Stockwinners Market Radar for August 28, 2019 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

19:02 EDT Kilroy Realty CIO Rosetta to leave company - Kilroy Realty Corporation announced that Steve Rosetta, Executive Vice President and Chief Investment Officer, is leaving KRC. Jonathan Praw, the company's SVP, Investments, has been promoted to SVP, Chief Investment Officer. Before joining the company in April 2018, Praw was Senior Vice President at Equus Capital Partners, a real estate private equity company, where he oversaw the Western Region for acquisitions, dispositions and asset management for more than ten years.

18:40 EDT Fly Intel: After Hours Movers - UP AFTER EARNINGS: Nutanix (NTNX) up 20.0%... Guess (GES) up 11.1%... Sportsman's Warehouse (SPWH) up 10.7%... Zuora (ZUO) up 9.5%... Elastic (ESTC) up 9.4%... Tilly's (TLYS) up 8.8%... Five Below (FIVE) up 1.8%. DOWN AFTER EARNINGS: Ollie's Bargain Outlet (OLLI) down 26.8%... Box (BOX) down 7.5%... Shoe Carnival (SCVL) down 3.5%... Williams-Sonoma (WSM) down 2.0%... Matrix Service (MTRX) down 1.8%... Okta (OKTA) down 1.4%... Semtech (SMTC) down 1.3%. ALSO LOWER: Limoneira (LMNR) down 3.9% after cutting FY19 guidance. Movers as of 18:30ET.

18:21 EDT Limoneira attributes cut in FY19 guidance to overabundance in citrus industry - The company states: "The excessive rains in Southern California during the first six months of FY19 created an overabundance of large fresh lemons in the citrus industry, resulting in an industry-wide decrease of lemon carton pricing and volume. As the Company entered the latter stages of the third quarter, the large lemon inventory did not sell through as fast as previously expected due to more large lemons, industry-wide, than previously expected. This resulted in dramatically lower fresh lemon utilization rates, lower average per carton pricing and higher per carton packing costs than previously expected. In addition, the orange industry continued to face lower than expected pricing due to over-supply and sizing of fruit well into the Company's third fiscal quarter of 2019." CEO Harold Edwards says: "We continued to face pricing and sales volume headwinds from lower fresh utilization due to the industry-wide overabundance of large fresh lemons. The larger sized lemons were selling for approximately $18.00 per carton in the third quarter, well below our normal pricing, and we had to turn approximately 50% of our fresh lemons into juice, which garners lower revenue. For FY19, we continue to expect to grow a tree crop of approximately 7.2M domestic lemon cartons. Unfortunately, due to the lower fresh utilization rate during the third quarter, our lemons grown for FY19 will not translate into our full year goal of fresh cartons sold."

17:58 EDT BAE Systems awarded $202.44M Army contract - BAE Systems was awarded a $202.44M fixed-price-incentive contract for the production and delivery of explosives and components at Holston Army Ammunition Plant, Tennessee. One bid was solicited with one bid received. Work locations and funding will be determined with each order, with an estimated completion date of September 30, 2020. U.S. Army Contracting Command is the contracting activity.

17:51 EDT Vectren receives PUCO approval to adjust delivery prices - Vectren Energy Delivery of Ohio, a CenterPoint Energy company, received approval from the Public Utilities Commission of Ohio authorizing its plans to adjust charges for Vectren's natural gas distribution business in its 17-county service area in west central Ohio. The request to increase base rates for its natural gas delivery charges is the first Vectren has filed in more than a decade and will cover the ongoing costs of operating, maintaining and expanding the approximately 5,600-mile pipeline system used to serve its 318,000 natural gas customers. The Order approved a Stipulation and Recommendation, entered by Vectren with the Staff of the PUCO and other parties in January 2019, with the following terms: A rate increase of nearly $22.7M; an overall rate of return of 7.48%; and an extension of Vectren's authorized recovery of investments to accelerate replacement of cast iron and bare steel pipelines, with targeted completion by 2023. New charges will take effect on customer bills on or around September 1. The average residential customer bill will increase by approximately $6 per month as a result of this Order, which includes a portion of the benefits of the decrease in the corporate tax rate as a result of the federal tax legislation enacted in the Tax Cuts and Jobs Act of 2017. The remaining tax benefits, still pending before the Commission in a separate proceeding, will decrease the average residential customer bill by approximately $4 per month once approved.

17:47 EDT Home Bancorp authorizes share repurchase plan of up to 470,000 shares - Home Bancorp approved a new share repurchase plan under under which the company may purchase up to 470,000 shares, or approximately 5% of the company's outstanding common stock. Share repurchases under the 2019 Repurchase Plan may commence upon the completion of the company's 2016 Repurchase Plan. There are 41,011 shares remaining that may be repurchased under the 2016 Repurchase Plan.

17:39 EDT Nutanix up 18.9% at $23.30 per share after Q4 earnings, billings mix guidance

17:37 EDT Nutanix aims for subscription billings mix rising to 80% in Q4 of FY20 - Billings mix increased to 71% in Q4 of FY19 from 65% in Q3. Outlook taken from investor presentation slides. Reference Link

17:33 EDT Ollie's Bargain Outlet down 25% after Q2 results miss, FY19 outlook lowered - In after-hours trading, shares are down 25% to $58.00.

17:10 EDT Matrix Service COO Joe Montalbano retiring June 30, 2020 - Matrix Service announced key leadership changes as the COO indicated his plan to retire June 30, 2020. Joe Montalbano, after 47 years in the industry, will retire from his role as VP and COO effective June 30, 2020. Joe joined Matrix in 2008. Alan Updyke has been promoted into an interim role, President Operations, as part of the succession transition. This role reports to Joe Montalbano through the end of the fiscal year and will assume direct leadership for the three operating subsidiaries. This new role is effective September 3, 2019 and will later transition to the COO position on July 1, 2020 upon Joe's retirement. Updyke joined Matrix Service in July 2012 as VP of Capital Construction, was subsequently promoted to SVP Operations and in February 2018, to President of Matrix Service. Brad Rinehart will assume the role of President, Matrix Service. Brad joined Matrix in 1988 and has held numerous roles over his long tenure with Matrix. Glyn Rodgers will be promoted to the role of President, Matrix PDM Engineering.

16:46 EDT VAALCO Energy says Topaz drilling rig delivery expected in September - VAALCO Energy provided an operational update with additional details on the commencement of its 2019/2020 drilling program, the successful completion of its full-field annual maintenance shutdown at Etame, and the extension of the lease contract for the floating, production, storage and offloading vessel Petroleo Nautipa offshore Gabon. Vantage Drilling International has notified VAALCO that they expect to release the Topaz jackup rig to VAALCO in early September following completion of ENI Gabon's drilling operations. VAALCO plans to spud the Etame 9P appraisal wellbore first, followed back-to-back with the Etame 9H development well. The company plans to drill up to three development wells and two appraisal wellbores in the 2019/2020 drilling program. VAALCO believes that there is significant reserve upside associated with the two appraisal wellbores as they may confirm up to approximately five million net barrels of 2P oil reserves spread across six well locations targeted in future drilling campaigns. The company is forecasting that the 2019/2020 drilling program will be funded by cash on hand and cash generated from operations. The current estimated net drilling capital expenditures are $20M-$25M in 2019 with an additional $5M-$10M of expenditures in 2020. During August 2019, VAALCO completed its planned full field 2019 maintenance shutdown for the Etame Marin FPSO and four platforms. The entire work scope was completed successfully with no adverse environmental or safety incidents. The field was shut-in for approximately nine days during the shutdown and then returned to pre-shutdown production levels. VAALCO has exercised an election to extend the lease contract for the FPSO Petroleo Nautipa at Etame through September 2021, with an additional one-year option to run through September 2022.

16:38 EDT Five Below drops after quarterly report, same store sales miss estimates - Shares of Five Below are off their post-market lows, still down approximately 5% or $5.47 per share to $113 per share.

16:33 EDT Guess up over 7% at $16.10 per share after Q2 earnings beat and raised FY20 view

16:32 EDT Horizon Pharma names Andy Pasternak as Chief Business Officer - Horizon Therapeutics named Andy Pasternak executive vice president, chief business officer, reporting directly to Timothy Walbert, chairman, president and CEO, effective Nov. 1. Prior to joining Bain, he was a founding partner in the Health & Life Sciences practice at Oliver Wyman, a global management consultancy.

16:31 EDT Victory Capital approves new share repurchase program of up to $15M - Victory Capital announced that its board of directors has approved a new common stock repurchase program authorizing the repurchase of up to $15M of its Class A Common Stock through December 31, 2020. The company's prior $15M stock repurchase authorization, initiated in May 2018, has been largely completed.

16:30 EDT Elastic up 6.8% to $85.55 per share after Q1 earnings beat and raised FY20 view

16:29 EDT Williams-Sonoma sets long-term revenue growth view at 'mid-high single digits' - Sees long-term operating income growth in-line with revenue growth.

16:24 EDT SAIC names Michelle O'Hara CHRO - Science Applications International Corp. announced its board of directors has appointed Michelle A. O'Hara as the company's chief human resources officer effective October 1, 2019. O'Hara brings more than 20 years of HR leadership experience, and succeeds Karen Wheeler, who is retiring from SAIC. As a member of SAIC's executive leadership team, O'Hara will report directly to CEO Nazzic Keene.

16:21 EDT Yuma Energy receives second noncompliance notice from NYSE American - Yuma Energy was notified by the NYSE American that the company is not in compliance with one of the Exchange's continued listing standards in that it reported shareholders' equity of $2.4M on June 30, which is below the minimum standard of $4M, and reported losses from continuing operations and/or net losses in its five most recent fiscal years. The Exchange also warned that the company may be close to falling below compliance which requires minimum shareholder's equity of $2. On June 20, the company received notice that it was not in compliance having reported a stockholders' equity of $5,998,045 and sustained continuing operations and/or net losses in its five most recent fiscal years. In order to maintain its listing on the Exchange, the company submitted a plan of compliance on July 16 and intends to supplement the plan to address how it intends to regain compliance with the continued listing standards by December 17, 2020. The notification does not affect the company's business operations or its SEC reporting obligations. Yuma is involved in restructuring discussions. Management continues to work with Seaport Global Securities, an investment banking firm, to advise the Company on various strategic alternatives. Until the company regains compliance, a ".BC" indicator will be affixed to the company's trading symbol.

16:20 EDT Okta says Cengage implemented Workforce Identity, Customer Identity products - Okta announced Cengage, the U.S.-based provider of teaching and learning materials for higher education, implemented Okta's Workforce Identity and Customer Identity products. "With the Okta Identity Cloud, Cengage connects its global workforce to best-of-breed cloud applications as well as enables its extended user base - students, instructors, and administrators - to securely access its online learning tools and resources," the company said. Okta also announced financial results for its Q2 and new customers and deployments in Q2, including American Century Investments, Cox Automotive, Discovery, Engie, Pacific Life, Quantcast, the U.S. Department of Agriculture, and WeWork.

16:18 EDT Guess CEO says DTC business performed in line with expectations - CEO Carlos Alberini says: "I am very pleased with our second quarter financial performance, which delivered strong operating profit growth. This performance exceeded our expectations and was driven by a solid top line increase, strong margin performance and effective expense management. During the quarter we increased revenues by 6% in U.S. dollars and 9% in constant currency. Overall, our direct-to-consumer businesses, which include stores and e-commerce, performed in line with our expectations in all regions and our wholesale businesses in the Americas and Europe delivered a very strong performance compared to our expectations. Based on our second quarter performance, our strong inventory position and our expectations for the Fall and Holiday seasons, we are raising our guidance for the full year."

16:12 EDT Adverum to present data on Optic trial of ADVM-022 for Wet AMD treatment - Adverum Biotechnologies announced that 24-week data from the first cohort of patients in the OPTIC phase 1 clinical trial of ADVM-022 intravitreal injection gene therapy in wet AMD will be presented at the Retina Subspecialty Day Program of the American Academy of Ophthalmology, AAO, 2019 Annual Meeting in San Francisco, CA on Friday, October 11. "Wet AMD is an aggressive disease that often requires frequent anti-VEGF injections over the long-term in order to reduce vision loss," said Aaron Osborne, MBBS, MRCOphth, chief medical officer of Adverum Biotechnologies. "ADVM-022 is administered utilizing a single, standard-of-care intravitreal injection, which we believe has the potential to significantly reduce treatment burden and improve real-world vision outcomes for patients with wet AMD. We look forward to presenting 24-week data from the first cohort of patients in the OPTIC trial at the upcoming AAO meeting."

16:10 EDT Corcept announces additional allowance of patent for Korlym - Corcept Therapeutics announced that the United States Patent and Trademark Office has issued a Notice of Allowance for a patent covering the administration of Korlym with food. The patent will expire in November 2032. "This patent covers an important finding of our research - that for optimal effect, Korlym must be taken with food," said Joseph Belanoff, MD, Corcept's CEO. "Korlym's label instructs doctors that 'Korlym must always be taken with a meal.'"

16:06 EDT SP Plus Corp. appoints Kristopher Roy CFO - SP Plus Corporation announced the appointment of Kristopher Roy as CFO. Roy, who has been serving as interim CFO since April, will continue as principal financial officer for the company.

16:06 EDT Severn Bancorp, Inc. raises quarterly dividend to 4c from 3c per share - Payable on September 17 to shareholders of record at the close of business on September 6.

16:04 EDT Reata Pharmaceuticals appoints Manmeet Soni CFO - Reata Pharmaceuticals announced the appointment of Manmeet Soni as CFO and executive VP, effective August 28. Jason Wilson, who has been with Reata since 2006 and served as CFO, will assume a new role as executive VP of Operations. Wilson will oversee Reata's operations, including program and clinical operations, manufacturing, bioinformatics, quality, global alliances, and human resources.

15:54 EDT Aimia reports 6.47% passive stake in Cardlytics - In a regulatory filing, Aimia disclosed a 6.47% stake in Cardlytics, which represents nearly 1.5M common shares. The filing does not allow for activism.

15:35 EDT Target exec Tritton sells 15,000 common shares - In a regulatory filing, Target chief merchandising officer Mark Tritton disclosed the sale of 15,000 common shares of the company at a price of $105 per share.

15:25 EDT Procter & Gamble exec Fish sells over 8,000 common shares - In a regulatory filing, Procter & Gamble chief research, development, and innovation officer Kathleen B. Fish disclosed the sale of 8,472 common shares of the company at a price of $120.5822 per share.

15:06 EDT Home Depot, Lowe's and Generac trade higher after storm Dorian upgraded - Shares of certain companies including home improvement giants Home Depot (HD) and Lowe's (LOW) are moving higher in afternoon trading on Wednesday after national weather services project that South Florida will be impacted by Tropical Storm Dorian. Other companies, whose shares are impacted by major storms in the Southeast include Generac (GNRC), up 1.87%, National Oilwell (NOV), almost 4% higher, and Marine Products (MPX), jumping 2.72%.

14:37 EDT Mackinac Financial announces buyback up to 5% of shares - Mackinac Financial announced today that its board has authorized a common stock repurchase program. The new program authorizes the repurchase of 5% of the company's outstanding common stock. Paul Tobias, Chairman and CEO of Mackinac, remarked, "The Board's approval of this program reflects our confidence in our company's intrinsic value. Repurchasing stock is one means of underscoring our commitment to enhancing shareholder value. We are pleased to have the capacity and flexibility to return capital to our shareholders while remaining inquisitive on accretive acquisition opportunities."

14:10 EDT FDA issues safety communication on certain hepatitis C medications - The Food and Drug Administration said it has received reports that the use of AbbVie's (ABBV) Mavyret, Merck's (MRK) Zepatier, or Gilead's (GILD) Vosevi to treat chronic hepatitis C in patients with moderate to severe liver impairment has resulted in "rare cases of worsening liver function or liver failure." All these medicines contain a hepatitis C virus protease inhibitor and are not indicated for use in patients with moderate to severe liver impairment, the agency said in a statement. "In most patients, symptoms resolved or new onset worsening of liver function improved after stopping the medicine. These medicines have been widely used and are safe and effective in patients with no or mild liver impairment," it added. Mavyret, Zepatier, and Vosevi are FDA-approved to treat chronic hepatitis C in patients without liver impairment or with mild liver impairment, the FDA pointed out. Reference Link

13:10 EDT Third Point to pay $609,810 civil penalty over DowDupont purchases - The Justice Department announced that it will require Third Point LLC and three funds it manages to pay a $609,810 civil penalty and be subject to injunction for violating antitrust premerger notification requirements in connection with the three funds' acquisition of shares of DowDupont. The Justice Department's Antitrust Division, at the request of the Federal Trade Commission, filed a civil antitrust lawsuit today in U.S. District Court in Washington, D.C. against Third Point and three funds it manages for violating the premerger notification and waiting period requirements of the Hart-Scott-Rodino Act of 1976. At the same time, the department filed a proposed settlement, subject to approval by the court, under which the three Third Point funds have agreed collectively to pay a $609,810 civil penalty to resolve the lawsuit.

12:12 EDT DPW Holdings jumps 20% after eliminating $2M in debt via exchange pacts - DPW Holdings announced that it has eliminated debt totaling approximately $2M from two separate exchange agreements with two creditors. As previously announced in early July, the company restructured debt by issuing new convertible debt in the principal amount of approximately $2.7M. During 2019, the principal amount of debt that DPW has either eliminated or restructured exceeds $14.8M. On July 3, the company entered into an exchange agreement with an institutional investor pursuant to which, in exchange for the surrender of that certain term promissory note issued by the Company to the investor on March 23, 2018, the Company issued to the investor a convertible promissory note in the principal amount of $1,492,000 with an interest rate of 12% per annum and a maturity date of January 22, 2020. The new note is convertible into shares of the company's common stock at a conversion price equal to $8.80. To date, the investor has converted an aggregate principal amount of $860,000 of this note. DPW's CEO and Chairman, Milton "Todd" Ault, III said, "The elimination of this debt is a milestone for the Company as we continue to improve our capital structure to one with a long-term timeline that supports our corporate initiatives and goals. We have worked very hard to reduce the debt we incurred in conjunction with our acquisitions and expansion activities." Ault added. "With the progress we have made to address our debt issues, the company can focus on being a holding company that has sales and earnings power." Shares of DPW are up 19.8% or 57c to $3.44 per share in midday trading.

12:06 EDT T-Mobile announces Test Drive deal for hot spots - T-Mobile announced its new Test Drive deal, unveiling a "novel, simple way for everyone to try T-Mobile's expanded network FREE before switching - you know, the way buying should be." With Test Drive, carrier customers can snag a free hotspot that connects to the network, including the company's newest, most powerful signal - 600 MHz - and try the network for up to 30 days, all while keeping their own phone, phone number and apps. "Of course, the carriers can't even get something as simple as 'try before you buy' right. They want you to trade in your phone, transfer your life to a new one and burn an entire day switching ... just to hope their network works for you. It's arrogant, it's broken and it's time for backwards-buying to end," said John Legere, CEO of T-Mobile. "Our network is open for anyone to try because we have nothing to hide - can your carrier say that? At T-Mobile, the strength of our network speaks for itself ... we're so confident in it, we're giving people a free 30-day test drive."

12:00 EDT VelocityShares 3x Inv Natural Gas ETN falls -7.8% - VelocityShares 3x Inv Natural Gas ETN is down -7.8%, or -$12.88 to $151.90.

12:00 EDT Movado falls -20.7% - Movado is down -20.7%, or -$5.16 to $19.81.

12:00 EDT Tallgrass Energy rises 34.5% - Tallgrass Energy is up 34.5%, or $4.95 to $19.30.

11:40 EDT Fitbit launches 'voice-enabled lifestyle smartwatch' Versa 2 - Fitbit (FIT) announced the launch of Fitbit Versa 2, "the next generation of its best-selling smartwatch, Fitbit Versa. Versa 2 delivers a new precision-crafted swimproof design, includes innovative sleep features like Sleep Score and smart wake, and is packed with even more advanced health, fitness and smart features to elevate every moment.1 For next-level convenience, Versa 2 debuts an on-device microphone, which enables Fitbit's first-ever Amazon (AMZN) Alexa smartwatch experience, along with a Spotify (SPOT) app that allows users to control their music and podcasts, and Fitbit PayTM on all models. 2 Coupled with even faster performance, thousands of apps and clock faces and a brighter, crisper display with an optional always-on mode, Versa 2 is your 24/7 health and wellness companion - now with 5+ days battery life at the same approachable price as Versa. 3," said the company earlier on Wednesday.

10:36 EDT Vertex weakness tied to FDA database showing 30 deaths for Symdeko - The move lower in shares of Vertex Pharmaceuticals is being attributed by traders to 30 deaths being reported in the FDA Adverse Events Reporting System for the company's Symdeko drug, a treatment for cystic fibrosis. It is unclear when the deaths were reported to the database and if any of them are new. Shares of Vertex are down 3%, or $4.59, to $173.66 in morning trading. Reference Link

10:05 EDT ChinaCache strengthens corporate governance standards following committee review - ChinaCache International Holdings announced that a special committee comprised of independent members of the Company's Board of Directors has concluded the fact-finding portion of an internal investigation into the circumstances surrounding the arrest of the Company's former CEO and Chairman Song Wang, and allegations of enterprise bribery involving the Company that date back to 2014. The company said, " The Special Committee retained the law firm of Simpson Thacher & Bartlett to assist in conducting this investigation. While the Special Committee identified potential concerns relating to certain Company transactions that may indicate that improper payments were made in connection with the 2014 transaction at issue, it did not identify direct evidence indicating that Mr. Wang or any member of Company Management or the Board of Directors engaged in or approved of any improper payment. It should be noted that the Special Committee's investigation was constrained to some extent by the passage of time, significant turnover in Company personnel since 2014 and the lack of direct access to Mr. Wang. Notwithstanding the foregoing, the Special Committee did identify weaknesses in the Company's compliance program and recommended several improvements, including the addition of resources for compliance and internal audit functions and enhanced training. The Board has approved the adoption of all of these recommendations and the Company has begun implementing them. The Board also accepted the resignation of two senior managers, who did not notify the Board of the arrest of Mr. Wang until May 16, 2019. It is the understanding of the Special Committee that during the absence of Mr. Wang, from around January 16, 2019 until May 16, 2019, the Company's operations were managed by other members of the Company's management team, including a member thereof who exercised certain management authority under power of attorney granted by Mr. Wang prior to his detention. To enhance its commitment to stringent corporate governance standards, the Board was recently reconstituted by appointing three new directors. The reconstituted Board consists of two independent directors and two executive directors. The Chairman of the Board and all members of the audit, compensation, nominating and corporate governance committees are independent. In addition, the management of the Company is currently led by Mr. Bin Liu, the acting chief executive officer, who was appointed to replace Mr. Wang on May 17, 2019. The Company intends to add a third independent director to the Board in the near term to ensure that there are three independent directors on the audit committee and that a majority of the directors on the Board are independent, as required by Nasdaq Listing Rules."

10:00 EDT Britannia Bulk falls -7.0% - Britannia Bulk is down -7.0%, or -47c to $6.24.

10:00 EDT Movado falls -23.7% - Movado is down -23.7%, or -$5.91 to $19.06.

10:00 EDT Tallgrass Energy rises 35.5% - Tallgrass Energy is up 35.5%, or $5.09 to $19.45.

09:57 EDT Kodiak Sciences Inc trading halted, volatility trading pause

09:47 EDT VelocityShares 3x Inv Natural Gas ETN falls -7.1% - VelocityShares 3x Inv Natural Gas ETN is down -7.1%, or -$11.66 to $153.12.

09:47 EDT Movado falls -21.5% - Movado is down -21.5%, or -$5.37 to $19.60.

09:47 EDT Tallgrass Energy rises 36.0% - Tallgrass Energy is up 36.0%, or $5.17 to $19.52.

09:35 EDT Nevada reports July statewide gaming win up 2.9% to $1.02B - Reports July Las Vegas Strip gaming win up 1.63% to $541.8M. Publicly traded companies in the casino space include Boyd Gaming (BYD), Caesars (CZR), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn National (PENN) and Wynn Resorts (WYNN).

09:19 EDT DGSE Companies secures partes account with Swatch Group - DGSE Companies (DGSE) announced that it has secured a parts account with The Swatch Group (SWGAY), a Swiss manufacturer of luxury watches. With this account, DGSE expands the scope of its services to include Swatch-Group timepieces and watches with Swiss ETA movements, using 100% genuine factory parts.

09:17 EDT Dynatronics promotes COO Brian Baker to CEO - Dynatronics announced that the Dynatronics' board has promoted Brian Baker to CEO. Baker also joins the company's board. Baker will assume day-to-day executive leadership of the organization effective immediately. He succeeds Dr. Christopher von Jako, the company's previous CEO. He was recently named COO with oversight over company-wide operations. "After thoughtful consideration, the board determined that the company's CEO needs to be based in our Eagan, Minnesota facility," explained Erin Enright, chairman of the board. "Dr. von Jako, who resides in the Boston area, determined that he and his family were not in a position to relocate at this time and he made the decision to pursue other opportunities."

09:14 EDT First Midwest to acquire Bankmanagers Corp. for $195M - First Midwest Bancorp announced that it has entered into a definitive agreement to acquire Bankmanagers Corp. and its wholly owned subsidiary, Park Bank. Founded in 1915, Park Bank is one of the largest independent commercial banks in Milwaukee with approximately $1B of total assets, $815M of deposits, of which approximately 85% are core deposits, and $700M of loans. The merger agreement provides for a fixed exchange ratio of 29.9675 shares of First Midwest common stock, plus $623.02 in cash for each share of Bankmanagers Corp. common stock, with an overall transaction value of approximately $195M subject to certain adjustments. The transaction is subject to customary regulatory approvals, the approval of Bankmanagers' shareholders and the completion of various closing conditions and is anticipated to close by January 2020.

09:11 EDT Fitbit launches premium paid subscription service - Fitbit announced the launch of Fitbit Premium, a paid subscription service in the Fitbit app that uses unique data to deliver a personalized experience with actionable guidance and coaching. Premium leverages insights from 10+ years of Fitbit data as well as academic and medical expertise to help with customized programs, advanced sleep features, personal insights, thousands of workouts, new challenges and health reports. Premium will be available to any Fitbit user and to Fitbit health solutions customers through Fitbit Care.

09:08 EDT Collins Aerospace selected by L3Harris Technologies for AMP INC 2 program - Collins Aerospace Systems, a unit of United Technologies (UTX), has been selected by L3Harris Technologies (LHX) to play a key role in the U.S. Air Force's C-130H Avionics Modernization Program Increment 2 program. The fleet of 176 C-130H aircraft, operated by the Air National Guard and U.S. Air Force Reserve, will be equipped with Collins Aerospace's Flight2TM integration avionics system and will expand the company's position as a global leader in C-130 modifications. Once on contract, Collins Aerospace's Flight2 avionics will replace over 100 analog instruments in the current cockpit with seven multifunctional displays, three control display units, and a new digital autopilot. These new systems will reduce workload, improve the pilots' situational awareness, and improve the safety and reliability of the aircraft. The new displays also make it easier for the pilots to overlay flight plans, see nearby points-of-interest and view radar and threat information.

09:07 EDT Fly Intel: Pre-market Movers - HIGHER: Tallgrass Energy (TGE), up 36% after announcing that the board of its general partner has received a non-binding preliminary proposal letter from Blackstone Infrastructure Partners, its partners and respective affiliates to acquire all of the outstanding Class A shares representing limited partner interests in TGE not already owned by the sponsors for $19.50 per Class A share in cash. UP AFTER EARNINGS: Dycom (DY), up 3%... Coty (COTY), up 4%... HP Enterprise (HPE), up 3%. DOWN AFTER EARNINGS: Express (EXPR), down 2%... Movado (MOV), down 16%... Tiffany (TIF), down 2% Autodesk (ADSK), down 11%.

09:06 EDT Gilead Capital says Monotype Imaging sale price 'inadequate' - Gilead Capital, a long-term shareholder of Monotype Imaging, responded to the release of the company's proxy statement dated August 26, regarding the proposed sale of Monotype to the private equity firm HGGC for $19.85 per share. "Gilead Capital believes that rather than explaining why the proposed sale offers 'tremendous value,' the proxy statement instead validates our concerns, as stated in our most recent letter, about the Board's dereliction of its fiduciary duties and further undermines the Board's credibility. So that all shareholders can make a fully informed vote, we reiterate our original demand that the Board hold a conference call to answer shareholder questions like those above, discuss the company's recent business performance, and explain its rationale for proposing a sale of the company at the same price it executed its most recent buybacks. We continue to see this proposed sale as an inappropriate transfer of value from public market investors to management and its preferred private buyer. Gilead Capital currently intends to vote against this transaction."

09:05 EDT Imprivata, Vocera partner to advance mobility in healthcare - Imprivata and Vocera Communications announced a partnership to help healthcare organizations unlock the full potential of mobility in healthcare. Combining Imprivata Mobile Device Access with Vocera Collaboration Suite, the partnership enables fast, familiar authentication into shared clinical mobile devices and the Vocera smartphone application, eliminating the burden of manual logins for healthcare providers. The joint solution gives clinicians the same secure clinical communication capability they currently have with Vocera Collaboration Suite, with the addition of single sign-on for faster access. Imprivata Mobile Device Access also enables users to access shared mobile devices with a simple tap of a proximity badge, which increases device security, protects PHI, and improves auditing, all without disrupting clinical workflow.

09:03 EDT Ecology & Environment trading halted, news pending

09:02 EDT Aviat Networks signs 10 year, $13M subscription-based contract with county - Aviat Networks has signed a $13M contract with a large California county government. This agreement is for 10 years of technology upgrades, service, and support for the county's mission critical transport network. Aviat's microwave upgrade agreement is a long-term network plan that provides technology upgrades, full service and support, and an OPEX subscription payment model.

08:48 EDT Perspecta awarded $7.5M radio frequency system contract for DARPA - Perspecta's applied research arm, Perspecta Labs, was awarded a prime contract from the U.S. Defense Advanced Research Projects Agency, or DARPA, for phases 2 and 3 of the agency's Converged Collaborative Elements for radio frequency Task Operations program. The award builds upon successful phase 1 implementation and demonstration, has a maximum total ceiling value of $7.5M and has a three-year period of performance. The objective of CONCERTO is to develop, implement and demonstrate a converged RF system and sensor resource manager that controls components of radar, electronic warfare and communications functions on unmanned aerial vehicles.

08:34 EDT Potbelly appoints David Head to board of directors - Potbelly Corporation announced the appointment of David Head to the Company's Board of Directors. Head brings nearly 40 years of transformative executive leadership experience from the fine dining, casual, fast-casual and quick service sectors. Currently, he serves as Chairman and CEO of Primanti Brothers.

08:32 EDT Axon appoints Facebook's Caitlin Kalinowski to board of directors - Axon (AAXN) announced the addition of Caitlin Kalinowski to its board of directors. As the Head of VR Hardware for the Augmented Reality/Virtual Reality division at Facebook (FB), Kalinowski is a recognized leader in virtual reality and product design. Her appointment became effective August 23.

08:13 EDT Sysco announces HFM FoodService officially changes name to Sysco Hawaii - Sysco Corporation announced that HFM FoodService will officially change its name to Sysco Hawaii, while celebrating the grand opening of its 3,000 square-foot, state-of-the-art Test Kitchen at the company's Oahu facility. Additionally, Sysco Hawaii presented the Hawaii Foodbank with a $25,000 donation to reaffirm its commitment to ending hunger, as part of Sysco Hawaii's Nourishing Neighbors program.

08:10 EDT Borr Drilling signs multi-year agreement with RigNet for managed communications - RigNet announced that it has signed a multi-year agreement with Borr Drilling to exclusively provide enhanced managed communication services on any band on all of their new premium jack-up rigs anywhere on the planet. Borr Drilling owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow water segment of the offshore oil and gas industry worldwide.

08:07 EDT Marathon Patent Group announces agreement to acquire 6,000 S-9 Bitmain Miners - Marathon Patent Group announced the signing of an Asset Purchase Agreement to acquire 6,000 S-9 Bitmain 13.5 TH/s Bitcoin Antminers. The transaction will be an all-stock private placement transaction whereby the Company will issue 2,335,000 unregistered Common Stock shares at a price above the current market. Upon consummation of the transaction, the Company will have 8,720,405 shares of common stock issued and outstanding. The Miners will be placed into service in a Co-Location hosting facility with electricity costs of $0.035 per KwH and $0.02 per KwH for the all-in hosting management. The combined cost of $0.055 per KwH equates to a breakeven of approximately $5,050 per Bitcoin resulting in Gross Profit Margins above 100% for each Bitcoin earned from mining at a price of $10,000/BTC. The Company anticipates the Miners will be placed into service early in the 4th quarter of 2019. Once the S-9s are placed into service, the Company's total HashRate is expected to increase from the current production level of 14 PH/s to approximately 98 PH/s, which at today's Bitcoin prices, would produce an annual revenue run rate over $10 million. The improving market for Bitcoin has been increasing the number of miners on the Blockchain network which increases the overall HashRate and mining difficulty. This increase in difficulty levels can reduce the Bitcoin's rewarded to miners, therefore the Company's revenue run rate may be lower than could be earned. The Company will continue to evaluate potential acquisitions in the rapidly growing Blockchain space and believes this transaction will strengthen the Company's balance sheet, making us a better candidate for future M&A transactions that would be less dilutive to our shareholders

08:03 EDT Xebec Adsorption commences trading on the OTCQX Best Market - Xebec Adsorption announced that the company has qualified to trade on the OTCQX Best Market. Xebec upgraded to OTCQX from the Grey Market and will soon be DTC eligible. Xebec begins trading on OTCQX under the symbol "XEBEF." U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com. The Company's shares will continue to trade on the Toronto Stock Exchange - Venture under the symbol "XBC". Xebec will shortly announce that its shares will be eligible for electronic clearing and settlement in the United States through the Depository Trust Company.

08:01 EDT CareDx acquires XynManagement, terms not disclosed - CareDx announced it has completed the acquisition of XynManagement, a provider of solutions to simplify transplant quality tracking and waitlist management. Financial details of the transaction were not disclosed. XynManagement provides two unique solutions, XynQAPI and Waitlist Management. XynQAPI simplifies transplant quality tracking and Scientific Registry of Transplant Recipients reporting. Waitlist Management includes a team of transplant assistants who maintain regular contact with patients on the waitlist to help prepare for their transplant and maintain eligibility. XynManagement products will be added to the CareDx Digital Solutions portfolio and integrate with current offerings including OTTR and patient care managers.

07:36 EDT Ensign Group board approves spin-off of home health and hospice operation - he Ensign Group announced that its board of directors has approved the separation from The Ensign Group, Inc. of its home health and hospice operation and substantially all of its senior living businesses into a separate publicly-traded company. Upon consummation of the spin-off, the two companies will consist of: The Ensign Group, Inc., which will include transitional and skilled services, rehabilitative care services, healthcare campuses, post-acute-related new business ventures and real estate investments; and The Pennant Group, Inc., which will include Ensign's home health and hospice operations and substantially all of Ensign's senior living operations. Ensign will effect the separation through a spin-off in which it will distribute shares of Pennant common stock to Ensign's stockholders on a pro rata basis. The distribution will be made to Ensign stockholders of record as of close of business on September 20, 2019, the record date for the distribution. The effective date of the distribution will be October 1, 2019, and we expect it will take the distribution agent, acting on behalf of Ensign, up to two weeks after the distribution date to fully distribute the shares of Pennant common stock to Ensign stockholders. In the distribution, Ensign stockholders will receive one share of Pennant common stock for every two shares of Ensign common stock held as of close of business on the record date. No fractional shares will be distributed in connection with the spin-off. A cash payment will be made in lieu of any fractional shares. Following the spin-off, Pennant will be a separate publicly traded company independent from Ensign, and Ensign will not retain any Pennant common stock. Ensign will continue to be listed on NASDAQ under the symbol "ENSG," while Pennant expects to list its common stock on NASDAQ under the symbol "PNTG." Daniel Walker, President of Ensign's home health and hospice holding company, Cornerstone Healthcare, will become the Chairman, CEO and President of Pennant. Christopher Christensen will serve as a director of Pennant in addition to serving as Executive Chairman of Ensign. In addition, John Nackel, a current Ensign director, will also serve as a Pennant director, and it is anticipated that he will temporarily continue his service on the Ensign board until his replacement is found or the end of his current term, whichever occurs first. Barry Port, Ensign's CEO, emphasized that Ensign will continue to acquire properties consistent with its existing business model. The spin-off is subject to customary conditions, including receipt of a tax opinion from counsel, effectiveness of the Form 10 registration statement filed with the Securities and Exchange Commission, execution of inter-company agreements, Pennant's common stock being accepted for listing on NASDAQ and other conditions described in the registration statement.

07:33 EDT Daktronics remains 'optimistic' about long-term outlook - CEO Reece Kurtenbach said, "We remain optimistic about our long-term outlook. Our product and technology portfolios position us for growth and allows us to serve a growing global customer base. We continue to invest in new technologies and advanced manufacturing techniques to provide innovative solutions. While economic concerns linger and the global tariff and trade environment create headwinds in the near-term, our pipeline of project opportunities remains active and support growth. We are focused on these conditions and on carefully managing capacity and spend to drive profitability."

07:30 EDT Facebook tightens rules on political advertisers - In a Wednesday blog post, the company said, "People should know who is trying to influence their vote and advertisers shouldn't be able to cover up who is paying for ads...we're sharing additional steps we're taking to protect elections and prepare for the US 2020 election. Those steps include strengthening the authorization process for US advertisers, showing people more information about each advertiser and updating our list of social issues in the US to better reflect the public discourse on and off Facebook...starting mid-September, advertisers will need to provide more information about their organization before we review and approve their disclaimer. If they do not provide this information by mid-October, we will pause their ads. While the authorization process won't be perfect, it will help us confirm the legitimacy of an organization and provide people with more details about who's behind the ads they are seeing. Advertisers will have five options for providing more information, three of which demonstrate they are registered with the US government. If they choose one of the three government resource options, they will be allowed to use their registered organization name in disclaimers and the "i" icon that appears in the upper right-hand corner of their ads will read "Confirmed Organization." In addition to providing their US street address, phone number, business email and a business website matching the email, they must provide one of the following: tax-registered organization identification number; a government website domain that matches an email ending in .gov or .mil; Federal Election Commission identification number...We are also refreshing the list of social issues in the US to a list of 10 categories, rather than 20 distinct subject areas. As we noted when we first announced this policy, the list is meant to be fluid to reflect the public discourse around social issues on and off Facebook that seek to influence public opinion through advocacy, debate or discussion. We also left it intentionally broad as we worked to refine it over time...The shift from 20 subjects to 10 categories does not mean that our authorization process will be less restrictive. We'll continue to capture a range of topics encompassed by the 10 referenced categories...We have also improved our enforcement based on feedback. For example, in the case of ads that discuss, debate or advocate for environmental issues, ads that merely encourage people to recycle or highlight sustainable products won't require these additional steps in order to run. If an ad goes further, however, and advocates for or against things like legislation or a ballot initiative, the authorization requirement will continue to apply. As noted, the categories are evolving, so even while we narrow the policy in some areas, we may expand it in others." Reference Link

07:20 EDT Movado down 14% after Q2 results miss estimates, FY20 outlook lowered - In pre-market trading, shares are down 14% to $21.40.

07:12 EDT Destination XL expects to generate free cash flow for FY19 - The company said, "For fiscal 2019, we expect to deliver comparable sales growth in our omni-channel retail business and to generate free cash flow. Since Mr. Kanter joined the Company on April 1, 2019, we have made progress in developing the mission, vision and strategic plan which is now beginning to inform and define our transformation as we look forward and develop the strategy to engage the Big and Tall men across the omni-channel landscape. We are making capital investments in both our customer relationship capabilities and our data infrastructure and analytics capabilities. We believe that these investments are required as we move forward in this digitally driven retail environment in which we operate today. Given the many strategic initiatives that we are pursuing, many of which may have a transformative effect on how we manage our business, we are not providing detailed earnings or cash flow guidance until we have increased visibility in the effectiveness of our initiatives. We will continue to provide forward-looking commentary on business trends. In fiscal 2019, we plan to open 2 new DXL retail stores, rebrand 12 Casual Male XL retail stores to DXL retail stores, and rebrand 1 Casual Male XL outlet to a DXL outlet store. We also plan to close 5 Casual Male XL retail stores, 1 DXL store and all 5 Rochester Clothing stores."

07:07 EDT Pilgrim's Pride to acquire Tulip Limited for approx. $354M - Pilgrim's Pride Corporation announced that it has signed a contract to acquire Tulip Limited, an integrated prepared foods supplier with 12 fresh and value-added operations in the United Kingdom, from Danish Crown. The transaction, unanimously approved by Pilgrim's Board of Directors and funded with cash on hand, values Tulip Limited at GBP290M or approximately $354M based on a 1.22 exchange rate as of August 27, 2019. The purchase amount represents 5.4x implied expected EBITDA. Tulip Limited, like Pilgrim's, has a long heritage in agriculture and protein production. The company is the largest pig producer in the UK, with nearly GBP1B in annual sales and more than 6,000 team members. Under terms of the agreement, Danish Crown will continue to supply Danish pork to Tulip Limited under a long-term supply agreement, allowing Tulip Limited to continue to provide the highest quality products from continental European producers to customers and consumers. The transaction will be funded entirely by Pilgrim's cash on hand. Pilgrim's believes that its strong cash flow generation and the additional cash flow resulting from the acquisition will allow the company to maintain its strong credit profile while providing ample free cash flow for delivering and facilitating further strategic acquisitions. Considering the company's strong cash flow generations in Q3 and Q4, after the close of the transaction Pilgrim's expects leverage to be below 2x.

07:04 EDT AstraZeneca Phase 3 ETHOS trial meets primary endpoint - AstraZeneca announced results from the Phase 3 ETHOS trial for triple-combination therapy PT010 in patients with moderate to very severe chronic obstructive pulmonary disease, or COPD. At the standard budesonide dose, PT010 demonstrated a statistically-significant reduction in the rate of moderate or severe exacerbations compared with dual-combination therapies glycopyrronium/formoterol fumarate and PT009. At half of the budesonide dose, PT010 also demonstrated a statistically-significant reduction in the rate of moderate or severe exacerbations compared with glycopyrronium/formoterol fumarate and PT009. The dual-combination therapies used as comparators in the trial represent recommended therapeutic classes for the treatment of COPD. The safety and tolerability of PT010 were consistent with the known profiles of the dual comparators. In the trial, all combination therapies were administered in a pressurized metered-dose inhaler using Aerosphere delivery technology.

07:03 EDT Soligenix receives recommendation to continue enrolling in Phase 3 trial - Soligenix has received a positive recommendation from the independent Data Monitoring Committee to continue enrolling into the company's Phase 3 "DOM-INNATE" study for SGX942 - dusquetide - in the treatment of oral mucositis in patients with head and neck cancer. Following its interim analysis, the DMC recommended that approximately 70 additional subjects be randomized into the trial, increasing the study sample size from 190 to 260 evaluable subjects. The DMC's recommendation indicates that a beneficial SGX942 effect has been observed; however, to maintain the rigorous assumption of 90% statistical power for the primary efficacy endpoint, an increase was required to take into account any potential variability and/or distribution changes observed in the Phase 3 study patient population that may have differed from the initial protocol design assumptions. No safety concerns were reported by the DMC based on the interim analysis. The study remains on target to complete enrollment and provide topline results in the first half of 2020. The primary endpoint for the study is the median duration of severe oral mucositis, assessed by oral examination at each treatment visit and then through six weeks following completion of CRT.

07:01 EDT Toyota, Suzuki enter into capital alliance agreement - Toyota Motor Corporation (TM) and Suzuki Motor Corporation (SZKMF) announce that the two companies entered into an agreement regarding a capital alliance, in order to establish and promote a long-term partnership between the two companies for promoting collaboration in new fields, including the field of autonomous driving. The two companies began considering business partnership on October 12, 2016, and since then have continued to consider specific details. On March 20 of this year, the companies announced that they would begin specific considerations in order to engage in joint product development and collaboration in production, in addition to promoting the mutual supply of products, by bringing together Toyota's strength in electrification technologies and Suzuki's strength in technologies for compact vehicles. Separately, the automobile sector is currently experiencing a turning point unprecedented in both scope and scale, not only because of enhanced environmental regulations, but also from new entries from distinct industries and diversified mobility businesses. The two companies intend to achieve sustainable growth, by overcoming new challenges surrounding the automobile sector by building and deepening cooperative relationships in new fields while continuing to be competitors, in addition to strengthening the technologies and products in which each company specializes and their existing business foundations. Specifically, to take up challenges together in this transitional era, the two companies plan to establish and promote a long-term partnership between the two companies for promoting collaboration in new fields, including the field of autonomous driving. The execution of the capital alliance agreement is a confirmation and expression of the outcome of sincere and careful discussions between the two companies, and it will serve for building and promoting their future partnership in new fields. In order to develop and promote a long-term partnership between the two companies, the companies plan to acquire each other's shares based on the Alliance. Toyota plans to acquire 24,000,000 shares of common stock in Suzuki, 4.94% ownership of the total number of shares issued by Suzuki as of March 31, 2019 with a total value of JPY96B by underwriting the disposition of treasury shares by way of third-party allotment conducted by Suzuki. Likewise, Suzuki plans to acquire, through purchase in the market, shares in Toyota equivalent to JPY48B, These share acquisitions will be implemented after the companies obtain approvals from the foreign competition authorities.

06:49 EDT Tiffany reports net inventories at July 31 were 3% above prior year

06:47 EDT InterDigital files patent infringement action against Lenovo in UK - InterDigital (IDCC) has filed a patent infringement action in the United Kingdom against Lenovo (LNVGY). The claim was filed after almost a decade of negotiations and after InterDigital has made clear that it is willing to have an impartial panel of arbitrators determine fair, reasonable and non-discriminatory terms and conditions for a license to InterDigital's standards-essential patents. This action is the first time InterDigital has initiated patent litigation in more than 6 years. The claim was filed by InterDigital and its patent holding subsidiaries in the High Court of Justice of England and Wales. In the proceedings, InterDigital is seeking, among other things, a declaration that terms offered by InterDigital to Lenovo for a worldwide license are consistent with InterDigital's FRAND commitments or, alternatively, a determination of FRAND terms for a license to InterDigital's portfolio of 3G and 4G SEPs.

06:45 EDT AstraZeneca granted FDA Orphan Drug Designation for Fasenra - AstraZeneca announced that the US Food and Drug Administration has granted Orphan Drug Designation to Fasenra for the treatment of eosinophilic oesophagitis. Fasenra is AstraZeneca's first respiratory biologic medicine and is currently approved as an add-on maintenance treatment for severe, eosinophilic asthma in the US, EU, Japan and other countries. In November 2018, the FDA granted ODD for Fasenra for the treatment of eosinophilic granulomatosis with polyangiitis, and also granted ODD for the treatment of hypereosinophilic syndrome in February 2019.

06:44 EDT Tiffany CEO says Q2, first half results 'mixed' - Alessandro Bogliolo, CEO, said, "Our second quarter and first half results were mixed with sales coming in below, but net earnings exceeding, our expectations. As with the first quarter, we are encouraged in the second quarter by sales growth attributed to our local customer base globally, which was again led by double digit growth in mainland China. With the tough comparison to last year's strong performance in the first half behind us, and in spite of the headwinds of weak demand from foreign tourists, currency exchange rate pressures and continuing business disruptions in Hong Kong, we are actively managing what is in our control and positioning our Brand to win - accelerating new product introductions and keeping a visible profile."

06:34 EDT Obsidian Energy announces termination of agreement to sell Peace River interest - Obsidian Energy announced that the purchase and sale agreement providing for the sale of its 55% interest in the Peace River Oil Partnership to a third party has been terminated. In order for the sale to proceed, the consent to the transfer of its partnership units and the transfer of operatorship of the partnership was required, however, the consents for these transfers were not obtained and the agreement was terminated. The company intends to pursue all other viable alternatives for the disposition of its interest in the partnership and continue to focus on its light oil Cardium asset.

05:16 EDT Melco announces deferral of acquisition of second tranche of shares in Crown - Melco Resorts & Entertainment announces that the company and CPH Crown Holdings have entered into an agreement to amend the purchase agreement for the purchase of 135.35M shares of Crown Resorts announced by the company on May 30. On August 8, the New South Wales Independent Liquor & Gaming Authority announced that it was conducting an inquiry into the Transaction and other matters relating to Crown. The company and CPH have agreed to allow more time for the relevant Australian regulatory processes to be completed before completing the acquisition of the remaining 67.68M shares of Crown. Under the original purchase agreement, the closing of the first tranche of 67.68M shares of Crown occurred on June 6 and the closing of the Second Tranche Shares was scheduled to occur on or prior to September 30. Under the Amendment, the company and CPH have agreed to defer the closing of the Second Tranche Shares for a period of up to 60 business days following the completion of the relevant Australian regulatory processes. If the closing of the Second Tranche Shares occurs after September 30, 2019, the purchase price for the Second Tranche Shares will be reduced by an amount equal to any dividends received by CPH on the Second Tranche Shares during the period between June 6 and the closing of the Second Tranche Shares, but increased by A$0.05 per Second Tranche Share per calendar month following September 30 until the closing of the Second Tranche Shares.

05:09 EDT Tallgrass Energy announces receipt of 'take private' proposal - Tallgrass Energy announced that the board of its general partner has received a non-binding preliminary proposal letter, dated August 27, from Blackstone Infrastructure Partners, its partners and respective affiliates to acquire all of the outstanding Class A shares representing limited partner interests in TGE not already owned by the Sponsors for $19.50 per Class A Share in cash. The $19.50 per Class A Share price of the proposal represents an approximate 35.9% premium over TGE's closing price on August 27, and a premium of approximately 12% to its volume weighted average price during the last 30 calendar days. The Sponsors collectively hold an approximate 44.2% economic interest in TGE as of August 27. The board intends to form a conflicts committee consisting of independent directors of the board to consider the proposal. The board expects that the conflicts committee will retain independent advisors, including independent financial and legal advisors, to assist it in this process. The proposal constitutes only a preliminary indication of interest by the Sponsors and does not constitute any binding commitment with respect to the proposed transaction or any other transaction. No agreement, arrangement or understanding between TGE and the Sponsors relating to any proposed transaction will be created unless definitive documentation is executed and delivered by the Sponsors, TGE and all other appropriate parties.