Stockwinners Market Radar for September 28, 2018 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

18:02 EDT Nutra Pharma Corp comments on SEC lawsuit - Nutra Pharma Corp provided the following comment on the lawsuit filed by the U.S. Securities and Exchange Commission: "Nutra Pharma Corp learned that the Securities and Exchange Commission has filed a lawsuit in the Eastern District of New York against Nutra Pharma, its CEO and chairman Rik Deitsch and a consultant to the company, Sean McManus. The company believes that the SEC complaint contains serious factual inaccuracies. Nutra Pharma and Deitsch have always prided themselves on adhering to the highest standards of financial and business disclosure. The company believes that the charges are without merit and intend to defend themselves vigorously." The company also stated that they will continue to conduct their operations in accordance with their business, sales and marketing plans.

17:40 EDT RBB Bancorp-FAIC merger approved by FAIC shareholders - RBB Bancorp and its subsidiary, Royal Business Bank, announced that at the special shareholders meeting of First American International Corp., held on September 20, 2018, the merger agreement between RBB Bancorp and FAIC was approved by the shareholders of FAIC. On September 28, 2018, the company received regulatory approval from the Federal Deposit Insurance Corporation to complete the merger. The company had previously received approvals to complete the merger from the California Department of Business Oversight and the New York State Department of Financial Services. The Federal Reserve Bank had also issued a waiver from the filing requirements of an application to acquire FAIC and its wholly owned subsidiary, First American International Bank. The company and FAIC plan for the closing of the merger to occur as of the close of business on October 15, 2018, subject to satisfaction of customary closing conditions as set forth in the merger agreement. Shortly following the closing of the merger, FAIC shareholders will be provided with information regarding the process to receive the merger consideration, which will be disseminated to them by RBB Bancorp's transfer agent, Issuer Direct. The contact information for Issuer Direct will also be set forth in the press release RBB Bancorp will issue at closing of the transaction. In accordance with the terms of the merger agreement, Raymond Yu, the Chairman of the Board of Directors of FAIC, was appointed as Vice Chairman of the boards of directors of RBB Bancorp and Royal Business Bank, and Alfonso Lau, a director of FAIC, was appointed to the boards of directors of RBB Bancorp and Royal Business Bank, effective as of the effective time of the merger.

17:24 EDT Raytheon awarded $395.5M U.S. Navy contract modification - Raytheon Missile Systems is awarded a $395,549,739 modification to previously awarded contract for procurement of fiscal 2017 and 2018 Standard Missile-6 (SM-6) full rate production requirements and spares. This contract modification includes options which, if exercised, would bring the cumulative value of this contract to $579,718,607. Work is expected to be completed by September 2022.

17:22 EDT Northrop Grumman awarded $289.3M U.S. Army contract modification - Northrop Grumman was awarded a $289,331,060 modification to contract W31P4Q-08-C-0418 for engineering, logistics, integration, test and evaluation, and program management activities necessary to develop and test improved software and production representative hardware. Work will be performed in Huntsville, Alabama, with an estimated completion date of Dec. 31, 2019.

17:17 EDT Oracle product development president Kurian resigns - In a regulatory filing, Oracle said that, on September 28, Thomas Kurian informed the company that effective immediately he was resigning as president of product development to pursue other opportunities. Kurian's duties and responsibilities have been reassigned to other senior executives in Oracle's development organization.

17:11 EDT Taro Pharmaceutical terminates license agreement with NovaBiotics - Taro Pharmaceutical Industries announced that it has terminated the license agreement with NovaBiotics for the onychomycosis drug, Novexatin. As previously disclosed in May 2018, the Novexatin clinical study did not meet the main goal of a Phase IIb study under current guidelines of the FDA and did not show superiority over the placebo. Upon further analysis and evaluation, the Company has decided to terminate its agreement with NovaBiotics.

17:02 EDT FDA approves Genentech's Xolair prefilled syringe formulation - Genentech, a member of the Roche Group announced that the U.S. Food and Drug Administration has approved 75 mg/0.5 mL and 150 mg/1 mL single-dose prefilled syringes for Xolair (omalizumab) as an additional formulation for both allergic asthma and chronic idiopathic urticaria indications. The new Xolair PFS formulation is expected to be available by the end of this year for the first time in the U.S. Xolair is currently available in a 150 mg single-dose vial with lyophilized, sterile powder for reconstitution. The Xolair PFS eliminates the need for healthcare providers to procure Sterile Water for Injection and reconstitute Xolair before administering the medicine. Xolair is approved for the treatment of moderate to severe persistent allergic asthma in people six years of age or older whose asthma symptoms are not controlled by inhaled corticosteroids, and for CIU in people 12 years of age and older who continue to have hives that are not controlled by H1 antihistamines. Over 330,000 people in the U.S. have been treated with Xolair since its initial approval for people 12 years and older with allergic asthma in 2003.

16:41 EDT Novartis reports 7.9% passive stake in Cellular Biomedicine

16:16 EDT Lydall launches new LydAir gas phase capabilities - Lydal announced that it is expanding its portfolio with the introduction of new, innovative, LydAir(R) GP gas phase filter media. Layered in pleatable substrates, LydAir GP media consists of highly uniform, highly efficient, specialty sorbent particles that aid in the adsorption of acid and base contaminants as well as other volatile organic compounds. Lydall's flexible process creates multiple opportunities for technically advanced composite development with LydAir GP filter media and Lydall's core particulate filtration media. Particulate layers can range from MERV 8/G4 to HEPA and can be laminated with a variety of Lydall adsorption layers to allow for removal of multiple airborne molecular and particulate contaminants in one medium.

16:09 EDT Four Corners Property Trust closes two Chili's properties - Four Corners Property Trust (FCPT),closed on the purchase of two corporate-operated Chili's restaurants through a sale-leaseback transaction with certain subsidiaries of Brinker International (EAT), for a purchase price of $5.9M on initial annual cash rent of approximately $372,000. These properties are located in Florida and Texas, and were part of the transaction originally announced on August 1. Including the 46 properties acquired on August 8, the previously announced transaction is now complete, with a total size of 48 properties for $155.7M on initial annual cash rent of approximately $9.9M.

16:06 EDT EVO Payments acquires remaining interest in Federated Payment Systems - EVO Payments announced the acquisition of the remaining LLC equity interests in Federated Payment Systems, LLC, as well as its Canadian based related business. EVO was an initial investor in Federated in 1999. Federated provides direct merchant acquiring services across the United States and Canada from its headquarters in Melville, NY. EVO expects that the transaction will generate approximately $13M-$15M in additional revenues in 2019.

15:37 EDT Bombardier Business Aircrafts Global 7500 granted Transport Canada certification - Bombardier Business Aircraft announced that its flagship Global 7500 aircraft, has been awarded Transport Canada Type Certification, paving the way for entry-into-service this year. Certification by the Federal Aviation Administration and the European Aviation Safety Agency is expected to follow shortly. The Global 7500 aircraft has accumulated more than 2,700 flight hours since the flight testing program began in November 2016. The Global 7500 aircraft boasts a ange of 7,700 nautical miles, a full 300 nautical miles further than initial commitments, and it is the only business aircraft that can connect New York to Hong Kong, and Singapore to San Francisco, nonstop.

14:27 EDT Peabody Energy provides update on North Goonyella mine - Peabody is providing an update on its report on conditions at its North Goonyella Mine in Queensland following indications of a fire in a portion of the mine. "All employees were outside the exclusionary zone at the time of the incident. The company continues to actively work in conjunction with the Queensland Mines Inspectorate and other third-party experts toward a plan to extinguish the fire and contain the impacts. Peabody does not expect any production from North Goonyella in the fourth quarter of 2018 and has a small amount of coal in inventory to ship. It is too early to assess the full financial impact to future periods as a result of the ongoing issue. However, with strong performance from other mines, the company is maintaining its full-year 2018 metallurgical coal sales volume targets of 11 - 12 million tons. Regarding the financial profile of North Goonyella, the mine shipped 1.6 million tons in 2016 and 2.9 million tons in 2017, with no longwall move. North Goonyella ships a high-quality hard coking coal that typically realizes at or near the premium hard coking coal benchmark. The mine's costs have typically averaged at or above the high end of Peabody's met coal cost per ton target range of $85 to $95 per short ton. Peabody is taking typical steps with regard to insurance coverage. The company has potentially applicable insurance policies with a coverage limit of $125M above a deductible of $50M," the company stated.

14:09 EDT New York AG announces $10M settlement with Credit Suisse - New York Attorney General Barbara Underwood announced that Credit Suisse Securities has agreed to pay $10M to settle an investigation into fraudulent practices in connection with Credit Suisse's Retail Execution Services business. Credit Suisse's RES division was a wholesale market-making business that executed retail equity orders of investors that Credit Suisse received from retail broker-dealers like Edward Jones, Raymond James, and others. The Attorney General and the federal Securities and Exchange Commission found that Credit Suisse "systemically treated orders that were not subject to public reporting of aggregate execution quality less favorably than orders that were subject to such reporting, without disclosing this practice to RES's customers. In addition, Credit Suisse misrepresented the liquidity its customers had access to when they sent orders to RES." Reference Link

13:37 EDT Bojangles jumps after Reuters says company exploring potential sale - Shares of the restaurant brand owner are up $1.00, or 7.2%, to $14.95 after Reuters said Bojangles (BOJA) is working with Bank of America (BAC) to explore a possible sale.

13:02 EDT Baker Hughes reports U.S. rig count up 1 to 1,054 rigs - Baker Hughes reports that the U.S. rig count is up 1 rig from last week to 1,054, with oil rigs down 3 to 863, gas rigs up 3 to 189, and miscellaneous rigs up 1 to 2. The U.S. Rig Count is up 114 rigs from last year's count of 940, with oil rigs up 113, gas rigs unchanged at 189, and miscellaneous rigs up 1. The U.S. Offshore Rig Count is unchanged at 20 rigs and down 2 rigs year-over-year. The Canada Rig Count is down 19 rigs from last week to 178, with oil rigs down 13 to 122 and gas rigs down 6 to 56. The Canada Rig Count is down 35 rigs from last year's count of 213, with oil rigs up 9 and gas rigs down 44.

12:46 EDT Facebook says discovered security issue almost affecting 50M accounts - Guy Rosen, VP of Product Management, said that on the afternoon of Tuesday, September 25, "our engineering team discovered a security issue affecting almost 50 million accounts. We're taking this incredibly seriously and wanted to let everyone know what's happened and the immediate action we've taken to protect people's security. Our investigation is still in its early stages. But it's clear that attackers exploited a vulnerability in Facebook's code that impacted 'View As,' a feature that lets people see what their own profile looks like to someone else. This allowed them to steal Facebook access tokens which they could then use to take over people's accounts. Access tokens are the equivalent of digital keys that keep people logged in to Facebook so they don't need to re-enter their password every time they use the app. Here is the action we have already taken. First, we've fixed the vulnerability and informed law enforcement. Second, we have reset the access tokens of the almost 50 million accounts we know were affected to protect their security. We're also taking the precautionary step of resetting access tokens for another 40 million accounts that have been subject to a 'View As' look-up in the last year. As a result, around 90 million people will now have to log back in to Facebook, or any of their apps that use Facebook Login. After they have logged back in, people will get a notification at the top of their News Feed explaining what happened. Third, we're temporarily turning off the 'View As' feature while we conduct a thorough security review. This attack exploited the complex interaction of multiple issues in our code. It stemmed from a change we made to our video uploading feature in July 2017, which impacted 'View As.'... Since we've only just started our investigation, we have yet to determine whether these accounts were misused or any information accessed. We also don't know who's behind these attacks or where they're based. We're working hard to better understand these details." Reference Link

12:19 EDT Salix Pharmaceuticals confirms resolution of legacy SEC probe with no penalty - Salix Pharmaceuticals and its parent company, Bausch Health Companies issued the following statement regarding the successful resolution of the legacy investigation with the SEC: "We are pleased that Salix resolved the SEC's civil investigation, which commenced in the fourth quarter of 2014, with no monetary penalty into conduct occurring prior to its acquisition by Valeant. After self-reporting to the SEC, Salix, and subsequently Valeant, conducted a thorough, independent investigation, fully cooperated with the SEC, and took strong remedial actions. Since the acquisition, Salix has been completely transformed and now operates under the comprehensive compliance programs that govern Bausch Health. None of the individuals involved in any way in the conduct described in the SEC complaint remained with Salix after the acquisition. A former Salix officer, Adam Derbyshire, has been charged for misconduct and will separately pay a fine to settle individual charges. " "The settlement with Salix reflects the company's self-report to the Commission and its significant cooperation with the investigation," said David Frohlich, Assistant Director in the SEC's Enforcement Division. "Salix's proactive remediation included conducting an extensive internal investigation that led to Derbyshire's resignation." The settlement with the SEC will become final if approved by the U.S. District Court, Southern District of New York, as the parties recommend.

12:00 EDT Ampco-Pittsburgh falls -9.7% - Ampco-Pittsburgh is down -9.7%, or -62c to $5.83.

12:00 EDT Triton International falls -11.0% - Triton International is down -11.0%, or -$4.09 to $33.26.

12:00 EDT Associated Capital rises 12.2% - Associated Capital is up 12.2%, or $4.70 to $43.10.

11:44 EDT Wellington Trust Company reports 5.05% passive stake in Adesto Technologies

11:31 EDT SEC charges Stryker for second time for FCPA violations - The Securities and Exchange Commission charged Stryker Corp. with violating the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act, or FCPA, with the regulator stating that this is the second time the SEC has brought an FCPA action against the medical device company. Stryker agreed to settle the charges and pay a $7.8M penalty. The SEC's order found that Stryker's internal accounting controls were not sufficient to detect the risk of improper payments in sales of Stryker products in India, China, and Kuwait, and that Stryker's India subsidiary failed to maintain complete and accurate books and records.

11:16 EDT Box Office Battle: 'Night School' expected to edge out 'Smallfoot' this weekend - Opening this weekend and expected to take the two top spots at the box office are Comcast (CMCSA, CMCSK) subsidiary Universal's "Night School" and AT&T (T) subsidiary Warner Bros' "Smallfoot." Comedy "Night School," starring Kevin Hart and Tiffany Haddish, already grossed $1.35M in previews from 2,500 theaters on Thursday night, and is expected to open in the $32M-$35M range for the weekend. Animated family film "Smallfoot," which brought in $850,000 from Thursday previews, is expected to gross $20M-$25M for the weekend. Universal's fantasy "The House With A Clock In Its Walls," directed by Eli Roth and starring Jack Black and Cate Blanchett, is expected to finish in third place, adding around $14M this weekend after winning the box office last weekend. Lionsgate's (LGF.A, LGF.B) thriller "A Simple Favor," directed by Paul Feig and starring Anna Kendrick and Blake Lively, is expected to earn an addition $6M-$7M in its third weekend at theaters. Other publicly traded companies in filmmaking include 21st Century Fox (FOX, FOXA),Disney (DIS), Sony (SNE), and Viacom (VIA, VIAB).

10:50 EDT Balchem CFO Terry Coelho to resign from company - In a regulatory filing, Balchem disclosed that on September 26 the company announced that Terry Coelho, Chief Financial Officer and Treasurer, has announced her intention to resign from the company, effective October 26, 2018.

10:41 EDT Lockheed Martin, Pentagon agree to reduced F-35 price in new production contract - The U.S. Department of Defense and Lockheed Martin have finalized an $11.5B contract for the production and delivery of 141 F-35 aircraft at the lowest per aircraft price in program history. For the eleventh consecutive year, the cost of an F-35A was lowered. The F-35A unit price including aircraft, engine and fee, is $89.2M. This represents a 5.4% reduction from the $94.3M it cost for an F-35A in Low-Rate Initial Production Lot 10. In LRIP 11, the F-35B unit cost was lowered to $115.5M. This represents a 5.7% reduction from the $122.4M it cost for the short-takeoff and landing variant in LRIP 10. The F-35C unit cost was lowered to $107.7M. This represents an 11.1% reduction from the $121.2M it cost for the carrier variant in LRIP 10. The LRIP 11 agreement funds 91 aircraft for the U.S. Services, 28 for F-35 International Partners and 22 for F-35 Foreign Military Sales customers. Deliveries will begin in 2019.

10:33 EDT Volkswagen, Microsoft announce strategic partnership for cloud - Entering into a strategic partnership, Volkswagen (VLKAY) and Microsoft (MSFT) will collaborate to develop the 'Volkswagen Automotive Cloud', one of the largest dedicated automotive industry clouds for all future Volkswagen digital services and mobility offerings. The Supervisory Board of Volkswagen AG approved the conclusion of an agreement to this effect between Volkswagen and Microsoft on September 28, 2018. With Microsoft as its strategic partner, the company is taking a decisive step in its digital transformation into a mobility provider with a fully connected vehicle fleet and the digital ecosystem "Volkswagen We". From 2020 onwards, more than 5M new Volkswagen brand vehicles per year will be fully connected and will be part of the Internet of Things in the cloud. The profound partnership between the two companies will lay the foundation for combining the global cloud expertise of Microsoft with the experience of Volkswagen as an automaker with a global market presence. Together, the two companies will develop the technological basis for a comprehensive industrial automotive cloud. In the future, all in-car services for vehicles of the core Volkswagen brand as well as the Group-wide cloud-based platform will be built on Microsoft's Azure cloud platform and services as well as Azure IoT Edge. As part of the new entity, Volkswagen will establish a new automotive cloud development office in North America near Microsoft's headquarters. To help usher in a new wave of automotive transformation, Microsoft will provide hands-on support to Volkswagen as it ramps up its new automotive cloud development office, including resources to help drive hiring, human resources management and consulting services. The workforce is expected to grow to about 300 engineers in the near future. Beyond the technological rationale of the partnership, Microsoft provides access to cloud expertise across their organization so Volkswagen developers and engineers can benefit and learn from Microsoft's strong culture of collaboration and agility and can transfer those experiences into the core Volkswagen organization. Reference Link

10:21 EDT Walgreens Boots Alliance to pay $34.M penalty to SEC to resolve probe - Walgreens Boots Alliance announced that the company has reached an agreement with the SEC to fully resolve an investigation into forward-looking financial goals and related disclosures by Walgreen Co. The disclosures at issue were made prior to the merger with Alliance Boots and the establishment of Walgreens Boots Alliance on December 31, 2014. The settlement does not involve any of Walgreens Boots Alliance's current officers or executives, nor does it allege that anyone acted intentionally or recklessly at any time. In agreeing to the settlement, Walgreens Boots Alliance neither admits nor denies the SEC's allegations that Walgreens and its then CEO and then CFO acted negligently in connection with statements made in the June 2013, October 2013, December 2013 and March 2014 earnings calls, by failing to adequately disclose the increased risk to achieving certain of Walgreens previously stated fiscal 2016 financial goals. Following warnings in December 2013 and March 2014, Walgreens withdrew those fiscal 2016 goals in June 2014. Pursuant to the agreement with the SEC, Walgreens Boots Alliance consented to the SEC's issuance of an administrative order, and the company will pay a $34.5M penalty, which has been fully reserved for, while the Walgreens then CEO and then CFO separately resolved the matter with the SEC. Walgreens Boots Alliance cooperated fully with the SEC's investigation and believes the agreement is in the best interest of the company.

10:14 EDT Walgreens agrees to pay a $34.5M penalty to settle SEC charges - The Securities and Exchange Commission charged Walgreens Boots Alliance, former CEO Gregory Wasson, and former CFO Wade Miquelon with misleading investors about increased risk that the company would miss a key financial goal announced when Walgreen entered into a merger with Alliance Boots GmbH in 2012. Walgreens agreed to pay a $34.5M penalty to settle the SEC's enforcement action.

10:04 EDT Corcept granted orphan status for pancreatic cancer treatment - The FDA granted Corcept Therapeutics orphan status for relacorilant, its treatment of pancreatic cancer. Reference Link

10:00 EDT Banco Macro falls -9.3% - Banco Macro is down -9.3%, or -$4.07 to $39.75.

10:00 EDT Ampco-Pittsburgh falls -12.0% - Ampco-Pittsburgh is down -12.0%, or -77c to $5.68.

10:00 EDT American Midstream Partners rises 7.8% - American Midstream Partners is up 7.8%, or 45c to $6.20.

09:58 EDT Tesla shares crash after Musk turns down offer to settle SEC fraud suit - Shares of Tesla (TSLA) dropped in morning trading following news that the U.S. Securities and Exchange Commission is suing Chief Executive Officer Elon Musk for fraud. The suit is related to Musk's August tweet that stated he was "considering taking Tesla private at $420" and already had "funding secured." The SEC said in its suit that "Musk knew or was reckless in not knowing that each of these statements was false and/or misleading." SEC FILES SUIT: On Thursday, the SEC filed a civil action against Elon Musk, accusing the Tesla CEO of misleading investors when he tweeted that he was "virtually certain" he could take the car maker private. The complaint filed in New York claims Musk issued "false and misleading" statements and failed to properly notify regulators of material company events. The filing claims Musk "knew or was reckless in not knowing that each of these statements was false and/or misleading" by tweeting on August 7 that he had "funding secured" for a takeover of the company at $420 per share, and that he caused Tesla's stock price to jump by over 6% on August 7, leading to "significant market disruption." The SEC said at a press conference that Musk's statements "had no basis in fact" and that Tesla's investor relations took Musk's tweets at face value and that Musk chose the $420 price "because of the significance of that number in marijuana culture and his belief that his girlfriend would be amused by it." The commission also wants to ban Musk from serving as an officer or director of a public company. MUSK TURNED DOWN SETTLEMENT: The complaint filed by the SEC came after a last-minute decision by Musk and his lawyers to fight the case rather than settle the charges, people familiar with the matter told The Wall Street Journal. Under the terms of the deal learned by CNBC's Andrew Ross Sorkin, Tesla and the CEO were close to a "no-guilt" settlement, under which Musk and Tesla would have had to pay a "nominal" fine and Musk would not have had to admit any guilt. The settlement, however, would have banned Musk as chairman for two years, and would have required Tesla to appoint two new independent directors, CNBC's David Faber said. According to sources, Musk refused to sign the deal because he felt that by settling "he would not be truthful to himself." MUSK'S STATEMENT, TESLA BOARD STATEMENT: In his own statement, Musk responded to the SEC charges, saying "This unjustified action by the SEC leaves me deeply saddened and disappointed. I have always taken action in the best interests of truth, transparency and investors. Integrity is the most important value in my life and the facts will show I never compromised this in any way." Meanwhile, Tesla's board of directors stated that the company and board are "fully confident" in Musk, "his integrity, and his leadership of the company, which has resulted in the most successful U.S. auto company in over a century. Our focus remains on the continued ramp of Model 3 production and delivering for our customers, shareholders and employees." 'NUMBER OF NEGATIVE IMPLICATIONS' FOR TESLA: JPMorgan analyst Ryan Brinkman said he sees a "number of negative implications" for Tesla shares stemming from the suit, the most significant of which relates to the SEC's request that the court prohibit Musk from serving as an officer or director of any public company, including Tesla. Such a move which "could hasten the inevitable transition" of Tesla shares toward being valued based upon fundamentals alone, Brinkman said, reiterating his belief that the Tesla's fundamentals "do not support a value close to the current trading price." If the SEC succeeds in its lawsuit against Tesla's CEO, the premium shareholders have been willing to pay for "future founder-driven business optionality" is likely to dissipate, Barclays analyst Brian Johnson said. Needham analyst Rajvindra Gill said that the latest charges by the SEC against Musk "all but eliminate" his credibility as a competent CEO. In a scenario where the suit leads to Musk's exit, Citi analyst Itay Michaeli, who downgraded Tesla to Sell, said there is "little question" that the departure would likely cause harm to Tesla's brand, stakeholder confidence and fundraising. This would increase the risk of triggering a "downward confidence spiral" given the state of Tesla's balance sheet, Michaeli contended. PRICE ACTION: Shares of Tesla are down about 11% in early trading to $273.14.

09:47 EDT Costamare falls -7.4% - Costamare is down -7.4%, or -51c to $6.35.

09:47 EDT BlackBerry rises 5.6% - BlackBerry is up 5.6%, or 57c to $10.76.

09:47 EDT American Midstream Partners rises 7.1% - American Midstream Partners is up 7.1%, or 41c to $6.16.

09:25 EDT Level Brands Inc trading resumes

09:14 EDT Andeavor announces results of Marathon Petroleum acquisition conversion election - Andeavor (ANDV) announced the preliminary results of the stockholder election consideration related to the previously announced acquisition by Marathon Petroleum Corporation (MPC). On April 29, 2018, Andeavor, Marathon, Mahi and Andeavor entered into an Agreement and Plan of Merger providing for the acquisition of Andeavor by Marathon through a merger of Mahi with and into Andeavor, with Andeavor surviving the merger as a wholly owned subsidiary of Marathon and the subsequent merger of Andeavor with and into Andeavor with Andeavor surviving the merger as a wholly owned subsidiary of Marathon. As previously announced, under the terms of the Merger Agreement, subject to the proration, allocation and other limitations set forth in the Merger Agreement and the election materials separately provided to the applicable stockholders, stockholders of Andeavor had the option to elect to receive, for each share of Andeavor common stock held by them of record as of immediately prior to the effective time of the Merger: 1.87 shares of Marathon common stock, including cash in lieu of any fractional share of Marathon common stock; or $152.27 in cash. The election deadline for the foregoing election expired at 5:00 PM, Eastern Time, on September 27, 2018. Today, Andeavor announced that, based on preliminary information received from the exchange agent for the Merger, election forms were received with respect to approximately 104,722,352 shares of Andeavor common stock in the aggregate and the cash election option was selected with respect to approximately 4,257,779 shares of Andeavor common stock, which is less than the Cash Election Number in the Merger Agreement, in each case, assuming that notices of guaranteed delivery are properly delivered pursuant to the terms of such notices of guaranteed delivery. Because the Cash Consideration option was undersubscribed, the consideration to be received by the holders who validly elected the Stock Consideration will be prorated pursuant to the terms set forth in the Merger Agreement. Following and subject to the completion of the Merger, the Andeavor stockholders will receive in the aggregate approximately 240M shares of Marathon common stock and approximately $3.5B in cash. The final prorationing and the final calculation of the number of shares of Marathon common stock issued and the final cash consideration paid in connection with the merger will be made post-closing after the expiration of the notice of guaranteed delivery period applicable to the cash/stock election.

09:05 EDT PG&E recommends shareholders reject Ponos mini-tender offer - PG&E Corporation announced that it received notice of an unsolicited "mini-tender" offer from Ponos Industries, dated September 24, 2018. Ponos has offered to purchase up to eight million shares of PG&E Corporation common stock, which represents approximately 1.55% of the outstanding shares of PG&E Corporation common stock, at a price of $53.00 per share. While this price is above the current market price of PG&E Corporation common stock, the offer is conditioned upon the closing price of PG&E Corporation's shares exceeding the $53.00 offer price on the last trading day prior to the offer expiration date. PG&E Corporation does not endorse Ponos' unsolicited mini-tender offer and recommends that PG&E Corporation shareholders do not tender their shares in the offer. Ponos has included a condition that states that the closing price of PG&E Corporation shares on the New York Stock Exchange must exceed the $53.00 offer price on the last full trading day prior to the offer's expiration date, which is currently scheduled for Friday, October 26, 2018, unless extended by Ponos. As a result, PG&E Corporation shareholders who tender their shares in the offer will receive a below-market price unless Ponos waives this condition. In addition, the offer is subject to numerous other conditions, including Ponos obtaining the necessary financing, and that Ponos can extend the offer and delay payment beyond the scheduled expiration date of October 26, 2018. There can be no guarantee that these conditions will be satisfied. PG&E Corporation is not associated with Ponos, its mini-tender offer, or the mini-tender offer documentation. Mini-tender offers seek less than 5% of a company's outstanding shares, which allows the offering company to avoid many disclosure and procedural requirements of the U.S. Securities and Exchange Commission for tender offers. The SEC has cautioned investors about mini-tender offers, stating that mini-tender offers "have been increasingly used to catch investors off guard," and that investors "may end up selling their securities at below-market prices." PG&E Corporation encourages brokers and dealers, as well as other market participants, to review the SEC's letter regarding broker-dealer mini-tender offer dissemination and disclosure. PG&E Corporation urges investors to obtain current market quotes for their shares of common stock, consult with their broker or financial advisor and exercise caution with Ponos' offer. PG&E Corporation recommends that shareholders who have not responded to Ponos' offer take no action. Shareholders who have already tendered their shares may withdraw them by providing the written notice described in the Ponos offering documents before the expiration of the offer and at other times described in the offering.

09:05 EDT Fly Intel: Pre-market Movers - HIGHER: ChemoCentryx (CCXI), up 14% after determining not to proceed with a public offering of common stock... Spero Therapeutics (SPRO), up 13% after reporting results from a final analysis of its Phase 1 clinical trial of SPR994... PHH Corp. (PHH), up 5% after receiving all regulatory approvals for Ocwen (OCN) merger, which it intends to consummate within the next 10 days. UP AFTER EARNINGS: CalAmp (CAMP), up 6%. DOWN AFTER EARNINGS: Vail Resorts (MTN), down 4%. LOWER: Seaspan (SSW), down 6.5% after Wells Fargo analyst Michael Webber downgraded the stock to Underperform and lowered his price target for the shares to $5.50 from $8. The analyst downgraded the Box Lessor and Containership group, saying headwinds from both the International Maritime Organization 2020 fuel regulations and the impact of tariffs have created "significant downside risks" for the stocks... Tesla (TSLA), down 13% after the SEC charged CEO Elon Musk with securities fraud... Textainer (TGH), down 4% after Wells Fargo's Webber also downgraded it to Underperform... Applied Optoelectronics (AAOI), down 16% after cutting its Q3 revenue view.

09:02 EDT Perrigo settles Hatch-Waxman litigation relating to Picato gel - Perrigo announced that it has settled its Hatch-Waxman litigation relating to Picato gel, 0.015%, 0.05% brought by LEO Pharma Inc., LEO Pharma A/S, and LEO Laboratories Limited. Terms of the settlement are confidential. Picato gel, 0.015%, 0.05% is indicated for the treatment of actinic keratosis. Annual market sales for the 12 months ending July 2018 were $80.5M, as measured by IQVIA.

09:01 EDT BlackBerry sees potential investments in automobile and medical sectors - Comments were made during the company's quarterly earnings conference call.

08:48 EDT Kingsway Financial intends to change jurisdiction of incorporation to Delaware - Kingsway Financial announced it has filed a registration statement, which includes a management proxy circular, with the SEC pursuant to which the company proposes to change its jurisdiction of incorporation from the province of Ontario to the State of Delaware in the United States of America through the adoption of a certificate of corporate domestication and a new certificate of incorporation. Following SEC clearance of the company's registration statement, the company will hold a special meeting of shareholders to seek shareholder approval for the change in its jurisdiction of incorporation. Details of the company's special meeting of shareholders will be announced at a later date. The company believes that its Domestication will enable it to eliminate a number of potentially material income tax inefficiencies it believes it would inevitably encounter, particularly once the company closes the previously announced sale of its property-casualty insurance companies, including the related distribution to Kingsway America Inc., a subsidiary of the company, of the passive investments currently owned by its property-casualty insurance companies. The company believes the Domestication will also reduce operating expenses and transactional inefficiencies that currently result from being subject to Canadian corporate laws despite having no operations in Canada.

08:40 EDT Avadel Pharmaceuticals announces published Phase 3 Noctiva data - Avadel Pharmaceuticals announced that the Journal of Urology, official journal of the American Urological Association, recently published results from pivotal Phase 3 clinical trial data on Noctiva nasal spray, the lowest effective dose of desmopressin. These data showed that treatment with Noctiva resulted in significant reductions in nocturic episodes in patients with nocturia. Additionally, Noctiva showed improvements in patients' quality of life and had a well-tolerated safety profile. These results demonstrate that Noctiva is an effective treatment for adults with nocturia due to nocturnal polyuria. In two double-blind, placebo controlled, Phase 3 trials, DB3 and DB4, 1,333 patients with a mean of 2.16 or more nocturic voids per night were randomized to Noctiva 1.66 or 0.83 mcg, or placebo, for a 12-week treatment period. Existing etiologies of nocturia included nocturnal polyuria, benign prostatic hyperplasia and overactive bladder. Co-primary end points were the mean reduction in nocturic episodes per night from baseline and the percent of patients with a 50% or greater reduction in mean nocturic episodes per night. Secondary end points were the validated INTU questionnaire, time to first nocturic void, the percent of nights with one or fewer nocturic voids and the reduction in volume of urine produced at night. The results showed that reduction in mean nocturic episodes per night from baseline were significantly greater with Noctiva compared to placebo in both DB3 and DB4. The percentage of patients who achieved a 50% reduction in mean nocturic episodes per night was significantly higher with the Noctiva 1.66 mcg dose compared with placebo in the DB3 and DB4 studies, as well as the pooled analysis of both studies. A significant difference was also observed with the 0.83 mcg dose compared with placebo in the pooled analysis. Both doses of Noctiva had an acceptable safety profile and were well tolerated. The most common adverse events of nasal discomfort and nasopharyngitis were mild to moderate in intensity and occurred with similar incidence in the placebo group. Incidence of hyponatremia, defined as serum sodium regardless of symptoms or less than 130 mmol/L with symptoms, was low and occurred in five patients (1.1 percent) at the higher dose and in one patient who received placebo. No patient receiving the 0.83 mcg dose developed hyponatremia. In secondary endpoints, patients receiving the 1.66 mcg dose had a statistically significant improvement in the overall impact score reported on the INTU indicating better quality of life and a clinically meaningful benefit. These results mark the first time a decrease in nocturic episodes was correlated with improvement in patients' quality of life in terms of how they feel and function. Compared with placebo in DB3 and DB4 studies and in the pooled analysis, both strengths of Noctiva significantly increased the time from bedtime to the first nocturic void. There was also a significant increase in the percent of nights with one or fewer nocturic episodes after treatment with Noctiva 1.66 mcg dose compared with placebo; in the pooled analysis both 0.83 mcg and 1.66 mcg doses showed significant improvement compared to placebo.

08:31 EDT Endo issues voluntary recall of two lots of Robaxin 750mg Tablets - Endo announced that one of its operating companies, Endo Pharmaceuticals Inc., is voluntarily recalling two lots of Robaxin 750mg Tablets 100 Count Bottle pack to the consumer level. The products have been found to have incorrect daily dosing information on the label due to a labeling error which misstates the daily dose as "two to four tablets four times daily" rather than the correct dosage of "two tablets three times daily." Patients who follow the directions on the bottle may experience significant drowsiness or dizziness which would put them at risk of falls or an overdose which could result in seizures, coma, or death. To date, Endo Pharmaceuticals Inc. has not received any reports of adverse events related to this recall.

08:25 EDT One Horizon Group reaches agreement to resolve litigation with Zhanming Wu - One Horizon Group reported that the company and Zhanming Wu have reached a tentative agreement, which will resolve all of the issues raised in the two actions that Wu commenced earlier this year in Delaware against the company and its directors. The parties to the litigation have come to terms after several weeks of negotiations and the exchange of proposed settlement documentation. The company, its board and Wu have directed their respective counsel to finalize the necessary documents, which they look forward to executing early next week.

08:21 EDT BlackBerry says free cash was a positive $37M in the quarter

08:16 EDT Baxter, USC Center for Body Computing collaborate on digital health solutions - Baxter International announced a collaboration with the University of Southern California Center for Body Computing to research and develop innovative digital solutions designed to help save and sustain lives. The association will bring together leaders from USC and Baxter who will evaluate access to and quality of care in patient populations, and to advance creative, technology-driven approaches to better serve patients and clinicians in the hospital and beyond. As a USC CBC member, Baxter joins a diverse list of leading companies, non-profit organizations and government agencies working to modernize healthcare, and will participate in today's 12th Annual Body Computing Conference, which features the theme, "The Decline of Healthcare, The Rise of Lifecare." Under terms of the agreement, Baxter and USC CBC will develop a strategic plan focused on open innovation around the continuum of care, explore additional strategic business collaborations and develop potential software solutions. Additional details of the agreement were not disclosed.

08:10 EDT BlackBerry sees licensing business to continue growth - Comments are from the company's Q2 earnings conference call.

08:04 EDT American Midstream Partners receives buyout offer from ArcLight for $6.10/unit - Midstream Partners announced the Board of Directors of American Midstream GP, LLC has received an unsolicited non-binding proposal from affiliates of ArcLight Energy Partners Fund V, L.P., directed to members of the GP Board, pursuant to which ArcLight would acquire all common units of the Partnership that ArcLight and its affiliates do not already own in exchange for $6.10 per common unit. If approved, it is currently expected that the transaction would be consummated through a merger of the Partnership with a subsidiary of ArcLight. The proposed transaction is subject to a number of contingencies, including the approval of the Conflicts Committee of the GP Board, the approval by holders of a majority of the outstanding common units of the Partnership, and the satisfaction of any conditions to the consummation of a transaction set forth in any definitive agreement concerning the transaction. There can be no assurance that definitive documentation will be executed or that any transaction will materialize on the terms described above or at all.

08:02 EDT Genomic Health announces publication of data on Genomic Prostate Score test - Genomic Health announced the publication of real-world clinical evidence demonstrating that use of the Oncotype DX Genomic Prostate Score test resulted in significantly higher use of active surveillance compared to no testing. Results of this new analysis, published in Reviews in Urology, build on the original study by using propensity score matching and coarsened exact matching to increase the confidence in the impact of GPS testing in clinical practice. To date, the collective published clinical utility evidence for the GPS test includes four studies in nearly 9,000 men, demonstrating the actionable impact of the GPS test in treatment planning. Using the original study of the Optum Research Database of electronic health records and administrative claims from a large U.S. health insurer offering both commercial and Medicare Advantage health plans, the new analysis of more than 7,000 de-identified patient records assessed active surveillance use for patients evaluated with the GPS test. Results reconfirmed the original finding that active surveillance use was 30% higher in men who received the GPS test than in those who did not. Separately, an independent study published by University of California, San Francisco researchers in the Journal of Urology demonstrated that the Oncotype DX GPS test was associated with an increased risk of biopsy upgrade in men with clinically low-risk prostate cancer managed by active surveillance. The results of this study showed an independent continuous association between the GPS results and the increased risk of biopsy upgrade. Moreover, results showed that based on the positive predictive value of the GPS test for the UCSF cohort, a GPS score of greater than 29 demonstrated higher patient incidence of failure on active surveillance within three years following biopsy. These data underscore the independent clinical value of the GPS test in identifying patients with more aggressive tumor biology who should be more aggressively managed.

07:46 EDT TTEC Holdings raises semi-annual cash dividend to 28c per share - TTEC Holdings announced that on September 27, its Board of Directors declared a cash dividend of 28c per common share to be paid on October 19, to shareholders of record as of October 9. This semi-annual dividend represents an approximate 12% increase over the dividend paid in October of last year.

07:19 EDT Trillium Therapeutics provides updates on two clinical trials with TTI-621 - Trillium Therapeutics announced that it will be providing updates on its two clinical trials with TTI-621, a dual function SIRPaFc IgG1 decoy receptor that targets CD47, at two upcoming scientific conferences. As previously announced, the presentations will be made on September 28 at the European Organisation for Research and Treatment of Cancer, Cutaneous Lymphoma Task Force, or EORTC CLTF meeting. The presentations will be available on the company's website after the presentations have been delivered. The presentation at the EORTC CLTF meeting will provide an update on the safety and efficacy of the ongoing multicenter, open-label phase 1 intratumoral trial of TTI-621 in 23 patients with relapsed/refractory mycosis fungoides/Sezary syndrome, 20 of whom only received induction therapy consisting of 1-6 injections over 2 weeks. Local delivery of TTI-621 was well tolerated, with no treatment-related greater than grade 3 adverse events or dose-limiting toxicity observed. Reductions in CAILS scores, which measure local lesion responses, were observed in 89% of patients, with 42% exhibiting reductions of 50% or greater. These responses occurred rapidly within the 2-week induction period. Similar CAILS scores changes were seen in adjacent non-injected lesions, suggesting locoregional effects that were not confined to the site of injection. Evidence of a systemic effect was observed in 1 of 2 patients receiving continuation monotherapy beyond the 2-week induction therapy. In addition, data suggest a combination effect with pegylated IFN-alpha-2a. The presentation at the Discovery on Target conference will provide a high level update of the safety and efficacy of the ongoing multicenter, open-label phase 1a/b intravenous trial of TTI-621 in patients with relapsed/refractory hematologic malignancies. Based on an expanded data set of 163 patients, weekly infusions of TTI-621 were shown to be well tolerated. Thrombocytopenia was the most frequent grade 3 or higher treatment-emergent adverse event, occurring in 20% of patients. Platelet reductions, however, were shown to be transient and pre-dose platelet levels remained steady during the course of the study. Notably, the reversible thrombocytopenia did not lead to an increased risk of bleeding and had no impact on drug delivery, nor was there a significant impact of TTI-621 on hemoglobin levels. Monotherapy efficacy was observed in patients with mycosis fungoides, peripheral T-cell lymphoma, or PTCL, and diffuse large B-cell lymphoma, or DLBCL and in DLBCL patients when combined with rituximab. This clinical activity was observed in patients receiving relatively low doses of drug. Dose intensification beyond 0.2 mg/kg is currently ongoing, and doses of 0.5 mg/kg have been well tolerated for up to 27 weeks.

07:13 EDT Intra-Cellular completes rolling submission of NDA for lumateperone - Intra-Cellular Therapies announced that the company has completed the rolling submission of its new drug application, or NDA to the FDA for lumateperone, a once-daily, oral investigational medicine with a novel mechanism of action for the treatment of schizophrenia. The NDA submission is supported by data from 20 clinical trials and more than 1,900 subjects exposed to lumateperone. Lumateperone received fast track designation from the FDA in November 2017 for the treatment of schizophrenia.

07:10 EDT ITUS to change company name to Anixa Biosciences, ticker symbol to 'ANIX' - ITUS announced that on October 1, the company will officially change its name to Anixa Biosciences. Effective at the start of trading on October 1, the company's shares will trade on the NASDAQ Capital Market under the new name, and the new stock symbol will be "ANIX."

07:07 EDT BlackBerry reports Q2 non-GAAP gross margin of 78%; GAAP gross margin of 77%

07:06 EDT Nabriva Therapeutics to present data demonstrating lefamulin potential - Nabriva Therapeutics announced that it will present data at Infectious Diseases Society of America IDWeek 2018 taking place in San Francisco, CA from October 3-7. At the meeting, four presentations, including a late-breaker, oral platform presentation of the Phase 3, pivotal LEAP 2 study, demonstrating non-inferiority of 5 days of oral lefamulin to 7 days of oral moxifloxacin, will feature both clinical and in vitro microbiological data that support lefamulin as a potential IV and oral treatment for CABP. Additionally, one poster presentation will feature CONTEPO, a novel, potentially first-in-class, intravenous antibiotic in the United States. This poster will focus on clinical and microbiological response at test of cure in secondary efficacy populations from the pivotal Phase 2/3 clinical trial for the treatment of cUTIs, including acute pyelonephritis, which demonstrated non-inferiority to piperacillin/tazobactam in patients with cUTI, including AP. "These data are part of a growing body of evidence supporting lefamulin and CONTEPO as promising first-in-class antibiotic treatments in the United States for key pathogens, including multi-drug resistant strains, for CABP and cUTI, respectively. To address the current rise of antibiotic resistance it is imperative that new classes of antibiotics with unique mechanisms of action continue to be developed to provide health care providers treatment options for patients with serious infections," said Jennifer Schranz, M.D., Chief Medical Officer of Nabriva Therapeutics. "Following the positive results from our Phase 3 clinical trials of lefamulin and our Phase 2/3 clinical trial of CONTEPO, we believe that both lefamulin and CONTEPO have the potential to change the treatment paradigm of CABP and cUTIs, respectively, and we are on track to submit New Drug Applications to the U.S. Food and Drug Administration in the fourth quarter of this year."

07:05 EDT Alnylam announces submission of NDA in Japan for ONPATTRO - Alnylam Pharmaceuticals has submitted a New Drug Application to Japan's Pharmaceuticals and Medical Devices Agency for approval of patisiran for the treatment of hereditary transthyretin-mediated amyloidosis. Patisiran has orphan drug designation from the Ministry of Health, Labor and Welfare, which makes it eligible for priority review as well as 10 years of market exclusivity, if approved. Based on the priority review timeline, Alnylam expects a decision from the MHLW and PMDA in mid-2019. Patisiran - which will be commercialized under the brand name ONPATTRO - is Alnylam's first drug submitted for regulatory review in Japan, and if approved, will be the first product to be launched and marketed by Alnylam in the country. The Company established operations in Japan this summer. The NDA submission is based on positive data from the APOLLO Phase 3 study, which evaluated the efficacy and safety of patisiran in hATTR amyloidosis patients with polyneuropathy. Results from the APOLLO study were published in the July 5, 2018, issue of The New England Journal of Medicine. In APOLLO, the safety and efficacy of patisiran were evaluated in a diverse, global population of hATTR amyloidosis patients in 19 countries, with a total of 39 TTR mutations. Of the 225 patients enrolled, 16 patients were from Japan. Patients were randomized in a 2:1 ratio to receive intravenous patisiran or placebo once every 3 weeks for 18 months. The study showed that patisiran improved measures of polyneuropathy, quality of life, activities of daily living, ambulation, nutritional status and autonomic symptoms relative to placebo in adult patients with hATTR amyloidosis with polyneuropathy. The primary endpoint of the APOLLO study was the modified Neuropathy Impairment Score +7, which assesses motor strength, reflexes, sensation, nerve conduction and postural blood pressure.

07:03 EDT Casi Pharmaceuticals names George Chi as CFO - CASI Pharmaceuticals, announces the appointment of George Chi to the position of CFO. Chi most recently served as Vice President of Finance at Flavors Holdings, a wholly-owned subsidiary of MacAndrews & Forbes Incorporated and the parent entity of Merisant Company and Mafco Worldwide Corporation.

06:51 EDT NovaBay names Jack McGovern as interim CEO - NovaBay Pharmaceuticals announces that Jack McGovern has been named Interim CEO, expanding his responsibilities as CFO to include overseeing daily operations. Mark Sieczkarek, the company's previous CEO, remains NovaBay's Chairman and will focus on strategic growth opportunities that complement the company's continued organic growth. McGovern joined NovaBay as CFO in July 2017 with more than 30 years of experience in finance and operations. Previously he was COO and CFO of Attainia.

06:34 EDT Transocean announces contract extension for Petrobras 10000 - Transocean announced that the ultra-deepwater drillship Petrobras 10000 was awarded a 790-day contract extension offshore Brazil with Petrobras. The contract is extended through October 2021 and includes a blend and extend modification to the previous contract dayrate, effective September 2018. The additional net contract backlog is approximately $185M, including cost escalations. Additionally, Transocean will receive a 5% royalty per day, totaling approximately $16M, estimated to be from October 2018 to October 2021 associated with the use in Brazil of the company's patented dual-activity technology on the Petrobras 10000.

06:24 EDT Freeport McMoRan announces PT-FI divestment agreement with PT Inalum - Freeport-McMoRan (FCX) announced that it has entered into a Divestment Agreement on previously agreed economic terms with the Indonesian state-owned enterprise PT Indonesia Asahan Aluminium in connection with Inalum's acquisition of shares of PT Freeport Indonesia. As previously reported, Inalum will acquire for cash consideration of $3.85B all of Rio Tinto's (RIO) interests associated with its Joint Venture with PT-FI, and 100 percent of FCX's interests in PT Indocopper Investama, which owns 9.36 percent of PT-FI. Under the terms of the Divestment Agreement, the Rio Tinto interests will be merged into PT-FI concurrent with Inalum's acquisition in exchange for a 40 percent share ownership in PT-FI. The arrangements provide for FCX and existing PT-FI shareholders to retain the economics of the revenue and cost sharing arrangements under the Joint Venture. Following completion of the transactions, PT-FI will have an expanded asset base to include the Rio Tinto interests and Inalum's share ownership will be 51.2 percent of PT-FI, and FCX's ownership will be 48.8 percent. At closing, Rio Tinto will receive $3.5 billion, and FCX will receive $350 million, in cash proceeds. Following completion of the transaction, FCX expects its share of future cash flows of the expanded PT-FI asset base, combined with the cash proceeds received in the transaction, to be comparable to its existing share of future cash flows under the current Joint Venture arrangements. FCX will continue to manage the operations of PT-FI. The transaction, which is expected to close by the first quarter of 2019, is subject to certain conditions including, the extension and stability of PT-FI's long-term mining rights through 2041 in a form acceptable to FCX and Inalum, resolution of environmental regulatory matters satisfactory to the Indonesian government, FCX and Inalum, various other Indonesian regulatory actions and approvals, and customary approvals from international competition authorities.

06:07 EDT Ocwen, PHH Corp. receive all regulatory approvals for merger - Ocwen Financial (OCN) provides the following update on its pending acquisition of PHH Corporation (PHH). As previously disclosed, Ocwen and PHH have been working diligently to close the pending transaction. The parties have now received all regulatory, governmental entity and contractual approvals and consents in order to be in a position to close. The approval from the New York Department of Financial Services is subject to certain conditions. The parties intend to close the transaction within the next 10 days. As previously announced, under the terms of the merger agreement, Ocwen will acquire all outstanding shares of common stock of PHH for approximately $360M in cash or $11 per diluted common share.

06:02 EDT AirMedia provides update on chairman's $5M share purchase plan - AirMedia Group announced an update on the $5 million share purchase plan of the company's chairman and CEO, Herman Man Guo, which was previous announced by the Company on March 28, 2018. As disclosed on March 28, Man Guo intends to purchase the company's ordinary shares in the form of American depositary shares in an aggregate value not exceeding $5 million in the subsequent six months. As of September 28, 2018, Guo has not made any purchase of the ADSs in the absence of current SEC filings by the company. Despite this postponement, Guo informed the company of his anticipation to carry out the purchase plan once the company regains its disclosure compliance. Furthermore, Guo reaffirmed his expectation to fund the purchase with his own resources.