Author: Newsdesk

Posted on

Kodiak Sciences Announces Closing of $645.0 Million Public Offering of Common Stock and Full Exercise of Underwriters’ Option to Purchase Additional Shares

PR Newswire

PALO ALTO, Calif., Nov. 20, 2020 /PRNewswire/ — Kodiak Sciences Inc. (Nasdaq: KOD), a biopharmaceutical company committed to researching, developing and commercializing transformative therapeutics to treat high prevalence retinal diseases, today announced the closing of its previously announced underwritten public offering of 5,972,222 shares of its common stock, which includes 778,985 shares sold pursuant to the underwriters’ exercise in full of their option to purchase additional shares, at a price to the public of $108.00 per share. The aggregate gross proceeds from the offering were approximately $645.0 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by Kodiak Sciences.

J.P. Morgan, Morgan Stanley, Jefferies and Evercore ISI acted as joint book-running managers for the offering. Truist Securities acted as lead manager.

The shares described above were offered by Kodiak Sciences pursuant to an effective shelf registration statement on Form S-3, including a base prospectus, that was previously filed by Kodiak Sciences with the Securities and Exchange Commission (the “SEC”). A final prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website located at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 866-803-9204 or by email at [email protected]; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014 or by email at [email protected]; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388, or by email at [email protected]; or Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, by telephone at (888) 474-0200, or by email at [email protected].  

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Kodiak Sciences Inc.

Kodiak (Nasdaq: KOD) is a biopharmaceutical company committed to researching, developing and commercializing transformative therapeutics to treat high prevalence retinal diseases. Founded in 2009, we are focused on bringing new science to the design and manufacture of next generation retinal medicines to prevent and treat the leading causes of blindness globally. Kodiak’s lead product candidate, KSI-301, is a novel anti-VEGF antibody biopolymer conjugate being developed for the treatment of retinal vascular diseases including age-related macular degeneration, a leading cause of blindness in elderly patients, and diabetic eye diseases, a leading cause of blindness in working-age patients.

Kodiak®, Kodiak Sciences®, ABC™, ABC Platform™ and the Kodiak logo are registered trademarks or trademarks of Kodiak Sciences Inc. in various global jurisdictions.

Cision View original content:http://www.prnewswire.com/news-releases/kodiak-sciences-announces-closing-of-645-0-million-public-offering-of-common-stock-and-full-exercise-of-underwriters-option-to-purchase-additional-shares-301178117.html

SOURCE Kodiak Sciences Inc.

Posted on

Penfund Announces US$85 Million Investment in Arrowhead Engineered Products

TORONTO, Nov. 20, 2020 (GLOBE NEWSWIRE) — Penfund, an independent provider of junior capital to North American middle market companies, announced today the completion of a US$85 million second lien debt investment in Arrowhead Engineered Products, a portfolio company of The Riverside Company and Investcorp.

Headquartered in Blaine, Minnesota, Arrowhead is a specialty supplier and distributor of aftermarket replacement parts for a wide variety of equipment types across the outdoor power equipment, powersports, agricultural, industrial and automotive industries. The company is a critical supply chain partner to a fragmented supplier and customer base in both North America and Europe and offers over 100,000 SKUs.

“We are delighted to invest in Arrowhead and to partner with both Riverside and Investcorp. We believe the stable, niche end-markets in which Arrowhead operates, along with its defensible market position and stable customer relationships, make it an attractive partnership opportunity,” stated Adam Breslin, a partner at Penfund.

Nicole Fich, a partner at Penfund, added, “We are excited to partner with such a strong platform. Arrowhead’s strong ecommerce capabilities make it uniquely positioned to thrive today and going forward.”

About
Arrowhead Engineered Products

Arrowhead Engineered Products is a leading supplier of non-discretionary, mission-critical, aftermarket replacement parts for a wide variety of motorized vehicles and equipment types. Based in Blaine, Minnesota, Arrowhead has established locations in the United States, Canada, Europe, Asia and South America.

Website: www.arrowheadepinc.com

About Penfund

Penfund is a leading provider of junior capital to middle market companies throughout North America. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund VI. Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high-net-worth individuals located in Canada, the United States, the Middle East and Europe. Penfund has invested more than C$3 billion in over 225 companies since its establishment. Assets under management are approximately C$1.5 billion.

Website: www.penfund.com

Contacts:

Penfund
Richard Bradlow
Partner
(416) 645-3794
[email protected]		 Penfund
Adam Breslin
Partner
(416) 645-3796
abreslin@penfund.com		 Penfund
Nicole Fich
Partner
(416) 645-3791
nfich@penfund.com
     
Penfund
Joe Mattina
Partner
(647) 776-2164
[email protected]		 Penfund
Jeremy Thompson
Partner
(416) 645-3790
[email protected]		  

 



Posted on

Prospect Capital Corporation Announces Change to Virtual Meeting for 2020 Annual Meeting of Stockholders

NEW YORK, Nov. 20, 2020 (GLOBE NEWSWIRE) — Prospect Capital Corporation (Nasdaq: PSEC) (the “Company”) announced today that its annual meeting of stockholders, scheduled for Wednesday, December 2, 2020, at 3:30 p.m. EST (with any postponements or adjournments, the “Annual Meeting”), will be held by Internet webcast in order to mitigate potential risks to the health and safety of the Company’s stockholders, directors, service providers, personnel and other stakeholders arising from the public health impact of the coronavirus outbreak.

If you are a stockholder as of the record date you may participate in the Annual Meeting via live audio webcast by visiting the following website and following the registration and participation instructions contained therein: www.virtualshareholdermeeting.com/PSEC2020. 

  • If you hold your shares directly, please have the 16-digit control number located on your proxy card or notice available.
  • If you hold your shares in “street name” (i.e., through an account at a broker or other nominee), please follow your broker’s or nominee’s instructions you previously received to obtain your 16-digit control number.
  • If you are a stockholder of record (i.e., your shares are registered in your name with American Stock Transfer & Trust (“AST”)) and want the ability to vote or ask a question at the Annual Meeting, you must contact AST via email ([email protected]) to request a control number by December 1, 2020.

If you do not have your control number, you may still attend the Annual Meeting as a guest but will not have the option to ask questions or vote your shares during the meeting.

The agenda for the Annual Meeting is unchanged from the proxy statement dated September 28, 2020, and the proxy statement and proxy card that were mailed to record date stockholders on or about that date remain valid. Stockholders of record at the close of business on September 14, 2020 are entitled to attend and vote at the Annual Meeting. We encourage you to access the Annual Meeting 15 minutes prior to the start time. Online check-in will begin at 3:15 p.m. EST.

If you have already voted by mail, by telephone or online, you do not need to do anything further to vote your shares. If you have any other questions about the Annual Meeting or about voting, please call our solicitor, AST Fund Solutions, LLC, at (866) 387-0770.

Whether or not stockholders plan to attend the virtual-only Annual Meeting, the Company urges stockholders to vote and submit their proxies in advance of the meeting by one of the methods described in the proxy materials.

THIS NOTICE SHOULD BE READ IN CONJUNCTION WITH THE PROXY STATEMENT.

IF YOU HAVE NOT YET VOTED, PROSPECT CAPITAL CORPORATION NEEDS YOUR VOTE IMMEDIATELY.

For further information, contact:

Investor Relations
Telephone (212) 448-0702



Posted on

Priority Income Fund, Inc. Announces Change to Virtual Meeting for 2020 Annual Meeting of Stockholders

NEW YORK, Nov. 20, 2020 (GLOBE NEWSWIRE) — Priority Income Fund, Inc. (the “Company”) announced today that its annual meeting of stockholders, scheduled for Wednesday, December 2, 2020, at 2:30 p.m. (with any postponements or adjournments, the “Annual Meeting”), will be held by Internet webcast in order to mitigate potential risks to the health and safety of the Company’s stockholders, directors, service providers, personnel and other stakeholders arising from the public health impact of the coronavirus outbreak.

If you are a stockholder as of the record date you may participate in the Annual Meeting via live audio webcast by visiting the following website and following the registration and participation instructions contained therein: www.virtualshareholdermeeting.com/PRIFA2020.

  • If you hold your shares in “street name” (i.e., through an account at a broker or other nominee), please follow your broker’s or nominee’s instructions you previously received to obtain your 16-digit control number.
  • If you are a stockholder of record (i.e., your shares are registered in your name with DST Systems, Inc.) and want to attend the Annual Meeting, you must contact American Stock Transfer & Trust via email ([email protected]) to request a control number by December 1, 2020.

If you do not have your control number, you may still attend the Annual Meeting as a guest, but will not have the option to ask questions or vote your shares during the meeting

The agenda for the Annual Meeting is unchanged from the proxy statement dated September 18, 2020, and the proxy statement and proxy card that were mailed to record date stockholders on or about that date remain valid. Stockholders of record at the close of business on September 18, 2020 are entitled to attend and vote at the Annual Meeting. We encourage you to access the Annual Meeting 15 minutes prior to the start time. Online check-in will begin at 2:15 p.m. EST.

If you have already voted by mail, by telephone or online, you do not need to do anything further to vote your shares. If you have any other questions about the Annual Meeting or about voting, please call our solicitor, AST Fund Solutions, LLC, at (800) 967-0261.

Whether or not stockholders plan to attend the virtual-only Annual Meeting, the Company urges stockholders to vote and submit their proxies in advance of the meeting by one of the methods described in the proxy materials.

THIS NOTICE SHOULD BE READ IN CONJUNCTION WITH THE PROXY STATEMENT.

For further information, contact:

Investor Relations
Telephone (212) 448-0702



Posted on

LAIX Inc. to Hold 2020 Annual General Meeting on December 30, 2020

PR Newswire

SHANGHAI, Nov. 20, 2020 /PRNewswire/ — LAIX Inc. (NYSE: LAIX) (“LAIX” or the “Company”), an artificial intelligence (AI) company in China that creates and delivers products and services to popularize English learning, today announced that it will hold an annual general meeting of shareholders at 3/F, Building B, No. 1687 Changyang Road, Yangpu District, Shanghai, 200090, People’s Republic of China on December 30, 2020 at 10:00 a.m., local time.

Holders of record of ordinary shares of the Company at the close of business on November 30, 2020 are entitled to notice of, and to vote at, the annual general meeting or any adjournment or postponement thereof. Holders of the Company’s American depositary shares (“ADSs”) who wish to exercise their voting rights for the underlying ordinary shares must act through the depositary of the Company’s ADS program, Deutsche Bank Trust Company Americas. The purpose of the annual general meeting is for the Company’s shareholders to consider, and if thought fit, approve the sixth amended and restated memorandum and articles of association of the Company.

The notice of the annual general meeting, which sets forth the resolutions to be submitted to shareholder approval at the meeting, is available on the Investor Relations section of the Company’s website at http://ir.laix.com/, as well as on the SEC’s website at http://www.sec.gov/.

About
LAIX
 Inc.

LAIX Inc. (“LAIX” or the “Company”) is an artificial intelligence (AI) company in China that creates and delivers products and services to popularize English learning. Its proprietary AI teacher utilizes cutting-edge deep learning and adaptive learning technologies, big data, well-established education pedagogies and the mobile internet. LAIX believes its innovative approach fundamentally transforms learning. LAIX provides its products and services on demand via its mobile apps, primarily its flagship “English Liulishuo” mobile app launched in 2013. On the Company’s platform, AI technologies are seamlessly integrated with diverse learning content incorporating well-established language learning pedagogies, gamified features and strong social elements to deliver an engaging, adaptive learning experience. LAIX provides a variety of courses inspired by a broad range of topics and culture themes to make English learning more interesting and is committed to offering a fun, interactive learning environment to motivate and engage its users.

For investor and media inquiries, please contact:

LAIX Inc.
Harry He
Investor Relations
E-mail: [email protected]

The Piacente Group Investor Relations
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

Emilie Wu

Tel: +86-21-6039-8363
E-mail: [email protected]

Cision View original content:http://www.prnewswire.com/news-releases/laix-inc-to-hold-2020-annual-general-meeting-on-december-30-2020-301177924.html

SOURCE LAIX Inc.

Posted on

“Sneak Peek”: Taat Reveals First Placements of In-Store Graphics in Select Locations of Ohio Tobacco Retailers

The Company has undertaken efforts to prepare its in-store presence in select tobacco points of sale in Ohio that will be carrying Taat upon its launch this quarter. In addition to determining shelf positioning for Taat relative to competing products in the tobacco category, the Company is also placing promotional graphics such as posters in conspicuous places in stores with an objective of capturing the attention of current tobacco smokers of legal age at the point of sale. The Company’s Key Accounts Manager in Ohio, who spent more than a decade in sales at a “Big Tobacco” firm, has also issued a video statement regarding her observations in pre-launch sales activities for Taat.

LAS VEGAS and VANCOUVER, British Columbia, Nov. 20, 2020 (GLOBE NEWSWIRE) — TAAT LIFESTYLE & WELLNESS LTD. (CSE: TAAT) (OTCQB: TOBAF) (FRANKFURT: 2TP2) (the “Company” or “Taat”) is pleased to announce that it has begun placing in-store promotional graphics for Taat in select Ohio points of sale, in preparation for the official launch of Taat set to take place later this quarter. In a press release dated October 6, 2020, the Company announced it would be launching Taat, its flagship product, in the state of Ohio where it has secured distributorship with ADCO Distributors, Inc. (“ADCO”), a large Ohio tobacco wholesaler who has access to more than 5,000 tobacco points of sale in the state through direct and indirect relationships. ADCO is a distributor of tobacco products for some of the world’s largest tobacco companies to include the following:

  • Altria Group, Inc. (Parent company of several tobacco market leaders in the United States, including Philip Morris USA1, whose brands such as Marlboro had a 49.7% cigarette market share in the United States in 20192)
  • ITG Brands, LLC (Third-largest tobacco company in the United States, part of Imperial Brands PLC, brand portfolio includes Winston, Kool, Salem, and Maverick3)
  • RJ Reynolds Tobacco Company (Subsidiary of British American Tobacco, second-largest tobacco company in the United States with three of the top five cigarette brands in the United States including Newport, Camel, and Pall Mall, which in 2017 had a combined U.S. market share of 30%4)

In the Company’s October 30, 2020 press release, the rationale for choosing Ohio as Taat’s launch market was explained based on the unique merits of Ohio in comparison to other markets in the United States. Further detail was given in a video statement titled Four Reasons for Ohio, made by the Company’s Chief Executive Officer Setti Coscarella. To date, the Company has received an initial order for each of the Original, Smooth, and Menthol varieties of Taat from ADCO, its first distributor in Ohio. Further, an average of more than 100 Taat sample requests have been received per day through the Company’s TryTaat landing page (http://trytaat.com). As pre-launch interest in Taat continues to gain momentum, the Company has commenced in-store initiatives which include placing promotional materials in conspicuous areas of a given point of sale, with an objective of attracting the attention of current tobacco smokers of legal age to trial the product.

The Company has developed Beyond Tobacco™, the nicotine-free and tobacco-free base material of Taat, which is its flagship product. Engineered to closely emulate the experience of smoking a tobacco cigarette, Taat’s intended use case is to provide current tobacco smokers of legal age the choice of continuing to enjoy the experience of smoking, without consuming nicotine. Taat is being commercialized under the leadership of an executive team with considerable experience in the tobacco industry throughout North America. As of this writing, the Company is producing approximately 600 lb / 272 kg of Beyond Tobacco™ per day in its Las Vegas, NV processing facility, which is sufficient to manufacture a full pallet of 1,440 ten-pack cartons of Taat.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/88fc5953-caab-444b-a4fb-7d3ebce71f8b

Readers using news aggregation services may be unable to view the media above. Please access the

Investor Relations

section of the Company’s website for a version of this press release containing all published media.

Sales efforts for Taat in Ohio have been led by a Key Accounts Manager with more than a decade of sales experience for a “Big Tobacco” firm in the northeastern United States, in addition to a sales position for a well-known maker of vaping products. To provide insight regarding the Company’s sales activities in the state of Ohio, the Key Accounts Manager made a video statement summarizing all sales-related progress to date in advance of Taat’s launch. In the video statement, in-store footage is also shown to provide an example of the retail settings in which Taat is to be sold initially.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7f3e4fbd-267d-425e-9160-919e3392072f

Readers using news aggregation services may be unable to view the media above. Please access the

Investor Relations

section of the Company’s website for a version of this press release containing all published media.

Taat Chief Executive Officer Setti Coscarella commented, “It was less than two months ago that the provisional new pack designs for Taat were released, which brought us one step closer to being ready to sell Taat at retail. In just seven weeks since then, we secured distribution through a large tobacco wholesaler in Ohio who has already placed an initial order, made trademark filings in what is now a total of 15 jurisdictions, received and processed several tons of biomass for making Beyond Tobacco™, and launched our TryTaat landing page which has seen exceptional success so far. We are now at the point at which we are beginning to set up in-store promotional graphics as part of our awareness campaign, which began with our digital marketing efforts starting at the end of October 2020. With in-store promotional materials, our objective is to make current tobacco smokers of legal age in Ohio aware of the Taat brand in a context in which they can trial the product by purchasing it on the spot. With expert tobacco category sales leadership on the ground in Ohio, I am very pleased with the progress we have made in laying the groundwork to establish a sales pipeline in our launch market. I look forward to getting into motion in Ohio as we work towards a successful launch, which I hope we can replicate in new markets both in the United States and globally.”

ADCO Chief Operating Officer Pat Bell commented, “We have been in the tobacco wholesale business in Ohio since 1960, and in my time here I have observed many trends in terms of what sells in the tobacco category in this market. Although alternatives to smoking tobacco such as vaping appear to be popular, sales volumes for tobacco cigarettes have not dropped off drastically, which suggests that current smokers of legal age ultimately continue to smoke combustible products in the long run. Taat has taken an innovative approach to closely replicating the experience of smoking a tobacco cigarette, right down to the product and packaging formats which are similar to those of existing brands of tobacco cigarettes. Our sales team has been actively securing pre-orders for Taat products. As I anticipated, reactions from retailers for this product have been overwhelmingly positive. In addition to providing distribution of Taat to tobacco retailers in Ohio, we have already established redistribution agreements with several other wholesalers who also predict Taat can sell successfully in this market. We have been working hard behind the scenes to prepare for Taat’s launch here in Ohio, and I am excited for the first batch of Taat to arrive at our warehouse so that we can get to work on processing and sending out orders.”

Sources

1 – https://www.altria.com/about-altria?src=megaspotlight

2 – https://www.philipmorrisusa.com/company/about-pm-usa

3 – https://www.itgbrands.com/about-us/

4 – https://rjrt.com/transforming-tobacco/who-we-are/

On behalf of the Board of Directors of the Company,

TAAT LIFESTYLE & WELLNESS LTD.

“Setti Coscarella”

Setti Coscarella, CEO and Director

For further information, please contact:

Taat Investor Relations
1-833-TAAT-USA (1-833-822-8872)
[email protected]

THE CANADIAN SECURITIES EXCHANGE (CSE) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.

About Taat Lifestyle & Wellness Ltd.

The Company has developed Taat, which is a tobacco-free and nicotine-free alternative to traditional cigarettes offered in “Original”, “Smooth”, and “Menthol” varieties. Taat’s base material is Beyond Tobacco™, a proprietary blend which undergoes a patent-pending refinement technique causing its scent and taste to resemble tobacco. Under executive leadership with “Big Tobacco” pedigree, Taat is launching in the United States in Q4 2020 as the Company seeks to position itself in the $814 billion1 global tobacco industry.

For more information, please visit http://taatusa.com.

References

1

British American Tobacco – The Global Market

Forward Looking Statements

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking information and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur, or be achieved. Forward-looking information in this news release includes statements regarding the potential launch of Beyond Tobacco™, in addition to the following: Potential effects of the Company’s in-store promotional materials placed in tobacco retail stores in Ohio. The forward-looking information reflects management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed timeframes or at all. Factors that could cause actual results or events to differ materially from current expectations include: (i) adverse market conditions; (ii) changes to the growth and size of the tobacco markets; and (iii) other factors beyond the control of the Company. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking information. The forward-looking information included in this news release are made as of the date of this news release and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.

The statements in this news release have not been evaluated by Health Canada or the U.S. Food and Drug Administration. As each individual is different, the benefits, if any, of taking the Company’s products will vary from person to person. No claims or guarantees can be made as to the effects of the Company’s products on an individual’s health and well-being. The Company’s products are not intended to diagnose, treat, cure, or prevent any disease.

This news release may contain trademarked names of third-party entities (or their respective offerings with trademarked names) typically in reference to (i) relationships had by the Company with such third-party entities as referred to in this release and/or (ii) client/vendor/service provider parties whose relationship with the Company is/are referred to in this release. All rights to such trademarks are reserved by their respective owners or licensees.

Statement Regarding Third-Party Investor Relations Firms

Disclosures relating to investor relations firms retained by Taat Lifestyle & Wellness Ltd. can be found under the Company’s profile on http://sedar.com.



Posted on

The Boston Globe Names Beam Therapeutics a Top Place to Work for 2020

Magazine honors company for second year in a row

CAMBRIDGE, Mass., Nov. 20, 2020 (GLOBE NEWSWIRE) — Beam Therapeutics Inc. (Nasdaq: BEAM), a biotechnology company developing precision genetic medicines through base editing, today has been named one of the Top Places to Work in Massachusetts in the 13th annual employee-based survey project from The Boston Globe for the second year in a row. Top Places to Work recognizes the most admired workplaces in the state voted on by the people who know them best: their employees. The survey measures employee opinions about their company’s direction, execution, connection, management, work, pay and benefits, and engagement.

The employers are placed into one of four groups: small, with 50 to 99 employees; medium, with 100 to 249 workers; large, with 250 to 999; and largest, with 1,000 or more. Beam was ranked as the top biotechnology company in the medium category and ranked 18 out of 55 in the category overall.

“Beam was undoubtedly a great place to work when we received this honor last year, and despite the unprecedented circumstances as a result of the global pandemic, it remains true in 2020,” said John Evans, chief executive officer of Beam Therapeutics. “COVID-19 has constantly challenged our teams to collaborate, innovate and stay connected in new ways. Our growth and progress over the course of 2020 speaks volumes to the exceptional values and commitment of every member of the Beam team.”

The rankings in Top Places to Work are based on confidential survey information collected by Energage, a Pennsylvania-based employee research and consulting firm specializing in employee engagement and retention, from over 80,000 employees at 285 Massachusetts organizations. The winners share a few key traits, including offering progressive benefits, giving their employees a voice, and encouraging them to have some fun while they’re at it.

“This was a particularly challenging year to be a great place to work, and the companies that made our list went above and beyond to keep their employees safe, engaged, and cared for,” said Katie Johnston, the Globe’s Top Places to Work editor. “From offering help with childcare to making the workplace more equitable to holding virtual talent shows, these employers showed that the best get better in crisis.”

About Beam Therapeutics

Beam Therapeutics (Nasdaq: BEAM) is a biotechnology company developing precision genetic medicines through the use of base editing. Beam’s proprietary base editors create precise, predictable and efficient single base changes, at targeted genomic sequences, without making double-stranded breaks in the DNA. This enables a wide range of potential therapeutic editing strategies that Beam is using to advance a diversified portfolio of base editing programs. Beam is a values-driven organization focused on its people, cutting-edge science, and a vision of providing life-long cures to patients suffering from serious diseases. For more information, visit www.Beamtx.com.

Contacts:

Media:
Dan Budwick
1AB
[email protected] 

Investors:
Monique Allaire
THRUST Strategic Communications
[email protected] 



Posted on

Coherus BioSciences Announces New Employment Inducement Grants

REDWOOD CITY, Calif., Nov. 20, 2020 (GLOBE NEWSWIRE) — Coherus BioSciences, Inc. (“Coherus” or the “Company”, Nasdaq: CHRS), today announced that effective November 19, 2020, the compensation committee of the Company’s board of directors granted options to purchase an aggregate of 140,500 shares of the common stock of the Company to 10 newly hired non-officer employees, with a per share exercise price of $17.92, the closing trading price on the grant date.

The stock options were granted pursuant to the Coherus BioSciences, Inc. 2016 Employment Commencement Incentive Plan, which was approved by the Company’s board of directors in June 2016 under Rule 5635(c)(4) of the Nasdaq Global Select Market for equity grants to induce new employees to enter into employment with the Company.

About
Coherus
BioSciences
, Inc.

Coherus is a leading biosimilar company that develops and commercializes its own high-quality therapeutics as well as those of others seeking capable access to the United States market. Biosimilars are intended for use in place of existing, branded biologics to treat a range of chronic and often life-threatening diseases, with the potential to reduce costs and expand patient access. Composed of a team of proven industry veterans with world-class expertise in process science, analytical characterization, protein production, sales and marketing, clinical-regulatory development and commercialization, Coherus is positioned as a leader in the global biosimilar marketplace. Coherus commercializes UDENYCA® (pegfilgrastim-cbqv) in the United States and is advancing additional product candidates including CHS-1420, a Humira® (adalimumab) biosimilar, Bioeq’s Lucentis® (ranibizumab) biosimilar, Innovent’s Avastin® (bevacizumab) biosimilar towards commercialization, as well as CHS-2020, an Eylea® (aflibercept) biosimilar. For additional information, please visit www.coherus.com.

Contact

David S. Arrington
Investor Relations & Corporate Affairs
Coherus BioSciences, Inc.
[email protected]
+1 (650) 395-0196



Posted on

Caterpillar Again Named to Dow Jones Sustainability Indices

Caterpillar drives sustainability across the enterprise, helping the company and its customers to build a better world.

PR Newswire

DEERFIELD, Ill., Nov. 20, 2020 /PRNewswire/ — Caterpillar Inc. (NYSE: CAT) has been named to the 2020 Dow Jones Sustainability Indices (DJSI), including both the World and North America indices. This marks the 21st time Caterpillar has been included in the DJSI.

“Through our enterprise strategy, we are advancing our sustainability journey, providing new opportunities for customers, employees and communities,” said Caterpillar Chairman and CEO Jim Umpleby. “Sustainability is one of our core values and represents our global team’s commitment to helping build a better world.”

Some of the sustainability successes that led to Caterpillar’s inclusion are:

  • Cultivating a workplace where team members feel supported, providing training and development opportunities, leveraging employees’ unique talents, skills, abilities, backgrounds and experiences.
  • Helping its customers succeed by understanding their needs, increasing the value delivered and earning their loyalty over the life of the relationship.
  • Continued global focus on innovation to develop new and improved products, services and solutions, including sustainability enhancements and remanufacturing.
  • Building resilient communities through the Caterpillar Foundation’s work around the world.
  • Enhanced Environmental, Social and Governance reporting aligned with Sustainability Accounting Standards Board recommendations and third-party verification of data.

The annual DJSI process evaluates numerous corporate economic, environmental and social performance factors.

For more on Caterpillar’s sustainability progress and how the company is helping build a better world, read the 2019 Sustainability Report: http://reports.caterpillar.com/sr/.

About Caterpillar
Since 1925, Caterpillar Inc. has been helping our customers build a better world – making sustainable progress possible and driving positive change on every continent. With 2019 sales and revenues of $53.8 billion, Caterpillar is the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Services offered throughout the product life cycle, cutting-edge technology and decades of product expertise set Caterpillar apart, providing exceptional value to help our customers succeed. The company principally operates through three primary segments – Construction Industries, Resource Industries and Energy & Transportation – and provides financing and related services through its Financial Products segment. For more information, visit caterpillar.com. To connect on social media, visit caterpillar.com/social-media.

Forward-Looking Statements
Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “estimate,” “will be,” “will,” “would,” “expect,” “anticipate,” “plan,” “forecast,” “target,” “guide,” “project,” “intend,” “could,” “should” or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.

Caterpillar’s actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers’ needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment’s risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial’s customers; (xviii) currency fluctuations; (xix) our or Cat Financial’s compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; and (xxvi) other factors described in more detail in Caterpillar’s Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.

Cision View original content:http://www.prnewswire.com/news-releases/caterpillar-again-named-to-dow-jones-sustainability-indices-301178293.html

SOURCE Caterpillar Inc.

Posted on

500.com Limited Announces Unaudited Financial Results For the Third Quarter ended September 30, 2020

PR Newswire

SHENZHEN, China, Nov. 20, 2020 /PRNewswire/ — 500.com Limited (NYSE: WBAI) (“500.com,” “the Company,” “we,” “us,” “our company,” or “our”), an online sports lottery service provider in China, today reported its unaudited financial results for the third quarter ended September 30, 2020.

Resumption of Operations in Sweden

The Multi Group (“TMG”), a Malta-based subsidiary of the Company, has temporarily suspended its operations in Sweden in early 2020 as TMG did not complete the renewal of its e-Gaming license before it expired. The Company promptly issued a Current Report on Form 6-K dated January 13, 2020 regarding this situation, and provided an update through another Current Report on Form 6-K dated February 20, 2020. After submitting all the application materials and maintaining close communication with Sweden’s e-Gaming regulatory authority, TMG completed the renewal process and resumed its operations in Sweden in September 2020. The Company’s revenues for the third quarter ended September 30, 2020 have been, and for the fiscal year of 2020 are expected to be, materially and adversely impacted by the temporary suspension of TMG’s operations in Sweden. Revenue generated by TMG accounted for approximately 89.7% of the Company’s total net revenues for the fiscal year ended December 31, 2019, of which approximately 61.3% was generated from Sweden.

Completion of Internal Investigation

On December 31, 2019, the Company announced that its Board of Directors (the “Board”) had formed a Special Investigation Committee (the “SIC”) to internally investigate alleged illegal money transfers and the role played by consultants following the arrest of one consultant (also a former director of the Company’s subsidiary in Japan) and two former consultants by the Tokyo District Public Prosecutors Office. On January 16, 2020, the Company announced that the SIC had retained King & Wood Mallesons LLP (“KWM”) as its legal advisor to assist with its internal investigation.

On October 7, 2020, the Company announced that the SIC of the Company’s Board completed its internal investigation. 

KWM presented its investigation review to SIC on October 7, 2020. Based on the findings and analyses in KWM’s review, the SIC has concluded that it did not find a sufficient basis to establish a violation of the US Foreign Corrupt Practices Act of 1977 in connection with the Company’s prior activities in Japan. The SIC has also reviewed the Company’s compliance policies, procedures and internal controls in light of the suggestions from KWM. The Company has updated such policies, procedures and internal controls based on recommendations from the SIC, and will continue to enhance its internal controls as appropriate.

Annual Report on Form 20-F for the Fiscal Year ended December 31, 2019

The Company previously filed a Form 12b-25 with the SEC on June 15, 2020 for late filing of its Annual Report on Form 20-F for the fiscal year ended December 31, 2019 (the “2019 Annual Report”), pursuant to which the 2019 Annual Report was due to be filed by June 30, 2020. The Company expects to file the 2019 Annual Report (i) upon completion of the previously announced internal investigation being conducted by the SIC of the Company’s Board, with the assistance of KWM, (ii) once the Company’s financial statements for the fiscal year ended December 31, 2019 are finalized, (iii) once the Company has completed the assessment of the effectiveness of its internal control over financial reporting as of December 31, 2019, and (iv) once the Company’s independent registered public accounting firm has completed its audit of financial statements and internal control over financial reporting as of December 31, 2019.

The Company also reports that on July 1, 2020, the Company received an expected notice from New York Stock Exchange (“NYSE”) Regulation stating that the Company is not in compliance with the NYSE’s continued listing requirements under the timely filing criteria pursuant to Section 802.01E of the NYSE Listed Company Manual as a result of the Company’s failure to timely file the 2019 Annual Report with the SEC. As required by the notice, (a) a representative of the Company contacted the NYSE on July 1, 2020 to discuss the status of the 2019 Annual Report, and (b) the Company is issuing this press release, disclosing the status of the 2019 Annual Report, noting the delay and the reason for the delay, as mentioned above. The anticipated filing date of the 2019 Annual Report is not known at this time.

NYSE Regulation notified the Company that the NYSE will closely monitor the status of the Company’s late filing and related public disclosures for up to a six-month period from the due date of the 2019 Annual Report. If the Company fails to file its annual report and any subsequent delayed filings within six months from the filing due date, the NYSE may, in its sole discretion, allow the Company’s securities to trade for up to an additional six months depending on specific circumstances, as outlined in Section 802.01E of the NYSE Listed Company Manual.

The Company intends to meet the filing deadline of six months from the filing due date of the 2019 Annual Report, or December 31, 2020.

Suspension of Online Sports Lottery Sales in China

All provincial sports lottery administration centers to which the Company provided sports lottery sales services have suspended accepting online purchase orders for lottery products in response to the Notice related to Self-Inspection and Self-Remedy of Unauthorized Online Lottery Sales (the “Self-Inspection Notice”), which was jointly promulgated by the Ministry of Finance, the Ministry of Civil Affairs and the General Administration of Sports of the People’s Republic of China on January 15, 2015. In response to the Self-Inspection Notice, on April 4, 2015, the Company decided to voluntarily suspend all online lottery sales services. As a result of the provincial sport lottery administration centers’ decision to suspend accepting online lottery orders and the Company’s voluntary suspension of all online sports lottery sales services in China, the Company has not generated any revenue from these services since April 2015.

Third
 Quarter
2020
 Highlights

  • Net revenues were RMB6.1 million (US$0.9 million), compared with net revenues of RMB3.6 million for the second quarter of 2020, and net revenues of RMB9.8 million for the third quarter of 2019.
  • Operating loss was RMB50.2 million (US$7.4 million), compared with operating loss of RMB52.3 million for the second quarter of 2020, and operating loss of RMB98.4 million for the third quarter of 2019.
  • Non-GAAP[1] operating loss was RMB37.6 million (US$5.5 million), compared with non-GAAP operating loss of RMB33.7 million for the second quarter of 2020, and non-GAAP operating loss of RMB52.3 million for the third quarter of 2019.
  • Net loss attributable to 500.com was RMB44.0 million (US$6.5 million), compared with net loss attributable to 500.com of RMB86.3 million for the second quarter of 2020, and net loss attributable to 500.com of RMB95.8 million for the third quarter of 2019.
  • Non-GAAP net loss attributable to 500.com was RMB31.6 million (US$4.7 million), compared with non-GAAP net loss attributable to 500.com of RMB34.0 million for the second quarter of 2020, and non-GAAP net loss attributable to 500.com of RMB49.7 million for the third quarter of 2019.
  • Basic and diluted losses per ADS were RMB1.02(US$0.15).
  • Non-GAAP basic and diluted losses per ADS were RMB0.73(US$0.11).

Third
 Quarter
2020
 Financial Results


Net Revenues

Net revenues were RMB6.1 million (US$0.9 million) for the third quarter of 2020, representing a decrease of RMB3.7 million or 37.8% from RMB9.8 million for the third quarter of 2019 and an increase of RMB2.5 million or 69.4% from RMB3.6 million for the second quarter of 2020. Net revenues during the third quarter of 2020 primarily consisted of RMB3.3 million (EUR0.4 million) in revenue contribution from the Company’s online lottery betting and online casino in Europe through TMG, which accounted for 54.1% of total net revenues. The year-over-year decrease was mainly attributable to a decrease of RMB6.0 million resulting from the temporary suspension of operations in Sweden in 2020, which was partially offset by an increase of RMB2.8 million in sports information services in China started in early 2020.


Operating Expenses

Operating expenses were RMB56.2 million (US$8.3 million) for the third quarter of 2020, representing a decrease of RMB23.0 million or 29.0% from RMB79.2 million for the third quarter of 2019, and an increase of RMB1.1 million or 2.0% from RMB55.1 million for the second quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB19.0 million in rental expenses mainly resulting from the partial termination of office lease in Shenzhen and the termination of office leases in Hong Kong and Japan due to closure of subsidiaries’ local offices , a decrease of RMB10.3 million in expenses for employees as a result of decrease in headcount, a decrease of RMB6.8 million mainly in amortization associated with full impairment of acquired intangible assets in 2019, a decrease of RMB2.6 million in share-based compensation expenses associated with share options granted to the Company’s employees, a decrease of RMB2.2 million in travelling expenses, a decrease of RMB1.3 million in marketing and promotional expenses relating to a change in TMG’s marketing strategy, a decrease of RMB1.2 million in office expenses, a decrease of RMB2.2 million in lottery insurance costs for TMG associated with the temporary suspension of its online lottery and online casino operations in Sweden, and a decrease of RMB1.7 million in platform service costs, which were partially offset by an increase of RMB18.8 million mainly in depreciation associated with leasehold improvements for the partial termination of office lease in Shenzhen, an increase of RMB4.4 million in consulting expenses, and an increase of RMB1.6 million for bad debt provision of receivables. The sequential increase was mainly due to an increase of RMB17.8 million mainly in depreciation associated with leasehold improvements for the partial termination of office lease in Shenzhen, an increase of RMB3.3 million in consulting expenses, and an increase of RMB1.8 million for bad debt provision of receivables, which were partially offset by a decrease of RMB14.7 million in rental expenses mainly resulting from the partial termination of office lease in Shenzhen, a decrease of RMB6.0 million in share-based compensation expenses associated with share options granted to the Company’s employees, and a decrease of RMB0.6 million in lottery insurance costs for TMG.

Cost of services was RMB3.8 million (US$0.6 million) for the third quarter of 2020, representing a decrease of RMB12.3 million or 76.4% from RMB16.1 million for the third quarter of 2019, and a slight decrease of RMB0.8 million or 17.4% from RMB4.6 million for the second quarter of 2020. The year-over-year decrease was mainly attributable to a decrease of RMB6.8 million in amortization mainly associated with full impairment of acquired intangible assets in 2019, a decrease of RMB2.2 million in lottery insurance costs for TMG associated with the temporary suspension of its online lottery and online casino operations in Sweden, a decrease of RMB1.7 million in platform service costs, and a decrease of RMB0.7 million in office expenses. The sequential decrease was mainly attributable to a decrease of RMB0.6 million in lottery insurance costs for TMG.

Sales and marketing expenses were RMB4.2 million (US$0.6 million) for the third quarter of 2020, representing a decrease of RMB4.8 million or 53.3% from RMB9.0 million for the third quarter of 2019, and a slight decrease of RMB0.8 million or 16.0% from RMB5.0 million for the second quarter of 2020. The year-over-year decrease was mainly attributable to a decrease of RMB2.8 million in expenses for employees, a decrease of RMB1.3 million in marketing and promotional expenses relating to a change in TMG’s marketing strategy, and a decrease of RMB0.5 million in travelling expenses, which were partially offset by an increase of RMB0.4 million in share-based compensation expenses associated with share options granted to the Company’s employees. The sequential decrease was mainly due to a decrease of RMB0.3 million in share-based compensation expenses associated with share options granted to the Company’s employees.

General and administrative expenses were RMB46.4 million (US$6.8 million) for the third quarter of 2020, representing an increase of RMB3.3 million or 7.7% from RMB43.1 million for the third quarter of 2019, and an increase of RMB11.0 million or 31.1% from RMB35.4 million for the second quarter of 2020. The year-over-year increase was mainly due to an increase of RMB19.1 million mainly in depreciation associated with leasehold improvements for the partial termination of office lease in Shenzhen, an increase of RMB4.6 million in consulting expenses, and an increase of RMB1.6 million for bad debt provision of receivables, which were partially offset by a decrease of RMB10.3 million in rental expenses mainly resulting from the partial termination of office lease in Shenzhen and the termination of office leases in Hong Kong and Japan due to closure of the subsidiaries’ local offices , a decrease of RMB6.3 million in expenses for employees, a decrease of RMB3.5 million in share-based compensation expenses associated with share options granted to the Company’s employees, and a decrease of RMB1.7 million in travelling expenses. The sequential increase was mainly due to an increase of RMB18.2 million mainly in depreciation associated with leasehold improvements for the partial termination of office lease in Shenzhen, an increase of RMB3.4 million in consulting expenses, and an increase of RMB1.8 million for bad debt provision of receivables, which were partially offset by a decrease of RMB7.4 million in rental expenses mainly resulting from the partial termination of office lease in Shenzhen and a decrease of RMB4.6 million in share-based compensation expenses associated with share options granted to the Company’s employees.

Service development expenses were RMB1.8 million (US$0.3 million) for the third quarter of 2020, representing a decrease of RMB9.3 million or 83.8% from RMB11.1 million for the third quarter of 2019, and a decrease of RMB8.3 million or 82.2% from RMB10.1 million for the second quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB8.5 million in rental expenses mainly resulting from the partial termination of office lease in Shenzhen and a decrease of RMB1.2 million in expenses for employees, which were partially offset by an increase of RMB0.5 million in share-based compensation expenses associated with share options granted to the Company’s employees. The sequential decrease was mainly due to a decrease of RMB7.2 million in rental expenses mainly resulting from the partial termination of office lease in Shenzhen and a decrease of RMB1.1 million in share-based compensation expenses associated with share options granted to the Company’s employees.


Impairment


s


 of Goodwill and Acquired Intangible assets

The impairments of goodwill and acquired intangible assets were related to the Company’s acquisition of TMG, which were triggered by TMG’s temporary suspension of its operations in Sweden.

Impairment of goodwill was RMB30.9 million for the third quarter of 2019. There was no additional impairment of goodwill for the second and third quarters of 2020 as the related goodwill and intangible assets were fully impaired as of December 31, 2019.


Operating Loss

Operating loss was RMB50.2 million (US$7.4 million) for the third quarter of 2020, compared with operating loss of RMB98.4 million for the third quarter of 2019, and operating loss of RMB52.3 million for the second quarter of 2020. The year-over-year decrease was mainly due to (i) an impairment provision of RMB30.9 million provided for goodwill during the third quarter of 2019, there was no such impairment during the third quarter of 2020, and (ii) a decrease of RMB23.0 million in operating expenses due to cost reduction measures implemented by management, which was partially offset by a decrease of RMB3.7 million in revenue.

Non-GAAP operating loss was RMB37.6 million (US$5.5 million) for the third quarter of 2020, compared with non-GAAP operating loss of RMB52.3 million for the third quarter of 2019, and non-GAAP operating loss of RMB33.7 million for the second quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB20.4 million in Non-GAAP operating expenses due to cost reduction measures implemented by management, which was partially offset by a decrease of RMB3.7 million in revenue.


Net Loss


 Attributable to 500.com

Net loss attributable to 500.com was RMB44.0 million (US$6.5 million) for the third quarter of 2020, compared with net loss attributable to 500.com of RMB95.8 million for the third quarter of 2019, and net loss attributable to 500.com of RMB86.3 million for the second quarter of 2020. The year-over-year decrease was mainly due to (i) an impairment provision of RMB30.9 million provided for goodwill during the third quarter of 2019, there was no such impairment for the third quarter of 2020, and (ii) a decrease of RMB23.0 million in operating expenses due to cost reduction measures implemented by management, which were partially offset by a decrease of RMB3.7 million in revenue. The sequential decrease was mainly due to (i) an impairment provision of RMB33.7 million provided for long-term investment in Loto Interactive Limited during the second quarter of 2020, which was calculated based on the last reported sale price on June 30, 2020, there was no such impairment for the third quarter of 2020, (ii) a decrease of RMB6.0 million in share-based compensation expenses associated with share options granted to the Company’s employees, and (iii) an increase of RMB2.5 million in revenue.

Non-GAAP net loss attributable to 500.com was RMB31.6 million (US$4.7 million) for the third quarter of 2020, compared with non-GAAP net loss attributable to 500.com of RMB49.7 million for the third quarter of 2019, and non-GAAP net loss attributable to 500.com of RMB34.0 million for the second quarter of 2020. The year-over-year decrease was mainly due to a decrease of RMB20.4 million in Non-GAAP operating expenses due to cost reduction measures implemented by management, which was partially offset by a decrease of RMB3.7 million in revenue. The sequential decrease was mainly attributable to an increase of RMB2.5 million in revenue.

Cash and Cash Equivalents
, Restricted Cash, Time Deposits and Short-term Investments

As of September 30, 2020, the Company had cash and cash equivalents of RMB278.4 million (US$41.0 million), restricted cash[2] of RMB2.4 million (US$0.4 million), time deposit[3] of RMB0.2 million and short-term investment[4] of RMB50.0 million (US$7.4 million), compared with cash and cash equivalents of RMB295.5 million, restricted cash of RMB4.6 million, time deposits of RMB0.2 million and short-term investments of RMB50.0 million as of June 30, 2020.

Prepayments and Other Current Assets

As of September 30, 2020, the balance of prepayment and other current assets was RMB23.5 million (US$3.5 million), compared with RMB24.9 million as of June 30, 2020. The balance as of September 30, 2020 mainly included: (i) the current portion of deferred expenses of RMB3.1 million (US$0.5 million); (ii) receivables from third party payment providers of RMB1.5 million (US$0.2 million); (iii) deposit receivables of RMB0.5 million (US$0.1 million); (iv) receivables of consideration from disposal of subsidiaries of RMB0.5 million (US$0.1 million); (v) deductible value added input tax of RMB11.7 million (US$1.7 million); and (vi) other receivables of RMB6.2 million (US$0.9 million).

Business Outlook

The Company does not expect to issue any earnings forecast until it receives clear instructions as to the resumption date of online sports lottery sales from the Ministry of Finance.

Currency Convenience Translation

This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB6.7896 to US$1.00, as set forth in the H.10 statistical release of the Federal Reserve Board on September 30, 2020, and all translations from Renminbi to Euros were made at the exchange rate of RMB7.9038 to EUR1.00, which was the average of the month-end exchange rates as set forth in the statistical release of State Administration of Foreign Exchange at the end of each month in 2020.

About 500.com Limited

500.com Limited (NYSE: WBAI) is an online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China.

Safe Harbor Statements

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “going forward,” “outlook” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

About Non-GAAP Financial Measures

To supplement the Company’s financial results presented in accordance with U.S. GAAP, the Company uses non-GAAP financial measures, which are adjusted from results based on U.S. GAAP to exclude share-based compensation expenses in the Company’s consolidated affiliated entities. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in table at the end of this release, which provide more details on the non-GAAP financial measures.

Non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of the historical and current financial performance of the Company’s continuing operations and prospects for the future. Non-GAAP financial information should not be considered a substitute for or superior to U.S. GAAP results. In addition, calculations of this non-GAAP financial information may be different from calculations used by other companies, and therefore comparability may be limited.


[1] Non-GAAP financial measures exclude the impact of share-based compensation expenses, impairment of acquired intangible assets, impairment of goodwill, impairment of long-term investments and deferred tax benefit relating to valuation allowance. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in the table at the end of this release.


[2] Restricted cash represents: (i) government grants received but pending final clearance; and (ii) deposits in merchant banks yet to be withdrawn.


[3] Time deposit represents deposits in commercial banks with original maturities of greater than three months but less than a year.


[4] Short-term investment represents investments in structured financial products provided by financial institutions in the PRC with an initial maturity of six months.

For more information, please contact:

500.com Limited

[email protected]

Christensen
In China
Mr. Eric Yuan Phone: +86-10-5900-1548
E-mail: [email protected]

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]

 

 

 


500.com Limited
Condensed Consolidated Balance Sheets
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”), except for number of shares)


December 31,
2019


September 30,
2020


September 30,
2020


RMB


RMB


US$

Unaudited

Unaudited

Unaudited


ASSETS


Current assets:

Cash and cash equivalents

361,220

278,391

41,003

Restricted cash

4,576

2,437

359

Time deposits

23,849

200

29

Short-term investments

–

50,000

7,364


 Amounts due from related parties

10,401

560

82

Prepayments and other current assets

30,280

23,467

3,456


Total current assets


430,326


355,055


52,293


Non-current assets:

Property and equipment, net

64,112

22,828

3,362

Intangible assets, net

4,505

2,765

407

Deposits

5,388

1,516

223

Long-term investments

152,954

110,336

16,251

Right-of-use assets

36,607

6,327

932

Other non-current assets

1,887

1,664

245


Total non-current assets


265,453


145,436


21,420


TOTAL ASSETS


695,779


500,491


73,713


LIABILITIES AND SHAREHOLDERS’ EQUITY 


Current liabilities:

 Accrued payroll and welfare payable

6,879

21

3

 Accrued expenses and other current liabilities

51,398

57,157

8,418

 Income tax payable

2,213

547

81

 Operating lease liabilities – current

16,672

3,802

560


Total current liabilities


77,162


61,527


9,062


Non-current liabilities:

 Long-term payables

2,965

604

89

 Deferred tax liabilities

59

–

–

 Operating lease liabilities – non-current

31,675

2,989

440


Total non-current liabilities


34,699


3,593


529


TOTAL LIABILITIES


111,861


65,120


9,591


Redeemable noncontrolling interest 


14,849


–


–


Shareholders’ Equity:

Class A ordinary shares, par value US$0.00005 per share,
700,000,000 shares authorized as of  December 31, 2019
and September 30, 2020; 420,001,792 and 430,014,792
shares issued and outstanding as of December 31, 2019
and September 30, 2020, respectively

145

148

22

Class B ordinary shares, par value US$0.00005 per share;
300,000,000 shares authorized as of December 31, 2019
and September 30, 2020; 10,000,099 and 99 shares issued
and outstanding as of December 31, 2019 and September
30, 2020, respectively

6

3

–

Additional paid-in capital

2,547,293

2,583,689

380,536

Treasury shares

(143,780)

(143,780)

(21,177)

Accumulated deficit

(1,960,692)

(2,127,811)

(313,393)

Accumulated other comprehensive income

141,484

136,278

20,072


Total 500.com Limited shareholders’ equity


584,456


448,527


66,060


Noncontrolling interests


(15,387)


(13,156)


(1,938)


Total shareholders’ equity


569,069


435,371


64,122


TOTAL LIABILITIES, NONCONTROLLING INTEREST AND
SHAREHOLDERS’ EQUITY


695,779


500,491


73,713

 

 

 


500.com Limited
Condensed Consolidated Statements of Comprehensive Loss
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”),
 except for number of shares, per share (or ADS) data)


 Three Months Ended 


September 30,
2019


June 30,
2020


September 30,
2020


September 30,
2020


RMB


RMB


RMB


US$

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 


Net Revenues

9,763

3,648

6,145

905


Operating costs and expenses:

    Cost of services

(16,096)

(4,616)

(3,824)

(563)

    Sales and marketing expenses

(8,980)

(4,998)

(4,158)

(612)

    General and administrative expenses

(43,080)

(35,373)

(46,401)

(6,834)

    Service development expenses

(11,072)

(10,070)

(1,840)

(271)


Total operating expenses


(79,228)


(55,057)


(56,223)


(8,280)

    Other operating income 

1,233

453

487

72

    Government grant

264

172

246

36

    Other operating expenses

465

(1,553)

(892)

(131)

    Impairment of goodwill

(30,916)

–

–

–


Operating loss from continuing operations


(98,419)


(52,337)


(50,237)


(7,398)

    Other expenses (income), net

(1)

1,116

(2)

–

    Interest income

3,289

2,554

2,225

328

    (Loss) income from equity method investments

(699)

(2,769)

4,338

639

    Impairment of long-term investments

–

(33,706)

249

37


Loss before income tax


(95,830)


(85,142)


(43,427)


(6,394)

    Income tax benefit

230

60

–

–


Net loss from continuing operations


(95,600)


(85,082)


(43,427)


(6,394)

    Net income attributable to noncontrolling interests

189

1,236

546

80


Net loss attributable to 500.com Limited


(95,789)


(86,318)


(43,973)


(6,474)

Other comprehensive loss

    Changes in unrealized gain

–

436

739

109

    Foreign currency translation gain (loss)

10,195

(415)

(7,661)

(1,128)


Other comprehensive income (loss), net of tax


10,195


21


(6,922)


(1,019)


Comprehensive loss


(85,405)


(85,061)


(50,349)


(7,413)

    Less: Comprehensive income attributable to noncontrolling interests and Redeemable
noncontrolling interest

189

1,236

546

80


Comprehensive loss attributable to 500.com Limited


(85,594)


(86,297)


(50,895)


(7,493)


Weighted average number of  Class A and Class B ordinary shares outstanding:

Basic

429,912,365

430,009,704

430,014,891

430,014,891

Diluted

429,912,365

430,009,704

430,014,891

430,014,891


Losses per share attributable to 500.com Limited-Basic and Diluted

    Net loss 

(0.22)

(0.20)

(0.10)

(0.02)


Losses per ADS* attributable to 500.com Limited-Basic and Diluted

    Net loss 

(2.23)

(2.01)

(1.02)

(0.15)

* American Depositary Shares, which are traded on the NYSE. Each ADS represents ten
Class A ordinary shares of the Company.

 

 

 


500.com Limited
Reconciliation of non-GAAP results of operations measures to the nearest comparable GAAP measures
(Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“US$”),
except for number of shares, per share (or ADS) data)


 Three Months Ended 


September 30,
2019


June 30,
2020


September 30,
2020


September 30,
2020


RMB


RMB


RMB


US$

 Unaudited 

 Unaudited 

 Unaudited 

 Unaudited 


Operating loss from continuing operations

(98,419)

(52,337)

(50,237)

(7,398)

    Adjustment for share-based compensation expenses

15,175

18,649

12,626

1,860

    Adjustment for impairment of goodwill

30,916

–

–

–


Adjusted operating loss from continuing operations (non-GAAP)


(52,328)


(33,688)


(37,611)


(5,538)


Net loss attributable to 500.com Limited


(95,789)


(86,318)


(43,973)


(6,474)

    Adjustment for share-based compensation expenses

15,175

18,649

12,626

1,860

    Adjustment for impairment of goodwill

30,916

–

–

–

    Adjustment for Impairment of long-term investments

–

33,706

(249)

(37)

    Adjustment for deferred tax benefit relating to valuation allowance

–

(60)

–

–


Adjusted net loss attributable to 500.com Limited (non-GAAP) 


(49,698)


(34,023)


(31,596)


(4,651)


Weighted average number of  Class A and Class B ordinary shares outstanding:

Basic

429,912,365

430,009,704

430,014,891

430,014,891

Diluted

429,912,365

430,009,704

430,014,891

430,014,891


Losses per share attributable to 500.com Limited (non-GAAP)-Basic and diluted

    Net loss (non-GAAP)

(0.12)

(0.08)

(0.07)

(0.01)


Losses per  ADS* attributable to 500.com Limited (non-GAAP)-Basic and diluted

    Net loss (non-GAAP)

(1.16)

(0.79)

(0.73)

(0.11)

* American Depositary Shares, which are traded on the NYSE. Each ADS represents ten Class A ordinary shares of the Company.

 

Cision View original content:http://www.prnewswire.com/news-releases/500com-limited-announces-unaudited-financial-results-for-the-third-quarter-ended-september-30-2020-301177938.html

SOURCE 500.com Limited