Stockwinners Market Radar for July 03, 2023 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service

18:26 EDT Telus International announces retirement of Chief Commercial Officer - Telus International announced that Maria Pardee, Chief Commercial Officer, will retire from her executive role effective December 31. Through the end of 2023, Pardee will continue to support the company's commercial team.

17:20 EDT Citi initiatives dialogue with Federal Reserve over non-interest income - Citi disclosed its Dodd-Frank Act Stress test results on its website and also announced that it has initiated dialogue with the Federal Reserve to "understand differences in Non-Interest Income (Non-Interest Revenue per Citi's Financial Reporting presentation) over the nine-quarter stress period between the Federal Reserve's CCAR results and Citi's Dodd-Frank Act Stress Test results." Reference Link

17:12 EDT BorgWarner announces completion of Phinia spin-off - BorgWarner (BWA) announced the completion of the spin-off of its Fuel Systems and Aftermarket segments into a separate, publicly-traded company named Phinia (PHIN).

17:09 EDT Arya Sciences Acquisition V will not consummate business combination - Arya Sciences Acquisition Corp V, a special purpose acquisition company, announced that as of the close of business on July 14, the company's publicly held shares will be deemed cancelled because the company will not consummate an initial business combination within the time period required. As of the close of business on July 14, the public shares will be deemed cancelled and will represent only the right to receive the redemption amount on or around July 24.

16:06 EDT ATI Physical Therapy receives NYSE non-compliance letter - ATI Physical Therapy announced that on June 28, the company received a written notice from the NYSE that the company no longer satisfies the continued listing standards set forth under Section 802.01B of the NYSE's Listed Company Manual. The notice cited that the company's average market capitalization over a consecutive 30 trading-day period was less than $50M and, at the same time, the company's last reported stockholders' equity was less than $50M. As of June 27, the 30 trading-day average market capitalization was approximately $41M, and its last reported stockholders' equity was approximately $20.5M as of March 31. According to NYSE procedures, the company has 45 days from the date the Notice was received to submit a business plan advising the NYSE of the definitive action(s) the company has taken, or is taking, to bring it into compliance within 18 months of receipt of the Notice. Within 45 days of its receipt, the NYSE will review the plan and determine whether the company has made a reasonable demonstration to conform to the compliance requirements within the 18-month period.

14:33 EDT Lion Group to change American Depositary Shares ratio - Lion Group Holding announced that it plans to change the ratio of its American Depositary Shares, ADSs, to its Class A ordinary shares from the current ADS Ratio of one ADS to one Class A ordinary share, to a new ADS Ratio of one ADS to fifty Class A ordinary shares. The company anticipates that the ADS Ratio Change will be effective on or about July 13. For the company's ADS holders, the change in the ADS Ratio will have the same effect as a one-for-fifty reverse ADS split and is intended to enable the company to regain compliance with the Nasdaq minimum bid price requirement. As a result of the change in the ADS Ratio, Lion's ADS trading price is expected to increase proportionally, although the company can give no assurance that the ADS trading price after the ADS Ratio Change will be equal to or greater than fifty times the ADS trading price before the change.

14:04 EDT Amneal Pharmaceuticals receives FDA Complete Response Letter for IPX203 - Amneal Pharmaceuticals announced it has received a Complete Response Letter, or CRL, from the FDA regarding the company's New Drug Application, or NDA, for IPX203 for the treatment of Parkinson's disease. The letter indicated that although an adequate scientific bridge was established for the safety of one ingredient, levodopa, based on pharmacokinetic studies, it was not adequately established for the other ingredient, carbidopa, and FDA has requested additional information. The letter did not identify any issues with respect to the efficacy or manufacturing of IPX203. Amneal will work closely with the FDA to address its comments and plans to meet with the agency to align on the best path forward. This does not impact Amneal's 2023 financial guidance, which did not include IPX203 revenues.

13:07 EDT SQZ Biotechnologies trading halted, news pending

12:48 EDT Disney says 'Indiana Jones and the Dial of Destiny' earned $130.6M worldwide - Disney announced "Indiana Jones and the Dial of Destiny" earned $130.6M worldwide in its opening weekend. Domestically, "Indiana Jones" opened to $60.4M, with a projected $82M through Tuesday's Fourth of July holiday. Internationally, the film earned $70.2M and opened at number one "in several key markets," including Argentina, Australia, France, Germany, Italy, Spain, and the U.K., Disney said in a statement.

12:00 EDT Doma Holdings falls -6.1% - Doma Holdings is down -6.1%, or -30c to $4.64.

12:00 EDT Labcorp falls -13.3% - Labcorp is down -13.3%, or -$31.98 to $209.35.

12:00 EDT Signa Sports rises 9.2% - Signa Sports is up 9.2%, or 26c to $3.09.

11:59 EDT PNC Financial sees share repurchase activity to be reduced in Q3 - PNC Financial Services Group announced that last week it received the results of the Federal Reserve's 2023 Comprehensive Capital Analysis and Review, or CCAR. PNC stated: "Consistent with the SCB framework, which allows for capital returns in amounts in excess of the SCB minimum levels, our board of directors has authorized a repurchase framework under the previously approved repurchase program of up to 100 million common shares, of which approximately 47% were still available for repurchase at March 31, 2023. Due to the expected issuance by the Federal banking agencies of proposed rules to adjust the Basel III capital framework, share repurchase activity is expected to be reduced in the third quarter of 2023 compared to recent prior quarters. PNC continues to evaluate and may adjust share repurchase activity, as actual amounts and timing are dependent on market and economic conditions as well as other factors. PNC's common share repurchases may be executed in privately negotiated transactions or through the open market, including under Rule 10b5-1 plans."

11:56 EDT PNC Financial says SCB established at 2.5% floor - PNC Financial Services Group announced that last week it received the results of the Federal Reserve's 2023 Comprehensive Capital Analysis and Review, or CCAR. "The Federal Reserve's CCAR disclosure included its estimate of PNC's minimum capital ratios for the period from the first quarter of 2023 through the first quarter of 2025 under the hypothetical Supervisory Severely Adverse scenario. Based on PNC's strong results, PNC's calculated Stress Capital Buffer, SCB, for the four-quarter period beginning Oct. 1, 2023 is below the 2.5% regulatory floor and minimum SCB amount, resulting in an SCB established at the 2.5% floor. This is a decrease from the 2.9% SCB in effect through Sept. 30, 2023. PNC's Common Equity Tier 1, CET1, ratio significantly exceeds the regulatory minimum 4.5% plus our SCB, reflecting our strong capital levels," the company stated.

11:43 EDT Ecarx Holdings Inc. trading resumes

11:05 EDT Nissan reports Q2 U.S. sales up 33.4% to 244,353 units - Nissan Group announced total U.S. second quarter sales of 244,353 units, an increase of 33.4% versus the prior year. Reference Link

10:31 EDT Mazda North American Operations reports June sales up 96.9% to 29,786 vehicles - Mazda North American Operations reported total June sales of 29,786 vehicles, an increase of 96.9% compared to June 2022. Year-to-date sales totaled 183,783 vehicles; an increase of 28.7% compared to the same time last year. With 26 selling days in June, compared to the same the year prior, the company posted an increase of 96.9% on a Daily Selling Rate, or DSR, basis.

10:00 EDT Smith & Nephew falls -5.2% - Smith & Nephew is down -5.2%, or -$1.69 to $30.56.

10:00 EDT Labcorp falls -14.1% - Labcorp is down -14.1%, or -$33.93 to $207.40.

10:00 EDT XPeng rises 10.4% - XPeng is up 10.4%, or $1.39 to $14.81.

09:47 EDT Smith & Nephew falls -5.5% - Smith & Nephew is down -5.5%, or -$1.79 to $30.46.

09:47 EDT Labcorp falls -14.9% - Labcorp is down -14.9%, or -$36.03 to $205.30.

09:47 EDT XPeng rises 8.3% - XPeng is up 8.3%, or $1.12 to $14.54.

09:39 EDT Protagonist Therapeutics trading resumes

09:17 EDT Biofrontera Inc. announces 1-for-20 reverse stock split - Biofrontera will effect a reverse stock split of its outstanding shares of common stock at a ratio of 1-for-20 that will become effective after the close of trading at 11:59 p.m. today. Biofrontera Inc. common stock will begin trading on Nasdaq on a split-adjusted basis when the market opens on Wednesday, July 5, 2023 under the existing symbol, BFRI, and under a new CUSIP number, 09077D 209. Upon effectiveness of the reverse stock split, every 20 shares of Biofrontera Inc. common stock issued and outstanding will be automatically combined into one share of common stock. Outstanding equity-based awards and other equity rights will be proportionately adjusted. No fractional shares will be issued as a result of the reverse stock split. Stockholders otherwise entitled to receive a fractional share as a result of the reverse stock split will automatically receive an additional fraction of a share of common stock to round up to the next whole share. The Company's publicly traded warrants will continue to be traded on Nasdaq under the symbol "BFRIW" and the CUSIP number for the warrants will remain unchanged. However, under the terms of the applicable warrant agreement, the number of shares of common stock issuable on exercise of each warrant will be proportionately decreased. Specifically, on a split-adjusted basis, every 20 shares of common stock that may be purchased pursuant to the exercise of public warrants now represents one share of common stock that may be purchased pursuant to such warrants. Accordingly, for the Company's warrants trading under the symbol "BFRIW", every 20 warrants will be exercisable for one share of common stock at an exercise price of $100.00 per share. This reverse stock split is primarily intended to bring the Company into compliance with Nasdaq's minimum bid price requirement for continued listing.

09:03 EDT LPL Financial: Buddy Favor joins broker-dealer, RIA, custodial platforms - LPL Financial announced that financial advisor Buddy Favor has joined LPL Financial's broker-dealer, RIA and custodial platforms. He reported having served approximately $115M in advisory, brokerage and retirement plan assets, and joins LPL from VALIC Financial Advisors, the broker-dealer for AIG Retirement Services. Based in Indialantic, Fla., Favor began his career in wealth management in 2015.

09:02 EDT Boralex appoints Mihaela Stefanov as SVP, enterprise risk management, CSR - Boralex announced the appointment of Mihaela Stefanov as Senior Vice President, Enterprise Risk Management and Corporate Social Responsibility. With this new role, Ms. Stefanov joins the Boralex Executive Committee effective immediately. Mihaela joined Boralex in April 2021 as Director, Corporate Social Responsibility, before being promoted to Vice President, Corporate Social Responsibility.

08:48 EDT California Public Utilities Commission adopts cost of capital proposed decision - The California Public Utilities Commission has approved the proposed decision issued in the cost of capital application for California Water Service and three other utilities from July 2023 through the end of 2024. The decision originally established a 9.05% return on equity and 4.23% cost of debt for Cal Water, with a capital structure of 53.40% common equity and 46.60% long-term debt, and an authorized rate of return of 6.80%, effective July 31, 2023. However, the decision affirms and retains the Water Cost of Capital Mechanism, which automatically adjusts the rate of return when the Moody's Utilities Bond Index fluctuates between cost of capital applications. Because the Index changed in 2022, triggering the WCCM, Cal Water intends to file for and-if approved-implement new rates based on an authorized 9.57% return on equity, with a 4.23% cost of debt and an authorized rate of return of 7.08%. Cal Water's previous return on equity was 9.20%, with a cost of debt of 5.51% and authorized rate of return of 7.48% for the period of January 2018 to July 30, 2023. The 40 basis-point reduction from Cal Water's current rate of return of 7.48% is expected to decrease annual operating revenue by approximately $7M, or less than 1%. This estimate may be impacted once the 2021 General Rate Case is finalized. It is the net impact of an approximately $11M decrease driven by the utility's lower cost of debt, partially offset by an approximately $4M increase for the return on equity.

08:42 EDT Rivian Automotive produces 13,992 vehicles, delivers 12,640 vehicles in Q2 - Rivian Automotive announced production totals for the quarter ending June 30. The company produced 13,992 vehicles at its manufacturing facility in Normal, Illinois and delivered 12,640 vehicles during the same period. These figures remain in line with the company's expectations, and it believes it is on track to deliver on the 50,000 annual production guidance previously provided.

08:35 EDT NaaS receives non-trading confirmation from Bain Capital - NaaS Technology (NAAS) announced that it received a notification from Bain Capital Rise Education IV Cayman limited and BCPE Nutcracker Cayman, shareholders of the Company and entities affiliated with Bain Capital (BCSF), confirming that they will not sell American depositary shares or ordinary shares of the Company into the open market until the Company releases its earnings results for the second quarter of 2023.

08:35 EDT Honda reports June U.S. sales up 56.9% to 111,498 units - American Honda "overcame industrywide logistics issues to post a 4th straight sales month over 110,000 units" and Honda brand sales increased over 40% in Q2 to 347,025 units and 54% in June to 98,327 units, with turn rates over 70%, the company announced. Reference Link

08:34 EDT Coherus Biosciences launches YUSIMRY at $995 per carton in U.S. - Coherus BioSciences announced that YUSIMRY is now available for commercial sale in the United States at a list price of $995 per carton for two 40 mg/0.8 mL autoinjectors, representing a discount of more than 85% to Humira, currently priced at $6,922 per carton of two pens.

08:32 EDT United Community Banks completes merger with First Miami - United Community Banks completed its merger with First Miami Bancorp, effective July 1, 2023. In this transaction, First Miami's bank subsidiary, the First National Bank of South Miami, was also merged into United's bank subsidiary, United Community Bank. After conversion, FNBSM will operate under the United Community brand. FNBSM is headquartered in South Miami, Florida, and operates three offices in the high-growth Miami metropolitan area. As of March 31, 2023, FNBSM had total assets of $945M, total loans of $605M, and total deposits of $823M. In addition to traditional banking services, FNBSM offers private banking, trust and wealth management services with approximately $320M in assets under management.

08:26 EDT Monster Beverage to acquire Bang Energy, terms undisclosed - Monster Beverage announced they have entered into an asset purchase agreement under which a subsidiary of Monster would acquire substantially all of Bang Energy's assets, including a beverage production facility located in Phoenix, Arizona. The transaction is subject to certain terms and closing conditions, which include obtaining Bankruptcy Court approval. Under the terms of the APA, subject to satisfaction of certain closing conditions, Monster will acquire Bang Energy's performance beverages and related Bang Energy businesses through the purchase of substantially all of Bang Energy's assets. While Monster is hopeful that the transaction will be completed, there is no guarantee that it will receive Bankruptcy Court approval. Bang Energy filed for Chapter 11 protections under the U.S. Bankruptcy Code in October 2022.

08:11 EDT Ra Medical Systems' electrophysiology division expands international distributon - Ra Medical Systems has undertaken a strong effort to expand its distribution outside of the US. Last week RMED announced it has filed for the CE Mark on LockeT, its new device to assist in closure of percutaneous puncture sites. The effort to expand international distribution reflects the anticipated timing of the receipt of the LockeT CE Mark, which is expected during this third quarter. Most recently, the company entered into a distribution agreement with Medilynq for distribution of RMED's products in certain countries in the Middle East, including Saudi Arabia, Jordon, Oman, UAE, Qatar, and Kuwait. In conjunction with the kickoff of this area, Medilynq placed its first order for a VIVO system. Additionally, the company is working with Bioline, a new distributor in Spain, and recently attended a symposium/trade show in Spain exhibiting the company's products. Following the Heart Rhythm Society symposium and trade show in May, on top of the EHRA meeting in April, RMED identified several international distributors who had an interest in its products. RMED also engaged the expertise of a consulting marketing company, to assist in identifying and managing distributors in areas of the world where it is currently not exposed such as parts of Asia, South America, Africa, and other European countries. To date, RMED is now in the process of working toward agreements in Mexico, Peru, Chile, and Brazil. In addition, discussions are advancing in Australia, Hong Kong, Thailand, and Malaysia.

08:08 EDT Blue World Acquisition extends deadline for initial business combination - Blue World Acquisition announced that, in order to extend the date by which the Company mush complete its initial business combination from July 2, 2023 to August 2, 2023, the Company has deposited into its trust account an aggregate of $60,000. The payment for such Extension Fee was made by Blue World Holdings Limited, the sponsor of the Company, which was evidenced by an unsecured promissory note issued by the Company to the Sponsor.

08:06 EDT Infinera appoints Scotty Benda as SVP, worldwide systems engineering - Infinera announced that Scotty Benda has joined Infinera as Senior Vice President of Worldwide Systems Engineering. In this role, Scotty will provide strategic leadership and direction for technical sales systems engineering within the global sales organization, further strengthening Infinera's team of optical networking experts, advisors, and innovators. Scotty brings over 30 years of industry experience to his new role at Infinera, with a career spanning senior technical leadership positions with LightRiver Technologies, Ciena, Nokia, and Nortel.

08:02 EDT WiMi Hologram is developing a digital twin-based human-robot collab system - WiMi Hologram Cloud announced that its R&D team is developing a human-robot collaboration system based on digital twin technology. The system aims to stimulate human potential, enhance human skills with humans at the core, and realize the integration of human-robot collaboration. The system supervises and predicts the digital model of humans and robots by mapping the twin objects of humans and robots in the physical and digital worlds. By accumulating knowledge of human-robot collaboration skills, experiences, and interaction characteristics, the system can coordinate the construction of decision-making and mechanisms.

07:49 EDT Bombardier completes acquisition of Latecoere's EWIS business in Mexico - Bombardier completed the transaction to acquire Latecoere's assets and activities of its Electrical Wiring Interconnection System business in Queretaro, Mexico. With this acquisition, Bombardier retains strategic EWIS activities and secures the assets and expertise to manufacture the electrical harnesses required in its industry-leading aircraft. This initiative is aligned with the company's recent insourcing initiatives, aimed to optimize and bolster its supply chain. Transaction terms and conditions remain confidential to both parties.

07:32 EDT Microchip to invest $300M to expand operations in India - Microchip Technology announces a multi-year initiative to invest approximately $300M in expanding its operations in India. Microchip's planned investments are focused on: Additional improvements to Microchip's Bangalore and Chennai facilities and the new research and development center in Hyderabad; Expanding and enhancing its engineering labs; Serving the technical and business support requirements of a large and growing set of customers in India; Accelerating hiring as the company taps into India's growing talent pool; Sponsoring technical consortia and supporting academic institutions and programs; Launching a variety of Corporate Social Responsibility programs tailored to regional needs. Approximately 2,500 Microchip employees in India are integral to the company's semiconductor design and development, sales and support, IT infrastructure and application engineering operations. They strengthen corporate initiatives, support 2,000 customers in the region and make valuable contributions across more than 25 business units that develop solutions for industrial, automotive, data center, aerospace and defense, communications and consumer industries.

07:15 EDT NLS to proceed with Phase 3 AMAZE program following FDA review, IRB approval - NLS Pharmaceutics announced that the U.S. Food and Drug Administration has reviewed the full protocol for the NLS-1031 study, part of the Phase 3 program for Mazindol ER, called AMAZE. In addition, the Company is pleased to announce that the Phase 3 clinical trial protocol to evaluate the safety and efficacy of Mazindol ER in patients with narcolepsy type 1 received approval from the independent Institutional Review Board. The AMAZE Program will encompass two almost-identical double-blind Phase 3 studies investigating Mazindol ER versus placebo in adult patients with narcolepsy commencing this summer at multiple sites exclusively in the U.S. Based on the FDA's recommendations, both Phase 3 trials will measure the weekly cataplexy episodes as the primary endpoint over 8 weeks of treatment and excessive daytime sleepiness as a secondary objective using the Patient-Reported Outcomes Measurement Information System and the Epworth Sleepiness Scale. Patients who complete these studies will be offered participation in a 12-month open-label extension study To be eligible for enrollment into the OLE study, patients must be at least 18 years of age and have been diagnosed with narcolepsy with cataplexy.

07:09 EDT Tonix completes acquisition of Zembrace SymTouch, Tosymra from Upsher-Smith - Tonix Pharmaceuticals has completed the acquisition of two currently-marketed products from Upsher-Smith Laboratories: Zembrace SymTouch 3 mg and Tosymra 10 mg. Zembrace SymTouch and Tosymra are both indicated for the treatment of acute migraine with or without aura in adults. As previously announced, these products collectively generated product sales of approximately $23M for the full year 2022.

07:06 EDT Bitfarms mines 385 bitcoin in June - Bitfarms provided a Bitcoin production and mining operations update for June 2023. "Deliveries and installations in Rio Cuarto, Argentina, continued on pace, and we remain on track to expand to our full operating capacity of 50 MW in Rio Cuarto and achieve 6.0 EH/s overall in Q3 2023," said Geoff Morphy, CEO of Bitfarms. "We continue to identify opportunities for accretive growth ahead of the halving in April 2024. To this end, we are in the final stages of completing our acquisition in Baie-Comeau, Quebec. Once closed, we are positioned to move quickly with miner deployments and expect the first 11 MW of the 22 MW Baie-Comeau expansion to come online this year." Ben Gagnon, Chief Mining Officer of Bitfarms, said, "In June, BTC production was 385 as compared to 420 BTC in June 2022, as a 47% year-over-year increase in our hashrate offset a 71% increase in network difficulty over the same period. On a sequential month-over-month basis, our corporate hashrate increased by 6%, from 5.0 EH/s to 5.3 EH/s. We recently purchased an additional 1,650 Bitmain S19 Pro + miners for a competitive price of $12.98/TH. Continuing our strategy of focusing on return on investment and accreditive growth, these miners provide the optimal balance between high energy efficiency and performance without the premium pricing associated with the highest efficiency miners available on the market. These miners will be added to the 3,300 miners currently en route to Argentina, representing a total of 4,950 high efficiency miners that will soon fully utilize the 50 MW of infrastructure in Rio Cuarto."

07:05 EDT MediWound receives CHMP advice on EscharEx Phase III study design - MediWound has received scientific advice from the Committee for Medicinal Products for Human Use within the European Medicines Agency related to the development plan for the company's Phase III study of EscharEx in the treatment of Venous Leg Ulcers and to the overall data required for subsequent potential marketing authorization submission and commercialization. The CHMP notified the company that it concurs with the overall design of the proposed study, including its objectives, choice of study arms, patient population, inclusion/exclusion criteria, standardization of treatment, proposed primary, secondary, and safety endpoints and study duration. Additionally, the CHMP indicated that it can accept one confirmatory study in VLU patients as the basis for approval, assuming the data are robust and similar to the company's previous studies. In this initial indication for EscharEx, VLUs affect approximately 560,000 patients annually with an estimated $1B market in the U.S. alone. The Phase III study will be a global, multi-center, prospective, randomized, placebo-controlled trial in approximately 244 patients, who will be randomized to either EscharEx or gel vehicle in a 1:1 ratio. The treatment protocol will include a daily visit period of up to 14 days, during which EscharEx or gel vehicle will be applied once a day for a maximum of 8 applications lasting 24 hours each. Patients will then be followed weekly for up to 10 weeks, during which time they will be treated with standard of care. Patients who achieve wound closure confirmation will continue for an additional 10-week follow-up. The co-primary endpoints are the incidence of complete debridement at the end of the daily visit period, and time to achieve wound closure. EscharEx uses the same active pharmaceutical ingredient as the NexoBrid, which has been approved for debridement of thermal burns in the U.S. and Europe.

07:04 EDT Renalytix appoints Catherine Coste to board of directors - Renalytix announces the appointment of Catherine Coste to the Company's Board of Directors, effective June 30, 2023. Ms. Coste was also appointed as the Non-Executive Chair of the Audit Committee and a member of the Renumeration Committee. Coste has extensive financial experience having retired from Deloitte and Touche in 2020, where she was a senior partner and served as one of Deloitte's life sciences industry executive leaders.

07:02 EDT Evogene's Casterra announces additional $2.2M of purchase orders - Casterra, a subsidiary of Evogene, announced additional $2.2M of purchase orders to supply castor seeds during 2023, for new African territories. Casterra's castor seeds, developed with Evogene's GeneRator AI Tech Engine, will be used to grow Castor to produce oil for sustainable biofuel. Casterra's high-yield, high-oil castor seed varieties are optimized for biofuel production to support the growing sustainable energy market. "We are thrilled to receive additional significant purchase orders for our unique castor seed, which confirms our value proposition for the sustainable biofuel industry," expressed Eyal Ronen, Chief Executive Officer of Casterra. "As we eagerly hope to secure more orders in the future, this accomplishment reinforces our ongoing commitment to delivering exceptional, eco-friendly solutions to meet the ever-growing global demand for renewable energy. After more than a decade of hard work and an investment of tens of millions of dollars in developing our unique varieties and underlying technology, we are proud that Casterra is now a trusted and reliable supplier in this growing market."

06:49 EDT Ellington Financial to acquire Great Ajax for $7.33 per share - Ellington Financial (EFC) and Great Ajax Corp. (AJX) have entered into a definitive merger agreement pursuant to which Ellington Financial will acquire Great Ajax. The transaction is expected to close by year-end 2023. Pursuant to the merger agreement terms, each share of Great Ajax common stock will be converted into 0.5308 shares of Ellington Financial common stock, or approximately 12.5M shares of Ellington Financial common stock in the aggregate. Ellington Financial's common stock closing price on the New York Stock Exchange on June 30, 2023 implies an offer price of $7.33 per share of Great Ajax common stock, representing an approximate 19% premium to the Great Ajax common stock closing price on the NYSE on June 30, 2023. Upon the closing of the transaction, Ellington Financial stockholders are expected to own approximately 84% of the combined company's stock, while Great Ajax stockholders are expected to own approximately 16% of the combined company's stock. In addition, Ellington Financial will assume Great Ajax's outstanding senior unsecured notes and convertible senior notes. The combined company will operate as "Ellington Financial Inc." and its shares will continue to trade on the NYSE under Ellington Financial's current ticker symbol, "EFC." Ellington Financial Management LLC, an affiliate of Ellington Management Group, L.L.C., will continue to manage the combined company. Great Ajax's investment portfolio includes over $1B of first-lien residential re-performing loans and non-performing loans, most of which are financed through term, non-mark-to-market, non-recourse securitizations, which would significantly expand Ellington Financial's current RPL/NPL strategy. Combining Ellington Financial's hedging, trading, and structuring capabilities with Great Ajax's whole loan asset management resolution expertise is expected to create a unique platform that will optimize Great Ajax's portfolio and deliver greater returns to shareholders. Great Ajax's strategic equity investment in Gregory Funding LLC, its affiliated servicer, is expected to unlock multiple synergies and operating efficiencies across Ellington Financial's investment portfolio. Estimated pro forma market capitalization in excess of $1B, which is expected to enhance liquidity for both Ellington Financial and Great Ajax shareholders. Anticipated increase in operating expense efficiencies resulting from fixed expenses spread over a larger equity base. Ellington Financial expects to rotate out of selected lower-yielding Great Ajax assets and redeploy capital in higher-yielding strategies. The transaction is expected to be accretive to earnings within one year of closing. Upon completion of the transaction, Ellington Financial's CEO and President, Laurence Penn, will continue to lead the combined company, and Ellington Financial executives Michael Vranos, Mark Tecotzky, and JR Herlihy will remain in their current roles. The combined company will remain headquartered in Old Greenwich, Connecticut. The transaction has been unanimously approved by the Boards of Directors of Ellington Financial and Great Ajax. The Board of Directors of Great Ajax formed a Special Committee comprised of independent directors to review the transaction and make a recommendation to the Board of Directors of Great Ajax. The transaction was unanimously recommended by the Special Committee. The transaction is expected to close by the end of 2023, subject to approval by Great Ajax's stockholders and other closing conditions set forth in the merger agreement.

06:37 EDT Moderna submits regulatory application to EMA for updated COVID-19 vaccine - Moderna announced that it has submitted a regulatory application to the European Medicines Agency, or EMA, for its updated COVID-19 vaccine encoding the spike protein for the XBB.1.5 sublineage of SARS-CoV-2. "The application is based on guidance from the European Centre for Disease Prevention and Control and the EMA, which recommended that COVID-19 vaccines be updated to a monovalent XBB.1.5 composition. This aligns with other regulators and global public health agencies recommending a monovalent XBB.1.5 composition. Additionally, Moderna has generated preliminary clinical data of its monovalent XBB.1.5 vaccine candidate showing an immune response against XBB descendent sublineages such as XBB.1.5, XBB.1.16, and XBB.2.3.2. Moderna is in the process of submitting data to regulators worldwide to advance its updated COVID-19 vaccine in time for the autumn/winter vaccination season and has recently filed with the U.S. Food & Drug Administration, Health Canada, and other health authorities," the company stated.

06:09 EDT Amdocs completes acquisition of TEOCO's service assurance business - Amdocs has completed its acquisition of TEOCO's service assurance business. This acquisition will enable Amdocs to provide service providers with a unique end-to-end service orchestration offering, assuring the quality of service and enabling the monetization of next generation dynamic customer experiences. As previously indicated, the impact of the acquisition on Amdocs' GAAP diluted EPS will not be known until after Amdocs completes the purchase price allocation. The impact of the acquisition on Amdocs' non-GAAP diluted earnings per share is expected to be neutral in the full fiscal years 2023 and 2024. Non-GAAP diluted earnings per share excludes amortization of purchased intangible assets and other acquisition-related costs, changes in certain acquisitions related liabilities measured at fair value, restructuring charges, equity-based compensation expenses and other, net of related tax effects.

06:06 EDT Zealand Pharma announces results from Part 1 of MAD trial for ZP8396 - Zealand Pharma announced results from Part 1 of a multiple ascending dose trial for ZP8396, the company's long-acting amylin analog with potential for the management of overweight and obesity. Part 1 of the MAD trial was designed to investigate safety, tolerability, and clinical effects of 6 weeks of dosing with ZP8396 in healthy lean and overweight people. "We are very encouraged by the reductions in body weight seen after six weeks of treatment at lower doses of ZP8396. We have initiated the second part of this multiple ascending dose clinical trial assessing both a longer duration of treatment and higher doses of ZP8396," said David Kendall, CMO. "We are excited about the different opportunities with amylin, both as an alternative, non-incretin treatment for overweight and obesity and as a potential combination with incretin-based therapy, such as GLP-1". In Part 1 of this MAD trial, a total of 20 participants with a median BMI of 25 were randomized within two dose cohorts to receive either subcutaneous ZP8396 or placebo. Mean body weight reductions of 5.3% and 5.1% from baseline were observed following 6 once-weekly doses of 0.6 mg and 1.2 mg ZP8396, respectively. Participants who received placebo showed a body weight decrease of 0.4%. ZP8396 was judged to be well tolerated, with no serious or severe adverse events and no withdrawals. The most common AEs were related to the gastrointestinal system, were all mild and most occurred within two days of the first dose. Based on this mild adverse event profile, Zealand Pharma has moved swiftly into 16 weeks of dosing in Part 2 of the trial to explore significantly higher exposure levels of ZP8396. The company expects to present detailed results from the 6-week Part 1 at a scientific conference later this year and to report topline results from the 16-week Part 2 in 2024.

06:03 EDT GigaCloud ceases to qualify as foreign private issuer - GigaCloud Technology announced that, in accordance with the definition of "foreign private issuer" in Rule 405 under the United States Securities Act of 1933, as amended, and Rule 3b-4 under the United States Securities Exchange Act of 1934, as amended which require a foreign company to determine its status as a foreign private issuer on an annual basis, as of the end of its second fiscal quarter, the Company has determined that it has ceased to qualify as a "foreign private issuer" as of June 30, 2023, being the last business day of its most recently completed second fiscal quarter. Once an issuer fails to qualify for foreign private issuer status it will remain unqualified unless it meets the requirements for foreign private issuer status as of the last business day of its second fiscal quarter. Accordingly, the Company will not be able to use the forms and rules designated for foreign private issuers after December 31, 2023, being the final day of the Company's current fiscal year. Starting on January 1, 2024, the Company will be subject to the same reporting and disclosure requirements applicable to domestic U.S. companies, and the Company will be required to file periodic reports and financial statements prepared in accordance with United States generally accepted accounting principles with the SEC on Form 10-K and Form 10-Q, as applicable, as well as filing current reports on Form 8-K.

05:06 EDT Sundial Growers, Nova Cannabis extend closing date for partnership - Sundial Growers and Nova Cannabis announced that due to ongoing review by regulators with respect to required approvals, the outside date for the closing of the previously-announced strategic partnership as contemplated by the implementation agreement entered into between SNDL and Nova dated December 20, 2022, as amended on April 3 and June 16 has been extended. SNDL and Nova anticipate that the transaction will close on or before July 25 subject to receipt of regulatory approvals and the amendment to certain terms of the transaction that are mutually satisfactory to SNDL and Nova.