Stockwinners Market Radar for June 20, 2019 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

19:01 EDT Exelixis informed by Genentech that IMspire170 did not meet primary endpoint - In a regulatory 8-k filing, Exelixis (EXEL) disclosed it was informed by its collaboration partner Genentech, a member of the Roche Group (RHHBY), that IMspire170, the phase 3 trial evaluating the combination of cobimetinib, an Exelixis-discovered MEK inhibitor, and atezolizumab, an anti-PDL1 antibody discovered and developed by Genentech, did not meet its primary endpoint of progression-free survival compared to pembrolizumab, a current standard of care, in patients with previously untreated BRAF V600 wild-type advanced melanoma. IMspire170 showed the combination of cobimetinib and atezolizumab did not reduce the risk of disease progression or death compared to pembrolizumab. The safety profile observed in the trial was consistent with the known safety profiles of the individual medicines, and no new safety signals were identified with the combination. Genentech, the sponsor of IMspire170, informed Exelixis that Genentech intends to present results from the trial at an upcoming medical meeting.

18:37 EDT Vermillion adds two contracted agreements for OVA1 cancer risk test - Vermillion has further expanded preferred coverage of its OVA1 - Multivariate Index Assay, MIA - ovarian cancer risk assessment test with the addition of two new health plan in network contracts, Blue Cross Blue Shield of Texas and Blue Cross Blue Shield of Arizona, providing contract coverage to nearly 6 million additional lives.

18:11 EDT CoStar Group acquires Off Campus Partners - CoStar Group has acquired Off Campus Partners, an online multifamily marketplace service for student housing in the U.S. Founded in Charlottesville, Virginia in 2000 by a University of Virginia student, OCP enters into exclusive agreements with universities, most of which are multi-year, to provide an off-campus housing listing service for students, parents, and faculty/staff. Currently, it has existing contracts with 132 universities servicing over 2 million off-campus students.

17:41 EDT Central Pacific authorizes buyback of up to $30M in common stock - Central Pacific announced that its board has authorized the repurchase of up to $30M of its outstanding common stock under its share repurchase program. This authorization will supersede the remaining repurchase authority under the prior repurchase program.

17:27 EDT Sealed Air names James Sullivan as new CFO, effective June 24 - Sealed Air announced it has appointed James Sullivan as CFO, effective June 24. Sullivan most recently served as the Executive Vice President and CFO of Joy Global, a manufacturer and servicer of high productivity mining equipment, from 2012 to 2017.

17:25 EDT Sealed Air terminates CFO William Stiehl for cause, effective immediately - Sealed Air announced that its Board of Directors has terminated the employment of William Stiehl as CFO for cause, effective immediately. Stiehl's termination is related to an internal review by the Audit Committee of the Board of Directors in connection with the previously disclosed investigation by the U.S. SEC. This review followed the company's receipt of an additional subpoena for documents and information on May 2, relating to the process by which the company selected its independent audit firm for the period beginning with fiscal year 2015, and relating to the independence of that audit firm. The company is continuing to cooperate with the SEC's investigation.

17:10 EDT Quad/Graphics intends to defend proposed LSC Communications acquisition - Quad/Graphics (QUAD) announced that it intends to defend its proposed acquisition of LSC Communications (LKSD) in response to the U.S. Department of Justice's, or DOJ, lawsuit seeking to block the acquisition. The all-stock transaction was announced on October 31, 2018, and was approved by shareholders of both companies on February 22. Quad intends to work together with LSC to contest the DOJ's allegations. "We believe the acquisition of LSC will result in time- and cost-saving opportunities for clients while protecting jobs for employees. We also believe that the business combination will create a highly efficient print manufacturing and distribution platform that will strengthen the role of print in an increasingly multichannel media world that is dominated by digital advertising," said Joel Quadracci, Quad chairman, president & CEO. "We are fully committed to defending the DOJ's lawsuit in court. We believe the combination of Quad and LSC is the best outcome for all stakeholders and that the DOJ's attempt to stop the transaction will unfavorably impact our clients, our employees, and the print industry. The DOJ's position ignores the dynamic conditions in the U.S. commercial printing industry, which consists of nearly 50,000 companies, generates an estimated $76 billion in aggregate annual revenues and provides ample competition for the supply of printed products, especially in the face of decreasing demand. Neither Quad nor LSC accounts for more than 5 percent of that total print industry revenue. By comparison, two digital media companies, Google and Facebook alone, have worldwide digital ad sale revenues totaling more than $75 billion - nearly the same amount as the entire printing industry. This underscores a key point: Our competition is not only other printers, but also other forms of media. Quad is in the business of manufacturing advertising and, therefore, is a direct competitor to digital channels. Given the continued migration of advertising dollars to digital channels, the printing industry has pursued platform consolidations as a key way to eliminate inefficient and expensive overcapacity, streamline operations and create the efficiencies. This will help ensure print remains an economically feasible alternative to digital channels for publishers and retailers. Our goal is to make print a more effective and affordable media option to that of digital giants such as Google and Facebook. The DOJ does not appear to recognize the competitive effect of digital media on the print industry." Either Quad or LSC can terminate the merger agreement if the transaction is not consummated by October 30 or if there is a final, non-appealable order preventing the transaction. In this case, Quad will be required to pay LSC a "regulatory approval reverse termination fee" of $45M.

16:57 EDT HP Inc. General Counsel sells 20K shares of common stock - In a regulatory filing, HP Inc disclosed that its General Counsel Kim Rivera sold 20K shares of common stock on June 19th. The total transaction size was $410.6K.

16:52 EDT CommScope's distributed antenna system patents upheld in favorable ruling - CommScope received notification that it won a jury verdict upholding CommScope's patents relating to digital distributed antenna systems. The Northern District of Texas jury found that Dali Wireless willfully infringed each of the five asserted CommScope patents, finding that both Dali's t-Series and Matrix products infringe each of CommScope's five patents. CommScope expects the court will enter an injunction barring Dali from selling the t-Series and Matrix products in the U.S. Further, due to the jury's finding that Dali willfully infringed each of CommScope's five patents, CommScope will request treble damages and an award of its fees associated with bringing the action. The jury also found that CommScope infringed two Dali patents. One of the patents related to a CommScope product that is discontinued and the other patent is currently in Inter Partes Review. The Patent Trial and Appeal Board has already indicated in a preliminary ruling that the claims are likely to be found invalid. None of the infringement was found to be willful and CommScope believes that there are outstanding legal issues that will bar Dali from any recovery of damages in this case. A final decision from the PTAB is expected in August.

16:35 EDT Henry Schein CFO Steven Paladino sells almost $1.5M in company shares - Henry Schein CFO Steven Paladino disclosed in a filing that he had sold 20,712 shares of company stock at $72.17 per share on June 19. The total transaction value of the sale was $1,494,785.

16:31 EDT Minerals Technologies initiates restructuring program through staff cuts - Minerals Technologies has adjusted its outlook due to "several factors." First, shipments out of the company's facilities in the Western United States have been temporarily impacted by flooding-related rail infrastructure issues since early June that have required the logistics provider to cease all railroad traffic. MTI has communicated with its affected customers and is working diligently to minimize supply chain disruptions, which are expected to last at least 30 days. In addition, the company is also experiencing slowing demand in the U.S. Metalcasting market, as well as generally weaker demand in China and Europe. The company has initiated a cost savings program, primarily through workforce reductions, to address the demand environment and improve profitability. The pre-tax annualized savings from the program will be approximately $12M, beginning in Q3 and achieving full run-rate in the first half of 2020. A pre-tax charge of approximately $12M will be recorded in the second quarter of 2019. CEO Douglas T. Dietrich states: "Rail traffic limitations caused by severe flooding have temporarily affected our U.S. Bentonite shipments. Furthermore, the strong demand we saw in March and April changed rapidly in May and further in June, primarily in U.S. automotive, heavy truck and agricultural equipment, leading to lower volumes in our U.S. Metalcasting business. We are also experiencing weaker demand across our China and European markets. These factors have contributed to our reduced outlook for the second quarter."

16:23 EDT Red Hat reports Q1 subscription revenue $815M, up 15% from last year - CFO Eric Shander states: "Our large deal momentum remained strong, as we doubled the number of deals over $5M and saw 15% growth in the number of deals over $1M from the year-ago quarter. Many of these deals contained emerging technologies, including an OpenStack deal for over $5M and our largest ever storage and hyperconverged deal for over $15M. The breadth of our success demonstrates that customers can realize significant value across our product portfolio."

16:19 EDT Tenet Vice Chairman Keith Pitts to retire on August 31st - Tenet Healthcare Corp announced that Keith Pitts, Vice Chairman, will retire from his position on August 31, 2019.

16:17 EDT Marathon Petroleum names Donald Templin as EVP and CFO, effective July 1 - Marathon Petroleum announced that Donald Templin, currently MPC's president of Refining, Marketing and Supply, has been appointed executive vice president and CFO, effective July 1. Templin replaces Timothy Griffith as CFO, after Griffith was appointed president of MPC subsidiary Speedway. Templin joined the company as senior vice president and CFO in 2011, and also became CFO of MPLX GP LLC in 2012. Since 2015, he has led segments of MPC's commercial business, most recently serving as president of Refining, Marketing and Supply since 2018, and as President of MPLX GP LLC from 2016 to 2017.

16:13 EDT Korn/Ferry down 6% to $45.60 after Q4 results, Q1 guidance

16:11 EDT Electra Meccanica appoints Jerry Kroll CEO - Electra Meccanica Vehicles Corp. announced the appointment of automotive and advanced propulsion systems expert, Paul Rivera, as the company's new CEO. Jerry Kroll, who is founder and has served as CEO since 2015, will continue to advise in the future as a board member. Rivera most recently served as President of Ricardo, USA, a division of Ricardo, PLC.

16:10 EDT Alaska Communications board directs company to buy 1M shares under prior program - Alaska Communications' board directed management to acquire up to 1M shares under the previously approved share repurchase program authorized in March 2017. This program is effective through December 31, 2019. The board views this step as "one aspect of its capital allocation plan to create long-term shareholder value. "

16:07 EDT Airgain launches testing laboratory for 5G mmWave solutions - Airgain announced the introduction of its new testing laboratory, designed specifically to meet the challenges inherent in the development of solutions supporting new 5G mmWave networks.

16:04 EDT Arrowhead Familial Chylomicronemia Syndrome treatment granted orphan status - Arrowhead's treatment of Familial Chylomicronemia Syndrome was granted FDA orphan designation, according to a post to the agency's website. Reference Link

15:18 EDT S&P downgrades Kraft Heinz rating to 'BBB-/A-3' - S&P Global Ratings announced that it lowered its long-term and short-term ratings on Kraft Heinz to 'BBB-/A-3' from 'BBB/A-2' and removed the ratings from CreditWatch. "Our view of the company's business is diminished, including our expectation that certain key brands are unlikely to grow sales without discounting or successful innovation--which has not historically been a company strength--and doubts about the long-term success of the 3G cost-cutting strategy. We also believe there are governance deficiencies around internal controls, poor post-Kraft integration cost takeout planning, and the ongoing SEC investigation. Our base-case forecast does not anticipate a substantial drop from the company's rebased $6.4B mid-point EBITDA, which, in conjunction with the $1.1 billion annual dividend cut, should enable Kraft Heinz to repay debt and strengthen credit metrics. Its portfolio--while lacking solid growth prospects--should still throw off significant cash flow over the next two years," S&P stated.

13:30 EDT Walmart settles with SEC, DOJ over Brazil bribery claims - The Securities and Exchange Commission charged Walmart with violating the Foreign Corrupt Practices Act, or FCPA, by failing to operate a sufficient anti-corruption compliance program for more than a decade as the retailer experienced rapid international growth. Walmart agreed to pay more than $144M to settle the SEC's charges and approximately $138M to resolve parallel criminal charges by the U.S. Department of Justice for a combined total of more than $282M. According to the SEC's order, Walmart failed to sufficiently investigate or mitigate certain anti-corruption risks and allowed subsidiaries in Brazil, China, India, and Mexico to employ third-party intermediaries who made payments to foreign government officials without reasonable assurances that they complied with the FCPA, the SEC stated. Reference Link

13:00 EDT Lifeway Foods jumps almost 25% before being halted - Lifeway Foods, a U.S. supplier of fermented dairy and vegan probiotic products, jumped 24.57% before being halted after it announced it plans to enter the cannabidiol, or CBD, market, once it is legalized at the federal level by the FDA. The company is planning to enter the market with Plantiful + CBD, an infused version of Lifeway's probiotic plant-based beverage.

12:52 EDT Novo Nordisk announces E.U. marketing authorization for Esperoct - Novo Nordisk announced that the European Commission has granted marketing authorization for Esperoct for the treatment of adolescents and adults with haemophilia A. The authorization covers all 28 European Union member states. Esperoctis the brand name for turoctocog alfa pegol, N8-GP. Esperoctis indicated for prophylaxis and on-demand treatment of bleeding as well as for surgical procedures in adolescents and adults with haemophilia A. Novo Nordisk expects to launch Esperoctin the first European countries during the second half of 2019.

12:04 EDT Comcast to launch Amazon Music on Xfinity services - Comcast (CMCSA) announced the launch of Amazon Music (AMZN) on Xfinity X1 and Xfinity Flex, which the company said is "the first time the ad-free and on demand streaming service will be available directly on the TV through a pay-TV provider." Rolling out over the next few weeks, Amazon Music "will be delivered over the Internet and accessible on X1 right alongside all of the live, on demand, and web content already available on the platform," Comcast said. Additionally, Amazon Music is now available on Xfinity Flex, Comcast's recently launched service for Internet-only customers, the company noted.

12:00 EDT Direxion Daily Junior Gold Miners Index Bear 3x Shares falls -13.9% - Direxion Daily Junior Gold Miners Index Bear 3x Shares is down -13.9%, or -$4.74 to $29.46.

12:00 EDT VelocityShares 3x Inv Natural Gas ETN rises 13.7% - VelocityShares 3x Inv Natural Gas ETN is up 13.7%, or $23.87 to $198.39.

12:00 EDT Tufin rises 14.1% - Tufin is up 14.1%, or $3.12 to $25.31.

11:09 EDT BeiGene announces Phase 1b results of zanubrutinib with Gazyva - BeiGene announced results from an ongoing Phase 1b clinical study of its investigational BTK inhibitor zanubrutinib in combination with Gazyva in patients with relapsed/refractory or treatment naive chronic lymphocytic leukemia or small lymphocytic lymphoma, and patients with R/R follicular lymphoma. The open-label, Phase 1b trial of zanubrutinib in combination with obinutuzumab in patients with B-cell malignancies is being conducted in Australia, the United States, and South Korea, and consists of a dose-escalation phase and a dose-expansion phase in disease-specific cohorts, including patients with TN or R/R CLL/SLL and patients with R/R FL. Of the 20 patients with TN CLL/SLL, the overall response rate was 100%; the complete response rate was 30.0%; and the partial response rate was 70.0%. Median follow-up for these patients was 28.8 months. Of the 25 patients with R/R CLL/SLL, the ORR was 92.0%; the CR was 28.0%; and the PR was 64.0%. Median follow-up for these patients was 28.9 months. "These updated data provide further evidence for the rational combination of zanubrutinib and obinutuzumab, and build upon the foundation supporting our global pivotal Phase 2 trial comparing obinutuzumab plus zanubrutinib to obinutuzumab alone as a treatment for patients with R/R follicular lymphoma. It is our hope that we will continue to see deep and durable responses for these patients," said Jane Huang, M.D., Chief Medical Officer, Hematology, at BeiGene.

11:03 EDT SEC tells Misonix investigation concluded, no enforcement action recommended - Misonix announced that it has received a letter from the Division of Enforcement of the SEC stating that the SEC has concluded its investigation of Misonix and that, based on the information it has as of the date of the letter, it does not intend to recommend an enforcement action by the SEC against Misonix. As previously disclosed, with the assistance of outside counsel, Misonix conducted a voluntary investigation into the business practices of the independent Chinese entity that previously distributed Misonix's products in China and Misonix's knowledge of those business practices, which may have had implications under the U.S. Foreign Corrupt Practices Act, as well as into various internal controls issues identified during the investigation, the company points out. On September 27, 2016 and September 28, 2016, Misonix voluntarily contacted the SEC and the Department of Justice, respectively, to advise both agencies of these potential issues and has fully cooperated with those agencies in their subsequent inquiry and investigation relating to these matters. Stavros Vizirgianakis, CEO of Misonix, commented, "We are pleased the SEC has concluded its investigation without recommending any enforcement action. Looking ahead, we remain focused on executing on our long-range strategic growth plan with the goal of creating added shareholder value and will continue to seek to operate at the highest levels of ethics, transparency and compliance while maintaining our overarching commitment to improving patient outcomes."

10:33 EDT ANI Pharmaceuticals announces FDA approval for Vancomycin supplement - ANI Pharmaceuticals announced that it has received FDA approval of its Prior Approval Supplement for Vancomycin Hydrochloride for Oral Solution USP, 250 mg/5 ml, indicated for the treatment of various infections. ANI intends to launch the product prior to October. "In order to assist patients and prescribers with dosing flexibility, ANI will commercialize Vancomycin for Oral Solution, now with a mixed berry flavor, in three packaging configurations - 80 mL, 150 mL and 300 mL," the company said. Vancomycin for Oral Solution will compete in a current market estimated to exceed $450M annually, it added.

10:12 EDT Kroger says Q2 same-store-sales 'trending better' than Q1 - Kroger CEO Rodney McMullen said on today's earnings call that the company's same-store-sales in Q2 are "trending better" than in Q1. "We know we can do better" on same-store-sales, McMullen said.

10:01 EDT CNO Financial names Tim Bischof as Chief Risk Officer - CNO Financial announced the appointment of Tim Bischof as chief risk officer, effective immediately. Bischof has been CNO's senior vice president, corporate actuary and enterprise risk management since 2013. He will continue in that role in addition to the promotion to chief risk officer, the company said.

10:00 EDT Carnival falls -11.7% - Carnival is down -11.7%, or -$6.16 to $46.68.

10:00 EDT Pier 1 Imports falls -14.9% - Pier 1 Imports is down -14.9%, or -$2.01 to $11.53.

10:00 EDT IAMGold rises 9.1% - IAMGold is up 9.1%, or 27c to $3.28.

09:47 EDT Carnival plc falls -11.6% - Carnival plc is down -11.6%, or -$5.97 to $45.71.

09:47 EDT Direxion Daily Junior Gold Miners Index Bear 3x Shares falls -12.9% - Direxion Daily Junior Gold Miners Index Bear 3x Shares is down -12.9%, or -$4.40 to $29.80.

09:47 EDT IAMGold rises 12.0% - IAMGold is up 12.0%, or 36c to $3.37.

09:44 EDT Phunware says Phun utility tokens now available in select international markets - Phunware announced Phun utility tokens are now available for purchase in select international markets. "While Phun is a utility token that enables consumers to monetize their digital activity as they engage in profitable behavior with brands, PhunCoin remains a compliant security token that enables consumers to monetize their digital identity and offers token holders a PhunCoin dividend...Given the regulatory environment, Phun will initially only be available outside the United States and Canada," the company said.

09:28 EDT Smart & Final Stores announces completion of previously announced transaction - Smart & Final Stores (SFS) and First Street Merger Sub, an entity controlled by funds managed by affiliates of Apollo Global Management (APO), announced the successful completion of the previously announced transaction whereby the Purchaser acquired all of the outstanding shares of common stock of Smart & Final. The transaction was effected through a previously announced cash tender offer for all of the outstanding shares of common stock of Smart & Final followed by a merger. The tender offer expired at 5:00 p.m., New York City time, on June 17, 2019 and the Purchaser accepted all of the tendered shares for payment. On June 20, 2019, the Purchaser made payment for the tendered shares and, concurrently therewith, Smart & Final merged with the Purchaser. As a result of the tender offer and the merger, Smart & Final became a privately-held, indirect wholly-owned subsidiary of the Apollo Funds and Smart & Final's common stock ceased trading on the New York Stock Exchange. Each outstanding share of common stock that was not validly tendered in the tender offer was cancelled and converted into the right to receive an amount in cash equal to the $6.50 price per share net to the holder thereof, subject to reduction for any applicable withholding taxes in respect thereof, without interest.

09:25 EDT Bat Group enters into MoU with regional commercial bank to expand business - Bat Group announced that the Company, through its wholly owned subsidiary Beijing Tianxing Kunlun Technology Co., Ltd., has entered into a strategic cooperation memorandum of understanding with Shuangtaizi Rural Credit Cooperative Union, a regional commercial bank based in Panjin City, Liaoning, to accelerate the Company's business expansion to new regions. Pursuant to the Memorandum, SRCCU agrees to issue the Company a credit line of up to $580M. The Company agrees to use the proceeds from the line to purchase luxury cars, expand its operations and satisfy other working capital needs. This Memorandum is a framework agreement only. SRCCU is not committed to provide any line or credit to the Company pursuant to Memorandum. The terms of the draw under the line of credit will be agreed by the parties based on negotiation.

09:23 EDT DTE Energy secures $1.5M in grants to provide two schools with electric buses - DTE announced that its partnership with Ann Arbor and Roseville schools was selected by the State of Michigan to receive $1.5M in funding for six Thomas Built "Jouley" Buses powered by Proterra, as well as equipment to charge them.The Ann Arbor Public Schools will receive four buses and Roseville Community Schools will receive two buses. DTE will work with both districts to ensure the associated electric infrastructure is constructed to support the project. DTE also will partner with the schools to implement a vehicle-to-grid study, which will allow the utility to better understand the effects of battery storage technology.

09:21 EDT TG Therapeutics presents data on umbralisib at ICML conference - TG Therapeutics announced data from four presentations, including three oral presentations and one poster presentation, at the 15th International Conference on Malignant Lymphoma. Highlights from the oral presentations include: Oral Presentation Title: A Phase 2 Study to Assess the Safety and Efficacy of Umbralisib in Patients with Chronic Lymphocytic Leukemia Who Are Intolerant to Prior BTK or PI3K Delta Inhibitor Therapy: This presentation includes data from patients with CLL who are intolerant to prior BTK or PI3K delta inhibitor therapy who were then treated with single agent umbralisib. To be eligible for the study patients had to have received prior treatment with a BTK inhibitor or a PI3K delta inhibitor and discontinued therapy due to intolerance. Fifty-one patients were evaluable for safety of which 50 were evaluable for Progression Free Survival. Highlights: Umbralisib demonstrated a favorable safety profile in patients intolerant to prior BTK or PI3K delta therapy; Only 12% discontinued due to an umbralisib adverse event, of which only one patient discontinued due to a recurrent adverse event previously experienced with prior kinase inhibitor therapy; In this relapsed/refractory CLL population, 67% had a high-risk molecular / genetic marker and 6% had an ibrutinib resistance mutation, the estimated median progression free survival was 23.5 months; Median overall survival has not been reached with a median follow-up of 14 months; As of the cut-off date, 58% of patients have been on umbralisib for a duration longer than their prior BTK or PI3k inhibitor. Oral Presentation Title: Phase I/II Study of Umbralisib in Combination with Ublituximab and Pembrolizumab in Patients with Relapsed/Refractory CLL and Richter's Transformation: This oral presentation includes data from patients with relapsed or refractory CLL or RT treated with the triple combination of ublituximab, umbralisib, and pembrolizumab. Patients with CLL received 2 cycles of the U2 regimen before pembrolizumab was added for an additional 4 cycles, followed by umbralisib maintenance. Patients with RT received U2 + pembrolizumab for the first 4 cycles, followed by U2 maintenance. Twenty patients were evaluable for safety and 19 were evaluable for efficacy. Data highlights include:The triple combination was well tolerated, with immune mediated toxicities not appearing above what would be expected with either umbralisib or pembrolizumab alone; In this heavily pre-treated cohort with a median of 2 prior lines of therapy: 91% Overall Response Rate in patients with relapsed/refractory CLL, 83% ORR in BTK refractory CLL patients, with 4 of 5 responders achieving a response to U2 alone at the patient's first efficacy assessment, prior to the addition of pembrolizumab, 38% ORR in RT, with two durable complete responses; 1 subject relapsed post-CAR-T in CR for 12 months and 1 subject relapsed post-transplant continuing on study in CR now 20+ months. Additionally, data from the UNITY-NHL MZL cohort and data from TG-1801, the Company's first-in-class anti-CD47-CD19 bispecific antibody, will be presented during ICML. These presentations were recaps and have been previously presented.

09:13 EDT Ocean Power receives U.S. patent for Power Take-Off System - Ocean Power Technologies announced that the Company has received a new U.S. patent for its Power Take-Off System which is the mechanical heart of the PB3 PowerBuoy. Ocean waves that pass-by the PowerBuoy create a relative linear motion between the float and the spar components of the PB3. The PTO system takes the linear motion of the float through the input shaft and converts it into rotary motion via a ball-screw. The ball-screw drives a generator that produces electrical power thus completing the wave energy to electrical energy conversion. The PTO system has a mechanical efficiency of more than 90% and an expected minimum three years between service for continuous operation in the most severe environments, including the North Sea. The PTO system also contains a mechanical brake for locking the buoy during transportation and under storm conditions to prevent damage to the components. This patent includes two different designs of the PTO system. The first design offsets the input rod and the ball-screw axes, which is currently being manufactured and deployed. The second design is based on a concentric input rod and ball-screw arrangement, which further simplifies the system and may be used in future PB3 PowerBuoy deployments.

09:10 EDT Turning Point initiates Phase 2 registrational portion of TRIDENT-1 study - Turning Point Therapeutics announced initiation of the registrational Phase 2 portion of its TRIDENT-1 clinical study of patients with ROS1+ advanced non-small cell lung cancer and TRK+ advanced solid tumors. Patients will be treated with Turning Point's lead investigational kinase inhibitor, repotrectinib, which has been studied in more than 80 patients in the ongoing Phase 1 portion of the study. The study is planned for global site expansion during 2019 and into 2020 at approximately 100 sites. Turning Point Therapeutics expects to enroll approximately 310 patients across five registrational cohorts and anticipates reporting early interim results from initial patients during the second half of 2020. Screening for the study will involve genetic testing of a sample of the patient's tumor to identify the presence of genetic alterations, such as ROS1 or NTRK, to determine eligibility for the trial. Repotrectinib is being developed as a precision therapy targeting ROS1 and NTRK-driven cancers. Patients eligible for the study will receive the likely recommended Phase 2 dose of 160 mg of repotrectinib once or twice daily, pending upcoming feedback from the FDA.

09:05 EDT Comstock Mining expects to close on Silver Springs sale this summer - The Company's annual operating expenses are planned at $3.8M, and effective June 1, 2019, approximately $2.2M of that amount, prospectively, is being reimbursed under the existing Tonogold Option Agreement and the new Tonogold agreement to purchase Lucerne, resulting in more than $1M in additional, annualized savings. The transaction to purchase the Lucerne properties is expected to close on or before August 30, and the Company expects to receive an additional non-refundable deposit this month. The Company's second half 2019 plans include advancing the commercialization of certain mining and processing technologies that the Company has been collaborating on, with new partners such as MCU and Oro Industries Inc., and others, and includes reclamation and enhanced mineral recoveries that present nearer term revenue opportunities for us and potentially enhance the economic feasibilities of our existing properties. The Company expects to close on the sale of the Silver Springs properties this summer, likely on or before September, 2019, for total net proceeds of over $10M, in addition to the over $9M in total remaining net cash proceeds from the sale of Lucerne remaining, expected on or before August 30, 2019. The Dayton resource area, south of Virginia City in Lyon County, Nevada, ranks as the Company's top exploration and mine development target. The Company is developing a completely new geological interpretation that will be used for a new resource estimate. The new geological interpretation is also being used to design phased drilling programs in with high-potential for additional mineral resources. Multiple layout plans for the mine and corresponding processing facilities have been conceptually developed and located on lands 100% privately held by the Company, thus simplifying and shortening the critical permitting chain. The Company plans to issue a new, stand-alone Dayton resource technical report, followed by a preliminary economic assessment. The Company also expects to announce additional ventures and alliances, all designed for profitable revenue growth, during the third and fourth quarters of 2019. The ventures and our strategic partners will be showcased during our annual meeting, planned for September 2019, at the Gold Hill Hotel in Gold Hill, Nevada.

09:04 EDT Fly Intel: Pre-market Movers - UP AFTER EARNINGS: Oracle (ORCL), up 7%... American Outdoor Brands (AOBC), up 8%. ALSO HIGHER: Aecom (ACM), up 2% after receiving a letter from activist investor Starboard urging a strategic review... CommScope (COMM), up 7% after Goldman Sachs analyst Mark Delaney upgraded shares to Buy from Neutral while lowering his price target for the shares to $19 from $20. The company can expand margins from a combination of lower input costs, as DRAM pricing and copper pricing have both fallen, and cost synergies from the Arris transaction, Delaney tells investors in a research note. DOWN AFTER EARNINGS: Carnival (CCL), down 9%... Darden (DRI), down 5%... Pier 1 Imports (PIR), down 12%. ALSO LOWER: Scholar Rock (SRRK), down 12% after a 3M share secondary priced at $15.00 per share... Cryoport (CYRX), down 6% after a 3.75M share spot secondary priced at $17.00 per share.

09:03 EDT Twilio adds Jeff Immelt to Board of Directors - Twilio (TWLO) is pleased to welcome Jeff Immelt, former chairman and CEO of General Electric (GE) and current venture partner at New Enterprise Associates, to the Twilio Board of Directors. Immelt brings nearly 20 years of executive and boardroom experience at the helm of a world-leading global enterprise to Twilio.

09:03 EDT Smart & Final Stores trading halted, news dissemination

09:02 EDT Comstock Mining calls Precious claimes 'completely without merit' - The Company previously announced, and has included in today's first quarter Form 10-Q filing, that on May 14, 2019, the Third Judicial District Court of the State of Nevada ruled in favor of the Company and Lyon County on the one remaining Due Process rights claim associated with the Lyon County Board of Commissioners Master Plan amendment and zone change associated with certain mineralized properties within the Company's Dayton Resource Area, just south of the Company's Lucerne properties and near Silver City, Nevada. In addition, on May 21, 2019, the First Judicial District Court of the State of Nevada, in and for Storey County, favorably granted us our Motion for the Plaintiff to file a "more definite statement." Precious refiled their complaint on June 5, 2019. The Company believes that the Precious claims are completely without merit.

08:58 EDT Comstock Mining advances realignment in regards to Lucerne properties - Comstock Mining announced progress on a number of strategic initiatives and corporate activities. During the first quarter of 2019, the Company's Board of Directors approved the sale of the Lucerne mine and a strategy focused on high-value, high cash-generating, precious metal-based activities, including, but not limited to, metals exploration, engineering, resource development, economic feasibility assessments, mineral production, metal processing and related supply chain acquisitions and ventures for environmentally-friendly, conservation-based, economically enhancing mining technologies and processes. The company has now completed the realignment such that all of the Lucerne properties are now wholly owned or controlled by Comstock Mining LLC, the entity that Tonogold Resources will acquire in purchasing the Lucerne properties.

08:34 EDT Allstate reports May 2019 catastrophe loss estimate $473M - Allstate announced estimated catastrophe losses for May of $473M pre-tax, $374M after-tax. Catastrophe losses occurring in May comprised 14 events at an estimated cost of $504M pre-tax, $398M after-tax, partially offset by favorable reserve reestimates of prior period catastrophe losses. One severe weather event which included tornadoes, wind and hail, primarily impacting the Midwest, accounted for approximately 50% of May estimated catastrophe losses. April estimated catastrophe losses were $290M pre-tax, $229M after-tax.

08:34 EDT Celsion receives IRB approval to begin clinical study of ThermoDox plus MR-HIFU - Celsion Corporation announces that the University Medical Center Utrecht in the Netherlands has received Institutional Review Board approval to begin a Phase I study to determine the safety, tolerability and feasibility of ThermoDox in combination with Magnetic Resonance Guided High Intensity Focused Ultrasound hyperthermia and cyclophosphamide therapy for the local treatment of the primary tumor in metastatic breast cancer. The secondary objective of this study is to assess radiological objective response of distant metastases and of the primary breast tumor. The investigator sponsored study - image-guided targeted doxorubicin delivery with hyperthermia to optimize loco-regional control in breast cancer; the i-GO Feasibility Study - will be conducted at University Medical Center Utrecht and will enroll up to 12 newly diagnosed mBC patients. Study subjects will receive up to six cycles of the following regimen at three-week intervals: 60 minutes of MR-HIFU hyperthermia at 40oC to 42oC delivered to the primary tumor; 50 mg/m2 of ThermoDox as a 30-minute intravenous infusion during hyperthermia; and 600 mg/m2 of cyclophosphamide as a 15-minute IV infusion after hyperthermia. Investigators will use the Profound Medical Sonalleve MR-HIFU Breast Tumour Therapy System, which integrates high-intensity phased array focused ultrasound transducers with a Philips Achieva MRI system. The study is being funded by the Dutch Cancer Society, the Center for Translational Molecular Medicine and Friends of the UMC Utrecht,

08:18 EDT Alexion's Biologics License Application for Ultomiris accepted by FDA - Alexion Pharmaceuticals announced that the FDA has accepted for priority review the company's supplemental Biologics License Application for Ultomiris, the company's long-acting C5 complement inhibitor, for the treatment of people with atypical hemolytic uremic syndrome in order to inhibit complement-mediated thrombotic microangiopathy. The FDA has set a target action date of October 19 under the Prescription Drug User Fee Act. Atypical HUS is a severe and chronic ultra-rare disease that can cause progressive damage to vital organs, predominantly the kidneys, leading to kidney failure and premature death. The sBLA is based on previously announced results from the Phase 3 study of Ultomiris in people with aHUS, which met the primary endpoint of complete TMA response.

08:13 EDT Bardasz signs reseller agreement for RigNet's Intelie suite of solutions - RigNet has signed a reseller agreement to deliver Intelie's suite of solutions to Bardasz' customers in Mexico. Intelie Live, RigNet's machine learning- based advanced predictive analytics solution will provide Oil and Gas companies in the region with real-time AI based monitoring that can capture every bit of data across distributed assets, from oil platform operations to pressure-pump engines; in order to capture, process and analyze thousands of events per second in real-time.

08:08 EDT Del Taco introduces signature burritos with Beyond Meat plant-based protein - Del Taco Restaurants (TACO) is now expanding its partnership with Beyond Meat (BYND) to offer the brand's 100 percent plant-based protein option in two new signature protein-packed burritos, the Beyond 8 Layer Burrito and the Epic Beyond Cali Burrito, at its more than 580 locations across the country. With the nationwide launch of its Beyond Tacos in April, Del Taco became the first national Mexican fast food chain to add a 100 percent plant-based protein option to its menu. Since then, Del Taco has sold nearly two million Beyond Tacos and Beyond Avocado Tacos, with close to 100,000 hand-sliced avocados used for the Beyond Avocado Taco alone.

08:07 EDT Horizon Pharma initiates trial for Krystexxa combination in chronic gout - Horizon Therapeutics has initiated a clinical trial evaluating Krystexxa - pegloticase injection - in combination with methotrexate as a strategy to increase the durability of response for patients living with chronic gout refractory to conventional therapies - also known as uncontrolled gout. The trial will evaluate the use of methotrexate as an immunomodulator to meaningfully reduce immune response to Krystexxa in adult patients living with uncontrolled gout. The trial will assess whether the combination of Krystexxa with methotrexate can enhance the demonstrated response rate of Krystexxa, will confirm the safety and tolerability and provide information on the pharmacokinetics of the combined use. The primary endpoint will be the ability of Krystexxa with methotrexate versus Krystexxa alone to maintain a serum uric acid less than6 mg/dL through Month 6. The trial initiation is informed by the positive results of an independent case series which demonstrated that the use of methotrexate with Krystexxa was well tolerated and led to an improved overall response. In the trial, 135 adult patients will be randomized to receive methotrexate or placebo for four weeks and then receive treatment with Krystexxa and methotrexate or Krystexxa and placebo for 52 weeks, with the primary endpoint measured at Month 6, followed by a six-month follow-up period.

08:04 EDT Spero Therapeutics announces collaboration with Gates MRI to develop SPR720 - Spero Therapeutics (SPRO) announced that it entered into a collaboration with the Bill & Melinda Gates Medical Research Institute to develop SPR720 for the treatment of lung infections caused by Mycobacterium tuberculosis, an indication that is designated as a critical concern by the World Health Organization. SPR720 is an orally administered antimicrobial agent currently being developed by Spero Therapeutics for the treatment of rare non-tuberculous mycobacterial infections. Spero has granted Gates MRI an exclusive license to develop, manufacture and commercialize SPR720 for the treatment of tuberculosis in low- and middle- income countries. Gates MRI will conduct and fund preclinical and clinical studies for the development of SPR720 against TB, and also fund certain collaborative activities in furtherance of Gates MRI's charitable purposes. SPR720 was discovered by Vertex Pharmaceuticals (VRTX) and was acquired by Spero Therapeutics in 2016. Vertex and Spero have reached an agreement to enable the collaboration between Spero and the Bill & Melinda Gates Medical Research Institute for the further development of this compound in low- and middle- income countries. SPR720 is currently being evaluated in a double-blind, placebo-controlled Phase 1 clinical trial to assess the safety, tolerability and pharmacokinetics of SPR720 in healthy volunteers. Spero expects to report top-line data from the Phase 1 clinical trial in the second half of 2019. Preclinical in vitro and in vivo studies have demonstrated the potency of SPR720 against clinically important mycobacteria, including NTM species Mycobacterium avium complex and Mycobacterium abscessus, as well as Mycobacterium tuberculosis. The collective data to date suggest that SPR720 has an acceptable safety profile, encouraging target pathogen efficacy, drug distribution to key sites of infection, such as the lung, and a wide therapeutic margin.

08:03 EDT Smartsheet achieves Amazon Web Services Government Competency status - Smartsheet (SMAR) has achieved Amazon (AMZN) Web Services - AWS - Government Competency status. This designation recognizes that Smartsheet has developed innovative technology and solutions that leverage AWS services to address the specific security needs of the U.S. Federal Government. Achieving the AWS Government Competency differentiates Smartsheet as an AWS Partner Network member, approved to deliver mission-critical workloads and applications for government customers on AWS. Smartsheet achieved "In Process" status in April as part of the Federal Risk and Authorization Management Program and is now listed in the FedRAMP marketplace for federal agencies and government contractors.

07:59 EDT BeiGene presents Phase 2 clinical results of zanubrutinib - BeiGene announced results from an ongoing pivotal Phase 2 clinical study of its investigational BTK inhibitor zanubrutinib being conducted in China in patients with relapsed/refractory chronic lymphocytic leukemia or small lymphocytic lymphoma in an oral presentation at the 15th International Conference on Malignant Lymphoma. This single-arm, pivotal Phase 2 trial of zanubrutinib as a monotherapy in patients with R/R CLL/SLL is the basis for BeiGene's new drug application for this indication which is currently under review by the China National Medical Products Administration. The trial is being conducted in China, and enrolled 91 patients from 11 study centers, including 82 patients with CLL and nine with SLL. Patients were treated with zanubrutinib, dosed at 160 mg orally twice-daily. The primary endpoint of the trial was overall response rate assessed by independent review committee using iwCLL 2008 criteria for CLL and CT-based assessment according to the Lugano Classification 2014 for SLL. As of the December 14, 2018 data cutoff, 75 patients remained on study treatment. The median follow-up time for patients enrolled in the trial was 15.1 months. Results included: The ORR by IRC was 84.6%; the complete response rate was 3.3%; the partial response rate was 59.3% and the PR with lymphocytosis was 22.0%. ORRs per IRC were generally consistent across different subgroups; The 12-month progression-free survival was estimated at 87.2% and the median PFS had not been reached with median PFS follow-up at 12.9 months; Zanubrutinib tolerability was generally consistent with previous reports of zanubrutinib treatment in patients with various B-cell malignancies. The majority of treatment-emergent adverse events were grade 1 or 2 in severity, with the most frequently reported TEAEs being neutrophil count decrease, upper respiratory tract infection, purpura, and platelet count decreased; Grade 3 TEAEs were reported in 75.8% of patients, with the most frequently reported being neutrophil count decrease, lung infection, upper respiratory tract infection, platelet count decrease and anemia; and Three patients had TEAEs leading to death; these were determined unlikely or unrelated to zanubrutinib treatment.

07:53 EDT Kimball sets three-year targets with 4%-7% CAGR for organic revenue - In connection with its strategic imperatives, Kimball International is committed to achieving the following long-term targets: Three-year Targets: Organic revenue: 4% to 7% CAGR; Adjusted EBITDA margin: 150 to 250 basis points improvement by FY 2022; Adjusted EPS: 10% to 15% CAGR. Assumptions: US GDP growth of ~1.5% to 2.5%; Excludes acquisitions; Share repurchase to offset stock compensation dilution.

07:48 EDT Kimball announces transformation plan for annualized pre-tax savings of $10M - Kimball International announced that its Board of Directors has approved a transformation plan in alignment with the Company's recently announced Kimball International Connect strategy. These activities are expected to optimize resources for future growth, improve efficiency and build capabilities across the organization that will establish a more cost-efficient structure to better align operations with long-term strategic goals. Highlights of the Transformation Plan: Review of overall manufacturing facility footprint to reduce excess capacity and gain efficiencies: as part of this initiative, the Company plans to exit a leased seating manufacturing facility in Martinsville, Virginia as well as evaluate its production capabilities and capacity across the organization for additional opportunities. Creation of center-led functions for finance, human resources, information technology and legal functions, which are expected to result in standardization of processes and elimination of duplication: in addition, the Company is centralizing its supply chain efforts to maximize supplier value and plans to drive more efficient practices and operations within its logistics function. Reallocation of Kimball brand selling resources to higher-growth markets; exit four product showrooms across the brands. Efforts expected to result in annualized pre-tax savings of approximately $10M when all actions are complete with pre-tax restructuring charges incurred through 2020 estimated at $8M to $9M The transformation plan will begin immediately, and the Company expects a substantial majority of the underlying activities of these actions to be completed by the end of its fiscal year 2020. In addition to the expected savings from the restructuring plan, the Company is also targeting an additional savings in fiscal year 2020 of $8M related to other cost reduction initiatives not included in the transformation plan. The total savings in fiscal year 2020 related to both the transformation plan and other cost reduction initiatives is expected to be approximately $16.M

07:39 EDT Verastem CEO Robert Forrester to step down - Verastem announced that Robert Forrester has decided to step down as President and CEO. Forrester has agreed to continue serving Verastem Oncology in an advisory capacity. Dan Paterson, the company's COO, has been appointed to serve as President and COO and will assume the leadership of the executive team while the Board of Directors conducts a search to identify a successor. Paterson will be supported by other members of the senior leadership team, including CFO, Rob Gagnon, whose role is being expanded to include Chief Business Officer. Paterson joined Verastem Oncology in 2011 and has served as its COO since 2014.

07:37 EDT Starboard says Aecom separation 'a postive first step,' urges strategic review - Starboard Value, which identifies itself as one of the largest shareholders of AECOM with an ownership interest of approximately 4.0% of the company's outstanding shares, announced that it has delivered a letter to Michael Burke, AECOM's Chairman and CEO, which stated in part: "We believe that AECOM's market leading franchises are deeply undervalued and that significant opportunities exist within the control of management and the Board of Directors to unlock value. As such, we read with great interest the company's announcement this past Monday regarding its intention to spin-off the MS segment. This is potentially a positive development. However, it is just one piece of a broader set of opportunities to unlock significant value at AECOM. As detailed in this letter, the company was built through a series of acquisitions that have not been effectively integrated and operating metrics across the various segments significantly lag those of their respective peers. We believe there is a substantial opportunity to drive profitability improvements through integration and operational initiatives. In addition, we believe a more expansive and open minded strategic review of the company's assets is necessary. In this letter, our hope is to articulate to you, the Board, and other shareholders the steps we believe the company should take to create value for the benefit of all shareholders." Reference Link

07:33 EDT Starboard says Aecom separation 'a postive first step,' urges strategic review

07:28 EDT Colliers International terminates Real Estate Services CEO for misconduct - Colliers International Group announced that Dylan Taylor has been terminated as CEO of its Real Estate Services division for misconduct including improper trading activity in Colliers securities in breach of his employment obligations. Taylor has made certain allegations which he asserts as the basis for a potential constructive dismissal claim. While management and the Board of Directors of Colliers have no reason to believe the validity of such claims, the Board has constituted a special committee to oversee an independent review of the allegations. Jay Hennick, Chairman & CEO will continue to oversee the strategy and operations of Colliers as he has in the past, with all Regional and Business Line leaders directly reporting to him. John Friedrichsen, long-time CFO, will also take on added operational responsibilities. Effective immediately, the position of CEO of Real Estate Services is eliminated.

07:15 EDT Revive to establish cannabis product derivative manufacturing facility - Revive Therapeutics announced that the company is to establish a cannabis product derivative manufacturing and development facility and it has entered into a definitive lease and purchase option agreement to a 12,000 sq. ft. facility in Mississauga, Ontario with an option to acquire 100% interest in the Mississauga Facility, as well as the option to expand into a 50,000 sq. ft. facility, at the Company's discretion, in Bowmanville, Ontario.

07:12 EDT Trevena announces initiation of healthy volunteer study for oliceridine - Trevena announced that it has initiated the healthy volunteer QT interval study for oliceridine, the Company's lead investigational drug candidate for the management of moderate to severe acute pain. The Company remains on track to report topline data in the fourth quarter of 2019 and currently expects to resubmit the New Drug Application for oliceridine as early as possible in the first quarter of 2020. The primary objective of the study is to collect the additional QT interval data requested by the U.S. Food and Drug Administration for the resubmission of the NDA for oliceridine. The study will be performed in healthy volunteers at a single site as a three-period crossover design. Each subject will be randomly sequenced through all three study periods: oliceridine, placebo, and moxifloxacin as a positive control. A short, treatment-free washout occurs between each period. Electrocardiograms for all subjects will be obtained in a rigorous manner throughout the study. The Company plans to submit data on approximately 60 healthy volunteers, and among this study population, a minimum of 20 subjects will receive a cumulative dose of 27 mg, the proposed maximum daily dose of oliceridine.

07:11 EDT Darden down 4.6% to $111.99 after FY20 profit guidance misses estimates

07:08 EDT Entergy receives unsolicited offer from TRC Capital to purchase 1M shares - Entergy has been notified of an unsolicited mini-tender offer by TRC Capital to purchase up to 1M shares of Entergy common stock, representing approximately 0.53% of Entergy's outstanding shares as of April 30. TRC's offer price of $97.50 is 4.45% below the closing price of Entergy's common stock on June 14, the last trading day prior to the commencement of the offer. Entergy does not endorse TRC's unsolicited mini-tender offer and is in no way associated with TRC, its mini-tender offer or its mini-tender offer documentation. Entergy recommends shareholders do not tender their shares in response to TRC's mini-tender offer or, if shareholders have already tendered shares, that they withdraw their shares by providing the written notice described in the TRC mini-tender offer documents prior to the expiration of the offer, currently scheduled for July 17.

07:07 EDT Axovant, Yposkesi sign strategic gene therapy development partnership - Axovant Gene Therapies has signed a strategic partnership with Yposkesi, a Contract Development and Manufacturing Organization, for preferred access and reserved capacity for cGMP grade viral vector production. Under this strategic collaboration, Yposkesi will provide expertise in process development, technology transfer, manufacturing scale-up, quality control and quality assurance. The ongoing prioritized access for manufacturing resources will support Axovant's gene therapy programs as they proceed through development and commercialization, with an initial focus on the AAV-based gene therapies.

07:05 EDT Darden raises quarterly dividend 17% to 88c per share - The quarterly dividend is payable on August 1 to shareholders of record on July 10.

07:04 EDT iRobot adds educational coding robot through acquisition of Root Robotics - iRobot has announced the addition of the Root coding robot to its product lineup through the acquisition of Root Robotics. Root is an educational robot that teaches coding and problem-solving skills to children as young as four years old. The Root coding robot is a two-wheeled, mobile platform. The acquisition of Root Robotics is not expected to contribute materially to iRobot's 2019 financial performance. Financial terms of the transaction were not disclosed.

07:00 EDT Darden reports Q4 adjusted diluted cont ops EPS $1.76, consensus $1.72 - Reports Q4 revenue $2.23B, consensus $2.24B.

06:23 EDT Renault, Nissan, Waymo partner to explore driverless mobility services - Groupe Renault (RNSDF), Nissan Motor (NSANY), and Waymo (GOOG, GOOGL) have entered into an exclusive agreement for an initial period to explore all aspects of driverless mobility services for passengers and deliveries in France and Japan. The agreement is designed to bring together the strengths of each party and expand expertise by assessing market opportunities, working together to research commercial, legal and regulatory issues related to driverless transportation-as-a-service offerings in France and Japan. The Alliance of Renault-Nissan-Mitsubishi, with a global footprint and portfolio covering every segment of passenger and light commercial vehicles, is uniquely suited to join this business exploration with Waymo, a self-driving technology company building the world's most experienced driver with more than 10 million miles on public roads. The agreement marks a first step to developing long-term, profitable driverless mobility services operations. This analysis will first take place in France and Japan, home to Groupe Renault and Nissan headquarters, respectively, and may expand to other markets, excluding China, in the future. To further the exploration process, Groupe Renault and Nissan will create joint venture Alliance-focused companies in France and Japan dedicated to driverless mobility services.

06:04 EDT Bright Scholar to acquire two independent boarding schools in the UK for GBP38M - Bright Scholar announced that it entered into agreements to acquire 100% equity interests in St. Michael's School and Bosworth Independent College in the United Kingdom for a total consideration of GBP38M. The company targets to close the transactions in September, subject to the satisfaction of customary closing conditions and the completion of relevant corporate and regulatory procedures. St. Michael's School is an independent school in the UK. Located in Llanelli, Wales, it offers day and boarding education from age three to 18. Established in 1923, the school currently has more than 400 students, comprised predominantly of day students as well as boarders from more than 16 countries. Bosworth Independent College is an independent boarding college in the UK. Located in Northampton, England, it provides independent boarding education to pupils from the UK and abroad from 13 to 19 years of age. Established in 1977, the school has more than 300 students, including more than 200 boarders from 39 countries.