue in Q2 2021 increased ~100% from Q1 2021. We also improved our margins, returning to 25% margins in Q2 2021 and subsequent to the end of the quarter we improved our financial strength with a record in cash position. Looking ahead, we are focused on continuing to add new AI based projects, book repeat supply chain sales, in higher volumes, from our Fortune 500 customers, and cross-sell AI-based solutions to our supply chain customers, and now to Dangot customers. We expect growth to continue.”
Second Quarter 2021 Financial Results
OMNIQ reported revenue of $13.1 million for the quarter ended June 30, 2021, an increase of 3.5% from $12.7 million in the second quarter of 2020. The revenue increase reflects higher demand from certain customers during the quarter as well as continued traction in our markets. Total operating expenses for the quarter were $5.1 million, compared with $3.9 million in the second quarter of 2020.
Net loss for the quarter was $2.5 million, or a loss of $.53 per basic share, compared with a loss of $1.9 million, or a loss of $.49 per basic share, for the second quarter of last year.
Adjusted EBITDA (adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) for the second quarter of 2021 amounted to a loss of $437 thousand compared with an adjusted EBITDA loss of $551 thousand in the second quarter of 2020.
Cash balance at June 30, 2021 was $5.4 million compared with $4.6 million at December 31, 2020. The balance at June 30, 2021 does not include net proceeds of $13.8 million from a securities purchase agreement that closed in July 2021.
Financial tables follow.
OMNIQ CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
| For the three months | For the six months | ||||||||||||||
| ending June 30, | ending June 30, | ||||||||||||||
| (In thousands, except share and per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Revenues | |||||||||||||||
| Total Revenues | $ | 13,119 | $ | 12,677 | $ | 32,870 | $ | 26,476 | |||||||
| Cost of goods sold | |||||||||||||||
| Cost of goods sold | 9,820 | 10,099 | 26,936 | 20,862 | |||||||||||
| Gross profit | 3,299 | 2,578 | 5,934 | 5,614 | |||||||||||
| Operating expenses | |||||||||||||||
| Research & Development | 468 | 447 | 962 | 832 | |||||||||||
| Selling, general and administrative | 4,109 | 2,892 | 8,547 | 7,031 | |||||||||||
| Depreciation | 42 | 43 | 85 | 90 | |||||||||||
| Amortization | 522 | 510 | 1047 | 1,011 | |||||||||||
| Total operating expenses | 5,141 | 3,892 | 10,641 | 8,964 | |||||||||||
| Loss from operations | (1,842 | ) | (1,314 | ) | (4,707 | ) | (3,350 | ) | |||||||
| Other income (expenses): | |||||||||||||||
| Interest expense | (714 | ) | (418 | ) | (1,304 | ) | (1,213 | ) | |||||||
| Other (expenses) income | 49 | (260 | ) | 160 | (302 | ) | |||||||||
| Total other expenses | (666 | ) | (678 | ) | (1,144 | ) | (1,515 | ) | |||||||
| Net Loss Before Income Taxes | (2,507 | ) | (1,992 | ) | (5,850 | ) | (4,865 | ) | |||||||
| Provision for Income Taxes | – | – | – | – | |||||||||||
| Current | – | – | |||||||||||||
| Total Provision for Income Taxes | (3 | ) | – | (3 | ) | – | |||||||||
| Net Loss attributable to OMNIQ Corp. | $ | (2,510 | ) | $ | (1,992 | ) | $ | (5,853 | ) | $ | (4,865 | ) | |||
| Foreign currency translation adjustment | (71 | ) | 3 | (132 | ) | (14 | ) | ||||||||
| Comprehensive loss | (2,581 | ) | (1,989 | ) | (5,985 | ) | (4,879 | ) | |||||||
| Reconciliation of net loss to net loss attributable to common shareholders | |||||||||||||||
| Net loss | (2,510 | ) | (1,992 | ) | (5,853 | ) | (4,865 | ) | |||||||
| Less: Preferred stock – Series C dividend | (25 | ) | (54 | ) | (57 | ) | (126 | ) | |||||||
| Net loss attributable to the common stockholders | $ | (2,535 | ) | $ | (2,046 | ) | $ | (5,910 | ) | $ | (4,991 | ) | |||
| Net (loss) per share – basic | $ | (0.53 | ) | $ | (0.49 | ) | $ | (1.24 | ) | $ | (1.21 | ) | |||
| Weighted average number of common shares outstanding – basic | 4,930,149 | 4,141,061 | 4,816,718 | 4,135,420 | |||||||||||
OMNIQ Corp.
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
| Six months ended | ||||||
| (In thousands) | June 30, | |||||
| Adjusted EBITDA Calculation | 2021 | 2020 | ||||
| Net loss | (5,853) | (4,865) | ||||
| Depreciation & amortization | 1,131 | 1,101 | ||||
| Interest expense | 1,304 | 1,213 | ||||
| Income taxes | 3 | – | ||||
| Stock compensation | 1,949 | 1,429 | ||||
| Nonrecurring loss events | (160) | 302 | ||||
| Adjusted EBITDA | (1,626) | (820) | ||||
| Total revenues, net | 32,870 | 26,476 | ||||
| Adjusted EBITDA as a % of total revenues, net | (4.95) | % | (3.10) | % | ||
Conference Call Information
To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.
Date, Time: August 13, 2021, at 11:00am ET
Toll-Free: 877-407-9210
International: 201-689-8049
Live Webcast: https://www.webcaster4.com/Webcast/Page/2310/42363
Conference Call Replay Information
Toll-Free: 877-481-4010
Reference ID: 41133
Replay Webcast: https://www.webcaster4.com/Webcast/Page/2310/42363
About OMNIQ Corp.
OMNIQ Corp. (OTCQB: OMQS) provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real-time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management and access control applications. The technology and services provided by the Company help clients move people, assets and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments.
OMNIQ’s customers include government agencies and leading Fortune 500 companies from several sectors, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, and oil, gas, and chemicals. Since 2014, annual revenues have grown to more than $50 million from clients in the USA and abroad.
The Company currently addresses several billion-dollar markets, including the Global Safe City market, forecast to grow to $29 billion by 2022, and the Ticketless Safe Parking market, forecast to grow to $5.2 billion by 2023. For more information, visit www.omniq.com .
Information about Forward-Looking Statements
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
This release contains “forward-looking statements” that include information relating to future events and future financial and operating performance. The words “anticipate”, “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for the Company’s products particularly during the current health crisis, the introduction of new products, the Company’s ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company’s liquidity and financial strength to support its growth, the Company’s ability to manage credit and debt structures from vendors, debt holders and secured lenders, the Company’s ability to successfully integrate its acquisitions, and other information that may be detailed from time-to-time in OMNIQ Corp.’s filings with the United States Securities and Exchange Commission. Examples of such forward looking statements in this release include, among others, statements regarding revenue growth, driving sales, operational and financial initiatives, cost reduction and profitability, and simplification of operations. For a more detailed description of the risk factors and uncertainties affecting OMNIQ Corp., please refer to the Company’s recent Securities and Exchange Commission filings, which are available at https://www.sec.gov. OMNIQ Corp. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by law.
Investor Contact:
James Carbonara
Hayden IR
(646)-755-7412
james@haydenir.com
Brett Maas
Hayden IR
(646) 536-7331
brett@haydenir.com
NVVE – Nuvve Provided Second Quarter 2021 Financial Update
SAN DIEGO, Aug. 12, 2021 /PRNewswire/ — Nuvve Holding Corp. (Nuvve) (Nasdaq: NVVE), a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform, today provided a second quarter 2021 update.
Second Quarter Highlights and Recent Developments
- Advancing Fleet-as-a-Service (FaaS) offering which allows fleets to electrify transportation through a monthly leasing fee that includes V2G-compatible electric vehicles, V2G charging infrastructure, energy costs, and maintenance
- On August 4, 2021, completed formation of Levo Mobility LLC (Levo), a sustainable infrastructure joint venture with Stonepeak Partners LP that will provide up to $750 million to fund transactions with electric fleets that will utilize our technology
- Announced expanded partnership with Blue Bird Corporation, the leading American-made manufacturer of school buses, to utilize Levo’s Fleet-as-a-Service Leasing Model
- Announced partnership with Romeo Power, an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, to help accelerate V2G integration for battery-electric commercial vehicles
- Robust pipeline activity across a broad range of customers and geographies
- Strong order backlog of $6.4 million, demonstrating strength of pipeline and customer commitments
- Cash and cash equivalents of $48.1 million, as of June 30, 2021
Management Discussion
Gregory Poilasne, chairman and chief executive officer of Nuvve, said, “We are encouraged by the strong customer demand we experienced in the second quarter leading to an increase in our backlog that we believe will drive revenue over time. The completion of the Levo joint venture with Stonepeak Partners represents an important next step as we work with customers to lower the cost of electric vehicle ownership leveraging Nuvve’s differentiated technology. We are excited about our bright future and believe the steps we are taking will drive significant value for our customers, partners, and shareholders while supporting a more sustainable future.”
2021 Second Quarter Financial Review
Total revenue was $1.0 million for the three months ended June 30, 2021, compared to $0.5 million for the three months ended June 30, 2020, an increase of $0.5 million, or 111.9%. The increase is attributed to $0.7 million increase in products and services revenue, partially offset by a $0.2 million decrease in grants revenue.
Cost of product and service revenues primarily consisted of the cost of charging station goods sold. Cost of product and service revenues for the three months ended June 30, 2021, increased by $0.4 million, or 3,255.5%, primarily due to the sales of charging stations in the United States, with no similar activity in the comparable period. Product and services gross margin decreased by 27.4% to 52.7% from 80.1% compared to the same prior year period mostly due to unfavorable mix of products sold with lower gross margins.
Selling, general and administrative expenses consist of selling, marketing, advertising, payroll, administrative, finance and professional expenses. Selling, general and administrative expenses were $5.3 million for the three months ended June 30, 2021 as compared to $0.9 million for the three months ended June 30, 2020, an increase of $4.4 million, or 506.6%. The increase was primarily attributable to an increase in compensation expenses, including share-based compensation, and professional fees which were associated with the completion of the Business Combination and the Company becoming a recapitalized publicly traded company in March 2021.
Research and development expenses increased by $1.0 million, or 153.8%, from $0.7 million for the three months ended June 30, 2020 to $1.7 million for the three months ended June 30, 2021. The increase was primarily attributable to an increase in compensation expenses and subcontractor expenses used to advance the Company’s platform functionality and integration with more vehicles.
Other income (expense) increased by $0.1 million, from $0.03 million of other expense for the three months ended June 30, 2020 to $0.2 million in other expense for the three months ended June 30, 2021. The increase during the three months ended June 30, 2021 was primarily attributable to the interest expense on the convertible debenture, and the change in fair value of the private warrants liability, partially offset by the gains on the forgiveness write-off of the Payroll Protection Program loan.
Net loss increased by $5.1 million, or 487.0%, from $1.1 million for the three months ended June 30, 2020 to $6.2 million for the three months ended June 30, 2021. The increase in net loss was primarily due to increase in expenses of $5.3 million and increase in other expense of $0.1 million for the aforementioned reasons.
During the three months ended March 31, 2021, Nuvve raised net proceeds of $62.0 million from the Business combination and PIPE offering. As of June 30, 2021, Nuvve had a cash balance of $48.1 million.
Conference Call Details
The Company will hold a conference call to review its financial results for the second quarter of 2021, along with other company developments at 4:30 PM Eastern Time (1:30 PM PT) on Thursday, August 12, 2021.
To participate in this call, please dial (833) 974-2375 or (412) 317-5768, or listen via a live webcast, which is available in the Investors section of the Company’s website at https://nuvve.com/investors.
A replay of the call will be available by visiting https://nuvve.com/investors for the next 90 days or by calling (877) 344-7529 or (412) 317-0088, confirmation code 10158500.
About Nuvve Holding Corp.
Nuvve (Nasdaq: NVVE) is accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) technology. Its mission is to lower the cost of electric vehicle ownership while supporting the integration of renewable energy sources, including solar and wind. Nuvve’s Grid Integrated Vehicle, GIVe™, platform is refueling the next generation of electric vehicle fleets through intelligent, bidirectional charging solutions. Since its founding in 2010, Nuvve has launched successful V2G projects on five continents and is deploying commercial services worldwide by developing partnerships with utilities, automakers, and electric vehicle fleets. Nuvve is headquartered in San Diego, California, and can be found online at www.nuvve.com.
Forward Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Nuvve and Nuvve’s strategy, future operations, estimated and projected financial performance, prospects, plans and objectives are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Nuvve disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Nuvve cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Nuvve. In addition, Nuvve cautions you that the forward-looking statements contained in this press release are subject to the following factors: (i) risks related to the rollout of Nuvve’s business and the timing of expected business milestones; (ii) Nuvve’s dependence on widespread acceptance and adoption of electric vehicles and increased installation of charging stations; (iii) Nuvve’s ability to maintain effective internal controls over financial reporting, including the remediation of identified material weaknesses in internal control over financial reporting relating to segregation of duties with respect to, and access controls to, its financial record keeping system, and Nuvve’s accounting staffing levels; (iv) Nuvve’s current dependence on sales of charging stations for most of its revenues; (v) any impact of the analysis of the accounting and reporting of warrants related to the extension of filing the Form 10-Q for the first quarter; (vi) overall demand for electric vehicle charging and the potential for reduced demand if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of electric vehicles or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; (vii) potential adverse effects on Nuvve’s backlog, revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by Nuvve; (viii) the effects of competition on Nuvve’s future business; (ix) risks related to Nuvve’s dependence on its intellectual property and the risk that Nuvve’s technology could have undetected defects or errors; (x) the risk that we conduct a portion of our operations through a joint venture exposes us to risks and uncertainties, many of which are outside of our control; (xi) that our joint venture with Levo Mobility LLC may fail to generate the expected financial results, and the return may be insufficient to justify our investment of effort and/or funds; (xii) changes in applicable laws or regulations; (xiii) the COVID-19 pandemic and its effect directly on Nuvve and the economy generally; (xiv) risks related to disruption of management time from ongoing business operations due to our joint ventures; (xv) risks relating to privacy and data protection laws, privacy or data breaches, or the loss of data; and (xvi) the possibility that Nuvve may be adversely affected by other economic, business, and/or competitive factors. Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the Registration Statement on Form S-1 filed by Nuvve with the Securities and Exchange Commission (“SEC”) on March 25, 2021, and in the other reports that Nuvve has, and will file from time to time with the SEC. Nuvve’s SEC filings are available publicly on the SEC’s website at www.sec.gov.
Use of Projections
This press release contains projected financial information with respect to Nuvve. Such projected financial information constitutes forward-looking information, and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such financial forecast information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties. See “Forward-Looking Statements” above. Actual results may differ materially from the results contemplated by the financial forecast information contained in this press release, and the inclusion of such information in this press release should not be regarded as a representation by any person that the results reflected in such forecasts will be achieved.
Trademarks
This press release contains trademarks, service marks, trade names and copyrights of Nuvve and other companies, which are the property of their respective owners.
Nuvve Investor Contact
Lytham Partners
Robert Blum or Joe Dorame
[email protected]
+1 602 889 9700
|
FINANCIAL TABLES FOLLOW |
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|
NUVVE HOLDING CORP. AND SUBSIDIARIES |
|||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
|
(Unaudited) |
|||||||
|
June 30, 2021 |
December 31, 2020 |
||||||
|
Assets |
|||||||
|
Current assets |
|||||||
|
Cash |
$ |
48,062,996 |
$ |
2,275,895 |
|||
|
Restricted cash |
380,000 |
— |
|||||
|
Accounts receivable |
1,138,649 |
999,897 |
|||||
|
Inventories |
4,217,131 |
1,052,478 |
|||||
|
Security deposit, current |
— |
20,427 |
|||||
|
Prepaid expenses and other current assets |
2,174,347 |
416,985 |
|||||
|
Total Current Assets |
55,973,123 |
4,765,682 |
|||||
|
Property and equipment, net |
103,385 |
95,231 |
|||||
|
Intangible assets, net |
1,550,795 |
1,620,514 |
|||||
|
Investment |
670,951 |
670,951 |
|||||
|
Right-of-use operating assets |
5,253 |
— |
|||||
|
Deferred financing costs |
43,818,000 |
— |
|||||
|
Security deposit, long-term |
3,057 |
3,057 |
|||||
|
Total Assets |
$ |
102,124,564 |
$ |
7,155,435 |
|||
|
Liabilities and Stockholders’ (Deficit) Equity |
|||||||
|
Current Liabilities |
|||||||
|
Accounts payable |
$ |
3,290,154 |
$ |
2,960,249 |
|||
|
Accrued expenses |
2,283,634 |
585,396 |
|||||
|
Deferred revenue |
502,368 |
196,446 |
|||||
|
Debt |
— |
4,294,054 |
|||||
|
Operating lease liabilities – current |
5,406 |
— |
|||||
|
Other liabilities |
3,363 |
— |
|||||
|
Total Current Liabilities |
6,084,925 |
8,036,145 |
|||||
|
Warrants liability |
1,183,000 |
— |
|||||
|
Other long-term liabilities |
26,614 |
— |
|||||
|
Total Liabilities |
7,294,539 |
8,036,145 |
|||||
|
Commitments and Contingencies – Note 14 |
|||||||
|
Stockholders’ (Deficit) Equity |
|||||||
|
Convertible preferred stock, $0.0001 par value, zero and 30,000,000 shares authorized; zero and 16,789,088 shares issued and outstanding; aggregate liquidation preference of $0 and $12,156,676 at June 30, 2021 and December 31, 2020, respectively |
— |
1,679 |
|||||
|
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; zero shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively |
— |
— |
|||||
|
Common stock, $0.0001 par value, 100,000,000 and 30,000,000 shares authorized; 18,626,624 and 9,122,996 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively |
1,863 |
2,616 |
|||||
|
Additional paid-in capital |
126,816,249 |
19,650,659 |
|||||
|
Accumulated other comprehensive income (loss) |
18,762 |
(77,841) |
|||||
|
Accumulated deficit |
(32,006,849) |
(20,457,823) |
|||||
|
Total Stockholders’ Equity (Deficit) |
94,830,025 |
(880,710) |
|||||
|
Total Liabilities and Stockholders’ Equity (Deficit) |
$ |
102,124,564 |
$ |
7,155,435 |
|||
|
NUVVE HOLDING CORP. AND SUBSIDIARIES |
|||||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
|
(Unaudited) |
|||||||||||||||
|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
||||||||||||
|
Revenue |
|||||||||||||||
|
Products and services |
$ |
766,516 |
$ |
54,325 |
$ |
1,078,419 |
$ |
360,046 |
|||||||
|
Grants |
214,814 |
408,818 |
701,943 |
1,048,427 |
|||||||||||
|
Total revenue |
981,330 |
463,143 |
1,780,362 |
1,408,473 |
|||||||||||
|
Operating expenses |
|||||||||||||||
|
Cost of product and service revenue |
362,658 |
10,808 |
489,886 |
33,204 |
|||||||||||
|
Selling, general, and administrative |
5,269,791 |
868,813 |
9,752,531 |
1,717,420 |
|||||||||||
|
Research and development |
1,689,245 |
665,460 |
2,952,195 |
1,207,085 |
|||||||||||
|
Total operating expenses |
7,321,694 |
1,545,081 |
13,194,612 |
2,957,709 |
|||||||||||
|
Operating loss |
(6,340,364) |
(1,081,938) |
(11,414,250) |
(1,549,236) |
|||||||||||
|
Other income (expense) |
|||||||||||||||
|
Interest income (expense) |
1,984 |
(5,455) |
(595,565) |
(7,330) |
|||||||||||
|
Change in fair value of conversion option on convertible notes |
— |
3,107 |
— |
— |
|||||||||||
|
Change in fair value of warrants liability |
(351,602) |
— |
70,228 |
— |
|||||||||||
|
Other, net |
503,676 |
31,184 |
391,561 |
5,656 |
|||||||||||
|
Total other (expense) income, net |
154,058 |
28,836 |
(133,776) |
(1,674) |
|||||||||||
|
Loss before taxes |
(6,186,306) |
(1,053,102) |
(11,548,206) |
(1,550,910) |
|||||||||||
|
Income tax (benefit) expense |
1,000 |
1,000 |
1,000 |
1,000 |
|||||||||||
|
Net loss attributable to common stockholders |
$ |
(6,187,306) |
$ |
(1,054,102) |
$ |
(11,549,026) |
$ |
(1,551,910) |
|||||||
|
Net loss per share attributable to common stockholders, basic and diluted |
$ |
(0.33) |
$ |
(0.12) |
$ |
(0.79) |
$ |
(0.18) |
|||||||
|
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
18,668,009 |
8,778,916 |
14,560,862 |
8,778,916 |
|||||||||||
|
NUVVE HOLDING CORP AND SUBSIDIARIES |
|||||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
|||||||||||||||
|
(Unaudited) |
|||||||||||||||
|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
||||||||||||
|
Net loss |
$ |
(6,187,306) |
$ |
(1,054,102) |
$ |
(11,549,026) |
$ |
(1,551,910) |
|||||||
|
Other comprehensive (loss) income |
|||||||||||||||
|
Foreign currency translation adjustments, net of taxes |
(20,146) |
(38,190) |
96,603 |
(11,409) |
|||||||||||
|
Comprehensive loss |
$ |
(6,207,452) |
$ |
(1,092,292) |
$ |
(11,452,423) |
$ |
(1,563,319) |
|||||||
|
NUVVE HOLDING CORP. AND SUBSIDIARIES |
|||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
|
(Unaudited) |
|||||||
|
Six Months Ended June 30, |
|||||||
|
2021 |
2020 |
||||||
|
Operating activities |
|||||||
|
Net loss |
$ |
(11,549,026) |
$ |
(1,551,910) |
|||
|
Adjustments to reconcile to net loss to net cash used in operating activities |
|||||||
|
Depreciation and amortization |
81,874 |
82,280 |
|||||
|
Share-based compensation |
1,352,708 |
32,978 |
|||||
|
Beneficial conversion feature on convertible debenture |
427,796 |
3,242 |
|||||
|
Accretion of discount on convertible debenture |
116,147 |
— |
|||||
|
Change in fair value of warrants liability |
(70,228) |
— |
|||||
|
Loss on disposal of asset |
1,381 |
— |
|||||
|
Gain on extinguishment of PPP Loan |
(492,100) |
— |
|||||
|
Noncash lease expense |
(1,003) |
— |
|||||
|
Change in operating assets and liabilities |
|||||||
|
Accounts receivable |
(139,140) |
249,622 |
|||||
|
Inventory |
(3,164,653) |
24,200 |
|||||
|
Prepaid expenses |
(2,209,159) |
(47,579) |
|||||
|
Accounts payable |
330,890 |
191,493 |
|||||
|
Accrued expenses |
1,595,165 |
14,690 |
|||||
|
Deferred revenue |
305,922 |
266,844 |
|||||
|
Net cash used in operating activities |
(13,413,426) |
(734,140) |
|||||
|
Investing activities |
|||||||
|
Proceeds from sale of property and equipment |
7,969 |
— |
|||||
|
Purchase of property and equipment |
— |
(22,504) |
|||||
|
Net cash provided by investing activities |
7,969 |
(22,504) |
|||||
|
Financing activities |
|||||||
|
Proceeds from issuance of convertible notes |
— |
28,000 |
|||||
|
Proceeds from Newborn Escrow Account |
58,184,461 |
— |
|||||
|
Redemption of Newborn shares |
(18,629) |
— |
|||||
|
Issuance costs related to reverse recapitalization and PIPE offering |
(3,970,657) |
— |
|||||
|
Proceeds from PIPE offering |
14,250,000 |
— |
|||||
|
Repayment of Newborn sponsor loans |
(487,500) |
— |
|||||
|
Repurchase of common stock from EDF |
(6,000,000) |
— |
|||||
|
Newborn cash acquired |
50,206 |
— |
|||||
|
Purchase of stock from investor |
(2,000,000) |
— |
|||||
|
Payment of financing costs |
(531,527) |
— |
|||||
|
Payment of finance lease Obligations |
(1,989) |
— |
|||||
|
Proceeds from PPP/EIDL Loan |
— |
642,000 |
|||||
|
Issuance of Common Stock |
— |
(3) |
|||||
|
Repayment proceeds from shareholder loan |
— |
(75,000) |
|||||
|
Proceeds from shareholder loan |
— |
75,000 |
|||||
|
Net cash provided by financing activities |
59,474,365 |
669,997 |
|||||
|
Effect of exchange rate on cash |
98,193 |
(11,454) |
|||||
|
Net increase (decrease) in cash and restricted cash |
46,167,101 |
(98,101) |
|||||
|
Cash and restricted cash at beginning of year |
2,275,895 |
326,703 |
|||||
|
Cash and restricted cash at end of period |
$ |
48,442,996 |
$ |
228,602 |
|||
|
Supplemental Disclosure of Noncash Financing Activity |
|||||||
|
Conversion of preferred stock to common stock |
$ |
1,679 |
$ |
— |
|||
|
Conversion of debenture and accrued interest to common shares |
$ |
3,999,435 |
$ |
— |
|||
|
Conversion of shares due to reverse recapitalization |
$ |
3,383 |
$ |
— |
|||
|
Issuance of common stock for merger success fee |
$ |
2,085,299 |
$ |
— |
|||
|
Non-cash merger transaction costs |
$ |
2,085,299 |
$ |
— |
|||
|
Accrued transaction costs related to reverse recapitalization |
$ |
189,434 |
$ |
— |
|||
|
Issuance of private warrants |
$ |
1,253,228 |
$ |
— |
|||
|
Forgiveness of PPP Loan |
$ |
492,100 |
$ |
— |
|||
|
Issuance of Stonepeak and Evolve warrants |
$ |
27,640,000 |
$ |
— |
|||
|
Issuance of Stonepeak and Evolve options |
$ |
12,584,000 |
$ |
— |
|||
SOURCE Nuvve Holding Corp.
ARDX – Pomerantz Law Firm Announces the Filing of a Class Action Against Ardelyx, Inc. and Certain Officers – ARDX
NEW YORK, Aug. 12, 2021 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Ardelyx, Inc. (“Ardelyx” or the “Company”) (NASDAQ: ARDX) and certain of its officers. The class action was filed in the United States District Court for the Northern District of California, Oakland Division, and docketed under 21-cv-06228. Plaintiff brings this federal securities class action under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and U.S. Securities and Exchange Commission Rule 10b-5 promulgated thereunder, 17 C.F.R. § 240.10b-5, on behalf of a class consisting of all persons and entities, other than Defendants and their affiliates, who purchased Ardelyx securities between August 6, 2020 and July 19, 2021, inclusive (the “Class Period”), and who were damaged thereby (the “Class”).
If you are a shareholder who purchased or otherwise acquired Ardelyx securities during the Class Period, you have until September 28, 2021 to ask the Court to appoint you as Lead Plaintiff for the Class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Ardelyx is a specialized biopharmaceutical company focused on developing first-in-class medicine to improve treatment for people with cardiorenal disease. This includes patients with chronic kidney disease (“CKD”) on dialysis suffering from elevated serum phosphorus, or hyperphosphatemia; and CKD patients and/or heart failure patients with elevated serum potassium, or hyperkalemia.
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding tenapanor and the likelihood that it would be approved by the U.S. Food and Drug Administration (“FDA”). Defendants possessed, were in control over, and, as a result, knew (or had reason to know) that the data submitted to support a New Drug Application (“NDA”) for tenapanor was insufficient in that it showed a lack of clinical relevance of the drug’s treatment effect, making it foreseeably likely (if not certain) that the FDA would not approve the drug.
In June 2020, Defendants submitted an NDA to the FDA for Ardelyx’s lead product candidate, tenapanor, a supposedly first-in-class medicine for the control of serum phosphorus in adult patients with CKD on dialysis. According to Ardelyx, tenapanor has “a unique mechanism of action and acts locally in the gut to inhibit the sodium hydrogen exchanger 3, or NHE3,” resulting in the “tightening of the epithelial cell junctions, thereby significantly reducing paracellular uptake of phosphate, the primary pathway of phosphate absorption.” If approved, tenapanor “would be the first therapy for phosphate management that blocks phosphorus absorption at the primary pathway of uptake[,]” and “could greatly improve patient adherence and compliance with one single pill dosed twice daily in contrast to current therapies where typically multiple pills are taken before every meal.” Thus, tenapanor (and its promise) was widely touted by Defendants and, accordingly, extremely important to the valuation (and future success) of Ardelyx securities.
The FDA accepted Ardelyx’s NDA in September 2020 and set a Prescription Drug User Fee Act (“PDUFA”) date of April 29, 2021.
The Company repeatedly lauded this development, highlighting the FDA’s acceptance and review of the NDA, supported by so-called “successful” Phase 3 studies, in each subsequently filed quarterly report and in the Company’s 2020 annual report. Even when the FDA requested that the Company provide additional information related to Ardelyx’s clinical data, which caused the PDUFA date to slip by three months, Defendants continued to hype Ardelyx’s “positive” clinical trial results, which, according to them, showed “improvements” over current treatments, supported tenapanor’s “clinical safety and efficacy,” and reinforced its “potential” as a “transformative” treatment. At no point did Defendants state (much less suggest) that there may be fatal issues with the drug, its clinical trial data, or both. Rather, Defendants simply claimed that the FDA’s request was merely because they needed help to “better understand the clinical data in light of tenapanor’s novel mechanism of action as compared to approved therapies.”
Defendants’ rosy narrative, however, came to a halt after the market closed on July 19, 2021. At that time, Ardelyx announced that it had received a letter from the FDA, dated July 13, 2021, that said the administration had found deficiencies that precluded discussion around the would-be labeling and post-marketing requirements for tenapanor. Critically, the FDA said it detected issues with both the size and clinical relevance of the drug’s treatment effect.
Immediately, analysts cut their price targets and downgraded the Company’s rating. Piper Sandler, for example, rated Ardelyx neutral (down from a buy-equivalent rating) and wrote, “we struggle to see a path forward for Tenapanor.” Raymond James, another analyst, reset the Company’s price target to $4.00 from $14.00 per share.
The Company’s share price likewise plummeted, falling $5.69 per share, or nearly 74%, in a single day, to close at $2.01 per share on July 20, 2021, before falling another 4.2% by market close on July 21, 2021.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
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ZY – SHAREHOLDER ALERT: Robbins LLP Announces that Zymergen Inc. (ZY) is Being Sued for Misleading Shareholders
SAN DIEGO–(BUSINESS WIRE)–Shareholder rights law firm Robbins LLP announces that a class action has been filed on behalf of all persons and entities that purchased or acquired Zymergen Inc. (NASDAQ: ZY) stock in connection with the Company’s April 2021 initial public offering (“IPO”). The complaint alleges violations of the Securities Exchange Act of 1933. Zymergen creates products that purportedly combine the design and manufacturing efficiency of biological processes with technology’s ability to rapidly iterate and control diverse functions. The Company’s first product is Hyaline, an optical film designed for electronic companies to use for display touch sensors.
If you suffered a loss due to Zymergen Inc.’s misconduct, click here.
Zymergen Inc. (ZY) Made Misstatements Regarding its Business Prospects
According to the complaint, Zymergen held its IPO on April 23, 2021, raising approximately $530.1 million. On August 3, 2021, Zymergen issued a business update stating that it “recently became aware of issues with its commercial product pipeline that will impact the Company’s delivery timeline and revenue projections.” Specifically, “several key target customers encountered technical issues in implementing Hyaline into their manufacturing processes” and the market for Hyaline appears to be smaller than previously expected. As such, Zymergen “no longer expects product revenue in 2021, and expects product revenue to be immaterial in 2022.” The Company also announced its CEO was stepping down. On this news, Zymergen’s stock price fell $26.58, or 76%, to close at $8.25 per share on August 4, 2021.
The complaint contends that the Registration Statement was misleading in that it omitted to state that: (1) during the qualification process for Hyaline, key customers had encountered technical issues, including product shrinkage and incompatibility with customers’ processes; (2) Zymergen lacked visibility into the qualification process; (3) as a result, the Company overestimated demand for its products; (4) consequently, the Company’s product delivery timeline was reasonably likely to be delayed, which in turn would delay revenue generation; and (5) therefore, defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
If you purchased shares of Zymergen Inc. stock pursuant to the Company’s April 2021 IPO, you have until October 4, 2021, to ask the court to appoint you lead plaintiff for the class.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
Contact us to learn more:
Lauren Levi
(800) 350-6003
llevi@robbinsllp.com
Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder rights law. To be notified if a class action against Zymergen Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
Attorney Advertising. Past results do not guarantee a similar outcome.
GORO – Gold Resource Corporation Reports Spike in COVID-19 Cases at Don David Gold Mine, Reinstitutes Stricter Protocols Regarding Transportation, Operations And the Frequency of Wellness Checks
DENVER, CO / ACCESSWIRE / August 12, 2021 / Gold Resource Corporation (NYSE American:GORO) (the “Company“, “We“, “Our” or “GRC“) considers the health and safety of its workers and host communities a fundamental priority of the Company’s operations. With pandemic wellness protocols in place, the Company has mined continuously since the Mexican government allowed the Company’s operations to reopen in May of 2020.
Like many other countries, the highly contagious COVID-19 delta variant has had a devastating impact on Mexico. In the last three weeks, the Don David Gold Mine has seen 77 cases confirmed with testing. Most of the people who have fallen ill are experiencing flu-like symptoms, but some were asymptomatic. To combat the virus, we have extended our screening protocols and medical assistance, where appropriate, to our local communities and to regions where our employees may travel on rotation. Currently 30% of our work force or 292 individuals are fully vaccinated, and we expect that another 200 will be vaccinated in the next week. Vaccination efforts are being led by local community government and current expectations are that all individuals in the local communities and in our workforce who wish to be vaccinated will be vaccinated by the end of September.
“We are grateful that the local communities of San José de Gracia and San Pedro Totolápam, and our employees are working together implementing COVID-19 safety protocols. Prevention is the best defense while vaccination for COVID-19 progresses in Mexico,” said Alberto Reyes, Chief Operating Officer of Gold Resource Corporation. “This is a troubling time with the surge in the delta variant of COVID-19. Reducing the risk of transmission and protecting the health and wellness of our workers and surrounding communities is our top priority. We have in place a comprehensive COVID-19 safety plan to provide a safe work environment and to minimize the infection and transmission risk of COVID-19 to employees, contractors, and local communities.”
While we have in place the more stringent transportation and workplace protocols, we will vary our mining and processing rates, as appropriate, while we continue our exploration drilling as normal. Accordingly, at this time we caution market participants that while we have not withdrawn our guidance for 2021, we expect that the safety protocols may constrain our operations until mid to late September. We will continue to monitor the situation, and should the need arise, we will report back to the market promptly.
Cautionary Statements:
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words “plan”, “target”, “anticipate,” “believe,” “estimate,” “intend” and “expect” and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding Gold Resource Corporation’s strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material. All forward- looking statements in this press release are based upon information available to Gold Resource Corporation on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company’s actual results could differ materially from those discussed in this press release. In particular, the scope, duration, and impact of the COVID-19 pandemic on mining operations, Company employees, and supply chains as well as the scope, duration and impact of government action aimed at mitigating the pandemic may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Also, there can be no assurance that production will continue at any specific rate. Factors that could cause or contribute to such differences include, but are not limitedto, those discussed in the Company’s 10-Q filed with the SEC.
For further information please contact:
Ann Wilkinson
Vice President, Investor Relations and Corporate Affairs
[email protected]
www.goldresourcecorp.com
SOURCE: Gold Resource Corporation
XONE – Shareholder Alert: Ademi LLP investigates whether The ExOne Company has obtained a Fair Price in its transaction with Desktop Metal, Inc.
MILWAUKEE, Aug. 12, 2021 /PRNewswire/ — Ademi LLP is investigating ExOne (NASDAQ: XONE), for possible breaches of fiduciary duty and other violations of law in its transaction with Desktop Metal.
Click here to learn how to join the action: https://www.ademilaw.com/case/exone-company or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Ademi LLP alleges ExOne’s financial outlook and prospects are excellent and yet ExOne shareholders will receive only $8.50 in cash and $17.00 in shares of Desktop Metal common stock for each share of ExOne common stock, for a total consideration of $25.50 per share, representing a transaction value of $575 million. The merger agreement unreasonably limits competing bids for ExOne by prohibiting solicitation of further bids, and imposing a substantial penalty if ExOne accepts a superior bid. ExOne insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of ExOne’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for ExOne.
If you own ExOne common stock and wish to obtain additional information, please contact Guri Ademi either at [email protected] or toll-free: 866-264-3995, or https://www.ademilaw.com/case/exone-company.
We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights throughout the country. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
Contacts
Ademi LLP
Guri Ademi
Toll Free: (866) 264-3995
Fax: (414) 482-8001
SOURCE Ademi LLP
