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Camber Energy (NYSE American: CEI), a growth-oriented energy company, announced a proposed settlement of a stockholder derivative action.
On July 2, 2024, the U.S. District Court for the Southern District of Texas issued a preliminary approval order for the settlement of claims against individual defendants in Case No. 4:22-cv-02167. The final approval hearing is scheduled for September 12, 2024, at 2:00 p.m. at the U.S. District Court for the Southern District of Texas, Houston Division. In compliance with the order, the Stipulation of Settlement and a Notice of Proposed Settlement of Derivative Actions are posted on Camber's Investor's Overview section on their website (camber.energy).
- Preliminary court approval received for the proposed settlement.
- Final approval hearing scheduled for September 12, 2024.
- None.
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Cognition Therapeutics (NASDAQ: CGTX) will host an investor webcast on July 29, 2024, to discuss results from the Phase 2 SHINE study of CT1812 in mild-to-moderate Alzheimer's disease. The study enrolled 153 adults, randomized to receive 100mg or 300mg of CT1812 or placebo daily for six months. Clinical findings, safety, cognitive and functional endpoints will be presented at the Alzheimer's Association's International Conference in Philadelphia. Additional presentations will cover biomarker and proteomic analyses from CSF samples, and results of a meta-analysis from the SPARC study and SHINE-A participants. The webcast will feature company management, study investigator Dr. Everard Vijverberg, and Alzheimer's expert Dr. Martin J. Sadowski.
- Phase 2 SHINE study results for CT1812 in Alzheimer's disease to be presented
- Multiple presentations scheduled at the Alzheimer's Association's International Conference
- Study enrolled 153 adults with mild-to-moderate Alzheimer's disease
- Results of proteomic analyses accepted for publication in Alzheimer's & Dementia journal
- None.
Stanley Black & Decker (NYSE: SWK), a leading Tools and Outdoor company, has announced a $0.01 increase in its quarterly cash dividend to $0.82 per common share. The dividend will be payable on September 17, 2024, to shareholders of record as of September 3, 2024. This increase reflects the company's commitment to rewarding shareholders and demonstrates confidence in its transformation journey. The company is focusing on accelerating long-term organic growth, margin expansion, and generating significant free cash flow to enhance shareholder returns.
- Increased quarterly dividend by $0.01 to $0.82 per share
- Demonstrates confidence in company's transformation and financial stability
- Focus on long-term organic growth and margin expansion
- Commitment to generating significant free cash flow
- None.
Globalstar, Inc. (NYSE American: GSAT) has announced that it will release its second quarter 2024 financial and operating results on Thursday, August 8, 2024, before the market opens. The company will also conduct a conference call on the same day at 9:00 a.m. Eastern Time to discuss these results.
Investors and interested parties can access the earnings call via a webcast or participate through a teleconference. The webcast link and teleconference registration link have been provided. For those unable to join the live call, a replay of the webcast will be available in the Investor Relations section of Globalstar's website.
- None.
- None.
Viasat (NASDAQ: VSAT) has announced a new segment reporting structure starting from Q1 FY2025. The company will now report financial results based on two segments: Communication Services and Defense and Advanced Technologies. This change aims to provide investors with better insights into Viasat's diverse business lines and growth opportunities.
The Communication Services segment includes four business lines: Aviation, Government Satcom, Maritime, and Fixed and Other. It offers broadband and narrowband communications solutions across government and commercial mobility markets. The Defense and Advanced Technologies segment comprises Information Security and Cyber Defense, Space and Mission Systems, Tactical Networking, and Advanced Technologies and Other, providing resilient, vertically integrated solutions to government and commercial customers.
- New reporting structure provides better visibility into diverse business lines and growth opportunities
- Viasat offers a broad range of global, vertically integrated capabilities across LEO, MEO, and GEO communications
- Company has a long runway of growth opportunities in various satellite communication markets
- None.
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vTv Therapeutics Inc. (Nasdaq: VTVT) announced that the FDA has placed a clinical hold on its cadisegliatin program for type 1 diabetes, including the ongoing CATT1 Phase 3 trial. The hold is due to an unresolved chromatographic signal discovered in a recent human ADME study. The FDA requires an in vitro study to characterize this signal before the program can resume.
Key points:
- No patients had been dosed in CATT1 at the time of the hold
- Past clinical studies showed no concerning safety issues
- Cadisegliatin has been well-tolerated in over 500 subjects for up to six months
- The company is working to resolve the hold and resume enrollment quickly
- Cadisegliatin has shown compelling efficacy and favorable safety profile in over 500 subjects
- The company is actively working with the FDA to resolve the clinical hold
- No concerning safety issues were revealed in past clinical studies
- FDA placed a clinical hold on the cadisegliatin program, including the CATT1 Phase 3 trial
- The clinical hold delays the development and potential approval of cadisegliatin for type 1 diabetes
- An unresolved chromatographic signal was discovered in a recent human ADME study
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Pioneer Power Solutions (Nasdaq: PPSI) filed its delayed annual report on Form 10-K for 2023, revealing significant financial improvements. Revenue increased 60.3% to $41.5 million, while gross profit surged 196% to $8.4 million. The company narrowed its operating loss to $2.7 million from $5.8 million in 2022. Total backlog grew 18% to $45.2 million by year-end. Pioneer also addressed a restatement of previous financial statements, emphasizing no impact on cash or total cash flow from operations. Looking ahead, the company reaffirmed its 2024 guidance, projecting revenue of $52-54 million (30% YoY growth) and EPS of $0.31-0.34, with an exceptionally strong second half expected.
- Revenue increased 60.3% year-over-year to $41.5 million
- Gross profit surged 196% to $8.4 million, with margin improving from 10.9% to 20.1%
- Operating loss narrowed by $3.1 million to $2.7 million
- Total backlog grew 18% to $45.2 million
- Reaffirmed 2024 guidance with 30% revenue growth and positive EPS
- Net loss of $1.9 million in 2023, despite improvement from $5.4 million loss in 2022
- Delayed filing of annual report and restatement of previous financial statements
- Increased non-cash, stock-based compensation expense to $1.5 million from $1.0 million in 2022
- Recognized $885,000 in research and development expenses, compared to none in 2022
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AST SpaceMobile (NASDAQ: ASTS) has announced the completion of its first five commercial satellites, called Bluebirds. These satellites, featuring 693 square feet communication arrays, are the largest-ever commercial communications arrays deployed in low Earth orbit. They are set for shipment to Cape Canaveral in early August, with a 7-day launch window in September.
The Bluebirds will provide U.S. nationwide non-continuous service with over 5,600 cells in premium low-band spectrum and a planned 10-fold increase in processing bandwidth. This milestone follows the success of AST SpaceMobile's in-orbit BlueWalker 3 satellite and marks significant progress in the company's mission to create a space-based cellular broadband network accessible by everyday smartphones.
AST SpaceMobile has secured strategic investments from major telecom companies and has agreements with over 45 mobile network operators globally, representing 2.8 billion existing subscribers.
- Completion of first five commercial satellites (Bluebirds) ready for shipment
- Planned 7-day launch window in September
- U.S. nationwide non-continuous service with over 5,600 cells in premium low-band spectrum
- 10-fold increase in processing bandwidth compared to BlueWalker 3 satellite
- Strategic investments secured from AT&T, Verizon, Google, and Vodafone in H1 2024
- New contract award with the United States Government through a prime contractor
- Agreements with over 45 mobile network operators globally, representing 2.8 billion subscribers
- Exact launch date still uncertain and subject to various factors
- Non-continuous service coverage initially
LuxUrban Hotels Inc. (Nasdaq: LUXH) has announced the pricing of its public offering of 11,573,333 shares of common stock at $0.15 per share. The offering, expected to close around July 30, 2024, aims to raise $1,736,000 in gross proceeds, or $1,996,400 if the over-allotment option is fully exercised. Alexander Capital, L.P. is the sole book-running manager for this offering. LuxUrban intends to use the proceeds for working capital and general corporate purposes. The company, which operates hotels through Master Lease Agreements, is strategically building a portfolio in destination cities by capitalizing on commercial real estate market dislocations.
- Successful pricing of public offering, potentially raising up to $1,996,400
- Strategic expansion of hotel portfolio in destination cities
- Low share price of $0.15 may indicate market concerns
- Potential dilution of existing shareholders' equity
- Reliance on external funding for working capital suggests possible cash flow issues