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Georgia to phase in new rules banning certain wild animals as pets

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In a statement about the new rules, the DNR said the agency’s biologists added animals based on the risks they pose to Georgia’s natural ecosystems and humans themselves. They also prioritized the listing of non-native species already present in Georgia or neighboring states.

The black and white Argentine tegu is an example. Large South American lizards are popular as pets but are well adapted to the hot climate of Florida and the South Georgia, where they began to spread and feed on the eggs and young offspring of native fauna. The DNR says it is currently working with partners to eradicate a tegus population that has already become established in Toombs and Tattnall counties near Savannah.

Dr. Brett Albanese, deputy chief of MNR’s wildlife conservation section, said the agency is using the 12-month grace period to give people enough time to comply with new regulations.

“Our biggest thing is we don’t want anyone thinking, ‘Oh, I’m going to get in trouble…I have to throw these crawfish in the creek,'” he said. “It’s actually very illegal and goes against what we’re trying to accomplish here.”

Albanese said anyone with questions about the new rules should contact the DNR. A detailed list of animals added to the list and instructions on how to record and tag eligible species are available at https://georgiawildlife.com/.

Hong Kong stocks lead losses in mixed Asia-Pacific session as investors weigh risks

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Investing in US-listed Chinese companies is like ‘playing fantasy football’, says Hayman Capital

Investing in U.S.-listed Chinese companies is tantamount to playing “fantasy football” as U.S. regulators continue to audit companies, an asset management firm says.

Kyle Bass, founder and CIO of Hayman Capital Management, said recent reports from the US Public Company Accounting Oversight Board obtaining “good access” to requested information have yet to be confirmed, and reiterated the financial risks faced investors in Chinese companies listed in the United States. .

“They own a stock claiming a Cayman Islands subsidiary that has no voting rights and no access to assets in the event of bankruptcy,” he told CNBC’s “Street Signs Asia,” when told. asked him if Chinese stocks in the United States were “investable”.

Chinese companies listed overseas, such as Alibaba and JD.com, use a variable interest entity structure, in which an offshore entity is created, circumventing Chinese restrictions on foreign investment and preventing investors in American stocks to have majority voting rights.

The US-listed company is usually a holding company formed outside of the US and China, and may not own shares of the China-based company.

“Investors are just playing fantasy football with Chinese companies because they don’t actually own anything,” he said.

—Jihye Lee

Indonesia’s GoTo shares fall 6% after company reports nine-month losses

Indonesian GoTo Group posted a higher cumulative loss for nine months compared to the same period a year ago, although quarterly losses have narrowed with cost reductions.

Losses between January and September amounted to 20.32 trillion rupees ($1.29 billion), almost double the loss of 11.58 trillion rupees reported a year ago.

Its share price fell 6% on Tuesday morning in Jakarta and marks a 48% decline in the share price since its IPO in April this year.

The company announced job cuts last Friday as part of broader cost-cutting plans, which should be reflected later in 2023, he said.

–Sheila Chiang

Malaysian Kingmaker Party GPS will support Perikatan Nasional, not Pakatan Harapan

One of Malaysia’s election leaders, the Gabungan Parti Sarawak (GPS), a national political alliance based in Sarawak in eastern Malaysia, said he supported the Perikatan Nasional coalition to form the government and would not work with Anwar Ibrahim’s Pakatan Harapan.

Malaysia’s king has asked major coalitions to present their candidates for prime minister by 2 p.m. local time after Saturday’s election was inconclusive.

“We have always been told [sic] that we will not be able to work with the DAP here and also with Pakatan,” GPS General Secretary Alexander Nanta Linggi told CNBC’s “Squawk Box Asia.” The DAP is a progressive party in Pakatan.

“Over the past few days during the election, they’ve attacked us so much. So it’s kind of hard…to form a government, to be very objective in that sense.”

In return for GPS support, Linggi said he would like the government to give party members positions in ministries that matter to them, such as rural development and commodities.

— Su-Lin Tan

CNBC Pro: Amazon is down 40% this year — is it time to buy? Market pros give their opinion

Once a Wall Street darling, Amazon has lost some of its luster this year. The e-commerce giant’s stock fell more than 40%, significantly underperforming the S&P500which has decreased by about 15% over the same period.

Is it time for investors to reinvest? On Thursday, two market professionals squared off on CNBC’s “Street Signs Asia” to argue for and against buying the stock.

CNBC Pro subscribers can learn more here.

— Zavier Ong

Baidu and Kuaishou shares fall ahead of earnings report

Baidu is expected to experience a slight decline in revenue in the third quarter of 2022, according to an average of Refinitiv poll estimates.

The company is expected to see a 0.05% drop in revenue to 31.904 billion yuan ($4.46 billion) for the July-September quarter, after reporting 31.92 billion yuan for the same period a year ago. one year old.

Meanwhile, Tiktok rival Kuaishou is expected to post 10.2% revenue growth in the third quarter to 22.58 billion yuan, according to a separate Refinitiv survey – which would be the fastest pace of annual growth. slower since the company started reporting earnings.

Hong Kong listed shares of Kuaishou fell 4.1% before earnings, while Baidu shares were down 0.44% in the morning session.

– Jihye Lee

CNBC Pro: Morgan Stanley’s Wilson says inflation is on the verge of falling, but warns of a ‘new era’ ahead

Watch CNBC's full interview with Morgan Stanley's Mike Wilson

Morgan Stanley’s chief U.S. equity strategist Mike Wilson said he expects a “pretty sharp decline in inflation” and predicts when that might happen.

But he said there are two areas that stand out, where inflation could be “stickier”.

CNBC Pro subscribers can learn more here.

—Weizhen Tan

Oil prices stagnate after hitting lowest levels since January

Oil prices were little changed in the Asian morning after hitting their lowest levels since January on Monday.

American crude was slightly higher at $80.08 a barrel after touching $75.08 in Monday’s session.

Crude Brent gained slightly to $87.52 a barrel. It reached $82.31 in the previous session.

Oil futures briefly dipped on Monday after the Wall Street Journal reported that OPEC+ was considering increasing supply by 500,000 barrels per day. Saudi Arabia later challenged this report.

—Abigail Ng

Singapore authorities explain why FTX was not on its alert list

The Monetary Authority of Singapore (MAS) said troubled cryptocurrency exchange FTX was not on its investor alert list because it was not “actively soliciting users in Singapore”, unlike the rival Binance exchange.

MAS said there is a “clear distinction” between FTX and Binance in terms of targeting local users, according to a statement released on Monday afternoon.

“Binance has actually gone so far as to offer Singapore dollar listings and accepts Singapore-specific payment methods such as PayNow and PayLah,” he said in the statement, adding that he had received from numerous complaints about Binance between January and August of last year.

The MAS then reiterated the risks that investors face when trading digital assets.

“The most important lesson from the FTX debacle is that trading any cryptocurrency, on any platform, is dangerous,” he said, adding that even crypto exchanges licensed from Singapore would be regulated solely to address money laundering risks, not to provide protection. to investors.

“As MAS has stated on several occasions, there is no protection for customers who deal in cryptocurrencies. They can lose all their money,” he said.

Jihye Lee

Stocks fall on Monday to start a short holiday week

Shares slid in a volatile trading session on Monday to kick off the short holiday week.

The S&P 500 lost 0.39% to 3,949.94 and the Nasdaq Composite fell 1.09% to end the day at 11,024.51. The Dow Jones Industrial Average fell 45.41 points, or 0.13%, to 33,700.28, although losses on the index were mitigated by a jump of disney shares, which jumped more than 6%.

Disney jumped after the company announced former CEO Bob Iger would replace Bob Chapek.

—Carmen Reinicke

Beta-Carotene Market is expected to register around 6% CAGR from 2022 to 2027

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Beta Carotene Market Growth

The beta-carotene market size exceeded USD 520 million in 2021 and is expected to register a CAGR above 6% between 2022 and 2027.

NEW YORK CITY, NEW YORK, USA, November 21, 2022 /EINPresswire.com/ — Various small and medium enterprises have entered the ‘Beta carotene‘, creating stiff competition, a study by Market.us found in a new report. To ensure a solid foundation, local businesses are sought out by organizations to collaborate. Players are also interested in product diversification, product portfolio expansion, and in-depth research.

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Our highly skilled analysts from around the world conducted extensive secondary and primary research to create this research study. The market study examines the industry dynamics and driving factors that are driving the current market growth. This report also highlights the opportunities and limitations of this industry. To get a comprehensive view of the factors that are impacting the development of the Keyword Market across the globe, key industry factors such as macroeconomic and microeconomic factors have been studied in detail using PESTEL analysis. Complex algorithms are used to predict market growth such as end-user sentiment analysis, regression analysis, etc.

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This report contains first-hand information, quantitative and qualitative assessments from industry analysts, contributions from industry experts and industry participants across the value chain. The report includes a detailed analysis of market trends and macroeconomic indicators, as well as market attractiveness according to segments. The report also provides qualitative insights on the market impact of different market factors on specific market segments and geographies.

Who are the best winners?

New product launches, portfolio expansion, strategic collaborations, and mergers are some of the strategies used by the aforementioned companies to stay afloat in the beta-carotene market.

Some of the Major Players Operating in the Beta Carotene Market [In no particular order of Rank] are DSM, BASF, Allied Bictech, Chr Hansen, LYCORED, FMC Corporation, DDW, Zhejiang Medicine, HJ-Rise International, Zixin, Wuhan Stars.

Note 2: If one or more companies of your interest have not been disclosed in the list above, please inform us so that we can verify the data available in our database and provide you with confirmation or inclusion in the final list. deliverables.

This report covers:

– Market watch to enable efficient decision-making

– Estimates and forecasts from 2015 to 2032

– Market growth opportunities and trend analysis

– Market segment and regional revenue forecast for 2022-2032 valuation

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– The impact of COVID-19 and how to survive in these rapidly changing markets

For any questions related to the report, ask an [email protected] https://market.us/report/beta-carotene-market/#survey

Obtain Valuable Insights on Beta Carotene Market:

Beta Carotene Market – Segmentation

The global beta-carotene market is segmented on the basis of product type and application type. The price analysis of beta-carotene market can be done on the basis of product type segment.

Application Segment Analysis: Some of the key applications are as follows:

Food and drinks
dietary supplement
Cosmetic additives
Medicines and health products

Type Segment Analysis: Some of the key types analyzed in this report are:

Extraction of natural products
Chemical synthesis
Fermentation method

Beta-Carotene Market: Regional Segment Analysis

On the basis of geography, the global beta-carotene market region is segmented into North America, Latin America, Asia-Pacific ex Japan (APEJ), Eastern Europe, Western Europe, Middle East and Africa (MEA) and Japan. Among these regions, North America currently leads the global beta-carotene market.

Along with North America, the Asia-Pacific beta-carotene market is expected to grow at a significant rate during the forecast period owing to major investments. The demand for beta-carotene is also expected to register strong growth in global centers such as Europe and Latin America.

Get online access to Industry [email protected] Research Libraries and Information Centers https://market.us/report-library

FAQs or how the report will help you and inclusions

Q.1. What is the beta-carotene market size?

Q.2. What is the projected market size and growth rate of Beta Carotene market?

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Q.4. What are the key trends in the Beta-Carotene market report?

Q.5. What is the total market value of the Beta-Carotene market report?

Q.6. Which segments are covered in the Beta-Carotene Market report?

Q.7. Who are the key players in the beta-carotene market?

Q.8. Which region has the highest growth of the beta-carotene market?

Access the full description of the report with TOC @ https://market.us/report/beta-carotene-market/

Are examined in the study:

– Beta Carotene Market Behavior, Risk & Opportunity Levels

– An assessment of end industry behavior and opportunities

– A predicted timeline for the recovery of the beta-carotene industry

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Atorum Group Limited has received notification letter from Nasdaq regarding offer price deficiency

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NEW YORK & LONDON & PARIS, November 18, 2022–(BUSINESS WIRE)–Regulatory news:

Aptorum Group Limited (Nasdaq: APM, Euronext Paris: APM) (“Aptorum Group” or “Aptorum”), a clinical-stage biopharmaceutical company dedicated to addressing unmet medical needs in oncology, autoimmune diseases and infectious diseases, announced today having received a letter of deficiency from the Nasdaq Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, during the last 30 consecutive business days, the bid price of closing of the Company’s Class A Common Shares was less than the $1.00 per share minimum required to continue listing on the Nasdaq Global Market in accordance with Nasdaq listing rule 5450(a)(1) (“Rule 5450(a)(1)”).

The Nasdaq deficiency letter does not have an immediate effect on the trading of the Company’s Class A common stock, and its Class A common stock will continue to trade on the Nasdaq Global Market under the symbol “APM ” for the moment. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days, or until May 16, 2023, to regain compliance with Rule 5450(a)(1). ). If, at any time prior to May 16, 2023, the bid price for the Company’s Class A common stock closes at $1.00 per share or higher for at least 10 consecutive business days, Staff will provide written confirmation that the Company has achieved compliance and the case will be closed.

If the Company does not regain compliance with Rule 5450(a)(1) by May 16, 2023, the Company may be granted additional time to regain compliance. To qualify, the Company would be required to submit an application and submit a non-refundable fee of $5,000. In addition, the Company will be required to meet the continuous listing requirement for the market value of publicly held shares and all other initial listing standards except the minimum offering price requirement. . In addition, the Company would be required to provide written notice to Nasdaq of its intention to remedy the deficiency during the second compliance period, by proceeding with a stock consolidation, if necessary. If NASDAQ concludes that the Company will not be able to remedy the deficiency, it will notify the Company that the Class A Ordinary Shares will be subject to delisting.

The Company intends to actively monitor the closing bid price of its Class A common shares and will review available options, including completing a reverse stock split, to resolve the issue and restore compliance with the rule. 5450(a)(1).

About Atorum Group

Aptorum Group Limited (Nasdaq: APM, Euronext Paris: APM) is a clinical-stage biopharmaceutical company dedicated to the discovery, development and commercialization of therapeutic actives to treat diseases with unmet medical needs, particularly in oncology (including including orphan oncology indications), autoimmune and infectious diseases. Aptorum has completed two Phase I clinical trials for its small molecule drugs ALS-4 (MRSA) and orphan drugs designated SACT-1 (neuroblastoma) and commercializes its NLS-2 NativusWell® nutraceutical (menopause). Aptorum’s pipeline is also enriched by (i) the establishment of drug discovery platforms that enable the discovery of new therapeutic actives, for example the systematic screening of existing approved drug molecules, and a research platform based on the microbiome for the treatment of metabolic diseases; and (ii) the co-development and continued clinical validation of its new molecular diagnostic technology for the rapid identification and detection of pathogens with the Singapore Agency for Science, Technology and Research.

For more information about the company, please visit www.aptorumgroup.com.

Disclaimer and Forward-Looking Statements

This press release does not constitute an offer to sell or a solicitation of offers to buy securities of Atorum Group.

This press release contains statements regarding Atorum Group Limited and its future expectations, plans and prospects which constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. To that end, all statements contained herein material that are not statements of historical fact may be deemed to be forward-looking statements. In some instances, you can identify forward-looking statements by words such as “may”, “should”, “expect”, “plan”, “anticipate”, “could”, “intend”. of”, “target”, “projects”, “”intends”, “believes”, “estimates”, “predicts”, “potential” or “continues” or the negative form of these terms or other similar expressions. Aptorum has based these forward-looking statements, which include statements regarding expected timelines for application submissions and trials, largely on its current expectations and projections regarding future events and trends that it believes may affect its business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, including, without limit, the risks related to the management announced and to the ch organizational changes, ongoing service and availability of key personnel, its ability to expand its product assortments by offering additional products for additional consumer segments, development results, the company’s anticipated growth strategies, trends and anticipated challenges to its business, as well as its expectations regarding and the stability of its supply chain, and the risks described in more detail in Aptorum Group’s Form 20-F and other filings by Aptorum Group with the SEC in the future, as well as in the prospectus which received visa n°20-352 from the French Financial Markets Authority on July 16, 2020.

Accordingly, the projections included in these forward-looking statements are subject to change and actual results may differ materially from those described herein. Atorum Group assumes no obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.

This press release is not a prospectus within the meaning of Regulation (EU) n°2017/1129 of June 14, 2017 as amended by Delegated Regulations (EU) n°2019/980 of March 14, 2019 and n°2019/979 of March 14, 2019.

This press release is provided “as is” without any representations or warranties of any kind.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20221118005116/en/

contacts

Aptorum Group Limited
Investor Relations Department
[email protected]
+44 20 80929299

Redchip – Financial communication United States
Investor Relations
Craig Brelsford
[email protected]
+1 407 571 0902

Actifin – European Financial Communication
Investor Relations
Ghislaine Gasparetto
[email protected]
+33 1 56 88 11 22

Indian Stock Broker Dhan Joins List of TradingView Partner Brokers

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The Indian market has now become much more accessible to TradingView users, who can quickly register with Dhan for brokerage services.

TradingView has announced a milestone for the ever-expanding charting platform with the addition of Indian stock brokerage partner Dhan.

From now on, Dhan will be the only Indian broker through which users can send orders directly from TradingView charts and invest in stocks and futures on NSE, BSE and MCX.

Traders can verify an account in less than 10 minutes and access broker features and offerings such as their advanced options chain, basket orders, and webhooks.

Dhan does not charge any fees on account opening, maintenance or brokerage delivery

Dhan offers zero account opening fees, zero delivery brokerage and zero annual maintenance fees; continuously helping users do more with less.

Launched in 2021, Dhan’s mission is to offer a trading and investment platform focused on technological innovations. The broker is regulated by SEBI and provides 24/7 support to all its users on different channels such as Dhan app, email, phone and Twitter.

The Indian market has now become much more accessible to TradingView users, who can quickly register with Dhan for brokerage services.

Dhan was born out of Raise’s $22 million fundraiser

Not to be confused with Dhani, Raise’s Dhan is aiming to win the hearts of Indian investors as it plans to expand its offering to include HNI, insurance, payments, mutual funds, loans and debt products. cards.

Raise Financial Services recently raised $22 million in a Series A funding round, of which $15 million will be used to fuel the development and expansion of its trading platform, Dhan.

Founded by former Paytm Money CEO Pravin Jadhav in January 2021, Raise owns and operates Dhan, a stock trading platform that rivals Groww, Zerodha and Upstox.

In August 2021, Raise acquired Mumbai-based brokerage firm and SEBI-registered firm, Moneylicious Securities, which enabled Raise to obtain the necessary licenses to become an integrated online securities broker offering transactions on all stock exchanges (BSE, NSE, MCX).

Raise uses the acquired permissions to set up Dhan as a multi-asset trading platform with an offering covering all segments: stocks, exchange-traded funds, futures, options, currencies and commodities.

The $15 million investment will strengthen Dhan’s product, engineering, operations and customer experience teams, as well as expand the product line to include financing, insurance, investments, payments and wealth management.

UCLOUDLINK GROUP INC. regains Nasdaq compliance regarding minimum market value of publicly held stocks

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HONG KONG, Nov. 17, 2022 (GLOBE NEWSWIRE) — UCLOUDLINK GROUP INC. (“UCLOUDLINK” or the “Company”) (NASDAQ:UCL), the world’s first and largest mobile data traffic sharing marketplace, today announced that it has received a notification letter from the Qualifications Department Nasdaq Stock Market LLC (the “Nasdaq”) listing dated November 16, 2022 stating that the Company has regained compliance with the minimum market value of publicly held stock requirement set forth in Rule 5450( (b)(1)(C) Nasdaq listing rules for which the Company received a notification letter from Nasdaq on September 22, 2022 for non-compliance with this rule. This topic has been closed.

About UCLOUDLINK GROUP INC.

UCLOUDLINK is the world’s first and largest mobile data traffic sharing marketplace, pioneering the sharing economy business model for the telecommunications industry. The Company’s products and services offer unique value propositions to mobile data users, handset and smart hardware companies, mobile virtual network operators (MVNOs) and mobile network operators (MNOs). Leveraging its innovative cloud SIM technology and architecture, the company has redefined the mobile data connectivity experience by enabling users to access mobile data traffic allocation shared by network operators in its market , while offering reliable connectivity, high speeds and competitive prices.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as “will”, “expect”, “anticipate” , “future”, “intends”, “plans”, “believes”, “estimates”, “confident” and similar statements. Among other things, the financial advice and management quotes in this announcement, as well as UCLOUDLINK’s strategic and operating plans, contain forward-looking statements. UCLOUDLINK may also make written or oral forward-looking statements in its periodic reports to the United States Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers. , directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about UCLOUDLINK’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including, but not limited to, the following: UCLOUDLINK’s strategies; the future business development, financial condition and results of operations of UCLOUDLINK; UCLOUDLINK’s ability to increase its user base and usage of its mobile data connectivity services, and improve its operational efficiency; competition in the global mobile data connectivity services industry; changes in UCLOUDLINK’s income, costs or expenses; government policies and regulations relating to the global mobile data connectivity services industry, general economic and business conditions globally and in China; the impact of the COVID-19 pandemic on UCLOUDLINK’s business operations and the economy in China and elsewhere generally; and assumptions underlying or relating to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments speaks as of the date of the press release, and UCLOUDLINK undertakes no obligation to update such information except as required by applicable law.

For more information please contact:

UCLOUDLINK GROUP INC.
Jillian Zeng
Tel: +852-2180-6111
Email: [email protected]
Investor Relations:
Equity Group Inc.
Alice Zhang, Investor Relations Analyst
Tel: +1-212-836-9610
Email: [email protected]
In China:
Lucy Ma, Partner
Tel: +86 10 5661 7012
Email: [email protected]

Bikaji Foods IPO Share Listing: Bikaji Foods International Debuts at 8% Premium on IPO Price

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New Delhi: Bikaji Foods International got off to a strong start on Dalal Street as the FMCG player listed at Rs 322.80 on NSE on Wednesday, an 8% premium on its issue price of Rs 300.

The packaged snack maker debuted at a 7% premium at Rs 321.15 over the issue price given on BSE.

Prior to listing on Dalal Street, shares of Bikaji Foods International were trading at a premium of Rs 25-30 in the gray market, signaling a decent listing pop for investors.

Bikaji Foods is India’s third largest ethnic snack company. The Company’s product line includes six main categories: bhujia, namkeen, wrapped candy, papad and western snacks, among others.

The company’s Rs 881 crore IPO was sold at Rs 285-300 per share and received a strong response from investors. It was subscribed more than 26.67 times between November 3 and 7.

The quota reserved for qualified institutional buyers (QIB) was subscribed 80.6 times while those reserved for non-institutional investors (NII), traders and employees were subscribed 7.1 times, 4.77 times and 4.38 times respectively. time.

Its operating income increased by 23% to Rs 1,610.96 crore in FY22 from Rs 1,310.75 crore a year ago. For the three months ending June 30, operating revenue amounted to Rs 419.16 crore, with a net profit of Rs 15.7 crore.

Empower launches listing of its shares on DFM

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-Empower launches listing and trading of its shares on the Dubai Financial Market

Dubai Financial Market (“DFM”) today successfully hosted the IPO of Emirates Central Cooling Systems Corporation PJSC (“Empower”), the world’s largest district cooling service provider and a leading player plan on the Dubai district cooling market.

This is the fourth public offering and listing on the DFM in 2022 to date. This is part of the accelerated implementation steps of Dubai’s strategy to develop its capital markets.

His Excellency Saeed Mohammed Al Tayer, Chairman of Empower rang the opening bell of the DFM market to celebrate the listing, in the presence of His Excellency Helal Al Marri, Chairman of DFM, Ahmad Bin Shafar, Chief Executive Officer of Empower and Hamed Ali, CEO of DFM and Nasdaq Dubai.

Shares began trading under the symbol ‘EMPOWER’, concluding the company’s successful public offering which raised AED2.66 billion, giving a market capitalization of AED13.30 billion on admission with a share price of AED 1.33 at the upper end of the float price range, noting that the Company has increased the size of the offering by 100% to meet the strong demand which has led to IPO coverage from day one. As a result, the offering was oversubscribed 47 times and attracted a total of AED124.69 billion. Strengthen equity trading within the utilities sector.

His Excellency Saeed Mohammed Al Tayer, Chairman of Empower, said: “Thanks to the vision and guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, and the Supported by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Governor of Dubai, Deputy Prime Minister, Minister of Finance, Dubai is steadily evolving to become a leading global economic hub Empower’s IPO further reiterates Dubai’s focus on building strong capital markets and accelerating new listings that unlock value and growth in vital sectors.

His Excellency Ahmad Bin Shafar, Managing Director of Empower, said, “We are proud to take this next important step in Empower’s journey and become a public company. It is an honor to have the prestige of a stock exchange listing and now a very important role to play in one of the most active and dynamic capital markets in the world. It is a privilege to be part of Dubai’s successful privatization program and broader efforts to deepen and expand our stock markets by attracting foreign investment. The oversubscription levels illustrate not only how Empower is an excellent investment case, but also the enduring appeal of Dubai’s history, progress and longer-term economic vision.

His Excellency Helal Al Marri, President of DFM said, “We welcome Empower to DFM. Today marks another important moment in Dubai’s ambitious program to develop its capital markets. Due to the rapid implementation of this program, the DFM has become one of the busiest financial markets in the world in terms of new IPOs and listings this year. This momentum underscores the strong economic fundamentals of Dubai and the UAE and deep investor confidence. It also demonstrates the effectiveness of the strategic plan for the development of capital markets under the supervision of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance.

Hamed Ali, CEO of DFM and Nasdaq Dubai, said: “Dubai is a thriving and dynamic international financial center full of opportunity. Its economy is changing rapidly and its world-class markets are increasingly attracting international and domestic investment from retail and institutional investors. Our capital markets are deepening and diversifying rapidly. Empower’s listing underscores the sustained momentum of IPOs on DFM since the start of the year, as new issuers raised AED33.4 billion and attracted a record level of subscribed funds totaling 659.2 billion AED.

The DFM did not apply any price limits on the shares on the first day of trading, as they will be applied from the second day of trading.

It should be noted that DFM’s investor base exceeded one million for the first time at the end of September 2022. The number of new investors increased 41 times to 155,060 investors.

SEC Adopts New Reporting Requirements for Form 13F Filers to Disclose Say-on-Pay Votes and Improves Vote Disclosure Required by Registered Funds – Executive Compensation

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On November 2, 2022, the Securities and Exchange Commission (“SEC”) adopted new Rule 14Ad-1 and amendments to Form N-PX. Under new Rule 14Ad-1, Form 13F filers will be required to disclose their proxy votes on executive compensation matters, otherwise known as “say-on-pay” 1 vote, each year on Form N-PX, a reporting form which previously had to be filed exclusively by investment companies registered under the Investment Companies Act 1940, as amended (“Act 1940 “). In addition to expanding the scope of Form N-PX to certain private funds and their investment advisers, the changes to Form N-PX will also require more comprehensive disclosures from mutual funds, stock exchange and certain other investment companies registered under the 1940 Act, and will facilitate the analysis of the information provided by these funds. The new rules and form changes will go into effect for votes taking place on or after July 1, 2023, with first filings subject to changes due in 2024.

The changes were originally proposed in September 2021 and discussed by SRZ lawyers here and here.

1. Reporting obligations extended to management companies and funds: Rule 14Ad-1 under the Exchange Act will now require “institutional investment managers” subject to the reporting requirements of Section 13(f) of the Exchange Act to deposit their “say-on-pay” votes ” pursuant to Subsections 14A and 14(b) of the Foreign Exchange Act2 with the SEC each year on Form N-PX by August 31 of each year.3 This means that not only registered investment companies must file Form N-PX as previously required by Section 30 of the 1940 Act, but certain private funds and managers must also do the same.4

A manager is required to report his “say on pay” votes if he “voted” a security with respect to those votes. The SEC has adopted a two-part test to determine whether a manager exercises voting rights on a security. The manager must (1) have the power to vote or direct the voting of a security and (2) “exercise” that power to influence a voting decision for the security. This test, according to the SEC’s Adopting Release, “focuses on the exercise, rather than the mere possession, of the right to vote.”5 There will be no reporting requirements where a voting decision is entirely determined by a manager’s client or other party.

A manager choosing not to vote or to recall loaned securities prior to a record date for a vote to vote for the shares exercises the right to vote in accordance with the SEC’s Adoption Release. For managers who have disclosed a non-proxy voting policy to their clients and who have not voted by proxy during the reporting period, the SEC has adopted a simplified reporting option that would indicate this status and not would not include security-by-security information as managers reporting votes would be required to do.6

2. More stringent information organization requirements: In an effort to make the information in the N-PX form “easier to parse, digest and access”,seven changes to N-PX forms:

a. Standardize votes into categories, such as director elections, say-on-pay, and audit matters;

b. require registrants to identify proxy voting questions using the same language as set out in the issuer’s proxy form, presented in the same order as the questions appear in the proxy form, and identify directors separately to director election matters, if any; and

vs. Allow managers to indicate that they have a disclosed policy not to vote by proxy and that they have not voted during the reporting period.

Additionally, Forms N-1A, N-2 and N-3 now require funds to disclose that their proxy voting records are available on (or through) their websites. These changes were instituted, in part, to help investors analyze voting reports, and so the new rules require filing using XML which is a machine-readable, or “structured” data language.

3. Disclosure of securities lending: In an effort to provide greater transparency about fund-lending practices and how those practices might affect voting practices, Form N-PX filers must now also disclose on Form N-PX the number of shares that have been voted on or have been instructed to vote, as well as the number of shares lent and not recalled and therefore not voted. As noted in the adopting release, however, there would be no disclosure requirement where (a) a manager is not involved, directly or indirectly, in the lending of shares in the account of a client, such as in cases where a broker remortgages shares under a margin account, or (b) where a client engages a securities lending agent for securities in the client’s account.

Effects of rules

As we noted last year, these changes may have the following effects on fund managers:

  • Fund managers may now feel compelled to justify their say-on-pay positions to investors, activists and company management.

  • Although the rule allows confidential treatment for say-on-pay votes, the SEC warned that confidential treatment would only be granted in “narrowly tailored circumstances”, such as when corresponding confidential treatment is granted for the 13F form.

  • Funds marketed as ESG funds are likely to come under greater scrutiny in terms of how they cast these types of votes.

  • Funds that do not vote for their shares and do not have a clearly disclosed policy on withholding from voting must now report their withholding from voting.

  • Finally, although the SEC argues that requiring disclosure of securities that have been loaned and not voted gives investors greater transparency as to whether a fund manager has decided to recall a loaned security to vote or essentially decided not to vote, it is important to note that while the rule provides investors with the end result, the rule provides no insight into the manager’s process for evaluating the relative benefits of voting versus lending8. As the SEC notes in the adopting release, the new loan disclosure requirements now incentivize managers to recall loans ahead of a vote to conceal loans (or possibly short positions as well), which could impact securities lending practices.9

Footnotes

1. “Say-on-pay” votes were introduced with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) in 2010 and relate to votes of shareholders approving the compensation of an “appointed” executive, including “golden parachute” compensation terms, as well as the frequency with which shareholders can approve such compensation terms. The reporting requirements for Form 13F filers implement the requirements added by Dodd-Frank.

2. This includes “say on pay” votes of issuers that have a class of registered securities under Section 12 of the Securities Exchange Act of 1934, as amended, subject to proxy rules. The new reporting requirement, however, is not strictly limited to “say on pay” votes when voting for Section 13(f) securities.

4. The SEC estimates that approximately 8,147 Form 13F filers will now be required to file Form N-PX under the amendments.

5. “Enhanced Reporting of Proxy Votes by Registered Management Investment Companies; Reporting of Executive Compensation Votes by Institutional Investment Managers”, Exchange Act Release No. 34-96206 (November 2, 2022) (the “Adopting Announcement”) at section II .B.2, available here.

6. Embrace release at age 22.

7. Statement by Commissioner Caroline A. Crenshaw; “Statement on Enhanced Proxy Vote Reporting;” (Nov 2, 2022)
available at https://www.sec.gov/news/statement/crenshaw-statement-amendments-form-npx-110222.

8. The adoption release notes, however, that the form as amended will allow registrants to include additional information that could be used to explain the reason for not recalling loaned securities. Adoption of Liberation at 40-41 years old.

9. Adoption of release at 112.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

MamaEarth on track for IPO by 2023

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Mamaearth, a Gurugram-based direct-to-consumer (D2C) baby care and skincare unicorn, recently went public as part of its preparations for an initial public offering (IPO) (1). The company intends to launch its IPO in 2023 and will soon file its Draft Diverted Prospectus (DRHP).

According to the filings, the parent company of Mamaearth changed from Honasa Consumer Private Limited to Honasa Consumer Limited.

For those unfamiliar with the process, the first step towards a public listing is to change the company’s status from private to public. The next step is for the company to submit a DRHP to the Securities Exchange Board of India, which details the amount of money it intends to raise, how the funds will be used and the financial status of the company. company.

The first benefit

Mamaearth, led by the husband and wife team of Ghazal (2) and Varun Alagh (3), turned a profit in FY22, making a net profit of Rs. 19.8 Cr. It reported a net loss of Rs. 1,332.2 Cr in FY21.

Its operating revenue also more than doubled from a year earlier (YoY), reaching RS. 931 Cr, while his expenses dropped to Rs. 924.6 Cr, nearly a fifty percent decrease.

The company started selling baby care products soon after its founding in 2016, but quickly expanded into the beauty and skincare industries. When brand house D2C raised $38 million in its Series F funding round in late December 2021, the company officially became a unicorn.

Mamaearth’s investors include some of the most recognizable names in venture capital, including Sequoia India, Stellaris Ventures, Fireside Ventures, Marico’s Rishabh Mariwala, Snapdeal creators Kunal Bahl and Rohit Bansal, and actress Shilpa Shetty Kundra, among others.

It competes with beauty marketplace platforms such as Plum, WoW Skin, The Moms Co, and Biotique, as well as established companies like VLCC, Vicco, and many more.

Reports cited inside sources indicating that a potential public listing could take place as early as July 2023. However, the D2C company previously maintained its listing position on public exchanges under its three-year plan.

It may not be so easy

Mamaearth is an omnichannel retailer with operations in Southeast Asia. The company generates around 70% of its revenue through online channels, while the remaining 30% comes from physical partners.

The company’s portfolio includes several brands that it has purchased or developed in-house.

In the e-commerce sector, Mamaearth is working on initial public offering (IPO) projects. Still, a number of other e-commerce companies tied to the IPO have either dropped plans to go public or cited unfavorable market conditions.

For instance, Snapdealsubmitted its DRHP in December last year, but there is still no information regarding the company’s IPO prospects. D2C start boat flip-flopped on its aspirations to go public and opted instead to raise capital through a seed round, which may suggest the company had put plans for an IPO on hold for more than a month. an occasion.

Nykaa, a competitor of Mamaearth, is the only platform listed on the e-commerce market. Although it was successfully listed, the platform did not perform particularly well on exchanges once listed.

The foundation of MamaEarth

There is a high awareness of potentially hazardous substances in the most popular personal care products and baby care items in the United States. While Ghazal was there, she became more aware of the kinds of things she used and started inspecting the ingredient list before buying a baby item.

When Varun and Ghazal were expecting their first child, they were living in India at the time. During their pregnancy, they discovered that baby care items in India contained dangerous poisons and no safer alternative.

The husband and wife team decided to stop using products made in India and start importing reliable products made in other countries after they were unable to find baby products that could be used in India.

They then began ordering items from the United States, but this proved to be both an expensive and inconvenient arrangement for them.

Moreover, they recognized that it was not just them; in fact, there are far too many parents in India who suffer from the same problem.

This awareness helped them understand that it was not just them. However, since there were no obvious options at the time, Varun and Ghazal Alagh began researching how to make the two baby items safer and cheaper.

During this time, they have set up a research and development team and submitted applications for the corresponding certifications.

All of these things ultimately led to the formation of Mamaearth. It quickly became the first brand in Asia to offer “MADE SAFE” certified products. (4)

These products were free of toxins and packed with the natural goodness that newborns and toddlers so deserve.

In the beginning, Mamaearth was founded with around Rs. 90 lakh investment, all of which came from personal funds which Varun and Ghazal contributed.

Seed investment followed in 2016.

The MamaEarth Niche

Mamaearth is a company that focuses on babies as well as other people. It offers an exclusive product line that caters to baby care, hair care, skin care, and other areas of concern, and includes more than 80 natural products.

Mamaearth is responsible for the development of several cutting-edge products, including India’s first baby wipes made from bamboo, a stomach-friendly roll-on with asafoetida and fennel to relieve colic and digestion, and a toothpaste 100% natural herbal for children between one and ten years old.

In addition, it offers various hair and skin care products based on well-known natural components such as Onion, Ubtan, Tea Tree, Vitamin C, Argan, Cocoa, and Cocoa. charcoal.

It has expanded its reach to serve not only babies but also babies’ moms, offering a variety of items such as sunscreen and stretch mark eradication serum. It examines motherhood from every angle imaginable. Their onion flavored items for moms are hugely popular with customers.

A celebrity private chef shares what his clients eat in a week

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Hoping to add a new recipe to your line-up next week? Try a meal made for millionaires.

Brooke Baevsky — popularly known as “Chef Bae” on social media — is a celebrity private chef in Beverly Hills whose day can range from cooking meals for pro-athletes to making home-cooked meals for celebrities and members of the royal family.

Having wealthy clients gives Baevsky an advantage; there’s usually no limit to what she can buy and how much she can spend when shopping.

“With these types of customers, of course, they prioritize quality ingredients, recipes with integrity, farm-to-table, and the freshest, highest quality ingredients possible,” she says.

Baevsky often works with a nutritionist or trainer to ensure that she meets her clients’ dietary needs and helps them maintain their physique.

Thanks to this, she was able to learn how to create tasty dishes while making health a priority.

“My clients like to know exactly what’s in their food, sometimes every macro and every calorie that goes into their body,” Baevsky says.

Here are some of the healthy meals his millionaire clients eat throughout the week.

A nutritious breakfast for a healthy start

Before having breakfast, Baevsky customers like to start the day with a drink like lemon water or cold-pressed juices.

But, “superfood” smoothies are what they often want in the early morning to get the nutrients they need for the day, Baevsky says.

Smoothies typically contain “protein, fiber, vitamins, nutrients, all their supplements – calcium, magnesium, zinc and biotin – extracts and hair supplements,” she says.

Sometimes she makes a probiotic green juice, made with freshly squeezed green vegetables like kale, romaine lettuce, celery or cucumber.

When it comes to food, Baevsky usually prepares one of these dishes for breakfast:

  • “Truffled” scrambled eggs: eggs with truffle shavings
  • Japanese-style rolled omelettes with sprouted buckwheat and avocado toast with micro-vegetables and basil-infused olive oil
  • Vegan Parfait: coconut yogurt with grain-free granola that includes goji berries, bee pollen and coconut shavings. She usually supplements this with organic fruit and honey or agave.
  • “Superfood” pancakes or waffles with chia seeds, flax seeds, macadamia nut flour and quinoa flour

Plan a healthy lunch to fuel your afternoon

“A lot of my clients like to eat their heavy carbs before the afternoon starts, so rice, quinoa, and couscous,” Baevsky says.

Lunch usually looks like:

  • “Zoodle” noodle soup: Beef or chicken bone broth with zucchini and vegetable noodles
  • Mediterranean-inspired salads with grilled zucchini, peppers and eggplant. She tops them with turmeric sauces, pepita-lime vinaigrette or herb-vegan ranch dressing — and sometimes crispy chickpeas and healthy greens.
  • Organic lean fish like wild cod, wild sole and fresh salmon
  • Healthy vegetables as side dishes with nuts and seeds
  • Wild rice dishes with herbs and dried cherries for antioxidants

End the day with a nutritious meal for dinner

At dinnertime, Baevsky often creates spreads that include:

  • Lean organic fish
  • Grilled chicken with a low-calorie vegetable noodle like kelp noodles
  • Stir-fried rice with cauliflower
  • Steamed organic vegetables with oil-free garlic sauces
  • Hummus or meze dips
  • Baba ghanoush
  • Vegan tzatziki sauce with coconut milk, cucumber, lemon, dill and parsley

Baevsky found she could achieve great flavor in these dishes with no added fats or sugars by using lemon, fresh herbs, harissa sauce, chili peppers and citrus fruits.

It also reduces refined and highly processed oils by replacing avocado oil and sesame oil with vegetable oil and canola oil.

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Surrogacy Analysis of Intermediate Endpoints for Overall Survival in Randomized Controlled Trials of Rhabdomyosarcoma

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In RCTs, SES, defined as the primary endpoint, has some advantages over OS, as it requires a small sample size, a shorter follow-up period for the assessment, and low cost.12.21. Additionally, EFS is generally unaffected by post-progression treatments. Nevertheless, there is a downside to being affected by the method used to assess and determine biases, such as knowledge of therapy received22. It is possible that new diagnostic methods or anti-tumor agents would dilute the surrogacy relationship in the future, even if the current surrogacy would be strong23. Some reasons for the expectation of EFS as a surrogate endpoint for OS are social demand for early approval of new drugs and the theory that EFS is not just a surrogate endpoint for OS. ‘OS, but also makes positive contributions to patients’ quality of life21. Although many surrogate endpoint analyzes have evaluated EFS surrogacy for SG, a true endpoint in RCTs for various malignancies, there have been no such studies for RMS. This is the first report on surrogate endpoint analyzes for RMS and surrogacy analysis of intermediate endpoints for OS.

The control arms of the studies received several cytotoxic agents, including vincristine and actinomycin, while the experimental arms received more toxic and multidisciplinary treatments, additional radiation therapy or anti-tumor agents. In the meta-analysis, the experimental arms were more favorable than the control arms in terms of SES at 1 year. However, longer endpoints such as EFS at 3 and 5 years and OS at 3 and 5 years did not show superiority of experimental arms in RCTs conducted from 1974 were collected. In other words, for very early-stage EFS, the experimental arms may be more favorable than the control arms, but for later-stage EFS, the treatment effect between the arms would decrease. None of the new drug treatments have been successful. Overall, for RMS, there was only one RCT included in Table 1 showing that the OS of the experimental arm was superior to that of the control arm. It is difficult to carry out clinical trials due to a lack of effective drugs.

There are distinct prognoses and clinical courses between patients with localized RMS and those with metastatic RMS, even though these two groups of patients typically receive VAC-based chemotherapy. Therefore, we performed a sensitivity analysis excluding patients with metastatic RMS. After excluding metastatic patients with RMS, EFS HR was more weakly correlated with OS HR in the sensitivity analysis than in the primary analysis (Table 5). Similarly, the correlation between EFS at 1, 3 and 5 years and OS HR became progressively weak. In contrast, the correlation between OS at 1, 3, and 5 years and SG OS improved accordingly. This result is similar to that previously reported for osteosarcoma12 and Ewing’s sarcoma24.

In general, it is considered that the longer the survival time after recurrence, the lower the substitution of DFS for OS.25. Broglio et al.11 reported that if there was a small difference in SPP between the two treatment arms, longer periods of SPP would weaken the association between SSP HR and OS HR and make it difficult to demonstrate a statistically significant difference in OS between the treatment arms. Zer et al.26 assessed published RCTs of locally advanced/metastatic STS, with systemic treatment in at least one arm. They ultimately identified 52 RCTs eligible for analysis, including phase II and III studies, as in this study26. There were some differences from our study, i.e. they included different lines of treatment and various soft tissue sarcomas, and allowed for control arms such as placebo or best supportive care.26. Statistical analysis of the association between two parameters was assessed using a linear regression weighted by the size of the study sample and the strength of the association was assessed using the coefficient β standardized, not using the coefficient of determination R226. Their result showed significant correlations between PFS HR and OS HR and between RR OR and OS HR. The authors considered shorter SPP, around 12 months, to account for a large proportion of eligible studies, which likely led to significant correlations between HR SSP and HR OS26. On the other hand, as recommended by Schürmann et al.20, we used random-effects meta-regression. The study primarily included patients with ERMS, who typically have a longer PPS than those with other soft tissue sarcomas, as the 5-year survival rate of patients with ERMS after relapse is 20 at 52%.27. For this reason, the substitution of EFS for OS HR might have become weak in this study.

The relapse rate in patients with RMS who achieved complete remission or a stable mass was 31.1-36.2%28.29. In addition, recurrence occurred within 18 months of first diagnosis in 50.4% to 67.5% of relapsed patients.28.29 and within 5 years of first diagnosis in 95% of relapsed patients28. The 5-year survival rates after relapse in patients with EMS groups I and II/III were 52% and 20%, respectively.27. However, the 5-year survival rates after relapse in patients with ARMS groups I and II-IV or undifferentiated sarcoma were 40% and 3%, respectively.27. In addition, the time to relapse after the end of primary treatment has a significant influence on the prognosis. Four-year survival rates after relapse within 6, 6-12, and more than 12 months were 12%, 21%, and 41%, respectively30. According to these results, ERMS with post-relapse survival was dominant because 11 RCTs used in this study included 53.9% ERMS and 29.6% ARMS; therefore, the substitution of EFS for OS HR was found to be weak. EFS at 5 years was weaker correlated with OS HR than EFS at 3 years, possibly because patients with early relapse RMS tend to die early and patients with relapse late tend to have long survival after relapse. Another reason is that individual post-relapse treatments were heterogeneous. Some relapsed patients may be able to undergo complete surgical excision and have long-term post-relapse survival29.

DFS has not yet been validated as a surrogate measure of OS in patients with breast cancer. Nevertheless, when patients with HER2-positive early breast cancer are selected as the object, DFS might be an acceptable surrogate for OS. 31. Goldberg et al. 22 suggested that an appropriate biomarker, clinically defined patient selection, and receipt of effective treatment would likely lead to restoration of PFS surrogacy for SG. In the case of RMS, which is known to be an ultra-rare sarcoma32, it seemed difficult to apply patient selection and specific treatment for RMS RCTs. Thus, in terms of malignancies, it is important to discover or develop new biomarkers that can be acceptable surrogates for SG.

Our study has several limitations. First, we did not use individual data but published data. Second, most eligible RCTs did not describe the study phase. Third, only two RCTs described ITT analysis. Finally, there were differences between each follow-up examination or subsequent RCT treatment because eligible patients were registered for a long period (1979-2016).

This study concludes that when SES is considered the primary endpoint of an RCT of RMS, a follow-up period of at least three years is required. Moreover, this result shows that the association between EFS and OS was modest, and surrogacy EFS for OS in RCTs of RMS was not confirmed. Therefore, there is a need to discover or develop new biomarkers for RMS that can be an acceptable surrogate for OS.

LANCASHIRE HOLDINGS LIMITED – Trading in own shares

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LANCASHIRE HOLDINGS LIMITED

November 11, 2022

Hamilton, Bermuda

Share buyback program

Lancashire Holdings Limited (the “Company” Where “Lancashire”) today announces that, following the announcement made in the Company’s Q3 2022 Trading Statement dated November 3, 2022it will launch a share buyback program for its ordinary shares of $0.50 each (the “Shares”) up to a maximum consideration of $14,730,000 (there “Overall purchase price“) (the “Program”).

Lancashire announces that it has entered into an instruction to Morgan Stanley & Co. International Plc (“Morgan Stanley”) in connection with the purchase by Morgan Stanley, acting as risk-free principal during the period beginning on November 14, 2022 and ending no later than December 30, 2022up to 3,000,000 Shares for an aggregate amount not to exceed the Aggregate Purchase Price and the simultaneous resale of such Shares by Morgan Stanley in Lancashire.

Any purchase of shares in connection with this announcement will be made in accordance with applicable regulations (including, but not limited to, listing rules) and general Lancashire authority as granted by the shareholders at the Lancashire Annual General Meeting held on April 27, 2022, to make purchases of Shares on the market. Lancashire will announce any redemption of Shares on the market no later than 7:30 a.m. the business day following the calendar day on which the redemption took place. Shares purchased under the Program will be used to satisfy a certain number of future exercises of grants under the Company’s Restricted Share Scheme.

This announcement does not constitute or form part of an offer or any solicitation of an offer of securities in any jurisdiction.

See “Note Regarding Forward-Looking Statements” below.

For more information, please contact:

Lancashire Holdings Limited
Christopher Head
+44 20 7264 4145
[email protected]
Jelena Bjelanovic +44 20 7264 4066
[email protected]
FTI Council +44 20 37271046
Edward Berry [email protected]
Tom Blackwell [email protected]

About Lancashire

Lancashire, across its UK and Bermudais a global provider of specialty insurance and reinsurance products.

Lancashire common stock trades on the premium segment of the main market of the London Stock Exchange under the symbol LRE. Lancashire has its registered office and registered office at Power House, 7 Par-la-Ville Road, Hamilton HM 11, Bermuda.

The Bermuda Monetary Authority (“BMA”) is the group supervisor of the Lancashire Group.

For more information please visit the Lancashire website at www.lancashiregroup.com.

This release contains potentially price-sensitive information which Lancashire is making public in accordance with UK market abuse regulations and other regulatory requirements. The information has been submitted for publication, through the contact persons listed above, to 5:20 p.m. GMT on November 11, 2022.

NOTE REGARDING FORWARD-LOOKING STATEMENTS:

CERTAIN STATEMENTS AND INDICATIVE PROJECTIONS (WHICH MAY INCLUDE MODELED LOSS SCENARIOS) MADE IN THIS RELEASE OR OTHERWISE THAT ARE NOT BASED ON CURRENT OR HISTORICAL FACTS ARE FORWARD-LOOKING IN NATURE, INCLUDING, WITHOUT LIMITATION, STATEMENTS CONTAINING WORDS “BELIEVED”, “ANTICIPATED”, “OBJECTIVES”, “PLANS”, “PROJECTS”, “FORECAST”, “ORIENTATION”, “INTENDS”, “EXPECTS”, “ESTIMATE”, “PREDICTS”, “MAY” , “MAY”, “LIKELY”, “WILL”, “SEEKS”, “SHOULD”, OR, IN EACH CASE, THEIR NEGATIVE OR COMPARABLE TERMINOLOGY.

ALL FORWARD-LOOKING STATEMENTS IN THIS PRESS RELEASE ARE SPECIFIC ONLY AS OF THE DATE OF RELEASE. LANCASHIRE HOLDINGS LIMITED EXPRESSLY DISCLAIMS ANY OBLIGATION OR COMMITMENT (EXCEPT AS NECESSARY TO COMPLY WITH ANY LEGAL OR REGULATORY OBLIGATION, INCLUDING THE RULES OF THE LONDON STOCK EXCHANGE) TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENT TO REFLECT ANY CHANGES IN GROUP EXPECTATIONS OR CIRCUMSTANCES ON WHICH SUCH STATEMENT IS BASED. ALL SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO THE GROUP OR TO INDIVIDUALS ACTING ON BEHALF OF THE GROUP ARE EXPRESSLY QUALIFIED IN THEIR ENTIRETY BY THIS NOTE.

FIGS, INC. Management’s discussion and analysis of financial condition and results of operations. (Form 10-Q)

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You should read the following discussion and analysis of our financial condition
and results of operations together with our condensed financial statements and
related notes included elsewhere in this Quarterly Report on Form 10-Q, as well
as our audited financial statements and related notes included in our Annual
Report on Form 10-K for the year ended December 31, 2021, filed with the
Securities and Exchange Commission ("SEC") on March 10, 2022 (the "2021 Annual
Report on Form 10-K"). This discussion contains forward-looking statements based
upon current plans, expectations and beliefs involving risks and uncertainties.
Our actual results may differ materially from those anticipated in these
forward-looking statements as a result of various factors, including those set
forth in Part II, Item 1A. "Risk Factors" and other factors set forth in other
parts of this Quarterly Report on Form 10-Q.

Our mission is to celebrate, empower and serve those who serve others.

We are a founder-led, direct-to-consumer healthcare apparel and lifestyle brand
that seeks to celebrate, empower and serve current and future generations of
healthcare professionals. We are committed to helping this growing, global
community of professionals, whom we refer to as Awesome Humans, look, feel and
perform at their best-24/7, 365 days a year. We create technically advanced
apparel and products that feature an unmatched combination of comfort,
durability, function and style, all at an affordable price. In doing so, we have
redefined what scrubs are-giving rise to our tag-line: why wear scrubs, when you
can #wearFIGS?

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Contents

We have revolutionized the large and fragmented healthcare apparel market. We
branded a previously unbranded industry and de-commoditized a previously
commoditized product-elevating scrubs and creating premium products for
healthcare professionals. Most importantly, we built a community and lifestyle
around a profession. As a result, we have become the industry's
category-defining healthcare apparel and lifestyle brand.

We generate revenue by selling technically advanced apparel for the modern
healthcare professional. Our offerings include scrubwear, as well as lifestyle
apparel and other non-scrub offerings, such as lab coats, underscrubs,
outerwear, loungewear, compression socks and footwear. We design all of our
products in-house, leverage third-party suppliers and manufacturers to produce
our raw materials and finished products, and utilize generally shallow initial
buys and data-driven repurchasing decisions to test new products. We directly
and actively manage every step of our product development and production process
to ensure that our extremely high quality standards are met. We also have an
efficient merchandising model-due to the largely non-discretionary,
replenishment-driven nature of scrubwear, we maintain lessened inventory risk
driven by a relatively high volume of repeat purchases and a focus on our core
scrubs offerings. We primarily market and sell our products through our digital
platform, consisting of our website and mobile app, to a rapidly growing
community of loyal customers.

At September 30, 2022, we had approximately 2.2 million active customers. Our
customers come to us through word of mouth referrals, as well as through our
data-driven brand and performance marketing efforts. See the section titled "Key
Operating Metrics and Non-GAAP Financial Measures" for a definition of active
customers.

In the three and nine months ended September 30, 2022we had the following results compared to the same periods in 2021:

•Expanded our community of active customers by 23.6%, from approximately 1.7 million to September 30, 2021 to about 2.2 million to September 30, 2022;

•Net revenues increased from $102.7 million to $128.6 million for the three
months ended September 30, 2022, and from $290.9 million to $360.9 million for
the nine months ended September 30, 2022, representing 25.2% and 24.1%
year-over-year growth, respectively;

•Gross margin decreased 2.1 percentage points from 72.7% to 70.6% for the three
months ended September 30, 2022, and 1.8 percentage points from 72.6% to 70.8%
for the nine months ended September 30, 2022;

•Net income (loss) decreased from $7.0 million to $4.0 million for the three
months ended September 30, 2022, and increased from $(22.2) million to $17.8
million in the nine months ended September 30, 2022;

•Net income (loss) margin decreased 3.7 percentage points from 6.8% to 3.1% for
the three months ended September 30, 2022, and increased 12.5 percentage points
from (7.6)% to 4.9% for the nine months ended September 30, 2022;

•Adjusted EBITDA decreased from $22.2 million to $21.0 million for the three
months ended September 30, 2022, and from $73.3 million to $67.5 million for the
nine months ended September 30, 2022, representing an Adjusted EBITDA Margin of
16.4% and 18.7%, respectively;

• Cash flow from operating activities decreased by $52.5 million at ($39.9) million for the nine months ended September 30, 2022; and

• Free cash flow decreased by $50.5 million at ($44.1) million for the nine months ended September 30, 2022.

See the section titled "Key Operating Metrics and Non-GAAP Financial Measures"
for information regarding Adjusted EBITDA, Adjusted EBITDA Margin and free cash
flow, including reconciliations to the most directly comparable financial
measures prepared in accordance with U.S. generally accepted accounting
principles ("GAAP").

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COVID-19 and macroeconomic update

During the quarter ended September 30, 2022, while the ongoing COVID-19 pandemic
and the global macroeconomic environment have continued to negatively impact
global supply chains and cause challenges to logistics, including elevated ocean
freight transit times and elevated ocean and air freight rates, we began to see
some improvements in ocean freight rates, transit times and reliability, as well
as increased ocean freight capacity, compared to the first half of 2022.

To date, we believe we have generally managed effectively through COVID-19
supply chain challenges, including as a result of the largely non-discretionary,
replenishment-driven nature of scrubwear. As we continued to seek to timely and
cost effectively fulfill orders and ship products to our customers, in the
quarter ended September 30, 2022 we continued to take measures to mitigate the
impact of global supply chain challenges on our business. For example, to meet
our customers' expectations, we continued to ship goods earlier from our
manufacturers and suppliers when possible to largely mitigate delays. We have
also continued to use more expensive air freight, which, along with continued
elevated ocean freight rates, increased our cost of goods sold. We expect we
will continue to contend with elevated ocean and air freight rates and COVID-19
related supply chain challenges, and we intend to continue to use air freight
and incur air freight expense from time to time and until supply chain
challenges further normalize.

In the quarter ended September 30, 2022, we also continued to see sales trends
soften due to adverse macroeconomic factors such as sustained inflationary
pressures on consumer spending, which impacted our customers more than expected
and resulted in sales below our expectations. While we believe our largely
non-discretionary, replenishment-driven business model is resilient in
challenging macroeconomic environments, we are not completely immune to current
macroeconomic pressures, which we expect to affect our results of operations in
the near term.

We also continued to experience higher than expected inventory receipts and
inventory on hand, as a result of unanticipated improvements in ocean transit
times and sales below our expectations, which in turn resulted in increased
costs associated with storing such inventory. As a general matter, our inventory
investments will fluctuate with the needs of our business. For example, entering
new locations and expanding to new categories require additional investments in
inventory. Shifts in inventory levels may result in fluctuations in the
percentage of full price sales, levels of markdowns, merchandise mix, as well as
gross margin. We plan to address our increased inventory by better coordinating
shipments from our manufacturers where possible, accounting for improving
transit days in our launch calendar, managing future inventory purchases and
through promotional strategies. Nevertheless, because more than 85% of our
production utilizes our main scrubwear fabric technology FIONx and a substantial
amount of our revenue is generated by our core scrubwear styles in core colors,
which are in demand year-round, we can hold greater inventory without
significant risk of obsolescence or exposure to seasonality, and are generally
able to time the sourcing of our raw materials and manufacture of our core
scrubwear styles in core colors without being solely dependent on cyclical
demand trends.

We continue to monitor the impacts of current macroeconomic conditions. An
economic slowdown or recession, financial market volatility, changes in the
labor market, geopolitical tensions, continuing supply chain disruptions, a
reduction in consumer spending or an inability for our suppliers, vendors or
other parties with whom we do business to meet their contractual obligations,
could negatively impact our business and results of operations.

Key factors affecting our performance

We believe that our performance and future success depend on a number of factors
that present significant opportunities for us. There have been no material
changes to such factors from those described in our 2021 Annual Report on Form
10-K under the heading "Key Factors Affecting Our Performance." Those factors
also pose risks and challenges, including those discussed in Part II, Item 1A.
"Risk Factors" of this Quarterly Report on Form 10-Q.

Components of our operating results

Net income

Net revenues consist of sales of healthcare apparel, footwear and other products
primarily through our digital platform. We recognize product sales at the time
control is transferred to the customer, which is when the product is shipped to
the customer. Net revenues represent the sale of these items and shipping
revenue, net of estimated returns and discounts. Net revenues are primarily
driven by the growth in the number of active customers, the frequency with which
customers purchase and the average order value ("AOV").

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Cost of Goods Sold

Cost of goods sold consists principally of the cost of purchased merchandise and
includes import duties and other taxes, freight-in, defective merchandise
returned by customers, inventory write-offs and other miscellaneous shrinkage.
Our cost of goods sold has and may continue to fluctuate with the cost of the
raw materials used in our products and freight costs.

Gross profit and gross margin

We define gross profit as net revenues less cost of goods sold. Gross margin is
gross profit expressed as a percentage of net revenues. Our gross margin has
fluctuated historically and may continue to fluctuate from period to period
based on a number of factors, including the timing and mix of the product
offerings we sell as well as our ability to reduce costs, in any given period.

Functionnary costs

Our operating expenses include selling, marketing, and general and administrative expenses.

Sale

Selling expenses represent the costs incurred for fulfillment, selling and
distribution. Fulfillment expenses consist of costs incurred in operating and
staffing a third-party fulfillment center, including costs associated with
inspecting and warehousing inventories and picking, packaging and preparing
customer orders for shipment. Selling and distribution expenses consist
primarily of shipping and other transportation costs incurred in delivering
merchandise to customers and from customers returning merchandise, merchant
processing fees and packaging. We expect fulfillment, selling and distribution
costs to increase in absolute dollars as we increase our net revenues.

Marketing

Marketing expenses consist primarily of online performance marketing costs, such
as retargeting, paid search and product listing advertisements, paid social
media advertisements, search engine optimization, personalized email and mobile
push notifications through our app. Marketing expenses also include our spend on
brand marketing channels, including billboards, podcasts, commercials, photo and
video shoot development, expenses associated with our Ambassador Program and
other forms of online and offline marketing. We expect our marketing expenses to
increase in absolute dollars as we continue to grow our business.

General and administrative

General and administrative expenses consist primarily of employee-related costs,
including salaries, bonuses, benefits, stock-based compensation, other related
costs and other general overhead, including certain third-party consulting and
contractor expenses, certain facilities costs, software expenses, legal expenses
and recruiting fees. We expect our general and administrative expenses to
increase in absolute dollars as we continue to grow our business. We also
anticipate that we will continue to incur significant additional legal,
accounting, insurance, investor relations and other expenses to support our
operations as a public company, including costs associated with our compliance
with the Sarbanes-Oxley Act.

Other Income (Loss), Net

Other income (loss), net consists of interest income or expense associated with
debt financing arrangements, amortization of debt issuance costs and interest
income earned on investments, as well as gain or loss on foreign currency,
primarily driven by payment to vendors for amounts not denominated in U.S.
dollars.

Provision for income taxes

Our provision for income taxes consists of an estimate of federal and state income taxes based on current federal and state tax rates, adjusted for credits, deductions and uncertain tax positions.

Seasonality

Unlike the traditional apparel industry, the healthcare apparel industry is
generally not seasonal in nature. However, we historically have generated a
greater proportion of net revenues, and incurred higher selling and marketing
expenses, during the fourth quarter of the year compared to other quarters, in
part due to our decision to conduct select promotions during the holiday season,
and we expect these trends to continue.

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Operating results

Three months completed September 30, 2022compared to the three months ended September 30, 2021

The following table sets forth information comparing the components of our results of operations for the periods indicated and our results of operations as a percentage of net revenues for the periods presented.

                                                    Three months ended                              Three months ended
                                                       September 30,                                  September 30,
                                                  2022               2021                      2022                        2021
                                                      (in thousands)                        (as a percentage of net revenues)
Net revenues                                  $ 128,589          $ 102,696                            100.0  %                100.0  %
Cost of goods sold                               37,756             27,991                                29.4                    27.3
Gross profit                                     90,833             74,705                                70.6                    72.7
Operating expenses
Selling                                          31,940             19,945                                24.8                    19.4
Marketing                                        20,031             15,779                                15.6                    15.4
General and administrative(1)                    27,652             28,430                                21.5                    27.7
Total operating expenses                         79,623             64,154                                61.9                    62.5
Net income from operations                       11,210             10,551                                 8.7                    10.3
Other income (loss), net                            605               (933)                                0.5                   (0.9)
Net income before provision for income taxes     11,815              9,618                                 9.2                     9.4
Provision for income taxes                        7,771              2,664                                 6.0                     2.6
Net income and comprehensive income           $   4,044          $   6,954                              3.1  %                  6.8  %


(1) Includes stock-based compensation expense of $9.0 million and $7.3 million
for the three months ended September 30, 2022 and 2021, respectively.

Net income

                   Three months ended
                     September 30,            Change
                  2022           2021           %
                     (in thousands)

Net income $128,589 $102,696 25.2%


Net revenues increased by $25.9 million, or 25.2%, for the three months ended
September 30, 2022, compared to the same period last year. The increase in net
revenues was driven primarily by an increase in orders from existing and new
customers and, to a lesser extent, an increase in AOV.

Cost of Goods Sold

                         Three months ended
                           September 30,             Change
                        2022           2021
                           (in thousands)
Cost of goods sold   $ 37,756       $ 27,991           34.9  %
Gross profit           90,833         74,705           21.6  %
Gross margin             70.6  %        72.7  %      (210) bps


Cost of goods sold increased by $9.8 million, or 34.9%, for the three months
ended September 30, 2022, compared to the same period last year. This increase
was primarily driven by an increase in the total number of orders in the third
quarter of 2022 as compared to the same period in 2021.

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Gross profit increased by $16.1 million, or 21.6%, for the three months ended
September 30, 2022, compared to the same period last year, primarily due to the
increase in the total number of orders, compared to the same period in 2021.

Gross margin decreased by 2.1 percentage points for the three months ended
September 30, 2022, compared to the same period last year. The decrease in gross
margin was primarily related to an increase in freight-in driven by increased
utilization of more expensive air freight and elevated ocean freight rates and,
to a lesser extent, a higher mix of promotional sales and product mix shift.

Operating Expenses

                                  Three months ended
                                    September 30,            Change
                                  2022           2021          %
                                    (in thousands)
Operating expenses:
Selling                       $   31,940      $ 19,945       60.1  %
Marketing                         20,031        15,779       26.9  %
General and administrative        27,652        28,430       (2.7) %
Total operating expenses          79,623        64,154       24.1  %


Operating expenses increased by $15.5 million, or 24.1%, for the three months
ended September 30, 2022, compared to the same period last year and, as a
percentage of net revenues, decreased by 0.6 percentage points, primarily driven
by a decrease in general and administrative expenses as described below.

Selling expense increased by $12.0 million, or 60.1%, for the three months ended
September 30, 2022, compared to the same period last year and, as a percentage
of net revenues, increased by 5.4 percentage points. The increase in selling
expense as a percentage of net revenues was primarily driven by higher
fulfillment expenses, including increased storage costs and, to a lesser extent,
higher shipping expense as a result of rate increases.

Marketing expense increased by $4.3 million, or 26.9%, for the three months
ended September 30, 2022, compared to the same period last year and, as a
percentage of net revenues, increased by 0.2 percentage points. The increase in
marketing expense as a percentage of net revenues was primarily due to increased
investment in digital marketing, particularly within our social media channels.
This increase was partially offset by leverage in brand marketing, particularly
asset creation, as compared to the same period last year.

General and administrative expense decreased by $0.8 million, or 2.7%, for the
three months ended September 30, 2022, compared to the same period last year
and, as a percentage of net revenues, decreased by 6.2 percentage points. The
decrease in general and administrative expense as a percentage of net revenues
was primarily due to an update to our accrual methodology for charitable
donations, reimbursements of legal fees, and the absence of payroll tax expense
associated with our follow-on offering in the prior year. This was partially
offset by increased public company costs.

Other Income (Loss), Net

                                 Three months ended
                                   September 30,               Change
                                  2022             2021          %
                                   (in thousands)
Other income (loss), net   $     605             $ (933)      (164.8) %

Other income (loss), net increase for the three months ended September 30, 2022compared to the same period last year, mainly due to an increase in our interest income due to higher interest rates.

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Provision for Income Taxes

                                   Three months ended
                                      September 30,             Change
                                    2022            2021           %
                                     (in thousands)
Provision for income taxes    $    7,771          $ 2,664       191.7  %


Provision for income taxes increased by $5.1 million, or 191.7% for the three
months ended September 30, 2022, compared to the same period last year,
primarily due to an increase in non-deductible stock-based compensation expense
and shortfall on the tax deductions related to stock-based compensation. The
non-deductible stock-based compensation expense and shortfall on the tax
deductions related to stock-based compensation resulted in an effective tax rate
of 65.8% for the quarter, up from the same period last year.


Nine month period ended September 30, 2022compared to the nine months ended September 30, 2021

The following table sets forth information comparing the components of our results of operations for the periods indicated and our results of operations as a percentage of net revenues for the periods presented.

                                                    Nine months ended                                     Nine months ended
                                                      September 30,                                         September 30,
                                                 2022               2021                            2022                         2021
                                                     (in thousands)                               (as a percentage of net revenues)
Net revenues                                 $ 360,937          $ 290,892                                   100.0  %                100.0  %
Cost of goods sold                             105,325             79,674                                       29.2                    27.4
Gross profit                                   255,612            211,218                                       70.8                    72.6
Operating expenses
Selling                                         80,801             56,282                                       22.4                    19.3
Marketing                                       56,263             42,107                                       15.6                    14.5
General and administrative(1)                   84,142            118,280                                       23.3                    40.7
Total operating expenses                       221,206            216,669                                       61.3                    74.5
Net income (loss) from operations               34,406             (5,451)                                       9.5                   (1.9)
Other income (loss), net                           683             (1,001)                                       0.2                   (0.3)
Net income (loss) before provision for
income taxes                                    35,089             (6,452)                                       9.7                   (2.2)
Provision for income taxes                      17,294             15,700                                        4.8                     5.4
Net income (loss) and comprehensive income
(loss)                                       $  17,795          $ (22,152)                                    4.9  %                 (7.6) %


(1) Includes stock-based compensation expense of $26.3 million and $68.3 million
for the nine months ended September 30, 2022 and 2021, respectively.

Net Revenues

                   Nine months ended
                     September 30,            Change
                  2022           2021           %
                     (in thousands)
Net revenues   $ 360,937      $ 290,892       24.1  %


Net revenues increased by $70.0 million, or 24.1%, for the nine months ended
September 30, 2022, compared to the same period last year. The increase in net
revenues was driven by both strong AOV growth and an increase in orders from
existing customers and new customers.

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Cost of Goods Sold

                          Nine months ended
                            September 30,             Change
                         2022           2021
                           (in thousands)
Cost of goods sold   $ 105,325       $ 79,674           32.2  %
Gross profit           255,612        211,218           21.0  %
Gross margin              70.8  %        72.6  %      (180) bps


Cost of goods sold increased by $25.7 million, or 32.2%, for the nine months
ended September 30, 2022, compared to the same period last year. This increase
was primarily driven by an increase in the total number of orders in the nine
months ended September 30, 2022 compared to the same period in 2021.

Gross profit increased by $44.4 million, or 21.0%, for the nine months ended
September 30, 2022, compared to the same period last year, primarily due to the
increase in the total number of orders, compared to the same period in 2021.

Gross margin decreased 1.8 percentage points for the nine months ended
September 30, 2022, compared to the same period last year. The decrease in gross
margin was primarily related to an increase in freight-in driven by higher
utilization of more expensive air freight and elevated ocean and air freight
rates.

Operating Expenses

                                  Nine months ended
                                    September 30,           Change
                                 2022           2021           %
                                   (in thousands)
Operating expenses:
Selling                       $  80,801      $ 56,282        43.6  %
Marketing                        56,263        42,107        33.6  %
General and administrative       84,142       118,280       (28.9) %
Total operating expenses        221,206       216,669         2.1  %


Operating expenses increased by $4.5 million, or 2.1%, for the nine months ended
September 30, 2022, compared to the same period last year and, as a percentage
of net revenues, decreased by 13.2 percentage points, primarily driven by a
decrease in general and administrative expenses as described below.

Selling expense increased by $24.5 million, or 43.6%, for the nine months ended
September 30, 2022, compared to the same period last year and, as a percentage
of net revenues, increased by 3.1 percentage points. The increase in selling
expense as a percentage of net revenues was primarily driven by higher
fulfillment expenses, including increased storage costs, and, to a lesser
extent, higher shipping expense as a result of rate increases.

Marketing expense increased by $14.2 million, or 33.6%, for the nine months
ended September 30, 2022, compared to the same period last year and, as a
percentage of net revenues, increased by 1.1 percentage points. The increase in
marketing expense as a percentage of net revenues was primarily due to increased
investment in brand marketing, including increased investments in our Ambassador
Program and offline marketing.

General and administrative expense decreased by $34.1 million, or 28.9%, for the
nine months ended September 30, 2022, compared to the same period last year and,
as a percentage of net revenues, decreased by 17.4 percentage points. The
decrease in general and administrative expense as a percentage of net revenues
was primarily due to a decrease in stock-based compensation expense.

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Other Income (Loss), Net

                                Nine months ended
                                  September 30,              Change
                                2022            2021           %
                                  (in thousands)
Other income (loss), net   $    683          $ (1,001)      (168.0) %


Other income (loss), net increased for the nine months ended September 30, 2022,
compared to the same period last year, primarily related to an increase in our
interest income driven by higher interest rates as well as a decrease in
interest expense related to our revolving credit commitment fee.

Provision for Income Taxes

                                  Nine months ended
                                    September 30,           Change
                                 2022           2021          %
                                   (in thousands)
Provision for income taxes    $  17,294      $ 15,700       10.2  %


Provision for income taxes increased by $1.6 million, or 10.2% for the nine
months ended September 30, 2022, compared to the same period last year,
primarily due to an increase in non-deductible stock-based compensation expense.
Our effective tax rate was 49.3% for the nine months ended September 30, 2022,
up from the same period last year primarily due to the impact of non-deductible
stock-based compensation.

Key Operating Parameters and Non-GAAP Financial Measures

We report our financial results in accordance with GAAP. In addition to the
measures presented in our financial statements, we use the following key
operational and business metrics to evaluate our business, measure our
performance, develop financial forecasts and make strategic decisions. We
believe the non-GAAP financial measures, Adjusted EBITDA, Adjusted EBITDA Margin
and free cash flow, are useful in evaluating our performance. Our non-GAAP
financial measures should not be considered in isolation from, or as substitutes
for, financial information prepared in accordance with GAAP.

Active customers, net revenue per active customer and average order value

The number of active customers is an important indicator of our growth as it
reflects the reach of our digital platform, our brand awareness and overall
value proposition. We define an active customer as a unique customer account
that has made at least one purchase in the preceding 12-month period. In any
particular period, we determine our number of active customers by counting the
total number of customers who have made at least one purchase in the preceding
12-month period, measured from the last date of such period.

                              As of September 30,
                        2022                        2021
                                (in thousands)
Active customers      2,154                        1,743


We believe the growth in our net revenues per active customer demonstrates our
increased value proposition for our customer base. We define net revenues per
active customer as the sum of total net revenues in the preceding twelve month
period divided by the current period active customers.

                                          As of September 30,
                                            2022              2021
Net revenues per active customer    $      227               $ 219


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We define average order value ("AOV") as the sum of the total net revenues in a
given period divided by the total orders placed in that period. Total orders are
the summation of all completed individual purchase transactions in a given
period. We believe our relatively high average order value demonstrates the
premium nature of our product. As we expand into and increase our presence in
additional product categories and price points as well as expand
internationally, AOV may fluctuate.

                              Three months ended                 Nine months ended
                                 September 30,                     September 30,
                                2022             2021             2022            2021
Average order value     $      112              $ 102      $     112             $ 102

Adjusted EBITDA and Adjusted EBITDA margin

We calculate Adjusted EBITDA as net income (loss) adjusted to exclude: other
income (loss), net; gain/loss on disposal of assets; provision for income taxes;
depreciation and amortization expense; stock-based compensation expense;
transaction costs; and expenses related to non-ordinary course disputes.
Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by net
revenues.

Management believes that excluding certain non-cash items and items that may
vary substantially in frequency and magnitude period-to-period from net income
provides useful supplemental measures that assist in evaluating our ability to
generate earnings, provide consistency and comparability with our past financial
performance and facilitate period-to-period comparisons of our core operating
results as well as the results of our peer companies.

There are several limitations associated with using Adjusted EBITDA and Adjusted EBITDA margin as analytical tools, including:

• other companies may calculate Adjusted EBITDA and Adjusted EBITDA margin differently, which reduces their usefulness as a comparative measure;

• Adjusted EBITDA and Adjusted EBITDA margin do not reflect other income (loss), net;

•Adjusted EBITDA and Adjusted EBITDA margin do not reflect any gain or loss on disposal of assets;

•Adjusted EBITDA and Adjusted EBITDA margin do not reflect our tax provision, which reduces the cash available to us;

•Adjusted EBITDA and Adjusted EBITDA Margin do not reflect recurring, non-cash
expenses of depreciation and amortization of property and equipment and,
although these are non-cash expenses, the assets being depreciated and amortized
may have to be replaced in the future;

•Adjusted EBITDA and Adjusted EBITDA margin do not reflect the impact of stock-based compensation expense;

•Adjusted EBITDA and Adjusted EBITDA margin do not reflect transaction costs; and

•Adjusted EBITDA and Adjusted EBITDA margin do not reflect unusual course litigation expenses.

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The following table reflects a reconciliation of Adjusted EBITDA to Net income
(loss), the most directly comparable financial measure prepared in accordance
with GAAP and presents Adjusted EBITDA Margin with Net income (loss) margin, the
most directly comparable financial measure prepared in accordance with GAAP:

                                               Three months ended                           Nine months ended
                                                  September 30,                               September 30,
                                             2022               2021                     2022               2021
                                                                (in thousands, except margin)
Net income (loss)                        $   4,044          $   6,954                $  17,795          $ (22,152)
Add (deduct):
Other income (loss), net                      (605)               933                     (683)             1,001
Provision for income taxes                   7,771              2,664                   17,294             15,700
Depreciation and amortization expense(1)       479                365                    1,287              1,021
Stock-based compensation and related
expense(2)                                   9,082              8,683                   26,335             70,415
Transaction costs                                -                800                        -              1,139
Expenses related to non-ordinary course
disputes(3)                                    254              1,791                    5,458              6,207
Adjusted EBITDA                          $  21,025          $  22,190                $  67,486          $  73,331

Net revenues                             $ 128,589          $ 102,696                $ 360,937          $ 290,892
Net income (loss) margin(4)                    3.1  %             6.8  %                   4.9  %            (7.6) %
Adjusted EBITDA Margin                        16.4  %            21.6  %                  18.7  %            25.2  %

(1) Excludes amortization of debt issuance costs included in “Other income (loss), net”.

(2) Includes stock-based compensation expense and social charges related to the stock award activity.

(3) Represents certain legal fees incurred in connection with the litigation
claims described in the section titled "Legal   Proceedings" appearing in this
Quarterly Report on Form 10-Q.

(4) Net profit (loss) margin represents net profit (loss) as a percentage of net revenues.

Free Cash Flow

We calculate free cash flow as net cash provided by operating activities reduced
by capital expenditures, including purchases of property and equipment and
capitalized software development costs. We believe free cash flow is a useful
measure of liquidity and an additional basis for assessing our ability to
generate cash. There are limitations related to the use of free cash flow as an
analytical tool, including: other companies may calculate free cash flow
differently, which reduces its usefulness as a comparative measure; and free
cash flow does reflect our future contractual commitments and it does not
represent the total residual cash flow for a given period.

The following table provides a reconciliation of free cash flow to net cash (used in) provided by operating activities, the most directly comparable financial measure calculated in accordance with GAAP:

                                                          Nine months ended
                                                            September 30,
                                                         2022           2021
                                                           (in thousands)
Net cash (used in) provided by operating activities   $ (39,881)     $ 52,504
Less: capital expenditures                               (4,256)       (2,008)
Free cash flow                                        $ (44,137)     $ 50,496


                                       28

————————————————– ——————————

Contents

Cash and capital resources

As of September 30, 2022 and December 31, 2021, we had $155.6 million and $195.4
million of cash and cash equivalents, respectively. Since inception, we have
financed operations primarily through cash flows from operating activities, the
sale of our capital stock and borrowings under credit facilities.

In December 2020, we entered into a credit agreement with J.P. Morgan Chase
Bank, N.A., providing for a revolving credit facility in an initial amount of up
to $50.0 million (the "2020 Facility"). On September 7, 2021, we terminated the
2020 Facility.

In September 2021, we entered into a credit agreement with Bank of America, N.A.
providing for a revolving credit facility in an amount of up to $100.0 million
(the "2021 Facility"). The 2021 Facility will mature in September 2026. As of
September 30, 2022, we had no outstanding borrowings under the 2021 Facility
(other than $4.4 million of outstanding letters of credit) and available
borrowings of $95.6 million.

See Note 8 to our summary financial statements included elsewhere in this Quarterly Report on Form 10-Q for more information regarding the 2021 facility.

Our cash requirements have primarily been for working capital and capital
expenditures. We believe that existing cash and cash equivalents and available
borrowings under our 2021 Facility, if needed, will be sufficient to support our
working capital and capital expenditure requirements for at least the next 12
months. Our future capital requirements may vary materially from those currently
planned and will depend on many factors, including our rate of revenue growth,
the timing and extent of international expansion efforts and other growth
initiatives, the expansion of our marketing activities and overall economic
conditions. To the extent that current and anticipated future sources of
liquidity are insufficient to fund our future business activities and cash
requirements, we may be required to seek additional equity or debt financing.
The sale of additional equity would result in additional dilution to our
stockholders. The incurrence of additional debt financing would result in debt
service obligations and the instruments governing such debt could provide for
operating and financing covenants that would restrict our operations. There can
be no assurances that we will be able to raise additional capital when needed or
on terms acceptable to us. The inability to raise capital, if needed, would
adversely affect our ability to achieve our business objectives.

Historical cash flows

The following table summarizes our cash flows for the periods presented:

                                                                         Nine months ended
                                                                           September 30,
                                                                     2022                2021
                                                                          (in thousands)
Net cash (used in) provided by operating activities              $  (39,881)         $   52,504
Net cash used in investing activities                                (4,756)             (2,008)
Net cash provided by financing activities                             2,789              75,325
Net (decrease) increase in cash, cash equivalents, and
restricted cash                                                  $  (41,848)         $  125,821


Operating Activities

Cash (used in) provided by operating activities consists primarily of net income
adjusted for certain items including depreciation and amortization, stock-based
compensation expense and the effect of changes in operating assets and
liabilities.

Cash (used in) provided by operating activities decreased by $92.4 million for
the nine months ended September 30, 2022, compared to the same period last year.
The decrease in operating cash flows was primarily due to a net change in
operating assets and liabilities of $92.8 million driven by higher inventory
purchases of $62.4 million, the timing of payments against accrued expenses of
$7.5 million, the timing of cash collections related to accounts receivable of
$6.9 million, and the timing of income tax payments of $6.9 million during the
comparable nine month period in 2021.

Investing activities

Cash flows used in investing activities relate to capital expenditures and other investing activities.

                                       29

————————————————– ——————————

Contents

Cash used in investing activities increased by $2.7 million for the nine months
ended September 30, 2022, compared to the same period last year. The change in
investing cash flows was primarily due to an increase in capital expenditures
and cash used for the purchase of held-to-maturity securities.

Capital expenditures during the nine months ended September 30, 2022 were primarily related to capitalized software development costs, hardware purchases and warehouse machinery purchases.

Capital expenditures during the nine months ended September 30, 2021 were primarily related to purchases of computer equipment, furniture and fixtures, and included capitalized software development costs.

Fundraising activities

Cash flows from financing activities consist primarily of proceeds and payments related to transactions involving our common shares, borrowings and fees associated with our existing line of credit.

Cash provided by financing activities of $2.8 million for the nine months ended
September 30, 2022 was primarily attributable to proceeds from the exercise of stock options and stock purchases by employees.

Cash provided by financing activities of $75.3 million for the nine months ended
September 30, 2021 was attributable to proceeds from our IPO, capital
contributions and proceeds from stock option exercises, partially offset by tax
payments related to net share settlements on restricted stock units and payments
of IPO issuance costs, net of reimbursements.

Contractual obligations and commitments

There have been no material changes in our contractual obligations from those described in our 2021 Annual Report on Form 10-K.

Refer to Note 9 to our condensed financial statements appearing elsewhere in
this Quarterly Report on Form 10-Q for commitments entered into during the nine
months ended September 30, 2022.

Significant Accounting Policies and Estimates

Our condensed financial statements and the related notes thereto included
elsewhere in this Quarterly Report on Form 10-Q are prepared in accordance with
GAAP. The preparation of financial statements requires us to make estimates and
assumptions that affect the reported amounts of assets, liabilities, revenue,
costs and expenses and related disclosures. We base our estimates on historical
experience and on various other assumptions that we believe to be reasonable
under the circumstances. Actual results could differ significantly from our
estimates. To the extent that there are differences between our estimates and
actual results, our future financial statement presentation, financial
condition, results of operations and cash flows will be affected.

Our critical accounting policies are described under the heading "Management's
Discussion and Analysis of Financial Condition and Results of
Operations-Critical Accounting Policies and Estimates" in our 2021 Annual Report
on Form 10-K, and in Note 2 to our condensed financial statements appearing
elsewhere in this Quarterly Report on Form 10-Q.

Recent accounting pronouncements

Refer to Note 2 to our condensed financial statements appearing elsewhere in
this Quarterly Report on Form 10-Q for a discussion of accounting pronouncements
recently adopted and their impact to our financial statements.

© Edgar Online, source Previews

Cypark Resources Files for Listing of Private Placement Shares

0

Newswires MT 2022

All the news from CYPARK RESOURCES

2022 sales 322M
68.7M
68.7M
2022 net income 59.8M
12.8 million
12.8 million
Net debt 2022 1,113 million
238M
238M
PER 2022 ratio 3.50x
2022 return
Capitalization 206M
44.0M
44.0M
EV / Sales 2022 4.10x
EV / Sales 2023 3.30x
# of employees 141
Floating 63.0%


Duration :

Period :




Cypark Resources Technical Analysis Chart |  MarketScreener

Trends Technical Analysis CYPARK RESOURCES

Short term Middle term Long term
Tendencies Bearish Neutral Bearish




Evolution of the income statement

Sale

To buy

Medium consensus TO BUY
Number of analysts 2
Last closing price RM0.35
Average target price RM0.93
Average Spread / Target 166%


SWK HOLDINGS CORP MANAGEMENT REPORT OF FINANCIAL POSITION AND RESULTS OF OPERATIONS (Form 10-Q)

0
Management's Discussion and Analysis of Financial Condition and Results of
Operations ("MD&A") is provided as a supplement to, and should be read in
conjunction with, our audited consolidated financial statements, and the MD&A
included in our Annual Report on Form 10-K for the year ended December 31, 2021
("Annual Report"), as well as our unaudited condensed consolidated financial
statements and the accompanying notes included in this report.



Environment, Social and Governance



As overseers of risk and stewards of long-term enterprise value, our management
and Board play a vital role in assessing, identifying and understanding the
potential impact and related risks of environmental, social and governance
("ESG") issues on the organization's operating model. Our Board and management
are committed to identifying those ESG issues most likely to impact business
operations and growth by focusing our investment strategy around supporting
innovative, growth-oriented companies in the life sciences industry that
maximize both social and investment value.



Among the ESG issues that we support within the company, we are committed to recruiting, motivating and developing a diversity of talents. We promote and encourage a corporate culture where every voice is welcome, heard and respected, regardless of age, gender, race, religion, sexual orientation, physical condition, cultural background or country of origin. ‘origin. Our commitment to ESG initiatives is an effort that the board and management undertake for the overall betterment of people inside and outside the company.



The nature of our business supports environmental sustainability by being
mindful of products we and our partners use in our businesses. We promote
recycling to reduce landfill, and we offer our employees a hybrid work model,
which allows employees the flexibility to work remotely, thereby reducing the
carbon output from commuting in cars or buses.



Insight

We have organized our operations into two segments: Finance Receivables and
Pharmaceutical Development. These segments reflect the way the Company evaluates
its business performance and manages its operations. Please refer to Item 1.
Financial Statements, Note 9 of the notes to the unaudited condensed
consolidated financial statements for further information regarding segment
information.



  18



Overview of the financial receivables portfolio

The table below provides an overview of our outstanding financial receivables transactions at and for the three and nine months ended September 30, 2022
(in thousands, except rate, share and per share data).

                                                                                               Revenue Recognized
                    Licensed
Royalty Purchases   Technology             Footnote       Funded Amount    
GAAP Balance         Q3           YTD
Beleodaq®           Oncology treatment        (1)        $       7,600     $          -     $      27      $    799
                    Ophthalmic
Besivance®          antibiotic                (2)                6,000                -             8            21
Best ABT, Inc.      Oncology diagnosis      (3), (4)             5,784            3,037             -             -
                    Spinal
                    stenosis/submental
Coflex®/Kybella®    fullness                                     4,350            3,929           105           397
                    NSAID migraine
Cambia®             treatment                 (3)                8,500            1,034           (94 )        (153 )
                    Depressive
Forfivo XL®         disorder treatment                           6,000            1,408           185           857
Ideal Implant,
Inc.                Aesthetics                                   3,000            3,289           134           402
                    Diabetic macular
Iluvien®            edema                                       16,501           15,729           570         1,691
                    Opioid overdose
Narcan®             treatment                                   17,500              487           248         1,908
Ostomy Products
Royalty             Ostomy products           (1)                3,900                -         1,746         1,927
Veru, Inc.          Women's health                              10,000            3,509            30           555




                                                                                                               Revenue Recognized
Term Loans            Type        Footnote      Maturity Date    Principal     GAAP Balance       Rate           Q3           YTD
4Web, Inc.         First lien                     06/03/23      $  28,808  

$31,060 15.8% $1,185 $3,329
AOTI, Inc. First privilege

                     03/21/27         12,000           11,970         11.0 %         426           840

Acer

Therapeutic,

Inc.               First lien                     03/04/24          6,704            6,849         12.0 %         457         1,003
Acerus
Pharmaceuticals
Corporation        First lien        (5)          10/11/23              -                -         12.0 %           -           538
Aziyo Biologics,
Inc.               First lien                     10/08/27         21,000           20,294         11.5 %         265           265
B&D Dental
Corporation        First lien        (5)          12/10/18              -                -         14.0 %           -         2,401
BIOLASE, Inc.      First lien                     05/31/25         13,300  

13,734 10.5% 484 1,390 Biotricity, Inc. First lien

                     12/26/26         12,000           11,845         11.5 %         407         1,193
Epica
International,
Inc.               First lien                     07/23/24         12,000           12,374          9.5 %         385         1,097
eTon
Pharmaceuticals,
Inc.               First lien                     11/13/24          6,615            6,659         10.0 %         221           666
Exeevo, Inc.       First lien                     07/01/27          5,010            4,969         12.5 %         187           187

Flowonix

Medical, Inc. First privilege (4), (6) 12/23/25 10,428

          9,789         14.0 %           -             -
Keystone Dental
Group              First lien        (5)          08/01/23              -                -         11.5 %           -           888

MedMinderComment

Systems, Inc.      First lien                     07/22/27         20,000           19,831         10.9 %         291           291

MolecuLight,

Inc.               First lien                     12/29/26         10,000           10,007         12.5 %         413         1,036
Sincerus
Pharmaceuticals,
Inc.               First lien                     03/19/26         12,820           13,039         13.0 %         534         1,437
Trio Healthcare
Ltd.               First lien                     07/01/26          8,150            8,117         12.5 %         288           780




  19






                                                                                                             Revenue Recognized

Cost method Investment under license Technology Footnote Maturity Date Principal GAAP Balance Rate

            Q3               YTD

Tissue

Regeneration    Umbilical
Therapeutics,   cord
Inc.            banking          (4)           N/A        $    3,491     $      3,491          N/A     $        -         $        -




                                                                                                              Income (Loss) Recognized
                                            Number of
Marketable Investments                        Shares       Footnote     Funded Amount     GAAP Balance         Q3                 YTD
Secured Royalty Financing (Marketable
Investment)                                      N/A          (4)      $       3,000     $         88     $       -         $           -
Bioventus, Inc. Common Stock                  71,361                             N/A              500            13                  (534 )
Epica International, Inc.                     25,000                             N/A                -             -                     -
Sincerus Pharmaceuticals, Inc.                26,575                       
     N/A                -             -                     -




                                                                                                                        Income (Loss) Recognized
                                                                                 Exercise Price
Warrants to Purchase Stock                  Number of Shares       Footnote       per Share ($)      GAAP Balance          Q3               YTD
4Web, Inc.                                               TBD                    $             -     $          -     $         -       $         -
AOTI, Inc.                                            92,490                                  -                -               -                 -
Acer Therapeutics, Inc.                              150,000                               2.46              116              17              (110 )
Acer Therapeutics, Inc.                              100,000                               1.51               90              (2 )              (2 )
Acerus Pharmaceuticals Corporation                 7,764,004               
          0.053 CAD               20             (33 )             (82 )
Aziyo Biologics                                      157,895                               6.65              895             116               116
BIOLASE, Inc.                                         22,039                               0.39               26             (37 )            (158 )
Biotricity, Inc.                                      57,536                               6.26               21             (39 )            (155 )
CeloNova BioSciences, Inc.                               TBD         (7)                      -                -               -                 -
DxTerity Diagnostics, Inc.                         2,019,231         (7)                      -                -               -                 -
Epica International, Inc.                                TBD                                  -                -               -                 -
eTon Pharmaceuticals, Inc.                            51,238                               5.86               21             (15 )             (74 )
eTon Pharmaceuticals, Inc.                            18,141                               6.62                8              (5 )             (26 )
Exeevo, Inc.                                             930                                  -                -               -                 -
EyePoint Pharmaceuticals, Inc.                        40,910                              11.00              129              (4 )            (147 )
EyePoint Pharmaceuticals, Inc.                         7,773               
              19.30               17              (1 )             (24 )
Flowonix Medical, Inc.                               155,561       (4), (6)                   -                -               -                 -
Harrow Health, Inc.                                  373,847         (7)                   2.08            3,797           1,791             1,285




                                                 Total Revenue
                                 Assets         Q3          YTD
Total finance receivables      $ 212,959     $ 8,502     $ 25,745
Total marketable investments         588         N/A          N/A
Cost method investment             3,491         N/A          N/A
Fair value of warrant assets       5,140         N/A          N/A
Total assets/revenues          $ 222,178     $ 8,502     $ 25,745





(1) The royalty was paid during the third quarter of 2022. (2) The US royalty was paid during the year ended December 31, 2021. SWK

    continues to receive insignificant royalties on international sales.
(3) Investment considered impaired.
(4) Investment on nonaccrual.
(5) Loan was paid off during the nine months ended September 30, 2022.
(6) Flowonix is evaluating strategic alternatives for the business.
(7) Loan was paid off during the year ended December 31, 2021.




Unless otherwise specified, our senior secured debt assets generally are repaid
by a revenue interest that is charged on a company's quarterly net sales and
royalties.



  20



Significant Accounting Policies and Estimates

Our critical accounting policies and estimates are described in Part II, Item 7,
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" of our Annual Report. We believe there have been no new critical
accounting policies or material changes to our existing critical accounting
policies and estimates during the nine months ended September 30, 2022, compared
to those discussed in our Annual Report.



Recent accounting pronouncements

Refer to Part I. Financial Information, Item 1. Financial Statements, Note 1 of
the notes to the unaudited condensed consolidated financial statements for a
listing of recent accounting pronouncements and their potential impact to our
consolidated financial statements.



Comparison of the Three Months Ended September 30, 2022 and 2021 (in millions)



                                                     Three Months Ended
                                                       September 30,
                                                   2022              2021             Change
Revenues                                      $      13.6        $       9.6       $      4.0
Interest expense                                      0.1                0.1                -
Pharmaceutical manufacturing, research
and development expense                               1.8                2.5             (0.7 )
Depreciation and amortization expense                 0.6                0.8             (0.2 )
General and administrative                            4.3                3.6              0.7
Other income, net                                     1.8                0.1              1.7
Income tax expense                                    1.9                0.5              1.4
Net income                                            6.6                2.2              4.4




Revenues



Revenues increased to $13.6 million for the three months ended September 30,
2022 from $9.6 million for the three months ended September 30, 2021. The $4.0
million increase in revenue was due to $5.0 million of milestone revenue related
to Enteris' License Agreement with Cara received during the three months ended
September 30, 2022, which did not occur during the three months ended September
30, 2021. The increase in revenue was partially offset by a $0.9 million net
decrease in Finance Receivables segment revenues. The decrease in Finance
Receivables segment revenue was due to a $1.3 million net decrease in royalty
income primarily due to the achievement of return premiums that caused a step
down in royalty rates, which was partially offset by a net increase of $0.4
million in interest and fees earned on finance receivables.



Interest Expense



Interest expense consists of interest accrued on our revolving line of credit,
unused line of credit and maintenance fees, as well as amortization of debt
issuance costs. Interest expense for both the three months ended September 30,
2022 and 2021 was $0.1 million, respectively.



Pharmaceutical manufacturing, research and development expenditures



Pharmaceutical manufacturing, research and development expense decreased from
$2.5 million for the three months ended September 30, 2021 to $1.8 million for
the three months ended September 30, 2022. The $0.7 million decrease was
primarily due to a decrease in manufacturing materials for pipeline projects and
clinical trials.


Depreciation and amortization

The $0.2 million decrease in depreciation and amortization expense for the three
months ended September 30, 2022 primarily consists of a decrease in amortization
expense related to the intangible assets of Enteris. Amortization expense is
aligned with the expected future cash flows of the intangible assets.



  21




General and Administrative



General and administrative expenses consist primarily of compensation;
stock-based compensation and related costs for management, staff and Board;
legal and audit expenses; and corporate governance expenses. General and
administrative expenses increased to $4.3 million for the three months ended
September 30, 2022 from $3.6 million for the three months ended September 30,
2021. The $0.7 million increase was primarily due to a $1.3 million increase in
salaries and benefits expense, of which $1.1 million is related to the former
CEO's severance pay pursuant to the Separation and Release Agreement dated
August 31, 2022, and a $0.2 million increase in salaries and benefits expense
due to an increase in personnel and the performance-based bonus accrual. The
increase in general and administrative expense also included a $0.7 million
increase in audit and legal fees related to amending the Company's Articles of
Incorporation and Bylaws and other corporate governance, financing and strategic
matters. The increase was partially offset by a $0.9 million decrease in
corporate strategic planning and related special committee board fees, as well
as a $0.1 million decrease in stock-based compensation expense related to the
forfeiture of stock-options held by the former CEO upon his departure on
September 30, 2022.



Other (Expense) Income, Net



Other expense, net for three months ended September 30, 2022 reflected a net
aggregate fair market value gain of $1.8 million on our warrant derivatives and
Bioventus common stock. Other income, net for three months ended September 30,
2021 reflected a net fair market value loss of $0.2 million on our warrant
derivatives and a net fair market value gain of $0.3 million on our Misonix
common stock, which was tendered in October 2021 in exchange for $1.9 million in
cash and 71,361 shares of Bioventus common stock.



Income Tax Expense



During the three months ended September 30, 2022 and 2021, we recognized income
tax expense of $1.9 million and $0.5 million, respectively. The $1.4 million
increase in income tax expense is the result of an increase in taxable income
for the three months ended September 30, 2022 when compared to the same period
of the previous year.



Comparison of the Nine Months Ended September 30, 2022 and 2021 (in millions)



                                                  Nine Months Ended September 30,
                                                     2022                  2021              Change
Revenues                                      $         31.7         $         41.2       $     (9.5 )
Interest expense                                         0.2                    0.3             (0.1 )
Pharmaceutical manufacturing, research
and development expense                                  5.2                    5.6             (0.4 )
Change in fair value of
acquisition-related contingent
consideration                                              -                   (0.1 )            0.1
Depreciation and amortization expense                    2.0                    3.3             (1.3 )
General and administrative                              10.5                    9.8              0.7
Other income, net                                        0.1                    2.2             (2.1 )
Income tax expense                                       3.2               
    5.0             (1.8 )
Net income                                              10.7                   19.6             (8.9 )




  22




Revenues


Revenues decreased to $31.7 million for the nine months ended September 30, 2022
from $41.2 million for the nine months ended September 30, 2021. The $9.5
million decrease in revenue consisted of a $5.4 million decrease in
Pharmaceutical Development segment revenue and a $4.1 million decrease in
Finance Receivables segment revenue. The decrease in Pharmaceutical Development
segment revenue included $5.0 million of milestone revenue related to Enteris'
License Agreement with Cara received during the nine months ended September 30,
2022, compared to $10.0 million of milestone revenue for the same period of
2021. The decrease in Finance Receivables segment revenue was due to a $5.1
million net decrease in royalty income primarily due to the achievement of
return premiums that caused a step down in royalty rates, which was partially
offset by a net increase of $1.0 million in interest and fees earned on finance
receivables.



Interest Expense



Interest expense consists of interest accrued on our revolving line of credit,
unused line of credit and maintenance fees, as well as amortization of debt
issuance costs. Interest expense for the nine months ended September 30, 2022
and 2021 was $0.2 million and $0.3 million, respectively.



Pharmaceutical manufacturing, research and development expenditures



Pharmaceutical manufacturing, research and development expense decreased from
$5.6 million for the nine months ended September 30, 2021 to $5.2 million for
the nine months ended September 30, 2022. The $0.4 million decrease was
primarily due to a decrease in manufacturing materials for pipeline projects and
clinical trials.


Depreciation and amortization

The $1.3 million decrease in depreciation and amortization expense for the nine
months ended September 30, 2022 primarily consists of a decrease in amortization
expense related to the intangible assets of Enteris. Amortization expense is
aligned with the expected future cash flows of the intangible assets.



General and Administrative



General and administrative expenses consist primarily of compensation;
stock-based compensation and related costs for management, staff and Board;
legal and audit expenses; and corporate governance expenses. General and
administrative expenses increased to $10.5 million for the nine months ended
September 30, 2022 from $9.8 million for the nine months ended September 30,
2021. The $0.7 million increase was primarily due to a $1.1 million increase in
salaries and benefits expense related to the former CEO's severance pay pursuant
to the Separation and Release Agreement dated August 31, 2022. The increase in
general and administrative expense also included a $0.9 million increase in
audit and legal fees related to amending the Company's Articles of Incorporation
and Bylaws and other corporate governance, financing and strategic matters. The
increase was partially offset by a $1.4 million decrease in corporate strategic
planning and related special committee board fees, as well as a $0.1 million
decrease in stock-based compensation expense related to the forfeiture of
stock-options held by the former CEO upon his departure on September 30, 2022.



Other Income, Net


Other income, net for the nine months ended September 30, 2022 reflected a net
aggregate fair market value gain of $0.1 million on our warrant derivatives and
Bioventus common stock. Other income, net for the nine months ended September
30, 2021 reflected a net fair market value gain of $0.7 million on our warrant
derivatives and a net fair market value gain of $1.6 million on our Misonix
common stock, which was tendered in October 2021 in exchange for $1.9 million in
cash and 71,361 shares of Bioventus common stock.



  23




Income Tax Expense



During the nine months ended September 30, 2022 and 2021, we recognized income
tax expense of $3.2 million and $5.0 million, respectively. The $1.8 million
decrease in income tax expense is the result of a decrease in taxable income for
the nine months ended September 30, 2022 when compared to the same period of the
previous year.


Cash and capital resources



As of September 30, 2022, we had $19.4 million in cash and cash equivalents,
compared to $42.9 million in cash and cash equivalents as of December 31, 2021.
The primary driver of the $23.5 million decrease in our cash balance was $71.2
million of investment funding, net of deferred fees and origination expenses;
$8.2 million for payments of accounts payable, including $1.9 million for
Enteris's internal pipeline and business development projects; payroll and
benefits expense of $8.3 million; $0.6 million to repurchase shares of the
Company's common stock on the open market; and $0.3 million of credit facility
interest and other expenses. The decrease in cash and cash equivalents was
partially offset by $64.4 million of interest, fees, principal and royalty
payments received on our finance receivables and $0.7 million of customer
payments generated by our Pharmaceutical Development segment.



Our ability to generate cash in the future depends primarily upon our success in
implementing our Finance Receivables business model of generating income by
providing capital to a broad range of life science companies, institutions and
inventors, as well as the success of our Pharmaceutical Development segment. We
generate income primarily from four sources:



1. Holding or funding primarily through debt investments, royalties generated by

    the sales of life science products and related intellectual property;



2. Receive interest and other income by advancing capital in the form of

    secured debt to companies in the life science sector;



3. Pharmaceutical development, manufacturing and licensing activities using

    the Peptelligence® platform; and



4. To a lesser extent, achieve capital appreciation from

investments in the life sciences sector.

As of September 30, 2022, our finance receivables portfolio contains $213.0
million of finance receivables, $0.6 million of marketable investments, and $3.5
million related to our cost method investment. In the aggregate, we expect these
assets to generate positive cash flows in 2022. In addition, the majority of our
finance receivables portfolio are debt instruments that carry floating interest
rates with a reference rate-based interest rate floor. Changes in interest
rates, including the underlying reference rates, may affect the interest income
for debt instruments with floating rates. We believe we are well positioned to
benefit should market interest rates rise in the future.



We entered into a $20.0 million revolving credit facility in June 2018. The
credit facility was amended on September 26, 2022 to extend the termination date
to November 29, 2022. We continue to work with our current lender to extend our
credit facility. As of September 30, 2022, $22.0 million was available for
borrowing under the credit facility.



Off-balance sheet arrangements



In the normal course of operations, we engage in a variety of financial
transactions that, in accordance with GAAP, are not recorded in our consolidated
financial statements. These transactions involve, to varying degrees, elements
of credit, interest rate, and liquidity risk. Such transactions are used
primarily to manage partner companies' requests for funding and take the form of
loan commitments and lines of credit.



The contractual amounts of commitments to extend credit represent the amounts of
potential accounting loss should the contract be fully drawn upon, the partner
company defaults, and the value of any existing collateral becomes worthless. We
use the same credit policies in making commitments and conditional obligations
as we do for on-balance sheet instruments. Please refer to Item 1. Financial
Statements, Note 6 of the notes to the unaudited condensed consolidated
financial statements



  24

© Edgar Online, source Previews

Shares of oil producer Ithaca sink in UK’s biggest IPO of 2022

0
  • Ithaca Energy shares down 11.6% after market debut
  • The company has raised £288m to pay off its debt
  • First major company to use new LSE listing rules
  • IPO comes amid drought in global equity sales

LONDON, Nov 9 (Reuters) – Ithaca Energy made a lackluster debut in London on Wednesday as the North Sea oil and gas producer defied volatile markets with Britain’s biggest initial public offering of 2022.

As Europe’s fifth-biggest IPO of the year began trading, Ithaca shares fell 11.6% below their issue price of 250 pence, hitting a low of 221 pence shortly after noon. At 12:14 GMT, shares were down 10.1% at 224.75 pence.

The pan-European STOXX 600 (.STOXX)meanwhile, was down 0.5% and an index of European oil and gas stocks fell 1.3%. (.SXEP)

The IPO of Ithaca, which is priced at the low end of the expected price range, gave the company an initial valuation of 2.45 billion pounds ($2.83 billion). At the top of the original price range, it would have been valued at £3.1 billion.

“Ithaca went public in a difficult market environment and the short-term weakness probably underlines that,” Investec analyst Nathan Piper said.

Amid a stock market listing drought, Ithaca raised proceeds of £288m. Global IPO proceeds are down more than 70% from the same time last year, according to Dealogic data.

The London Stock Exchange had its worst year on record for IPO volumes as the ongoing energy crisis and deteriorating economic forecasts made markets volatile.

Very few IPOs expected in Europe, Middle East and Africa before year-end, bookrunner working on Ithaca deal says, except deals already underway in the Middle East, including a listing by Americana Restaurants which is expected to be priced in late November. .

More than half of Ithaca’s book went to British investors, a quarter to Israeli investors and a fifth to American names, the bookrunner said.

With a free float of 12%, Ithaca is the first major company to take advantage of new London listing rules implemented at the end of 2021 which reduced the proportion of shares to be held by the public from 25% to 10%.

Reuters Charts

Proceeds from equity sales in Britain have fallen 95% so far this year and only two of the 38 listings have been in the utilities and energy sector, according to Dealogic data.

NORTH SEA HORIZON

Ithaca, owned by Tel Aviv-listed Delek Group (DLEKG.TA)is being watched for investor interest in North Sea energy producers, an aging pool where private equity firms have bought assets in recent years but delayed IPOs.

Britain recently launched its first round of oil and gas exploration licenses since 2019 to boost domestic production, but also imposed a one-off 25% tax on oil and gas producers to help struggling households with energy bills.

Ithaca, which produces around 70,000 barrels of oil equivalent per day, wants to use proceeds from the IPO to pay off debt, which stood at $1.4 billion net at the end of June, and aims to pay a 2023 dividend of $400 million.

The latest oil and gas producer to list on the main London stock exchange was Energean, which focuses on the eastern Mediterranean. (ENOG.L) in 2018.

Goldman Sachs (GS.N) and Morgan Stanley (MS.N) are global co-coordinators of the agreement, while HSBC (HSBA.L)Jefferies (JEF.N) and Bank of America (BAC.N) are joint bookrunners with ING (INGA.AS) acting as co-lead.

($1 = 0.8649 pounds)

Reporting by Emma-Victoria Farr, Joice Alves, Shadia Nasralla and Lucy Raitano; Editing by Amanda Cooper, Mark Potter and Alexander Smith

Our standards: The Thomson Reuters Trust Principles.

LIXTE BIOTECHNOLOGY HOLDINGS, INC. MANAGEMENT REPORT AND ANALYSIS OF FINANCIAL POSITION AND OPERATING RESULTS (Form 10-Q)

0

Forward-looking statements



This Quarterly Report on Form 10-Q of Lixte Biotechnology Holdings, Inc. (the
"Company") contains certain 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. These might include statements regarding the Company's
financial position, business strategy and other plans and objectives for future
operations, and assumptions and predictions about future clinical trials and
their timing and costs, product demand, supply, manufacturing costs, marketing
and pricing factors are all forward-looking statements. These statements are
generally accompanied by words such as "intend", "anticipate", "believe",
"estimate", "potential(ly)", "continue", "forecast", "predict", "plan", "may",
"will", "could", "would", "should", "expect" or the negative of such terms or
other comparable terminology. The Company believes that the assumptions and
expectations reflected in such forward-looking statements are reasonable, based
on information available to it on the date hereof, but the Company cannot
provide assurances that these assumptions and expectations will prove to have
been correct or that the Company will take any action that the Company may
presently be planning. These forward-looking statements are inherently subject
to known and unknown risks and uncertainties. Actual results or experience may
differ materially from those expected, anticipated or implied in the
forward-looking statements. Factors that could cause or contribute to such
differences include, but are not limited to, regulatory policies or changes
thereto, available cash, research and development results, competition from
other similar businesses, and market and general economic factors. This
discussion should be read in conjunction with the condensed consolidated
financial statements and notes thereto included in Item 1 of this Quarterly
Report on Form 10-Q and the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2021, including the section entitled "Item 1A. Risk
Factors". The Company does not intend to update or revise any forward-looking
statements to reflect new information, future events or otherwise.



Overview



The Company is a drug discovery company that uses biomarker technology to
identify enzyme targets associated with serious common diseases and then designs
novel compounds to attack those targets. The Company's product pipeline is
primarily focused on inhibitors of protein phosphatases, used alone and in
combination with cytotoxic agents and/or x-ray and immune checkpoint blockers,
and encompasses two major categories of compounds at various stages of
pre-clinical and clinical development that the Company believes have broad
therapeutic potential not only for cancer but also for other debilitating and
life-threatening diseases. The Company has developed two classes of drugs for
the treatment of cancer, consisting of protein phosphatase inhibitors (PTase-i),
designated by us as the LB-100 series of compounds, and histone deacetylase
inhibitors (HDACi), designated by us as the LB-200 series of compounds.



The Company's activities are subject to significant risks and uncertainties,
including the need for additional capital. The Company has not yet commenced any
revenue-generating operations, relies on stock-based compensation for a
substantial portion of employee and consultant compensation, does not have
positive cash flows from operations, and is dependent on periodic infusions of
equity capital to fund its operating requirements.



Recent Developments


The following is a summary of recent developments, including information contained in recent press releases issued by the Company:

Summary of October 13, 2022 Press release



The Company announced that the Spanish Agency for Medicines and Health Products
(Agencia Española de Medicamentos y Productos Sanitarios, or AEMPS) has
authorized a Phase 1b/randomized Phase 2 study of LB-100, the Company's lead
clinical compound, plus doxorubicin versus doxorubicin alone, the global
standard for initial treatment of advanced soft tissue sarcomas (ASTS).



30







The combination of doxorubicin with drugs that are able to impair the mechanisms
of DNA repair is a promising topic of research, as LB-100 has demonstrated
synergistic action in in vivo preclinical mesenchymal tumors. The authorization
of this clinical trial by AEMPS is expected to facilitate approval of other
LB-100 protocols in EU countries.



The purpose of this clinical trial is to obtain information with respect to the
efficacy and safety of LB-100 combined with doxorubicin in soft tissue sarcomas.
Doxorubicin alone has been the cornerstone of first line treatment of ASTS for
over 40 years, with little therapeutic gain from adding cytotoxic compounds to
or substituting other cytotoxic compounds for doxorubicin. In animal models,
LB-100 has consistently enhanced the anti-tumor activity of doxorubicin without
apparent increases in toxicity. The interim analysis of this clinical trial will
be done before full accrual is completed to determine whether the study has the
possibility of showing superiority of the combination of LB-100 plus doxorubicin
compared to doxorubicin alone. A positive study would have the potential to
change the standard therapy for this disease after four decades of failure to
improve the marginal benefit of doxorubicin alone.



This study was designed and will be carried out by the Spanish Sarcoma Group
(Grupo Español de Investigación en Sarcomas, or GEIS). GEIS was formed in 1994
by oncologists from four hospitals and has grown to include members from more
than 60 medical centers across Spain. For relatively uncommon but
life-threatening diseases like ASTS, GEIS has shown that it is essential for
many institutions to collaborate and accrue a large enough group of patients
needed to timely evaluate promising new treatments. GEIS has chosen to study
whether the Company's lead clinical compound, LB-100, can significantly improve
the anti-tumor activity of doxorubicin, the current clinical standard, an only
marginally effective treatment for previously untreated ASTS. The clinical trial
is expected to begin later this year or during the first quarter of 2023; up to
170 patients will be entered onto the trial, which is expected to be completed
within two and a half years.


Listing of the company’s common stock on the Nasdaq Capital Market

The Company’s common stock and warrants issued under its public offering trade on the Nasdaq Capital Market under the symbols “LIXT” and “LIXTW”, respectively.

On June 24, 2022, the Company received a written notice (the "Notice") from The
Nasdaq Stock Market LLC ("Nasdaq") that the Company has not been in compliance
with the minimum bid price requirement set forth in Nasdaq Listing Rule
5550(a)(2) for a period of 30 consecutive business days. Nasdaq Listing Rule
5550(a)(2) requires listed securities to maintain a minimum closing bid price of
$1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure
to meet the minimum closing bid price requirement exists if the deficiency
continues for a period of 30 consecutive business days. The Notice had no
immediate effect on the listing of the Company's common stock on The Nasdaq
Capital Market.



In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company is provided a
compliance period of 180 calendar days from the date of the Notice, or until
December 21, 2022, to regain compliance with the minimum closing bid price
requirement. If the Company does not regain compliance during the compliance
period ending December 21, 2022, the Company may be afforded a second 180
calendar day period to regain compliance. To qualify for the second compliance
period, the Company must (i) meet the continued listing requirement for market
value of publicly held shares and all other initial listing standards for The
Nasdaq Capital Market, with the exception of the minimum closing bid price
requirement, and (ii) notify Nasdaq of its intent to cure the deficiency. The
Company can achieve compliance with the minimum closing bid price requirement
if, during either compliance period, the minimum closing bid price per share of
the Company's common stock is at least $1.00 for a minimum of 10 consecutive
business days. The Company anticipates that its shares of common stock will
continue to be listed and traded on The Nasdaq Capital Market during the
compliance period(s).



The Company is continuing to assess potential actions to regain compliance.
However, the Company may be unable to regain compliance with the minimum closing
bid price requirement during the compliance period(s), in which case the Company
anticipates Nasdaq would provide a notice to the Company that its shares of
common stock are subject to delisting, and the Company's common shares would
thereupon be delisted.



31







Going Concern


At September 30, 2022, the Company had cash of $6,561,840 available to fund its
operations. Because the Company is currently engaged in Phase 2 clinical trials,
it is expected that it will take a significant amount of time and resources to
develop any product or intellectual property capable of generating sustainable
revenues. Accordingly, the Company's business is unlikely to generate any
sustainable operating revenues in the next several years and may never do so.
Even if the Company is able to generate revenues through licensing its
technologies or through product sales, there can be no assurance that the
Company will be able to achieve positive earnings and operating cash flows.



The Company's consolidated financial statements have been presented on the basis
that it will continue as a going concern, which contemplates the realization of
assets and satisfaction of liabilities in the normal course of business. The
Company has no recurring source of revenue and has experienced negative
operating cash flows since inception. The Company has financed its working
capital requirements primarily through the recurring sale of its equity
securities.



As a result, management has concluded that there is substantial doubt about the
Company's ability to continue as a going concern. The Company's independent
registered public accounting firm, in its report on the Company's consolidated
financial statements for the year ended December 31, 2021, has also expressed
substantial doubt about the Company's ability to continue as a going concern.
The Company's consolidated financial statements do not include any adjustments
that might result from the outcome of this uncertainty.



Recent accounting pronouncements

Information with respect to recent accounting pronouncements is provided at Note
3 to the condensed consolidated financial statements for the three months and
nine months ended September 30, 2022 and 2021 included elsewhere in this
document.



Concentration of Risk


Information with respect to concentration of risk is provided at Note 3 to the
condensed consolidated financial statements for the three months and nine months
ended September 30, 2022 and 2021 included elsewhere in this document.



Significant Accounting Policies and Estimates



The preparation of the Company's consolidated financial statements in conformity
with generally accepted accounting principles in the United States ("GAAP")
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements and
the reported amounts of expenses during the reporting period. Some of those
judgments can be subjective and complex, and therefore, actual results could
differ materially from those estimates under different assumptions or
conditions. Management bases its estimates on historical experience and on
various assumptions that are believed to be reasonable in relation to the
financial statements taken as a whole under the circumstances, the results of
which form the basis for making judgments about the carrying values of assets
and liabilities that are not readily apparent from other sources. Management
regularly evaluates the key factors and assumptions used to develop the
estimates utilizing currently available information, changes in facts and
circumstances, historical experience and reasonable assumptions. After such
evaluations, if deemed appropriate, those estimates are adjusted accordingly.
Actual results could differ from those estimates. Significant estimates include
those related to assumptions used in accruals for potential liabilities, valuing
equity instruments issued for services, and the realization of deferred tax
assets. There were no changes to the critical accounting policies described in
the consolidated financial statements included in the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 2021 that impacted the
Company's condensed consolidated financial statements and related notes for the
three months and nine months ended September 30, 2022 and 2021.



The following critical accounting policies affect the most significant judgments and estimates used in the preparation of the Company’s consolidated financial statements.


32







Research and Development



Research and development costs consist primarily of fees paid to consultants and
contractors, and other expenses relating to the acquisition, design, development
and clinical trials with respect to the Company's compounds and product
candidates. Research and development costs also include the costs to produce the
compounds used in research and clinical trials, which are charged to operations
as incurred.


Research and development costs are generally charged to operations ratably over
the life of the underlying contracts, unless the achievement of milestones, the
completion of contracted work, the termination of an agreement, or other
information indicates that a different expensing schedule is more appropriate.
However, payments for research and development costs that are contractually
defined as non-refundable are charged to operations as incurred.



Obligations incurred with respect to mandatory scheduled payments under research
agreements with milestone provisions are recognized as charges to research and
development costs in the Company's consolidated statement of operations based on
the achievement of such milestones, as specified in the agreement. Obligations
incurred with respect to mandatory scheduled payments under research agreements
without milestone provisions are accounted for when due, are recognized ratably
over the appropriate period, as specified in the agreement, and are recorded as
liabilities in the Company's consolidated balance sheet, with a corresponding
charge to research and development costs in the Company's consolidated statement
of operations.


Payments made pursuant to research and development contracts are initially
recorded as advances on research and development contract services in the
Company's consolidated balance sheet and are then charged to research and
development costs in the Company's consolidated statement of operations as those
contract services are performed. Expenses incurred under research and
development contracts in excess of amounts advanced are recorded as research and
development contract liabilities in the Company's consolidated balance sheet,
with a corresponding charge to research and development costs in the Company's
consolidated statement of operations. The Company reviews the status of its
research and development contracts on a quarterly basis.



Fees and legal fees for patents and licenses and filing



Due to the significant uncertainty associated with the successful development of
one or more commercially viable products based on the Company's research efforts
and related patent applications, all patent and licensing legal and filing fees
and costs related to the development and protection of its intellectual property
are charged to operations as incurred. Patent and licensing legal and filing
fees and costs are included in general and administrative costs in the Company's
consolidated statements of operations.



During the three months ended September 30, 2022 and 2021, patent and licensing
legal and filing fees and costs related to the development and protection of its
intellectual property were $271,163 and $137,114, respectively, an increase of
$134,049, or 97.8% in 2022, as compared to 2021. During the nine months ended
September 30, 2022 and 2021, patent and licensing legal and filing fees and
costs related to the development and protection of its intellectual property
were $944,789 and $365,466, respectively, an increase of $579,323, or 158.5% in
2022, as compared to 2021.



In late 2021, the Company engaged a new patent law firm that is highly regarded
for its expertise in biotechnology. This firm conducted a comprehensive analysis
of the Company's extensive patent portfolio in order to implement a program to
maximize the Company's intellectual property protection, both domestically and
internationally. In addition, several new patents were recently filed,
reflecting potential new uses of the Company's unique lead clinical compound
LB-100 in cancer therapy. These activities have resulted in an increase in
patent and licensing legal and filing fees and costs in 2022 as compared to
2021. The Company expects that such patent and licensing related legal and
filing costs will continue to increase during the remainder of 2022 as compared
to 2021, and likely thereafter, as the Company continues to develop and expand
its patent portfolio related to the clinical development of LB-100.



33







Stock-Based Compensation


The Company periodically issues common stock and stock options to officers,
directors, employees, Scientific Advisory Committee members, contractors and
consultants for services rendered. Options vest and expire according to terms
established at the issuance date of each grant. Stock grants, which are
generally time vested, are measured at the grant date fair value and charged to
operations ratably over the vesting period.



The Company accounts for stock-based payments to officers, directors, employees,
Scientific Advisory Committee members contractors and consultants by measuring
the cost of services received in exchange for equity awards utilizing the grant
date fair value of the awards, with the cost recognized as compensation expense
on the straight-line basis in the Company's financial statements over the
vesting period of the awards.



The fair value of stock options granted as stock-based compensation is
determined utilizing the Black-Scholes option-pricing model, and is affected by
several variables, the most significant of which are the expected life of the
stock option, the exercise price of the stock option as compared to the fair
market value of the common stock on the grant date, and the estimated volatility
of the common stock. Unless sufficient historical exercise data is available,
the expected life of the stock option is calculated as the mid-point between the
vesting period and the contractual term (the "simplified method"). The estimated
volatility is based on the historical volatility of the Company's common stock,
calculated utilizing a look-back period approximately equal to the contractual
life of the stock option being granted. The risk-free interest rate is based on
the U.S. Treasury yield curve in effect at the time of grant. The fair market
value of the common stock is determined by reference to the quoted market price
of the Company's common stock on the grant date. The expected dividend yield is
based on the Company's expectation of dividend payouts and is assumed to be
zero.



The Company recognizes the fair value of stock-based compensation awards in general and administrative expenses and research and development expenses, as applicable, in the Company’s consolidated statements of earnings. The Company issues new common shares to satisfy stock option exercises.

Summary of business activities and plans


Company Overview



The Company is a drug discovery company that uses biomarker technology to
identify enzyme targets associated with serious common diseases and then designs
novel compounds to attack those targets. The Company's product pipeline is
primarily focused on inhibitors of protein phosphatases, used alone and in
combination with cytotoxic agents and/or x-ray and immune checkpoint blockers,
and encompasses two major categories of compounds at various stages of
pre-clinical and clinical development that the Company believes have broad
therapeutic potential not only for cancer but also for other debilitating and
life-threatening diseases.


The Company has developed two series of pharmacologically active drugs, the
LB-100 series and the LB-200 series. The Company believes that the mechanism by
which compounds of the LB-100 series affect cancer cell growth is different from
cancer agents currently approved for clinical use. Lead compounds from each
series have activity against a broad spectrum of common and rarer human cancers
in cell culture systems. In addition, compounds from both series have
anti-cancer activity in animal models of glioblastoma multiforme, neuroblastoma,
and medulloblastoma, all cancers of neural tissue. Lead compounds of the LB-100
series also have activity against melanoma, breast cancer and sarcoma in animal
models and enhance the effectiveness of commonly used anti-cancer drugs in these
animal models. The enhancement of anti-cancer activity of these anti-cancer
drugs occurs at doses of LB-100 that do not significantly increase toxicity in
animals. It is therefore hoped that, when combined with standard anti-cancer
regimens against many tumor types, the Company's compounds will improve
therapeutic benefit without enhancing toxicity in humans.



Product Candidates


The LB-100 series consists of novel structures which have the potential to be
first in their class and may be useful in the treatment of not only several
types of cancer but also vascular and metabolic diseases. The LB-200 series
contains compounds which have the potential to be the most effective in its
class and may be useful for the treatment of chronic hereditary diseases, such
as Gaucher's disease, in addition to cancer and neurodegenerative diseases.

34






The Company has demonstrated that lead compounds of both the LB-100 series and
the LB-200 are active against a broad spectrum of human cancers in cell culture
and against several types of human cancers in animal models. The research on
these compounds was initiated in 2006 under a Cooperative Research and
Development Agreement, or CRADA, with the National Institute of Neurologic
Disorders and Stroke, or NINDS, of the National Institutes of Health, or NIH,
dated March 22, 2006 that was subsequently extended through a series of
amendments until it terminated on April 1, 2013. As discussed below, the
Company's primary focus is on the clinical development of LB-100.



The LB-200 series consists of histone deacetylase inhibitors (HDACi). Many
pharmaceutical companies are also developing drugs of this type, and at least
two companies have HDACi approved for clinical use, in both cases for the
treatment of a type of lymphoma. Despite this significant competition, the
Company has demonstrated that its HDACi have broad activity against many cancer
types, have neuroprotective activity, and have anti-fungal activity. In
addition, these compounds have low toxicity. LB-200 has not yet advanced to the
clinical stage and would require additional capital to fund further development.
Accordingly, because of the Company's focus on the clinical development of
LB-100 and analogs for cancer therapy as described below in more detail, the
Company has decided not to actively pursue pre-clinical development of the
LB-200 series of compounds at this time. At this time, the Company intends to
only maintain composition of matter patents for LB-200.



Collaborations with leading academic research centers in the United States,
Europe and Asia have established the breadth of activity of LB-100 in
pre-clinical models of several major cancers. There is considerable scientific
interest in LB-100 because it exerts its activity by a novel mechanism and is
the first of its type to be evaluated so broadly in multiple animal models of
cancer and now in human beings. LB-100 is one of a series of serine/threonine
phosphatase (s/t ptase) inhibitors designed by the Company. The s/t ptases are
ubiquitous enzymes that regulate many cell-signaling networks important to cell
growth, division and death. The s/t ptases have long been appreciated as
potentially important targets for anti-cancer drugs. However, because of the
multi- functionality of these enzymes, it had been widely held that
pharmacologic inhibitors of s/t ptases would be too toxic to allow their
development as anti-cancer treatments, but the Company has shown that this is
not the case. LB-100 was well tolerated at doses associated with objective
regression (significant tumor shrinkage) and/or the arresting of tumor
progression in patients with progressive cancers.



Pre-clinical studies showed that LB-100 itself inhibits a spectrum of human
cancers and that combined with standard cytotoxic drugs and/or radiation, LB-100
potentiates their effectiveness against hematologic and solid tumor cancers
without enhancing toxicity. Given at very low doses in animal models of cancer,
LB-100 markedly increased the effectiveness of a PD-1 blocker, one of the widely
used new immunotherapy drugs. This finding raises the possibility that LB-100
may further expand the value of the expanding field of cancer immunotherapy.



The Company completed a Phase 1 clinical trial of LB-100 to evaluate its safety
that showed it is associated with antitumor activity in humans at doses that are
readily tolerable. Responses included objective regression (tumor shrinkage)
lasting for 11 months of a pancreatic cancer and cessation of growth
(stabilization of disease) for 4 months or more of 9 other progressive solid
tumors out of 20 patients who had measurable disease. As Phase 1 clinical trials
are fundamentally designed to determine safety of a new compound in humans, the
Company was encouraged by these results. The next step is to demonstrate in
Phase 2 clinical trials the efficacy of LB-100 in one or more specific tumor
types, against which the compound has well documented activity in pre-clinical
models.



As a compound moves through the FDA-approval process, it becomes an increasingly
valuable property, but at a cost of additional investment at each stage. As the
potential effectiveness of LB-100 has been documented at the clinical trial
level, the Company has allocated resources to expand the breadth and depth of
its patent portfolio. The Company's approach has been to operate with a minimum
of overhead, moving compounds forward as efficiently and inexpensively as
possible, and to raise funds to support each of these stages as certain
milestones are reached. The Company's longer-term objective is to secure one or
more strategic partnerships or licensing agreements with pharmaceutical
companies with major programs in cancer.



External risks associated with the Company’s business activities

Covid-19 Virus. The global outbreak of the novel coronavirus (Covid-19) has led
to disruptions in general economic activities worldwide, as businesses and
governments have taken broad actions to mitigate this public health crisis. In
light of the uncertain and continually evolving situation relating to the spread
of Covid-19, this pandemic could pose a risk to the Company. The extent to which
the coronavirus may impact the Company's business activities and capital raising
efforts will depend on future developments, which are highly uncertain and
cannot be predicted at this time. The Company intends to continue to monitor the
situation and may adjust its current business plans as more information and
guidance become available.



35







The coronavirus pandemic presents a challenge to medical facilities worldwide.
As the Company's clinical trials are conducted on an outpatient basis, it is not
currently possible to predict the full impact of this developing health crisis
on such clinical trials, which could include delays in and increased costs of
such clinical trials. Current indications from the clinical research
organizations conducting the clinical trials for the Company are that such
clinical trials are being delayed or extended for several months or more as a
result of the coronavirus pandemic.



Inflation Risk. The Company does not believe that inflation has had a material
effect on its operations to date, other than its impact on the general economy.
However, there is a risk that the Company's operating costs could become subject
to inflationary and interest rate pressures in the future, which would have the
effect of increasing the Company's operating costs (including, specifically,
clinical trial costs), and which would put additional stress on the Company's
working capital resources.



Supply Chain Issues. The Company does not currently expect that supply chain
issues will have a significant impact on its business activities, including
its
ongoing clinical trials.



Potential Recession. There are various indications that the United States
economy may be entering a recessionary period. Although unclear at this time, an
economic recession would likely impact the general business environment and the
capital markets, which could, in turn, affect the Company.



The Company continues to monitor these matters and will adjust its current business and financing plans as more information and advice becomes available.



Results of Operations



To September 30, 2022the Company has not yet started any revenue-generating operations, does not have positive cash flow from operations and depends on its ability to raise equity to fund its operating needs.



The Company's condensed consolidated statements of operations as discussed
herein are presented below.


                                           Three Months Ended                 Nine Months Ended
                                              September 30,                     September 30,
                                          2022             2021             2022             2021

Revenues                              $          -     $          -     $          -     $          -

Costs and expenses:
General and administrative costs:
Compensation to related parties            643,957          573,472        1,963,409        2,450,641
Patent and licensing legal and
filing fees and costs                      271,163          137,114          944,789          365,466
Other costs and expenses                   290,993          299,953          875,016          946,266
Research and development costs             272,388          227,181          895,649          933,122
Total costs and expenses                 1,478,501        1,237,720        4,678,863        4,695,495
Loss from operations                    (1,478,501 )     (1,237,720 )     (4,678,863 )     (4,695,495 )
Interest income                              3,911              161            4,211              487
Interest expense                            (2,119 )              -           (5,240 )         (2,944 )
Foreign currency loss                       (1,300 )         (1,165 )         (1,339 )         (1,082 )
Net loss                              $ (1,478,009 )   $ (1,238,724 )   $ 

(4,681,231) ($4,699,034)

Net loss per common share - basic
and diluted                           $      (0.09 )   $      (0.09 )   $  

(0.30 ) $(0.35)

Weighted average common shares outstanding – basic and diluted 16,646,593 13,733,912 15,541,831 13,381,922



36






Three months completed September 30, 2022 and 2021

Revenues. The Company recorded no revenue for the three months ended
September 30, 2022 and 2021.

General and Administrative Costs. For the three months ended September 30, 2022,
general and administrative costs were $1,206,113, which consisted of the fair
value of vested stock options issued to directors and officers of $396,883,
patent and licensing legal and filing fees and costs of $271,163, other
consulting and professional fees of $108,630, insurance expense of $114,983,
officer's salary and related costs of $207,091, cash-based director and board
committee fees of $53,324, licensing fees of $6,301, shareholder reporting costs
of $20,487, listing fees of $14,875, filing fees of $3,048, taxes and licenses
of $4,094, and other operating costs of $5,234.



For the three months ended September 30, 2021, general and administrative costs
were $1,010,539, which consisted of the fair value of vested stock options
issued to directors and officers of $347,222, patent and licensing legal and
filing fees and costs of $137,114, other consulting and professional fees of
$138,869, insurance expense of $92,663, officer's salary and related costs of
$207,264, cash-based director and board committee fees of $32,500, licensing
fees of $6,301, shareholder reporting costs of $21,000, listing fees of $14,500,
filing fees of $4,653, taxes and licenses of $3,481, and other operating costs
of $4,972.



General and administrative costs increased by $195,574, or 19.4%, in 2022 as
compared to 2021, primarily as a result of an increase in the fair value of
vested stock options issued to directors and officers of $49,661, an increase in
patent and licensing legal and filing fees and costs of $134,049, an increase in
insurance expense of $22,320, an increase in cash-based director and board
committee fees of $20,824, offset by a decrease in other consulting and
professional fees of $30,239.



Research and Development Costs. For the three months ended September 30, 2022,
research and development costs were $272,388, which consisted of contractor
costs incurred in connection with the synthesis work done to develop a new
supply of LB-100 of $1,246, clinical and related oversight costs of $34,232, and
pre-clinical research focused on development of additional novel anti-cancer
compounds to add to the Company's clinical pipeline of $236,910.



For the three months ended September 30, 2021, research and development costs
were $227,181, which consisted of contractor costs incurred in connection with
the synthesis work done to develop a new supply of LB-100 of $151,814, clinical
and related oversight costs of $7,726, and pre-clinical research focused on
development of additional novel anti-cancer compounds to add to the Company's
clinical pipeline of $67,641.



Research and development costs increased by $45,207, or 19.9%, in 2022 as
compared to 2021, primarily as a result of an increase in clinical and related
oversight costs of $26,506 and an increase in pre-clinical research focused on
development of additional novel anti-cancer compounds to add to the Company's
clinical pipeline of $169,269 offset by a decrease in contractor costs incurred
in connection with the synthesis work done to develop a new supply of LB-100 of
$150,568. The absence of costs associated with ongoing clinical trials during
the three months ended September 30, 2022 and 2021 reflects the slow accrual of
patients into such clinical trials and the delay in starting the Spanish Sarcoma
Group clinical trial.


Interest Income. For the three months ended September 30, 2022, the Company had
interest income of $3,911, as compared to interest income of $161 for the three
months ended September 30, 2021, related to the investment of funds generated by
the Company's financing activities.



Interest charges. For the three months ended September 30, 2022the Company had interest charges of $2,119 related to the financing of the civil liability insurance premium of its directors and officers. For the three months ended
September 30, 2021the Company had no interest expense.


37






Loss of foreign currency. For the three months ended September 30, 2022the Company incurred a foreign exchange loss of $1,300compared to a foreign exchange loss of $1,165 for the three months ended September 30, 2021foreign currency transactions.



Net Loss. For the three months ended September 30, 2022, the Company incurred a
net loss of $1,478,009, as compared to a net loss of $1,238,724 for the three
months ended September 30, 2021.



Nine month period ended September 30, 2022 and 2021

Revenues. The Company recorded no revenue for the nine months ended
September 30, 2022 and 2021.



General and Administrative Costs. For the nine months ended September 30, 2022,
general and administrative costs were $3,783,214, which consisted of the fair
value of vested stock options issued to directors and officers of $1,160,649,
patent and licensing legal and filing fees and costs of $944,789, other
consulting and professional fees of $344,085, insurance expense of $349,254,
officer's salary and related costs of $627,579, cash-based director and board
committee fees of $221,510, licensing fees of $18,699, shareholder reporting
costs of $26,811, listing fees of $44,625, filing fees of $11,460, taxes and
licenses of $12,231, and other operating costs of $21,522.



For the nine months ended September 30, 2021, general and administrative costs
were $3,762,373, which consisted of the fair value of vested stock options
issued to directors and officers of $1,854,058, patent and licensing legal and
filing fees and costs of $365,466, other consulting and professional fees of
$488,245, insurance expense of $268,177, officer's salary and related costs of
$578,535, cash-based director and board committee fees of $60,332, licensing
fees of $18,698, shareholder reporting costs of $40,760, listing fees of
$43,500, filing fees of $17,217, taxes and licenses of $10,594, and other
operating costs of $16,791.



General and administrative costs increased by $20,841, or 1.0%, in 2022 as
compared to 2021, primarily as a result of an increase in patent and licensing
legal and filing fees and costs of $579,323, an increase in officer's salary and
related costs of $49,044, an increase in cash-based director and board committee
fees of $161,178, and an increase in insurance expense of $81,077, offset by a
decrease in the fair value of vested stock options issued to directors and
officers of $693,409, and a decrease in other consulting and professional fees
of $144,160.



Research and Development Costs. For the nine months ended September 30, 2022,
research and development costs were $895,649, which consisted of contractor
costs incurred in connection with the synthesis work done to develop a new
supply of LB-100 of $352,734, clinical and related oversight costs of $67,570,
and pre-clinical research focused on development of additional novel anti-cancer
compounds to add to the Company's clinical pipeline of $475,345.



For the nine months ended September 30, 2021, research and development costs
were $933,122, which consisted of contractor costs incurred in connection with
the synthesis work done to develop a new supply of LB-100 of $424,141, clinical
and related oversight costs of $382,134, and pre-clinical research focused on
development of additional novel anti-cancer compounds to add to the Company's
clinical pipeline of $126,847.



Research and development costs decreased by $37,473, or 4.0%, in 2022 as
compared to 2021, primarily as a result of a decrease in contractor costs
incurred in connection with the synthesis work done to develop a new supply of
LB-100 of $71,407, a decrease in clinical and related oversight costs of
$314,564, offset by an increase in pre-clinical research focused on development
of additional novel anti-cancer compounds to add to the Company's clinical
pipeline of $348,498.



Interest Income. For the nine months ended September 30, 2022, the Company had
interest income of $4,211, as compared to interest income of $487 for the nine
months ended September 30, 2021, related to the investment of funds generated by
the Company's financing activities.



38






Interest Expense. For the nine months ended September 30, 2022, the Company had
interest expense of $5,240, as compared to interest expense of $2,944 for the
nine months ended September 30, 2021 related to the financing of its directors
and officers liability insurance policy premium.



Foreign Currency Loss. For the nine months ended September 30, 2022, the Company
had a foreign currency loss of $1,339, as compared to a foreign currency loss of
$1,082 for the nine months ended September 30, 2021, from foreign currency
transactions.



Net Loss. For the nine months ended September 30, 2022, the Company incurred a
net loss of $4,681,231, as compared to a net loss of $4,699,034 for the nine
months ended September 30, 2021.



Cash and capital resources – September 30, 2022



The Company's condensed consolidated statements of cash flows as discussed
herein are presented below.



                                                         Nine Months Ended September 30,
                                                            2022                  2021
Net cash used in operating activities                 $     (3,403,289 )     $   (2,996,066 )
Net cash provided by (used in) investing activities                  -                    -
Net cash provided by financing activities                    5,141,384     
      3,887,394
Net increase in cash                                  $      1,738,095       $      891,328




At September 30, 2022, the Company had working capital of $6,411,140, as
compared to working capital of $4,790,338 at December 31, 2021, reflecting an
increase in working capital of $1,620,802 for the nine months ended September
30, 2022. The increase in working capital during the nine months ended September
30, 2022 was the result of the Company completing the sale of 2,900,000 shares
of common stock at a price of $2.00 per share in a registered direct equity
offering on April 12, 2022, generating net proceeds of $5,141,384, reduced by
the funding of the Company's ongoing research and development activities and
other ongoing operating expenses, including maintaining and developing its
patent portfolio. At September 30, 2022, the Company had cash of $6,561,840
available to fund its operations.



The Company's ability to continue as a going concern is dependent upon its
ability to raise additional equity capital to fund its research and development
activities and to ultimately achieve sustainable operating revenues and
profitability. The amount and timing of future cash requirements depends on the
pace and design of the Company's clinical trial program, which, in turn, depends
on the availability of operating capital to fund such activities.



Based on current operating plans, the Company estimates that existing cash
resources will provide sufficient working capital to fund the current clinical
trial program with respect to the development of the Company's lead anti-cancer
clinical compound LB-100 through approximately September 30, 2023. However,
existing cash resources will not be sufficient to complete development of and
obtain regulatory approval for the Company's product candidate, and the Company
will need to raise significant additional capital to do so. In addition, the
Company's operating plan may change as a result of many factors currently
unknown, and additional funds may be needed sooner than planned.



As market conditions present uncertainty as to the Company's ability to secure
additional funds, there can be no assurances that the Company will be able to
secure additional financing on acceptable terms, as and when necessary, to
continue to conduct operations. There is also significant uncertainty as to the
effect that the coronavirus pandemic may have on the Company's clinical trial
schedule and the amount and type of financing available to the Company in the
future.



If cash resources are insufficient to satisfy the Company's ongoing cash
requirements, the Company would be required to scale back or discontinue its
clinical trial program, as well as its licensing and patent prosecution efforts
and its technology and product development efforts, or obtain funds, if
available, through strategic alliances or joint ventures that could require the
Company to relinquish rights to and/or control of LB-100, or to discontinue
operations



39







Operating Activities. For the nine months ended September 30, 2022, operating
activities utilized cash of $3,403,289, as compared to utilizing cash of
$2,996,066 for the nine months ended September 30, 2021, to fund the Company's
ongoing research and development activities and to fund its other ongoing
operating expenses, including maintaining and developing its patent portfolio.



Investment activities. For the nine months ended September 30, 2022 and 2021, the Company had no investing activity.



Financing Activities. For the nine months September 30, 2022, financing
activities consisted of the gross proceeds from the sale of common stock in the
Company's direct equity offering of $5,800,000, reduced by offering costs of
$658,616. For the nine months ended September 30, 2021, financing activities
consisted of the gross proceeds from the sale of common stock in the Company's
direct equity offering of $4,192,478, reduced by offering costs of $502,717,
$17,100 from the exercise of common stock warrants, and $201,000 from the
exercise of common stock options. The Company also paid public offering costs of
$20,467 during the nine months ended September 30, 2021 related to the Company's
financing activities.



Principal Commitments



Clinical Trial Agreements



At September 30, 2022, the Company's unpaid remaining contractual commitments
pursuant to clinical trial agreements, and clinical trial monitoring agreements,
as described below, aggregated $8,002,000, which are currently scheduled to be
incurred through December 31, 2025. The Company's ability to conduct and fund
these contractual commitments is subject to the timely availability of
sufficient capital to fund such expenditures, as well as any changes in the
allocation or reallocation of such funds to the Company's current or future
clinical trial programs. The Company expects that the full amount of these
expenditures will be incurred only if such clinical trial programs are conducted
as originally designed and their respective enrollments and duration are not
modified or reduced. Clinical trial programs, such as the types that the Company
is engaged in, can be highly variable and can frequently involve a series of
changes and modifications over time as clinical data is obtained and analyzed,
and are frequently modified, suspended or terminated before the clinical trial
endpoint. Accordingly, such contractual commitments as discussed herein should
be considered as estimates only based on current clinical assumptions and
conditions, and are typically subject to significant revisions over time.



Moffitt. Effective August 20, 2018, the Company entered into a Clinical Trial
Research Agreement with the Moffitt Cancer Center and Research Institute
Hospital Inc., Tampa, Florida, effective for a term of five years, unless
terminated earlier by the Company pursuant to 30 days written notice. Pursuant
to the Clinical Trial Research Agreement, Moffitt agreed to conduct and manage a
Phase 1b/2 clinical trial to evaluate the therapeutic benefit of the Company's
lead anti-cancer clinical compound LB-100 to be administered intravenously in
patients with low or intermediate-1 risk myelodysplastic syndrome (MDS).



In November 2018, the Company received approval from the U.S. Food and Drug
Administration for its Investigational New Drug Application ("IND") to conduct a
Phase 1b/2 clinical trial to evaluate the therapeutic benefit of LB-100 in
patients with low and intermediate-1 risk MDS who have failed or are intolerant
of standard treatment. Patients with MDS, although usually older, are generally
well except for severe anemia requiring frequent blood transfusions. This Phase
1b/2 clinical trial utilizes LB-100 as a single agent in the treatment of
patients with low and intermediate-1 risk MDS, including patients with del(5q)
myelodysplastic syndrome (del5qMDS) failing first line therapy. The bone marrow
cells of patients with del5qMDS are deficient in PP2A by virtue of an acquired
mutation and are especially vulnerable to further inhibition of PP2A by LB-100.
The clinical trial began at a single site in April 2019 and the first patient
was entered into the clinical trial in July 2019. A total enrollment of 41
patients is planned. An interim analysis will be done after the first 21
patients are entered. If there are 3 or more responders but fewer than 7, an
additional 20 patients will be entered. If at any point there are 7 or more
responders, this will be sufficient evidence to support continued development of
LB-100 for the treatment of low and intermediate-1 risk MDS. Recruitment has
been slow and the Covid-19 pandemic has further reduced recruitment of patients
into the protocol. At the current rate of accrual, the clinical trial is
expected to be completed by June 30, 2025. However, with additional funds, the
Company would consider adding two additional MDS centers to the Phase 2 portion
of the study to accelerate patient accrual.



40







During the three months ended September 30, 2022 and 2021, the Company incurred
costs of $9,218 and $0, respectively, pursuant to this agreement, which have
been included in research and development costs in the Company's consolidated
statements of operations. During the nine months ended September 30, 2022 and
2021, the Company incurred costs of $18,623 and $17,693, respectively, pursuant
to this agreement, which have been included in research and development costs in
the Company's consolidated statements of operations. As of September 30, 2022,
total costs of $123,300 have been incurred pursuant to this agreement. The
Company's aggregate commitment pursuant to this agreement, less amounts
previously paid to date, totaled approximately $590,000 as of September 30,
2022, which is expected to be incurred through December 31, 2025.



GEIS. Effective July 31, 2019, the Company entered into a Collaboration
Agreement for an Investigator-Initiated Clinical Trial with the Spanish Sarcoma
Group (Grupo Español de Investigación en Sarcomas or "GEIS"), Madrid, Spain, to
carry out a study entitled "Randomized phase I/II trial of LB-100 plus
doxorubicin vs. doxorubicin alone in first line of advanced soft tissue
sarcoma". The purpose of this clinical trial is to obtain information with
respect to the efficacy and safety of LB-100 combined with doxorubicin in soft
tissue sarcomas. Doxorubicin is the global standard for initial treatment of
advanced soft tissue sarcomas ("ASTS"). Doxorubicin alone has been the mainstay
of first line treatment of ASTS for over 40 years, with little therapeutic gain
from adding cytotoxic compounds to or substituting other cytotoxic compounds for
doxorubicin. In animal models, LB-100 consistently enhances the anti-tumor
activity of doxorubicin without apparent increases in toxicity.



GEIS has a network of referral centers in Spain and across Europe that have an
impressive track record of efficiently conducting innovative studies in ASTS.
The Company agreed to provide GEIS with a supply of LB-100 to be utilized in the
conduct of this clinical trial, as well as to provide funding for the clinical
trial. The goal was to enter approximately 150 patients in this clinical trial
over a period of two years. As advanced sarcoma is a very aggressive disease,
the design of the study assumes a median progression free survival (PFS, no
evidence of disease progression or death from any cause) of 4.5 months in the
doxorubicin arm and an alternative median PFS of 7.5 months in the doxorubicin
plus LB-100 arm to demonstrate a statistically significant decrease in relative
risk of progression or death by adding LB-100. There is a planned interim
analysis of the primary endpoint when approximately 50% of the 102 events
required for final analysis is reached.



The Company had previously expected this clinical trial to begin during the quarter ended June 30, 2020. However, during July 2020, the Spanish regulatory authority informed the company that, although it approved the scientific and ethical basis of the protocol, it required the company to manufacture new stock of LB-100 in accordance with current Spanish pharmaceutical manufacturing standards. These standards were adopted after the production of the Company’s existing LB-100 inventory.



In order to manufacture a new inventory supply of LB-100 for the GEIS clinical
trial, the Company engaged a number of vendors to carry out the multiple tasks
needed to make and gain approval of a new clinical product for investigational
study in Spain. These tasks include the synthesis under good manufacturing
practices (GMP) of the active pharmacologic ingredient (API), with documentation
of each of the steps involved by an independent auditor. The API was then
transferred to a vendor that prepares the clinical drug product, also under GMP
conditions documented by an independent auditor. The clinical drug product was
then sent to a vendor to test for purity and sterility, provide appropriate
labels, store the drug, and distribute the drug to the clinical centers for use
in the clinical trials. A formal application documenting all steps taken to
prepare the clinical drug product for clinical use must be submitted to the
appropriate regulatory authorities for review and approval before being used in
a clinical trial.



As of September 30, 2022, this program to provide new inventory of the clinical
drug product for the Spanish Sarcoma Group study, and potentially for subsequent
multiple trials within the European Union, had cost $1,144,041. While the
production of new inventory has been completed, immaterial amounts of trailing
costs are expected.



On October 13, 2022, the Company announced that the Spanish Agency for Medicines
and Health Products (Agencia Española de Medicamentos y Productos Sanitarios or
"AEMPS") had authorized a Phase 1b/randomized Phase 2 study of LB-100, the
Company's lead clinical compound, plus doxorubicin, versus doxorubicin alone,
the global standard for initial treatment of advanced soft tissue sarcomas
(ASTS). Consequently, the GEIS clinical trial is now scheduled to commence
during late 2022 or the first quarter of 2023 and to be completed by June 30,
2025. Up to 170 patents will be entered into the clinical trial. The Phase 1b
section of the protocol is expected to be completed by December 31, 2023, at
which time the Company expects to have data on both response and toxicity from
this portion of the clinical trial.



41







The interim analysis of this clinical trial will be done before full accrual of
patients is completed to determine whether the study has the possibility of
showing superiority of the combination of LB-100 plus doxorubicin compared to
doxorubicin alone. A positive study would have the potential to change the
standard therapy for this disease after four decades of failure to improve the
marginal benefit of doxorubicin alone.



The Company's agreement with GEIS provides for various payments based on
achieving specific milestones over the term of the agreement. Through September
30, 2022, the Company has paid GEIS an aggregate of $67,582 towards the second
milestone payment for current work being done under this agreement.



During the three months ended September 30, 2022 and 2021, the Company did not
incur any costs pursuant to this agreement. During the nine months ended
September 30, 2022 and 2021, the Company incurred costs of $0 and $24,171,
respectively, pursuant to this agreement, which have been included in research
and development costs in the Company's consolidated statements of operations. As
of September 30, 2022, total costs of $155,053 have been incurred pursuant to
this agreement. The Company's aggregate commitment pursuant to this agreement,
less amounts previously paid to date, totaled approximately $3,836,000 as of
September 30, 2022, which is expected to be incurred through December 31, 2025.



On October 7, 2022, the third milestone pursuant to this agreement was achieved.
Accordingly, as of that date, the balance remaining pursuant to the second
milestone of $18,244, and the amount due upon achieving the third milestone of
$254,543 became due, and were paid subsequent to September 30, 2022.



City of Hope. Effective January 18, 2021, the Company executed a Clinical
Research Support Agreement with the City of Hope National Medical Center, an
NCI-designated comprehensive cancer center, and City of Hope Medical Foundation
(collectively, "City of Hope"), to carry out a Phase 1b clinical trial of
LB-100, the Company's first-in-class protein phosphatase inhibitor, combined
with a standard regimen for treatment of untreated extensive- stage disease
small cell lung cancer (ED-SCLC). LB-100 will be given in combination with
carboplatin, etoposide and atezolizumab, an FDA-approved but marginally
effective regimen, to previously untreated ED-SCLC patients. The dose of LB-100
will be escalated with the standard fixed doses of the 3-drug regimen to reach a
recommended Phase 2 dose (RP2D). Patient entry will be expanded so that a total
of 12 patients will be evaluable at the RP2D to confirm the safety of the LB-100
combination and to look for potential therapeutic activity as assessed by
objective response rate, duration of overall response, progression-free-survival
and overall survival.



The clinical trial was initiated on March 9, 2021, with patient accrual expected
to take approximately two years to complete. However, patient accrual has been
slower than expected. The Company is currently seeking to add two additional
centers to increase the rate of patient accrual. With the additional sites, the
Company expects this clinical trial to be completed by December 31, 2024.
Without additional sites, the completion date for this clinical trial will be no
sooner than December 31, 2025.



During the three months ended September 30, 2022 and 2021, the Company did not
incur any costs pursuant to this agreement. During the nine months ended
September 30, 2022 and 2021, the Company incurred costs of $0 and $525,528,
respectively, pursuant to this agreement. The Company's aggregate commitment
pursuant to this agreement, less amounts previously paid to date, totaled
approximately $2,433,000 as of September 30, 2022, which is expected to be
incurred through December 31, 2024, based upon a target of 42 enrollees. If a
significant number of patients fail during the dose-escalation process, an
increase of up to 12 patients would likely be necessary, at an estimated
additional cost of approximately $800,000. The Company currently expects that
enrollment in this clinical trial will range from approximately 18 to 30
enrollees, with 24 enrollees as the most likely number. Should fewer than 42
enrollees be required, the Company has agreed to compensate City of Hope on
a
per enrollee basis.



National Cancer Institute Pharmacologic Clinical Trial. In May 2019, the
National Cancer Institute (NCI) initiated a glioblastoma (GBM) pharmacologic
clinical trial. During the fourth quarter of 2019, the NCI enrolled the first
two patients of a planned eight patient pharmacologic study of the ability of
LB-100 to enter the brain and penetrate recurrent brain tumors in patients where
surgical removal of the cancers is indicated (clinical trials registry
NCT03027388). This study is being conducted and funded by the NCI under a
Cooperative Research and Development Agreement, with the Company being required
to provide the LB-100 clinical compound.



42







Primary malignant brain tumors (gliomas) are very challenging to treat.
Radiation combined with the chemotherapeutic drug temozolomide has been the
mainstay of therapy of the most aggressive gliomas (glioblastoma multiforme or
GBM) for decades, with some further benefit gained by the addition of one or
more anti-cancer drugs, but without major advances in overall survival for the
majority of patients. In animal models of GBM, the Company's novel protein
phosphatase inhibitor, LB-100, has been found to enhance the effectiveness of
radiation, temozolomide chemotherapy treatments and immunotherapy, raising the
possibility that LB-100 may improve outcomes of standard GBM treatment in the
clinic. Although LB-100 has proven safe in patients at doses associated with
apparent anti-tumor activity against several human cancers arising outside the
brain, the ability of LB-100 to penetrate tumor tissue arising in the brain is
not known. Unfortunately, many drugs potentially useful for GBM treatment do not
enter the brain in amounts necessary for anti-cancer action.



The neurosurgical unit at the NCI, which had been closed to research studies due
to the Covid-19 epidemic, was reopened and patient accrual has been completed,
and the Company is awaiting the resulting data. There is an urgent need to
improve therapy for this type of aggressive brain tumor. If the NCI study shows
that LB-100 does penetrate the brain, a clinical study of LB-100 in combination
with standard therapy for GBM, the drug temozolomide and radiation, both of
which have been well documented in pre-clinical studies to be significantly
enhanced by LB-100, would be of significant interest to neuro-oncologists
frustrated by decades of limited advances in therapy for this common brain
tumor
in adults.



The NCI study is designed to determine the extent to which LB-100 enters
recurrent malignant gliomas. Patients having surgery to remove one or more
tumors will receive one dose of LB-100 prior to surgery and have blood and tumor
tissue analyzed to determine the amount of LB-100 present and to determine
whether the cells in the tumors show the biochemical changes expected to be
present if LB-100 reaches its molecular target. As a result of the innovative
design of the NCI study, data from a few patients should be sufficient to
provide a sound rationale for conducting a larger clinical trial to determine
the effectiveness of adding LB-100 to the standard treatment regimen for GBMs.
Five patients have been entered and analysis of the blood and tissue will now
proceed. If there is evidence in at least two of the patients of penetration of
LB 100 into tumor tissue, the study will be deemed as successful.



Clinical Trial Monitoring Agreements



Moffitt. On September 12, 2018, the Company finalized a work order agreement
with Theradex Systems, Inc. ("Theradex"), an international contract research
organization ("CRO"), to monitor the Phase 1b/2 clinical trial being managed and
conducted by Moffitt. The clinical trial began in April 2019 and the first
patient was entered into the clinical trial in July 2019. At the current rate of
accrual, the clinical trial is expected to be completed by June 30, 2025.



Costs under this work order agreement are estimated to be approximately
$954,000, with such payments expected to be divided approximately 94% to
Theradex for services and approximately 6% for payments for pass-through costs.
The costs of the Phase 1b/2 clinical trial being paid to or through Theradex are
being recorded and charged to operations based on the periodic documentation
provided by the CRO. During the three months ended September 30, 2022 and 2021,
the Company incurred costs of $11,953 and $869, respectively, pursuant to this
work order. During the nine months ended September 30, 2022 and 2021, the
Company incurred costs of $19,791 and $9,350, respectively, pursuant to this
work order. As of September 30, 2022, total costs of $111,676 have been incurred
pursuant to this work order agreement. The Company's aggregate commitment
pursuant to this clinical trial monitoring agreement, less amounts previously
paid to date, totaled approximately $853,000 as of September 30, 2022, which is
expected to be incurred through June 30, 2025.



City of Hope. On February 5, 2021, the Company signed a new work order agreement
with Theradex to monitor the City of Hope investigator-initiated clinical trial
in small cell lung cancer in accordance with FDA requirements for oversight by
the sponsoring party. Costs under this work order agreement are estimated to be
approximately $335,000. During the three months ended September 30, 2022 and
2021, the Company incurred costs of $7,731 and $6,857, respectively, pursuant to
this work order. During the nine months ended September 30, 2022 and 2021, the
Company incurred costs of $23,466 and $21,170, respectively, pursuant to this
work order. As of September 30, 2022, total costs of $48,092 have been incurred
pursuant to this work order agreement. The Company's aggregate commitment
pursuant to this clinical trial monitoring agreement, less amounts previously
paid to date, totaled approximately $290,000 as of September 30, 2022, which is
expected to be incurred through June 30, 2025.



43






Patent and license agreements

INSERM. On March 22, 2018, the Company entered into a Patent Assignment and
Exploitation Agreement with INSERM TRANSFERT SA, acting as delegatee of the
French National Institute of Health and Medical Research, for the assignment to
the Company of INSERM'S interest in United States Patent No. 9,833,450 entitled
"Oxabicyloheptanes and Oxabicycloheptenes for the Treatment of Depressive and
Stress Disorders", which was filed with the United States Patent and Trademark
Office in the name of INSERM and the Company as co-owners on February 19, 2015
and granted on May 12, 2017, and related patent applications and filings. INSERM
is a French public institution dedicated to research in the field of health and
medicine that had previously entered into a Material Transfer Agreement with the
Company to allow INSERM to conduct research on the Company's proprietary
compound LB-100 and/or its analogs for the treatment of depressive or stress
disorders in humans. Pursuant to the Agreement, the Company has agreed to make
certain milestone payments to INSERM aggregating up to $1,750,000 upon
achievement of development milestones and up to $6,500,000 upon achievement of
commercial milestones. The Company also agreed to pay INSERM certain commercial
royalties on net sales of products attributed to the Agreement. The Company's
initial plan was to complete the validation process to evaluate LB-100 for the
treatment of depressive or stress disorders in humans within three years;
however, the exploitation of this patent for the treatment of depressive and
stress disorders in humans will require substantial additional capital and/or a
joint venture or other type of business arrangement with a pharmaceutical
company with substantially greater capital and business resources than those
available to the Company. As there can be no assurances that the Company will be
able to obtain the capital or business resources necessary to focus on the
exploitation of this patent, it is uncertain as to when, if at all, the Company
may reach any of the development or commercialization milestones under the
Agreement. As of September 30, 2022 and December 31, 2021, no amounts were
due
under this agreement.



Moffitt. Effective August 20, 2018, the Company entered into an Exclusive
License Agreement with Moffitt. Pursuant to the License Agreement, Moffitt
granted the Company an exclusive license under certain patents owned by Moffitt
(the "Licensed Patents") relating to the treatment of MDS and a non-exclusive
license under inventions, concepts, processes, information, data, know-how,
research results, clinical data, and the like (other than the Licensed Patents)
necessary or useful for the practice of any claim under the Licensed Patents or
the use, development, manufacture or sale of any product for the treatment of
MDS which would otherwise infringe a valid claim under the Licensed Patents. The
Company was obligated to pay Moffitt a non-refundable license issue fee of
$25,000 after the first patient is entered into a Phase 1b/2 clinical trial to
be managed and conducted by Moffitt. The clinical trial began at a single site
in April 2019 and the first patient was entered into the clinical trial in July
2019. The Company is also obligated to pay Moffitt an annual license maintenance
fee of $25,000 commencing on the first anniversary of the Effective Date and
every anniversary thereafter until the Company commences payment of minimum
royalty payments. The Company has also agreed to pay non-refundable milestone
payments to Moffitt, which cannot be credited against earned royalties payable
by the Company, based on reaching various clinical and commercial milestones
aggregating $1,897,000, subject to reduction by 40% under certain circumstances
relating to the status of Valid Claims, as such term is defined in the License
Agreement. During the three months ended September 30, 2022 and 2021, the
Company recorded charges to operations of $6,301 and $6,301, respectively, in
connection with its obligations under the License Agreement. During the nine
months ended September 30, 2022 and 2021, the Company recorded charges to
operations of $18,699 and $18,698, respectively, in connection with its
obligations under the License Agreement. As of September 30, 2022, no milestones
had yet been attained.



The Company will be obligated to pay Moffitt earned royalties of 4% on worldwide
cumulative net sales of royalty-bearing products, subject to reduction to 2%
under certain circumstances, on a quarterly basis, with a minimum royalty
payment of $50,000 in the first four years after sales commence, and $100,000 in
year five and each year thereafter, subject to reduction by 40% under certain
circumstances relating to the status of Valid Claims, as such term is defined in
the License Agreement. The Company's obligation to pay earned royalties under
the License Agreement commences on the date of the first sale of a
royalty-bearing product, and shall automatically expire on a country-by-country
basis on the date on which the last valid claim of the Licensed Patents expires,
lapses or is declared invalid, and the obligation to pay any earned royalties
under the License Agreement shall terminate on the date on which the last valid
claim of the Licensed Patents expires, lapses, or is declared to be invalid
in
all countries.



44






Employment contracts with managers



During July and August 2020, the Company entered into one-year employment
agreements with its executive officers, consisting of Dr. John S. Kovach, Eric
J. Forman, Dr. James S. Miser, and Robert N. Weingarten, which provided for
aggregate annual compensation of $640,000, payable monthly. The employment
agreements are automatically renewable for additional one-year periods unless
terminated by either party upon 60 days written notice prior to the end of the
applicable one-year period, or by death, or by termination for cause. These
employment agreements were automatically renewed for additional one-year periods
in July and August 2021 and 2022.



On April 9, 2021, the Board of Directors increased the annual compensation of
Eric J. Forman, the Company's Chief Administrative Officer, Dr. James S. Miser,
the Company's Chief Medical Officer, and Robert N. Weingarten, the Company's
Chief Financial Officer, under the employment agreements, such that the total
aggregate annual compensation of all officers increased to $775,000, effective
May 1, 2021.


Other material agreements and contracts



On December 24, 2013, the Company entered into an agreement with NDA Consulting
Corp. for consultation and advice in the field of oncology research and drug
development. As part of the agreement, NDA also agreed to cause its president,
Dr. Daniel D. Von Hoff, M.D., to become a member of the Company's Scientific
Advisory Committee. The term of the agreement was for one year and provided for
a quarterly cash fee of $4,000. The agreement has been automatically renewed for
additional one-year terms on its anniversary date since 2014. Consulting and
advisory fees charged to operations pursuant to this agreement were $4,000 and
$4,000 for the three months ended September 30, 2022 and 2021, respectively, and
$12,000 and $12,000 for the nine months ended September 30, 2022 and 2021, which
were included in research and development costs in the consolidated statements
of operations.



Effective September 14, 2015, the Company entered into a Collaboration Agreement
with BioPharmaWorks, pursuant to which the Company engaged BioPharmaWorks to
perform certain services for the Company. Those services included, among other
things: (a) assisting the Company to (i) commercialize its products and
strengthen its patent portfolio, (ii) identify large pharmaceutical companies
with potential interest in the Company's product pipeline, and (iii) prepare and
deliver presentations concerning the Company's products; (b) at the request of
the Board of Directors, serving as backup management for up to three months
should the Company's Chief Executive Officer and scientific leader be
temporarily unable to carry out his duties; (c) being available for consultation
in drug discovery and development; and (d) identifying providers and overseeing
tasks relating to clinical use and commercialization of new compounds.



BioPharmaWorks was founded in 2015 by former Pfizer scientists with extensive
multi-disciplinary research and development and drug development experience. The
Collaboration Agreement was for an initial term of two years and automatically
renews for subsequent annual periods unless terminated by a party not less than
60 days prior to the expiration of the applicable period. In connection with the
Collaboration Agreement, the Company agreed to pay BioPharmaWorks a monthly fee
of $10,000, subject to the right of the Company to pay a negotiated hourly rate
in lieu of the monthly payment and agreed to issue to BioPharmaWorks certain
equity-based compensation. Excluding expense reimbursements, the Company
recorded charges to operations pursuant to this Collaboration Agreement of
$30,000 and $30,000 for the three months ended September 30, 2022 and 2021,
respectively, and $90,000 and $90,000 for the nine months ended September 30,
2022 and 2021, respectively, which were included in research and development
costs in the consolidated statements of operations.



Effective August 12, 2020, the Company entered into a Master Service Agreement
with the Foundation for Angelman Syndrome Therapy (FAST) to collaborate in
supporting pre-clinical studies of the potential benefit of LB-100 in a mouse
model of Angelman Syndrome (AS) as reported in The Proceedings of The National
Academy of Science (Wang et al, June 3, 2019). The pre-clinical studies were to
be conducted at The University of California - Davis under the direction of Dr.
David Segal, an internationally recognized leader in AS research. If the
pre-clinical studies confirm that LB-100 reduces AS signs in rodent models, the
Company has agreed to enter into discussions with FAST with respect to possible
collaborations to most efficiently assess the benefit of LB-100 in patients with
AS, which is a rare disease affecting an estimated one out of 12,000 to one out
of 20,000 persons in the United States. The genetic cause of AS, reduced
function of a specific maternal gene called Ube3, has been understood for some
time, but the molecular abnormality resulting from the genetic lesion has now
been shown to be increased concentrations of protein phosphatase 2A (PP2A), a
molecular target of the Company's investigational compound, LB-100. The Company
has agreed to provide FAST with a supply of LB-100 to be utilized in the conduct
of this study, which was initially expected to be completed within three years.
Conditioned on FAST's completion of this study, the Company has agreed to pay
FAST five percent (5%) of all proceeds, as defined in the Master Service
Agreement, received by the Company, up to a maximum of $250,000 from the
exploitation of the study results.



45







The research team at the University of California - Davis recently completed
their pre-clinical study of the potential benefit of LB-100 in a mouse model of
AS, and the results are currently under review by FAST. The preliminary analysis
indicates that the positive results previously reported by Chinese investigators
were not confirmed in the US model. The Company is currently awaiting input from
FAST as to whether it intends to continue to pursue pre-clinical studies of LB
100. To date, FAST has not indicated whether it desires to pursue further
studies of LB-100,



On October 8, 2021, the Company entered into a Development Collaboration
Agreement with the Netherlands Cancer Institute, Amsterdam (NKI), one of the
world's leading comprehensive cancer centers, and Oncode Institute, Utrecht, a
major independent cancer research center, to identify the most promising drugs
to be combined with LB-100, and potentially LB-100 analogues, to be used to
treat a range of cancers, as well as to identify the specific molecular
mechanisms underlying the identified combinations. The Company has agreed to
fund the study and provide a sufficient supply of LB-100 to conduct the study.
The study is expected to take approximately two years to conduct. During the
three months ended September 30, 2022, the Company incurred charges in the
amount of $46,068 with respect to this agreement, which amount is included in
research and development costs in the Company's consolidated statements of
operations. During the nine months ended September 30, 2022, the Company
incurred charges in the amount of $149,184 with respect to this agreement, which
amount is included in research and development costs in the Company's
consolidated statements of operations. As of September 30, 2022, total costs of
$204,433 have been incurred pursuant to this collaboration agreement. The
Company's aggregate commitment pursuant to this collaboration agreement, less
amounts previously paid to date, totaled approximately $250,000 as of September
30, 2022, which is expected to be incurred through June 30, 2025. As the work is
being conducted in Europe and is paid for in Euros, final costs are subject to
foreign currency fluctuations between the United States Dollar and the Euro.



On February 2, 2012, the Company entered into a contract with MRI Global for the
analysis and stability testing of LB-100. On June 10, 2022, the contract was
amended to reflect a new total contract price of $273,980 and an estimated
completion date of April 30, 2023. During the three months ended September 30,
2022 and 2021, the Company incurred costs of $6,749 and $0, respectively,
pursuant to this work order. During the nine months ended September 30, 2022 and
2021, the Company incurred costs of $27,102 and $17,432, respectively, pursuant
to this work order. As of September 30, 2022, total costs of $212,778 have been
incurred pursuant to this work order agreement. The Company's aggregate
commitment pursuant to this clinical trial monitoring agreement, less amounts
previously paid to date, totaled approximately $61,000 as of September 30, 2022.



Off-balance sheet arrangements

To September 30, 2022the Company had no transaction, obligation or relationship that could be considered an off-balance sheet arrangement.

Trends, events and uncertainties

The research and development of new pharmaceutical compounds is, by nature, unpredictable. Although the Company undertakes research and development efforts with commercially reasonable diligence, there can be no assurance that the Company’s cash position will be sufficient to permit it to develop pharmaceutical compounds to the extent necessary to generate future revenues sufficient to support operations.

There can be no assurances that the Company's pharmaceutical compounds will
obtain the regulatory approvals and market acceptance to achieve sustainable
revenues sufficient to support operations. Even if the Company is able to
generate revenues, there can be no assurances that it will be able to achieve
operating profitability or positive operating cash flows. There can be no
assurances that the Company will be able to secure additional financing, to the
extent required, on acceptable terms or at all. If cash resources are
insufficient to satisfy the Company's ongoing cash requirements, the Company
would be required to reduce or discontinue its research and development
programs, or attempt to obtain funds, if available (although there can be no
assurances), through strategic alliances that may require the Company to
relinquish rights to certain of its pharmaceutical compounds, or to curtail or
discontinue its operations entirely.



Other than as discussed above, the Company is not currently aware of any trends,
events or uncertainties that are likely to have a material effect on its
financial condition in the near term, although it is possible that new trends or
events may develop in the future that could have a material effect on the
Company's financial condition.



46

© Edgar Online, source Previews

Sneak peek of the week ahead for the PES

0

France Media Agency

November 7, 2022 | 09:00

Ok, so now that we know that the US Federal Reserve has raised interest rates by 75 basis points and signaled that it may need to raise rates higher and for longer than previously thought, our eyes should return to the domestic market to see how this decision plays out for REITs (probably not great) and the exchange rate (probably not great, especially for companies carrying heavy US dollar-denominated debt).

Fortunately, the BSP removed much of the uncertainty by stating that it will also raise rates by 75 basis points at its November 17 meeting, but a lot can happen between now and then.

Coming to the calendar, I expect to hear something Same [DITO 2.80 0.71%] and PLDT [TEL 1614.00 0.37%] over their ongoing debt dispute, as TEL previously gave DITO a November 4 deadline to repay the 430 million pesos it allegedly owed TEL.

The delay was strategic, not legal, so it’s possible nothing actually happened. On Wednesdays, Liberty Flour Mills [LFM 18.00 unch] will float its real estate subsidiary on the stock market, LFM Properties Corp [LPC 0.107 pre-IPO]using the “as an intro” method, which should result in some ridiculous moments that will be fun (or heartbreaking) to watch.

Other than that, expect a flurry of earnings from companies looking to quietly release third-quarter earnings reports before the Nov. 14 deadline.

MB RESULTS

I talk about it a lot, but I really can’t underestimate how arbitrary and bizarre the PSE rules are when it comes to price action on the first day of trading for a PSE-listed company.” As an introduction”.

In case you didn’t catch one of my previous rants, the key here is that an introductory list has no ceiling or floor price on the first day of trading.

It can go up thousands of percent. It can drop 99%. He can do both of these things on the same day.

I can’t think of another circumstance where a stock’s price is left so exposed to basically do what the market wants, and the only reason I can think of for allowing it is simply because “it always has been done that way”, which is a terrible reason to keep doing something that is so violently out of alignment with the PES interest in maintaining an orderly market.

Merkado Barkada is a free daily newsletter on PES, investment and business in the Philippines. You can subscribe to newsletter Where Follow on Twitter to receive full daily updates.
Merkado Barkada’s opinions are provided for informational purposes only and should not be considered a recommendation to buy or sell any particular stock. These daily articles are not updated with new information, so each investor should do their own due diligence before trading, as the facts and figures in each particular article may have changed.

Twitter rolls out changes for some users ahead of Blue’s relaunch

0

Elon Musk’s Twitter account displayed on a phone screen and the Twitter logo displayed on a laptop screen are seen in this illustration photo taken in Krakow, Poland, November 1, 2022.

Jakub Porzycki | Nurphoto | Getty Images

Twitter began rolling out changes to its platform for select users on Saturday in preparation for the launch of its revamped Twitter Blue subscription service.

Updates outlined in the App Store have confirmed that users will be able to purchase Twitter Blue and receive a blue tick for $7.99 per month. The updates are listed as available for users in the United States, Canada, Australia, United Kingdom, and New Zealand, according to the Apple Store description.

Esther Crawforddirector of product management for the social media company, said in a series of tweets that the new version of the subscription service is not yet available to everyone, but that a “small early group” could see platform updates.

“The new Blue isn’t live yet – the sprint towards our launch continues, but some people may see us making updates because we’re testing and pushing changes in real time,” she wrote. . “The Twitter team is legendary. New Blue…coming soon!”

Elon Musk, who became the new owner of Twitter on October 28, presented a series of ideas for a new user verification process for Twitter, which he acquired for $44 billion.

In a previous tweet threadMusk criticized the current system, which gives a blue tick, or verification, to notable users such as politicians, members of the press, executives and organizations. Historically, the checkmark has let readers know the account is legit. Other social networks, like Meta’s Facebook and Instagram, have similar verification systems.

Musk said he plans to empower “the people” by offering verification to anyone on the platform through Twitter Blue for $8 a month. He said subscribers will get priority in mentions, replies and search, receive half as many ads and be able to tweet long videos and audio.

These changes were confirmed on Saturday in the updated App Store listing. The updated version of the app also promised Blue members “a better reading experience” and “early access to some new features”.

Musk said in a tweet saturday that Twitter Blue will roll out globally once it is confirmed to work in the initial set of countries.

The changes follow an earlier report from The Verge that indicated Musk was considering charging up to $19.99 per month for the subscription. Twitter employees working on the project were reportedly told they had until Nov. 7 to roll out the feature or risk being fired, according to the report.

November 8 is the date of the midterm elections in the United States

Cathie Wood Buys These Biggest Growth Stocks — And Both Could Make You Rich Over Time

0

With the S&P500 falling more than 22% since the start of the year, some investors could find their resolve tested. It can be disconcerting to see your holdings do poorly, leaving you with little incentive to make additional investments.

But successful investors know that it’s in times like these that the seeds of future wealth can be sown. It’s something Cathie Wood surely acknowledges, gobbling up shares of two stocks that have the potential to prodigiously prosper in the future. Patient investors may want to follow suit and seed growth stocks rocket lab (RKLB 4.86%) and UiPath (PATH 0.47%) in their own wallets to reap the rewards down the line.

Take a flyer about a company flying in space

Rocket Lab first appeared in two of Wood’s exchange-traded funds (ETFs) in late September, and buying remained a priority in October. Last month the ARK Innovation ETF (ARKK -2.71%) and ARK Space Exploration & Innovation ETF (ARKX 1.25%) the two increased positions they initiated in September, adding a combined total of 919,767 shares.

As a leading space services company, Rocket Lab represents an out-of-this-world space investment. Having launched its Electron rocket 31 times over the past five years, Rocket Lab claims the second most frequently launched rocket – behind SpaceX – into space. In addition to this feat, Rocket Lab has also deployed 150 satellites into orbit.

Operating in the final frontier offers the company enormous potential – something Wood no doubt recognizes. In a recent investor presentation, Rocket Lab characterized its current Total Addressable Market (TAM) at over $380 billion, growing to $1 trillion by 2030.

Sufficient TAM is one thing, but it means little if the company fails to sell customers the value of its offerings. For Rocket Lab, however, that’s hardly the case. As of June 30, 2022, Rocket Lab had a backlog of $531.4 million, a growth of more than 190% from the backlog of $183.1 million it had at the end of September 2021.

Walk a bumpy road to wealth

After plunging nearly 82% in the first nine months of 2022, UiPath shares have largely fallen out of favor with investors who fear how it will perform in fiscal 2023. During its fourth quarter 2022 earnings report, management has forecast fiscal 2023 revenue and non-GAAP operating income of approximately $1.08 billion and zero to $10 million, respectively.

Management downgraded this outlook during the company’s recent second quarter 2023 earnings presentation, when it guided to revenue of approximately $1.005 billion and operating income not in line with guidance. GAAP. loss approximately $15 million.

This less auspicious view of 2023 hasn’t deterred Wood from being downright greedy with UiPath stocks. In the first 10 days of October, five of Wood’s ETFs combined to buy 903,034 UiPath shares.

Based on its current platform and offerings, UiPath estimates its TAM at $61.1 billion. But the company does not intend to stagnate. By expanding its platform to include low-code application platforms and business process management solutions, for example, UiPath believes it has the potential to add $32.1 billion to its TAM. In some context, UiPath recorded revenue of $892.3 million for fiscal year 2022.

It is worth considering the growth potential of the business, but it is equally important to recognize its achievements. UiPath, for example, has done well in securing and retaining its customers. The company determines this with its annualized renewal rate (ARR) metric, which it uses to gauge its “ability to acquire new subscriber customers and to maintain and grow our relationships with existing subscriber customers.” From Q4 2020 to Q2 2023, UiPath saw its ARR increase at a compound annual growth rate of 55%.

Something to remember

Watching the stock picks of the most famous investors, like Cathie Wood, is a popular pastime among those of us on Main Street. It is essential to recognize, however, that successful investing is more complex than simply buying the same stocks as Wood or other famous investors for that matter.

Still, Rocket Lab and UiPath are certainly compelling considerations for growth investors — possible portfolio additions worth exploring.

Alibaba’s Q3 Earnings Preview: Assets Already Attractive Enough (NYSE: BABA)

0

maybe wrong

Overview Q3 and thesis

Ali Baba (New York stock market :BABA) is program to publish its third quarter results on 11/17/2022. Its second quarter results (released on August 4, 2022) surprised the market from afar. Its Q2 EPS came in at $1.40, beating consensus estimates of $0.57. However, there are many factors for Q3 which may worry investors. First, the COVID situation is still ongoing. The Chinese authorities would accelerate the Zero COVID case policy by imposing new lockdowns. Second, the company also faces significant domestic political uncertainties. President Xi was elected for a new term of 5 years. And the market reaction since then seems to perceive that the regulatory and government crackdown on Chinese tech companies like BABA will continue for years to come. Finally, I would also be attentive to management’s comments regarding the impact of international geopolitical tensions on its operations, such as those of the current situation between Russia and Ukraine and trade tensions between the United States and China.

In total, market consensus estimates call for Q3 EPS of $2.43, a 73% increase QoQ. While such a consensus estimate represents a far cry from its EPS of $11.2 in Q3 2021. Such large swings (both QoQ and YoY) reflect the huge uncertainties currently surrounding its earnings.

Hopefully, the thesis here will help ease your anxiety a bit by diverting your attention from its earnings. As this article continues, you’ll see that regardless of what happens to its third-quarter earnings (which are subject to great uncertainty), its existing assets (which are much more certain) already exceed its market capitalization.

Chart, line chart Description automatically generated

Source: www.marketbeat.com

BABA’s main assets

The chart below shows the Assets section of its balance sheet published on June 30, 2022. As seen, it reported total assets of $255.05 billion. And the main assets of BABA consisted of the following:

  • $96.29 billion in current assets (composed primarily of $67.65 billion in cash and cash equivalents in short-term investments and $21.27 billion in receivables)
  • $26.55 billion in net property, plant and equipment
  • $66.69 from various equity investments (such as Ant Group)

These three alone already total $189.4 billion, already above its current market cap of $178.1 billion at the time of this writing and more on that later. Let’s look first at the liability side of the balance sheet.

Automatically generated table description

Source: BABA Q2 ER

The next graph below shows liabilities and total equity, again as shown on June 30, 2022. As seen, its total liabilities were approximately $91.37 billion. Considering its total assets of $255.05 billion, as mentioned above, its total capital was around $162.29 billion.

As a result, the top three items I listed above (with a total of $189.4 billion) are a bit above its total capital (by about 16%). We’ll keep that number in mind as we move forward.

Automatically generated table description

Source: BABA Q2 ER

BABA: an asset valuation approach

The following chart shows a simple sum of the parts (“SOTP”) analysis based on the information above. Note that this analysis was performed on the basis of a diluted number of shares of 22.038 billion shares, as indicated during the June 30, 2022 filing. And note that each ADS represents 8 ordinary shares.

Some highlights of SOTP analysis in particular:

  • Currently, more than 54% of its market capitalization is just current assets ($96.29 billion out of $178.1 billion), the asset with the least uncertainty.
  • Nearly 69% of its current market cap is current assets/cash plus its net PPE (property, plant, equipment), the second most certain asset in my mind.
  • And finally, if we add its equity investments, these three parts would be worth around $189.4 billion, or $70.88 per ADS.

Compared to its current market capitalization of $178.1 (or share price of $66.6 equivalently), these three elements alone are already 6.4% above its market price.

Of course, as mentioned above, these three items exceeded its total equity by about 16% as mentioned above due to its liabilities. So the margin of safety (“MOS”) here is a bit narrower than 6.4%. But given that this is an asset pricing approach and we ignore its full profit potential, I think the uncertainties of the current MOS are a secondary issue. To put that into perspective, I expect it to generate around $26 billion in free cash flow this year, easily outpacing the gap between those three major parts and its total capital.

Automatically generated table description

Source: Author Based on BABA Q2 ER

Risks and Final Thoughts

In addition to all the risks mentioned above, a large uncertainty in my valuation of the assets above involves the valuation of the Ant Group. And the valuation of BABA’s assets can vary greatly depending on the price you want to put on his Ant group. Ant was considered the world’s most valuable private company in 2018 with an expected IPO worth around $315 billion. After the failed IPO and regulatory changes, its valuation dropped significantly but still remained above $200 billion according to estimates by Warburg Pincus LLC. More recently, according to the following Reuters report in June 2022, a relaunch of Ant Group’s IPO appears to be a realistic possibility. The following details are taken from this report and slightly edited by me:

Chinese billionaire Jack Ma is considering ceding control of Ant Group… after a regulatory crackdown that scuppered its $37 billion IPO in 2020 and led to a forced restructuring of the fintech giant. Ant informed regulators of Ma’s intention as it prepares to restructure into a financial holding company, according to the report, adding that regulators did not require the change but gave their blessing.

To add further uncertainties to Ant’s valuation, the timing of its IPO relaunch also remains uncertain. According to the following Bloomberg report (also from June 2022 and also slightly edited by me):

Ant Group is set to apply for a key financial license as early as this month, people familiar with the matter say, a sign that its lengthy overhaul following a crashed listing in 2020 is moving closer to satisfying Chinese financial regulators. The People’s Bank of China intends to accept Ant’s application to become a financial holding company once it is submitted and will then begin a review process, which could take months, the people said. , asking not to be identified discussing a private matter. Officials will review Ant’s capital strength and business plans, as well as compliance from its shareholders and senior management before final approval.

All in all, despite the above uncertainties surrounding Ant Group’s valuation, my thesis is that its current market valuation is quite close to its 3 main assets analyzed in this article (plus or minus 10%). In particular, more than 54% of its market capitalization is made up solely of current assets (cash and cash equivalents), the asset element with the least uncertainty. And nearly 69% of its current market capitalization is cash plus its net PPE, the second most certain asset in my mind. Whatever the uncertainties related to the valuation of Ant Group, they are limited to the remaining 31%. Hopefully, given that most of its current valuation can only be supported by its assets, this analysis helps ease your anxiety a bit by diverting your attention from the big uncertainties surrounding its third-quarter earnings.

Editor’s Note: This article was submitted as part of Seeking Alpha’s Top Ex-US Stock Pick contest, which runs through November 7. This competition is open to all users and contributors; Click here to learn more and submit your article today!

Taruga Minerals Ltd to raise $3.5m in strongly backed placement

0

Taruga Minerals Ltd (ASX: TAR) secured firm commitments to raise up to $3.5 million in a strongly backed offering of 125 million fully paid common shares at $0.028 per share.

The placement is supported by the directors of the company, who have committed to subscribe for a total of $225,000 to the placement.

Encouragingly, there was strong participation from domestic institutional investors, as well as new and existing sophisticated investors.

The funds raised will be used for:

  • the first JORC REE resource at Morgans Creek;
  • regional exploration of rare earths;
  • copper prospecting; and
  • general working capital and supply costs.

“Growth Trajectory”

Taruga CEO Thomas Line said, “This is a fantastic achievement for the company, and we are now well equipped to continue our growth trajectory for the foreseeable future, strategically expanding our rare earth elements and our South Australian copper assets.

“We warmly welcome new domestic institutional investors and sophisticated new investors to the register.

“It was also fantastic to see a strong turnout from existing sophisticated investors, as well as the Targua Board of Directors who subscribed for a total of $225,000 of Taruga stock in the placement.”

Location Summary

Bell Potter Securities Ltd acted as lead manager for the placement.

$3.275 million of the placement is being made to unrelated parties without shareholder approval and using the company’s placement capabilities under Listing Rules 7.1 and 7.1A, and is expected to close on or about May 10 November 2022.

Subject to shareholder approval, the directors of the company (or their nominees) will request up to $225,000 of shares on the same terms as the placement.

Ithaca Energy prepares for London’s biggest IPO in 2022

0

LONDON, Nov 2 (Reuters) – Ithaca Energy’s (IPO-IHEG.L) plan to launch an initial public offering (IPO) on the London Stock Exchange next week could add value to the offshore oil and gas producer du Nord up to £3.1bn, making it London’s biggest IPO this year.

Shares in the company – owned by Tel Aviv-listed Delek Group (DLEKG.TA) – are offered at 250 to 310 pence per share, implying a market value of 2.5 billion to 3.1 billion pounds ( $2.87 billion to $3.56 billion), bookrunners on the deal announced Wednesday.

Ithaca, which produced around 66,700 barrels of oil equivalent per day (boed) in the first half of the year, is set to make its market debut on November 9 in a rare sign of life in the European IPO market. , where activity has fallen since the outbreak of the war between Russia and Ukraine.

Proceeds from European equity sales and other equity capital markets transactions in the region fell 82% to $8 billion in the third quarter of the year amid a global economic slowdown and feverish markets .

In September, Porsche’s (P911_p.DE) debut on the €75 billion Frankfurt market became Europe’s biggest IPO this year, while the London Stock Exchange saw only one handful of minor deals, including the IPO of New Energy One Acquisition Corp in March, a white-check company backed by Eni (ENI.MI) and Livestream LLC.

As Europe grapples with the energy crisis, the North Sea region is attracting renewed interest, with Britain recently launching its first round of oil and gas exploration licenses since 2019 with the aim to stimulate domestic production.

Investors are focused on Ithaca’s dividend yield, with the price range corresponding to an 11.3% to 14% dividend yield for 2023, an involved bookrunner said.

Ithaca, which competes with Var Energi (VAR.OL), Aker BP (AKRBP.OL), Harbor Energy (HBR.L) and Energean (ENOG.L), expects to be eligible for inclusion in the FTSE UK indices .

The company is aiming for a thin 12% free float, using a change to listing requirements implemented last year by the London Stock Exchange that reduced the number of shares an issuer is required to hold. public from 25% to 10%. %.

Goldman Sachs (GS.N) and Morgan Stanley are the global co-coordinators of the transaction while HSBC (HSBA.L), Jefferies (JEF.N) and Bank of America (BAC.N) are joint bookrunners , with ING (INGA .AS) acting as co-manager.

($1 = 0.8702 pounds)

Reporting by Huw Jones, Sinead Cruise, Lucy Raitano and Andres Gonzalez; edited by Pamela Barbaglia, Louise Heavens and Elaine Hardcastle

Our standards: The Thomson Reuters Trust Principles.

What is the future of Cardano

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Cardano (ADA) is one of the biggest cryptocurrencies, according to CoinMarketCap. Cardano is inherently more energy efficient than Bitcoin because it uses a “Proof of Stake” consensus method in which participants in the currency acquire tokens to join the network. Cardano has a blockchain that is adaptive, renewable, and extensible to execute smart contracts.

Low-carbon coins, such as Cardano, Tamadoge (TAMA), and Impt.io (IMPT), can even benefit the environment. Discovering the most energy-efficient cryptocurrency will help you choose environmentally responsible investment strategies. This, in turn, could encourage a planet-wide transition to a greener future.

>>>Find IMPT here

Most recently, Cardano price demonstrated a shortage of eager buyers which drove it below critical support, leading to a breakout of the bearish market structure. There is not much time left for this situation to turn around; if not, there could be a sale.

Cardano is down -2.45% as the cryptocurrency market continues to slide, with various coins getting the end of the stick. The price of Cardano, which was $0.39 as of October 12, 2022 at 10:00 a.m., according to Coinpedialed some investors to turn to other energy-efficient coins, such as Tamadoge and Impt.io, which are expected to see 30x growth.

How Cardano has been playing lately and the future of Cardano

According by FXStreet analysis, Cardano price has created a descending triangle by connecting the four lower lows and the three equal lows that have been created since May 10. Adding the distance between the breakout point at $0.400 and the initial swing high and low, this technical setup calls for a 40% decline to $0.241. On October 10, ADA delivered a near daily candlestick below this level, indicating the breakout of the descending triangle and validating a bearish breakout.

Because the bears have dominated for the past 24 hours, Cardano’s latest price study indicates a bearish trend for the cryptocurrency. Despite a powerful bullish wave dominating the price trend the previous week, today’s trend appeared to be mostly in favor of selling. At noon, the ADA/USD value was $0.3991; if the bears persist, a further drop in the value of the coins is to be expected.

Five energy-efficient alternative cryptos worth investing in

Cryptos are said to be energy efficient when they use certain advanced technologies that allow them to use the lowest power consumption. For most investors, energy-efficient tokens are worth looking into.

We will now dive into five energy-efficient cryptos that we believe will have a 30x gain before the end of the year.

  1. Tamadoge (TAMA)
  2. IMPT.io (IMPT)
  3. IOTA
  4. Hedera
  5. Avalanche (AVAX)

tamadoge – Why the future of Tamadoge is bright

The gateway token of the Tamaverse, where you can create, breed, and engage in battles with your very own Tamadoge pet, is called Tamadoge (TAMA). Anyone can create doges with Tamadoge, and users can breed, train, and compete with their Tamadoge NFTs to top the monthly scoreboard. Play-to-Earn options will eventually incorporate augmented reality activities, allowing your NFT to interact with their Tamaverse buddies.

On September 27, Tamadoge made its first CEX listing on OKX. Within hours of listing, the price of TAMA tokens doubled as the story went viral in the cryptocurrency world. The project is currently leading the world with a live price of $0.031595 and a 24-hour trading volume of $11,017,863. It has already been listed on all major stock exchanges. With a maximum supply of 2,000,000,000 TAMA coins, the current CoinMarketCap the ranking is 2663.

>>>Buy Tamadoge here

Regardless of your perspective, Tamadoge is one of the best designed cryptocurrency projects to enter the market. It boasts of exceptional token usage and a host of cutting-edge features like an inbuilt NFT store, game-to-win mechanics, and a metaverse. To ensure that the project has what it needs to survive the new Bitcoin environment, every feature and component has been carefully considered.

If you are wondering where to buy Tamadoge at the current price, major cryptocurrency exchanges OKX, MEXC, BKEX, BitMart, and LBank have already listed Tamadoge tokens on their platforms.

>>>Buy Tamadoge here

Impt.io – On the way to a 30x gain

A relatively new cryptocurrency initiative called Impt.io seeks to achieve sustainability in a society grappling with climate change and atmospheric alterations. More than 10,000 global brands have already joined this still-nascent project and have all chosen to be part of its ecosystem. Each brand can choose the share of its commercial margin to devote to IMPT projects.

>>>Find IMPT here

In the IMPT.io ecosystem, carbon credits and carbon offsets are both used interchangeably. One carbon credit is equivalent to the allowance of one tonne of carbon monoxide, as mentioned in the IMPT white paper. To offset carbon emissions created by industrial processes and other sources, businesses and individuals can purchase these carbon credits.

Due to their propensity to be profitable, energy stocks continue to be in high demand. Impt.io (IMPT) is now offering a presale on its platform, which is expected to end in November. In less than 24 hours after launching the presale, IMPT.io raised a whopping $150,000 and to date has raised over $3.6 million, Coincodex said. The stats and outlook for this cryptocurrency are just too promising as its current market value of $0.018 is expected to increase over 30x after its debut.

>>>Find IMPT here

IOTA (MIOTA) – Less energy consumer in the IoT niche

In the Internet of Things (IoT) niche, IOTA remains the most energy-efficient cryptocurrency. Communication between devices that people use daily, such as smartphones, tablets, televisions and others, is what fuels the idea of ​​IoT. Over the years, the popular belief that the IoT concept will continually increase makes IOTA a great investment project.

Another advantage of IOTA is that validation of transactions does not require mining as transactions are facilitated by a distributed ledger, also known as “The Tangle”. As a result, fees attributed to transactions have become obsolete and also energy efficient to a large extent.

Every day, more and more people continue to search for ways to help the earth, especially as discussions around climate change grow. As such, IOTA maintains a comfortable position as one of the coins that would make a 30x gain before the end of the year.

Hedera (HBAR) – Fast Carbon Negative Part

Hedera is a proof-of-stake network that is used for network protection, as well as network fuel, used to pay transaction fees, micropayments, and in-app payments. One advantage that sets Hedera apart is that it remains faster than major blockchains such as Ethereum, Cardano, and Bitcoin.

Every second, Hedera can handle no less than 10,000 transactions and have fees as low as $0.001 per transaction. More and more people are continually looking for blockchains with low transaction fees, and HBAR seems well suited for this purpose. As such, a 30x gain is likely achievable before the end of the year.

Avalanche (AVAX) – the energy-efficient crypto alternative to Ethereum

As a power-efficient crypto, Avalanche uses a Proof of Stake (PoS) mechanism to validate blocks. Due to its lightning-fast nature, the Avalanche Blockchain network emerged in 2021 as a suitable alternative to Ethereum.

With dApps and NFTs growing in popularity every day, Avalanche has become the go-to network for developers and creators looking for high scalability. This, in our opinion, makes it one of the coins that would likely top the 30x gain this year.

Final Thoughts

As investors pull out of the Cardano (ADA) project, it is entirely conceivable that they will invest in other promising coins like Tamadoge and Impt.io. These five energy efficient coins have so much potential and are well suited to deliver nearly 30x returns for investors in 2022.

IperionX appoints Toby Symonds

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IperionX Limited (“IperionX” or “Company”) (Nasdaq: IPX, ASX: IPX)a leader in the development of a sustainable and circular titanium metal supply chain, today announced the appointment of Toby Symonds as President of IperionX.

Mr. Symonds has worked with IperionX since 2021, first as an advisory board member and later as Chief Strategy Officer. He is a highly experienced executive with over 30 years of experience in a range of leadership positions in operations, sales, strategy, finance and asset management.

Mr. Symonds previously served as a senior advisor to private equity firms, hedge funds and real estate asset managers, including Coliseum Capital Management, Sweetwater Capital Partners and Mosaic Real Estate Investors. Toby was Managing Director of SAC Capital’s Business Development Group and was a founding partner of ENA Investment Capital in London and Altai Capital Management in New York. Prior to his career in asset management, he spent over 11 years at JP Morgan and Morgan Stanley.

Todd Hannigan, Executive Chairman of IperionX, said:

“I am very pleased to announce the appointment of Toby Symonds as President of IperionX.”

“Toby has led our customer engagement with exceptional success – we now have a strong pipeline of over 40 potential customers signed on to our confidential sales delivery process in the automotive, consumer electronics and consumer electronics industries. Defense Toby has extensive global leadership experience in building high performance teams and we look forward to his continued success at IperionX.

Anastasios Arima, co-founder and CEO of IperionX added:

“Toby is an exceptional strategist and proven leader who builds effective, diverse and high performing teams. With skillful leadership in sales, government relations, finance and business development, IperionX is well positioned for rapid growth.

“Leading companies in the automotive, consumer electronics and luxury goods industries are looking to rapidly develop zero-carbon supply chains and maximize their use of circular materials. IperionX provides the only commercially available low carbon circular titanium production process. »

A link to the original version can be found here.

For more information, please visit the IperionX website at: www.iperionx.com

About IperionX

IperionX’s mission is to be the leading developer of low carbon titanium for advanced industries including space, aerospace, electric vehicles and 3D printing. IperionX’s breakthrough titanium technologies can produce low carbon, fully circular titanium products. IperionX produces titanium metal powders from titanium scrap at its operational pilot plant in Utah and intends to scale up production at a titanium demonstration facility in Virginia. IperionX holds a 100% interest in the Titan critical minerals project, which has the largest JORC resource of titanium, rare earth and zircon-rich mineral sands in the United States

Forward-looking statements

The information contained in this press release constitutes forward-looking statements. Often, but not always, forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, ” estimates”, “anticipates”, “continues” and “direction” or other similar words and may include, but are not limited to, statements regarding management plans, strategies and objectives, expected start dates of production or construction and expected production costs or results.

Forward-looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to differ materially from future results, performance or achievements. Relevant factors may include, but are not limited to, changes in raw material prices, fluctuations in exchange rates and general economic conditions, increased costs and demand for production inputs, the nature speculative nature of the exploration and development of projects, including the risks of obtaining the necessary licenses and permits and the reduction in the quantities or qualities of reserves, the ability of the Company to comply with the relevant contractual conditions to access the technologies , to commercial scale its closed-loop titanium production processes or to protect its intellectual property rights, political and social risks, changes in the regulatory framework in which the Company operates or may operate in the future, environmental conditions, including extreme weather conditions, staff recruitment and retention, rela industrial relations and disputes.

Forward-looking statements are based on the good faith assumptions of the Company and its management regarding the financial, market, regulatory and other environments that will exist and affect the Company’s business and operations in the future. The Company makes no assurance that the assumptions on which the forward-looking statements are based will prove to be correct, or that the Company’s business or operations will not be materially affected by these or other factors not anticipated or foreseeable by the society. or management or beyond the control of the Company.

Although the Company attempts and has attempted to identify factors that could cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements, there may be other factors that could cause actual results, actual performance, achievements or events as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements contained in these documents speak only as of the date of publication. Subject to any continuing obligation under applicable law or any relevant stock exchange listing rules, by providing this information, the Company undertakes no obligation to publicly update or revise any of the forward-looking statements or inform of any change in events, conditions or circumstances on which such statement is based.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20221101005548/en/

Akari Therapeutics Announces Receipt of Nasdaq Minimum Bid Price Notification

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NEW YORKAkari Therapeutics, Plc (Nasdaq: AKTX), a late-stage biotechnology company developing advanced therapies for autoimmune and inflammatory diseases, today announced that Akari has received a letter from Nasdaq Listing Qualifications stating that Akari is non-compliant. to the minimum bid price requirement for continued listing. in Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of $1.00 per share.

The rules also grant Akari a compliance period of 180 calendar days to regain compliance. According to the letter, Akari has October 24, 2022 until April 24, 2023 to regain compliance with the minimum bid price requirement. Akari may regain compliance if, at any time during such 180-day period, the closing bid price of its ADSs is at least $1.00 for at least ten consecutive business days, in which case Akari will receive written confirmation of compliance and this file will be closed. In the event that Akari does not regain compliance after the initial 180-day period, then Akari may be eligible for an additional period if it meets the continuous listing requirement for the market value of shares held by the public and any other initial listing standards for the Nasdaq Capital Market, except for the offer price requirement, and shall provide written notice of its intention to cure the default during the second compliance period.

If Akari cannot demonstrate compliance by the end of the second 180-day period, Nasdaq staff will notify Akari that its ADSs are subject to delisting.

The letter has no immediate effect on Akari’s listing on Nasdaq or the trading of its ADSs, and during the grace period, which may be extended, Akari’s ADSs will continue to trade on Nasdaq Capital. Market under the symbol “AKTX”.

About Therapeutic Akari

Akari Therapeutics, plc (Nasdaq: AKTX) is a biotechnology company that develops advanced therapies for autoimmune and inflammatory diseases. Akari’s main active ingredient, experimental nomacopan, is a bispecific recombinant inhibitor of complement C5 activation and leukotriene B4 (LTB4) activity. Akari’s pipeline includes a Phase 3 clinical trial program of nomacopan for severe pediatric thrombotic microangiopathy related to hematopoietic stem cell transplantation (HSCT-TMA), as well as preclinical research of PAS-nomacopan at prolonged action in geographic atrophy (GA).

Caution Regarding Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current beliefs about our plans, intentions, expectations, strategies and prospects, which are based on on the information currently available to us and the assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected or implied by these forward-looking statements are reasonable, we cannot guarantee that the plans, intentions, expectations or strategies will be achieved or achieved. In addition, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors beyond our control. These risks and uncertainties to our company include, but are not limited to: additional capital requirements to fund our operations; our ability to continue our business; cash flow uncertainties and the inability to meet working capital requirements; an inability or delay in obtaining required regulatory approvals for nomacopan and any other product candidates, which may result in unforeseen expenses; our ability to obtain orphan drug designation in additional indications; risks inherent in drug development generally; uncertainties regarding the achievement of positive clinical results for nomacopan and any other product candidates and the unexpected costs that may result; difficulties in recruiting patients into our clinical trials; the inability to realize any value from nomacopan and any other product candidates developed and under development in light of the inherent risks and difficulties inherent in bringing product candidates to market; failure to develop new product candidates and support existing product candidates; approval by the FDA and EMA and any other similar foreign regulatory authority of other competing or superior products brought to market; risks resulting from unforeseen side effects; the risk that the market for nomacopan will not be as large as expected; risks associated with the impact of the COVID-19 pandemic; the inability to obtain, maintain and enforce patents and other intellectual property rights or the unforeseen costs associated with such application or litigation; the inability to obtain and maintain commercial manufacturing agreements with third-party manufacturers or establish commercial-scale manufacturing capabilities; the inability to timely source adequate quantities of our active pharmaceutical ingredients from third-party manufacturers on which the Company depends; unexpected cost increases and pricing pressures and risks and other risk factors detailed in our public filings with the US Securities and Exchange Commissionincluding our most recently filed annual report on Form 20-F filed with the SECOND. Unless otherwise stated, these forward-looking statements speak only as of the date of this press release, and we undertake no obligation to update or revise any of these statements to reflect events or circumstances occurring after such date. Press release. We caution investors not to place significant reliance on any forward-looking statements contained in this press release.

Contact:

mike moyer

Such. : (617) 308-4306

Email: [email protected]

Foreign net inflow for 2022: Rs. 37 billion – Head of CST

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The total market turnover of the Colombo Stock Exchange (CSE) in the first nine months of this year was recorded at Rs. 567 billion, Colombo Stock Exchange Chairman Dilshan Wirasekara said.

He said the average daily turnover was Rs. 3.3 billion which he considers satisfactory given the local and global economic conditions.

He told Sunday Observer Business that most markets around the world have also seen declines since the start of 2022 and that in Sri Lanka too the benchmark for all stock prices (ASPI) has down 18.8% at the end of the first nine months of the year. The S&P SL20 Index, which includes the 20 largest and most liquid stocks, was down 25.2% for the same period.

“However, a redeeming factor is that market activity levels have been favourable,” he said.

Commenting on the net foreign exchange inflows to date, he said that since 2017, the CSE has recorded a positive net inflow as of 14 October 2022. “We have a net inflow of Rs. 16.7 billion in the secondary market and a net inflow of Rs. 20.3 billion from the primary market. Hence, the total net inflow of foreigners for 2022 is Rs. 37 billion.

“The CSE and the stock brokerage industry continue to engage with institutional investors, although a road show may not be expected in the immediate future. We hope to re-engage foreign institutional investors next year,” Wirasekara said.

Regarding regulatory developments, he said that the CSE had just completed a major exercise to overhaul all the rules to comply with the new SEC law and that these are under review by the DRY.

“We have also been working on a project to expand the listing framework to facilitate the listing of debt securities and shares of public companies. The guidelines to be adopted by the CSE to grant exemptions from the registration rules for public companies and the amendments to the rules have been presented to the regulator for approval,” he said.

This will allow public companies to raise debt and equity through the capital market.

The CSE has also worked to enable local businesses to raise capital denominated in foreign currencies by listing debt securities on the CSE. In this regard, rule changes still need to obtain regulatory approval.

In accordance with the new SEC law, new dispute resolution rules are being developed to provide better protection for investors.

Akari Therapeutics Announces Receipt of Nasdaq Minimum Offer Price Notification | New

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NEW YORK and LONDON, Oct. 28, 2022 (GLOBE NEWSWIRE) — Akari Therapeutics, Plc (Nasdaq: AKTX), a late-stage biotechnology company developing advanced therapies for autoimmune and inflammatory diseases, today announced that Akari had received a letter from Nasdaq Listing Qualifications stating that Akari is not in compliance with the minimum offering price requirement for a continuing listing set forth in Listing Rule 5550(a)(2) ), which requires listed securities to maintain a minimum offering price of $1.00 per share.

The rules also grant Akari a compliance period of 180 calendar days to regain compliance. According to the letter, Akari has October 24, 2022 to April 24, 2023 to regain compliance with the minimum bid price requirement. Akari may regain compliance if, at any time during this 180-day period, the closing bid price for its ADSs is at least $1.00 for at least ten consecutive business days, in which case Akari will receive a confirmation letter of compliance and this matter will be closed. In the event that Akari does not regain compliance after the initial 180-day period, then Akari may be eligible for an additional period if it meets the continuous listing requirement for the market value of shares held by the public and any other initial listing standards for the Nasdaq Capital Market, except for the offer price requirement, and shall provide written notice of its intention to cure the default during the second compliance period.

If Akari cannot demonstrate compliance by the end of the second 180-day period, Nasdaq staff will notify Akari that its ADSs are subject to delisting.

The letter does not have an immediate effect on Akari’s listing on Nasdaq or the trading of its ADSs, and during the grace period, which may be extended, Akari’s ADSs will continue to trade on the Nasdaq Capital Market under the symbol AKTX.

About Akari Therapeutics

Akari Therapeutics, plc (Nasdaq: AKTX) is a biotechnology company that develops advanced therapies for autoimmune and inflammatory diseases. Akari’s main active ingredient, experimental nomacopan, is a bispecific recombinant inhibitor of complement C5 activation and leukotriene B4 (LTB4) activity. Akari’s pipeline includes a Phase 3 clinical trial program of nomacopan for severe pediatric thrombotic microangiopathy related to hematopoietic stem cell transplantation (HSCT-TMA), as well as preclinical research of PAS-nomacopan at prolonged action in geographic atrophy (GA). For more information about Akari, please visit akaritx.com.

Caution Regarding Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current beliefs about our plans, intentions, expectations, strategies and prospects, which are on the based on the information currently available to us and the assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects, as reflected or implied by these forward-looking statements, are reasonable, we cannot guarantee that the plans, intentions, expectations or strategies will be achieved or achieved. In addition, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors beyond our control. These risks and uncertainties to our company include, but are not limited to: additional capital requirements to fund our operations; our ability to continue our business; cash flow uncertainties and the inability to meet working capital requirements; an inability or delay in obtaining required regulatory approvals for nomacopan and any other product candidates, which may result in unforeseen expenses; our ability to obtain orphan drug designation in additional indications; risks inherent in drug development generally; uncertainties regarding the achievement of positive clinical results for nomacopan and any other product candidates and the unexpected costs that may result; difficulties in recruiting patients into our clinical trials; the inability to realize any value from nomacopan and any other product candidates developed and under development in light of the inherent risks and difficulties inherent in bringing product candidates to market; failure to develop new product candidates and support existing product candidates; approval by the FDA and EMA and any other similar foreign regulatory authority of other competing or superior products brought to market; risks resulting from unforeseen side effects; the risk that the market for nomacopan will not be as large as expected; risks associated with the impact of the COVID-19 pandemic; the inability to obtain, maintain and enforce patents and other intellectual property rights or the unforeseen costs associated with such application or litigation; the inability to obtain and maintain commercial manufacturing agreements with third-party manufacturers or establish commercial-scale manufacturing capabilities; the inability to timely source adequate quantities of our active pharmaceutical ingredients from third-party manufacturers on which the Company depends; unexpected cost increases and pricing pressures and risks and other risk factors detailed in our public filings with the United States Securities and Exchange Commission, including our most recently filed Annual Report on Form 20-F filed with the DRY. Unless otherwise stated, these forward-looking statements speak only as of the date of this press release, and we undertake no obligation to update or revise any of these statements to reflect events or circumstances occurring after such date. Press release. We caution investors not to place significant reliance on any forward-looking statements contained in this press release.

For more information

Investor contacts:

mike moyer

LifeSci Advisors

(617) 308-4306

[email protected]

Media Contact:

Eliza Schleifstein

RP Schleifstein

(917) 763-8106

[email protected]

Copyright 2022 GlobeNewswire, Inc.

Boat joins PharmEasy and Droom in suspending enrollment plans due to grading issues

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Imagine Marketing, the company that owns the portable brand Boat, has become the latest national technology (tech) company to suspend listing plans. The popular consumer technology brand joins parent company PharmEasy API Holdings and online automotive marketplace Droom Technology in withdrawing its proposed red diversion prospectus (DRHP). Industry players aren’t ruling out that more tech companies are following suit. Falling valuations of publicly traded tech companies, heightened regulatory scrutiny and weak investor reaction to roadshows are seen as reasons for the suspension of tech company listing plans.

“Sebi has tightened oversight, particularly around valuations, and has also introduced various disclosure requirements requiring companies to provide explanations of valuation changes between pre-IPO placements and the issue price when of an IPO. This has forced new era tech companies to reconsider their valuations, strategies and also the timing of their IPO. Moreover, it seems that some companies are also experiencing weak demand in the process tenders and road shows. This has also resulted in some listings being postponed or withdrawn,” said Gaurav Mistry, Partner, DSK Legal.

Boat had filed its DRHP with the Securities and Exchange Board of India (Sebi) in January and obtained a green light in April. The company was looking to raise Rs 900 crore in fresh capital through the IPO. On Friday, it announced that it had raised Rs 500 crore from an affiliate of Warburg Pincus and Malabar Investments.

Companies that are unable to launch their IPOs instead raise capital from private equity (PE) investors. “Financial conditions are currently choppy and we thought it would be prudent to wait to do an IPO,” said Vivek Gambhir, Chief Executive Officer (CEO) of Boat.

In August, PharmEasy decided to put its Rs 6,250 crore IPO on hold and raise funds from existing investors via a rights issue. The online pharmacy had filed its DRHP in November 2021 and obtained Sebi approval in February. Droom, which had filed for an IPO of Rs 3,000 crore in November 2021, withdrew its IPO earlier this month. Sources said the company was targeting a valuation above Rs 15,000 crore and failed to find enough takers amid collapsing prices for listed tech companies.

Shares of Zomato, Paytm, Nykaa and Policy Bazaar are down 50-75% from their highs, forcing companies on hold to rethink their valuations.

“I think this reflects the current market environment where technology companies are seeing their valuations weaken, particularly in public markets, due to tight capital flows due to geopolitical tensions, and fears of a recession. which threatens some of the world’s economies,” said Murtaza Zoomkawala, Partner, Saraf & Partners.

New-age companies such as Oravel Stays (Oyo Hotels), Snapdeal, Navi Tech and Yatra Online are currently awaiting Sebi’s green light for their IPOs. Sources said the sharp erosion of investors’ wealth prompted the regulator to take a cautious approach to approving IPOs of loss-making companies. Last month, Sebi’s board approved changes to the IPO framework requiring companies to justify pricing by disclosing key performance indicators (KPIs) and referencing them to the most recent capital raise. .

“While this may make the already onerous disclosure of IPOs more onerous, it will not necessarily deter new-era tech companies from launching their IPOs in India, if a market for their shares is available,” he said. Zoomkawala.

Yes, ‘The Good Nurse’ is a real person, and her name is Amy Loughren

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Who is the real “good nurse”, Amy Loughren?Ian West – PA Pictures – Getty Images

“Hearst Magazines and Yahoo may earn commissions or revenue on certain articles via the links below.”

Whereas The good nurse tells the chilling saga of the serial killer Charles Cullenits title actually refers to the other nurse in the story, Amy Loughren. She worked side-by-side with Cullen at Somerset Medical Center in Somerville, New Jersey and went undercover to lead to his real-life arrest. The couple were actually close friends, working many nights together in the facility’s intensive care unit. In the film, Loughren is played by Jessica Chastain and Cullen by Eddie Redmayne.

Who is the real woman behind the true dramatization of the crime? Here is the real story of Amy Loughren.

Who is Amy Loughren?

While working in Somerset, Loughren was a single mother of two children. She suffered from cardiomyopathy, which eventually required her to wear a pacemaker. However, she did not disclose her illness at work for fear of losing her well-paying job, according to Slate. Loughren was so close to Cullen that he even helped her through debilitating episodes during her shift that left her breathless and incapacitated. She said People of their former friendship, “He was funny. We immediately bonded and became friends.

How did Amy Loughren find out that Charles Cullen was murdering patients?

Loughren was approached by investigators who had suspicions about the number of deaths in Somerset in relation to Cullen. The problem came to a head following the death of a Reverend named Florian Gall, who was being treated at the facility and had shown signs of improvement. When Gall surprisingly died of a massive heart attack, his autopsy revealed a lethal dose of digoxin in his body. In small doses, digoxin can help with heart problems, but Cullen administered lethal doses to patients, resulting in their deaths.

When Loughren saw paperwork listing the drugs Cullen was ordering, she knew something was wrong. “There have been so many withdrawals of deadly drugs that you would only order if you wanted to kill someone,” she said. Told SCS at the time.

How did Loughren get Cullen to confess?

Detectives have Loughren wear a wire and try to extract information from her former friend. But in an interview with Glamor United Kingdomshe said that was a problem when they discovered her pacemaker.

“I was scared to death,” she said. “It was terrifying to come in, especially when they wired me, saw my scar from a recent pacemaker implantation and the detective said ‘no, we can’t put that wire on you.’ I said, ‘Yeah, you can. I’m a cardiac nurse, I know it’ll be fine. He went to his colleague and they talked about shutting it down, so I had to tell them. The truth is I I didn’t know how it would affect my heart, but I knew I had to go out there and get that confession. Maybe I was determined, not brave.

The pair met at a restaurant and Loughren, with a wire, got enough information for Cullen to be arrested on probable cause. He eventually confessed to 40 murders, although it is suspected that he killed many more people in his custody. He is currently serving 17 consecutive life sentences.

Did Loughren and Cullen stay in touch after his arrest?

Before Cullen realized that Loughren had turned on him, they were still exchanging letters. She even visited him in prison.

“When he found out I worked for the New Jersey State Department, that was the last time he answered my letters,” she said. said. “So far, I’ve seen him in prison maybe dozens of times. I really wanted to know if I accidentally hurt anyone and wanted answers and closure. I think I wanted to deny he was a hitman, I wanted to make sure whoever my friend Charlie was, he wasn’t around.

cullen had claims that he put his “very sick” victims out of their misery, but many of them did not have terminal conditions. The method and the drugs he used “were terrifying and paralyzing so he could take them out of their sedation, wake them up, give them a paralytic and watch them struggle to breathe,” Loughren said. Glamor United Kingdom. Loughren says she never got the answers she wanted from Cullen, but she did come to understand “how charismatic he was and how easy it was to be drawn in.”

She added: “It was a process to be able to forgive myself for not having seen it.”

Where is Amy Loughren now?

Loughren says on his website that she is now “Reiki Master, Hypnotherapist, NLP Practitioner, Meditation Instructor, DreamSculptor Practitioner, Reconnective Healer, Integrative Energy Healer, Past Life Regressionist, Crystal Language Reader, Medical Intuitive, and has learned “the work” of Byron Katie”.

She currently lives in Florida with her family and has been active in promoting The good nurse alongside stars Jessica Chastain and Eddie Redmayne.

uk premiere of the good nurse premiere bfi london film festival 2022

Loughren with Jessica Chastain at good nurse premiere in London. Ian West – PA Pictures – Getty Images

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The Last of Us multiplayer could be free, job listing suggests

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The Last of Us Multiplayer could be free, if a new job posting by Naughty Dog is anything to go by. A hawk-eyed Redditor spotted a job posting for a live ops producer on the developer’s website, which is specifically looking for a candidate who has experience in “AAA, free to play, live title “. Although The Last of Us isn’t mentioned anywhere in the ad, it’s the only Naughty Dog multiplayer project we know of in development. So speculation suggests that what we used to call “Factions” is now a standalone, free-to-play game.

The Last of Us multiplayer ‘major part’ of Sony’s live service efforts

“We can finally announce that we’re creating something much bigger than a mode,” Naughty Dog said of multiplayer gaming earlier this year, adding that it’s “a hugely ambitious undertaking.” Previous reports claimed the game would be “an important part” of Sony’s live service efforts. The company has made no secret of its desire to expand into the live services space, especially after the Bungie acquisition.

“We are looking for a Live Ops Producer to support our major new multiplayer title,” reads the job description (via Reddit). Naughty Dog wants someone with “proven experience in a production role supporting a AAA title, free-to-air, and live.”

Stock market | Financial Content Business Page

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The best cyber insurance companies listed by Cybersafe Solutions will greatly help business owners.

Any organization can be at risk as it grows, regardless of size. Whatever goods or services they provide, someone could try to steal that data or money. But that doesn’t mean it should be allowed to happen. Hiring a top cyber insurance specialist is one strategy to reduce cyber threats and protect the business.

Cybersafe Solutions is one such company that provides security and protection against digital threats and helps keep businesses safe.

They recently launched the list of best cyber insurance companies and help business owners qualify and save money on cyber insurance policies. “We’ve developed this list so that business owners have an idea of ​​the list of potential companies they can employ to get the job done,” a Cybersafe Solutions spokesperson said.

Unlike other cybersecurity organizations, Cybersafe Solutions helps businesses prepare for upcoming threats and has a trained and certified team to get the job done.

Moreover, it provides round-the-clock customer service, so that the customer does not have to worry about a cyberattack occurring on weekends, holidays, or any other time when they are not. not here.

Whether your business is in finance, legal or accounting, Cybersafe Solutions also offers individualized cyber insurance. It offers strategies for companies engaged in manufacturing, energy, healthcare, and other aforementioned industries.

Cybersafe Solutions understands that antivirus software and firewalls alone will not improve the level of security. Accordingly, it assists customers if they need to improve their cybersecurity measures. They can obtain risk assessment, penetration testing and mitigation services if they use the services of Cybersafe Solutions. The company also performs top-notch attack simulations so that one can anticipate how the company will respond to potential threats.

Cybersafe Solutions also takes action in the event of an accident. This insurance provides coverage to help the user recover if an attack is imminent and the business has been targeted.

About Cybersafe Solutions:

Cybersafe Solutions is a company that provides security and defense against these digital threats and helps keep businesses safe.

To book a free consultation visit: https://www.cybersafesolutions.com/modern-cybersecurity-measures-contact

Media Contact
Company Name: Unip effusive curiosity. lda.
Contact person: Vasco
E-mail: Send an email
Country: Portugal
Website: https://vettted.com/

Investment Capital Markets – October 2022, Issue 7: The SCRR Report: Upcoming Changes to UK Pre-emption Regime and Prospectus Requirements for Secondary Capital Raises | Dechert LLP

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On July 19, 2022, HM Treasury published a report containing the recommendations of its UK Secondary Capital Raising Review (the “SCRR review“) (the “SCRR report”). The SCRR review looked at how post-IPO capital raisings by UK-listed companies can be made more efficient and, in turn, the UK listing regime can be modernized and made more competitive.

The recommendations of the SCRR report cover a number of broad themes, including: (i) improving the pre-emption regime; (ii) reduce regulatory involvement in major funding exercises; (iii) further improve the cost and speed of fundraising; (iv) facilitate retail offers; and (v) foster digitization.

Improving the pre-emption regime

The SCRR report recommends that the preemption group Statement of principles be changed to:

  • Permanently increase the threshold for permitted non-enforcement of pre-emptive rights to 20% (in line with the welcomed temporary measures introduced in 2020 due to the COVID-19 pandemic) – including up to 10% available for use at for all purposes and up to an additional 10 percent to be used in connection with a specified acquisition or capital investment – ​​to help raise small amounts faster and more cost-effectively. On the other hand, the threshold currently authorized for non-application is a maximum of 10% (5% + 5% respectively);
  • Allow growth companies to obtain authorizations to remove their shareholders’ right of first refusal of up to 75% of their existing share capital, provided that the company explains the circumstances justifying why the higher authorization is required and appropriate to obtain and that the IPO document discloses such higher authority; and
  • Build shareholder support for waiving pre-emption rights by more than 20% per year for “capital-hungry” issuers, such as those in the technology and life sciences sectors, on a case-by-case basis.

In line with the above, the SCRR report does not recommend removing the pre-emption regime and recognizes the pre-emption principle as an important shareholder protection in the UK capital markets. Rather, the SCRR prioritizes changes aimed at maintaining investor protection while improving the ability of growing companies to raise capital effectively. He suggests placing the preemptive regime on a more formal and transparent basis, and more specifically, than the preemptive group:

  • Have a more formal and transparent governance structure with revised terms of reference;
  • Have a dedicated website with a searchable database of information on the pre-emption regime;
  • Publish an annual report on the operation of the scheme; and
  • Restrict the use of “cash” structures to circumvent pre-emption rights, ensuring that these undocumented investments are only used up to the amount of the pre-emption removal authorization that has been granted by shareholders at the last annual general meeting. Meet.

Reduce regulatory involvement in major financings

In addition to expanding and strengthening the preemption regime, the SCRR report recommends reducing the cumbersome regulatory review associated with secondary fundraising processes. This is justified by the SCRR report since (i) listed companies are required to meet many ongoing obligations and (ii) offers of new shares are made to existing investors who have access to the public disclosure of the company. This recommendation aligns with future changes to the prospectus regime whereby prospectuses are no longer required if a company makes a public offering to its existing shareholders.

The SCRR recommends that:

  • The threshold at which a prospectus is required for offers to existing shareholders be raised from 20% to 75% of a company’s existing share capital;
  • A sponsor should no longer be required for secondary fundraising, although sponsor confirmations on flyers will continue to be required for large transactions;
  • The FCA’s approach to working capital statements, that it is not permissible to accompany a “clean” statement with assumptions, should be reconsidered to allow for a more flexible, disclosure-based approach. ; and
  • The overlap between the working capital audit and the information to be provided in the annual reports should be reduced.

Continue to improve the profitability and speed of fundraising

To further reduce costs and increase the speed at which funds can be raised, the SCRR report also recommends that:

  • The offer period for full pre-emption rights issues and open offers should be reduced so that an offer is open for acceptance for seven business days instead of ten;
  • The notice period for convening general meetings other than general meetings is reduced from 14 clear days to 7 clear days;
  • The pre-emption provisions of the Companies Act should be amended to reflect the usual practice of rights offerings and open offers using a non-enforcement resolution, including the possibility of excluding foreign shareholders for whom the offers would be disproportionately expensive, offering flexibility to deal with split rights. and treat holders of securities with a contractual right to new shares as if they were holders of ordinary shares;
  • The listing regime be amended so that rights issues have an over-enforcement mechanism so that existing shareholders can request the purchase of shares not taken by other shareholders;
  • The UK adopts the Australian concept of a ‘clean-up notice’, a public confirmation of compliance with disclosure obligations, where a prospectus is not required for a secondary issue involving a public offering;
  • Standard terms and conditions for institutional investors are accepted by the market, eliminating the need to negotiate bespoke terms; and
  • Companies should be able to opt for enhanced disclosure regimes, including through more detailed disclosures in their annual reports and periodic updates on their websites, which would allow companies to publish a shorter fundraising document (which would be considered a complete package when read together with the enhanced information) at the time of the secondary offer in order to provide legal comfort for the purposes of the offer to international holders (e.g. in the United States), this which would be more cost effective than producing a full stand-alone prospectus.

Facilitate commercial offers

The SCRR report recommends that companies give due consideration in all investments to the participation of retail investors and other existing shareholders. A company should choose the method it deems appropriate to do this, although a “follow-up” procedure is suggested in the SCRR report. In addition, it is also suggested that the requirement to make a prospectus available to the public at an IPO involving a retail offering for six business days before the end of an offering be reduced to a maximum of three working days.

The push towards digitization

To improve the overall efficiency of all market processes, the SCRR report supports the move to a system in which all shareholders hold their shares in a fully digitized form, which is considered essential for the benefits of the other recommendations to be realized. fully realised. Following the recommendation of the SCRR report, the UK government launched a task force and published terms of reference. The objectives of the working group include: (i) identifying immediate and longer-term ways to improve the current shareholding system; and (ii) eliminate the use of paper stock certificates for publicly traded companies.

Next steps

All of the recommendations proposed in the SCRR report have been accepted by the UK government in full and the SCRR report has received broad support from public commentators. Some recommendations, for example changes to non-statutory guidelines, should be implemented immediately, while those that require legislative changes, such as changes to the UK prospectus regime, should be implemented in the short or short term. middle term.

The recommendations of the SCRR report come at a time when geopolitical events, including the Russian invasion of Ukraine in February 2022, the destabilization of energy supply chains and rising levels of inflation, have led to financing conditions unpredictable and volatile for businesses around the world. It is hoped that the recommendations presented in the SCRR report, including broadening the pre-emption regime and tightening prospectus, sponsorship and other regulatory requirements in the context of secondary offerings, will, once implemented, increase the ability of companies to react quickly to favorable market windows and successfully conduct secondary fundraising on the capital markets.

I asked Amazon to show me some weird tech gadgets. I still haven’t recovered

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Amazon

There are times in life when the mood expresses a certain need.

more Technically incorrect

I don’t know if it was the fact that Mercury had finally stopped being retrograde – or if the full moon had finally done its worst – but I really wanted to see something that would give my life new meaning.

Or, at least, something that would make me reconsider the meaning of technology.

So I drifted over to the repository of all things hardware, Amazon, to see what it could offer.

Deliberately and specifically, I searched for “weird tech gadgets”.

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It’s been my fringe inclination lately, ever since I started living with a robot cat.

What could Amazon offer to beat that? How, indeed, would Amazon’s vast inner intelligence define “weird”?

I was relieved to see that there were 2,000 results. Clearly, I was about to descend into a whirlwind of outrageous splendour.

You call that weird?

But then I opened my eyes. The first offer was the, oh, xsainlao Newtons Kinetic Art Perpetual Motion MachineDesktop decoration toys, scientific physics gadgets, non-stop rolling ball toys, creative anti-stress gifts for friends and family.

newtons-gravity-toy

xsainlao

It wasn’t weird at all. It was the kind of thing executives used to put on their desks. When they had offices. In the 1980’s.

Well, I guess part of the product description was weird. Sample: “All parts of this product are purely handmade, and you need to assemble them by yourself when you buy them. Therefore, you must have the basis to make handmade products.”

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flying pen

novium

The base? You mean hands?

Then on to the weird Amazon results – or rather, the weird Amazon results – was the Novium Hoverpen 2.0 – Futuristic luxury pen made with aerospace alloys, unique aesthetics, free-spinning executive pen, cool gadgets, birthday gifts for men and women (black space, basic).

Which simply raised two questions: What? And why?

I noticed that these particular results had been sponsored. So these companies had paid to be in the “weird” search category?

Amazon chooses weird. I choose to mumble to myself

I scrolled a little further, wondering what Amazon itself would choose to fulfill my strange quest.

Luckily, there was a result marked “Amazon’s Choice”.

I was not prepared for this. Amazon suggested The Original Toilet Night Light Tech Gadget. Fun LED light with motion sensor for bathroom. Weird Novelty Funny Birthday Gag Stocking Stuffer Gift Ideas For Him Her Guy Men Boy Toddler Mom Dad Brother.

A toilet with a light inside

YouLight

Why the hell would I need this? And, may I ask, how the hell is that weird?

Amazon – or rather the makers of this illuminating product – claim that it will improve your sleep. “ToiLight is a cool motion-activated led night light that automatically activates when you approach the toilet bowl, illuminating it in a pleasant way that soothes you.”

Do I need a soothing nightlight in the toilet? No. Is it weird? It’s not.

And would you believe that if you buy one of these things, you get a free ebook? “‘365 Secrets of Tidying Up Your Home’ is the perfect complement to your ToiLight as it will help your home always look its best,” the listing reads.

I was worried that Amazon was at its worst. I was beginning to lose hope that the real weirdness even existed.

Also: How to make money on Amazon by sharing your favorite products

strange love

Next in Amazon’s recommendations came the Cryptex Da Vinci Code Mini Cryptex Lock Puzzle Boxes with hidden compartments Anniversary Valentine’s Day Romantic Anniversary Gifts For Her Gifts For Girlfriend Box For Me.

divinci-code-puzzle-box

coejokno

Who writes these product descriptions? Why is it good for a birthday or a Valentine’s Day gift? Why doesn’t Amazon understand the concept of weird?

Once I read a bit more about this lock puzzle box, I was ready to concede that it contained some oddity: “The Da Vinci codec is copied from the Da Vinci manuscript in ‘The Da Vinci Code’ According to the plot of the story, there is a scroll about the biggest secret of the Priory of Sion and even the whole [sic] Christianity hidden in the cryptex. To open the cryptex, you must unlock a five-digit code. There are 5 turntables on the cipher cylinder, and each turntable has 26 letters, which can be up to 11,881,376 cryptex permutations and combinations.”

My consciousness started to fade. What new hellfire was this?

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Then the creators of this thing solved the riddle of Valentine’s Day. You might not believe it.

Are you ready?

Are you sure?

Here it is: “If you are planning to propose or give a gift for Valentine’s Day, anniversary, birthday, etc., then cryptex is a great choice for you. Its unique password setting will allow you to will add romance, fun and mystery.We will give you a pair [sic] rings is to help you make your wish come true.”

Do you get a free pair of rings? Now that’s weird.

I accept that one person’s weirdo is another person’s ideal MP. I fear, however, that those who are looking for something different in their life do not choose Amazon as their first source of ideas.

Things may turn out completely different from what they thought.

XL Fleet Corp. Receives Notice Regarding NYSE Continuous Rating Standard

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XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a provider of subscription-based services that make it easy for homeowners and small businesses to own and maintain rooftop solar and battery storage, announced today that on October 20, 2022, it received a notice from the New York Stock Exchange (“NYSE”), notifying the Company that it does not meet the NYSE Price Criteria for Continuing Listing Standards because, Effective October 19, 2022, the average closing price of the Company’s common stock was less than $1.00 per share over a period of 30 consecutive trading days.

The Company will notify the NYSE of its intent to remedy its stock price deficiency within the applicable time period required by the NYSE and to return to compliance with the NYSE Continuous Listing Standard. The Company may reinstate compliance at any time during the six-month period following receipt of notice from the NYSE if, on the last trading day of any calendar month during the remedial period, the Company has a closing price of at least $1.00 and an average closing stock price of at least $1.00 over the 30 trading day period ending on the last trading day of that month. The Company intends to consider all available alternatives, including, but not limited to, a possible reverse stock split, subject to shareholder approval, no later than the next annual meeting of shareholders. shareholders of the Company, if necessary to remedy the non-conformity of the share price. Under NYSE rules, if the company determines that it will remedy the stock price shortfall by taking an action that will require shareholder approval no later than its next annual meeting of shareholders and implements promptly thereafter, the price condition will be deemed corrected if the price quickly rises above $1.00 per share and the price remains above that level for at least the next 30 trading days.

The NYSE notification does not affect the Company’s business operations, its reporting requirements to the Securities and Exchange Commission, its credit agreements or other contractual obligations. The Company’s common stock will continue to be listed and traded on the NYSE, subject to compliance with the NYSE’s other continuous listing standards. The Company is currently in compliance with other applicable NYSE continuous listing standards.

This press release is published in accordance with the rules of the NYSE. The NYSE notice was issued pursuant to section 802.01C of the NYSE Handbook for Listed Companies.

About XL Fleet

XL Fleet provides subscription-based services that make it easy for homeowners and small businesses to own and maintain rooftop solar and battery storage. Our as-a-service model gives consumers access to new technologies without making a large upfront investment or incurring maintenance costs. XL Fleet has over 52,000 subscribers across the United States. For more information, please visit www.xlfleet.com.

Forward-looking statements

Certain statements contained in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are generally accompanied by words such as “believe”, “may”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, ” should”, “should”, “plan”, “predict”, “potential”, “seem”, “seek”, “future”, “prospect” and similar expressions which predict or indicate future events or trends or which are not not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and management’s current expectations and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including, but not limited to: the Company’s ability to return to compliance with NYSE continuous listing standards within the applicable cure period; the Company’s ability to continue to comply with applicable NYSE listing standards; expectations regarding the growth of the solar industry, home electrification, electric vehicles and distributed energy resources; the ability to successfully integrate the acquisition of Spruce Power; XL Fleet’s ability to implement its plans, forecasts and other expectations regarding Spruce Power’s business and realize the expected benefits of the acquisition; the ability to identify and complete future acquisitions; the ability to develop and market new products and services; the effects of current and future legislation; the highly competitive nature of the Company’s business and markets; disputes, complaints, product liability claims and/or negative publicity; cost increases or shortages of components or chassis needed to support the Company’s products and services; the introduction of new technologies; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; the potential loss of certain significant customers; privacy and data protection laws, privacy or data breaches, or loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the inability to convert its pipeline of sales opportunities into binding orders; risks relating to the deployment of the Company’s business and the timing of expected commercial milestones, including the continued global shortage of microchips and limited availability of chassis from automotive OEMs and our dependence on our suppliers; the effects of competition on the Company’s future business; the availability of capital; and other risks discussed under “Risk Factors” in the Company’s Annual Report on Form 10-K filed March 31, 2022, subsequent Quarterly Reports on Form 10-Q and other documents the Company will file with of the SEC in the future. If one of these risks materializes, or if our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update such forward-looking statements.

Bybit Review 2022: Is Bybit a Good Exchange?

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When it comes to cryptocurrency trading, there are different choices for investors and traders. Besides just investing in cryptocurrencies, professional traders can also invest in crypto derivatives. A well-known cryptocurrency derivatives trading platform is per bit. This article is all about Review by bit 2022 and if Bybit is a good exchange. Let’s take a look in more detail.

Established in 2018
Supported Fiat Currencies More than 20
Minimum deposit 0
Mobile app Android and iOS
Customer service 24/7

per bit is one of those rapidly growing crypto exchanges. This exchange started operating in March 2018 and already has more than 10 million users. After successfully registering, you can start trading perpetual contracts. There are trading pairs of various cryptocurrencies against the US dollar.

Which makes per bit prosperous is its easy to use platform and high leverage offers of up to 100x. The platform is available in more than 160 countries and more than 16 languages.

Advantages of Bybit:

  • No KYC is needed for a new user.
  • It’s easy to start trading.
  • It also has a mobile app alternative to connect and trade.
  • Bybit leverage is extremely high, with attractive trading fees and market maker reimbursement.
  • It is one of the top exchanges when it comes to the highest trading volumes in crypto derivatives.
  • Limit orders, partial orders, entry orders and market orders are all possible order types.
  • Benefits from a guarantee from the Assurance Fund to reduce and compensate for losses.

Disadvantages:

  • The number of possible trading pairs is limited.
  • Not available to US citizens.

How does Bybit work?

Bybit is not your typical cryptocurrency exchange, and they have several features that set them apart from competing platforms. The first of these characteristics is the way they enact trades. The main pillars of Bybit are:

  • Unrivaled customer support and dedicated live agents are available 24/7.
  • 99.99% functionality, no server downtime.
  • Top Blockchain Custody Solutions
  • Available in over 160 countries and over 16 languages
  • The most comprehensive USDC options market in the world
  • Leading global open interest for BTC and ETH Derivatives contracts.
  • 100k TPS Match Engine

What are the features of Bybit Exchange?

  • P2P trade: Bybit P2P is a simple and secure peer-to-peer trading platform. It basically allows the buying and selling of two users’ assets at a mutually agreed ideal price. Please keep in mind that the buy and sell offers on the P2P page are not made available by Bybit.
  • VIP program: VIP levels are transmitted through Derivatives, Spot, USDC Perpetual and USDC Options Trading.
  • 0 fees on all pairs of spots and more: In this case, users can enjoy zero fees as Spot Maker and Taker, as well as Grid Bot trading.
  • Derivatives: In this case, users can upgrade their trades with USDT, Perpetual, Inverse Futures, etc.
  • NFT Marketplace: The Bybit NFT market is for listing and trading NFTs. NFTs delivered cover Digital Art, Collectibles, GameFi, Metaverse, and more.
  • Earn per bit: This contains various features such as Savings, Cash Mining, Double Asset, Shark Fin and Launchpool.

Currently, Bybit offers trading plans or alternatives in Bitcoin, EOS, Ethereum, and Ripple XRP Inverse Perpetual Contract, USDT Perpetual Contract, and Inverse Contract.

What fiat currencies does Bybit support?

  • ARS
  • USD
  • COP
  • EGP
  • USD
  • GHS
  • HKD
  • IDR
  • RNI
  • JPY
  • KES
  • KGS
  • KZT
  • MXN
  • USD
  • NGN
  • PHP
  • PKR
  • TO RUB
  • TWD
  • UAH
  • VND
  • THB
  • TRY
  • UZS
  • USD
exchange comparison

Cryptocurrencies available on Bybit

Bybit supports 100+ crypto tokens and 300+ spot trading pairs including major tokens such as BTC, ETH, SOL, APE, DYDX, LTC, DOGE, AVAX, MATIC, DOT and many more .

Bybit Review: Is Bybit Safe?

Since per bit has been on the market for more than 4 years, we can only recognize this success. Any company that passes 2 years successfully knows what it is doing.

Additionally, this exchange stores its customers’ cryptocurrencies offline in cold storage wallets. This means that hackers and attackers will not have digital access to the funds. The company also reviews every withdrawal request to prevent hackers from making transfers on behalf of real customers.

What are the fees for Bybit?

Bybit has a low cost fee structure which is attractive to merchants. The recently introduced VIP program will revise existing trading fee rates for spot and derivatives markets, for which traders will only qualify for VIP or Bybit Loyalty program benefits. More information on the different fee structures is given here.

The breakdown is as follows:

Review by bit

Fee per bit

P2P on Bybit has no transaction fees for the buyer or seller. However, depending on the payment method chosen, merchants may be required to pay transaction fees to the payment provider.

How to create an account and buy cryptocurrencies on Bybit?

Review by bit

Create a Bybit account

Bybit is a cryptocurrency exchange that features futures trading and it is one of the largest exchanges by trading volume. Signing up for Bybit is relatively simple as the platform has developed an easy to use interface.

Go to the official Bybit website which will take you directly to the registration window. Here you have two options: Email registration and Mobile registration, so choose the one you want. Simply fill in the required fields and click Register. Once registered, you will receive a confirmation email or SMS with a verification code that you must enter to complete registration. If there is a problem with the code, you can wait a bit and request another one.

Once done, your account will be completely verified and you will be ready to start using Bybit. To further protect your account, you can enable an SMS authentication system or a Google authentication method.

Here is a step-by-step guide to buying coins with fiat currencies on Bybit using credit/debit card payments. Visa and Mastercard payments are currently accepted.

Review by bit

Purchase method

Step 1: In the upper left corner of the navigation bar, click on Buy Crypto -> One-Click Buy to enter the One-Click Buy page.

2nd step: If this is your first time using credit/debit card payment, please link your card first.

Step 3: Now choose the fiat currency in which you want to pay. Next, choose the coin you want to receive in your funding account. Now enter the purchase price. You can enter the transaction amount in fiat currency or coin amount, depending on your needs.

Step 4: Now choose the credit/debit card you added, then select Buy with EUR.

Step 5: The transaction is completed.

Don’t forget that you have many other options on per bit to choose.

Conclusion

Bybit is secure, reliable and transparent. Its numerous trading opportunities, leveraged trading, safety against losses, payment choices, fee system, promotions and excellent customer support, certainly offers everything crypto traders are looking for. It is definitely one of the best cryptocurrency exchanges.

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CHINA GREEN AGRICULTURE, INC. : Notice of expungement or non-compliance with a continuing registration rule or standard; Transfer of Registration, Other Events, Financial Statements and Exhibits (Form 8-K)

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Item 3.01. Notice of delisting or non-compliance with a rule or standard for maintaining registration; Registration transfer.

On October 14, 2022, China Green Agriculture, Inc. (the “Company”) has received notice from New York Stock Exchange (the “NYSE”) that the company is not in compliance with the NYSE’s continuous listing requirements under the timely filing criteria set forth in Section 802.01E of the NYSE Listed Companies Handbook due to its failure to timely file its annual report on Form 10-K for the fiscal year ended June 30, 2022 (the “2022 Form 10-K”).

As disclosed by the Company in its Form 12b-25 filed with the Security and Exchange Commission (the “SEC”) on September 30, 2022, the Company was unable to file Form 10-K 2022 within the prescribed time without unreasonable effort or expense. The extension period provided for in Rule 12b-25 expired on
October 13, 2022. The Company is unable to meet its 2022 Form 10-K filing deadline due to circumstances related to COVID-19. The principal businesses and activities of the Company are carried out in Chinawhere the outbreak of the COVID-19 pandemic occurred in 2020 and continues to impact the Company in 2022. During 2022, Some companies the facilities had been placed under quarantine control and many employees had been placed in mandatory quarantine. In addition, many domestic and international travels have been severely restricted from time to time in China. Thus, the Company’s operations had been impacted in 2022. As a result, the Company’s accounting team was only able to complete its 2022 Form 10-K after October 20, 2022. The Company is currently working closely with its primary accounting firm to complete the filing of its 2022 Form 10-K as soon as reasonably possible.

The NYSE has advised the Company that, in accordance with NYSE rules, the Company will have six months from the filing deadline to file its 2022 Form 10-K. The Company may regain compliance with listing standards on the NYSE during this six-month period when the company files its 2022 Form 10-K with the SECOND. If the Company does not file its 2022 Form 10-K within such six-month period, the NYSE may, at its sole discretion, permit trading of the Company’s common stock for an additional six months depending on specific circumstances. Until the company files its 2022 Form 10-K, the company’s common stock will remain listed on the NYSE under the symbol “CGA” and will be assigned an “LF” flag to signify late filing status.

As noted above, the company is working diligently to complete its 2022 Form 10-K to regain compliance with NYSE continuous listing standards.

Item 8.01 Other Events.


In accordance with NYSE procedures, the Company has issued a press release announcing receipt of the NYSE letter dated October 14, 2022. Attached as Exhibit 99.1 herein, and incorporated herein by reference, is a copy of the Company’s press release dated October 20, 2022announcing receipt of the NYSE letter.

Item 9.01. Financial statements and supporting documents.



(d) Exhibits.



EXHIBIT
NO.       DESCRIPTION
99.1        Press Release dated October 20, 2022.
104       Cover Page Interactive Data File (embedded within the Inline XBRL document)




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Business news, strategy, finance and company insights

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“Simplifying the corporate structure will unlock greater value for shareholders and PPL is well positioned to become a global Indian brand in the pharmaceutical space,” according to Ajay Piramal, Chairman of Piramal Enterprises. He says PPL has an integrated business model, niche product offerings and a global team to ensure responsible growth in the future.

Ajay Piramal started in his family’s textile business at the age of 22 in 1977 but moved into the pharmaceutical industry leaving textiles and acquiring Nicholas Laboratories in 1988. He later acquired the companies Indian companies of several multinationals like Boehringer Mannheim, research unit of Hoechst Marion Roussel (India) in Mumbai, Rhone Poulenc India, etc., to become one of the top five pharmaceutical companies in India. During this growth journey, Nicholas Piramal became Piramal Healthcare and after entering the financial services industry was renamed Piramal Enterprises.

The main activities of PPL are contract development and manufacturing organization (CDMO), a complex hospital generics business and an India-focused consumer healthcare business, selling over-the-counter (OTC) products. . Additionally, it has a joint venture with Allergan, a leader in ophthalmology in the Indian formulations market. PPL’s ​​CDMO business achieved revenues of ₹3,960 crore in FY22 and offers end-to-end development and manufacturing solutions across the drug lifecycle to innovators and generic companies . It has approximately 15 facilities around the world and approximately 25% of its customers are major multinational drug manufacturers. “We have also taken small steps in biotech CDMO by acquiring a small business in this field,” says Nandini Piramal.

“We expect an EBITDA CAGR of 26% for FY22-24, led by a sales CAGR of 10%/12% in the CDMO/CHG segment and strong operating leverage,” a report said. Motilal Oswal analyst on Piramal’s health business.

Its complex hospital generics business had revenue of ₹2,002 crore in FY22 and sells complex products such as inhaled anesthetics, intrathecal therapies for spasticity and pain management, injectable analgesics and anesthetics, injectable anti-infectives and other therapies. “This company has a strong pipeline with over 40 products in various stages of development and growth will be stronger in the future,” Nandini said.

The consumer healthcare business had a revenue of ₹741 crore for FY22 and is now among the top players in India with popular brands such as Polycrol antacid, Saridon and Lacto Calamine. “We have built on strong brands and launched 40 new products and 18 new SKUs, and are expanding distribution through modern retail stores and e-commerce channels,” Nandini says. “Going forward, we intend to continue to focus on growing our chosen business areas and will identify and secure inorganic and organic growth opportunities.”

Who’s Up, Down After Week 6 Loss to Commanders

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The Chicago Bears were beaten by the Washington Commanders, 12-7, on Thursday Night Football, where they fell to 2-4 this season.

It was another demoralizing loss for the Bears against a bad Commanders team, where there were opportunities for Chicago to pick up the win. The Bears’ red zone offense went 0-3 and managed just seven runs. Chicago’s defense played its best game of the season, but another failed punt ultimately cost the Bears.

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But there were some encouraging (and not so encouraging) outings coming out of this game.

Here’s a look at which Bears players are trending up or down after Thursday’s Week 6 loss to the Commanders.

Michael Reaves/Getty Images

After a rocky start to his rookie season, cornerback Kyler Gordon has put together back-to-back strong games against the Vikings and Commanders. Against Washington, he had six tackles and a pass breakup, and he was the Bears’ second-highest-ranked defensive player by Pro Football Focus at 77.8. Gordon, who has been harassed by opposing attacks, has improved in his coverage and tackles, and we’re starting to see his playmaking potential in Chicago.

Matt Marton – USA TODAY Sports

Like Gordon, wide receiver Velus Jones Jr. had a rocky start to his rookie season. Jones missed the first three games with a hamstring injury, and his first three games included costly mistakes on special teams. Jones has missed two punts in recent games, costing the Bears a chance for a fourth quarter win. In limited attacking action, Jones showed his potential. His first catch in the NFL was a touchdown against the Vikings in Week 5. It remains to be seen if Jones will have a chance to put things right in the return game, but Matt Eberflus allowed the rookies to play through mistakes this season.

Michael Reaves/Getty Images

Safety Jaquan Brisker has also had his share of growing pains for rookies, but we see just how much of an impact he can make in this defense. Brisker is coming off an impressive outing against the Commanders, where he had five tackles, including one for a loss, as well as a sack. Brisker was among the Bears’ highest-ranked defensive players in the PFF with 72.5. Like Gordon, he begins to come into his own in his rookie season.

Michael Reaves/Getty Images

It was one step forward, two steps back for quarterback Justin Fields. But it’s not entirely his fault. After an encouraging outing against the Vikings in Week 5, Fields took a step back against the Commanders. He was under duress all night, taking five sacks and 18 pressures (not all of them on the offensive line) and didn’t get much help from his receivers or freshman caller. With Fields’ development being the most important thing this season, it’s hard not to worry about Week 6. But the hope is that there will still be positives to build on heading into an offseason that should rearrange the list.

Quinn Harris/Getty Images

Chicago’s defense had its best outing of the season against a poor Washington team, where it went a full game. They held Carson Wentz to within 100 passing yards and the Commanders to 128 rushing yards, which is progress for this run defense. The Bears limited Washington to just two field goals until late in the fourth quarter, when a missed punt gave the Commanders the ball at Chicago’s 6-yard line. Two plays later, Washington hit him in the end zone. It was only the second touchdown the Bears defense allowed in the second half this season. This performance was definitely something to build on.

World Yacht Charter Agency & Development Framework Report 2022: Positioning Framework, Business Models, Profiles, Distribution – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The “Types of Yacht Charter Agencies and Development Framework 2022 – Extensive Market Report and Expert Analysis” report has been added to from ResearchAndMarkets.com offer.

This Yacht Charter market report is quite unique and goes far beyond the usual market reports in this industry. First of all, it has been prepared by genuine experts in the yacht charter industry, which means that extensive insider know-how has been incorporated.

Second, the content of the report goes much further than the usual standardized list of single numbers. Each section of the report is explained in detail in the context of the real industry and its common practices. Hence, readers can gain a quantitative and qualitative understanding of the yacht charter industry, including market structure, processes, specifics, and dynamics.

As such, this report is indispensable for anyone considering entering the yacht charter industry and/or pursuing new developments or projects in this sector. Indeed, both newcomers and existing players can benefit immensely from the results of this unique research.

Thirdly, this market report contains real primary data from an extensive international questionnaire survey of yacht charter agencies – this is the largest survey of its kind ever conducted in this market! In particular, the author conducted scientific research using a specially designed questionnaire that collected responses from 166 yacht charter companies operating in 43 countries around the world.

To complement this method, an in-depth content analysis was also carried out on a larger population of nearly 1,000 yacht charter agencies from over 50 countries and 5 continents.

WHO SHOULD BUY THIS REPORT?

Current and potential participants in the following industries: tourism, nautical tourism, boating, yachting, maritime tourism, other maritime activities, shipbuilding, marina management or any related industry. Consultants and investors in these industries. Potential suppliers, partners or other stakeholders of these industries.

BENEFITS OF THIS MARKET REPORT

  • Compiled by real yacht charter experts

  • Based on the world’s largest primary research into the yacht charter industry

  • Provides in-depth information on the yacht charter industry

  • Discover the specificities and real trends of the market

  • Includes topics that go far beyond common market reports

  • Table and graph results are contextually explained by industry experts

  • Contains useful tools for decision making in the yacht charter industry

Main topics covered:

1. Summary

2. Presentation

  • The single market report

  • What is the key information in this report?

3. Scope and research methods

  • Research steps

  • Steps 1-2: Research preparation

  • Steps 3-5: Performing the search

  • Further information

4. Global Yacht Charter Overview

  • Yachts and yacht charter

  • Main types of charters

  • Main types of yachts

  • Sailboat rental

  • Motor yacht charter

  • Catamaran rental

  • Charter Gulets

5. Major Players of the Yacht Charter Market

  • Charter fleet operators

  • Yacht charter agencies

  • Central reservation systems

  • Number of reservation systems used

  • Types of reservation systems used

6. Overview of yacht charter agencies

  • Specialization of yacht charter agencies

  • Size of yacht charter agencies

  • Size of yacht charter agencies by number of employees

  • Size of yacht charter agencies by number of bookings

  • Age of yacht charter agencies

  • Age Vs. Size Yacht Charter Agencies

  • Common Business Processes of Yacht Charter Agencies

  • Concentration of yacht charter agencies

  • Competitiveness of yacht charter agencies

  • Profitability of yacht charter agencies

7. Worldwide distribution of yacht charter agencies

  • Number of yacht charter agencies by region

  • Leading region drivers

  • Yacht charter agencies in Europe

  • Main European countries with yacht charter agencies

  • Yacht charter agencies in the Americas

  • Regional distribution of yacht charter agencies in the Americas

  • Yacht Charter Agencies in Asia

  • Yacht charter agencies in the Pacific region

  • Learn more about charter agency locations

  • Regional Development Scenarios

8. Types of Yacht Charter Agencies

  • Criteria for differentiating yacht charter agencies

  • Main types of yacht charter agencies

  • Types by main activity

  • Share of major yacht charter agencies worldwide

  • Main yacht charter agencies by region

  • Types by customer value

  • Share of luxury yacht charter agencies worldwide

  • Luxury yacht charter agencies by region

  • Types by customer location

  • Types by Business Model Purpose

  • Prevalence of digital business models

  • Focus on business model versus customer segments

  • Types by business model logic

  • Share of P2P yacht charter agencies worldwide

  • P2P yacht charter agencies by region

  • Types by level of specialization

  • Types by Charter Destinations

  • Types by boats offered

  • Types by rental duration

  • Types by scope

  • Types by special products

  • Prevalence of special products

  • Types by additional services

  • Prevalence of additional nautical services

  • Prevalence of additional non-nautical services

  • Types by brand approach

  • Prevalence of several yacht charter brands

  • Types by mode of financing

  • Yacht charter agencies with external financing

  • Overview of criteria and types

9. Positioning framework of the yacht charter agency

  • Presentation of the framework

  • How to use the frame

  • Agency benchmarking options

  • Positioning and development of the agency

  • Repositioning of the company

  • Locating potential improvements

10. Advantages and disadvantages of selected business models

  • Advantages and disadvantages of platform models

  • Advantages and disadvantages of specialization

  • Advantages and disadvantages of several brands

  • Advantages and disadvantages of additional services

11. Interesting profiles, features and examples

  • Example 1: High success with the flotilla concept

  • Example 2: Regatta agency concept

  • Example 3: Personal contact agencies

  • Example 4: Hybrid P2P platforms

  • Example 5: Pure P2P Models

  • Example 6: Universal Digital Yacht Charter Agencies

  • Example 7: Full-Service Luxury Yachting Agencies

12. New types of emerging agencies

13. Key trends and opportunities

Companies cited

  • 12 knots

  • 2Yachts

  • small boat

  • BoatOffice

  • Boatflex

  • boat builder

  • Borrow a boat

  • Bourgeois

  • Camper & Nicholsons

  • Click&Ship

  • Fraser Yachts

  • GetBoat

  • GetMyBoat

  • GlobeSailor

  • nautical

  • Northrop & Johnson

  • Sailo

  • Sailology

  • SamBoat

  • SkipperMyBoat

  • Yacht week

  • Yachtico

  • Zizooboats

For more information on this report, visit https://www.researchandmarkets.com/r/r8gfhb

Girles Token Presale Raised Over $1 Million

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Girles Token is a decentralized NFT GameFi token created on the Ethereum platform which also has a Proof-of-Staking protocol. The Girles Token is the main product of the Girles Metaverse, which has applications in over 15 different products. Girles Token was tested before being released on the Ethereum mainnet, and also after being audited by Cyberscope. Girles Token takes security seriously and added all modern security features such as Non-Mintable, Anti-Whale, Blacklist Function, Fees Limit, Without Transfer of Ownership Function, Auto-Liquidity, Auto-Burning, Non-Stoppable.

Metaverse NFT

NFT is a non-fungible cryptographic token, each instance of which is unique. Many users are skeptical of NFTs, calling them “just pictures”. Girles Metaverse community proved otherwise, here NFT is a separate product which has dozens of features for users which can also be used in games we are used to, now NFT can be separate game items/lands. Girles Metaverse offers users to create NFTs, collect their collections, and buy and sell NFTs in the NFT Market. Users also have the option to stake their NFTs, which means that by staking their NFTs, users will receive Girles tokens, which can then be exchanged for fiat. NFTs sent for staking, as well as tokens can be withdrawn if needed. The NFT Metaverse does not stop there, users also have access to the NFT Burning products, where investors can burn NFTs on the Ethereum platform, increasing their value, and receive special rewards and the NFT Box.

At present, Girles Metaverse is actively developing NFT Tokenomics, which will provide users with more opportunities to earn NFT keystrokes.

What to expect from Girles Token?

Girles Token developers told us what to expect from Girles Token shortly. Currently, exchanges are being considered to list the token, among them Binance, OKex, LBank and others. Do not pay too much attention to the list, because at the moment the Girles Metaverse community is actively developing a Minecraft P2E server, completing quests on which investors will receive real money on an in-game basis to earn. According to the expert, this innovation will have a positive impact on the development of the community and bring in a large number of new investors. Minecraft is one of the best selling games in the world and the introduction of cryptocurrency will greatly increase the crypto community! Also very soon, the Girles Metaverse community will start developing new products for the NFT Metaverse!

About Tokenomics

The Girles Metaverse community is responsible for the development of their products, so it took a whole day to develop the tokenomics. Tokenomics is the most fundamental aspect when developing a token, it is important to plan for all possible cases. To do this, Girles Metaverse has used a lot of strength to create a solid product. 30.1% of the total number of tokens are used in the presale and the liquidity will be 21.07%, which also includes the liquidity allocated to centralized exchanges (e.g. Binance). For token and NFT pools, 19.2% and 10.3% respectively will be used. 6.33% of the tokens will be used to create the gaming infrastructure with the principle of play-to-earn. The remaining 13% will be used in the Vesting contract, where 5% will be used for future pools and 8% will be allocated to developers.

Girles token roadmap

The Girles Metaverse community has planned 5 development phases, which will be completed in the future. The developers plan to update the website in the next stages of the roadmap, develop a P2E game or a free server, launch several new products, list the token on a large number of exchanges and launch collaborations with other Metaverse projects. In addition, shortly, NFT Minting will be available for investors, whose Tokenomics is currently actively developed!

Team Girls Metaverse

The Girles Metaverse team is made up of 4 professionals, but 8 different people participated in the development of the site before the presale. The Girles Metaverse team has passed KYC, which guarantees the legality of the project. Key team members have published their pages on LinkedIn, which investors can also view on the official website. Each member of the team has its own role, the founder of the project is responsible for the main communication with the community and introduces new developments into the project. The project developer, in turn, develops a website and contracts which are pre-tested and audited.

How much profit can Presale Girles Token bring?

The Girles Token presale appeared at the end of September this year and is already delighting new investors. The Girles token presale will consist of a total of 5 stages, at each of which the price of the token will increase. When choosing a presale, it is important to choose solid projects with high potential, including Girles Token. For investing in the early stages of presale, investors can receive up to 207.05% profit. Remember that more than 15 products will be developed, which means that the token has a bright future in the long term. According to experts, even after the listing on the exchange, the price of the token will increase, because this token is not an ordinary coin.

How to buy the Girles token?

Investing in Girles Token is a good idea, because there is a strong team behind the presale with a potential return of up to 207.05%, which surprised even the experts. To buy Girles tokens, simply go to the official website and connect your crypto wallet using the “Connect Wallet” button. After successfully connecting the wallet, use the “Buy GIRLES now” button on the presale page and select the desired token, ETH or USDT. Make sure you have enough tokens in your balance and make a trade! Do!

Girles metaverse main links:

Presale: https://girles.org/presale

About Girles: https://girles.org/aboutgirles

Documents: https://docs.girles.org/

Whitepaper: https://girles.org/whitepaper.pdf


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Academic GN Saibaba will remain in jail, Supreme Court rules

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New Delhi:

GN Saibaba, the former Delhi University professor who is serving a life sentence for his Maoist links, will remain in jail, the Supreme Court ruled today, suspending the Bombay High Court’s order on his acquittal. The High Court also requested responses from GN Saibaba and the other defendants on a plea filed by the Maharashtra government against the High Court’s order and scheduled the case for hearing on December 8.

“The defendants were convicted after a detailed assessment of the evidence. The offenses are very serious, which are against the interest of society, sovereignty and integrity of India. The High Court n ‘did not consider all these aspects and made the order based on the sanction under the UAPA,’ the bench said, while suspending the October 14 High Court verdict.

The High Court of Judges MR Shah and Bela M Trivedi, who sat on a non-working day to hear the case, also rejected GN Saibaba’s request to place him under house arrest due to his physical disability and condition. health. “My client is 90% physically disabled, suffers from multiple ailments. He has a 23 year old daughter and a wife. His bones touch his lungs which further complicates matters. Looking at these aspects, please, don’t drag it back in jai,” lead attorney Basant, representing Mr Saibaba, told the court.

Opposing the plea, Solicitor General Tushar Mehta said, “Nowadays, there is a tendency of urban naxals to seek house arrest, but anything can be done at home. This house arrest cannot be an option.”

Later, denying the request for house arrest, the bench said the academic had been convicted of a felony. “We are not referring to this case but in general. The brain is the most dangerous thing. For terrorists or Maoists, the brain is everything,” Judge Shah said.

The Maharashtra government had gone to the highest court after the Bombay High Court acquitted Mr Saibaba and ordered his immediate release from jail, noting that the sanction order issued to prosecute the accused in the case under the strict anti-terrorism law UAPA (The Unlawful Activities (Prevention) Amendment Act) was “bad in law and invalid”.

The higher court agreed to hear the case on urgent inscription on Saturday, usually a higher court holiday, after Solicitor General Tushar Mehta’s forceful argument that the acquittal was not justifiable under the UAPA .

Mr. Saibaba, 52, in a wheelchair, is currently incarcerated in Nagpur Central Jail. He was arrested in February 2014.

In March 2017, a magistrate’s court in Gadchiroli district, Maharashtra, convicted Mr. Saibaba and others, including a journalist and a student from Jawaharlal Nehru University (JNU), for alleged links with the Maoists and for engaging in activities “amounting to waging war against the country”.

When Amazon lies | Dunlap Bennett & Ludwig LLC

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Novelty Rejections in Design Patent Application Cases Where the USPTO Finds an Erroneous First Amazon Availability Date

In a design patent application, the design consists of the visual ornamental features incorporated into, or applied to, an article of manufacture. In other words, design patent application is to protect the appearance of a product.

Pursuant to 35 US Code § 102(a)(1), the USPTO will grant a design patent on the claimed invention unless, among other things, the claimed invention is not novel (novel) because it has been “described in a printed publication, or in public use, sale, or otherwise made available to the public before the effective filing date of the claimed invention.

This “print publication” is also known as “Non-Patent Literature” (NPL) and can be anything published online. More than ever (and surely even more in the future), USPTO examiners reject novelties based on NPLs found on the Internet. Often, NPL is a product sold on online marketplaces such as Amazon.com, Etsy.com, etc.

Importantly, these novelty rejections require the USPTO examiner to identify a publication date for the NPL prior to the actual filing date of the design patent application. It is not uncommon for the reviewer to identify a consumer comment associated with the NPL listing on, for example, Amazon. Other times, the reviewer cites the first availability date listed with the product on Amazon.

However, Amazon’s first available dates are unreliable because for some reason Amazon sometimes displays an earlier date, and the reviewer relies on this inaccurate first available date to establish novelty rejection. It can be very frustrating when that Amazon listing in the inventor’s own product is listed on his own Amazon webpage, and he knows for sure that the date is incorrect.

Question: What should a candidate do in this scenario?

Answer: Submit an INVENTOR’S STATEMENT UNDER 37 CFR §1.130 that establishes that the NPL is a derivation of inventorship and that the stated date of first availability is manifestly false.

First, the inventor signs such a statement under threat of perjury. Second, the inventor will need to gather evidence, usually in the form of attachments to the claim, to support such claim. This evidence may include readily available copies of a product page associated with the inventor’s Amazon web page, coupled with an Amazon notification email that establishes Amazon’s “creation date” for the listing. NPL in question from this Amazon webpage.

[View source.]

Electronics Mart India IPO: What GMP Reports Ahead of Stock Listing

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The initial public offering (IPO) of durable consumer goods retail chain Electronics Mart India received 71.93 times subscription on the last day of the offering last week on Friday. The IPO received bids for 449.53 crore shares against 6.25 crore shares on offer.

Electronics Mart India shares command premium or gray market premium (GMP) jumped for 30 in the gray market today, compared to 24 yesterday.

The finalization of the Electronics Mart India IPO share allocation basis has been completed and all eyes are now on the share listing. The company’s shares are expected to go public next week, Monday, October 17, 2022.

The IPO of Electronics Mart India consisted of a new issuance of equity shares totaling 500 crore, without any offer to sell (OFS). The price range of the offer was 56-59 per share.

The company said it intended to use the net proceeds to fund capital expenditures, meet additional working capital needs and repay debt, and would also be used for general corporate purposes.

Incorporated in 1980, Electronics Mart India Ltd (EMIL) was founded by Pavan Kumar Bajaj and Karan Bajaj as a proprietary company with a consumer durable goods and electronics store under the name Bajaj Electronics. As of August 31, 2022, out of 112 stores, 100 are multi-brand points of sale (MBO) and 12 are exclusive points of sale (EBO).

Its multi-brand outlets operate under the Bajaj Electronics brand, with the exception of two specialty stores under the name “Kitchen Stories”, catering to specific kitchen requirements and a specialty store format under the name “Audio & Beyond “, focused on the high end. home audio and home automation solutions.

“In terms of valuations, the post-issue P/E stands at 21.8x FY22 EPS (at the upper end of the issue price range), which is low compared to its peer Aditya Vision. Ltd. In addition, EMIL has better revenue growth (CAGR of 17%) over 2 years, better return on equity and an expansion plan in place.Given all the positive factors, we believe that this valuation is at reasonable levels,” brokerage firm Angel One said in the IPO memo.

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Third Quarter Trading Update – Entain

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October 13, 2022

Entain plc
(“Entain” or the “Group”)

Performance as expected
Customer centricity underpins record levels of assets
Strong momentum in the NFL season for BetMGM

Entain plc (LSE: ENT), the global sports betting, gaming and interactive entertainment group, today reports trading for the period July 1 through September 30, 2022 (“Q3”).

Third Quarter Highlights

  • Group net revenue from games (“RNG”) up +2% (stable cc1)
  • NGR online +1% (-2% cc1) broadly in line with expectations and showing positive underlying momentum
  • NGR +4% (+1% cc1), excluding the Netherlands (where there is a temporary forced closure of operations due to permit procedures)
  • Record level of active customers in Q3, +6% YoY
  • NGR 3-year CAGR of 11% cc1
  • Retail NGR2 +10% (+10% cc1) and continues to show strong business performance, with Q3 NGR2 +8% compared to pre-Covid levels
  • The BetCity (Netherlands) and SuperSport (Croatia) transactions as well as the creation of Entain CEE are expected to be finalized in the fourth quarter, supporting continued growth and geographic diversity
  • BetMGM continues to perform well with 25%3.4 market share where it operates (excluding New York and 23%3.4 including New York)
  • Successful start to NFL season with third-quarter NGR just over $400 million3up about 90% YoY, with same-state revenue up about 50% YoY
  • Maintained leadership in iGaming with 31%4 market share
  • The market share of online sports betting is progressing well with particular vigor (25%5 share) in the states where we were live on the first day of market launch
  • On track for FY22 NGR of over $1.3 billion
  • Our continued strong financial performance reiterates our confidence in achieving a sustainably positive EBITDA in 20236
  • Continued leadership and progress on our sustainability charter
  • Awarded Global Socially Responsible Operator of the Year 2022 by SBC
  • Entain and BetMGM Led US Online Operators’ Commitment to First Industry-Led Accountability Gaming Standards
  • The Entain Sustain 2022 event will take place on October 19

Outlook for the full year

  • Good momentum at the end of the year with Online which should grow year-on-year in the fourth quarter thanks to:
  • Relaxation of prior year comparators
      • Latest Covid-related hardware lockdowns reverse in October
      • The temporary forced closure of operations in the Netherlands is canceled from October 1; expect to be licensed and operational by the end of 2022
  • World Cup in the fourth quarter this year, while the Euro tournament took place in the second and third quarters of 2021
  • Group EBITDA for the 2022 financial yearseven expected to be in line with previous guidance of £925-975m, a growth of 5-10% year-on-year

Jette Nygaard-Andersen, CEO of Entain, commented:

“Our business continues to perform well with good underlying momentum across the group, including at BetMGM. This illustrates the effectiveness of our growth strategy, the unique capabilities of the Entain platform and the underlying strength of our diverse global business.

I am delighted that we have welcomed even more customers to our brands around the world. This is a testament to our consistent customer focus, as well as the quality of our products, our content and our talented people.

In the US, BetMGM continues to be the undisputed market leader in iGaming, and the successful start to the NFL season also highlights the strength of our growing US sportsbook offering.

We have good momentum across the business and are looking forward to finishing the year which includes the World Cup strong. For the future, we remain vigilant regarding the economic context. However, our diversified revenue base and robust business model allow us to remain confident in our ability to deliver on our growth and sustainability strategy.

Q3: July 1 to September 30, 2022

Total

NGR

Total

DC NGR1

CAGR 3 years NGR total cc1

sport bets

cc sports betting1

Sporting margin

On line

Sports

1%

(4%)

12%

1%

(3%)

+0.1pp

Games

1%

(2%)

9%

Total online

1%

(2%)

11%

Detail2

ten%

ten%

3%

4%

4%

+1.3pp

Total group

2%

Apartment

seven%

Year-to-date: January 1 to September 30, 2022

Total

NGR

Total

DC NGR1

CAGR 3 years NGR total cc1

sport bets

cc sports betting1

Sporting margin

On line

Sports

(4%)

(5%)

15%

(1%)

(3%)

-0.1pp

Games

(6%)

(seven%)

ten%

Total online

(5%)

(6%)

12%

Detail2

102%

103%

1%

104%

104%

+0.6pp

Total group

12%

11%

6%

Remarks

  • Growth at constant exchange rates calculated by converting 2022 and 2021 performance at 2022 exchange rates
  • Retail operates in the UK, Italy, Belgium and the Republic of Ireland. Retail figures are shown on an LFL basis. During the third quarter of 2022, there were an average of 4,274 shops/points of sale in the area, compared to an average of 4,513 during the third quarter of 2021
  • BetMGM revenue includes sports betting (online and retail) and iGaming revenue
  • Three-month period to August 2022, in markets in which BetMGM operates, and excluding August for AZ, IL and SD, as data has not yet been released
  • Three-month period through August 2022, in markets where BetMGM was live on the first day of official launch; CO, TN, MI, VA, WY, AZ, LA and except August for AZ as data has not yet been released
  • Based on current assumption of future live markets
  • EBITDA indications are on a post-IFRS 16 basis, as shown in the August 11, 2022 interim results

Requests:

Q3 Conference Call and Webcast

A call for analysts will take place today, Thursday 13e October 2022 at 09:00 (BST).

Participants can join via webcast or conference call, approximately 10 minutes before the start of the call.

Live audio webcast link: https://kvgo.com/IJLO/Entain_3Q22_Trading_Update

To participate in Q&A, please also connect via conference call to enter details.

UK +44 (0) 33 0551 0200
USA + 1 866 966 5335
Access code: quote “Entain” when prompted by the operator

A replay of the presentation and transcript will be available on our website:
https://entaingroup.com/investor-relations/results-centre/

Upcoming dates:
Entain Sustain: October 19, 2022

Forward-looking statements
This document contains certain statements that are forward-looking statements. They appear in several places in this document and include statements concerning our current intentions, beliefs or expectations and those of our officers, directors and employees concerning, among other things, the results of our operations, our financial condition, our liquidity, our prospects, our growth, strategies and the business we operate. These forward-looking statements include all matters that are not historical facts. By their nature, these statements involve risks and uncertainties since future events and circumstances may cause results and developments to differ materially from those anticipated. These forward-looking statements reflect the knowledge and information available at the date of preparation of this document. Except in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation (596/2014), the Listing Rules, the Disclosure and Transparency Rules and the Prospectus Rules), the Company does not assumes no obligation to update or revise these forward-looking statements. Nothing herein should be construed as a profit forecast. The Company and its directors accept no liability to third parties in respect of this document except as required by English law.

About Entain plc
Entain plc (LSE: ENT) is a FTSE100 company and is one of the largest sports betting and gaming groups in the world, operating both online and in the retail sector. The Group has a comprehensive portfolio of established brands; Sports brands include bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet and Sports Interaction; Gaming brands include Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino. The Group has proprietary technology in all of its major product verticals and, in addition to its B2C operations, provides services to a number of third-party clients on a B2B basis.

The Group has a 50/50 joint venture, BetMGM, the leader in sports betting and iGaming in the United States. Entain provides the technology and capabilities that power BetMGM as well as exclusive games and products, specially developed in its in-house game studios. The Group is tax resident in the UK and operates in over 40 regulated or regulated territories. Entain is an ESG leader, member of FTSE4Good, DJSI and is rated AA by MSCI. The Group has set a science-based goal, committing to be zero carbon by 2035 and, through the Entain Foundation, supports various initiatives, focusing on safer play, grassroots sport, the diversity of technologies and community projects. For more information, visit the Group’s website: www.entaingroup.com

LEI: 213800GNI3K45LQR8L28

Roku smart home items appear in Walmart stores

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A set of Roku smart light strips as seen in a Walmart store. (Photo by “Negative Source” via Reddit.com, Graphic by The Desk)

Roku is known for its budget range of easy-to-use streaming hardware. Now the company appears to be branching out into the broader smart home market.

This week, a Reddit user named “Negative Space” posted a photo of Roku-branded LED light strips that they claimed were available at a local Walmart store.

The light strips are part of an upcoming brand called Roku Smart Home that will see the streaming platform use white-label versions of Wyze-made items, including Wi-Fi-controlled light bulbs, smart plugs and surveillance cameras.

According to customs records reviewed by The pulpit, Roku began importing several smart home items late last month, including the smart LED light strip and a two-pack of color-compatible A19 smart bulbs. The items were manufactured and shipped by Hualai Technology, a China-based company that manufactures similar items for Wyze and other brands.

Roku’s desire to enter the smart home market wasn’t exactly a secret: Last year, Protocol reporter Janko Rottgers spotted a job posting where Roku was looking to hire for the position of Director of Product Management, Home Technologies. The listing, according to Roettgers, stated that the person hired for the position would “develop [Roku’s] home technology product strategy. Damir Skripic was eventually hired by Amazon for the role.

Roku has two big reasons for wanting to enter the smart home market: Google and Amazon. Both companies offer their own line of streaming media players built into smart home products. Amazon Fire TV users, for example, can view live video from their Ring doorbell cameras or use their Alexa-powered voice remotes to control smart lights, window openers and other Fire TV-enabled items. the smart assistant.

In their job posting, Roku seemed to acknowledge that Amazon and Google’s smart home integration gave them a competitive advantage over Roku.

“While we are well positioned to help shape the future of television – including TV advertising – worldwide, continued success hinges on investing in IoT-driven technologies,” the listing reads. jobs, using the acronym for “Internet of Things”. an industry term for smart home objects.

What’s less clear is how much Roku intends to charge for white-label Wyze items, or whether the market will see additional items coming. The “SE” mark on items spotted at Walmart suggests Roku wanted the products to land on store shelves during the holiday shopping season; For years, Roku has partnered with Walmart on an “SE” line of its streaming devices, which often retail for less than $20.

Roku is currently negotiating with Amazon for dominance in the national streaming TV market. It’s a distant fifth in the global streaming market, behind Samsung’s Tizen, LG’s webOS, Amazon Fire TV and Android TV.

Fondul aims to list a minority stake in Hidroelectrica in Romania by April 2023

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BUCHAREST, Oct 11 (Reuters) – Romanian state-owned hydroelectric producer Hidroelectrica’s planned IPO could be smaller than originally planned and will not take place until March or April next year, the shareholder said on Tuesday. Fondul Proprietatea (FP.BX). .

Fondul, the sole minority shareholder in the company, which has won government approval for the IPO, had previously set November 15 as the target date for the listing launch.

Fondul was created as a fund to compensate Romanians for assets seized under communism and holds minority stakes in a series of public companies, including 20% ​​of Hidroelectrica.

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The fund is managed by investment manager Franklin Templeton, who told Reuters on Tuesday that plans to float a 15% to 20% stake in Hidroelectrica as part of a $2.5 billion deal euros ($2.43 billion) may need to be cut if the Romanian government continues to resist. a dual listing in Bucharest and London.

“There are question marks around the possibility of selling 15% of Hidroelectrica in a local listing only,” Franklin Templeton deputy chief executive Marius Dan said.

“In order to achieve an IPO on the Bucharest Stock Exchange, the transaction may have to be reduced by 1.0 to 1.5 billion euros.”

The government wants a listing in Bucharest to promote liquidity in the domestic market. The IPO will involve the sale of Fondul’s shares in Hidroelectrica, not state shares.

Dan said the fund would seek to meet with the prime minister and leaders of the ruling coalition in the coming weeks to present the recommendation of its selected consortium of banks for a dual listing to attract investors.

“Even though this is just a listing in Bucharest, we are committed to continuing the process and finalizing it as soon as possible. That being said, we are not selling Hidroelectrica at any cost,” Dan said.

He said Fondul would start holding “preliminary” meetings for the IPO in the next two to three weeks.

“We will try to complete the Hidroelectrica slate as soon as possible, but from where we are today, the optimal window of opportunity appears to be March-April 2023,” he said.

Reducing the float would also mean the government failing to meet its commitment to go public with 15% of Hidroelectrica by mid-2023 as part of targets agreed with the European Union for post-pandemic recovery funds. Various state projects to list Hidroelectrica have existed for almost 15 years.

Fondul also aims to complete the IPO of salt producer Salrom by May 2023, Dan said.

($1 = 1.0300 euros)

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Reporting by Luiza Ilie; Editing by Susan Fenton

Our standards: The Thomson Reuters Trust Principles.

Luiza Ilie

Thomson Reuters

Generalist journalist based in Bucharest covering a wide range of Romanian topics ranging from elections and economy to climate change and festivals.

The BSE SME platform crosses the milestone of 400 listed companies

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Mumbai: Union Trade and Industry Minister Shri Piyush Goyal today attended the celebration of the 400th company listing on the ESB SME Platform in Mumbai. With the listing of eight new companies on the stock exchange’s SME platform today, the BSE SME platform has passed the milestone of 400 listed companies. Union Minister Piyush Goyal rang the ceremonial bell today to mark the special occasion.

BSE Ltd set up the BSE SME Platform in March 2012 in accordance with the rules and regulations set by SEBI. BSE SME Platform provides a user-friendly environment for entrepreneurs and investors which enables the registration of unorganized sector SMEs scattered across India in a regulated and organized sector.

The SMEs listed cross the threshold of the BSE SME platform and make an incursion into the world of finance to continue their growth and development. BSE SME assists such SMEs to raise equity capital for their growth and expansion and thus helps them to become fully-fledged enterprises and in due course enable them to migrate to the Main Board of BSE in accordance with applicable rules and regulations .

The Union Trade and Industry Minister said, “400 companies is a milestone for the ESB SME Platform”. “BSE SME could also become a stepping stone for companies to access the main exchange,” he added. Stating that the ESB SME platform has huge potential, he urged the exchange to spread awareness of this ecosystem across the world. “We need to market it better, we also need to educate international investors; international funds also need to know about this exchange”.

He suggested that the Bombay Stock Exchange could send either a representative of the stock exchange or companies listed on the stock exchange to be part of industry delegations in foreign countries, so that more international investors can participate in the activities of the stock exchange. stock Exchange.

He said SMEs are an integral part of India’s growth story and more collaboration and participation will accelerate the growth of this BSE SME exchange. In this context, the Minister also said: “We have over 100 unicorns, many unicorns are on their way to becoming unicorns, the Ministry of Trade and Industry could help forge a partnership between BSE and the startup ecosystem. It will be good for both, helping startups grow faster and helping ESB expand the platform.”

Speaking about the huge potential of this exchange, the Minister of Trade and Industry also said, “Mumbai is the place from where we hope the SME sector will take on new wings, raise more capital and become truly an international center for more SMEs to develop their faster growth.” He also suggested that “the BSE SME platform can consider establishing a platform at GIFT City”.

The Union Minister also urged ESB to interface with the startup ecosystem. This will help them grow faster and encourage domestic capital into startups. “Indian investors are able to keep the Indian market strong. This demonstrated the culture of equity and that the ability of Indian investors to take risks has increased”. The ESB could also offer business technology services that could add sparkle to SME exchange, he added.

Speaking about India’s growth story, he said, nowhere in the world do we have the opportunity of the size and scale that India offers today. “In the future, India will lead in global growth. The world is excited and optimistic about India’s growth story. They look at us with confidence, hope and commitment. Even at the usual pace, India will be a $30-32 trillion economy when we celebrate 100 years of independence.” Markets showed great confidence in India’s growth story, he added.

The Minister also outlined the requirements for an environment conducive to growth. He understands:

Greater engagement with technology

Reduce the burden of compliance

Decriminalization of laws

Promote innovation

Improved logistics infrastructure

Free trade agreements

The minister also mentioned that the government is aiming for an orderly recovery from the pandemic and that the industry has shown tremendous resilience. “We reasonably handled the current geopolitical situation in light of the Russian-Ukrainian conflict.”

Representatives of the eight companies listed today, traders, investors and industry representatives were present on the occasion. Jaipur City MP Ramcharan Bohra, BSE Chairman SS Mundra and Head of BSE SME and Startup Platform Ajay Thakur were also present.

So far, 152 companies have migrated to the main board. The 394 companies listed on BSE’s SME platform have raised Rs.4,263.00 crore from the market and the total market capitalization of 394 companies as of October 07, 2022 is Rs. 60,000 crore. BSE is the market leader in this segment with a market share of 60%.

GeForce RTX 3060 apparently gets faster GDDR6X memory

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The GeForce RTX 3060 Ti might not be the only Ampere graphics card to get a GDDR6X memory upgrade. Slovakian retailer DT digital (via momomo_us (opens in a new tab)), specializing in Lenovo products, has listed an unreleased GeForce RTX 3060 graphics card with GDDR6X memory.

Similar to the situation with the GeForce RTX 3060 Ti GDDR6X, the GeForce RTX 3060 GDDR6X would be the third iteration of the GeForce RTX 3060. The original model debuted last year with the GA106 die. A second variant hit the market a few months later with identical specs but a bigger GA104 die. Since Nvidia has not announced the GDDR6X model, it remains a mystery whether it uses the GA106 or GA104 die.

Starting with subtle changes, the GeForce RTX 3060 GDDR6X seems to be rocking a 1780 MHz boost clock, 3 MHz faster than the vanilla GeForce RTX 3060. This is not something to brag about since it represents an increase of less than 1%. However, a higher boost clock speed slightly bumps the performance of the FP32 from 12.7 TFLOPs to 12.8 TFLOPS. It’s not something the average gamer will notice in real-life scenarios.

GeForce RTX 3060 GDDR6X Specifications*

Graphic card GeForce RTX 3060 GDDR6X GeForce RTX 3060 GA104 GeForce RTX 3060
Architecture GA106 GA104 GA106
process technology Samsung 8N Samsung 8N Samsung 8N
Transistors (Billions) 12 17.4 12
Die size (mm²) 392 392 276
SMS 28 28 28
GPU cores 3,584 3,584 3,584
Tensor cores 112 112 112
RT Cores 28 28 28
Base clock (MHz) 1,320 1,320 1,320
Boost Clock (MHz) 1,780 1,777 1,777
VRAM Speed ​​(Gbps) 19 15 15
VRAM 12 GB of GDDR6X memory 12 GB of GDDR6 memory 12 GB of GDDR6 memory
VRAM bus width 192 192 192
ORP 48 48 48
TMU 112 112 112
TFLOP FP32 (Boost) 12.8 12.7 12.7
Bandwidth (GBps) 456 360 360
TGP (watts) 170 170 170
Release date 2022 2021 2021
Introductory price ? $329 $329

*Specifications are not confirmed.

The GeForce RTX 3060 has 12 GB of GDDR6 memory clocked at 15 Gbps. With access to a 192-bit memory interface, the GeForce RTX 3060 pumps out 360 GB/s of memory bandwidth. DT Digital Product List (opens in a new tab) confirms that the GeForce RTX 3060 GDDR6X sports “ultra-fast G6X memory for an exceptional user experience”. Unfortunately, the retailer did not provide memory speed. We can only speculate since GDDR6X frequencies range from 19 Gbps to 21 Gbps.

We think the GeForce RTX 3060 GDDR6X is in all likelihood switching to 19 Gbps GDDR6X memory chips. If so, the graphics card could deliver 456GB/s of memory throughput, a significant 27% improvement over the standard GeForce RTX 3060. Of course, the GeForce RTX 3060 GDDR6X upgrade is not as considerable as the GeForce RTX 3060 Ti GDDR6X (36%), but the latter has a larger memory interface.

It would appear that the GeForce RTX 3060 GDDR6X retains the same 170W TDP as the other two variants. The graphics card can get all the juice from the expansion slot and a single 8-pin PCIe power connector. However, expect heavily overclocked models to come with 8-pin and 6-pin PCIe power connectors.

While the GeForce RTX 3060 Ti GDDR6X might have a similar MSRP to the original, the price of the GeForce RTX 3060 GDDR6X is still up in the air. DT digital has not revealed the price of the Lenovo GeForce RTX 3060 GDDR6X (4X61E72194). However, the same graphics card has appeared at two US retailers, but prices are all over the place.

The Lenovo GeForce RTX 3060 GDDR6X is on Newegg for $589 (opens in a new tab) and $675 (opens in a new tab) through third party vendors. Meanwhile, Provantage is selling it for $546 (opens in a new tab). These are likely prices before the Ethereum mining bubble burst. With a standard GeForce RTX 3060 starting at $369, the GDDR6X model should be priced similarly, if not lower.

China to include eligible dual-listed stocks in Stock Connect program

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BEIJING, Oct 9 (Reuters) – Dual-class stocks, which have converted to primary listings in Hong Kong, may be included in the cross-border Stock Connect scheme, the Shanghai and Shenzhen stock exchanges said on Saturday, potentially channeling financial money into eligible shares. shares.

Stock Connect is an investment channel that connects the stock exchanges of Hong Kong, Shanghai and Shenzhen.

In a statement, the exchanges gave the example of the Shanghai-based video platform Bilibili Inc. (9626.HK), whose shares are listed in the United States and Hong Kong.

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After the company converted its secondary listing in Hong Kong to the primary listing on October 3, its shares can be added to the southern leg of the Connect program as early as March, if they meet certain conditions, the exchanges added.

A growing number of dual-class Chinese companies, including e-commerce giant Alibaba Group (9988.HK) and fast-food chain operator Yum China Holdings (9987.HK), have also asked to convert their listings. secondary in Hong Kong in the primaries.

Dual-class shares give company founders greater voting rights than individual investors.

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Beijing newsroom reporting; Editing by Ana Nicolaci da Costa

Our standards: The Thomson Reuters Trust Principles.

HKEX considers lowering revenue threshold for tech company listings

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Hong Kong Exchanges & Clearing (HKEX) will ease revenue requirements for tech companies that go public in the city, but a lawyer suggests clarifying the definition of eligible companies and tightening disclosure requirements.

HKEX considers lowering revenue threshold for tech company listings, Ronny Chow
Ronny Chow

The HKEX said it was “studying how best to create a listing chapter to meet the financing needs of large, high-tech companies that are in the early stage of product commercialization.” The market will be informed of any new developments in due course.

Bloomberg quoted sources familiar with the matter, reporting that the new Section 18C will allow nonprofits or high-tech companies with no income to sell shares on the Hong Kong stock exchange, which was expected to be finalized as soon as the end of the month. ‘year. .

Hard tech companies can include those in new energy, software as a service (SaaS), platform as a service (PaaS), smart manufacturing and robotics, semiconductors, quantum computing, autonomous driving and artificial intelligence.

The report also states that in terms of listing requirements, the HKEX would categorize technology companies as either pre-commercialization companies or commercialized companies. Companies classified as pre-market companies must have a market capitalization of more than $2 billion at the time of their IPO.

Market capitalization of listed companies will be at least $1 billion and revenue requirements around 200-300 million HKD ($25-38 million UDS), down from the current level of 500 million HKD from HKEX.

The above market capitalization threshold is above the HKD 1.5 billion required for biotechnology companies before income under Chapter 18A.

Ronny Chow, head of the corporate finance practice group at Deacons, said investors perceive pre-commercialized or for-profit hard tech companies as higher risk. If the finalized pattern matches the reported details, “it makes sense for HKEX to require a much larger market cap.”

If the HKEX intended to lower the hurdle, he suggested that it should “apply the shorter history period, namely the two-year requirement for applicants for biotechnology registration before income , to applicants for listing under the proposed new Section 18C”.

Prior to the Bloomberg report, the Hong Kong Economic Journal had indicated that technology companies aspiring to be listed must have developed core products and be funded by a number of independent third-party investors for a specified period, while a longer post-listing lock-up period of 12 to 24 months was also intended for these companies.

Chow said for-profit hard tech companies posed a similar risk to capital markets as pre-revenue biotech companies under Chapter 18A, therefore a pre-revenue biotech-like system was preferable. , such as the “requirement to have pre-IPO investments from independent sophisticated investors to validate the valuation”.

In 2018, Hong Kong implemented a major reform in nearly 25 years by adding three new Chapters 8A, 18A and 19C to the listing rules, allowing innovative companies with weighted voting right (WVR) structures, companies pre-revenue biotech and a new secondary listing route for companies – which are mostly listed on other eligible exchanges – to be listed on the HKEX. The latest initiative also aims to expand the pool of innovations on the exchange.

“It’s important to have a clear definition of the scope or type of businesses eligible for listing under this new Section 18C,” Chow said.

“Note the experience of some market participants and potential listing candidates with WVR structures who have had difficulty demonstrating compliance with the criteria of ‘innovative company’, which can be a term with some degree of subjectivity. “

MT Tower – the social media and lifestyle metaverse

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Tallinn, Estonia, Oct. 06, 2022 (GLOBE NEWSWIRE) — With a mission to increase brand awareness, grow a loyal community, and promote their upcoming projects, lifestyle, and gaming metaverse, MT Tower has launched its Global Ambassador Program. MT Tower is looking for blockchain enthusiasts, social media experts, and lifestyle influencers who want to engage with their target consumers and build strong connections with MT Tower, its vision, and its team.

The MT Tower Ambassador Program strives to raise awareness, generate positive word of mouth, and provide appropriate exposure to the lifestyle and gaming metaverse. The program also aims to educate the general population about the metaverse and blockchain and direct viewers to MT Tower to learn more about how it is bringing the world to social media 3.0.

MT Tower CEO, Igor Łukasik said: “The MT Tower team is excited to grow the relationship with the community through this program. As we begin to evolve, it will give us the opportunity to strengthen ties and the mutual benefits that can only happen when people from all walks of life come together to build something great.”

With MT Tower in the midst of a very successful and final round of its MT token presale, its upcoming listing on a top-tier exchange, and its continued drive to deliver on its roadmap, there’s no better time to introduce this program.

Ambassador roles

There are three roles for MT Tower Ambassadors:

  1. Content creators are essential for educating the public about your project and advocating for yourself through engaging content such as graphics, videos or articles, blogs and podcasts. Content will be posted on Twitter, Instagram, Reddit, YouTube, Tik Tok.
  2. Promotional Ambassadors are the perfect way to get the brand message across! They represent MT Tower by commenting and providing positive statements, so it’s only natural that their followers want more of what they’ve seen. Ambassadors will post photos or videos with hashtags like #followMTTower on social media.
  3. Writers who write engaging, keyword-rich articles optimized for search engines. Each piece of content targets a specific audience and addresses an interesting topic relevant to the audience’s needs.

Awards:

MT Tower has announced exciting reward structures for Ambassadors, which are split into several categories:

  1. Monthly Rewards:

The MT Tower Ambassador program is a commitment-filled program that rewards those who have shown loyalty and dedication.

Each week, the most dedicated Ambassadors will receive MT Tokens as a reward in recognition of their outstanding contributions to our community through viral content or excellent engagement! These high-flyers can also win big by being named “Ambassador of the month”. This monthly price gives them $500 MT tokens. Additionally, $50 worth of MT tokens will be given to 5 randomly selected ambassadors each month.

These MT tokens can be staked for passive returns on the Play-to-earn platform. Additionally, as the token appreciates in secondary markets, it will prove to be a valuable asset to hold onto for future returns.

2. Results-based bonuses:

Ambassadors who consistently reach their weekly goals will have no limit to their earning potential! If they complete their tasks every week, they will be rewarded twice the monthly premium the following month.

How to Apply to Become an MT Tower Ambassador

Interested candidates can apply for the program by visiting this website and following the instructions https://metatower.com/ambasador

Ambassador Rules

  • Ambassadors must abide by the following rules to participate:
  • No derogatory statements or language should be used in any capacity.
  • Comments about race, culture, slurs and other sensitive topics are unacceptable and will result in immediate disqualification.
  • To provide an unbiased review, a thorough understanding of the project and use cases is required, as well as an understanding of the product.
  • All Ambassadors must follow MT Tower on Instagram and Twitter and must have joined the telegram group before starting their quest.
  • Ambassadors should follow your local marketing laws, rules, and regulations and post any necessary disclaimers on your posts.
  • MT Tower accepts no liability for false mentions and testimonials. It will not reward inappropriate language, behavior, misrepresentation of the company, its products and its brand, false reviews or the offering of financial advice on its behalf.
  • MT Tower reserves the right to modify, change, cancel or terminate any part of the program at its discretion. Although not obligated to do so, MT Tower, at its option, will try to communicate these actions with notice on its official channels.

Working with the community is a great opportunity to give back and make the MT Tower even more exciting. Stay tuned for more updates and campaigns!

About MT Tower:

Social Media 3.0, aka MT Tower, is a Polygon-based gaming and lifestyle platform. It allows people to create new social connections, meet brands and create their world, sharing it outside and inside.

To learn more about the MT tower, visit:

Twitter | Instagram | Telegram | LinkedIn

Twitter, Ford and other big winners from Tuesday – Blackbaud (NASDAQ:BLKB), Coinbase Global (NASDAQ:COIN)

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US stocks closed sharply higher, with the Dow Jones jumping more than 800 points on Tuesday. Here is the list of some big stocks recording gains in the previous session.

  • Twitter, Inc. TWTR gained 22.2% to close at $52.00. Elon Musk and his team of advisers have sent a letter to Twitter’s legal staff stating that Musk would like to complete the acquisition of Twitter at $54.20 per share, or $44 billion, according to a 13D filing Musk filed Tuesday with the Securities and Exchange Commission.
  • Blackbaud, Inc. BLKB climbed 18% to close at $53.13 after a 13D filing late Monday showed Clearlake Capital had disclosed an 18.4% active stake in the company.
  • CommScope Holding Company, Inc. COMMUNICATION climbed 17.2% to close at $11.20 after Credit Suisse moved the stock from Neutral to Outperform and raised its price target from $11 to $17.
  • Norwegian Cruise Line Holdings Ltd. NCLH rose 16.8% to $13.32. Shares of several companies in the hotel, restaurant and leisure sector traded higher amid overall market strength, with stocks rebounding from September’s selloff.
  • Polestar Automotive Holding UK PLC PSNY gained 16.1% to close at $5.99.
  • Rivian Automotive, Inc. SHORE rose 13.8% to $36.30 after the company released an update on production and shipments for the third quarter and said it remained on track to meet its previously provided production forecasts. The company said it produced 7,363 vehicles and delivered 6,584 vehicles during the third quarter, its highest quarterly totals on record.
  • Shopify Inc. STORE gained 13.6% to close at $31.53.
  • Coinbase Global, Inc. PIECE OF MONEY gained 13% to close at $74.50.
  • Credit Suisse Group AG CS jumped 12.2% to close at $4.50 as the stock rebounded after falling on Monday on financial health concerns.
  • Coupang, Inc. CPNG gained 11.9% to settle at $19.56. Shares of several companies in the retail and apparel sector traded higher amid overall market strength, with stocks rebounding from September’s selloff.
  • Block, Inc. SQ jumped 11.9% to settle at $62.41. Deutsche Bank held Block with a buy and lowered the price target from $155 to $95.
  • Twillio Inc. TWLO jumped 11.4% to close at $77.53.
  • Sea Limited SE gained 9.7% to settle at $60.67. Shares of several companies in the broader communications, media and entertainment sector traded higher amid overall market strength as Treasury yields tumble and stocks continue to rebound from the recent weakness.
  • Illumina, Inc. ILMN gained 9.5% to close at $205.06 after SVB Leerink moved the stock from Market Perform to Outperform and raised its price target from $220 to $270.
  • Prudential plc UKP jumped 9.4% to close at $22.23.
  • LucidGroup, Inc. LCID rose 9.3% to settle at $15.40.
  • Uber Technologies, Inc. UBER gained 9.2% to settle at $29.19 after JP Morgan posted a comment on business, saying it believed carpooling continued to recover.
  • General Motors Company GM rose 8.9% to close at $35.80. General Motors recently reported third-quarter U.S. sales of 555,580 vehicles, a 24% year-over-year increase.
  • Delta Air Lines, Inc. DAL climbed 8.8% to close at $30.75 after Raymond James maintained a strong buy on the stock and raised its price target from $50 to $52.
  • Ford Motor Company F gained 7.8% to settle at $12.36 after the company reported that sales of electric vehicles had tripled in September.

RA MEDICAL SYSTEMS, INC. : Other Events, Financial Statements and Exhibits (Form 8-K)

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Item 8.01. Other events.

Press release

On October 4, 2022, Ra Medical Systems, Inc. and Precision Catheter, Inc.
(“Catheter”) issued a joint press release announcing that Catheter has filed a method of use WE patent application for its VIVO™ (View Into Ventricular Onset) technology. A copy of this press release is filed herewith as Exhibit 99.1 and is incorporated herein by reference.

Additional information and where to find it

On September 12, 2022, Medical Ra announced the conclusion of an agreement and a merger plan (the “Merger Agreement”) with a private company Precision Catheter, Inc.
(“Catheter”), a technology and medical device company specializing in the field of cardiac electrophysiology. Under the terms of the merger agreement, Catheter will become a wholly owned subsidiary of Medical Ra in a reverse stock merger transaction (the “Merger”). If completed, the merger will result in a combined, publicly traded company that will focus on the cardiac electrophysiology market, one of the most robust and growing areas of medical devices.

The Merger is expected to be completed before the end of 2022, subject to the satisfaction of certain closing conditions, including the receipt of shareholder approval by both companies. The descriptions of the merger, the proposals put to the vote in connection with the merger at the special meeting of shareholders of Ra Medical, Catheter and the other transactions and matters contemplated or referenced herein do not purport to be complete and are qualified in their entirety. by reference to the company’s current reports on Form 8-K, including current reports on Form 8-K filed on September 12, 2022 and September 2, 2022the company’s quarterly report on Form 10-Q for the period ended June 30, 2022 and any prior or subsequent report on Form 10-K, Form 10-Q or Form 8-K filed with the Security and Exchange Commission (the “SEC”) from time to time and available on the SECOND website. On September 23, 2022the Company has filed a preliminary proxy statement relating to the Catheter Precision Merger with the SECONDas described in more detail below.

This communication relates to the proposed merger involving Catheter and the Company and may be considered a solicitation document with respect to the proposed transaction. As part of the proposed Merger between Catheter and the Company, the September 23, 2022the Company has filed a preliminary proxy statement with the SECOND and intends to file a definitive proxy statement (the “Definitive Proxy”). This communication does not replace the definitive power of attorney or any other document that the Company may file with the SECOND or send to the Company’s shareholders in connection with the contemplated transaction. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITYHOLDERS ARE ADVISED TO READ THE FINAL DOCUMENT AND ALL OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. INVESTORS AND SECURITYHOLDERS CAN OBTAIN FREE COPIES OF THESE DOCUMENTS (WHEN AVAILABLE) AND OTHER RELATED DOCUMENTS FILED WITH THE SEC AT SEC’S WEBSITE AT WWW.SEC.GOV, RA MEDICAL INVESTOR RELATIONS WEBPAGE AT HTTPS://IR.RAMED.COM/.

This communication does not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, and there will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful. prior to registration or qualification under the securities laws of any such jurisdiction.

Participants in the solicitation

Catheter, the Company and their respective directors and officers may be considered participants in the solicitation of proxies from shareholders of the Company in connection with the proposed transaction. Information about the company’s directors and officers is set forth in the company’s annual report on Form 10-K for the year ended December 31, 2021
which has been filed with the SECOND on March 24, 2022the Company’s definitive proxy statement for its annual meeting of shareholders filed on April 21, 2022and in the documents subsequently filed by the Company with the SECOND. OTHER INFORMATION REGARDING THE INTERESTS OF SUCH PERSONS, AS WELL AS INFORMATION REGARDING THE DIRECTORS AND OFFICERS OF CATHETER AND

                                      -2-

--------------------------------------------------------------------------------

OTHER PERSONS WHO MAY BE DEEMED TO PARTICIPATE IN THE PROPOSED TRANSACTION WILL BE SET FORTH IN THE DEFINITIVE PROXY AND OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC WHEN AVAILABLE. YOU CAN OBTAIN FREE COPIES OF THESE MATERIALS AS DESCRIBED IN THE PREVIOUS PARAGRAPH.

Caution Regarding Forward-Looking Statements

This communication contains forward-looking statements which include, but are not limited to, statements regarding the expected timing, completion and effects of the proposed merger, future access to capital markets, and the plans and expectations of the combined company regarding Catheter’s products, including its plans, strategies, projected timelines and estimated markets, for and/or related to LIVE and the Amigo and vessel closure devices described above. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. The Company’s expectations and beliefs regarding such matters may not materialize. Actual results and results may differ materially from those contemplated by these forward-looking statements due to uncertainties, risks and changed circumstances, including, but not limited to, risks and uncertainties relating to: the ability of the parties to complete the proposed Merger, the satisfaction of closing conditions precedent to the completion of the proposed Merger, potential delays in the completion of the Merger and the Company’s ability to timely and successfully realize the anticipated benefits of the Merger , including the combined company’s ability to access the capital markets at the times and in the amounts and on the terms necessary to meet the net cash requirements of the merger agreement, execute its future business strategies and maintain its listing. on the US NYSE or other national stock exchange, the potential application of SECOND and/or to trade the rules of the “shell company”, and the combined company’s ability to successfully continue its product lines in the manner and within the timeframe described herein. The merger agreement contains certain closing conditions, including a minimum share price in effect for Medical Ra and Net cash amount at closing, which are not representations or undertakings of either party, and are subject to waiver by the parties. Whether Medical Ra stock price falls below certain levels, the amount of merger consideration, if any, received by Catheter shareholders will be affected. The parties have reserved the right to waive the conditions to closing of the Merger, including the share price condition, and to revise the Merger Agreement. Additional risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements are included under “Risk Factors” and elsewhere in the Company’s most recent filings with the SECONDincluding the company’s quarterly report on Form 10-Q for the quarter ended June 30, 2022Attachments 99.7 and 99.8 Company’s current report on Form 8-K filed on September 12, 2022and any prior or subsequent report on Form 10-K, Form 10-Q or Form 8-K filed with the SECOND from time to time and available at www.sec.gov. Important business and financial information about Catheter’s business and related discussion and analysis of Catheter’s financial condition and results of operations are described in the “Summary Description of the Business of Catheter Precision”, included in Exhibit 99.2 to the company’s current report on Form 8-K filed on September 12, 2022and “Catheter Precision Management’s Discussion and Analysis”, included in Exhibit 99.3 to the company’s current report on Form 8-K filed on September 12, 2022. This information should be read in conjunction with certain audited financial statements of Catheter for the two-year period ended December 31, 2021 (the “Catheter Precision Audited Financial Statements”), the unaudited financial statements of Catheter for the periods ended June 30, 2022 and June 30, 2021
(the “Catheter Precision Unaudited Financial Statements and, together with the Catheter Precision Audited Financial Statements, the “Catheter Precision Financial Statements”), and the unaudited pro forma Combined Financial Information of the Combined Company at June 30, 2022 and for the year ended
December 31, 2021 and the six months ended June 30, 2022 (the “Pro Forma Financial Information” and, collectively with Catheter’s Financial Statements, the “Financial Information”), which were filed as Exhibit 99.4, Exhibit 99.5 and Exhibit 99.6 to the Company’s Current Report on Form 8- K filed on September 12, 2022, respectively. The risks and uncertainties relating to the merger, the catheter, and the projections and estimates described above that could cause actual results to differ materially from those expressed or implied by any forward-looking statements are described in the section “Risk Factors – Risks Related to the Merger with Catheter Precision and – Risks Related to Our Evaluation of Strategic Alternatives for our Legacy Assets” and “Risk Factors – Risks Related to the Business of Catheter Precision”, which were filed as Exhibit 99.7 and Exhibit 99.8 to the company’s current report on Form 8-K filed on September 12, 2022, respectively. These documents are available on the Company’s Investor Relations page at https://ir.ramed.com/ by clicking on the link entitled “SEC Filings”. The risks and uncertainties may be amplified by the COVID-19 pandemic, which has caused significant economic uncertainty, and the continued volatility in equity markets and the WE economy in general. The extent of the impact of the COVID-19 pandemic on the Company’s and Catheter’s business, operations and financial results, including the duration and magnitude of those effects, will depend on many factors, which are unpredictable, including, but

                                      -3-

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without limitation, the duration and spread of the outbreak, its severity, actions to contain the virus or address its impact, and how quickly and to what extent normal economic and operational conditions can resume.

The forward-looking statements included in this communication speak only as of the date hereof. The Company and Catheter undertake no obligation and do not intend to update these forward-looking statements, except as required by law.

Item 9.01. Financial statements and supporting documents.

(d) Exhibits
99.1   Press Release of Ra Medical Systems, Inc. on October 4, 2022.

104 Cover Page Interactive Data File (online XBRL formatted).




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© Edgar Online, source Previews

INVESTEC LIMITED – TR-1: Standard form for notification of significant holdings – SENS

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TR-1: Standard form for notification of major holdings

Investec Limited Investec plc
Incorporated in the Republic of South Africa Incorporated in England and Wales
Registration number 1925/002833/06 Registration number 3633621
JSE share code: INL LSE share code: INVP
JSE Hybrid code: INPR JSE share code: INP
JSE debt code: INLV ISIN: GB00B17BBQ50
NSX share code: IVD LEI: 2138007Z3U5GWDN3MY22
BSE share code: INVESTEC
ISIN: ZAE000081949
LEI: 213800CU7SM6O4UWOZ70

As part of the dual listed company structure, Investec plc and Investec Limited (together
“Investec”) notify both the London and Johannesburg Stock Exchanges of matters which are
required to be disclosed under the Disclosure Guidance and Transparency Rules and the
Listing Rules of the Financial Conduct Authority (the “FCA”) and/or the JSE Listings
Requirements.

Accordingly, we advise of the receipt of the following TR-1 notification:

TR-1: Standard form for notification of major holdings

1. Issuer Details
ISIN
GB00B17BBQ50
Issuer Name
INVESTEC PLC
UK or Non-UK Issuer
UK issuer
2. Reason for Notification
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation
Name
Public Investment Corporation SOC Limited
City of registered office (if applicable)
Pretoria
Country of registered office (if applicable)
South Africa
4. Details of the shareholder
Full name of shareholder(s) if different from the person(s) subject to the
notification obligation, above

City of registered office (if applicable)

Country of registered office (if applicable)

5. Date on which the threshold was crossed or reached
29-Sep-2022
6. Date on which Issuer notified
03-Oct-2022
7. Total positions of person(s) subject to the notification obligation

% of voting Total
% of voting rights
rights Total of both number of
through financial
. attached to in % (8.A + voting
instruments (total
shares (total 8.B) rights held
of 8.B 1 + 8.B 2)
of 8.A) in issuer
Resulting situation
on the date on
which threshold 14.008% 0.000000 14.008% 97 508 405
was crossed or
reached

Position of
previous
13.389% 0.000000 13.389%G
notification (if
applicable)

8. Notified details of the resulting situation on the date on which the threshold was
crossed or reached
8A. Voting rights attached to shares

Class/Type of
Number of Number of % of direct % of indirect
shares ISIN
direct voting indirect voting voting rights voting rights
code(if
rights (DTR5.1) rights (DTR5.2.1) (DTR5.1) (DTR5.2.1)
possible)
97 508 405 14.008%

Sub Total 8.A 97 508 405 14.008%

8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))

Number of voting rights
Type of % of
Expiration Exercise/conversion that may be acquired if the
financial voting
date period instrument is
instrument rights
exercised/converted

Sub Total 8.B1 NIL NIL

8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1)
(b))

Type of Physical or Number of % of
Expiration Exercise/conversion
financial cash voting voting
date period
instrument settlement rights rights
Sub Total NIL NIL
8.B2

9. Information in relation to the person subject to the notification obligation
1. Person subject to the notification obligation is not controlled by any natural person or
legal entity and does not control any other undertaking(s) holding directly or indirectly an
interest in the (underlying) issuer.
% of voting % of voting rights
Total of both if
rights if it through financial
Ultimate Name of it equals or is
equals or is instruments if it
controlling controlled higher than
higher than the equals or is higher
person undertaking the notifiable
notifiable than the notifiable
threshold
threshold threshold
Public
Investment
14.008% 14.008%
Corporation
SOC Limited

10. In case of proxy voting
Name of the proxy holder
N/A
The number and % of voting rights held
N/A
The date until which the voting rights will be held
N/A
11. Additional Information

12. Date of Completion

13. Place Of Completion
Pretoria, South Africa.

Johannesburg and London
03 October 2022

Sponsor: Investec Bank Limited

Date: 03-10-2022 05:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE’).
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

Intel-owned Mobileye files S-1 for IPO

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Mobileye CEO Amnon Shashua poses with a Mobileye driverless vehicle at the Nasdaq Market site in New York on July 20, 2021.

Jeena Moon | Reuters

Mobileye, an Intel-owned company that makes chips, boards and software for self-driving cars, has filed for an IPO, according to a prospectus filed Friday with the SEC.

Mobileye’s fill indicates strong revenue growth for the Israel-based subsidiary, rising from $879 million in sales in 2019 to $967 million in 2020, to $1.39 billion last year. Losses have fallen from $328 million in 2019 to $75 million last year.

The decision to list Mobileye on the Nasdaq is part of Intel’s broader strategy to turn around its core business. Intel acquired the company for $15.3 billion in 2017 and previously announced plans to take Mobileye public this year.

Intel previously said it would use some of the funds from the Mobileye listing to build more chip factories as it embarks on a capital-intensive process to become a foundry for other chipmakers.

Mobileye, founded in 1999, has partnered with Audi, BMW, Volkswagen, GM and Ford to develop advanced driving and safety features such as driver assistance and camera-based lane keeping , chips and the company’s “EyeQ” software. Mobileye CEO Amnon Shashua said in the filing that 50 companies are currently using the company’s technology on 800 vehicle models.

The prospectus says Mobileye plans to list Class A common stock, but did not provide the number of shares or price range for the proposed offering. Intel will retain ownership of the Class B shares which have ten times the votes of the Class A shares, according to the prospectus, giving it control of the company’s board of directors and other decisions.

Intel is looking to test the public markets at a time when appetite for futuristic growth technologies like self-driving cars has slowed significantly in the face of rising inflation and macroeconomic concerns.

Intel stock rose less than 1% in extended trading.

Central Bank of India SO Online Application Form: Process Here

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Central Bank of India SO Online Application Form: The Central Bank of India Recruitment Authority is inviting applications from aspirants in online mode. CBI is an Indian nationalized bank that works closely with the Ministry of Finance of the Government of India. Being appointed as a Specialist Banking Officer is very beneficial. The work is extremely well paid, it is just as prestigious. Citizens of the country apply in huge numbers for recruitment. Since the very first step of recruitment is the application. Candidates are invited for recruitment procedures on the basis of the forms submitted.

Therefore, the application process is very important for aspirants. In the following article, we have simplified the approach to the procedure while listing all the important details that one should know when applying for CBI Specialist Officer at the Central Bank of India.

How to complete the CBI SO application form?

Central Bank of India SO Online Application Form

Candidates who wish to be recruited at the Banque Centrale de l’Idée for the position of SO Specialist Officers must go through a specific selection procedure. The eligibility of the candidates as well as their diplomas are observed before recruiting them. The authorities start the entire recruitment procedure by inviting online application forms. candidates must register themselves on the portal and create their profile. After that, they need to use the login credentials of the registered account and login to the portal.

The application form should be filled with the correct details while uploading the right documents to the specific requirements of the authorities. Finally, applicants must pay the fees and then submit the forms. It is after submission that the entire application process is complete for applicants. Therefore, every step counts in the form submission process and should be done with precision, ensuring that no mistakes are made.

Central Bank of India SO Online Application Form: Overview

Process name Central Bank of India SO Online Application Form
Authority Central Bank of India CBI
Job specialist officer
How to apply On line
Gate www.centralbankofindia.co.in

Prerequisites for CBI Specialist Agent Online Form

The following should be prepared before filling in the form as applicants are required to fill in their details:

  • A valid and active personal email identifier to ensure a mode of communication by post.
  • All related documents that need to be uploaded.
  • A valid ID to refer to when entering details.
  • Since applicants are required to upload information about their education, they should keep the correct documents with them.
  • Proof of address to write correct details.
  • Finance Cards or UPI or anything else required for application fee payment.

Required Documents for OS CBI Application Form

Candidates who wish to complete the application form for the recruitment of Specialist Officer at Central Bank of India should keep the documents ready with them as instructed. They will need to download them in the correct sizes and formats as digital copies. The authorities will verify the responsibility and eligibility of applicants only by observing the documents they upload. The following information must be observed in terms of documents:

  • Passport-style 4.5 cm × 3.5 cm photograph of preferred dimensions 200 x 230 pixels. The document must be between 20 KB and 50 KB in size.
  • Candidate’s scanned signature on white paper with black pen in sizes greater than 10 KB and less than 20 KB. Preferred image dimensions are 140 x 60 pixels.
  • The left thumbprint must be uploaded in jpg or jpeg format. The dimensions are preferred at 240 x 240 pixels in 200 DPI resolution preferably. The file must be between 20 KB and 50 KB in size.
  • A handwritten declaration in jpg or jpeg format of dimensions 800 x 400 pixels in 200 DPI in file size between 50 KB and 100 KB.
  • School qualification score sheets in pdf format.
  • Study certificates in pdf format.
  • Certificates of relevant experience in pdf format.
  • Identity documents in pdf format.
  • Caste or category certificate, if applicable, in pdf format.

How to complete Central Bank of India SO application form?

Candidates who wish to apply for the Central Bank of India SO position should follow the following method:

  1. Open the official portal of Central Bank of India CBI at www.centralbankofindia.co.in.
  2. Tap the Recruitment icon in the menu.
  3. All the most recent and open recruitments will be listed.
  4. Tap the link to Applying for the position of Specialist Officer at Central Bank of India.
  5. Press on New registration and create a profile on the portal.
  6. Use login credentials to Login and open the application form.
  7. Enter the Basic details, personal details, address details, educational qualification, and Experience Details.
  8. Download relevant information Documents in the right formats and sizes.
  9. Pay the applicable amount of the Registration fees.
  10. Press on Submit.

Central Bank of India Specialist Agent Application Fee

Applicants must pay the applicable amount using online payment methods. They can use debit cards (RuPay/Visa/MasterCard/Maestro), credit cards, internet banking, IMPS, payment cards or mobile wallets to make the payment. GST and other applicable fees must also be paid by applicants. Requests are not processed without payment of a non-refundable fee. It is therefore a very important step.

Important links

FAQs

What is the mode of application for Central Bank of India Specialist Officer SO Recruitment?

Application forms for the Central Bank of India Specialized SO Officer Recruitment are to be completed in the online mode.

Where can we apply for CBI specialist officer recruitment?

Candidates can apply for the CBI Specialist Agent Recruitment through the official Central Bank of India CBI portal at www.centralbankofindia.co.in.

Disqualification as a deterrent | Mirage News

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The merits of this tiered approach to directors’ duty of care in section 180(1) of the Companies Act 2001 (Cth) has been debated many times – including by the Full Court at the appeal in Storm Financial, Cassimatis v. ASICs [2020] PCAFC 52. But stepping stones are now settled law and clearly extend beyond continuous disclosure failures to other disclosure and compliance failures by listed and unlisted entities.

The sting, of course, is that disclosure and compliance decisions made by boards of directors are not business judgments covered by the business judgment safe harbor for directors in Section 180(2) of the Companies Act 2001 (Cth).

Director disqualified

At trial, Judge Katrina Banks-Smith found that Cruickshank “knew of, approved of, and authorized the release to market” of Antares’ ASX announcements. He knew the material information and did not disclose it, and his decision-making fell short of the standard expected of a reasonable person in his position. She dismissed his argument that he feared that, had Wade’s identity been leaked, he might have walked away from the deal.

Cruickshank’s failings “involved a failure … to listen, acknowledge, or properly focus on issues such as: the issues raised by the ASX; the scope of Antares’ disclosure obligations and whether there was an enforceable confidentiality undertaking; the materiality of the information known to Mr. Cruickshank which has not been communicated to investors…; and the potential for this information to affect an investor’s perception of risk” which Wade would not complete. Judge Banks-Smith also found that “the apparent failure to obtain or consider independent legal advice as to disclosure obligations in the circumstances was material”.

In August 2022, the Full Court upheld his honor’s decision to impose a civil monetary penalty of $40,000 and disqualify Cruickshank from running corporations for four years, beginning in November 2021.

He dismissed his argument that the time period was inappropriate given that five years had already passed since the disclosure breach, noting that “there was nothing before the… disqualification order that prevented Mr. Cruickshank to continue to perform his duties as a director”. Of course, this demonstrates exactly the problem of execution procedures that terminate long after the behavior has occurred.

Discourage bad decisions

Judge Banks-Smith acknowledged that Cruickshank’s conduct “was not willfully wrongful or dishonest”. There was no finding of actual knowledge for the purposes of involvement liability. There was no disclosed history of other offenses and no findings of improper personal gain. However, she concluded that the conduct in question was not involuntary and involved a degree of deliberate decision-making on Cruickshank’s part.

His disqualification was intended to “serve the purpose of protecting the public while also acting as a specific deterrent to Mr. Cruickshank”. Banks-Smith decided that it “would also perform the function of general deterrence, communicating the need to meet appropriate standards of corporate behavior and reflecting the importance of the purpose of continuous disclosure obligations to the market generally.” . These standards emerge from sources such as the Listing Rules and administrators are expected to know how and why they work”.

The Federal Court has long held that general deterrence is “as important in cases of negligence or recklessness as in cases of wrongdoing” and that it “applies to those who might be tempted to adopt a passive role “. In suing Cruickshank, ASIC underscored its view that directors and officers who actively engage in disclosure or compliance matters should exercise caution in making decisions about them.

Other recent developments: a roundup of news from Skadden | Skadden, Arps, Slate, Meagher & Flom LLP

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Below, we highlight some of our latest thought leadership articles on important legal topics and trends.

Capital markets

Hong Kong Regulatory Update – August 2022
This update provides an overview of key regulatory developments in the second quarter of 2022 relating to companies listed or planning to list on the Hong Kong Stock Exchange Limited (HKEx) and their advisers. In this edition, among other updates, we cover: new rules on bookbuilding and investment activities; reverse takeovers; cases of extreme dependency and corruption and their consequences for directors; HKEx’s new board diversity platform and expanded ESG Academy; changes to guidelines on preliminary results requirements for new applicants for registration; and recent enforcement actions.

China regulations

New PRC regulations on cross-border data transfer (August 23, 2022)
Chinese regulatory authorities have issued new regulations and proposals aimed at clarifying the requirements of Chinese personal information protection law. The updates would strengthen rules for processing and exporting data from China.

Digital assets

Office of Science and Technology Policy releases report on environmental impact of crypto-assets (September 16, 2022)
A new report from the Office of Science and Technology Policy assesses the impact of cryptocurrencies on climate change and US energy policy. This is one of several reports mandated by President Biden’s March 2022 Executive Order on Digital Disclosures.

Seizures and confiscations of cryptoassets: overview of the application in the United States and the United Kingdom (September 7, 2022)
Those involved in crypto-assets should be aware of the wide range of seizure and confiscation procedures now available to US and UK authorities to manage legal and compliance risk arising from the ownership and management of crypto-assets. .

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts – August 2022
A flurry of legal and enforcement activity has recently sprung up across a wide range of areas in the web3 space, including actions by the Securities and Exchange Commission, the Office of Foreign Assets Control, the Commodity Futures Trading Commission and the New York Department of Financial Services. . In the August 2022 issue of The Distributed Ledgerwe describe these developments and what they mean for businesses in this space.

Cryptocurrency insider trading case could have wider ramifications for the industry (July 26, 2022)
In alleging that insider trading in cryptocurrencies constitutes securities fraud, the SEC provided limited information about its approach to fungible token regulation. But important questions remain, creating uncertainty for Web3.

ESG

H1 2022 – ESG trends and expectations (July 28, 2022)
Amid ESG-related legislation in the US, UK and Europe and recent unexpected US Supreme Court rulings, ESG considerations have continued to grow. We discuss how current trends may evolve over the rest of the year.

Application of European competition law

EU to step up law enforcement against state-backed foreign companies (July 12, 2022)
Sweeping new EU rules targeting state-backed foreign companies define government subsidies very broadly – to include many tax breaks, for example – creating new burdens of due diligence and uncertainty for transactions in the EU. EU.

Mergers & Acquisitions

UK Public M&A Update – H1 2022 (July 25, 2022)
Public M&A transaction activity had a resilient start to 2022, but has since been impacted by market skepticism and uncertainty resulting from the Russian-Ukrainian war and associated sanctions, as well as the rising inflation and interest rates.

national security

UK and EU National Security and Investment Screening Update: June 2022 (July 1, 2022)
Companies face greater uncertainty as UK and European regulators become more assertive in their national security reviews of foreign investments, scrutinizing completed deals and even questioning some holdings below 25%.

Punishments

View all of our Russia Sanctions Customer Alerts.

SEC regulations

SEC adopts long-awaited final payment-versus-performance disclosure rules (August 31, 2022)
The SEC has adopted final rules requiring public companies to disclose the relationship between the executive compensation actually paid to the company’s named officers and the company’s financial performance.

SEC Proposes Changes to Shareholder Proposal Rules (July 15, 2022)
On July 13, 2022, the SEC proposed amendments that would change the standards under which companies can exclude shareholder proposals from their proxy statements. The proposed changes to the “substantial implementation”, “duplication” and “resubmission” criteria would likely increase the number of shareholder proposals received by companies and make it less likely that proposals could be screened out.

Securities Litigation

Inside the Courts – September 2022
This quarter’s issue highlights notable cases and related court rulings primarily issued between May and July 2022.

Tax

Blockchain for Beginners: Basic Tax Issues for Digital Assets (podcast) (July 27, 2022)
In this episode of Skadden’s “GILTI Conscience” podcast, hosts Nate Carden, David Farhat and Stefane Victor discuss tax issues for digital assets such as bitcoin and stablecoins with Roger Brown, Global Head of Tax Controversy on the Chainalysis blockchain data platform.

[View source.]

Brenmiller Energy will ring the opening bell on the Nasdaq during Climate Week

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ROSH HAAYIN, IsraelBrenmiller Energy Ltd. (‘Brenmiller’, ‘Brenmiller Energy‘ or the ‘Company’) (TASE: BNRG, Nasdaq: BNRG), a clean energy company that provides thermal energy storage (“TES”) systems to the global industrial and utility markets, announced that its leadership team will wrap up Climate Week in New York City by participating in the opening bell ceremony to Nasdaq Stock Exchange on Friday, September 23, 2022. Brenmiller Energy President and CEO Avi Brennmiller will host the ceremony alongside the Company’s senior executives and members of the Board of Directors. The opening bell ceremony Party Brenmiller Energy recent listing on Nasdaq.

“This is an exciting time for Brenmiller and its stakeholders as we work to decarbonize some of the most emissions-intensive sectors of our global economy,” said Brenmiller’s Chairman and CEO. Avi Brennmiller. “We are making great strides and have achieved many milestones so far in 2022. In addition to listing our common stock on Nasdaq, Brenmiller has been awarded several new large-scale projects, received a drawing of 4 million euros of our credit facility with the European Investment Bank to increase our manufacturing capacity and completed our first large-scale industrial project. Our mission is to provide around-the-clock clean energy to the global industrial and power markets through a cost-effective and efficient solution; we look forward to expanding our operations and tackling climate change head-on.

The ceremony will begin at 9:15 a.m. Eastern Daylight Time.

About Brenmiller Energy

Brenmiller Energy provides scalable thermal energy storage solutions and services that enable customers to cost-effectively decarbonize their operations. Its patented bGen thermal storage technology makes it possible to use renewable energy resources, as well as waste heat, to heat crushed rock to very high temperatures. They can then store that heat for minutes, hours, or even days before using it for industrial and power generation processes. With bGen, organizations have a way to use electricity, biomass and waste heat to generate the clean steam, hot water and hot air they need to mold plastic, process food and beverages, produce paper, manufacture chemicals and pharmaceuticals or drive steam turbines without burning. fossil fuels. For more information, visit the company’s website at https://bren-energy.com/ and follow the company on Twitter and LinkedIn.

Caution Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Statements that are not statements of historical fact may be deemed to be forward-looking statements. For example, the Company uses forward-looking statements in this press release when discussing: its participation in the Opening bell ceremony to Nasdaq Stock Exchange; its mission is to supply clean energy around the clock to the world’s industrial and electricity markets; and expand its operations to address climate change. Without limiting the generality of the foregoing, words such as “plan”, “project”, “potential”, “seek”, “may”, “will”, “expect”, “believe”, “anticipate ‘, ‘intend’, ‘could’, ‘estimate’ or ‘will’ are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect the Company’s actual results and could cause such results to differ materially from the forward-looking statements that may be made in this press release. Factors that could affect the Company’s results include, but are not limited to, the Company’s expected level of revenue and capital expenditures, market demand and acceptance of our products, the impact competitive products and prices, product development, marketing or technological difficulties, the success or failure of negotiations and the commercial, legal, social and economic risks and risks associated with the adequacy of existing cash resources . The forward-looking statements contained or implied by this press release are subject to other risks and uncertainties, many of which are beyond the Company’s control, including those set forth in the Risk Factors section of the Company’s prospectus dated May 24, 2022 filed with the US Securities and Exchange Commission (‘SECOND‘), which is available on the DRY website, www.sec.gov. The Company assumes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact:

Tori Bentkover

Antenna for Brenmiller Energy

Email: [email protected]

Harsha Engineers IPO today. Experts predict handsome gains

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The IPO date for Harsha Engineers has been set and shares of India’s largest manufacturer of precision bearing cages will hit Dalal Street on September 26, 2022, i.e. today. In accordance with the information available on the ESB website, effective Monday 26 September 2022, shares of Harsha Engineers International Limited will be listed and admitted to trading on the stock exchange in the list of Group “B” securities. Therefore, Harsha Engineers actions will be part of the Special Pre-Opening Session (SPOS) on Monday, September 26, 2022.

According to stock market experts, despite the loss of momentum in the gray market, Harsha Engineers’ IPO could offer an attractive gain to its beneficiaries. They said that Harsha Engineers IPO GMP (gray market premium) may have plunged from 240 to 150 per share (According to market watchers, Harsha Engineers stock price is quoted at a premium of 150 per share on the gray market today), but beneficiaries can expect a listing gain of up to 50% from the public offering on its listing date. They said the gray market is not an ideal indicator of the success or failure of a public offering and shares of Harsha Engineers should prove that with a “great debut” in trading today.

Expecting a strong gain from Harsha Engineering’s IPO, Astha Jain, senior research analyst at Hem Securities, said: “We expect Harsha Engineers shares to be listed at a premium of 40 at 45% against the issue price We recommend reserving a partial profit while remaining can be retained for the long term as a total solution provider offering a diverse range of precision engineering products across geographies and end-user industries has long-standing relationships with industry-leading customers. The company’s domestic and international production facilities and warehouses are strategically located and its expertise in tooling, design development and l Automation with a consistent track record of growth and financial performance looks solid to us.”

Harsha Engineers IPO Price Prediction

Regarding the expected IPO price of Harsha Engineers, Prashanth Tapse, Research Analyst and Senior Vice President – Research at Mehta Equities Ltd, said: “Despite the uncertainty in the stock markets, Harsha Engineers is signaling a strong start. at a significant premium to its issue price of 330/- per share. Given the excellent response from the investor category, we assume that Harsha Engineers could list approximately 480 to 500 levels, which translates to more than a 45-51% premium to the upper end of the IPO price range.”

The Mehta Equities analyst went on to add that on valuation per se, the asking price is fairly valued against its industry peers. “We are very bullish on Harsha Engineers with its dominant position and well positioned to exploit the growth of specialist precision components and bearing cage demand across all industries,” he said.

Expecting a “great debut” from Harsha Engineers shares on Dalal Street, Aayush Agrawal, senior research analyst at Swastika Investmart, said: “We believe the company could surprise markets and could make a great debut for s above its gray market premium. Solid fundamentals, competitive advantages such as high barriers to entry and high switching costs, an experienced management team and robust growth prospects explain the good health of the GMP. Additionally, the company is a proxy play on India becoming the global manufacturing hub. Our recommendation to investors is to hold the allocated shares and long-term investors can build the stock on declines.”

Harsha Engineers share price in the gray market today

According to market watchers, Harsha Engineers IPO GMP today is 150, which means that the gray market expects the public issue to be able to list approximately 480 ( 330+ 150), which is around 45% higher than its upper price range of 330 per share.

Disclaimer: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.

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Are Archie and Lilibet a prince and a princess? The palace is slow to respond

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A key part of the intense public and media interest in whether Archie and Lilibet will receive royal titles is due to Meghan’s allegations in her March 2021 interview with Oprah Winfrey that the royal family did not want her and Harry’s children be princes and princesses.

“There is a convention – I forget if it was the George V or George VI convention – but when you are the monarch’s grandson, then when Harry’s father becomes king, automatically Archie and our next baby would become prince or princess, or whatever they were going to be,” she told Oprah. “While I was pregnant they said they wanted to change the convention for Archie.”

You can see why people are resurfacing this quote in light of the Palace’s delay in announcing whether Harry and Meghan’s children will have prince or princess titles. Especially given the fact that Meghan has explicitly expressed concern about “the idea that the first colored member of this family will not be titled the same as the other grandchildren would be”.

There is, however, a big problem with the interview: Meghan’s other remarks to Oprah reveal a fundamental misunderstanding of the historic 1917 Letters Patent. Meghan said she and Harry were explicitly told by the Royal Family that their child wouldn’t be a prince, which she said “would be different from protocol.”

Except it wasn’t. Making their child a prince would have been unprecedented and outside the guidelines set by George V. The only reason William and Kate’s children were all princes and princesses was because the Queen had issued Letters Patent. Did Harry and Meghan expect similar letters patent for their children at the time?

BuzzFeed News has reached out to the Sussexes for clarification.

However, Meghan’s apparent confusion over how royal titles work won’t mean anything if the Palace denies Archie and Lilibet HRH/prince/princess status – due to the way she addressed the issue in the interview. Oprah:

“You certainly must have had conversations with Harry about this and have your own suspicions as to why they didn’t want to make Archie a prince,” Oprah asked. “What are these thoughts? Why do you think that is? Do you think it’s because of his race?… And I know that’s a loaded question but –”

“But I can give you an honest answer,” Meghan said. “During these months that I was pregnant, around the same time…so we have in tandem the conversation of ‘He won’t get security, he won’t get a title’ and also concerns and conversations about how dark his skin might be when he was born.

That’s it. In the face of this quote, arguments about historical precedent will not matter to a large percentage of the public. Nor the fact that when asked about this conversation by Oprah, Harry said the remark was made by one of his family members “at the very beginning” of his relationship with Meghan, not during her pregnancy.

If the titles are denied to Archie and Lilibet, all that will matter to much of the population is the fact that Meghan saw it coming.

How Crypto Plays a Role in Increasing Healthy Human Lifespan

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It’s a question that has fascinated scientists for decades: how can we extend lifespans? Give humans everywhere more years of good health?

This field is known as the science of longevity, and within this industry, experts say care that treats aging as a normal but treatable disease is rare – and of the approaches available, it is only accessible. to those who are highly educated and privileged.

Some of the key principles that govern this approach to medicine involve therapeutics, personalized medicine, predictive diagnostics, and artificial intelligence. The aim is to eliminate a “one size fits all” attitude towards treatment and to ensure that therapies are tailored to an individual’s unique medical profile. This can matter in many ways, from how best to fight cancer, to the food we eat, to our risk of heart disease.

And while predictive diagnostics offer an existing way to achieve better patient outcomes, it often depends on using large amounts of anonymized data to determine what happened in the past and how greater levels of success are achieved in the future.

Oddly, there are parallels between cryptocurrencies and the science of longevity. You could say this approach to medicine is currently where digital assets were back in 2013 – a time when discussion of crypto was confined to online chat rooms, niche group discussions and convoluted white papers. . Longevity researchers are enthusiastically sharing their findings – and collaboration is building across sectors. Experts are keen for anyone interested in this nascent field to get involved and contribute.

Educate the masses

As in the crypto industry, a big challenge facing the science of longevity is education – and simply explaining this concept to the public. It is a journey that takes time, effort, money and patience.

For this reason, a dedicated event has been created so that this cutting-edge concept can be discussed in an open forum. The Longevity Investor Conference will take place in Switzerland from September 28 to 30. It is sponsored by Credit Suisse and tickets can be paid for in cryptocurrency.

It is organized by Marc P. Bernegger. He is a founding partner of Maximon, a Swiss company that invests and builds in businesses focused on longevity. Bernegger explored Bitcoin in 2012 and told Cointelegraph, “There’s room for everyone. We can all walk the same path but take different approaches. It’s always the same narrative.”

A few of the agenda items include exploring the scientific meaning of longevity – and how it will affect individuals around the world in the long run. Discussions will also take place on how to cultivate investment in this nascent space, and according to Bernegger, this is an area of ​​great interest to crypto enthusiasts.

The conference aims to build bridges and highlight the essential role of scientists in ensuring that we can all enjoy longer lifespans and healthy retirements. Although there are business opportunities to be found, investors face a challenge as they are not from a scientific background. Likewise, brilliant minds often need an entrepreneurial perspective to bring their brilliant concepts to market.

Bernegger added: “There are a number of different perspectives – entrepreneurs, scientists, investors bringing in the money. They need a combination of everything. This sector appreciates new players. The more there are money, the more smart, serious people you have, the better. The industry is still finding itself. It’s accessible now and people are happy to help.”

Why Crypto is a Good Match

It is the scientific element that attracts early adopters of cryptocurrency to this space. The reason is simple: because many of these enthusiasts are forward-looking, open-minded and technology-driven.

Describing the early days of crypto, Bernegger explained, “They were all interested in the technology. It wasn’t just speculative. They saw the potential for a peer-to-peer solution, and now they see the potential in aging.”

Indeed, blockchain technology also has the potential to enhance the quest for longevity. Decentralized Autonomous Organizations (DAOs) have already been created to fund research to support and commercialize therapies. This approach also ensures that donors can vote on the future direction of research projects.

Even though the bear market has cast a shadow over the crypto sector, many in this industry are firmly in the “BUIDL” phase. They use this opportunity to innovate, cultivate new products and develop the trends that will lead to the next bull run. The science of longevity can be part of that – and according to Bernegger, pioneers know that paying close attention to health is far more important than the value of any token.

We already know that the rate of aging can be controlled, to some extent, by genetic pathways and biochemical processes. But in the decades to come, there will still be so many questions to answer – and dots to connect – in the quest to improve our quality of life and ensure that everyone can access it.

The Longevity Investors Conference says attendance will be strictly limited to 100 hand-picked delegates, and they will be able to benefit from the insights of more than 30 outstanding speakers. This is a great opportunity to get to know the industry inside out, while making meaningful contacts with the best people in the business.

It will take place in Gstaad, one of the most exclusive Swiss mountain resorts, in a “unique setting” within a lavish five-star hotel, and world-class speakers will attend and present. This includes members of the Longevity Science Foundation’s Visionary Board. This nonprofit recently entered into a partnership with The Giving Block, tapping into a vital flow of crypto philanthropy.

If you want to know how to add years to your life and life to your years, this could be the most important conference you’ve ever attended.

Disclaimer. Cointelegraph does not endorse any content or product on this page. Although we aim to provide you with all important information we may obtain, readers should do their own research before taking any action related to the company and take full responsibility for their decisions, and this article cannot no longer be considered as investment advice.

Europe Cannabis Stock Review: Love Hemp Announces ‘Cessation’ of LSE Listing Process, No More Cellular Goods & Stenocare

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love hemp

Love Hemp, whose shares have been suspended from trading on the Aquis Stock Exchange (AQSE) since May this year, told investors this week that its application for listing on the standard segment of the London Stock Exchange is now also ” obsolete”. .

In an investor update released earlier this week, Love Hemp said his ongoing suspension and work to find a new AQSE adviser has prevented him from making sufficient progress on his listing proposal toward the most great LSE.

Retailer CBD first announced plans to launch on the standard LSE segment in November 2021, and the process was originally expected to take around three months.

On December 3, 2021, a month after Love Hemp announced its intention to target a listing, the Financial Conduct Authority (FCA) raised the minimum market capitalization for companies in the Standard and Premium segments of the main market by £700,000 at £30m.

Although it is understood that Love Hemp submitted its application for listing on the LSE before these changes were implemented, its market capitalization has since fallen from £21m to just over £5m. during.

According to Love Hemp, the FCA has “confirmed to the company that the review of its application has expired due to the passage of time.”

“The Board of Directors understands that this will be disappointing news for shareholders, but reaffirms that this does not preclude the company from advancing a re-listing in the market or a dual listing for the company in the future. , the company continues to focus on building its infrastructure, strengthening its controls and improving business performance, which must be its current priority.

Meanwhile, the company has announced further changes to its board, welcoming Robert Smyth as its new chief financial officer with “immediate effect”, who is credited with “leading the IPO of KP Renewables” on AIM.

Non-executive chairman Graham Mullis said Mr Smyth brings the financial and managerial experience to “have a significant impact on the operation and anticipated growth of the business”.

He added: “We understand that shareholders may be disappointed with the halt to the LSE’s standard market listing process, but we would like to reassure shareholders that the company is developing exciting plans both on the business plan and operational plan that she looks forward to sharing in the future.”

Cellular Goods

Cellular Goods saw its stock jump almost 20% this week as it continued to regain value from its all-time low of around 1 pence in July.

The latest spike came after the company announced the launch of three new skincare products to its offering, alongside signing a new marketing deal with Danish model Helena Christensen.

Investors hope the three new ‘rejuvenating’ CBD/CBG products will help boost the revenue streams of Cellular Goods, which have been hampered by limitations on what and where they can sell their products, for just £13,000 for its three first months of sales.

Key to that will be the newly signed deal with Ms Christensen, with Cellular Goods leveraging its considerable social media presence to overcome advertising hurdles it has struggled with since launching its products last year.

The new range will be available through Cellular Goods’ proprietary website, its Amazon Marketplace page and at its partner Voyager’s brick-and-mortar retail stores in Edinburgh.

Although the developments were welcomed by investors, as evidenced by the rise in the share price, many continued to worry about its price positioning, with its new products ranging from £69 to £89 for 50ml .

Despite the company’s relative recovery since early July, a report from Simply Wall Street points out that co-founder and chief strategy officer Alexis Abrahim, who bought £155,000 worth of shares at 7.7 pence a share earlier this year has now seen the value of their investment drop by £111,000.

Stenocare

After announcing in January 2022 that it was set to become the sole provider of medical cannabis oil in its home country of Denmark, Stenocare has now published the results of a study of a “new formulation which he says “significantly improves bioavailability” and absorption. of cannabinoids.

The pharmacokinetic study revealed that its new formulation, a “CBD LLT Oil” based on Solural Pharma’s lymphatic targeting technology, showed significantly increased absorption into the bloodstream and reduced onset of action in dogs compared to with commonly used CBD MCT oil.

Stenocare CEO Thomas Skovlund Schnegelsberg said he believes this new LTT oil is “truly game-changing” for the industry and patients, as it addresses “key challenges” in the medical cannabis industry.

He explained:1) It increases the absorption of cannabinoids by double digits, 2) It ensures uniform absorption into the blood from one individual to another, 3) The maximum concentration of the drug is reached in half of time and, finally, 4) It can be delivered into the body with greater uniformity regardless of food consumption”.

“Pending regulatory approval,” Stenocare says it expects to introduce the first products based on this formulation within the next 18 to 36 months.

The announcement has yet to have a significant impact on the company’s share price, which has fallen about 5% over the week.

Punctuation: a broader view – Businessday NG

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Punctuation is the use of special marks or signs to delimit units of statements, either to show their grammatical relationships or to give them some emphasis. Punctuation is the pauses and tonal changes in speech. Therefore, it supports writing by preventing misreading and ensuring clarity. In view of this, I present and discuss the absolutely crucial ones below.

Full stop (.):

It performs the following functions:

1. It is used to mark the end of a sentence: Gani likes to teach.

2. It is used to indicate abbreviations (initials, degrees, titles, etc.), for example, Feb., Rev., Prof., Ph.D., Bamgbose GA

Note: When the first and last letters of a word are used to form an abbreviation, you can either put a period or omit it. That is, from “Doctor” we have “Dr” or “Dr.”

The period should not be used for acronyms or initials that are abbreviations of professional, commercial and governmental organizations: NBA, INEC, UNESCO, PHCN, etc.

Comma (,):

It performs the following functions:

1. It is used after a formal greeting or a laudatory closing: Dear Sir, Yours faithfully, etc.

2. It is used in addresses, dates and numbers: 2, Bello Road; July 29, 2015; 46,000; etc

3. It is used to separate a group of words: handsome, tall, blond Nigerian man.

4. It is also used to show a short pause in a statement: for the first time, really, surprisingly, etc.

5. It is used to separate a direct quote: “Don’t say a word,” ordered his father.

6. It is used to separate names of business partners, degrees and other qualifications: Bamgbose GA, BEd (LASU), MA (University of Ibadan).

7. It separates the words that are used in apposition (possible replacements) to the names: Vincent Enyeama, the Nigerian keeper, is assiduous.

Two points (:) :

The colon performs the following functions:

1. It is used after the name of a speaker in a dialogue, especially in a written piece, as in:

Lakunle: A very good morning to you, sir!

2. It is used to introduce a formal list.

I found the following in the bag: his wallet, a passport, a bunch of keys and some cash.

3. It is used to introduce a formal citation.

According to Fakoya (2008): “The only variety of English available to Nigerians is Nigerian English.”

4. Colons are used to separate chapters from verses in Bible references, as in: John 3:16.

5. It is deployed to indicate the time, as in: 9:25 a.m.

6. It is also used to separate a title from a subtitle of a book, as in: Everyday English: A Compilation of Common Errors.

Also Read: The State of English Education in Nigeria

Semicolon (;): The semicolon performs the following functions:

1. Use a semicolon instead of a period to separate sentences where a conjunction has been omitted: Call me tomorrow; I’ll give you my answer then.

2. Use a semicolon to separate units in a series when the units contain commas: This conference has people who came from Boise, Idaho; Los Angeles, California; and Nashville, Tennessee.

3. Use the semicolon between two sentences joined by a coordinating conjunction (eg “and”) when one or more commas appear in the first sentence: If she can, she will attempt this feat; and if her husband can, he will be there to see her.

Hyphen (-):

The hyphen performs the following functions:

1. The hyphen is used in compound adjectives, as in: a three-man committee, a four-year-old boy.

To determine whether a compound name is two words, one word, or a hyphen, you may need to look it up in a dictionary. If you can’t find the word in the dictionary, treat the name as separate words. Here are the three forms mentioned: eyewitness (composed of one word), eye fatigue (composed of two words), eye-opener (compound composed of a hyphen).

2. The hyphen joins certain prefixes to the main words: co-education, anti-climax, etc.

3. It is used to split a word at the end of a line so that the part that cannot be contained goes to the next line. It is important to break a word at the end of a line on a syllable and not just between a syllable: housing (right); bullying (false).

4. A hyphen is also used between compound numbers from twenty-one to ninety-nine.

Dash (-):

This is often confused with a hyphen. The hyphen and the dash are not the same. The hyphen is longer than the hyphen and they perform different functions. Here are the functions of the dash:

1. It is used to introduce a list: The business group deals with so many things – housing, furniture, cosmetics and agriculture.

2. It is also used to mark a break or additional information in the line of thought of a speaker: My brother-in-law – the owner of Tendermate School – advocates quality education.

3. It is also introduced before a repeated word: The University of Ibadan – the first and best university in Nigeria – was founded in 1948.

Quotation marks or quotation marks (‘ ‘ or ” “):

Single quotes are British oriented while double quotes are associated with American. However, both are allowed, provided that one is consistent with his choice. Here are the functions of quotation marks:

1. It is used to mark or indicate a quotation: Achebe once said, “Proverbs are the oil with which words are eaten.

2. To show words used in a special or technical sense, slang, vernacular, etc. : So you mean you didn’t come up with ‘kola’ for ‘oga’, and you want to do what you want? Note: “Kola” is either money or a gift in this sense.

3. Include song names, as well as titles of poems, essays, stories, articles, etc. : My recent article is titled “A Critical Analysis of the Oyo State Governor’s Debate Speech”.

Ellipsis (…): Used when omitting a word, phrase, paragraph or more from a quoted passage. There are many ways to use ellipses. The three-point method is the simplest and is suitable for most general work and many scholarly works. The three or four point method and the even more rigorous method used in legal works require more complete explanations than can be found in other reference books.

Caret (^):

It is used to show that something is missing in a sentence or text. It is used instead of having to cancel or cross an entire line or sentence because of a single omission.

This treatise has considered the most important punctuation marks, so it can always be a reference material for the correct deployment of these signs.

Why the Crypto World Backs Down When the SEC Calls Coins Securities

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Cryptocurrency traders have been told that the U.S. Securities and Exchange Commission considers a range of widely traded digital assets to be securities, a stance that could impose regulatory requirements that many boosters say could be crippling . But determining what makes a piece a title or not is a complicated matter.

1. What does the SEC do?

Its chairman, Gary Gensler, and his Trump-era predecessor, Jay Clayton, said many digital assets have the hallmarks of securities. Gensler has spent the last year warning that the agency plans to take a tough line in enforcing its rules on these tokens. Concerns among crypto traders grew when the market regulator took the unusual step in late July to identify nine crypto assets it considered securities in an insider trading case. Seven of them were traded on Coinbase, the largest crypto trading platform in the United States. Separately, Bloomberg News reported that Coinbase is under investigation by the SEC over whether it listed assets for trading that should have been registered with the agency.

2. What does it mean for something to be a security?

In its simplest form, whether or not something is a security under US rules is essentially a matter of how closely it resembles shares issued by a fundraising company. To make this decision, the SEC applies a legal test, which derives from a 1946 Supreme Court decision. In this framework, an asset may fall within the jurisdiction of the SEC when it comes to investors money with the intention of profiting from the efforts of the organization’s management. In December 2020, the agency sued Ripple Labs Inc., for allegedly raising funds by selling the XRP digital token, which at the time was the third largest, without registering it as security. The SEC claimed that the company was funding its growth by issuing XRP to investors betting that its value would rise. The case is now a massive legal battle, with Ripple having hired former SEC chairwoman Mary Jo White as its attorney.

3. Why is calling a token a security issue?

For starters, such designations would make running a cryptocurrency exchange more expensive and complex. Under US rules, the label has strict investor protection requirements for platforms and issuers. This burden would put smaller platforms at a disadvantage against larger-pocketed competitors. Additionally, the exchanges would be subject to continuous scrutiny by regulators, which could lead to fines, penalties and, in the worst case scenario, prosecution if ever criminal authorities were involved. It could also mean the loss of future funding from investors who may be reluctant to face these increased compliance burdens and regulatory scrutiny. Proponents of increased regulation believe that security designations would result in more information and transparency for investors due to SEC disclosure requirements that would apply.

4. Who is against this approach?

Crypto enthusiasts say their businesses are decentralized in a way that makes old rules ill-suited, and crypto trading platforms argue the assets they list should be considered commodities, not securities . In the United States, the rules governing the trading of commodities and their derivatives focus more on ensuring that companies, producers and farmers can effectively use derivatives to hedge against the risks of commodity price fluctuations than on the role of small investors.

5. What does the crypto community want?

Efforts have been made on Capitol Hill to give the Commodity Futures Trading Commission, the US derivatives watchdog, more power to directly regulate crypto assets. Currently, he primarily oversees crypto futures contracts and has the ability to take enforcement action in the event of fraud or manipulation in the underlying market, as he has done in dozens of crypto cases. Crypto executives and traditional markets titans like Citadel Securities have joined an industry push behind a bill from top lawmakers on the Senate Agriculture Committee that would give more ground to the derivatives regulator – to costs of the SEC. Opponents of this approach say the securities-focused SEC rules provide more protections for family investors.

6. How do agencies split crypto?

To some extent, their approaches reflect their origins. The SEC was created following the stock market crash of 1929 and considers its primary mission to be to protect investors by requiring extensive disclosures by financial entities. The CFTC has its roots in the Ministry of Agriculture and helps farmers protect against droughts. The CFTC – and the US rules on commodities and their financial derivatives – are widely seen as a less onerous regulatory regime. So it’s no surprise that the crypto crowd desperately wants the CFTC to be their regulator and not the SEC.

7. Which parts are or are not considered a title?

The short answer is that beyond the biggest cryptocurrency, there is a lot of ambiguity. US regulators, including the SEC, agree that Bitcoin, which is by far the largest digital asset, is not a security. It was started by an unknown person or persons under the pseudonym of Satoshi Nakamoto and does not exist as a way to raise funds for a specific project. The second-largest token, Ether, was considered not a security during the Trump administration by a senior SEC official who flagged that while Ether may have started to qualify as a security – the Foundation Ethereum used it to raise funds – it had become something decentralized enough to not be one anymore. But after Ethereum moved to a system where coins that are “staked” play a role in recording transactions, Gensler said the fact that staked coins can earn interest could cause regulators to start treat them as security. The CFTC considers Ether a commodity, and the CME lists futures on it as well as Bitcoin.

Gensler said the agency could waive some of its rules to better accommodate digital assets, while ensuring investor protection, if exchanges work with the agency to register. However, he did not provide a roadmap for exactly how this could be accomplished. Meanwhile, lawmakers are weighing several proposals that could give the CFTC and U.S. banking regulators more power over parts of the asset class. At the same time, the SEC insider trading case, if successful, could also provide a clearer picture of which types of tokens qualify as securities and which should be considered commodities. In September, the White House released a series of reports that had been submitted by different agencies, claiming that together they constituted the first “comprehensive framework for the responsible development of digital assets”. But the reports have not resolved what has been a patchwork of overlapping approaches and jurisdictional battles.

9. Is this a problem elsewhere?

Yes. Globally, different regulators have taken a series of positions on whether to treat cryptocurrencies like securities. The UK’s Financial Conduct Agency regulates digital assets that it considers investments with redemption rights or profit sharing, while “payment tokens” like Bitcoin or “utility tokens” that give access to a service are not regulated. Singapore regulates both types, but under different laws. It considers coins that are digital representations of other assets, such as unlisted stocks, to be securities. In June, the European Union reached a tentative agreement to impose common cryptocurrency rules across all 27 member states and to develop a new legal framework to regulate public offerings of cryptoassets.

• A Treasury Department report on crypto regulatory issues.

• A look at the efforts of the crypto industry in Washington to avoid securities regulation.

• Gary Gensler’s first crypto interview after taking over as SEC chair with Bloomberg Businessweek.

• An OnPoint BGOV of cryptocurrency legislation being considered by Congress.

• A 2018 Bloomberg QuickTake shows how long these fights have been going on.

• The Executive Order on Crypto Regulation signed by Biden.

• An article on the SEC fight with Ripple.

• The UK FCA’s breakdown of regulated versus unregulated tokens.

More stories like this are available at bloomberg.com

The new Astro A30 headphones can extract audio from three gadgets at once

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Logitech has announced a new iteration of the Astro A30 wireless gaming headset, a product without an update for several years. It will retail for $229.99 when it releases in October. The new A30 looks like a modern take on the previous version (thankfully it’s a lot less shiny), with the return of its customizable speaker labels that attach magnetically to either side as well as the square shape of the speaker enclosures. speaker. The A30 will be available in matte navy or matte white, and each colorway has a cool (or chintzy, depending on your taste) chrome design effect under the replaceable speaker labels.

It will come out with two models: one that includes a USB-A wireless transmitter that works with Xbox, PC, macOS, and mobile consoles, and one that works with those PlayStation platforms and consoles.

Console compatibility is a bit of an odd thing here. Just like its 2020 A20 Gen 2, a single A30 headset box works with both console families, but you’ll have to pay to unlock its cross-platform compatibility. He will sell you a second transmitter that you can insert into either console. Logitech did not respond to a request for information on the cost of each transmitter before publication, but if it looks like the A20’s transmitter, it will likely cost around $20. The headset page listing was live before the embargo lifted, and it revealed that Astro has a USB-C audio transmitter in the works that can plug directly into the Switch console and mobile devices or computers with a USB-C port. On the page it says: “Purchase additional USB-A and USB-C transmitters to enable LIGHTSPEED 2.4Ghz wireless connection to your other consoles and mobile devices.”

This image from Best Buy’s product listing shows a USB-C transmitter plugged into a Switch console (top right).
Picture: Logitech

The A30 offers a decent number of nice-to-have features, like swiveling ear cups, up to 27 hours of battery life per charge, and a multi-function joystick that makes it easy to adjust volume and PC game/chat audio or Xbox (but not PlayStation, oddly). There are a few smarter additions too, like its ability to pull audio from three sources at once (2.4GHz, Bluetooth, and wired 3.5mm) and the built-in mic it has so you don’t have to. not have to go out to take calls. with his long-arm mic attached.

An image showing the navy blue and white colorways of the Astro A30 gaming headsets.

The A30 will be available in these two matte-textured colorways. A zippered hard case is included, along with a USB-C charging cable, 3.5mm audio cable, and boom mic.
Picture: Logitech

However, for me, the A30’s most interesting feature is its deep integration with Logitech’s G Hub mobile app. From there, you can do expected things like check the battery life and update its firmware. But the app also lets you set profiles, each with its own set of detailed preferences. You can, for example, change the EQ for “Astro Footsteps” mode in the game profile, then set a custom EQ for a different profile. The app also lets you adjust the noise gate of its microphones as well as the amount of sidetone (akin to transparency modes in headphones that let in noise from the outside world).

Typically, headset manufacturers try to build as many such features as possible into the hardware itself, resulting in a sloppy button layout with a steep learning curve. Logitech’s mobile software solves some of that, and it gives tinkerers a place to go wild with the settings. Just keep in mind that if for some reason you don’t want to use an app alongside the headset, the A30 offers less functionality with the hardware alone.

Two phone screen shots that showcase some features provided in the Logitech G Hub mobile app.

Here are some screens you can expect to see in the Logitech G Hub mobile app.
Picture: Logitech

I only had a few days to test the A30, and from my first impressions the audio performance is well balanced. The sound isn’t full, filled with booming bass or a full range of immersive detail. For the price, I expected a little more, although some gamers may be satisfied. Beyond performance, I’m very impressed with the app features that make the A30 worth its somewhat hefty $229 cost.

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Stock futures rise slightly ahead of Federal Reserve’s expected interest rate hike

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Equity futures rose slightly on Wednesday as traders anticipated a possible interest rate hike announcement from the Federal Reserve later in the day.

Dow Jones Industrial Average futures gained 60 points, or 0.2%. S&P 500 futures also climbed 0.2% and Nasdaq 100 futures traded just above the flatline.

Investors expect the central bank to make its third consecutive rate hike of 0.75 percentage points to rein in high inflation. A higher-than-expected consumer price index in August and hawkish comments on rate hikes from Fed leaders weighed on stocks, with more pressure likely as the central bank continues to fight inflation .

“We’ll never really know if the stock market lows are for the year without successfully testing the June lows,” John Lynch, chief investment officer at Comerica Wealth Management said in a Tuesday note. “Certainly the recent technical weakness in stock prices must now be met with the determination of monetary policy makers in their fight against inflation.”

Investors will also be watching earnings from Lennar, KB Homes, General Mills and Steelcase on Wednesday. Existing home sales will also be released on Wednesday.

Treasury yields fell on Wednesday after hitting levels not seen in more than a decade. The 2-year rate, which hit its highest level since 2007 in the previous session, last fell about 2 basis points to 3.948%. The benchmark 10-year yield slipped to 3.54% after hitting its highest level since 2011.

Shares fell on Tuesday, the first day of the Federal Open Market Committee meeting. The Dow lost 1.01%. The S&P 500 and the Nasdaq Composite fell 1.13% and 0.95% respectively.

STOCK WATCH: Booktopia directors resign, Koala assesses market entry

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ASTORIA INVESTMENT LIMITED – Securities Trading by Partners of Directors – SENS

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Dealings in securities by associates of directors

ASTORIA INVESTMENTS LTD
(Incorporated in the Republic of Mauritius)
(Registration number 129785 C1/GBL)
SEM share code: ATIL.N0000
JSE share code: ARA
ISIN: MU0499N00015
(“Astoria” or “the Company”)

Dealings in securities by associates of directors

In compliance with paragraph 3.63 of the JSE Limited Listings Requirements, shareholders are hereby notified that
associates of directors of the Company have acquired Astoria shares. The details of the acquisitions are as follows:

Name of directors: Pieter Gerhardt Viljoen
Johannes Cornelis van Niekerk

Name of associate: Calibre Investment Holdings (Pty) Ltd (“CIH”)

Relationship to associate: Messrs. Viljoen and van Niekerk are directors and indirect
beneficial shareholders of CIH

Nature and extent of interest: Indirect beneficial

Nature of transaction: On-market acquisition

Clearance obtained to deal: Yes

Date of transaction: 16 September 2022
Price of securities: 552.00 cents per share
Number and class of securities purchased: 740 570 ordinary shares
Total value of securities: R4 087 946.40

Name of directors: Pieter Gerhardt Viljoen
Johannes Cornelis van Niekerk

Name of associate: Calibre International Investment Holdings (Pty) Ltd (“CII”)

Relationship to associate: Messrs. Viljoen and van Niekerk are indirect beneficial
shareholders of CII

Nature and extent of interest: Indirect beneficial

Nature of transaction: On-market acquisition

Clearance obtained to deal: Yes

Date of transaction: 16 September 2022
Price of securities: 552.00 cents per share
Number and class of securities purchased: 1 083 102 ordinary shares
Total value of securities: R5 978 723.04

Name of director: Dean Schweizer

Name of associate: Monica Vilabril

Relationship to associate: Immediate family member

Nature and extent of interest: Indirect beneficial

Nature of transaction: On-market acquisition

Clearance obtained to deal: Yes

Date of transaction: 16 September 2022
Price of securities: 552.00 cents per share
Number and class of securities purchased: 25 000 ordinary shares
Total value of securities: R138 000

Astoria has primary listings on the Stock Exchange of Mauritius and the Alternative Exchange of the JSE.

This notice is issued pursuant to SEM Listing Rule 11.3 and Rule 5(1) of the Securities (Disclosure Obligations of
Reporting Issuers) Rules 2007. The Board accepts full responsibility for the accuracy of the information contained
in this announcement.

20 September 2022

Designated Advisor
Questco Corporate Advisory Proprietary Limited

Company Secretary
Clermont Consultants (MU) Limited

Date: 20-09-2022 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE’).
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

Netflix Stock is getting an upgrade. An ad-based service could win back subscribers.

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Netflix has not confirmed pricing for its ad-supported plan, which will launch in early 2023.

The time of dreams

netflix

has another fan on Wall Street.

Oppenheimer analyst Jason Helfstein raised his rating on the video streaming company to Outperform from Perform, citing the potential for faster subscription growth following Netflix’s launch of its planned ad-based service. He has a target of $325 for the stock price, while the shares were flat at $240.19 on Monday morning. They have fallen by 60% this year.

Helfstein’s rating change comes after Evercore ISI’s Mark Mahaney upgraded his rating on Netflix shares to In Line’s Outperform last week, while Macquarie Research analyst Tim Nollen raised his rating to Neutral from Underperforming earlier this month. Nollen thinks Netflix can increase its overall revenue by offsetting revenue lost when subscribers switch to the cheaper ad-supported version with revenue from advertisers.

Netflix (ticker: NFLX) hasn’t confirmed pricing for its ad-supported tier, although late last month Bloomberg reported that the service would cost around $7-9 per month and would not wouldn’t include the full Netflix catalog. Netflix said on a conference call in July to discuss its revenue that it would launch the new service tier in countries with mature ad markets around early 2023.

Helfstein said an exclusive survey indicated not only that the ad-based tier will attract users, but there is also a greater opportunity to encourage former users to re-subscribe. More than 40% of people in the United States who stopped subscribing to Netflix would re-subscribe at a lower price, he said. Of the 9% of survey participants who said they had never subscribed, 30% expressed interest in subscribing at a lower price.

In addition to growing the user base,

Oppenheimer
it is

The optimism stems from Netflix’s dominant position in streaming and its ability to sell ads at a cost well above the normal TV average. “Netflix draws large audiences for big-name show releases, comparable to award shows and major sporting events…” Helfstein wrote.

Still, several analysts are still unconvinced about the addition of an ad-based service. Benchmark analyst Matthew Harrigan reaffirmed his sell rating last week, saying reports indicate Netflix is ​​charging advertisers aggressively. It likely set unrealistic price expectations for a service with limited ad-tech capabilities, he said. Netflix did not respond to a request for comment at the time.

Bank of America analyst Nat Schindler said earlier this month that any benefits from the new feature are “several quarters, minimum.”

During the July earnings call, chief product officer Gregory Peters acknowledged that the ad-supported tier will start out as a relatively small contributor to Netflix’s total revenue mix. “But we think we can develop it to be substantial over a period of time,” he added.

Netflix has tried to encourage investors to focus on 2023 and 2024, when it expects revenue growth to accelerate, unlike the past two quarters, when the company reported disappointing subscriber numbers.

Write to Karishma Vanjani at [email protected]

Alberta’s Oil & Gas Sector Tops TSX’s Top 30 List

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Alberta energy companies feature prominently in the Toronto Stock Exchange‘s latest list of top performers.

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Companies based in the province accounted for half of the listings on the latest TSX30, an annual ranking of the top 30 stocks by dividend-adjusted share price over a three-year period, which was released on Thursday.

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Of these 15 Alberta companies, 14 are in the oil and gas sector.

TSX CEO Loui Anastasopoulos said these Alberta energy companies account for about 63% of market capitalization – the value of publicly traded companies – on the 2022 edition of the TSX30.

“It’s nice to see energy taking a starring role in this year’s list for the first time,” he told Postmedia.

Representation of oil and gas companies on the annual list has been sparse since the program launched in 2019, but as of Thursday, the top 10 included Alberta companies Obsidian Energy Ltd., Crew Energy Inc., Advantage Energy Ltd., Paramount Resources Ltd. and Tourmaline Oil Corp.

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  1. Finance Minister Jason Nixon speaks during a press conference in Edmonton on October 25, 2021.

    Energy prices push Alberta’s projected surplus to $13.2 billion

  2. A pump jack on a farmer's frozen field in a Pembina oil field.

    David Staples: The world is taking Alberta’s winning approach to oil and gas

At No. 13, Calgary-headquartered Birchcliff Energy Ltd. made a sharp ascent from the “depths of despair” in March 2020, the early days of the COVID-19 pandemic when the stock price the company’s stock fell to around 60 cents. This year, the stock has reached around $12, chairman and chief operating officer Chris Carlsen told Postmedia.

Although the inclusion on the list is exciting, it is also a reminder of the challenges faced over the past three years, he added.

Share prices in the sector had been hit due to low oil prices in the decade before the pandemic, and fell further in early 2020 with reduced demand.

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“I really think about the resilience and strength of our people in Calgary and on the pitch,” Carlsen said. “As well as the management team, our board of directors and some of our major shareholders for this support during all these different times to get from where we were to where we are today.”

Oil prices have since rebounded and reached as high as US$120 a barrel in June, in part due to a general lifting of COVID-19 restrictions as well as the war between Russia and Ukraine.

As with just over a third of the top 30 companies announced on Thursday, Birchcliff is a “graduate” of the TSX Venture Exchange, an exchange that lists start-ups as they incubate, grow and leapfrog. on the TSX market, Anastasopoulos said. .

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“I think it speaks to the credibility of this two-tiered ecosystem and how it nurtures, grows and transitions companies to the big board,” he said.

Mining companies also had a notable presence on the last TSX30, half of which are headquartered in British Columbia

Anastasopoulos was quick to note that nationally, the list also points to a successful year for local businesses.

“Obviously the focus is on Alberta, but 90% of the list this year are Canadian companies, which I think demonstrates the strength of Canadian capital markets as a platform for growth,” did he declare.

— With files from The Canadian Press

[email protected]

@hamdiissawi

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World leaders honor Queen Elizabeth, BOJ meeting and reopening of Bhutan

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Welcome to your week in Asia.

Many Asian leaders will attend Queen Elizabeth’s funeral in London on Monday to pay their respects to Britain’s longest-serving monarch.

The general debate of the United Nations General Assembly begins on Tuesday. Monetary policy decisions from the US Federal Reserve and the Bank of Japan are expected later this week.

Get the best of our Asia coverage and more by following us on Twitter @NikkeiAsia.

MONDAY

Queen Elizabeth’s funeral

Britain’s Queen Elizabeth II will be laid to rest in a state funeral at Westminster Abbey in London. The event will also be a major diplomatic event. US President Joe Biden will attend as well as Japanese Emperor Naruhito, South Korean President Yoon Suk-yeol, Chinese Vice President Wang Qishan, Australian Prime Minister Anthony Albanese and Indian President Draupadi Murmu. Taiwan did not receive an invite, despite the island’s warm ties to the UK

Go further: Queen Elizabeth’s soft power in Asia has overtaken the Commonwealth

TUESDAY

General Debate of the United Nations General Assembly

The United Nations General Assembly begins its general debate, giving each country the opportunity for its representative to address the world directly. Representatives of the 193 Member States will have the opportunity to speak over several days.

WEDNESDAY

AfDB Outlook Report Update

The Asian Development Bank publishes updated growth forecasts for emerging Asian economies. The numbers will be watched closely amid turmoil that includes the coronavirus pandemic, Russia’s invasion of Ukraine, rising inflation and monetary tightening in advanced economies.

Hong Kong’s Cardinal Zen stands trial

Hong Kong’s Cardinal Joseph Zen and five other pro-democracy figures will face a five-day trial. The charges relate to the now-disbanded 612 Humanitarian Relief Fund, which helped arrested protesters linked to the 2019 protests in the city with legal and medical bills. Zen, the fund’s other directors and its secretary were first arrested on national security charges, but are now charged with failing to officially register the organization. The defendants denied any wrongdoing.

Tencent Music launches in Hong Kong

Tencent Music Entertainment, which is controlled by China’s most valuable technology company, Tencent Holdings, is debuting on the Hong Kong Stock Exchange. It joins a slew of US-listed Chinese companies seeking secondary listings closer to home in case they are kicked out of US exchanges by 2024 due to questions about their audits.

Tencent is listed in Hong Kong using a method called “by IPO,” a faster and cheaper shortcut increasingly used by Chinese companies listed in the United States this year. With such a listing, a company does not raise any capital or issue new shares. Chinese electric vehicle maker Nio, real estate agency KE Holding and fintech company OneConnect Financial Technology were all listed as introductions earlier this year.

Meanwhile, an inspection team from the US Public Company Accounting Supervisory Board arrived in Hong Kong and started inspecting the audit records of US-listed Chinese companies in the city. If the United States is no