iA Clarington Investments announces November 2024 distributions for Active ETF Series as well as arrangements to address mailing delays resulting from Canada Post strike
TORONTO, Nov. 22, 2024 /CNW/ – IA Clarington Investments Inc. (“iA Clarington“) today announced the November 2024 distributions for its Active ETF Series. Unitholders of record as of November 29, 2024 will receive cash distributions payable on December 10, 2024.
Per-unit distributions are detailed below:
|
Active ETF Series |
Ticker |
Distribution |
CUSIP |
|
IA Clarington Core Plus Bond Fund |
ICPB |
0.04376 |
44931X109 |
|
IA Clarington Floating Rate Income Fund |
IFRF |
0.04756 |
44932R101 |
|
IA Clarington Loomis Global Allocation Fund |
IGAF |
0.00915 |
45075W104 |
|
IA Clarington Loomis Global Multisector Bond Fund |
ILGB |
0.03337 |
45076L107 |
|
IA Clarington Strategic Income Fund |
ISIF |
0.02659 |
44933N109 |
|
IA Clarington Loomis Global Equity Opportunities Fund |
IGEO |
0.00000 |
44934G103 |
|
IA Clarington Strategic Corporate Bond Fund |
ISCB |
0.04630 |
44934C102 |
|
IA Wealth Enhanced Bond Pool |
IWEB |
0.03772 |
44934M100 |
For more information about IA Clarington Active ETF Series, please visit iaclarington.com/ETF
iA Clarington is also providing an update to unitholders on the potential impact of the strike by the Canadian Union of Postal Workers on iA Clarington’s ability to comply with its obligations to deliver to unitholders its interim financial statements and management reports of fund performance.
As a result of the strike, and pursuant to l’Autorité des marchés financiers general decision on the exemption from the obligation to transmit certain continuous disclosure documents in the event of interruption of regular postal services issued November 15, 2024, iA Clarington is advising unitholders that:
a. the interim financial statements and corresponding management reports of fund performance, if any, have been filed electronically and are available on the SEDAR+ website at www.sedarplus.ca;
b. a copy of the interim financial statements, together with the corresponding management reports on fund performance, if any, will be sent to each unitholder upon request;
c. unitholders may contact Client Services 1-800-530-0204 to obtain the documents indicated above or for any information required; and
d. iA Clarington will mail copies of the interim financial statements and corresponding management reports of fund performance as soon as possible and, in any case, within 10 days of the end of the interruption of regular postal services, unless the necessary arrangements to transmit the documents by other means at the unitholder’s request have been made.
About IA Clarington Investments Inc.
A subsidiary of Industrial Alliance Insurance and Financial Services Inc. – Canada’s fourth-largest life and health insurance company – iA Clarington offers a wide range of investment products, including actively managed mutual funds, managed portfolio solutions, Active ETF Series and socially responsible investments. As of October 31, 2024, iA Clarington has over $21 billion in assets under management. For more information, please visit iaclarington.com
Commissions, trailing commissions, management fees, brokerage fees and expenses all may be associated with mutual fund investments, including investments in exchange-traded series of mutual funds. The information presented herein may not encompass all risks associated with mutual funds. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. The iA Clarington Funds are managed by IA Clarington Investments Inc. iA Clarington and the iA Clarington logo, iA Wealth and the iA Wealth logo, and iA Global Asset Management and the iA Global Asset Management logo are trademarks of Industrial Alliance Insurance and Financial Services Inc. and are used under license. iA Global Asset Management Inc. (iAGAM) is a subsidiary of Industrial Alliance Investment Management Inc. (iAIM).
The payment of distributions and distribution breakdown, if applicable, is not guaranteed and may fluctuate. The payment of distributions should not be confused with a Fund’s performance, rate of return, or yield. Distributions paid as a result of capital gains realized by a Fund and income and dividends earned by a Fund are taxable in the year they are paid.
SOURCE IA Clarington Investments Inc.
View original content: http://www.newswire.ca/en/releases/archive/November2024/22/c2611.html
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Why Wolfspeed Stock Skyrocketed Today
Wolfspeed (NYSE: WOLF) stock posted explosive gains in Friday’s trading. The company’s share price ended the day’s trading up 31% and had been up as much as 35.4% earlier in the daily session.
Wolfspeed stock gained ground in conjunction with news about the compensation for executive chairman Thomas Werner and filings with the Securities and Exchange Commission (SEC) showing that insiders had recently acquired shares. In addition to these catalysts, the company’s share price also appears to have benefited from a surge of bullish momentum for meme stocks.
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Earlier this week, Wolfspeed announced that its CEO, Gregg Lowe, would be stepping back from the role this month and also departing from the company’s board of directors. In conjunction with the announcement, the company stated that board chairman Thomas Werner would also step into the executive chairman role as the tech specialist works to select its next CEO.
In a filing with the SEC yesterday, details about Werner’s compensation as executive chairman were shared. Werner is scheduled to receive $150,000 in cash on a monthly basis in addition to $250,000 worth of restricted stock units. The executive chairman acquired 37,500 shares on Nov. 20.
In addition to details about Werner’s pay package and acquisition filing, filings with the SEC also showed that other members of the company’s board of directors had acquired significant amounts of stock the same day. Board member Duy-Loan T. Le acquired 20,000 shares on Nov. 20. Meanwhile, Darren Jackson acquired 36,795 shares, and Stacy Smith acquired 30,376 shares.
With board members moving to acquire shares and receiving stock as a substantial component of their compensation packages, investors are seeing signs that company insiders are bullish on Wolfspeed’s future. As famous investor Peter Lynch once said, “Insiders might sell their shares for any number of reasons, but they buy them for only one: They think the price will rise.” Recent share acquisitions by board members are a positive indicator for the shareholder base at large.
On the other hand, Wolfspeed’s explosive stock growth also appears to have been aided by a broader rally for meme stocks. Even after today’s big pop, the company’s share price is still down 81% year to date. While the stock could continue to enjoy a comeback rally in the near term, there hasn’t been any news about the core business to propel the recent rally — and that opens the door for volatile trading if more substantive bullish catalysts aren’t forthcoming.
Click Holdings Limited Reports Strong Growth in the First Half of 2024 Financial Results
Hong Kong, Nov. 22, 2024 (GLOBE NEWSWIRE) — Click Holdings Limited ((“Click Holdings” or “we” or “us”, NASDAQ:CLIK) and its subsidiaries (collectively, the “Company”), a human resources solutions provider based in Hong Kong, announced its unaudited financial results for the six months ended June 30, 2024.
In the first half of 2024, total revenue increased by approximately 14.3%
We achieved steady growth over the past six months and continued to consolidate its market position in the human resources solutions sector. In the first half of 2024, the Company achieved total revenue of approximately $3.2 million.
In the first half of 2024, net income increased by approximately 25.0%
We have realized an improvement in our gross profit margin within our business. During the first half of 2024, the Company reported a net income of approximately $0.5 million, marking a notable increase of approximately 25.0% compared to that of approximately $0.4 million for the same period in 2023.
Updates on principal sectors
Professional solution services: This sector contributed approximately 31.7% of the Company’s total revenue, amounting to approximately $1.0 million. The services provided by us include (i) the secondment of senior executives such as chief financial officers and company secretaries to perform compliance, financial reporting and financial management functions for customers; (ii) the provision of accounting and audit professionals to perform audit work under the instruction of Certified Public Accountant firms; and (iii) the provision of corporate finance experts to assist in drafting of documents including circulars, announcements and others for Hong Kong listed companies and listing documents for private companies planning to go public.
Nursing solution services: This sector generated approximately $0.7 million in revenue, representing approximately 21.3% of the Company’s total revenue. We provide human resources solutions to social service organizations and nursing homes by matching both temporary and permanent vacancies with candidates in our extensive talent pool.
Logistics and other solution services: This sector brought in approximately $1.5 million in revenue, representing approximately 47.0% of the Company’s total revenue. We provide human resources solutions by matching workers such as packaging staff and movers from our talent pool with both temporary and permanent vacancies offered by our customers. The strong growth in revenue from this sector of approximately 72.6% reflected the rapid expansion of this sector during the six months ended June 30, 2024 in particular the additional demand for placement of works from a major customer starting in April 2024.
Outlook
Amid a challenging but promising market environment in Hong Kong, we will continue to focus on enhancing service quality and fulfillment capabilities to meet the ever-changing needs of our customers. Furthermore, we will actively pursue fresh business prospects to extend its market presence. Moving forward, our management holds a positive outlook on the long-term potential of the Company.
About Click Holdings Limited
We are a human resources solutions provider, specializing in offering comprehensive human resources solutions in three principal sectors, namely (i) professional solution services, (ii) nursing solution services, and (iii) logistics and other solution services. We are primarily focused on talent sourcing and the provision of temporary and permanent personnel to customers. Our primary market is in Hong Kong and our diverse clientele includes accounting and professional firms, Hong Kong listed companies, nursing homes, individual patients, logistics companies and warehouses.
For more information on the Company and its filings, which are available for review at www.sec.gov.
Safe Harbor Statement
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC, which are available for review at www.sec.gov.
For enquiry, please contact:
Click Holdings Limited
Unit 709, 7/F., Ocean Centre
5 Canton Road
Tsim Sha Tsui, Kowloon
Hong Kong
Email: admin@clickholdings.com.hk
Phone: +852 2691 8200
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Formula 1 Drivers React To Cannabis Smell At Las Vegas Grand Prix: 'Everyone Would Test Positive'
The Las Vegas Grand Prix kicked off with an unexpected twist this week at Formula 1. During the second free practice session, it wasn’t the usual track talk about lap times or track conditions being discussed by the drivers. Instead, they were commenting on the pervasive cannabis aroma filling the air around the circuit.
See Also: Cannabis Can Be A ‘Great Tool In Dealing With Adversity,’ Says Former NFL Star Ricky Williams
The first to bring it up was young Argentine driver Colapinto. After his media interview following practice, he made a candid observation that quickly went viral.
“Yes, there was a smell of weed. If they do a doping test on the drivers now, I think everyone would test positive, I swear,” Colapinto joked.
“When we all test positive, it’ll be a mess,” the 21-year-old William’s driver said in a playful tone.
Colapinto wasn’t alone in noticing the cannabis scent. Red Bull’s Sergio “Checo” Pérez also weighed in, concerned about the track conditions: “Practice 1 was a total disaster, the track was very dirty.”
According to Infobae, he quickly added: “What’s really noticeable around the whole circuit is the smell of marijuana all night long. I’m a little tired of it, the amount of odor is unbelievable. It’s something that all the drivers will surely talk about.”
Cannabis In Las Vegas: What You Need to Know
Since recreational cannabis became legal in Nevada in 2017, adults 21 and over can legally possess up to 2.5 ounces of cannabis flower or 0.25 ounces of THC concentrate, including edibles.
However, while cannabis use is widespread in the city, public consumption remains off-limits. Smoking or using cannabis in public places is prohibited, with consumption confined to private residences or licensed lounges.
Read Next:
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Massive Insider Trade At Genie Energy
It was reported on November 22, that AVI GOLDIN, CFO at Genie Energy GNE executed a significant insider sell, according to an SEC filing.
What Happened: After conducting a thorough analysis, GOLDIN sold 7,300 shares of Genie Energy. This information was disclosed in a Form 4 filing with the U.S. Securities and Exchange Commission on Friday. The total transaction value is $112,551.
Tracking the Friday’s morning session, Genie Energy shares are trading at $15.9, showing a down of 0.0%.
Discovering Genie Energy: A Closer Look
Genie Energy Ltd, through its subsidiaries, operates as a retail energy provider. It serves two reportable business segments: Genie retail energy, or GRE, and Genie renewables. The Genie retail energy segment resells energy to residential and commercial consumers in the Eastern and Midwestern United States through its portfolio of various retail energy providers. The Genie renewables segment holds controlling interests in various companies engaged in the manufacturing of solar panels, solar installation design, and solar energy project management. It generates the majority of its revenue from the Genie retail energy segment.
Genie Energy: Financial Performance Dissected
Revenue Challenges: Genie Energy’s revenue growth over 3 months faced difficulties. As of 30 September, 2024, the company experienced a decline of approximately -10.5%. This indicates a decrease in top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Utilities sector.
Analyzing Profitability Metrics:
-
Gross Margin: The company faces challenges with a low gross margin of 33.87%, suggesting potential difficulties in cost control and profitability compared to its peers.
-
Earnings per Share (EPS): Genie Energy’s EPS is below the industry average, signaling challenges in bottom-line performance with a current EPS of 0.38.
Debt Management: Genie Energy’s debt-to-equity ratio is below the industry average. With a ratio of 0.01, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.
Navigating Market Valuation:
-
Price to Earnings (P/E) Ratio: Genie Energy’s stock is currently priced at a premium level, as reflected in the higher-than-average P/E ratio of 198.75.
-
Price to Sales (P/S) Ratio: With a lower-than-average P/S ratio of 1.0, the stock presents an attractive valuation, potentially signaling a buying opportunity for investors interested in sales performance.
-
EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation & Amortization): At 43.27, the company’s EV/EBITDA ratio outperforms industry norms, reflecting positive market perception. This positioning indicates optimistic expectations for the company’s future performance.
Market Capitalization Perspectives: The company’s market capitalization falls below industry averages, signaling a relatively smaller size compared to peers. This positioning may be influenced by factors such as perceived growth potential or operational scale.
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Exploring the Significance of Insider Trading
Investors should view insider transactions as part of a multifaceted analysis and not rely solely on them for decision-making.
In the realm of legality, an “insider” is defined as any officer, director, or beneficial owner holding more than ten percent of a company’s equity securities under Section 12 of the Securities Exchange Act of 1934. This includes executives in the c-suite and major hedge funds. These insiders are required to disclose their transactions through a Form 4 filing, to be submitted within two business days of the transaction.
Notably, when a company insider makes a new purchase, it is considered an indicator of their positive expectations for the stock.
Conversely, insider sells may not necessarily signal a bearish stance on the stock and can be motivated by various factors.
Essential Transaction Codes Unveiled
For investors, a primary focus lies on transactions occurring in the open market, as indicated in Table I of the Form 4 filing. A P in Box 3 denotes a purchase, while S signifies a sale. Transaction code C signals the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.
Check Out The Full List Of Genie Energy’s Insider Trades.
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High Wire Reports Record Q3 2024 Results, Driven by Growth in Overwatch Managed Cybersecurity Business
BATAVIA, Ill., Nov. 22, 2024 (GLOBE NEWSWIRE) — High Wire Networks, Inc. HWNI, a leading global provider of managed cybersecurity, reported results for continuing operations for the three months and nine months ended September 30, 2024. All comparisons are to the same year-ago period unless otherwise noted.
The following results are from continuing operations following the divesture of the company’s technology enablement services business on June 27, 2024. The company’s current business segments include Overwatch managed cybersecurity services and SVC telecom services.
Q3 2024 Operational Highlights
- Awarded an expanded annual contract renewal to deliver enhanced managed cybersecurity at more than a dozen luxury car dealerships across the West Coast and Midwest U.S. The renewal increases the anticipated annual revenue by fivefold over the previous year.
- Recognized as top cybersecurity leader in Frost & Sullivan’s managed security services report, Frost Radar™: Managed Security Services in Americas, 2024.
- Appointed veteran cybersecurity thought leader and executive, Edward Vasko, CISSP, as High Wire’s chief operations officer and chief executive officer of the Overwatch managed cybersecurity services division. Vasko brings to High Wire more than 33 years of experience and accomplishment in the cybersecurity industry, including business formation and product development, and leading strategic M&As and major exits.
- Appointed Mark Dallmeier to the new position of chief revenue officer of Overwatch. Dallmeier brings to Overwatch 27 years of accomplishment in taking technology and managed services companies into ‘hypergrowth.’
- Appointed Michael Lieder as senior director of Overwatch Service Delivery and Products.
Financial Highlights
- Revenue from continuing operations in the third quarter of 2024 increased 4% to a record $2.1 million, with revenue for the first nine months up 8% to a record $6.1 million. The increases were primarily due to growth in the company’s Overwatch managed cybersecurity business.
- Q3 2024 revenue from Overwatch increased 9% to $1.0 million.
- Operating income for SVC was $103,000, up 600% from the second quarter of 2024, with operating income for the first nine months up 34% to $252,000.
- Operating expenses decreased 21% to $3.6 million, as compared to $4.6 million in the same year-ago quarter, as the result of the company’s strategic realignment initiative.
- Net loss from continuing operations in the third quarter totaled $1.7 million or $(0.01) per diluted share, a 56% improvement from a net loss of $3.8 million or $(0.01) per diluted share in the same year-ago quarter.
- Total liabilities for the third quarter of 2024 decreased $5.9 million to $7.6 million at quarter end from $13.6 million at the end of the same year-ago quarter.
- Interest expense decreased $1.1 million or 96% to $50,000 in the third quarter of 2024.
Management Commentary
“In Q3, we saw continued revenue growth from our Overwatch managed cybersecurity and telecom businesses as we began to realize the benefits of the strategic realignment we initiated in the second quarter,” stated High Wire CEO, Mark Porter. “This realignment included the divestiture of our IT enablement services business so we could focus on the greater and more rewarding opportunities in managed cybersecurity.
“The strong momentum we’ve experienced with our current business in Q3, including higher average monthly recurring revenue from new and expanded engagements, validates this transition. It also reinforces our strategy of targeting larger channel partners and enterprise-level opportunities in the cybersecurity space.
“Our Overwatch growth in the quarter is perhaps even more impressive when considering the distraction of the IT divestiture and our transition to focus on Overwatch. Our sharper focus on Overwatch resulted in the full realignment of our Overwatch management team with certain departures and key news hires designed to better prepare us for the accelerating growth we see ahead.
“The new appointments included Ed Vasko as our new Overwatch CEO, Mark Dallmeier as chief revenue officer, and Michael Lieder as senior director of Overwatch’s service delivery and products. Together, they have refined our go-to-market strategy around larger partners, paving the way for strong growth ahead.
“During the quarter we also implemented efficiencies that decreased our operating expenses by 21% versus the same year-ago quarter. This substantial improvement demonstrates the effectiveness of our operating strategies and leverage in our model, which includes the application of advanced AI automation and engineering.
“Altogether, these efforts have resulted in the largest pipeline of large deals in our company’s history, with several in the final closing stages and supporting our path to profitability. Combined with now a much cleaner capital structure, we are well positioned for an uplisting to a major exchange — especially how the capital markets are looking the best they’ve been in many months. Capable players have expressed strong interest and confidence in helping us with such an endeavor.
“Last month, we were honored to be recognized for the fourth consecutive year by MSSP Alert as a Top 100 provider in the managed security service space. This achievement reflects our team’s dedication to delivering cutting-edge solutions through our Overwatch ecosystem, including managed XDR and advanced edge protection. We believe these solutions meet the evolving needs of our partners and customers like none other on the market today.
“Looking ahead, we remain confident in our ability to capitalize on the new foundation we’ve established. Our diversified service offerings in secure voice, combined with enhanced compliance and quality, are attracting new customers and unlocking additional revenue streams.
“As we progress through the final quarter of the year and into 2025, we expect accelerating growth with this supporting significant profitability by the second half of the new year. This positive outlook, coupled with the strengthening macroeconomic sentiment among our partners, positions us well for executing our managed cybersecurity strategy and delivering greater shareholder value.”
Q3 2024 Financial Summary
Revenue in the third quarter of 2024 totaled $2.1 million, an increase of 4% from $2.0 million in the same year-ago quarter. The increase in revenue reflects an increase in revenue from the company’s Overwatch managed cybersecurity business. At the end of the third quarter of 2024, Overwatch was generating monthly recuring revenue of approximately $0.4 million or $4.8 million on an annualized basis.
Gross profit totaled $0.7 million or 33.1% of revenue in the third quarter, improving from $0.6 million or 32.6% of revenue in the same year-ago quarter. The increase in gross profit in the third quarter of 2024 was primarily due to the business moving towards a more scalable, efficient cyber platform as well as the efficiencies gained by continued improvements in the company’s automation capabilities.
Total operating expenses decreased 21% to $3.6 million compared to $4.6 million from the same year-ago quarter. The decrease is due to decreases in salaries and wages expenses of $0.8 million, general and administrative expenses of $812,000, and depreciation and amortization of $12,000.
Net loss from continuing operations in the third quarter of 2024 totaled $1.7 million or $(0.01) per diluted share, compared to a net loss from continuing operations of $3.8 million or $(0.01) per diluted share in the same year-ago quarter.
Net loss attributable to High Wire Networks common shareholders in the third quarter of 2024 totaled $1.7 million or $(0.01) per diluted share, compared to a net loss of $3.6 million or $(0.01) per diluted share in the same year-ago quarter.
First Nine Months of 2024 Financial Summary
Revenue in the first nine months of 2024 totaled $6.1 million, an increase of 8% from $5.6 million in the same year-ago period. The increase in revenue reflects the same reasons described above. In the first nine months of 2024, the Overwatch managed cybersecurity business contributed revenue of $3.1 million, as compared to $2.9 million in the same year-ago period.
Gross profit totaled $2.4 million or 39.8% of revenue in the first nine months of 2024 as compared to $1.7 million or 29.6% of revenue in the same year-ago period. The increase in gross profit reflects the same reasons described above.
Total operating expenses decreased 7% to $12.2 million compared to $13.0 million from the same year-ago period. The decrease is primarily due to decreases in general and administrative expenses of $1.2 million and depreciation and amortization of $6,000.
Net loss from continuing operations in the first nine months of 2024 totaled $7.7 million or $(0.03) per diluted share, compared to a net loss from continuing operations of $6.4 million or $(0.02) per diluted share in the same year-ago period.
Net income attributable to High Wire Networks common shareholders in the first nine months of 2024 totaled $2.0 million or $0.01 per diluted share, compared to a net loss of $7.5 million or $(0.03) per diluted share in the same year-ago period. The first nine months of 2024 included a gain on the sale of the company’s technology enablement business for approximately $8 million.
About High Wire Networks
High Wire Networks, Inc. HWNI is a fast-growing, award-winning global provider of managed cybersecurity. Through over 200 channel partners, it delivers trusted managed services for more than 1,100 managed security customers worldwide. End-customers include Fortune 500 companies and many of the nation’s largest government agencies. Its U.S. based 24/7 Network Operations Center and Security Operations Center is located in Chicago, Illinois.
High Wire was ranked by Frost & Sullivan as a Top 15 Managed Security Service Provider in the Americas for 2024. It was also named to CRN’s MSP 500 and Elite 150 lists of the nation’s top IT managed service providers for 2023 and 2024.
Learn more at HighWireNetworks.com. Follow the company on X, view its extensive video series on YouTube or connect on LinkedIn.
Forward-Looking Statements
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as “anticipate,” “appear,” “believe,” “could,” “estimate,” “expect,” “hope,” “indicate,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “project,” “seek,” “should,” “will,” “would,” and other variations or negative expressions of these terms, including statements related to expected market trends and the Company’s performance, are all “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.
High Wire Contact
Mark Porter
Chief Executive Officer
High Wire Networks
Tel +1 (952) 974-4000
Email contact
Investor & Media Relations:
Ronald Both or Grant Stude
CMA Investor & Media Relations
Tel +1 (949) 432-7557
Email contact
| High Wire Networks, Inc. Condensed consolidated statements of operations (Unaudited) |
||||||||||||||||
| For the three months ended September 30, |
For the nine months ended September 30, |
|||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 2,051,672 | $ | 1,974,464 | $ | 6,050,793 | $ | 5,623,104 | ||||||||
| Operating expenses: | ||||||||||||||||
| Cost of revenue | 1,372,998 | 1,330,426 | 3,641,460 | 3,957,640 | ||||||||||||
| Depreciation and amortization | 186,422 | 198,208 | 608,283 | 614,098 | ||||||||||||
| Salaries and wages | 1,043,209 | 1,854,917 | 4,394,912 | 3,743,614 | ||||||||||||
| General and administrative | 1,019,153 | 1,204,488 | 3,507,287 | 4,700,827 | ||||||||||||
| Total operating expenses | 3,621,782 | 4,588,039 | 12,151,942 | 13,016,179 | ||||||||||||
| Loss from operations | (1,570,110 | ) | (2,613,575 | ) | (6,101,149 | ) | (7,393,075 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense | (50,195 | ) | (1,117,606 | ) | (1,037,268 | ) | (1,705,659 | ) | ||||||||
| Amortization of debt discounts | (66,907 | ) | (86,736 | ) | (923,717 | ) | (924,128 | ) | ||||||||
| Gain on change in fair value of warrant liabilities | 4,880 | – | 234,673 | – | ||||||||||||
| Gain (loss) on settlement of debt | 69,038 | – | (398,022 | ) | – | |||||||||||
| Exchange loss | (7,145 | ) | 1,852 | (35,007 | ) | (6,177 | ) | |||||||||
| Warrant expense | – | – | (233,877 | ) | – | |||||||||||
| Gain on extinguishment of warrant liabilities | – | – | 921,422 | – | ||||||||||||
| Penalty fee | – | – | (100,000 | ) | – | |||||||||||
| Liquidated damages related to escrow shares | – | – | – | (1,222,000 | ) | |||||||||||
| Gain on change in fair value of derivative liabilities | – | – | – | 3,140,404 | ||||||||||||
| Gain on extinguishment of derivatives | – | – | – | 1,692,232 | ||||||||||||
| Other (expense) income | (50,000 | ) | – | (50,000 | ) | 37,500 | ||||||||||
| Total other (expense) income | (100,329 | ) | (1,202,490 | ) | (1,621,796 | ) | 1,012,172 | |||||||||
| Net loss from continuing operations before income taxes |
(1,670,439 | ) | (3,816,065 | ) | (7,722,945 | ) | (6,380,903 | ) | ||||||||
| Provision for income taxes | – | – | – | – | ||||||||||||
| Net loss from continuing operations | (1,670,439 | ) | (3,816,065 | ) | (7,722,945 | ) | (6,380,903 | ) | ||||||||
| Net income (loss) from discontinued operations, net of tax |
– | 265,416 | 9,737,003 | (1,143,432 | ) | |||||||||||
| Net (loss) income attributable to High Wire Networks, Inc. common shareholders |
$ | (1,670,439 | ) | $ | (3,550,649 | ) | $ | 2,014,058 | $ | (7,524,335 | ) | |||||
| Income (loss) per share attributable to High Wire Networks, Inc. common shareholders, basic: |
||||||||||||||||
| Net loss from continuing operations | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.02 | ) | ||||
| Net income (loss) from discontinued operations, net of taxes |
$ | – | $ | – | $ | 0.04 | $ | (0.01 | ) | |||||||
| Net income (loss) per share | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.01 | $ | (0.03 | ) | |||||
| Income (loss) per share attributable to High Wire Networks, Inc. common shareholders, diluted: |
||||||||||||||||
| Net loss from continuing operations | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.02 | ) | ||||
| Net income (loss) from discontinued operations, net of taxes |
$ | – | $ | – | $ | 0.04 | $ | (0.01 | ) | |||||||
| Net income (loss) per share | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.01 | $ | (0.03 | ) | |||||
| Weighted average common shares outstanding | ||||||||||||||||
| Basic | 240,912,395 | 237,860,605 | 240,691,342 | 222,693,501 | ||||||||||||
| Diluted | 240,912,395 | 237,860,605 | 268,062,471 | 222,693,501 | ||||||||||||
| High Wire Networks, Inc. Condensed consolidated balance sheets |
||||||||
| September 30, 2024 |
December 31, 2023 |
|||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash | $ | 140,682 | $ | 328,282 | ||||
| Accounts receivable, net of allowances of $74,142 and $81,359, respectively, and unbilled revenue of $60,351 and $99,916, respectively |
1,372,921 | 670,388 | ||||||
| Prepaid expenses and other current assets | 387,433 | 117,030 | ||||||
| Current assets of discontinued operations | – | 1,629,011 | ||||||
| Total current assets | 1,901,036 | 2,744,711 | ||||||
| Property and equipment, net of accumulated depreciation of $667,966 and $477,763, respectively |
849,282 | 1,026,293 | ||||||
| Goodwill | 1,812,818 | 3,162,499 | ||||||
| Intangible assets, net of accumulated amortization of $1,359,396 and $2,350,059, respectively |
3,080,350 | 3,620,256 | ||||||
| Operating lease right-of-use assets | 200,716 | 277,995 | ||||||
| Total assets | $ | 7,844,202 | $ | 10,831,754 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued liabilities | 4,106,312 | 5,189,996 | ||||||
| Contract liabilities | 230,020 | 80,819 | ||||||
| Current portion of loans payable to related parties, net of debt discount of $0 and $10,968, respectively |
116,556 | 254,032 | ||||||
| Current portion of loans payable, net of debt discount of $0 and $96,552, respectively |
1,272,734 | 2,995,803 | ||||||
| Current portion of convertible debentures, net of debt discount of $98,016 and $614,556, respectively |
644,844 | 326,005 | ||||||
| Factor financing | – | 1,361,656 | ||||||
| Warrant liabilities | 117,120 | 833,615 | ||||||
| Operating lease liabilities, current portion | 108,145 | 89,318 | ||||||
| Current liabilities of discontinued operations | 505,782 | 1,529,286 | ||||||
| Total current liabilities | 7,101,513 | 12,660,530 | ||||||
| Long-term liabilities: | ||||||||
| Loans payable to related parties, net of current portion, net of debt discount of $0 and $25,297, respectively |
241,718 | 44,703 | ||||||
| Loans payable, net of current portion | 48,833 | – | ||||||
| Convertible debentures, net of current portion, net of debt discount of $0 and $464,839, respectively |
– | 685,161 | ||||||
| Operating lease liabilities, net of current portion | 98,133 | 190,989 | ||||||
| Total long-term liabilities | 388,684 | 920,853 | ||||||
| Total liabilities | 7,490,197 | 13,581,383 | ||||||
| Commitments and contingencies | ||||||||
| Series B preferred stock; $3,500 stated value; 1,000 shares authorized; 1,000 issued and outstanding as of September 30, 2024 and December 31, 2023 |
– | – | ||||||
| Total mezzanine equity | – | – | ||||||
| Stockholders’ equity (deficit): | ||||||||
| Common stock; $0.00001 par value; 1,000,000,000 shares authorized; 241,579,688 and 239,876,900 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively |
2,416 | 2,399 | ||||||
| Series D preferred stock; $10,000 stated value; 1,590 shares authorized; 943 issued and outstanding as of September 30, 2024 and December 31, 2023 |
7,745,643 | 7,745,643 | ||||||
| Series E preferred stock; $10,000 stated value; 650 shares authorized; 311 issued and outstanding as of September 30, 2024 and December 31, 2023 |
4,869,434 | 4,869,434 | ||||||
| Additional paid-in capital | 32,267,924 | 31,178,365 | ||||||
| Accumulated deficit | (44,531,412 | ) | (46,545,470 | ) | ||||
| Total stockholders’ equity (deficit) | 354,005 | (2,749,629 | ) | |||||
| Total liabilities and stockholders’ equity (deficit) | $ | 7,844,202 | $ | 10,831,754 | ||||
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Stran & Company Receives Additional Notification of Deficiency From Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q
Quincy, MA, Nov. 22, 2024 (GLOBE NEWSWIRE) — Stran & Company, Inc. (“Stran” or the “Company”) SWAG SWAGW, a leading outsourced marketing solutions provider that leverages its promotional products and loyalty incentive expertise, today announced that it has received a written notification (the “Notification Letter”) from the Listing Qualifications staff of The Nasdaq Stock Market LLC (“Nasdaq”) as a result of its failure to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (the “Form 10-Q”) in a timely fashion. The Notification Letter advised the Company that it was not in compliance with Nasdaq’s continued listing requirements under the timely filing criteria established in Nasdaq Listing Rule 5250(c)(1).
Previously, Nasdaq granted the Company an exception until December 16, 2024 to file its delinquent Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the “Initial Delinquent Filing”) and Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. As a result, any additional Nasdaq exception will be limited to a maximum of 180 calendar days from the due date of the Initial Delinquent Filing, or until December 16, 2024. In accordance with the Nasdaq Listing Rules, the Company has until December 6, 2024 to submit to Nasdaq an update to its original plan to regain compliance with Nasdaq Listing Rules.
The Company intends to submit the required update to its plan and take the necessary steps to regain compliance with Nasdaq Listing Rules as soon as practicable. No assurance can be given that the Company will be able to regain compliance with the aforementioned listing requirement or maintain compliance with the other continued listing requirements set forth in the Nasdaq Listing Rules.
The Notification Letter has no immediate effect on the listing of the Company’s common stock or warrants on The Nasdaq Capital Market.
About Stran
For over 29 years, Stran has grown to become a leader in the promotional products industry, specializing in complex marketing programs to help recognize the value of promotional products, branded merchandise, and loyalty incentive programs as a tool to drive awareness, build brands and impact sales. Stran is the chosen promotional programs manager of many Fortune 500 companies, across a variety of industries, to execute their promotional marketing, loyalty and incentive, sponsorship activation, recruitment, retention, and wellness campaigns. Stran provides world-class customer service and utilizes cutting-edge technology, including efficient ordering and logistics technology to provide order processing, warehousing, and fulfillment functions. The Company’s mission is to develop long-term relationships with its clients, enabling them to connect with both their customers and employees in order to build lasting brand loyalty. Additional information about the Company is available at: www.stran.com.
Forward Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Company’s periodic reports which are filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.
Contacts:
Investor Relations Contact:
Crescendo Communications, LLC
Tel: (212) 671-1021
SWAG@crescendo-ir.com
Press Contact:
Howie Turkenkopf
press@stran.com
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Wall Street Rebounds Without Its AI Darling's Boost, King Dollar Maintains Dominance While Bitcoin Defies Gravity: This Week In The Markets
Despite widespread anticipation that NVIDIA Corp. NVDA‘s quarterly results would dictate Wall Street’s year-end trajectory, the stock market delivered a robust weekly rebound — even in the absence of its AI darling.
While the semiconductor titan beat analyst expectations on both earnings and revenue for the third quarter, Nvidia’s stock remained flat for the week.
Alphabet Inc. GOOGLGOOG, the parent company of Google, faced sharp turbulence. Shares tumbled after the U.S. Department of Justice called for the divestiture of Chrome in a bid to curb Google’s dominance in search and digital advertising.
The sell-off wiped out over $120 billion in market capitalization on Thursday alone.
A recent Benzinga poll indicates 64% of respondents oppose breaking up Alphabet, with YouTube viewed as the company’s most valuable asset.
On the economic front, U.S. private sector activity expanded significantly in November, as reflected in S&P Global’s Purchasing Managers’ Index surveys. The services sector, in particular, surged at its fastest pace since March 2022, while price pressures continued to recede, creating less headwinds for the Federal Reserve.
Bitcoin’s BTC/USD rally shows no signs of cooling, with the cryptocurrency notching its fourth consecutive week of gains and hovering around the historic $100,000 threshold.
The U.S. dollar also maintained its upward momentum, rising for the eighth straight week to reach two-year highs. This latest rally, however, stemmed largely from external turmoil, as escalating geopolitical tensions between Russia and Ukraine, coupled with worsening economic momentum in Europe, triggered sharp weekly sell-offs in the euro and the British pound.
President-elect Donald Trump advocates for increased fossil fuel production with his “drill, baby, drill” policy. In contrast, Elon Musk, co-leader of the proposed Department of Government Efficiency (DOGE), envisions a future dominated by solar energy. UBS analysts recommend investors consider renewable energy stocks following their election-induced market dip.
Cathie Wood of Ark Invest anticipates the Trump administration will provide regulatory clarity for Bitcoin and other digital assets, potentially incorporating them into the Treasury’s strategic reserve.
General Motors GM is reportedly preparing to enter Formula One in 2026, potentially partnering with Andretti Autosport. This move would mark GM’s first foray into F1, aligning with its global motorsport expansion strategy.
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Silexion Therapeutics Announces 1-for-9 Reverse Share Split
GRAND CAYMAN, Cayman Islands, November 22, 2024 – Silexion Therapeutics Corp. SLXN (“Silexion” or the “Company”), a clinical-stage biotech developing RNA interference (RNAi) therapies for KRAS-driven cancers, today announced a 1-for-9 reverse share split of its ordinary shares. The reverse share split will become effective after market close on November 27, 2024, and the Company’s ordinary shares will begin trading on a split-adjusted basis on the Nasdaq Global Market at market open on November 29, 2024, under the existing ticker symbol “SLXN.” A new CUSIP number will be assigned to the post-reverse split shares.
As a result of the reverse share split, every nine ordinary shares of Silexion issued and outstanding will be automatically combined into one share. The par value of the ordinary shares will be proportionately increased, from $0.0001 per share to $0.0009 per share, and no fractional shares will be issued. Shareholders entitled to fractional shares will each receive a rounded-up whole share.
“Our decision to initiate a reverse share split aligns with Silexion’s commitment to maintaining our Nasdaq listing and ensuring a robust foundation for future growth,” said Ilan Hadar, Chairman and CEO of Silexion. “Given our recently reported milestones and strong pipeline, I am confident that we are well-positioned to advance our clinical programs and deliver value to our shareholders and to patients in the future. We believe this reverse split will help address the common short-term volatility in our share price that we experienced following our business combination and position us for long-term growth.”
Shareholders holding shares in book-entry form do not need to take any action in respect of the reverse share split, as their shares will be adjusted automatically. Those holding shares through a broker or nominee will also not need to take any action, as the number of shares held by them will be adjusted automatically, as reflected in their brokerage account. For further details, those shareholders should contact their broker.
The reverse share split is intended, among other things, to enable the Company to regain and maintain compliance with Nasdaq’s minimum bid price requirement, as outlined in Nasdaq Listing Rule 5450(a)(1). This adjustment is expected to help Silexion align with Nasdaq standards, enhance its market position, and support its strategic growth initiatives (including by enabling the Company to conduct equity financings).
About Silexion Therapeutics:
Silexion Therapeutics SLXN is a pioneering clinical-stage, oncology-focused biotechnology company developing innovative RNA interference (RNAi) therapies to treat solid tumors driven by KRAS mutations, the most common oncogenic driver in human cancers. The company’s first-generation product, LODER™, has shown promising results in a Phase 2 trial for non-resectable pancreatic cancer. Silexion is also advancing its next-generation siRNA candidate, SIL-204, designed to target a broader range of KRAS mutations and showing significant potential in preclinical studies. The company remains committed to pushing the boundaries of therapeutic innovation in oncology, with a focus on improving outcomes for patients with difficult-to-treat cancers. For more information please visit: https://silexion.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact contained in this communication, including statements regarding Silexion’s share price, business strategy, research and development plans, anticipated milestones, expected clinical and preclinical advancements, the potential benefits of the reverse share split, and management’s objectives for future operations, are forward-looking statements. These forward-looking statements are generally identified by terminology such as “may,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential,” or “continue,” or the negatives of these terms or variations of them or similar terminology. Forward-looking statements include, without limitation, Silexion’s expectations regarding the progression of its clinical and preclinical programs, anticipated benefits of the reverse share split, financing prospects, future market conditions, expected regulatory filings, and other potential developments related to its research pipeline and business strategy. Forward-looking statements involve a number of risks, uncertainties, and assumptions, and actual results or events may differ materially from those projected or implied in such statements. Important factors that could cause such differences include, but are not limited to: (i) Silexion’s ability to realize the anticipated benefits of being a public company, which may be impacted by competition, operational challenges, the retention of key personnel, and the costs associated with public listing; (ii) risks related to Silexion’s ability to advance its lead programs, including LODER™ and SIL-204, through clinical development successfully and in a timely manner; (iii) the potential impact of the reverse share split on the Company’s share price and its ability to maintain compliance with Nasdaq listing requirements; (iv) the potential impact of the reverse share split on Silexion’s ability to successfully raise capital in the near future; (v) changes in regulatory requirements or the potential for regulatory delays; (vi) Silexion’s ability to maintain and expand its intellectual property portfolio; (vii) the availability and terms of additional capital needed to fund ongoing research and development activities and operational expenses; (viii) the evolving market for RNA interference (RNAi) therapies and the competitive landscape in oncology; (ix) the possibility that Silexion may not achieve anticipated milestones within expected timelines, including initiation of Phase 2/3 clinical trials for SIL-204; (x) risks associated with reliance on third-party manufacturers and collaborators for development and commercialization efforts; and (xi) other risks and uncertainties as detailed in the documents filed or to be filed with the SEC by Silexion, including the definitive proxy statement on Schedule 14A filed on October 22, 2024, the proxy supplement filed under cover of Schedule 14A on November 13, 2024, and the Form S-1 registration statement filed on October 31, 2024. Silexion cautions you against placing undue reliance on forward-looking statements, which reflect current beliefs and are based on information available as of the date a forward-looking statement is made. Forward-looking statements set forth herein speak only as of the date they are made. Silexion undertakes no obligation to revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, except as otherwise required by law.
Company Contact
Silexion Therapeutics Corp
Ms. Mirit Horenshtein Hadar, CFO
mirit@silexion.com
Investor Contact
ARX | Capital Markets Advisors
North American Equities Desk
silexion@arxadvisory.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Zeta Global Holdings Corp. Investors: Company Investigated by the Portnoy Law Firm
Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Nov. 22, 2024 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises Zeta Global Holdings Corp. (“Zeta” or “the Company”) ZETA investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. Zeta investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: info@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On November 13, 2024, Culper Research released a report alleging that Zeta has been engaging in deceptive data collection practices. The publication claims that Zeta created a network of misleading websites, referred to as “consent farms,” designed to trick a large number of consumers each month. The report suggests that these websites mislead users into providing their personal information to Zeta through false promises, offering non-existent rewards such as job offers and financial incentives as enticements.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA, NY and TX Bars
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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