Proactiveinvestors USA & Canada Proactiveinvestors https://www.proactiveinvestors.com Proactiveinvestors USA & Canada Proactiveinvestors RSS feed en Wed, 23 Jan 2019 03:41:05 -0500 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - IPO Roundup: New Fortress Energy, Pivotal Acquisition to tap capital markets despite US government shutdown ]]> https://www.proactiveinvestors.com/companies/news/213091/ipo-roundup-new-fortress-energy-pivotal-acquisition-to-tap-capital-markets-despite-us-government-shutdown-213091.html Despite the US government shutdown putting a staff strain on the Securities and Exchange Commission, New Fortress Energy, a liquified natural gas company, is tentatively on tap to debut on the Nasdaq.

New Fortress Energy was founded by Wesley Edens, the co-owner of the NBA's Milwaukee Bucks. Edens is also the co-CEO of private equity firm Fortress Investment Group, which famously dove back into subprime lending in 2010, just a few years after the financial crisis.

The company has filed to sell 22.2 million shares in a range of $17 and $19. The final price will be set just before the initial public offering.

IPO Roundup: Israel's Anchiano Therapeutics and San Francisco’s Alector create IPO momentum for biotech sector

New Fortress Energy's paperwork with the SEC is in and up to date, but it may not actually debut this week because of the shutdown, according to media reports.

According to the SEC filing, New Fortress Energy posted a loss of $43.4 million in the first nine months of 2018, which was a bigger loss than the first three quarters of 2017.

Revenue was up just 12.3% from a year ago as well. The company is also saddled with $122 million in debt.

Investors may look beyond the shaky financials as New Fortress Energy does have the backing of the Fortress Investment Group, which is the company's majority owner.

Jonathan Ledecky's Pivotal Acquisition

Meanwhile, Pivotal Acquisition Corp which designs information technology solutions plans to tap the IPO market. The company run by Jonathan Ledecky, a co-owner of the New York Islanders hockey team, plans to raise nearly $200 million through a special purpose acquisition company.

Ledecky, whose niece is multiple Olympic gold medalist swimmer Katie Ledecky, plans to use the money from the IPO to invest in e-commerce and other tech initiatives.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

]]>
Tue, 22 Jan 2019 10:36:00 -0500 https://www.proactiveinvestors.com/companies/news/213091/ipo-roundup-new-fortress-energy-pivotal-acquisition-to-tap-capital-markets-despite-us-government-shutdown-213091.html
<![CDATA[News - Attis Industries stock soars after deal to collaborate with Novozymes ]]> https://www.proactiveinvestors.com/companies/news/212905/attis-industries-stock-soars-after-deal-to-collaborate-with-novozymes-212905.html Attis Industries Inc (NASDAQ:ATIS) shares soared Friday after the diversified innovation and technology company said it will collaborate with Novozymes (NASDAQ OXM), a provider of advanced biological solutions.

Under the newly announced partnership, Novozymes has committed to supplying the enzymes required by Milton, Georgia-based Attis Industries to convert its pulp into sugar at its planned biorefineries.

Attis stock shot up 14.6% to $0.27 in morning trade.

READ: Arev Brands strikes C$1.2M deal to clinch Canna Gold's assets

Novozymes has a broad portfolio of biotechnology to support commercial cellulosic biofuels production, and the ability to ramp up production as needed in an effort to support Attis' ambitious growth plans.

Attis has successfully converted the pulp extracted from its patented biomass processing into high yields of sugar using Novozymes’ proprietary enzyme cocktails.  

These “positive results” have validated the planned business model at Attis' biorefineries, said the company.

Symbiotic partnership

"Attis is very excited about forming a partnership with Novozymes for the efficient production of ethanol at future biorefineries," said Attis Industries CEO Jeff Cosman. "Novozymes is the industry leader in biotechnology for the renewable fuel industry and brings with it unquestioned credibility to our renewable fuel goals."

The partnership will focus on improving value, yields, and process efficiencies. 

"Attis is very excited about forming a partnership with Novozymes for the efficient production of ethanol at future biorefineries," said Attis Industries CEO Jeff Cosman. "Novozymes is the industry leader in biotechnology for the renewable fuel industry and brings with it unquestioned credibility to our renewable fuel goals."

Attis Industries is a holding company focused on developing and building businesses that play important roles in the new economy, which include renewable fuels, bio-based plastics and healthcare.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

]]>
Fri, 18 Jan 2019 11:33:00 -0500 https://www.proactiveinvestors.com/companies/news/212905/attis-industries-stock-soars-after-deal-to-collaborate-with-novozymes-212905.html
<![CDATA[News - Amid the current global uncertainty, how bearish should we be on copper? ]]> https://www.proactiveinvestors.com/companies/news/212687/amid-the-current-global-uncertainty-how-bearish-should-we-be-on-copper-212687.html What should we make of the current price of the bellwether metal, copper?

It’s been on a significant downtrend lately, as a succession of poor economic numbers out of China have spooked markets and led to speculation that demand could slow.

In part, this is because of the economic warfare between China and the USA. As a headline grabber, Apple Inc’s (NASDAQ:AAPL) recent warning on Chinese revenues was second to none, but underlying the woes of the world’s ex-biggest tech company are the deeper woes of China.

Exports are slowing, consumer demand is slowing, there are fears about bursting credit bubbles, and on top of all that, in spite of all the progress in recent years, it’s still an opaque country that’s hard for market participants really to read.

Will President Xi crack under this tariffs pressure and sign up to a trade deal that’s advantageous to the US and which will allow Mr Trump to claim victory? Or will he double down, reckoning that the country that’s endured the Great Leap Forward and the Cultural Revolution is more than capable of weathering the effects of a mere tariff war?

At this stage, the uncertainty is almost more problematic than the eventual outcome, as markets don’t know which way to look.

There seems a very real possibility that as a result of the tariff war, and ongoing economic weakness in Germany and Japan, that global growth will slow markedly this year. It’s been enough to make the Federal Reserve put the brakes on its monetary tightening, even thought the US itself is still booming, and its been enough to spook stock markets world wide.

Commodities too, with the honourable exception of gold, have taken a hit.

The copper price has fallen by more than US$1,000 per tonne since the optimism peaked in the spring of 2018, and current sentiment would have it fall further. On the other hand, looking back slightly further, the price is still above the 2016 troughs. So, mixed signals then.

Broker Liberum talks of “difficult dynamics” for the next six months, while conceding that copper remains the favoured commodity for most major miners. That being so, and with the balance sheets of the majors all in good shape at the moment, there may be an opportunity for buying the likes of Antofagasta (LON:ANTO) or Glencore (LON:GLEN) on further dips.

However, Liberum reckons greater value is to be found amongst the more significant of the companies with large projects moving through the development stages.

On this thinking Liberum highlights Asiamet (LON:ARS) and Solgold (LON:SOLG) as offering the best value, while it recommends steering clear of KAZ Minerals (LON:KAZ), on the basis of Russian risk.

Another company worth considering is Kincora Copper (CVE:KCC), which is at an earlier stage, but which may well be sitting on most of the useful ground in the next major district play to emerge in copper mining: Mongolia.

Liberum reckons most of the speculative positions that were taken up in copper in 2018 have now washed out through the system. However, in terms of pricing, negotiations between the US and China will continue to be crucial.

“We believe the issues around industrial output can and probably will be solved, however the controls on intellectual property transfers will be far greater hurdles and we do not expect to see a solution in the next six months,” the broker said.

 

 

]]>
Wed, 16 Jan 2019 10:36:00 -0500 https://www.proactiveinvestors.com/companies/news/212687/amid-the-current-global-uncertainty-how-bearish-should-we-be-on-copper-212687.html
<![CDATA[Media files - ZephyRx developing video games for respiratory therapy ]]> https://www.proactiveinvestors.com/companies/stocktube/11854/zephyrx-developing-video-games-for-respiratory-therapy-11854.html Tue, 15 Jan 2019 13:28:00 -0500 https://www.proactiveinvestors.com/companies/stocktube/11854/zephyrx-developing-video-games-for-respiratory-therapy-11854.html <![CDATA[Media files - Opsepio Therapeutics looks to raise $30mln for its Phase 1 ready cancer treatment ]]> https://www.proactiveinvestors.com/companies/stocktube/11850/opsepio-therapeutics-looks-to-raise-30mln-for-its-phase-1-ready-cancer-treatment-11850.html Tue, 15 Jan 2019 09:10:00 -0500 https://www.proactiveinvestors.com/companies/stocktube/11850/opsepio-therapeutics-looks-to-raise-30mln-for-its-phase-1-ready-cancer-treatment-11850.html <![CDATA[Media files - Maculus Therpeutix developing spray to treat painful post-nasal surgery polyps ]]> https://www.proactiveinvestors.com/companies/stocktube/11817/maculus-therpeutix-developing-spray-to-treat-painful-post-nasal-surgery-polyps-11817.html Fri, 11 Jan 2019 16:13:00 -0500 https://www.proactiveinvestors.com/companies/stocktube/11817/maculus-therpeutix-developing-spray-to-treat-painful-post-nasal-surgery-polyps-11817.html <![CDATA[News - Intevac is the name to watch over the next 5 years as it benefits from diverse product offering ]]> https://www.proactiveinvestors.com/companies/news/212415/intevac-is-the-name-to-watch-over-the-next-5-years-as-it-benefits-from-diverse-product-offering-212415.html Diversity, consistency, and growth opportunities are the keys to success for small companies. Many small companies offer only a portion of the trifecta, so when one comes along touting all three, it’s worth close examination.

Intevac (NASDAQ:IVAC) has not one, but two core, diverse businesses: Thin-film equipment and Photonics.

Thin-film equipment

The company’s thin-film equipment business represents the current growth side for Intevac, a change from years past. Initially, Intevac focused on storage.

As the HDD storage market began running over capacity, Intevac pivoted to the ever-evolving cloud computing segment of storage needs. The increased complexity in HDD structures to meet the additional processing needs for cloud computing has enabled it to achieve continued strong results from its HDD equipment.

Unfortunately, with the industry reaching overcapacity and many of the largest HDD vendors issuing earnings warnings, the growth expectations should be tempered.

Fortunately, Intevac has positioned itself in a $500 million Internet of Things (IoT) opportunity over the next five years. The company recently introduced its Vertex Optical Diamond-Like Carbon (oDLC) for Display cover panels. oDLC is an optically-transparent, protective thin-film coating.

It is a thin-film technology that is applied to protect decorative back cover glass options on smartphones. The use of backside cover glass on smartphones is a rapidly-growing portion on the high-end.

The Intevac Vertex system permits a new approach for cell phone providers. It has shown to increase durability and scratch resistance while being cost sensitive. When combined with glass, oLDC is shown to be 20x more scratch resistance, have 10x the haze reduction, and increase breakage resistance by 20% when compared to glass alone or glass plus anti-smudge coating, and at a lower cost.

Intevac has already landed a top three cellphone maker as a client. Furthermore, another Tier-1 producer is currently evaluating oDLC as well.

IoT is much more than just smartphones. Tablets, wearables, point-of-sales stations, and auto-infotainment offer potential for oDLC. While the total addressable for the next five years may be as much as $500 million, the next decade should offer upside of two-to-three times that amount.

Additionally, the company has landed two tier-1 customers in the solar market with expectations that a low-cost market alternative will come fully online by the second half of 2019 to boost Intevac’s sales in this sector.

While not a significant financial driver yet, Intevac does have a dozen backorders for its low-cost ENERGi solar-ion implant system.

Altogether, the Thin-film equipment business consisting of IoT, Solar Power, Cloud Computing, and Storage has a 5-year total addressable market of $1 billion. With current sales approaching $100 million, there is significant upside from this business segment alone; however, when you consider the total addressable market for the Photonics portion of Intevac is another $1.4 billion, things get interesting.

Military contracts

What’s more consistent than government and military contracts?

Very little, which is why the digital vision systems (photonics) business Intevac holds appeal. The company produces night vision &amp; target ID camera systems, night visions &amp; head mounted displays for soldiers, and integrated night vision systems for heads up displays. Its largest client is the US military.

On December 20, 2018, IVAC announced not one, but two US Army contract wins. The company received a $6.9 million contract for the production of night vision cameras for the Apache Helicopter’s Pilot Night Vision Sensor program for the US Army.

After the initial purchase of 144 cameras, the US Army can procure additional units through May 2020 at a pre-negotiated price. Additionally, Intevac received a $28.6 million contract for the development and production of digital night vision cameras for the US Army’s Integrated Visual Augmentation System program.

Over the next two years, IVAC will develop and deliver 2,300 camera modules. The Integrated Visual Augmentation System is designed to incorporate head, body, and weapon technologies on individual Soldiers. It is a single platform that Soldier/Marines can use to fight, rehearse, and train through augmented reality.

Intevac’s digital vision systems offer several advantages including high-definition night imagery, fused infrared and low light imagery, low-halo operation, and complete augmented reality capability.

Can IVAC build on third-quarter momentum?

The company is set to report its fourth quarter 2018 at the end of January and investors will be looking to see if the company can build on the momentum of the third quarter.

IVAC reported a loss of $0.05 per share, which was far better than the ($0.13) estimate Wall Street had on the company. Revenue of $19.5 million also exceeded expectations of $18.63 million. Fiscal year 2019 should see Intevac turned profitable on the bottom line which could be a positive for shares.

It’s worth watching though as any misstep could set its share price back to the early 2018 levels.

The Company ended the quarter with $45.7 million of total cash, restricted cash and investments and $78.3 million in tangible book value. Management has put some of its cash and free-cash-flow to work via stock buybacks.

After repurchasing 4.8 million shares for a total of $28.5 million, Intevac had utilized the majority of its previously approved $30 million
stock repurchase plan, so the Board of Directors recently authorized an additional $10 million to the $30 million plan bringing the total to $40 million.

The company’s strong cash flow should continue, given the recent US Army contracts, combined with the uptake of oDLC in the smartphone markets enabling Intevac to complete its intended buyback while offering investors appealing cash flow.

After the spring of 2018, Intevac appears to have righted the ship. The company is poised to benefit from a diverse product offering along with deep-pocketed clients with high growth potential. This is a name to watch for the next five years.

Contact the author at timothyjcollins@msn.com

Follow Tim on twitter @retrowallst and @darknovelisttim

 

 

]]>
Fri, 11 Jan 2019 12:43:00 -0500 https://www.proactiveinvestors.com/companies/news/212415/intevac-is-the-name-to-watch-over-the-next-5-years-as-it-benefits-from-diverse-product-offering-212415.html
<![CDATA[News - IPO Roundup: Israel's Anchiano Therapeutics and San Francisco’s Alector to tap US capital markets ]]> https://www.proactiveinvestors.com/companies/news/212177/ipo-roundup-israel-s-anchiano-therapeutics-and-san-franciscos-alector-to-tap-us-capital-markets-212177.html Jerusalem-based Anchiano Therapeutics, a clinical-stage biopharmaceutical company focused on the development of therapies to treat cancer-related diseases, plans to tap the US capital markets.

The biotech’s filing Monday via book-runner Ladenburg Thalmann and Oppenheimer comes with a placeholder size of $35 million.

READ: Uber files for IPO as it kicks off race to float with rival Lyft

The company is looking to list its American Depositary Shares on the tech-laden Nasdaq and trade under the ticker symbol ANCN.

It is primarily developing Inodiftagene vixteplasmid for the treatment of non-muscle invasive bladder cancer.

The biotech has offices in Cambridge, Massachusetts and Jerusalem, Israel.

San Francisco-based Alector Inc, a clinical stage biopharmaceutical company, is seeking to raise $150 million, according to a filing submitted to the Securities and Exchange Commission.

Alector is focused on developing therapies to treat neurodegenerative diseases such as dementia.

Alector announced the initiation of a first-in-human Phase 1 trial called the INVOKE study, investigating the company’s second product candidate, AL002, for the treatment of patients with Alzheimer’s disease.

In 2017, Alector entered a global strategic partnership with AbbVie Inc (NYSE:ABBV) that includes the AL002 program.

The biotech reported a net loss of $34.9 million on revenue of $18.5 million as of September 2018.

Alector plans to trade under the ticker symbol ALEC when it lists on the Nasdaq.

Morgan Stanley, Bank of America Merrill Lynch, Cowen and Barclays are acting as underwriters.

 

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

 

]]>
Tue, 08 Jan 2019 10:55:00 -0500 https://www.proactiveinvestors.com/companies/news/212177/ipo-roundup-israel-s-anchiano-therapeutics-and-san-franciscos-alector-to-tap-us-capital-markets-212177.html
<![CDATA[Media files - Bob Byrne: current market volatility is not that far out of line ]]> https://www.proactiveinvestors.com/companies/stocktube/11706/bob-byrne-current-market-volatility-is-not-that-far-out-of-line-11706.html Fri, 04 Jan 2019 15:42:00 -0500 https://www.proactiveinvestors.com/companies/stocktube/11706/bob-byrne-current-market-volatility-is-not-that-far-out-of-line-11706.html <![CDATA[News - Canada's job market grew by just 0.9% last year, while unemployment remains at record low ]]> https://www.proactiveinvestors.com/companies/news/211976/canada-s-job-market-grew-by-just-09-last-year-while-unemployment-remains-at-record-low-211976.html Canada's monthly jobs report out today showed the economy was fairly robust with employment holding steady last month (December) and the jobless rate unchanged.

Those in jobs in Canada totalled 18.8 million in December, up 9,300 jobs on the previous month, while the unemployment rate was 5.6% - unchanged on the month and the lowest on record.

That was better than expected as some economists had expected the unemployment rate in Canada would tick up to 5.7% from 5.6%.

The job creation number was slightly lower than the figure of 10,000 that economists had expected.

Wage growth, however, was disappointing, with growth for December at 1.49% which is well below inflation.

Jobless rate fell 0.2 percentage points in 2018 to 5.6%, the lowest level since comparable data became available in 1976. Canada added 163,300 net new jobs last year and saw an increase in full-time employment, though the pace of growth was slower than previous years.

— CBC News Alerts (@CBCAlerts) 4 January 2019

In the 12 months to December, employment increased by 163,000  jobs, or an increase of 0.9%, driven by gains in full-time work. Meanwhile, over the same period, total hours worked rose 0.9%.

However, the pace of employment growth was slower compared with previous years. In 2017, it saw 2.3% of growth and in 2016, it was 1.2%.

Breaking the figures down by industries, last month, 24,000 more people were employed in manufacturing, with the bulk of the increase in Ontario and Alberta.

Employment in transportation and warehousing rose by 15,000 jobs, continuing an upward trend that began in early 2016. The bulk of the increase in December was in Ontario.

There were also job gains in health care and social assistance, with 11,000 more people working in the industry last month. Again, most of the gains were in Ontario - the country’s most populous province accounting for 28% of the overall population.

Conversely, 26,000 fewer people were working in wholesale and retail trade, most notably in Ontario.

Employment in public administration was down 17,000 in December, with declines in Ontario, Alberta and Nova Scotia.

Analysts at banking giant ING noted that Canadian wage growth failed to pick up in December, which coupled with other global risk factors, meant the Bank of Canada is likely to side with caution and push back the next rate hike until March.

"A rate hike later in the first quarter (in March) still could be on the cards, unless the risk environment worsens further," it said."This would allow policymakers a bit more time to evaluate the impact of lower energy prices on growth, as well as whether business investment and wage growth have begun to perform more strongly."

Contact Giles at giles@proactiveinvestors.com

Follow him on Twitter at @Gile74

]]>
Fri, 04 Jan 2019 08:59:00 -0500 https://www.proactiveinvestors.com/companies/news/211976/canada-s-job-market-grew-by-just-09-last-year-while-unemployment-remains-at-record-low-211976.html
<![CDATA[News - US mining industry added 3,700 jobs in December while oil and gas extraction gained 300 positions ]]> https://www.proactiveinvestors.com/companies/news/211975/us-mining-industry-added-3700-jobs-in-december-while-oil-and-gas-extraction-gained-300-positions-211975.html The US mining industry increased employment by 3,700 jobs to 710,700 positions in December, the Labor Department reported Friday.

The Bureau of Labor Statistics said that the oil and gas extraction sector increased employment by 300 jobs to 154,700 positions.

READ: US mining jobs still buoyant as non-farm payroll figure comes in below expectations

The mining industry excluding oil and gas exploration increased its employment by 900 to 192,100.

The BLS said that coal mining jobs rose by 600 to 53,900 and that nonmetallic mineral mining and quarrying grew by 400 positions to 99,800. Metal ore mining, meanwhile, saw a decrease of 100 jobs to 38,400.

Support activities for mining saw an increase of 2,500 to 363,900.

"It is highly competitive to find and keep experienced employees," Gold Resource Corp (NYSEAMERICAN:GORO) CEO Jason Reid said in an e-mailed response to questions. "A large percentage of the industry is approaching retirement age, with fewer people entering the industry to replace them."

The Dow Jones Industrial Average rose 600 points as total non-farm payroll employment increased by 312,000 in December, well above consensus estimates of 177,000 jobs created.

The unemployment rate, however, increased to 3.9%, up from 3.7% in November.

–This story has been updated to add mining sector data and executive comment–

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

]]>
Fri, 04 Jan 2019 08:47:00 -0500 https://www.proactiveinvestors.com/companies/news/211975/us-mining-industry-added-3700-jobs-in-december-while-oil-and-gas-extraction-gained-300-positions-211975.html
<![CDATA[News - CryptoCann™ Report: Marijuana cigar sold for $11,000; Bitcoin in the red at end of 2018 ]]> https://www.proactiveinvestors.com/companies/news/211812/cryptocann-report-marijuana-cigar-sold-for-11000-bitcoin-in-the-red-at-end-of-2018-211812.html All but one of the top 20 cryptocurrencies by market cap are in the red on the cusp of the New Year, as data from Coin360 shows, a report by Cointelegraph said.

Losses among the larger cryptocurriences are tempered, with most losing 2% to 3%, and losses capped at 6%

Bitcoin (BTC) has seen a mild loss of about 2%, per the report, and is trading near $3,816. The closing week of 2018 has been volatile for the currency, with Bitcoin surging past $4,200 on December 24, and then sliding close to the $3,600 mark December 28. The coin has mostly traded sideways in the $3,800 to $4,000 range, the report added.

READ: Bitcoin price hits two-week high past $4,000 ahead of the holidays

A survey by Chinese blockchain news site PANews showed that 63% of 4,200 people think cryptocurrencies like Bitcoin are unnecessary as a payment system. However, 40% would consider investing in cryptos, a report by CCN said.

About 14% of the people surveyed had invested in cryptocurrencies already. The majority of the people who were interested or invested were born after 1990, the report said.

The majority of people who are invested in cryptocurrency in China’s investment community were born in the 1990s. Of the 372 people who indicated that they understood blockchain well, the majority were born after 1995, while the second-place group was born after 1990, the report said.

The Cann Report

A Las Vegas marijuana dispensary reportedly sold the country's most expensive pot product to date Friday night, an $11,000 marijuana-packed cigar, a report by Newsweek said.

The 24-gram, weed-stuffed cannagar was sold to several Los Angeles residents including 36-year-old Brandon Hawkins, who paid with six stacks of rubber banded $20 bills, per the report.

Hawkins told the Las Vegas Sun newspaper he was inspired to smoke the record five-figure pot product on New Year's Eve after a similar product was sold in Seattle last June for $10,000.

The cannagar includes a hemp and 24-karat gold leaf-coated exterior made by the Washington state-based company Leira.

READ: 1933 Industries ends 2018 on high note as revenue climbs

The year 2018 was a 12-month champagne toast for the legal marijuana industry as the global market exploded and cannabis pushed its way further into the financial and cultural mainstream, a report by the Journal Star said.

California became the largest legal US marketplace, Utah and Oklahoma embraced medical marijuana, and the US East Coast got its first commercial pot shops. Canada ushered in broad legalization and Mexico’s Supreme Court set the stage for that country to follow.

US regulators approved the first marijuana-based pharmaceutical to treat kids with a form of epilepsy, and billions of investment dollars poured into cannabis companies. Even main street brands like The Coca-Cola Company (NYSE:KO) said it was considering joining the party.

 

Contact Rene Pastor at rene.pastor@proactiveinvestors.com

]]>
Mon, 31 Dec 2018 11:05:00 -0500 https://www.proactiveinvestors.com/companies/news/211812/cryptocann-report-marijuana-cigar-sold-for-11000-bitcoin-in-the-red-at-end-of-2018-211812.html
<![CDATA[News - Safe-T Group shares pop on order from Israeli beverage company ]]> https://www.proactiveinvestors.com/companies/news/211805/safe-t-group-shares-pop-on-order-from-israeli-beverage-company-211805.html Safe-T Group Ltd (NASDAQ:SFET) soared Monday after receiving an order from the largest beverage company in Israel.

Israel-based Safe-T said it would integrate the beverage company's solutions for secure sharing of information through several methods, including granting internal and external users' permissions to applications through its SDA solution platform.

Safe-T shares jumped almost 45% to $3.98 in US premarket trading.

The company's SDA solution is designed to provide organizations with end-to-end data protection by controlling both access and usage.

The solution enables the company to determine which applications each user can access, as well as restricting access to certain applications and services without any action required on the remote user's machine.

Safe-T Group provides security solutions in Israel, North America, the Asia-Pacific, Africa and Europe.

 

Contact Rene Pastor at rene.pastor@proactiveinvestors.com

]]>
Mon, 31 Dec 2018 08:18:00 -0500 https://www.proactiveinvestors.com/companies/news/211805/safe-t-group-shares-pop-on-order-from-israeli-beverage-company-211805.html
<![CDATA[News - Bitcoin price hits two-week high past $4,000 ahead of the holidays ]]> https://www.proactiveinvestors.com/companies/news/211586/bitcoin-price-hits-two-week-high-past-4000-ahead-of-the-holidays-211586.html Bitcoin, the digital asset synonymous with cryptocurrency, has broken out past the $4,000 mark for the first time in two weeks.

The price of Bitcoin rose about 5% to $4,061.66 at the time of publication, hitting a market cap of $70.8 billion, as per CoinMarketCap.

READ: CryptoCann™ Report: Atari to offer blockchain-based games; former Miami Dolphin Ricky Williams launches CBD products line

The cryptoverse is wagering a few guesses as to what’s behind the Bitcoin rally.

One theory is that the Federal Reserve’s decision Wednesday to raise rates may be pushing investors toward assets with little connection to the traditional markets.

The Fed raised rates.

Long Bitcoin, Short the Bankers!

— Pomp ???? (@APompliano) December 19, 2018

Mati Greenspan, senior market analyst at social trading platform eToro, told CNBC in an email that the rally may be a result of traders closing their short positions ahead of the holidays.

"This is an extremely significant movement that may end up creating a floor for the battered down cryptocurrency," said Greenspan.

Regardless of the reason for the surge, a rising tide lifts all boats, boosting shares of Bitcoin Cash, Ethereum, Stellar, Litecoin and several others in CoinMarketCap’s top 25 list.

Notorious for its volatility, the price of Bitcoin has plummeted nearly 80% from its all-time high of $20,000 last December.

 

Contact Lenore Fedow at lenore@proactiveinvestors.com

Follow her on Twitter: @LenoreMariee

]]>
Thu, 20 Dec 2018 08:54:00 -0500 https://www.proactiveinvestors.com/companies/news/211586/bitcoin-price-hits-two-week-high-past-4000-ahead-of-the-holidays-211586.html
<![CDATA[Media files - Proactive Investors and Friends bring joy to the world with a special reading ]]> https://www.proactiveinvestors.com/companies/stocktube/11666/proactive-investors-and-friends-bring-joy-to-the-world-with-a-special-reading-11666.html Wed, 19 Dec 2018 12:33:00 -0500 https://www.proactiveinvestors.com/companies/stocktube/11666/proactive-investors-and-friends-bring-joy-to-the-world-with-a-special-reading-11666.html <![CDATA[News - CryptoCann™ Report: Bitcoin sinks to 15-month low; Maine gas station offers pot ]]> https://www.proactiveinvestors.com/companies/news/211259/cryptocann-report-bitcoin-sinks-to-15-month-low-maine-gas-station-offers-pot-211259.html Bitcoin (BTC) sank to 15-month lows on Friday, dashing hopes of a rally signaled by current extreme oversold conditions, a report by Coindesk said.

The world’s largest cryptocurrency by market capitalization fell to $3,200 on Bitstamp -  the lowest level since September 2017.

Bitcoin was pinned in a five-day narrowing price range and seemed to show signs it might break upwards with a strong move toward the crucial resistance at $3,633.

These bullish expectations were based largely on a premise that the sellers are facing exhaustion.

READ: Crypto tax-reporting software maker NODE40 buys assets back from HashChain

Bitcoin and the wider cryptocurrency market are experiencing a terrible end to a trying year, with the price tumbling almost 50% since early November and sparking a wave of obituaries for the ailing bitcoin and crypto sector, a report by Forbes said.

The current bitcoin bear market, already labeled crypto winter for its debilitating effect on the broader market and industry, has seen more than $700 billion wiped from the total value of all cryptocurrencies so far this year, some 80% of its value since its all-time high.

Bitcoin has seen similar price percentage declines before, however, and has managed to recover from them. Now, researchers from the University of Cambridge Judge Business School have found the bitcoin industry will "likely" bounce back again.

"The speculation of the death of the market and ecosystem has been greatly exaggerated, and so it seems likely that the future expansion plans of industry participants will, at most, be delayed."

 

The Cann Report

Medical cannabis patients, caregivers, and advocates are gratified at the Fresno City Council’s 5-2 vote to legalize medical dispensaries, a report by High Times said.

Like others across the state, the California city had passed resolutions opting out of the state’s medical and adult-use cannabis industries.

On Thursday, members of City Council, led by Councilman Clint Olivier, approved a set of regulations allowing medical cannabis retail and establishing zoning guidelines for cultivators, distributors, and manufacturers.

The decision is a step toward recovering some of the revenue Fresno is losing due to its slow embrace of the cannabis industry.

READ: Tilray subsidiary to expand its presence in Québec via investment in cannabis producer ROSE LifeScience

A gas station and medical marijuana convenience store opened in Portland, Maine, on Thursday to provide one-stop shopping for patients looking to fuel up and later light up, a report by Boston.com said.

Medical card carrying customers in Maine can now find marijuana flower, cannabis-infused products, and gas at Atlantic Farms Gas N’ Grass on Warren Avenue in Portland, the biggest city in the state and probably the first business of its kind in Maine.

The grand opening follows changes made earlier this year to the state’s medical marijuana law.

Changes to the nearly 20-year-old regulations  include allowing caregivers to buy products from other caregivers, to hire additional employees, and to open medical marijuana stores.

Contact Rene Pastor by rene.pastor@proactiveinvestors.com

]]>
Fri, 14 Dec 2018 10:45:00 -0500 https://www.proactiveinvestors.com/companies/news/211259/cryptocann-report-bitcoin-sinks-to-15-month-low-maine-gas-station-offers-pot-211259.html
<![CDATA[News - CryptoCann™ Report: Michigan business comes up with marijuana as a gift; What is Bitcoin tops Google searches ]]> https://www.proactiveinvestors.com/companies/news/211175/cryptocann-report--michigan-business-comes-up-with-marijuana-as-a-gift-what-is-bitcoin-tops-google-searches-211175.html Revolut, a digital banking alternative that features an in-app bitcoin and cryptocurrency exchange, has received a European banking license as it seeks to expand its offerings and position itself as the “Amazon of banking,” a report by CCN said.

The London-based unicorn, which remains one of the hottest fintech startups in the UK, announced Thursday it had received permission to begin offering European customers traditional banking services alongside its current suite of products.

At first, Revolut customers in eligible jurisdictions will have the ability to sign up for direct deposit and receive deposit insurance on up to €100,000 through the European Deposit Insurance Scheme.

Later on, the company will roll out overdraft protection, as well as traditional personal and business loans.

READ: Cryptocurrency job postings are on the rise, says job site Indeed

The search term “What is Bitcoin” tops the charts in the “What is…?” category in both the UK and the US, a report by Bitcoinist said citing the latest data from Google Trends.

The phrase is attracting a lot of interest despite the fall in the bitcoin price to its lowest level in more than a year.

Cryptocurrencies have been battered as the market has entered a prolonged bear market.

The year saw around $700 billion erased off the market’s cap, with Bitcoin losing around 80% of its value.

 

The Cann Report

Chicago mayor Rahm Emmanuel believes legalizing recreational cannabis to address the city’s growing problems keeping up with pensions, a report by High Times said.

Citing local news sources, the report said Emanuel wants the state of Illinois to legalize recreational marijuana.

This would allow the state to establish a framework for regulating and taxing cannabis retail, which Emanuel said would bring state and local governments much-needed revenue.

Speaking at a meeting with the Chicago City Council, Emanuel said that he plans to urge state lawmakers to consider legalization.

Emanuel said that if weed became legal in Illinois, he would be able to earmark a portion of the new tax revenues to fund city pensions.

READ: Tilray adds Howard Dean and others to newly formed international advisory board

Budding entrepreneurs came up with a way around Michigan’s new recreational marijuana law, the Detroit Free Press said.

On High Road, a Boston-based online business founded and owned by Brandon Anthony, a 33-year-old Virginia native, plans to start a marijuana “gifting” service in Detroit this month.

Anthony will sell someone 21 or older a “munchie bag” filled with cookies or a muffin, candy or a T-shirt, between $55 to $120.

Along with the purchase of the bag comes a gift of marijuana, no more than the 2.5 ounces allowed under Michigan law. 

Under that law, the only way to get marijuana right now is to grow it, be a medical marijuana cardholder or have someone give it to you - not sell it.

Contact Rene Pastor by rene.pastor@proactiveinvestors.com

]]>
Thu, 13 Dec 2018 10:59:00 -0500 https://www.proactiveinvestors.com/companies/news/211175/cryptocann-report--michigan-business-comes-up-with-marijuana-as-a-gift-what-is-bitcoin-tops-google-searches-211175.html
<![CDATA[News - Tailored Brands stock falls after it cuts 4Q outlook on tepid Men’s Wearhouse sales ]]> https://www.proactiveinvestors.com/companies/news/211151/tailored-brands-stock-falls-after-it-cuts-4q-outlook-on-tepid-mens-wearhouse-sales-211151.html Tailored Brands Inc (NYSE:TLRD) wasn’t looking so smart in premarket trading Thursday after it beat third-quarter earnings but lowered its outlook after sales at its Men’s Wearhouse business softened last month.

The Houston, Texas-based retailer, which also owns men’s apparel seller Jos A Bank, expects comparable sales at Men’s Wearhouse, its largest brand, to be down by low single digits in the fourth quarter, partly due to declining suit sales.

The company said it expects a fourth-quarter loss of $0.29 to $0.24 per share. The current consensus estimate is a loss of $0.01 per share for the quarter ending January 31, 2019.

For the year, the company lowered its earnings forecast to $2.30 to $2.35 a share, from $2.35 to $2.50 previously.

For the quarter ended October 2018, the retailer posted earnings of $1.01 per share on revenue of $812.7 million. The consensus earnings estimate was $0.94 per share on revenue of $829.1 million. Revenue grew 0.2% on a year-over-year basis.

“As the third quarter progressed, we saw a softening of comparable sales due to lower transactions at Men’s Wearhouse and that trend continued into November,” Tailored Brands executive chairman Dinesh Lathi said in a statement.

READ: Cannabis companies heartened as New York weighs legalization and US farm bill nears passage

“As a result, we have taken a more cautious outlook on fourth-quarter comparable sales for Men’s Wearhouse,” he added.

Shares of the retailer were down 25.07% to $15 before the opening bell.

Lathi said that during the quarter, the retailer reduced inventories 10% versus last year. It also successfully repriced its term loan, reducing the interest rate spread by 25 basis points, which lowered its annual cash interest expense by more than $2 million.

“Our total debt is down approximately $300 million versus a year ago,’ said Lathi.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

 

 

]]>
Thu, 13 Dec 2018 07:39:00 -0500 https://www.proactiveinvestors.com/companies/news/211151/tailored-brands-stock-falls-after-it-cuts-4q-outlook-on-tepid-mens-wearhouse-sales-211151.html
<![CDATA[News - CryptoCann™ Report: Scientists look for steady cannabis high; Cryptocurrency exchanges in UK at low risk ]]> https://www.proactiveinvestors.com/companies/news/210990/cryptocann-report-scientists-look-for-steady-cannabis-high-cryptocurrency-exchanges-in-uk-at-low-risk-210990.html Cryptocurrency exchanges in the UK are at "low risk" for money laundering and terrorist financing activities, a report by Coindesk said in pointing to a report published by the Financial Action Task Force (FATF), a global anti-money laundering policymaker.

The report said that while such activities are an “emerging risk,” there is not enough evidence to suggest that they are occurring through crypto exchanges.

The regulator though has asked UK authorities to work on a plan to extend anti-money laundering and counter financing of terrorism rules in the crypto sector to tackle any potential risks.

READ: NetCents releases its first SaaS-based cryptocurrency payments processing platform

Cryptocurrency merchant bank Galaxy Digital and Block.One have led a $30 million Series A investment round in US neo-banking platform Good Money, a report by Cointelegraph said.

The investment came mostly via Galaxy and Block.One’s joint Galaxy EOS VC fund, one of several funds under the Block.One umbrella.

Good Money provides banking services and a handful of associated financial instruments to US account holders.

The Cann Report

Several companies are pouring money into research for a predictable cannabis plant that can produce a consistent high, a report by NBC News said.

These companies are hiring scientists, setting up labs and building research greenhouses that were previously used by Big Agriculture. They are hoping a product people can rely on will translate to millions of dollars in sales, the report said.

The latest forecast from Arcview Market Research in partnership with BDS Analytics concludes that US “retail flower sales are forecast to grow at a compound annual growth rate of 14.8% to reach $8.5 billion in 2022.”

The forecast added though that a growing portion of pot store customers are opting for processed cannabis concentrates that would give them a more consistent impact.

READ: Golden Leaf Holdings shares take a hit amid board shake-up

California’s cannabis business regulators have approved statewide marijuana deliveries, even in areas that ban cannabis, a report by the Marijuana Business Daily said.

The rules will not be completely finalized until approved by the Office of Administrative Law (OAL), which may not be until sometime in January.

Many believe statewide delivery - one of the most debated issues involving California’s marijuana industry - will boost sales by allowing licensed retailers and delivery businesses to reach consumers in municipalities that prohibit commercial cannabis sales.

READ: AmeriCann building million square foot sustainable cannabis facility

Contact Rene Pastor by rene.pastor@proactiveinvestors.com

]]>
Tue, 11 Dec 2018 10:55:00 -0500 https://www.proactiveinvestors.com/companies/news/210990/cryptocann-report-scientists-look-for-steady-cannabis-high-cryptocurrency-exchanges-in-uk-at-low-risk-210990.html
<![CDATA[News - CryptoCann™ Report: Bitcoin volatility spikes on price crash; 78-year old in wheelchair evicted for using medical cannabis ]]> https://www.proactiveinvestors.com/companies/news/210894/cryptocann-report-bitcoin-volatility-spikes-on-price-crash-78-year-old-in-wheelchair-evicted-for-using-medical-cannabis-210894.html The volatility in Bitcoin has tripled on the month as prices of the cryptocurrency crashed, a report by Cointelegraph said.

The most recent available data for December showed that BTC-USD volatility hit 5.53%, compared with 1.57% on November 9 at the start of the 30-day Volatility Index.

The volatility has been consistently rising from November 19, going from 2% to 4.53% a week later and then upwards to break above 5% on November 29.

From October 9 to November 9, Bitcoin volatility did not rise above 2.06%, ranging from around 1.5%-1.7% majority of the period, the report said.

READ: Bitcoin drops to a new low for 2018 amid market sell-off

Facebook Inc (NASDAQ:FB) has five job openings for blockchain talent at its Menlo Park, California, headquarters in the areas of data science, software engineering and marketing, a report by Coindesk said.

The company's possible plans for blockchain have not yet been disclosed. The ads on its careers pages state that the ultimate goal is to help “billions of people with access to things they don’t have now.” It further cites “equitable financial services, new ways to save, or new ways to share information” as some potential use cases for the tech.

Facebook launched its blockchain team in May. The team is headed by David Marcus, who had previously served as the company’s vice president of its Messenger app division. In June, the firm appointed a senior engineer, Evan Cheng, as its first “director of engineering, blockchain.”

The Cann Report

A 78-year old resident of Niagara Falls, New York, was evicted by his landlord for using medical marijuana, a report by High Times said.

The marshal read John Flickner his eviction order. Holding a plastic freezer bag containing his medical prescriptions, Flickner, who’s confined to a wheelchair, left his HUD-subsidized apartment.

Niagara Towers managers could have let him stay.

Instead, they opted to enforce the apartment complex’s strict drug policy and evicted Flickner for using medical cannabis to treat chronic pain from a 50-year-old spine injury.

READ: Aurora Cannabis shares light up as it enters Mexican market with exclusive supply deal

The office of legislative services, a nonpartisan bureau that assists with crafting and studying legislation, estimates that New Jersey would bring in a little over $210 million in state taxes from nearly $1.8 billion in annual marijuana sales, according to its fiscal impact study of the legal weed bill, a report by the Asbury Park Press said.

That estimate was derived from comparing New Jersey and Colorado populations in 2017, as well as Colorado marijuana sales that year. It represents less than 1% of the nearly $38 million state budget,

The legal weed bill would give New Jersey the cheapest marijuana tax in the nation, a main bone of contention between legislators and Governor Phil Murphy's office, which called for a 25% marijuana tax in its 2019 budget.

Instead, the marijuana legalization bill comes with a 12% tax. There is also a potential 2% tax that may be levied by local municipalities hosting marijuana dispensaries.

Contact Rene Pastor by rene.pastor@proactiveinvestors.com

]]>
Mon, 10 Dec 2018 10:50:00 -0500 https://www.proactiveinvestors.com/companies/news/210894/cryptocann-report-bitcoin-volatility-spikes-on-price-crash-78-year-old-in-wheelchair-evicted-for-using-medical-cannabis-210894.html
<![CDATA[News - SoftBank's landmark IPO for mobile business hits $23.5B ]]> https://www.proactiveinvestors.com/companies/news/210877/softbank-s-landmark-ipo-for-mobile-business-hits-235b-210877.html The Japanese tech company SoftBank Group Corp (TYO:9984) (OTCMKTS:SFTBY) is raising 2.65 trillion yen ($23.5 billion) by listing its mobile business in what will be Japan’s largest initial public offering in its history.

SoftBank has priced its IPO at 1,500¥ ($13) for each share and thanks to robust demand, the company will also sell another tranche of 160m shares, according to published reports which cite regulatory filings. 

The offering falls just short of the biggest IPO to date, which is the $25bn listing four years ago of the Chinese e-commerce company Alibaba.

READ: SoftBank selling entire Flipkart stake to Walmart

The tech company, which runs a tech private equity fund worth almost $100bn, will use the proceeds from the deal to plow money into start-ups.

CEO Masa Son is looking to establish SoftBank’s position as an international investor in tech companies by taking the mobile group public and dividing the company into two halves.

SoftBank’s nearly $100bn Vision Fund, which is heavily funded by the Saudis, is invested in an array of companies, ranging from startups such as Slack to well-known tech companies such as Uber and Alibaba.

Roughly 90% of the shares being auctioned off as part of the IPO are being reserved for retail investors, which encouraged the company to engage in an advertising campaign to drum up interest.

Shares in SoftBank’s mobile group are set to start trading in Tokyo on December 19.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

]]>
Mon, 10 Dec 2018 08:05:00 -0500 https://www.proactiveinvestors.com/companies/news/210877/softbank-s-landmark-ipo-for-mobile-business-hits-235b-210877.html
<![CDATA[News - Scandium may not be a Rare Earth but it is receiving increased focus and mentions ]]> https://www.proactiveinvestors.com/companies/news/210798/scandium-may-not-be-a-rare-earth-but-it-is-receiving-increased-focus-and-mentions-210798.html When the film Avatar first came out, its screening coincided with the frenzy of the Rare Earth boom and we wrote a research piece on that sector and likened Rare Earths, tongue-in-cheek, to the film’s mysterious sought-after metal, Unobtainium. As history showed ultimately, Rare Earths were all too obtainable and the whole suite of metals fell out of bed and are still languishing.

At the time, some of the more ignorant of the mining space referred to Scandium as one of the Rare Earths despite it not belonging to the Lanthanide series and rarely appearing in their company in mineralisations. We note with some amusement that the latest swathe of US tariffs against Chinese metals exports targeting Rare Earths repeat the error and include Scandium in the targeted metals, despite China (to our knowledge) not being a notable producer of Scandium and certainly not an exporter of any note.

Despite this Scandium seems, in fact, to be the closest thing that we have to Unobtainium with its very scarcity being its own worst enemy. This is a situation that seems on the verge of being remedied and here, we shall discuss how and why.

The Friedland effect?

Scandium was, until 2017, one of the lesser talked about technology metals. Since last year, it has received increased focus and mention, not least because of the peripheral involvement of financier Robert Friedland in the metal. This interest came in spite of the fact that the supply situation is severely limited with literally only a few tons of product hitting the market per annum, and even that is as a by-product of the refining and processing of other metals. The applications for the element are known, particularly in aluminium alloys, solid oxide fuel cells and lighting, but it’s just that manufacturers will not tool up for the metal if they cannot be guaranteed greater (reliable) supply.

Build it and they will come?

The absence of reliable, secure, stable and long-term production has limited commercial uptake of Scandium. Despite this low level of use, Scandium offers significant benefits. The potential for substantial expansion in usage and demand clearly exists and to an extent, it is one of those “rare” metals stories where the supply could potentially generate the demand rather than the other way around. The most obvious areas where this might happen are in lighting systems, SOFCs and aluminium alloys.

In some ways, a good analogy might be Europium. Its application in colour televisions spurred a surge in REE mining (ironically at Mountain Pass) which then made the “rarer” REEs more abundant, lowering the price but, moreover, accentuating the supply which meant that new applications arose or were employed that spurred the whole evolution of the permanent magnet and laser usages of the other metals in the Lanthanide series.

It is not too difficult to imagine that greater production will, firstly, spur the master alloy applications, followed by an expansion in the SOFC demand, lighting and then “new” applications. In aircraft alone, the aluminium alloy demand might totally consume the entirety of the extra metal that nascent producers might bring to market. It is interesting to note that Bloom, the California-based SOFC manufacturer (and as such possibly the world’s major consumer of Sc), currently has an IPO underway and a word search of the prospectus yields no result for Scandium, not even in the risks section.

The Scandium space

When we first wrote on this metal, Scandium International Mining Corp (CVE:SCY) was quite clearly a lone voice in the wilderness. Since then, a number of other wannabes have appeared touting their Scandium virtues as either byproduct kickers or attempts to make unviable and unsexy projects (pardon our cynicism) into viable and sexy propositions to potential investors. In some cases, they have attracted investor attention and have had the positive effect of making the metal more high-profile than it has hitherto been. At a recent workshop at the European Space Agency, Scandium was the metal that was most mentioned with Tellurium a very distant second.

Bizarrely the Scandium space is currently being fought over like some ridge in a First World War battle in Flanders. This might be understandable if the price of the metal was raging higher but the price is one of the most obscure elements of this element. We know it is highly valued but that is a product of scarcity. There are few metals out there in which economic models and extant production plans actually guarantee a fall in the metal’s price if plans are realized, even in part.

The players in the Scandium space are concentrated in Australian properties, with two claimants that we know of, presenting properties in North America. The six are:

Clean TeQ Holdings (ASX:CLQ) - Syerston project in NSW Scandium International - Nyngan project in NSW Imperial Mining (CVE:IPG) - Crater Lake project in Quebec Platina Resources (ASX:PGM) - Owendale project in NSW Australian Mines Ltd (ASX:AUS) - Flemington project in NSW NioCorp Developments Ltd (OTCMKTS:NIOBF) - Elk Creek project in Nebraska ]]>
Fri, 07 Dec 2018 15:01:00 -0500 https://www.proactiveinvestors.com/companies/news/210798/scandium-may-not-be-a-rare-earth-but-it-is-receiving-increased-focus-and-mentions-210798.html
<![CDATA[News - Bitcoin drops to a new low for 2018 amid market sell-off ]]> https://www.proactiveinvestors.com/companies/news/210789/bitcoin-drops-to-a-new-low-for-2018-amid-market-sell-off-210789.html Bitcoin, the digital asset synonymous with cryptocurrency, has hit a yearly low of around $3,400 as of Friday morning, with altcoins following suit.

The price of Bitcoin plummeted nearly 8% to $3,421.87 by the time of publication.

Bitcoin slipped more than 20% this week and nearly 50% this month, according to Cointelegraph’s Bitcoin Price Index.

“Bitcoin is very cheap right now. This should be the bottom of the bear market before the bounce, but it isn't / won't be. A lot of people are waking up to the crumbling economy and upcoming recession and are either one, not choosing to enter a highly speculative asset class or two, are pulling their money out of the most volatile markets, crypto included,” said Viktor Bunin, a former token designer at Brooklyn-based blockchain company ConsenSys, in an exclusive interview with Proactive Investors.

Ripple, the second-largest cryptocurrency by market cap, fell about 10% to $0.30 as of time of publication.

READ: NetCents releases its first SaaS-based cryptocurrency payments processing platform

The price of Ripple is down nearly 24% this week and down 40% in monthly losses.

Ethereum, Litecoin, EOS and Stellar were all deep in negative territory, falling by double digits.

The market cap of all cryptocurrencies totaled $107.1 billion as of this morning, a 20% drop from the nearly $136 billion market total at the beginning of the week.

Crypto Lawsuit

Cryptocurrencies are notoriously volatile, but that’s not to say there’s no rhyme or reason to the double-digit drops.

Tech development firm UnitedCorp has reportedly filed a lawsuit against Chinese mining computer manufacturer Bitmain, Bitcoin.com, the Kraken Bitcoin Exchange and early Bitcoin investor Roger Ver over the recent split of Bitcoin Cash.

WATCH: Crypto tax-reporting software maker NODE40 buys assets back from HashChain

Bitcoin Cash split off from Bitcoin’s original blockchain in August 2017 in what’s known as a hard fork, or a separation from the Bitcoin protocol.

Bitcoin Cash underwent a hard fork of its own, splitting off into Bitcoin ABC and Bitcoin SV, short for founder Satoshi’s Vision.

Interestingly, Bitcoin SV was an exception to the drop, surging 9% to $102.50.

UnitedCorp is accusing the parties of using unfair methods to manipulate the Bitcoin Cash network to their benefit.

“UnitedCorp believes that the defendants colluded to effectively hijack the Bitcoin Cash network after the November 15, 2018 scheduled software update with the intent of centralizing the network — all in violation of the accepted standards and protocols associated with Bitcoin since its inception,” states the suit filed in the US District Court for the Southern District of Florida.

The Bitcoin ETF Dream Dashed

The US Securities and Exchange Commission has once again crushed the dream of a Bitcoin exchange-traded fund, which may be a possible explanation for the drop.

The SEC has postponed its decision on an application for a Bitcoin ETF submitted by VanEck and Solid X until February, following a previous postponement.

“Don’t hold your breath. I do caution people to not live or die on when a crypto or Bitcoin ETF gets approved. You all know that I am working on trying to convince my colleagues to have a bit more of an open mind when it comes to [crypto]. I am not as charming as some other people,” said SEC Commissioner Hester Peirce.

The SEC did not give an exact time frame for the potential approval of an ETF, with Peirce saying it could see approval tomorrow or in 10 years.

--Updated to include commentary and recent price movement

 

Contact Lenore Fedow at lenore@proactiveinvestors.com

Follow her on Twitter: @LenoreMariee

]]>
Fri, 07 Dec 2018 08:38:00 -0500 https://www.proactiveinvestors.com/companies/news/210789/bitcoin-drops-to-a-new-low-for-2018-amid-market-sell-off-210789.html
<![CDATA[News - Lyft races towards IPO with confidential SEC filing ]]> https://www.proactiveinvestors.com/companies/news/210692/lyft-races-towards-ipo-with-confidential-sec-filing-210692.html Uber’s closest rival Lyft disclosed Thursday it has confidentially filed a draft registration statement with the Securities and Exchange Commission related to its proposed initial public offering.

The move has been expected and is a key step for the closely held company toward becoming a publicly traded company.

IPO Roundup: Uber and Lyft race towards IPOs as bank s line up

Lyft selected underwriters, including JPMorgan Chase & Co, Credit Suisse Group AG and Jefferies Group LLC, for the offering, which is expected in the first half of next year, The Wall Street Journal reported in October.

The Journal said Lyft’s valuation is expected to top the $15.1 billion it was valued at earlier this year, though private valuations can change until the company prices its IPO.

Lyft’s decision to take the big step toward an IPO comes as rival Uber is also weighing an early 2019 listing and recently received proposals from banks valuing it at as much as $120 billion.

Lyft, which is part of the sharing economy, makes money by taking a commission on rides booked through its app.

It did not specify how much it's seeking to raise or how much it believes it's worth.

The San Francisco-based company reported revenue of $563 million, up 88% compared with the year-earlier period, the Journal has reported. It lost $254 million in the quarter, versus a $195 million loss last year.

 

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

]]>
Thu, 06 Dec 2018 08:41:00 -0500 https://www.proactiveinvestors.com/companies/news/210692/lyft-races-towards-ipo-with-confidential-sec-filing-210692.html
<![CDATA[News - IPO Roundup: China's Tencent Music and online fashion seller Mogu to tap US capital markets ]]> https://www.proactiveinvestors.com/companies/news/210415/ipo-roundup-china-s-tencent-music-and-online-fashion-seller-mogu-to-tap-us-capital-markets-210415.html China’s largest music-streaming company, Tencent Music Entertainment Group has revived its plan to go public and set terms for its initial public offering that is expected to raise up to $1.23 billion.

The company originally planned to launch its offering in mid-October, but then decided to delay the IPO over worries the global stock market rout would affect the pricing. Tencent is now rushing through its IPO to take advantage of the trade ceasefire between the US and China.   

A source close to the deal told Reuters that Tencent Music was keen to get itself listed this year because it was “worried US-China trade tensions would worsen, not because it desperately needed fresh money.”

In a filing, the music arm of Chinese tech giant Tencent applied to list on the New York Stock Exchange and tech-laden Nasdaq under the symbol TME.

The music streaming giant is selling 82 million American Depositary Receipts in a range of between $13 and $15 apiece, according to the filing. Tencent Music could sell an additional 12.3 million shares if an over-allotment option is exercised.

READ: Chinese company Tencent Music files for US IPO as Sony and Warner Music snap up $200M in shares

This large IPO comes close on the back of Shanghai-based electric-vehicle maker NIO Limited's (NYSE:NIO) IPO which raised $1 billion by selling 160 million American depositary shares last month.

Still, the numbers are dwarfed by Chinese giant Alibaba Group Holding Ltd (NYSE:BABA), which raised more than $20 billion in 2014.

Both Warner Music Group and Sony Music Entertainment (NYSE:SNE) have acquired shares in Tencent Music for approximately $200 million in cash, reported Variety.

Investors are likely to sit up and take notice that the Chinese music streaming company has posted an annual profit for the last two years.

The filing shows that in the first half of 2018, Tencent Music reported a profit of $263 million on revenue of $1.3 billion. For the entire 2017 year, it posted $199 million in profit on revenue of $1.7 billion.

Parent company Tencent owns 58% of the music division, while Spotify, which went public on US exchanges earlier this year, owns 9% of shares.

IPO Roundup: Non-opioid pain treatment developer Centrexion Therapeutics set to IPO

Meanwhile, another Chinese company, online fashion seller Mogu indicated it plans to sell 4.75 million American Depositary Receipts at a price between $14 to $16 to raise approximately $87.4 million.

Mogu will be listed on the New York Stock Exchange and trade under the MOGU ticker symbol. The lead underwriters are Morgan Stanley, Credit Suisse, and China Renaissance.

Moderna Therapeutics (MRNA) is set to become the largest initial public offering setting IPO terms that could raise $521 million.

The company develops drugs for the treatment of infectious diseases, genetic disorders, cancer and cardiovascular diseases, by using messenger RNA technology to convey genetic information within cells.

The Moderna IPO plans to offer 21.7 million shares priced in the range of $22 to $24. That gives it a market valuation near $8 billion. At the high end of that range, Moderna would raise $521 million.

Moderna plans to list on the Nasdaq under the ticker MRNA. The lead underwriters for the IPO are Morgan Stanley, Goldman Sachs and JPMorgan.

 

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

 

]]>
Mon, 03 Dec 2018 12:02:00 -0500 https://www.proactiveinvestors.com/companies/news/210415/ipo-roundup-china-s-tencent-music-and-online-fashion-seller-mogu-to-tap-us-capital-markets-210415.html
<![CDATA[News - Nightstar Therapeutics deserves a spot on your watchlist if you are an aggressive biotech investor ]]> https://www.proactiveinvestors.com/companies/news/209677/nightstar-therapeutics-deserves-a-spot-on-your-watchlist-if-you-are-an-aggressive-biotech-investor-209677.html The past two months have been brutal for investors, especially for those focused on small- and micro-cap stocks. And the pain is even more pronounced for investors focused on biotech stocks.

Now, biotech stocks aren’t for everyone. While the potential upside can be spectacular, biotech investors must be prepared for frequent bouts of extreme volatility, and if the drug compound a company is working on fails to meet expectations, bankruptcy can be a real possibility.

However, there are steps we can take to minimize our risks and de-risk potential investments. Sticking with companies that are well funded, for example, is one of the easiest ways to ensure the company we’re invested in won’t run out of money mid-way through their FDA trials.

Another way we can reduce our risk is by identifying investment prospects and getting involved during periods of weakness. Like right now, when many stocks are trading significantly beneath their 52-week highs.

An Opportunity in Gene Therapy

UK-based Nightstar Therapeutics (NASDAQ:NITE) is a $500 million clinical-stage gene therapy company focused on developing and commercializing a pipeline of new and potentially curative, one-time treatments for patients suffering from rare inherited retinal diseases.

The company is currently working to develop RSR-REPI for the treatment of Choroideremia, NSR-RPGR for the treatment of X-linked Retinitis Pigmentosa, NSR-ABCA4 for the treatment of Stargardt Disease, NSR-BEST1 for the treatment of Best Disease, and NSR-CNTF, NSR-OPN4, and NSR-RHO for the treatment of Retinitis Pigmentosa.

Now, rather than give you a brief overview of Nightstar’s various programs, I want to focus on the company’s lead product candidate for the treatment of Choroideremia.

NSR-REP1 for the Treatment of Choroideremia

The company’s lead product candidate is NSR-REP1 for the treatment of Choroideremia (CHM). And while you may be unfamiliar with Choroideremia, I assure you it’s a tortuous nightmare for the one in 50,000 individuals afflicted with the disease.

CHM is caused by a genetic defect in a single gene located on the X-chromosome, so while females can carry the defective gene, most CHM sufferers are males. And women who do experience CHM symptoms tend to develop only patchy vision loss or night blindness.

Without getting too deep into the weeds, Choroideremia affects the retina and is caused by mutations in the CHM gene which, when operating correctly, produces the protein REP1 that removes waste from retinal cells.

Failure to remove waste from the retinal cells results in the retina deteriorating, and over time, all vision is lost. You become blind.

Now, what makes Choroideremia so devastating is that there are no currently approved or effective treatments, and the effects of the disease manifest at an early age.

Boys as young as five or six begin to experience night blindness, and by the time these boys reach their early 20s, they’ve likely lost their peripheral field of vision.

But night blindness and a loss of peripheral vision are only the beginning.

As CHM sufferers reach their mid to late 20s, peripheral vision is a thing of the past, and all that remains is a tiny area of “tunnel” vision. To put this into perspective, make a fist with your hand, but leave a small opening so you can look through as though it were a pirate telescope. What you see when you’re peering through your fist is what CHM sufferers live with day-in and day-out as they approach their thirties.

Now, while the rate of vision loss generally slows after CHM sufferers develop tunnel vision, the disease is still slowly stealing one’s ability to see. And by the time a patient reaches his 50s or 60s, complete blindness has likely set in.

Relief on the Horizon

On March 5, 2018, Nightstar entered into Phase 3 clinical development (the STAR trial) to study the safety and efficacy of NSR-REP1 in patients with CHM. By the end of Q2 2019, Nightstar’s goal is to enroll 140 patients across 18 clinical sites in the U.S., Europe, Canada, and South America. One-year follow-up data is expected during 2020.

A final point that’s worth noting regarding NSR-REP1 is that both the FDA and European Medicines Agency have granted Nightstar the orphan drug designation. Additionally, the FDA granted Regenerative Medicine Advanced Therapy (RMAT) designation for NSR-REP1 in mid-June 2018.

The bottom line is Nightstar is making significant progress with its treatment for Choroideremia, and the company’s efforts have not gone unnoticed by regulators. And while we can all get behind a company that is actively developing drugs to for illnesses that currently have no treatment options, as investors, we also appreciate the profit potential associated with being first to market with a new drug.

Well-Funded and Investing in the Future

Like most clinical-stage biotechnology companies, Nightstar’s expenses are on the rise while no meaningful revenue is being generated. But this is to be expected and should not necessarily be viewed as a red flag.

When Nightstar reported its Q3 2018 financial results on November 13, the company reported a near-doubling of its research and development expenses on a year-on-year basis. But this was to be expected as the company is actively pressing forward with the development of NSR-REP1 and NSR-RPGR for the treatment of X-linked retinitis pigmentosa.

Now, given Nightstar’s increased pace of investment into their two primary drug candidates, it goes without saying that investors should have one eye on the company’s cash balance.

At the end of Q3 2018, the company reported a cash balance of $100.8 million, down $28.6 million from Q3 2017. However, on October 2, 2018, just two days into Q4, the company completed an underwritten public offering of 4.6 million shares and took in approximately $77.1 million.

So, while $100 million in cash is great for a clinical-stage biotechnology company and easily could have supported the company’s programs well beyond 2019, the additional cash infusion provides Nightstar with ample reserves to finish their research and further de-risks the stock for current and potential investors.

A Bumpy but Promising Future

Investors dream of buying a stock and watching it tick higher month after month. But that’s rarely the way things play out ... especially when it comes to small-cap clinical-stage biotech stocks.

Nightstar got off to a slow start following its September 28, 2017, IPO, but that’s likely because the company is based in the UK and wasn’t well known among US-based biotech investors. However, once the company received RMAT designation for NSR-REP1 in mid-June 2018, investors woke up and started paying attention.

The stock nearly doubled between mid-June and late-September, but that bullish momentum faded in late-September and thanks to market-wide de-risking, especially when it comes to more volatile small-cap stocks, the stock currently trades more than 45% beneath its September 20 high.

Like every industry, investor interest in biotech stocks ebbs and flows. However, if you’re an aggressive biotech investor that appreciates the promise that gene therapy holds, Nightstar Therapeutics deserves a spot on your watchlist. Especially while it’s trading so far beneath its 52-week high.

]]>
Wed, 21 Nov 2018 12:38:00 -0500 https://www.proactiveinvestors.com/companies/news/209677/nightstar-therapeutics-deserves-a-spot-on-your-watchlist-if-you-are-an-aggressive-biotech-investor-209677.html
<![CDATA[Media files - Cannabis Cultural Association working to pass cannabis adult-use bill in New York ]]> https://www.proactiveinvestors.com/companies/stocktube/11245/cannabis-cultural-association-working-to-pass-cannabis-adult-use-bill-in-new-york-11245.html Mon, 19 Nov 2018 13:39:00 -0500 https://www.proactiveinvestors.com/companies/stocktube/11245/cannabis-cultural-association-working-to-pass-cannabis-adult-use-bill-in-new-york-11245.html <![CDATA[News - Nissan chairman Ghosn to be ousted for "serious misconduct", could face arrest ]]> https://www.proactiveinvestors.com/companies/news/209460/nissan-chairman-ghosn-to-be-ousted-for-serious-misconduct-could-face-arrest-209460.html Carmaker Nissan said it would seek to remove its chairman Carlos Ghosn for "serious misconduct" following an internal probe into his conduct.

Ghosn, who is also chief executive and chairman of French automaker Renault, and representative director Greg Kelly have been under investigation for months following a whistleblower report concerning the reporting of his pay and bonuses.

READ: Aston Martin recovers some ground after post-results drop as two more brokers initiate coverage on the stock

"The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn's compensation,” Nissan said in a statement on Monday.

"Also, in regards to Ghosn, numerous other significant acts of misconduct have been uncovered, such as personal use of company assets, and Kelly's deep involvement has also been confirmed.

"Nissan has been providing information to the Japanese Public Prosecutors Office and has been fully cooperating with their investigation. We will continue to do so."

The Japanese carmaker said its probe into Ghosn had revealed numerous other significant acts of misconduct, such as personal use of company assets, the maker of cars such as the Leaf, Micra and Qashqai said.

Press reports suggested that Ghosn could be arrested in Japan for violating financial trading laws.

"As the misconduct uncovered through our internal investigation constitutes clear violations of the duty of care as directors, Nissan's chief executive officer Hiroto Saikawa will propose to the Nissan Board of Directors to promptly remove Ghosn from his positions as chairman and representative director,” Nissan’s statement added.

Ghosn, one of the most powerful executives in the auto industry, oversees the alliance between Nissan, Renault and Mitsubishi and has led recoveries at all three brands.

Renault shares hit their lowest level in more than four years on the news - down almost 15%. Trading in Nissan shares has already ceased for the day.

]]>
Mon, 19 Nov 2018 10:40:00 -0500 https://www.proactiveinvestors.com/companies/news/209460/nissan-chairman-ghosn-to-be-ousted-for-serious-misconduct-could-face-arrest-209460.html
<![CDATA[News - Short-sellers increasing positions in Hong Kong/China markets as profits hit $17.3 billion in 2018 ]]> https://www.proactiveinvestors.com/companies/news/209477/short-sellers-increasing-positions-in-hong-kongchina-markets-as-profits-hit-173-billion-in-2018-209477.html Short-sellers are increasing their positions in the equity markets of Hong Kong and China as profits from their positions reached $17.3 billion at this point in 2018, a report by analytics company S3 Partners said.

With Hong Kong's benchmark Hang Seng Index down 18% this year and the CSI 300 Index of the top Chinese stocks in both Shanghai and Shenzhen falling 25.8%, "short-sellers continue to increase their positions as their profits build," the report said.

S3 Analytics: HK\China Short Sellers up 18% in 2018 Mark to Market Profits $BABA $FXI $BIDU $JD $IQ https://t.co/lWDPHNXCAV pic.twitter.com/iEI3JrpWmj

— Ihor Dusaniwsky (@ihors3) November 16, 2018

"Hong Kong/China with $80 billion in short interest is the second most shorted country behind the US ($911 billion) and ahead of Japan ($73 billion) and the UK ($66 billion)," the S3 report explained.

The most shorted sectors in Hong Kong/China are the Consumer Discretionary, Financials and Communication Services. 

READ: What now for interest rates and metals prices, now that the Mid-Terms are out of the way?

Sectors with the largest profits also had the largest shorts in them with the Consumer Discretionary/Alibaba Group (NYSE:BABA), Communication Services/Tencent Holdings (OTC:TCEHY) and Financials/Ping An Insurance Group (HKSE:2318) being the largest shorts in the most profitable sectors.

"These three largest shorts in the HK/China region have been consistently shorted," S3 said in its report.

It added: "The more stable and 'boring' sectors such as Energy, Utilities and Health Care underperformed on the short side while the more volatile and “high-flying” sectors such as Information technology and Communication Services outperformed on the short side."

Contact Rene Pastor by rene.pastor@proactiveinvestors.com

]]>
Mon, 19 Nov 2018 08:41:00 -0500 https://www.proactiveinvestors.com/companies/news/209477/short-sellers-increasing-positions-in-hong-kongchina-markets-as-profits-hit-173-billion-in-2018-209477.html
<![CDATA[News - Cryptocurrency job postings are on the rise, says job site Indeed ]]> https://www.proactiveinvestors.com/companies/news/209403/cryptocurrency-job-postings-are-on-the-rise-says-job-site-indeed-209403.html The cryptocurrency market is having a volatile year, but there are still crypto jobs to be filled.

The number of crypto-related job postings increased by more than 25% compared with October 2017.

Whether job seekers want these jobs or not is another story.

Searches for jobs involving bitcoin, blockchain and cryptocurrency dropped by about 3% this October compared with last October, according to data provided to Coindesk by job site Indeed.

“While over the last few years Indeed saw a steady rise in job seeker interest for roles related to cryptocurrency, our data shows that job searches for these roles really picked up around the time when the cost of bitcoin was at its highest. Since then job seeker interest has gone down, but still remains strong,” Raj Mukherjee, Indeed’s senior vice president of product, told CoinDesk.

Job seeker and employer interest were much higher in October 2017. Job seeker interest rose by more than 481% last October, while employer interest was up by 325%.

 

Contact Lenore Fedow at lenore@proactiveinvestors.com

Follow her on Twitter: @LenoreMariee

]]>
Fri, 16 Nov 2018 13:47:00 -0500 https://www.proactiveinvestors.com/companies/news/209403/cryptocurrency-job-postings-are-on-the-rise-says-job-site-indeed-209403.html
<![CDATA[News - SeeThruEquity and its founders face fraud charges from SEC ]]> https://www.proactiveinvestors.com/companies/news/208944/seethruequity-and-its-founders-face-fraud-charges-from-sec-208944.html The Securities and Exchange Commission has lodged charges against SeeThruEquity LLC, a stock research firm, and its co-founders, Ajay and Amit Tandon, accusing them of defrauding investors.

US regulators allege that the Tandons, who are brothers and the founders of SeeThruEquity, deceived investors by issuing reports claiming to be based on “unbiased” and “not paid for” research when in reality they received thousands of dollars from issuers for providing each report.

According to the SEC’s complaint, SeeThruEquity LLC and the Tandons camouflaged the payments by inviting companies to make a “presentation” at an investor conference in order to receive a research report for free.

SeeThru and the Tandons allegedly collected up to several thousand dollars in conference presentation fees per company, and the issuers regularly had input into the substance of the supposedly unbiased research reports, even including the price targets at times.

SeeThru swapped higher-price targets for current trading prices

The SEC alleges that the Tandons often instructed SeeThru analysts to use different, higher-price targets for covered issuers than those yielded through purported quantitative analysis, and the price targets contained in SeeThru’s reports were typically more than four times higher than the current trading price of the stock.

The SEC further alleges that CEO Ajay Tandon frequently traded in the same stocks that SeeThru was evaluating, despite stating in published interviews and elsewhere that neither the firm nor its principals traded in securities for which they published research.

According to the SEC, Ajay Tandon also engaged in scalping, which is a form of securities fraud that occurs when a perpetrator makes a stock recommendation to investors and trades against that very recommendation in the open market without adequate disclosure.

“There is a clear line between paid advertising and unbiased research coverage, and we allege that SeeThru and its co-founders crossed it to deceive investors and make money,” said Richard Best, director of the SEC’s Atlanta Regional office. “According to our complaint, Ajay Tandon even scalped multiple issuers, further revealing the biased nature of SeeThru’s research reports.”

The SEC’s complaint, which was filed in federal court in Manhattan, charges Ajay Tandon and SeeThru with violating the anti-fraud provisions of the federal securities laws and charges Ajay and Amit Tandon with aiding and abetting certain violations by SeeThru.

SEC looks to bar Tandons from promoting issuers of securities

The SEC is seeking permanent injunctions that would bar the Tandons and their New York research firm from promoting the issuer of any security, and disgorgement of ill-gotten gains plus interest, penalties, officer-and-director bars and penny stock bars.

Ajay and Amit Tandon couldn’t immediately be reached for comment.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

]]>
Fri, 09 Nov 2018 10:39:00 -0500 https://www.proactiveinvestors.com/companies/news/208944/seethruequity-and-its-founders-face-fraud-charges-from-sec-208944.html
<![CDATA[News - Tech innovators and disruptors shine at Dawson James Securities’ Small-Cap Conference ]]> https://www.proactiveinvestors.com/companies/news/208769/tech-innovators-and-disruptors-shine-at-dawson-james-securities-small-cap-conference-208769.html Last week, Dawson James Securities brought together some of the most exciting names in tech at its fourth annual Small-Cap Conference in Jupiter, Florida. Among the standouts attending were several companies that Proactive Investors identified as innovators and disruptors.

Payment Data Systems Inc (NASDAQ:PYDS) is an electronic-payment processor that Senior Vice President of Corporate and Prepaid Development Houston Frost says is “in it to win.”

The San Antonio, Texas-based company is building on the innovations of payment processors like Square Inc (NYSE:SQ) and Stripe to change the way merchants and consumers make electronic payments.  

On the business side, PDS streamlines the payment process between merchants and banks and lowers costs for the merchants. The company offers fully integrated payments, partnerships with Software as a Service (SaaS) companies, as well as card issuance.

“The technological innovation that we’re pushing is to partner with SaaS companies and instead of online registration, all the data is coming to us from the back end,” explained Chief Revenue Officer Vaden Landers.

Because the company's processing platform is integrated with SaaS products, it is introduced to all the corresponding SaaS company's customers. "We partner and integrate with an SaaS company, who in turn offers our service to all of its customers through the integration," explained Frost. That gives PDS the ability to offer its solutions to professional groups, such as doctors and other health care professionals, as well as merchants, in large number rather than one by one.

On the consumer side, PDS has created the Akimbo card for individuals, a reloadable prepaid card to manage household finances. This, says Frost, is an exciting part of the company.

“Instead of being a just ‘me too’ payments type company this is what we’re really doing differently,” Frost added.

Growth has accelerated, as the company nearly doubled the number of employees in just the past year to more than 40.

Innovating on the big stage

LiveXLive Media Inc (NASDAQ:LIVX) is not unaccustomed to the spotlight. CEO Robert Ellin tells Proactive Investors that the Beverly Hills-based company has built the largest live streaming network in the world, over which it streams more than 20 of the biggest live music festivals.

“I took the playbill from ESPN and applied it to music to create the next generation in TV,” Ellin told Proactive. “There’s been no one in this lane for 25 years, so since MTV there’s been a missing link in pop culture.”

READ: LiveXLive Media's Slacker Radio can now be streamed via Amazon's Alexa

LiveXLive streams 27 of largest music festivals in the world including EDC, the biggest dance festival, Rock in Rio, and the venerable Montreaux Jazz Festival.

“I can humbly say we’re the thought-leader in the world in live music,” Ellin said.

Last year the company acquired Slacker Radio for $33 million and recently partnered with powerhouse convert promoter Live Nation Entertainment Inc (NYSE:LYV).

A turnaround in the making

Besides innovators and disruptors, there's a turnaround story in WidePoint Corp (NYSE:WYY), which ended its third quarter revenue positive, reversing several years of losses as it adds to its cash position and returns to profitability since CEO Jin Kang took control in July 2017.

At the core of its future, Kang says, is the integration of its three main businesses: TM2 telecom management, identity authentication (IDM) and bill presentment and analytics.

WidePoint provides Trusted Mobile Management, or TM2, to companies and government agencies with more than a thousand mobile devices to track and manage.  So, every aspect of telecom management, from set-up to turning off access when devices are lost, is handled by WidePoint, as well as identity management tools that allow clients to track and secure all mobile phones issued to staff. 

“It’s not enough that you can manage these devices and secure them using identity certificates, you also need to have visibility and analytics,” Kang explained.

To that end, WidePoint can service and enforce policy for companies for as little as $40 per device, Kang said. And on the back end, WidePoint provides data and analytics to see how much data are being used by organizations and how, as well providing consumer-level data for telecom customers of providers like Verizon Inc (NYSE:VZ).

Customers include the Department of Homeland Security -- capturing $400 million of the agency's $600 million annual spend -- as well as companies such as Sunoco LP (NYSE:SUN) and America Airlines Group (NUSE:AAL).

Growth that makes sense

Among the disruptors is Focus Universal Inc (OTCMKTS:FCUV), whose founder Desheng Wang has flipped the design process for environmental sensors on its head. The Walnut, California, company makes customizable, modular sensors that connect to any smartphone.

Focus’s sensors replace cumbersome legacy units that only have a single purpose but represent a $2 billion market that serves the agricultural industry.

The company offers 500 modular sensors that measure anything from CO2 to radiation to humidity to light. The sensors can be daisy-chained in any combination to a smartphone and the resulting data saved via the cloud.

Focus International got a US patent earlier this year for a system that provides a universal solution for a sensor communicating with a gateway to a monitoring control from a smartphone.

The company has raised $10.6 million so far and applied to uplist its shares Nasdaq from the OTC Markets.

When asked by Proactive if the platform also lends itself to use with the cannabis-growing industry, Shane Vultee of Veyo Partners, which is acting as an advisor, was frank: “Obviously being in California, it’s a very easy transition to make.”

]]>
Wed, 07 Nov 2018 14:15:00 -0500 https://www.proactiveinvestors.com/companies/news/208769/tech-innovators-and-disruptors-shine-at-dawson-james-securities-small-cap-conference-208769.html
<![CDATA[News - Michigan, Missouri and Utah vote ‘yes’ on marijuana, but North Dakota’s hopes go up in smoke ]]> https://www.proactiveinvestors.com/companies/news/208745/michigan-missouri-and-utah-vote-yes-on-marijuana-but-north-dakotas-hopes-go-up-in-smoke-208745.html Voters in four states headed to the ballot box Tuesday to vote on marijuana proposals with three scoring a victory.

A recent Gallup poll found that 64% of Americans were in support of marijuana legalization.

Michigan

Michigan voted in favor of Proposal 18-1, legalizing recreational use in the state for those 21 years of age or older.

The proposal will also legalize commercial sales of cannabis through state-licensed retailers, subject to a 10% tax.

READ: Weekend Unlimited upbeat on tenant Orchard Heights' proof-of-concept cannabis harvest

Michigan residents will be permitted to have up to 10 ounces of cannabis at home, but amounts over 2.5 ounces will need to be stored in a locked container. Edibles have also been given the green light.

Residents will be allowed to grow up to 12 marijuana plants for personal use.

The use of medical marijuana has been legal in the state since 2008.

North Dakota

North Dakota voters struck down a proposal to legalize recreational use.

The Marijuana Legalization and Automatic Expungement Initiative would have legalized the recreational use of marijuana for people 21 years of age or older.

The passage of the proposal also would have created a system to help expunge the records of those with marijuana-related convictions.

North Dakota legalized medical marijuana for patients with serious medical conditions back in 2016.

Missouri

It was another victory for cannabis advocates in Missouri, but not all three marijuana-related proposals passed.

Michigan voted in favor of Amendment 2, which allows doctors to prescribe medical cannabis for certain conditions and also patients using medical cannabis to grow their own plants or get their supply from a dispensary.

READ: CryptoCann™ Report: Apple reportedly blocks popular crypto podcast; Harvard astronomers publish paper on joint-shaped space object

The state constitutional amendment passed by a margin of 66% to 34%, according to a Forbes report.

"Thanks to the unflagging efforts of patients and advocates, Missourians who could benefit from medical marijuana will soon be able to use it without fear of being treated like criminals," said Matthew Schweich, deputy director of the Marijuana Policy Project, to Forbes.

The state will impose a 4% retail tax on medical cannabis sales, funneling the revenue to services for military veterans.

The first proposal that would have removed state restrictions on the growth, possession and sale of medical cannabis by licensed facilities and put a 2% tax on retail sales failed.

The third proposal that would have put a 15% tax on retail sales, funneling the money towards a state research institute that would focus on cannabis-based cancer treatments, failed as well.

Utah

It was another win for medical marijuana in Utah.

Utah voted in favor of a proposal to legalize medical marijuana for people with certain conditions.

"Even in socially conservative states like Utah, most voters recognize marijuana has significant medical value, and they believe it should be available to patients who could benefit from it," said Schweich in a Forbes interview.

Doctors will have the ability to recommend that qualifying patients receive a medical marijuana card.

Over a 14-day period, medical marijuana patients can choose to buy 2 ounces of cannabis or a marijuana-based product with more than 10 grams of THC.

Recreational marijuana use has recently been legalized in Vermont and the Northern Mariana Islands in the Pacific while medical use has been approved by voters in Oklahoma.

 

Contact Lenore Fedow at lenore@proactiveinvestors.com

Follow her on Twitter: @LenoreMariee

]]>
Wed, 07 Nov 2018 08:49:00 -0500 https://www.proactiveinvestors.com/companies/news/208745/michigan-missouri-and-utah-vote-yes-on-marijuana-but-north-dakotas-hopes-go-up-in-smoke-208745.html
<![CDATA[News - Marijuana and the Midterms: Legal cannabis could be headed to these four states ]]> https://www.proactiveinvestors.com/companies/news/208665/marijuana-and-the-midterms-legal-cannabis-could-be-headed-to-these-four-states-208665.html US cannabis connoisseurs, as well as patients seeking marijuana-based treatments, were green with jealousy after northern neighbor Canada legalized cannabis last month.

But don’t despair — voters in a handful of states will be able to vote on marijuana legalization in Tuesday’s Midterm election.

READ: Weekend Unlimited upbeat on tenant Orchard Heights' proof-of-concept cannabis harvest

Investors may want to keep an eye on the results considering the legal marijuana market is expected to reach $24.5 billion in sales by 2021, according to a report by Arcview Market Research and BDS Analytics.

The North American Marijuana Index, which tracks the leading cannabis stocks in the US and Canada, was up about 2% Tuesday afternoon ahead of the vote.

Michigan

In Michigan, voters will have the opportunity to vote on Proposal 18-1, a bill to legalize the use of recreational marijuana for people 21 years or age or older.

Michigan residents can have up to 10 ounces of cannabis at home, but amounts over 2.5 ounces would need to be secured in locked containers.

The bill would also legalize commercial sales of cannabis through state-licensed retailers, subject to a 10% tax.

Edibles would also be allowed under the proposal as well as growing up to 12 marijuana plants for person consumption.

The proposal would also convert a number of crimes to civil infractions.

The use of medical marijuana is already legal in the state.

North Dakota

Recreational use is also on the ballot in the state of North Dakota.

The Marijuana Legalization and Automatic Expungement Initiative would legalize the recreational use of marijuana for people 21 years of age or older.

READ: CryptoCann™ Report: Apple reportedly blocks popular crypto podcast; Harvard astronomers publish paper on joint-shaped space object

The initiative would also create a system to help expunge the records of those with marijuana-related convictions.

North Dakota legalized medical marijuana for patients with serious medical conditions back in 2016.

Missouri

Things get a little technical in Missouri as voters are asked to decide on three medical marijuana proposals.

The first proposal would remove state restrictions on the growth, possession and sale of medical cannabis by licensed facilities and put a 2% tax on retail sales.

The second proposal allows doctors to prescribe medical cannabis for certain conditions and also patients using medical cannabis to grow their own plants or get their supply from a dispensary.

The third proposal would put a 15% tax on retail sales, funneling the money towards a state research institute that would focus on cannabis-based cancer treatments.

Utah

Utah voters will also decide on a medical marijuana proposal.

The proposal would legalize medical marijuana for people with certain conditions. Doctors would have the ability to recommend that qualifying patients receive a medical marijuana card.

Over a 14-day period, medical marijuana patients can choose to buy 2 ounces of cannabis or a marijuana-based product with more than 10 grams of THC.

Recreational marijuana use has recently been legalized in Vermont and the Northern Mariana Islands while medical use has been approved by voters in Oklahoma.

A recent Gallup poll found that 64% of Americans were in support of marijuana legalization.

 

Contact Lenore Fedow at lenore@proactiveinvestors.com

Follow her on Twitter: @LenoreMariee

]]>
Tue, 06 Nov 2018 14:05:00 -0500 https://www.proactiveinvestors.com/companies/news/208665/marijuana-and-the-midterms-legal-cannabis-could-be-headed-to-these-four-states-208665.html
<![CDATA[News - IPO Roundup: Qualtrics International and Tinder rival Bumble look at the devil in the details as they weigh IPOs ]]> https://www.proactiveinvestors.com/companies/news/208662/ipo-roundup-qualtrics-international-and-tinder-rival-bumble-look-at-the-devil-in-the-details-as-they-weigh-ipos-208662.html Tinder rival Bumble and Utah-based software startup Qualtrics International are poring over the devil in the details as they size up the market appetite for initial public offerings.

Andrey Andreev, majority holder of Bumble’s parent company, is reportedly talking to banks including JPMorgan Chase & Co about a possible Nasdaq listing. Bloomberg reported that an IPO in Bumble could value the millennial-focused dating app at $1.1 billion, below the $1.5 billion figure it was reportedly seeking in January, according to calculations by Synovus Trust senior portfolio manager Dan Morgan.

Bloomberg Intelligence analyst Sean Handrahan expects a public valuation of $1.1 to $1.5 billion-plus, excluding any discount for IPO investors.

IPO Roundup: Bumble, Elastic, Y-mAbs Therapeutics to tap the capital markets, while Dell reviews its options

Bumble may be trying to get a strong investor toehold ahead of Facebook Inc’s (NASDAQ:FB) possible launch of a dating service which would make it an immediate powerhouse in the market for online romance. Bumble and Tinder both face a threat from Facebook, which is now testing its in-app dating features with its Colombian users. The social media giant hasn’t indicated a US launch date.

Meanwhile, Qualtrics International, a Utah-based software startup, plans to raise as much as $495 million when it lists on the tech-laden Nasdaq during the week of November 12.

Qualtrics, which sells software to analyze and improve software user experiences, announced terms Monday for its IPO. It plans to offer 20.5 million shares at $18 to $21 and another 3.1 million shares to its underwriters. At that price range, Qualtrics could raise anywhere between $424 million to $495 million in its IPO.

At the midpoint of that price range, Qualtrics would be valued at about $4.8 billion, nearly double its last private market valuation of $2.5 billion. Last year, Qualtrics was valued at $2.5 billion when it raised about $400 million in venture capital funding.

“This means that there's a very real possibility that Qualtrics will see its valuation double the very moment it goes public,” reported the Business Insider.

The company said it will trade on the Nasdaq under the ticker symbol "XM" which is a reference to the "experience management" software it sells.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

]]>
Tue, 06 Nov 2018 13:33:00 -0500 https://www.proactiveinvestors.com/companies/news/208662/ipo-roundup-qualtrics-international-and-tinder-rival-bumble-look-at-the-devil-in-the-details-as-they-weigh-ipos-208662.html
<![CDATA[News - Glowpoint stock jumps after announcing it is buying privately-held SharedLabs ]]> https://www.proactiveinvestors.com/companies/news/208562/glowpoint-stock-jumps-after-announcing-it-is-buying-privately-held-sharedlabs-208562.html Shares of Glowpoint Inc (NYSE-American:GLOW) rose on Monday after announcing it has signed an agreement to buy out privately-held SharedLabs Inc to create a larger digital company.

In a statement, Glowpoint said it would acquire 100% of the issued and outstanding equity securities of SharedLabs in exchange for an aggregate of 112,802,326 shares of Glowpoint common stock.

Upon consummation of the proposed business combination, the stockholders of Glowpoint existing prior to the transaction would collectively own approximately 34% interest in the combined company.

Shares of Glowpoint were up 16.655 to $0.1997 in Monday afternoon trading.

“This is a powerful combination that is strategically compelling for both companies. It joins two Information Technology businesses and allows the combined company to reach larger market opportunities and scale more efficiently than either organization could accomplish on its own,” said Pete Holst, president and CEO of Glowpoint.

READ: WH Smith expands travel business into US with US$198mln acquisition of digital accessories retailer InMotion

The combined business of Glowpoint and SharedLabs generated total unaudited revenue of approximately $86 million for the 12-month period ending on June 30, 2018

The differentiated solutions in software and applications, web and digital, cloud, IoT, security, data and analytics combined with the scalable services platform Glowpoint offers, will provide an incredible opportunity for the combined company to extend capabilities into new and high-growth emerging markets, said Jason Cory, the CEO of SharedLabs.

Glowpoint is a cloud-based communication service provider and a service provider in the video space.

Glowpoint is based in Denver, Colorado.

Reporting by Rene Pastor, contactable on rene.pastor@proactiveinvestors.com

]]>
Mon, 05 Nov 2018 15:02:00 -0500 https://www.proactiveinvestors.com/companies/news/208562/glowpoint-stock-jumps-after-announcing-it-is-buying-privately-held-sharedlabs-208562.html
<![CDATA[News - Inuvo Inc acquired by privately-held Conversion Point Technologies Inc ]]> https://www.proactiveinvestors.com/companies/news/208550/inuvo-inc-acquired-by-privately-held-conversion-point-technologies-inc-208550.html Shares of Inuvo Inc (NYSE-American:INUV) more than doubled on Monday after the company announced it was being bought by privately-held ConversionPoint Technologies Inc for around $75.5 million.

In a joint statement, the two companies said the acquisition will be a cash-and-stock transaction valued at approximately $2.22 per share of Inuvo common stock based on 34,077,624 common shares outstanding and restricted stock units that will immediately vest upon closing. Inuvo shareholders will receive $0.45 per share in cash and stock valued at an estimated $1.77 per share.

ConversionPoint is acquiring Inuvo for its AI-driven consumer behavior technology, which leverages machine learning to mirror the way the human brain instantly associates ideas, emotions, places, people and objects.

The combined company is expected to offer large and small businesses a new way to compete more effectively, increase online sales, achieve higher media spend ROI and improve customer lifecycle engagement. The AI-powered platform is expected to create a competitive e-commerce solution for major non-Amazon channels, such as Shopify, Big Commerce, and Walmart.com.

Shares of Inuvo soared 105.41% to $0.85, having earlier jumped more than 202% to $1.25.

READ: How e-commerce is killing a ‘white glove’ store full of fun gizmos and gadgets like Brookstone

"Amazon controls nearly half of the $450 million in online retail sales in the US thanks to their proprietary data-driven approach to consumer analysis and marketing,“ explained ConversionPoint CEO Robert Tallack.

“Online retailers and brands have been searching for an end-to-end data driven technology to help provide accurate information they can use to acquire customers. We believe that together our end-to-end, AI powered, e-commerce platform can offer those capabilities to the online retail channel and the direct channel that the market has been actively searching for,” he added.

ConversionPoint enhances consumer product experiences, optimizes media spend, enables upsell, and manages fulfillment and retargeting. The company is based in Newport Beach, California.

Inuvo has the technology for identifying and analyzing consumer behavioral data, along with direct access to advertising inventory from large media and technology partners. The company is based in Little Rock, Arkansas.

Reporting by Rene Pastor, contactable on rene.pastor@proactiveinvestors.com

]]>
Mon, 05 Nov 2018 12:22:00 -0500 https://www.proactiveinvestors.com/companies/news/208550/inuvo-inc-acquired-by-privately-held-conversion-point-technologies-inc-208550.html
<![CDATA[News - Trading in 'Fear Index' jumps in October amid market turmoil, says S3 Partners ]]> https://www.proactiveinvestors.com/companies/news/208534/trading-in-fear-index-jumps-in-october-amid-market-turmoil-says-s3-partners-208534.html Trading in what is called the "Fear Index" soared in the month of October because of the wild swings in US financial markets, a new report by S3 Partners said.

With the S&P 500 index down 8.76% in October, the expectation is that the CBOE Volatility Index (VIX) would increase dramatically, "and it didn’t disappoint, rising 75.17%," said a report by Ihor Dunsaniwsky, the managing director of Predictive Analytics at S3 Partners.

Led by the Dow industrials and the Nasdaq, both indexes careened sharply during October. In a two-day session, the Dow plunged 1,300 points and then recovered up to 600 points. The Nasdaq would fall and rise several hundred points, led by stocks such as Apple Inc (NASDAQ:AAPL), Facebook Inc (NASDAQ:FB) and Amazon.com Inc (NASDAQ:AMZN).

Trading in the “Fear Index” measures the implied volatility of near-term S&P 500 option premiums. It can be done via futures, options or ETPs. The most popular VIX ETP is the iPath S&P 500 VIX Short Term Futures ETN (VXX) with a market cap of $929 million and short interest of $1.62 billion, the report explained.

Even as the VIX ETPs stock prices moved along with the gyrations of the VIX Index, traders began to adjust their holdings throughout the month in anticipation of future moves and possible reversals. 

Bearish October long & short trading in VIX ETPs $VXX $TVIX $UVXY $SVXY $VXXB #ZIV $VIXM $VXZ $VIIX $VXZB $VMIN https://t.co/d97wn6uhHg pic.twitter.com/ejHKigKUGT

— Ihor Dusaniwsky (@ihors3) November 2, 2018

"The twelve most active VIX ETPs saw $927 million in outflows in October, slashing 24% of their total market cap. On the other hand, short sellers nearly doubled their short exposure to the VIX ETPs, adding $1.25 billion in new short exposure during the month," the report said.

Dusaniwsky said the 12 VIX ETPs provide both long and short exposure to the VIX, as well as different levels of leverage.

"To measure the true Bullishness/Bearishness of VIX ETP trading activity we need to take into account these different levels of exposure by multiplying the ETP leverage by Fund Flows and Change in Short Interest," he said.

READ: Short interest in ETFs rose in volatile trading month of October, says S3 Partners

On September 30, ETP long and short holders had a Bull/(Bear) exposure of $3.31 billion and by the end of the month their Bull/(Bear) exposure had dropped to $361 million, a Bearish move of ($2.84 billion).

"Investors had been long going into October and took advantage of the surge in the VIX index, but by the end of the month their bullishness had virtually evaporated and, in aggregate, it looks like VIX traders are looking for the VIX Index to stay at these levels for the short term," the S3 report said

"If long VIX ETP shareholders continue to reduce their positions and shorts continue to accumulate theirs, we may be looking for the VIX index to trade back down and get closer to its year-to-date average of 15-16. If the VIX index does decline, volatility would have to have decreased significantly, which would bode well for the possibility of a year-end equity rally," the report concluded.

S3 Partners is a financial technology company. Its clients use their software, data and analytics for their investment processes, risk management, counterparty relationships, and investor relations.

Reporting by Rene Pastor, contactable on rene.pastor@proactiveinvestors.com

]]>
Mon, 05 Nov 2018 08:50:00 -0500 https://www.proactiveinvestors.com/companies/news/208534/trading-in-fear-index-jumps-in-october-amid-market-turmoil-says-s3-partners-208534.html
<![CDATA[News - Short interest in ETFs rose in volatile trading month of October, says S3 Partners ]]> https://www.proactiveinvestors.com/companies/news/208343/short-interest-in-etfs-rose-in-volatile-trading-month-of-october-says-s3-partners-208343.html The amount of short interest in Exchange Traded Funds (ETFs) climbed in October to $176.5 billion, up by about $11.7 billion, or 7.1%, from the preceding month, a report by analytic company S3 Partners said.

Ihor Dusaniwsky, managing director of Predictive Analytics for S3, said there's a "large concentration of short interest in a handful of ETFs, with the top 25 most-shorted ETFs making up 75% of total short interest, or $131.8 billion." Total short interest in these top 25 ETFs grew by $12.1 billion over the last month, he added.

Total short interest in the top twenty-five ETFs grew by $12.1 billion over the last month. Surprisingly, Short selling increased in the $SPY and $QQQ, but declined in the broader $IWM. Top 25 ETF shorts up $9.2 billion in Oct mark-to-market profits. https://t.co/0voaHKv52D pic.twitter.com/b7TruCyj1E

— Ihor Dusaniwsky (@ihors3) November 1, 2018

The Dow Jones Industrial Average swung wildly in October, dropping a combined 1,300 points in one week and then rallying back 600 points in another week. Fears about rising Treasury yields and the impact of the US-China trade war hounded stocks.

Dusaniwsky said the three most-shorted ETFs are in the S&P 500, Nasdaq and Russell 2000 index of small-cap stocks. 

With the S&P 500 down 7.9% short-sellers earned an 8.2% return; Nasdaq shorts got a 9.8% return and Russell shorts posted an 11.3% return.

"In aggregate the top 25 most shorted ETFs returned $9.2 billion in mark-to-market profits, or +6.99%, in October," Dusaniwsky wrote in his report.

READ: Tesla's stock shorts earn $500 million as Elon Musk tweet may endanger deal with SEC, says S3 Partners

"In October, short-sellers were looking for more short exposure in the more crowded equities (both retail and indexed), energy and health care stocks; international stocks and bonds; and VIX volatility while decreasing short exposure to the broader US market and US interest rate-related securities," Dusaniwsky said.

He then predicted that If the market stabilizes and continues its rally, "there may be $21 billion of October short sales ready to be covered and boost the rally even further." The S3 official added that several short ETFs had mark-to-market losses in October.

The ETFs include:

Utilities Select Sector Spider ETF (NYSEARCA:XLU), down $75 million, or 2.19% iPath S&P 500 VIX Short Term Futures ETN (NYSEARCAVXX), down $406 million, or 32.19% Consumer Staples Select Sector Spider ETF (NYSEARCA:XLP), down $50 million, or 3.15% iShares MSCI Brazil ETF (NYSEARCA: EWZ), down $267 million, or 17.49% Spider Gold Trust ETF (NYSEARCA:GLS), down $42 million, or 2.82%

On the other side of the ledger, there were only four ETFs that had net short covering in October: The iShares Russell 2000 ETF (IWM), iShares iBoxx $ High Yield Corporate Bond ETF (HYG), Spider S&P Regional Banking ETF (KRE), and the iShares 20+ Year Treasury Bond ETF (TLT) had $2.4 billion in aggregate short covering in October.

Reporting by Rene Pastor, contactable on rene.pastor@proactiveinvestors.com

]]>
Thu, 01 Nov 2018 10:42:00 -0400 https://www.proactiveinvestors.com/companies/news/208343/short-interest-in-etfs-rose-in-volatile-trading-month-of-october-says-s3-partners-208343.html
<![CDATA[News - Where to score spooktacular deals this Halloween ]]> https://www.proactiveinvestors.com/companies/news/208252/where-to-score-spooktacular-deals-this-halloween-208252.html It’s Halloween! The scent of pumpkin spice lattes wafts through air as little ghouls and goblins fill their bags with candy.

The spooky season is long-awaited by kids and adults alike, but corporations want in on the fun too.

Burger King kicked off the season with its “Nightmare King” burger, featuring a ground beef burger, crispy chicken, bacon, American cheese, and mayonnaise all held together in a green bun.

The fast-food chain claims that the burger actually will produce nightmares after partnering with Paramount Trials, Florida Sleep & Neuro Diagnostic Services and Goldforest to conduct a study over 10 nights with 100 participants, as per a Fortune report.

McDonald’s Corporation (NYSE:MCD) began its "Trick. Treat. Win!" game earlier this month, similar to its famous Monopoly-style game.

Players can peel off game pieces from select McDonald’s packaging or in the app, winning food prizes or an entry token into a daily sweepstakes.  Prizes included a car, free movie tickets for a year, a Roku TV, gift cards or a grand prize of $50,000.

Some people say dressing up is just for kids, but stand your ground and you can treat yourself to a number of Halloween freebies available only to those in costume.

Stop into any Krispy Kreme location wearing a costume and you’ll receive one free donut or head over to Insomnia Cookies dressed up for a free cookie.

If you’re in costume, you can also scoop up a free soft shell beef taco at Taco John’s, a free small custard or fries at BugerFi or 50 free tickets at Chuck-E-Cheese.

You can’t score free food everywhere, but several chains have Halloween deals available.

The Wendy's Company (NASDAQ:WEN) is offering a coupon for five free Frostys if you make a $1 donation to the Dave Thomas Foundation for Adoption.

Chipotle Mexican Grill Inc’s (NYSE:CMG) “Boorito” promotion is in full swing. Show up in a costume from 3 PM to closing time and you can order a burrito, bowl, salad, or order of tacos for $4.

Baskin-Robbins is serving $1.50 scoops to celebrate, including its October flavor of the month, Trick Oreo Treat.

If you place an order of $30 or more through delivery service DoorDash at The Cheesecake Factory Inc (NASDAQ:CAKE), you’ll receive a free slice of Reese's Peanut Butter Chocolate Cake Cheesecake or Hershey's Chocolate Bar Cheesecake when using the code “TREATORTREAT”.

 

Contact Lenore Fedow at lenore@proactiveinvestors.com

Follow her on Twitter: @LenoreMariee

]]>
Wed, 31 Oct 2018 10:31:00 -0400 https://www.proactiveinvestors.com/companies/news/208252/where-to-score-spooktacular-deals-this-halloween-208252.html
<![CDATA[News - Fresh Del Monte Produce Inc earnings and revenue fall short of expectations; stock slumps ]]> https://www.proactiveinvestors.com/companies/news/208153/fresh-del-monte-produce-inc-earnings-and-revenue-fall-short-of-expectations-stock-slumps-208153.html Fresh Del Monte Produce Inc (NYSE:FDP) reported on Tuesday weak third quarter results, causing shares to slump during the session in New York.

The company said earnings per share (EPS) was a loss of $0.44, compared with a gain of $0.23 in the same period last year and the consensus of $0.29. Revenue for the quarter reached $1.07 billion, higher than last year's $952.7 million but short of the consensus of $1.14 billion.

For the nine-month period, the EPS was at $0.25, from $2.49 a year ago. Revenue came in at $3.44 billion, against $3.13 billion a year ago.

Shares of Fresh Del Monte dropped 3.6% to $30.93, having traded as low as $29.62 on Tuesday.

Net sales for the third quarter of 2018 increased to $584.9 million, compared with $468.0 million in the third quarter of 2017.

“We delivered a 12% increase in net sales during the third quarter, led by a solid contribution from our recent acquisition of Mann Packing,” said Mohammad Abu-Ghazaleh, chairman and CEO.

The increase in net sales was primarily due to higher net sales in the company’s fresh-cut, vegetable and non-tropical product lines. Gross profit for the third quarter of 2018 decreased to $37.7 million, compared with gross profit of $44.4 million in the third quarter of 2017.

Fresh Del Monte Produce is a global producer, marketer and distributor of fresh and fresh-cut fruit and vegetables. The company is based in Coral Gables, Florida.

Reporting by Rene Pastor, contactable on rene.pastor@proactiveinvestors.com

 

]]>
Tue, 30 Oct 2018 11:12:00 -0400 https://www.proactiveinvestors.com/companies/news/208153/fresh-del-monte-produce-inc-earnings-and-revenue-fall-short-of-expectations-stock-slumps-208153.html
<![CDATA[News - IPO Roundup: Eton Pharmaceuticals and Chinese online brokerage Tiger Brokers to tap capital markets ]]> https://www.proactiveinvestors.com/companies/news/208061/ipo-roundup-eton-pharmaceuticals-and-chinese-online-brokerage-tiger-brokers-to-tap-capital-markets-208061.html Illinois-based biotech Eton Pharmaceuticals Inc will issue three million shares Tuesday at $6 a share to raise roughly $18 million and list on the tech-laden Nasdaq.

The proceeds will be funneled into clinical trials for the specialty pharma company’s diversified product pipeline which has late-stage development assets across a variety of dosage forms including injectables, oral liquids and ophthalmic products.

Eton is a spin-out of California-based Imprimis Pharmaceuticals Inc (NASDAQ:IMMY).

“Our business model is to develop proprietary innovative products that fulfill an unmet patient need. We have established a diversified pipeline of eight product candidates in various stages of development,” the company disclosed in a regulatory filing.

The company’s strategy lies in developing liquid formulations of various approved drugs in ways that offer improvements for patients. They may be safer or more effective than existing products. They may be less expensive. They may be offered for new indications.

“Our corporate strategy is to pursue what we perceive to be low-risk 505(b)(2) candidates where existing published literature, historical clinical trials, or physician usage has established safety or efficacy of the molecule, thereby reducing the incremental clinical burden required for us to bring the product to patients,” said Eton Pharmaceuticals.

IPO Roundup: Outdoor gear company Yeti and Brazilian fintech company StoneCo set IPO terms

In July, Eton announced positive top-line results for its phase III study of its EM-100 eye drop. If approved, EM-100 will be the first preservative-free eye drop for the treatment of itching linked with allergic conjunctivitis.

Eton believes the availability of a preservative-free product for this indication would offer patients a new treatment option. “We look forward to a timely FDA review and bringing the product to patients in 2019,” said Eton Pharma CEO Sean Brynjelsen. According to IQVIA, the US market for anti-allergy eye products is more than $600 million.

The National Securities Corporation is the lead underwriter for the offering.

Eton Pharmaceuticals will trade on the Nasdaq under the ticker symbol (ETON).

Chinese online brokerage Tiger Brokers backed by veteran investor Jim Rogers, is planning a US initial public offering that could raise about $200 million in the first quarter of next year.

Tiger Brokers helps Chinese investors trade shares in overseas markets including the United States and Hong Kong.

The company, which also counts phone giant Xiaomi Corp as an investor, has appointed banks to arrange the stock offering, reported Bloomberg quoting people who were familiar with the matter. Bloomberg said Tiger Brokers aims to sell shares as soon as the first quarter of next year.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

]]>
Mon, 29 Oct 2018 15:23:00 -0400 https://www.proactiveinvestors.com/companies/news/208061/ipo-roundup-eton-pharmaceuticals-and-chinese-online-brokerage-tiger-brokers-to-tap-capital-markets-208061.html
<![CDATA[News - Oilfield services group Weatherford International plc shares nosedive on quarterly results disappointment ]]> https://www.proactiveinvestors.com/companies/news/208064/oilfield-services-group-weatherford-international-plc-shares-nosedive-on-quarterly-results-disappointment-208064.html Shares in Weatherford International plc (NYSE:WFT)  sank  nearly 24% as the  oilfield services provider after its quarterly results disappointed.

Cash flow and its fourth-quarter guidance were below Wall Street analysts' expectations.

Despite that the Texas based firm did report a smaller third-quarter loss on Monday, helped by higher margins and more projects in Argentina and Mexico.

Nevertheless, the firm has not posted a quarterly profit for four years.

The company continued to generate negative free cash flow for the quarter, but told, investors it expects to be cash flow-positive in 2019. Adjusted free cash flow for the quarter was about $35 million below the company's goal of breakeven.

Excluding exceptional items, the company lost  $0.10 a share, against an expected loss of $0.12 per share.

Shares lost nearly 24% to $1.50 each on Wall Street.

]]>
Mon, 29 Oct 2018 15:10:00 -0400 https://www.proactiveinvestors.com/companies/news/208064/oilfield-services-group-weatherford-international-plc-shares-nosedive-on-quarterly-results-disappointment-208064.html
<![CDATA[News - Tower Semiconductor reports miss on 3Q EPS and revenue, shares slump ]]> https://www.proactiveinvestors.com/companies/news/208056/tower-semiconductor-reports-miss-on-3q-eps-and-revenue-shares-slump-208056.html Tower Semiconductor Ltd (NASDAQ:TSEM) reported a miss in both third quarter revenue and earnings per share due to weak market conditions for its products and shares slumped as a results during trading on Monday.

The company said revenue for the third quarter reached $323 million, below the consensus of $335.04 million and last year's figure of $355 million. EPS was at $0.33, down by nearly half from last year's $0.59 and the consensus it would be at $0.40.  

"The present overall market softness has had a recent notable impact across our business units, with a fourth quarter revenue roll-up lower than previous expectations," said Russell Ellwanger, the CEO of the company.

Gross and operating profits for the third quarter of 2018 were $73 million and $39 million, respectively, as compared to $79 million and $44 million, respectively, in the prior quarter, and as compared to $89 million and $55 million in the third quarter of 2017, the company said.

Shares of Tower Semiconductor dropped to a 52-week low at $14.50 before paring those losses to trade at $14.77, down 16.7% on the day.

The company said improved conditions should help its bottomline in the last quarter.

"However, we expect to see fourth quarter margins increase as a result of this much richer products mix,” said Ellwanger.

Tower Semiconductor is semiconductor foundry which manufactures and markets analog intensive mixed-signal semiconductor devices in the United States, Japan, Asia, and Europe. The comapny is based in Migdal HaEmek, Israel.

Reporting by Rene Pastor, contactable on proactiveinvestors.com

]]>
Mon, 29 Oct 2018 14:07:00 -0400 https://www.proactiveinvestors.com/companies/news/208056/tower-semiconductor-reports-miss-on-3q-eps-and-revenue-shares-slump-208056.html
<![CDATA[News - New Orleans Investment Conference gears up for its 44th year ]]> https://www.proactiveinvestors.com/companies/news/208033/new-orleans-investment-conference-gears-up-for-its-44th-year-208033.html The New Orleans Investment Conference is convening this fall for its 44th consecutive year.

The conference will feature “Rich Dad, Poor Dad” author Robert Kiyosaki, renowned investor Dennis Gartman and other financial experts.

The star-studded meet-up has previously welcomed notable speakers Lady Margaret Thatcher, former President Gerald Ford, novelist Ayn Rand and General Colin Powell.

Attendees can take part in speaker workshops and a variety of panels, including discussions about precious metals, mining share, global investing and geopolitics.

More than 50 companies will exhibit at the conference, including platinum sponsors Agronosotros and Sprott U.S. Holdings Inc as well as Alchemy Kings 420 Fund, Avino Silver & Gold Mines Ltd (NYSE:ASM), Bluestone Resources Inc (OTCQB:BBSRF), Bonterra Resources Inc (OTCQX:BONXF), Canadian Metals Inc (CSE:CME) and more.

The conference will run from November 1 to November 4.

]]>
Mon, 29 Oct 2018 08:53:00 -0400 https://www.proactiveinvestors.com/companies/news/208033/new-orleans-investment-conference-gears-up-for-its-44th-year-208033.html
<![CDATA[News - Dyson snubs UK, plans to build its new electric car in Singapore, according to media reports ]]> https://www.proactiveinvestors.com/companies/news/207660/dyson-snubs-uk-plans-to-build-its-new-electric-car-in-singapore-according-to-media-reports-207660.html Dyson has snubbed the UK and plans to build its new electric car in Singapore, according to media reports citing a memo to staff by the privately-owned company’s chief executive, Jim Rowan.

The Guardian newspaper’s website reported that the manufacturer chose Singapore because of its proximity to “high-growth markets” in Asia.

READ: Dyson planning to build an electric car test track in UK

It said the Singapore plant will be completed in 2020, with the car to be launched in 2021 as the firm - founded by inventor James Dyson - steps up plans to take on big US rivals such as  Elon Musk's electric carmaker Tesla Inc (NASDAQ:TSLA).

Dyson already manufactures electric motors for its other products, such as vacuum cleaners and fans, in Singapore, where it employs 1,100 staff, the Guardian report said, with staff numbers there to double after it completes the new facility.

The firm is developing the electric car at its research facilities in Wiltshire, where it recently opened a test track and unveiled plans to expand its operations to accommodate another 2,000 employees.

However, in the memo to staff, the newspaper quoted Rowan as saying the decision to choose Singapore was “complex, based on supply chains, access to markets, and the availability of the expertise that will help us achieve our ambitions”.

Rowan also highlighted the availability of engineering talent in Singapore, in spite of its “comparatively high-cost base”, the Guardian website added.

Asia focus not a surprise

Dr Jonathan Owens, Lecturer in Operations Management at the University of Salford Business School, commented: “While it is disappointing that Sir James Dyson has made the announcement that his company will set up production for their first Electric Vehicles (EV) in Singapore, in many ways it is not surprising. 

 “Dyson sees Singapore as a base closer to their target market; Asia Pacific (APAC).  They do not cite Brexit as the reason to leave, but being able to secure the talent required to produce their new EV and shorter and established supply chains.”

 He added: “The UK’s biggest barrier to EV growth is still access to public charge points with uptake and roll out still not hitting significant numbers. 

“In contrast, the Asian market is seeing huge growth in the usage of EV’s. The higher adoption rates of smart mobility services, government regulations as well as increasing fuel prices are supporting the growth of EV’s in this region.” 

Owens concluded: “The biggest supporter to this rapid growth is the investment of charge point infrastructure. China is aiming to install an extra 500,000 public EV charging stations by 2020. 

“Others, such as India, Thailand, and Singapore, have also announced investment plans to develop EV charging infrastructure, leaving the UK trailing in their wake.”

 -- Adds Salford Business School comment --

]]>
Tue, 23 Oct 2018 11:35:00 -0400 https://www.proactiveinvestors.com/companies/news/207660/dyson-snubs-uk-plans-to-build-its-new-electric-car-in-singapore-according-to-media-reports-207660.html
<![CDATA[News - IPO Roundup: Outdoor gear company Yeti and Brazilian fintech company StoneCo set IPO terms ]]> https://www.proactiveinvestors.com/companies/news/207601/ipo-roundup-outdoor-gear-company-yeti-and-brazilian-fintech-company-stoneco-set-ipo-terms-207601.html Yeti Holdings Inc, the maker of Rambler mugs, $400 coolers and outdoor gear, which filed for an IPO in early October with the US Securities and Exchange Commission, has set initial terms for its upcoming public offering.

The company said in the new filing that it plans to sell 20 million shares at $19 to $21 a share, indicating an IPO size of over $400 million.

If all goes as planned, the Cortec Group, which bought a roughly two-thirds stake in 2012 for about $67 million, could enjoy a big payday.

Yeti was founded nearly a decade ago by Texas brothers Roy and Ryan Seiders who sold coolers to Gulf Coast hunters and fishermen, but the company has since grown quickly with its popular mass-market Yeti brand coolers, mugs, waterproof blankets and cool camping gear.

Yeti first sought to go public in 2016 via a $100 million IPO, but promptly withdrew its offering citing “market conditions.”

The new IPO filing gives a peek at revenue. For 2016, Yeti which bills itself as an "emerging growth company" reported revenue of $818.9 million and net income of $48.8 million. That fell to revenue of $639.2 million and net income of $15.4 million in 2017. Yeti sales appear to be picking up steam again, as revenue for the first six months of 2018 is $341.5 million, compared to $254.1 million in the first half of 2017.

Yeti plans to list on the New York Stock Exchange under the "YETI" ticker. Meanwhile, Igloo Products Corp, Coleman Co and others have introduced new coolers with features like Yeti’s at lower prices.

IPO Roundup: Yeti Holdings, ARYA Sciences, and China’s scooter start-up Niu to tap capital markets

StoneCo set terms for its initial public offering, in which the Brazil-based fintech company plans to raise up to $1.10 billion in the year’s ninth billion-dollar IPO.

The company is offering 47.73 million Class A shares, and the IPO is expected to price between $21 and $23 a share. Of the total, the company is offering 40.91 million shares, while selling shareholders are offering 6.82 million shares.

There’s plenty of excitement about the IPO since Warren Buffett's Berkshire Hathaway Inc (NYSE:BRK.A, NYSE:BRK.B) expressed an interest in buying 13.71 million shares in the public offering.

StoneCo applied to list its stock on the tech-laden Nasdaq under the ticker symbol "STNE."

StoneCo is a now a profitable company. For the six months ended June 30, it had net income of $23.5 million on revenue of $170.2 million, compared with a loss of $20.3 million on revenue of $88.8 million in the same period a year ago.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

]]>
Mon, 22 Oct 2018 14:22:00 -0400 https://www.proactiveinvestors.com/companies/news/207601/ipo-roundup-outdoor-gear-company-yeti-and-brazilian-fintech-company-stoneco-set-ipo-terms-207601.html
<![CDATA[Media files - CryptoCann™ Report: Port of Rotterdam to track shipments with blockchain; Oregon chef serves weed-fed pork ]]> https://www.proactiveinvestors.com/companies/stocktube/10947/cryptocann-report-port-of-rotterdam-to-track-shipments-with-blockchain-oregon-chef-serves-weed-fed-pork-10947.html Mon, 22 Oct 2018 13:46:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/10947/cryptocann-report-port-of-rotterdam-to-track-shipments-with-blockchain-oregon-chef-serves-weed-fed-pork-10947.html <![CDATA[News - IPO Roundup: LogicBio Therapeutics prices IPO below range, while data-mining specialist Palantir weighs giant public offering ]]> https://www.proactiveinvestors.com/companies/news/207489/ipo-roundup-logicbio-therapeutics-prices-ipo-below-range-while-data-mining-specialist-palantir-weighs-giant-public-offering-207489.html Genome editing company LogicBio Therapeutics Inc (NASDAQ:LOGC) cut the price of its IPO Friday and sold more shares to raise $70 million to fund human tests of its experimental gene therapy for a rare liver disorder.

The Cambridge, Massachusetts-based company sold 7 million shares at $10 a share to raise the $70 million. It had earlier indicated that it would issue 5.77 million shares between $12 and $14.

Since its founding in 2016, the genome editing company has targeted rare genetic diseases, including HIV, clotting disorders and metabolic disorders.

It’s been a banner year for IPOs with 161 companies having priced so far this year, a nearly 50% jump from the same period last year, according to research firm Renaissance Capital. Biotech IPOs have been booming with 61 companies in the health care sector going public.

Biotech and pharma companies credit the business-friendly tax package for making it possible for Big Pharma to pour cash into licensing deals, mergers and acquisitions — making the prospect of rich exit strategies for biotech companies more tangible.

IPO Roundup: Uber and Lyft race towards IPOs as banks line up

Meanwhile, data-mining specialist Palantir Technologies Inc, co-founded by famed investor Peter Thiel, is weighing an initial public offering likely to be among the largest in recent years, reported the Wall Street Journal.

“Palantir is discussing with investment banks Credit Suisse and Morgan Stanley plans to go public as soon as the second half of 2019,” people familiar with the matter told the Journal.

Some bankers have told the firm it could go public with a valuation of as much as $41 billion — depending in part on the timing.

Palantir, founded in 2004, has remained private for so long that employees find it hard to cash out private stakes, and this has contributed to some employees’ decisions to leave, said the Journal.

The Palantir IPO discussions come amid reports earlier this week that rivals Uber Technologies Inc and Lyft Inc which have been duking it out in the fast-growing ride-hailing business may now be racing toward the public markets in the first half of 2019.

Uber has received proposals from top investment banks Goldman Sachs and Morgan Stanley that value the company as much as $120 billion in an IPO, while Lyft’s valuation is expected to top the $15.1 billion it was valued at earlier this year, though private valuations can change until the company prices its initial public offering.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive 

]]>
Fri, 19 Oct 2018 10:04:00 -0400 https://www.proactiveinvestors.com/companies/news/207489/ipo-roundup-logicbio-therapeutics-prices-ipo-below-range-while-data-mining-specialist-palantir-weighs-giant-public-offering-207489.html
<![CDATA[News - Kaiser Aluminum beats Street on 3Q and 9-month results; offers rosy 2019 outlook ]]> https://www.proactiveinvestors.com/companies/news/207323/kaiser-aluminum-beats-street-on-3q-and-9-month-results-offers-rosy-2019-outlook-207323.html Kaiser Aluminum Corp (NASDAQ:KALU) reported beats in both third-quarter and nine-month earnings while predicting the company should perform even better going into 2019.

The Foothill Ranch, California, company said net sales for the first nine months of 2018 were $1.2 billion, up approximately 15% from the $1.0 billion in the prior year, reflecting 4% higher shipments and a 10% increase in average selling price per pound. The increase in average selling price reflected a 22% increase in contained metal costs per pound while value added revenue per pound was comparable to the prior year period.

Net sales for the third quarter 2018 were $393 million, an increase of approximately 18% from the $333 million in the prior year period, reflecting 6% higher shipments and a 12% increase in average selling price per pound. The increase in average selling price reflected an approximately 23% increase in underlying contained metal cost and a 3% increase in value added revenue per pound. The consensus for the quarter was $389.3 million.

“As we begin to look to 2019, we expect demand across our end markets to be strong. Although sales margins have improved, they remain at historical lows. We will continue to monitor market conditions to determine timing for further price increases to restore our sales margins to a level more reflective of the strong overall demand climate," said Jack Hockema, the chairman and CEO of Kaiser.

“For the full year 2018, we continue to anticipate mid-single-digit growth in shipments and value added revenue with adjusted EBITDA margin in the mid-20 percent range. We expect continued underlying demand strength in the fourth quarter 2018 with moderating destocking in the aerospace supply chain and normal seasonality in industrial demand," he said.

READ: IBC and NioCorp complete initial casting campaign for aluminum-scandium alloys

The official said "strong operating leverage and improved sales margins more than offset the temporary impact of tariffs on our internal cross-border shipments" referring to the tariffs slapped on metal imports by the Trump administration

"We are awaiting government approvals of certain countermeasures that we have initiated to eliminate nearly all our cross-border tariff costs and retroactively recover costs incurred. Although the tariffs have negatively impacted short-term results, we continue to anticipate that the long-term impact to us will be neutral to slightly positive should the tariffs remain in place,” he added.

Kaiser Aluminum is a producer of semi-fabricated specialty aluminum products.

Reporting by Rene Pastor, contactable on rene.pastor@proactiveinvestors.com

]]>
Wed, 17 Oct 2018 16:58:00 -0400 https://www.proactiveinvestors.com/companies/news/207323/kaiser-aluminum-beats-street-on-3q-and-9-month-results-offers-rosy-2019-outlook-207323.html