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Leading Adolescent Psychiatrists Join Evolve Treatment Centers

This group of world-class clinical leaders brings comprehensive behavioral health expertise to the excellent clinical programming offered at Evolve.

LOS ANGELES, Nov. 13, 2020 (GLOBE NEWSWIRE) — Evolve Treatment Centers is excited to announce the addition of Shikha Verma, MD, as Medical Director, Northern California, Melissa E. Vallas, MD, as Medical Director, Southern California, and the launch of our Clinical Advisory Board, which will be led by Bradley Peterson, MD.

Dr. Verma is a board-certified General and Child and Adolescent psychiatrist. She has extensive clinical experience in the management of a wide variety of mental health disorders, including attention-deficit/ hyperactivity disorder (ADHD), obsessive-compulsive disorder (OCD), other anxiety disorders, substance use disorders, mood disorders, psychotic disorders, trauma, autism spectrum disorder, and intellectual disabilities.

Dr. Verma received her early medical training (Bachelor of Medicine and Bachelor of Surgery, MBBS) at Lady Hardinge Medical College at the University of Delhi in Delhi, India. She completed her residency in Psychiatry at Hennepin-Regions Hospital in Minneapolis, Minnesota, and completed a fellowship in Child and Adolescent Psychiatry at the Medical College of Wisconsin in Milwaukee. She was recognized with a Faculty/Teaching award for 2018-2019 by the Rosalind Franklin University of Medicine and Science.


At Evolve Treatment Centers, Dr. Verma will work exclusively with clients at our Northern California facilities in



Danville



,



Gilroy



,



Lafayette



,



San Jose



,



Walnut Creek



, and


all


virtual programs


.

Dr. Vallas is a board certified General and Child & Adolescent psychiatrist. She has extensive clinical experience in the management of a wide variety of mental health disorders, including mood disorders, anxiety disorders, attention-deficit/hyperactivity disorder (ADHD), and psychosis. She’s skilled at working with patients who have experienced trauma and supporting families with complex needs. 

Dr. Vallas holds a medical degree (with honors) from Meharry Medical College, in Nashville, Tennessee. She completed her residency at Stanford University Hospital in Palo Alto, California, and a fellowship in Child and Adolescent psychiatry at Lucile Packard Children’s Hospital at Stanford University. She’s a member of the American Academy of Child and Adolescent Psychiatrists and the Northern California Psychiatric Society.


At Evolve Treatment Centers, Dr.


Vallas


will work exclusively with clients at our


Southern


California facilities in



Agoura Hills



,



Calabasas



,



Ojai



,



San Diego



,



Tarzana



, and



Woodland Hills



.

Evolve’s Clinical Advisory Board includes leading behavioral health care professionals with expertise in treating adolescents and their families. The Clinical Advisory Board will work collaboratively with executive clinical leadership to identify, advise, and implement evidence-based practices to ensure safe, patient-centered care and achieve high-quality outcomes.

This group of world-class clinical leaders brings comprehensive behavioral health expertise and will provide guidance to support and shape the excellent clinical programming offered at Evolve.

In his role as Chief Medical Officer, Dr. Brad Peterson will lead the Clinical Advisory Board.

Dr. Peterson is the President of Evolve Psychiatry PC, the Director of the Institute for the Developing Mind at Children’s Hospital Los Angeles, the Vice Chair for Research and Director of Child & Adolescent Psychiatry in the Department of Psychiatry, and a professor at Keck School of Medicine of the University of Southern California.

Dr. Peterson received his bachelor’s degree summa cum laude from Tulane University and earned his medical degree from the University of Wisconsin-Madison. He trained in General Psychiatry at Massachusetts General Hospital and Harvard University, in Child Psychiatry at the Child Study Center of Yale University, and in psychoanalysis at the Western New England Institute of Psychoanalysis. He was a faculty member at the Yale Child Study Center and at Columbia University, where he was the founding Director of MRI Research and the Director of Child & Adolescent Psychiatry. He has authored more than 320 peer-reviewed publications.

In his role as President of Evolve Psychiatry PC, Dr. Peterson will provide clinical oversight, expert guidance, and seasoned leadership to the Evolve Treatment Centers psychiatric team.

“

Evolve Psychiatry is a


group


of world-class adolescent psychiatrists who support Evolve teens and families exclusively


,” says Judy Silvia,


Chief Development Officer of Evolve Treatment.


“


This


team of expert


physic


ians dedicated to


treating our clients


– and our clients


only


–


makes Evolve Treatment Centers unique in the field of adolescent mental health care.


This all-star team is committed to the health, safety, and growth of our teens and families


.


We’re excited to lead the way in adolescent mental health treatment


in California


and set


an example


of


clinical excellence and compassionate care


for the whole country.


”

The addition of Drs. Verma, Vallas, and Peterson will continue to support and elevate the mission of Evolve – to provide excellent and ethical clinical care to adolescents and their families.

Evolve Treatment Centers, accredited by CARF and The Joint Commission, offer the highest caliber of care for teens, 12 to 17 years old, struggling with substance abuse or mental health issues. To learn more about our full continuum of Outpatient (OP), Intensive Outpatient (IOP), Partial Hospitalization (PHP), and Residential Treatment Programs (RTC), visit http://www.evolvetreatment.com or call 1-800-665-GROW.

MEDIA CONTACT:
Judy Sylvia
424-653-9546

Posted on

Gabelli Global Small and Mid Cap Value Trust Declares Fourth Quarter Distribution of $0.16 Per Share

Gabelli Global Small and Mid Cap Value Trust Declares Fourth Quarter Distribution of $0.16 Per Share

RYE, N.Y.–(BUSINESS WIRE)–
The Board of Trustees of The Gabelli Global Small and Mid Cap Value Trust (NYSE:GGZ) (the “Fund”) declared a $0.16 per share cash distribution payable on December 18, 2020 to common shareholders of record on December 11, 2020.

The Fund intends to pay a quarterly distribution of an amount determined each quarter by the Board of Trustees. The Board of Trustees may change the amount of the quarterly distribution at any time. In addition to the quarterly distributions, and in accordance with the minimum distribution requirements of the Internal Revenue Code for regulated investment companies, the Fund may pay an adjusting distribution which includes any additional income and net realized capital gains in excess of the quarterly distributions for that year.

Each quarter, the Board of Trustees reviews the amount of any potential distribution and the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The Fund’s distribution policy is subject to modification or termination by the Board of Trustees at any time. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

Long-term capital gains, qualified dividend income, ordinary income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, each of the distributions paid to common shareholders in 2020 would be deemed 100% from paid-in capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2020 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2020 distributions in early 2021 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. More information regarding the Fund’s distribution policy and other information about the Fund is available by calling 800-GABELLI (800-422-3554) or visiting www.gabelli.com.

About The Gabelli Global Small and Mid Cap Value Trust

The Gabelli Global Small and Mid Cap Value Trust is a diversified, closed-end management investment company with $153 million in total net assets whose primary investment objective is to achieve long-term capital growth of capital. Under normal market conditions, the Fund will invest at least 80% of its total assets in equity securities (such as common stock and preferred stock) of companies with small or medium sized market capitalizations. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL).

NYSE – GGZ

CUSIP – 36249W104

Investor Relations Contact:

Bethany Uhlein

(914) 921-5546

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

Posted on

IIROC Trading Resumption – NOVR

Canada NewsWire

VANCOUVER, BC, Nov. 13, 2020 /CNW/ – Trading resumes in:

Company: Nova Royalty Corp.

TSX-Venture Symbol: NOVR

All Issues: Yes

Resumption (ET): 9:30 AM

IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions

WHAT:

Virtual event followed by live Q&A with Cummins leaders about the company’s outlook on the future of hydrogen fuel technologies and key actions the company is taking to continue to broaden its capabilities.

 

The call is intended for the investment community, media and elected officials and staff.

 

Spaces are limited, so please click here to reserve a spot.

 

WHO:

Tom Linebarger, Chairman & Chief Executive Officer

Amy Davis, Vice President & President, New Power

Thad Ewald, Vice President, Corporate Strategy

Mark Smith, Vice President & Chief Financial Officer

Amy Adams, Vice President, Fuel Cell & Hydrogen Technologies

 

WHEN:

Monday, November 16 at 10:30 a.m. EST

Further information and a link to join the press event will be provided following RSVPs.

Jon Mills

Cummins Inc.

Phone: 317-658-4540

Email: [email protected]

KEYWORDS: United States North America Indiana

INDUSTRY KEYWORDS: Environment Engineering Other Energy Chemicals/Plastics Utilities Automotive Manufacturing Oil/Gas Manufacturing Energy

MEDIA:

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Logo
Posted on

Washington Prime Group to Present at REITworld 2020 Virtual Investor Conference

Washington Prime Group to Present at REITworld 2020 Virtual Investor Conference

COLUMBUS, Ohio–(BUSINESS WIRE)–
Washington Prime Group Inc. (NYSE: WPG) today announced that CEO and Director Lou Conforti and CFO Mark Yale will present during Nareit’s REITworld® 2020 virtual investor conference on Wednesday, November 18, 2020 at 3:45 p.m. ET.

To access the Company’s live audio webcast, registration is required through the REITworld Virtual Environment, using the registration link available here. Registration is complimentary. Registrants can access the REITworld agenda here. An audio replay will be available through the same link approximately two hours after the live presentation until the end of the REITworld virtual investor conference.

In addition, an audio replay of the webcast will be available approximately a week after REITworld on the investor relations section of the Washington Prime Group website at www.washingtonprime.com.

An accompanying investor presentation will be posted to the investor relations section of the Company’s website.

About Washington Prime Group

Washington Prime Group Inc. is a retail REIT and a recognized leader in the ownership, management, acquisition and development of retail properties. The Company combines a national real estate portfolio with its expertise across the entire shopping center sector to increase cash flow through rigorous management of assets and provide new opportunities to retailers looking for growth throughout the U.S. Washington Prime Group® is a registered trademark of the Company. Learn more at www.washingtonprime.com.

Kimberly A. Green, VP, Investor Relations & Corporate Communications, 614.887.5647 or [email protected].

KEYWORDS: United States North America Ohio

INDUSTRY KEYWORDS: REIT Finance Professional Services Commercial Building & Real Estate Construction & Property

MEDIA:

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Posted on

Ellsworth Growth and Income Fund Ltd. Declares Distribution of $0.94 Per Share Fiscal Year 2020 NAV Performance Up 24%

Ellsworth Growth and Income Fund Ltd. Declares Distribution of $0.94 Per Share Fiscal Year 2020 NAV Performance Up 24%

RYE, N.Y.–(BUSINESS WIRE)–
The Board of Trustees of Ellsworth Growth and Income Fund Ltd. (NYSE American: ECF) (the “Fund”) declared a $0.94 per share cash distribution payable on December 29, 2020 to common shareholders of record on November 25, 2020. With this fourth quarter distribution, the total distributions from the Fund for the calendar year 2020 would equate to $1.33 per share, a 70% increase from $0.78 last year.

The Fund’s fiscal year ends September 30, 2020. Please remember that past performance may not be indicative of future results.

Shareholders who are not members of the Fund’s Automatic Dividend Investment Plan will be given the option to receive the distribution either in cash or in beneficial shares of the Fund. The distribution is taxable to shareholders whether or not they choose to receive cash.

The expiration date of the option is December 16, 2020. Shareholders who do not make an election will receive the distribution in beneficial shares.

The number of shares that holders will be entitled to receive under the share option will be determined on December 17, 2020, either on the basis of the closing market price of the Fund’s beneficial shares or its net asset value, whichever is lower on that date.

The Fund intends to pay a quarterly distribution of an amount determined each quarter by the Board of Trustees. Under the Fund’s current distribution policy, the Fund intends to pay a minimum annual distribution of 5% of the Fund’s trailing 12-month average month-end market price or an amount sufficient to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies.

Each quarter, the Board of Trustees reviews the amount of any potential distribution and the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The Fund pays an adjusting distribution in December which includes any additional income and net realized capital gains in excess of the quarterly distributions for that year to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies. The Fund’s distribution policy is subject to modification or termination by the Board of Trustees at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and with income that exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a share-holder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

Long-term capital gains, qualified dividend income, investment company taxable income and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, each of the distributions paid in 2020 to common shareholders with respect to the Fund’s fiscal year ending September 30, 2020 would include approximately 28% from net investment income and 72% from net capital gains on a book basis. This information does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website. The final determination of the sources of all distributions in 2020 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2020 distributions in early 2021 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. More information regarding the Fund’s distribution policy and other information is available by calling 800-GABELLI (800-422-3554) or visiting www.gabelli.com.

About Ellsworth Growth and Income Fund

Ellsworth Growth and Income Fund Ltd. is a diversified, closed-end management investment company with $212 million in total net assets. ECF invests primarily in convertible securities and common stock with the objectives of providing income and the potential for capital appreciation, objectives the Fund considers to be relatively equal over the long-term due to the nature of the securities in which it invests. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL).

NYSE American: ECF

CUSIP – 289074106

 

Investor Relations:

Bethany Uhlein

914.921.5546

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

Posted on

Nabors Announces Early Results and Extension of Early Participation Date with Respect to Certain Exchange Offers

PR Newswire

HAMILTON, Bermuda, Nov. 13, 2020 /PRNewswire/ — Nabors Industries, Inc. (“Nabors” or the “Company”), a wholly-owned subsidiary of Nabors Industries Ltd. (“Parent”) (NYSE: NBR) today announced the early results of its previously announced offers to all Eligible Holders (as defined below) to exchange (the “Exchange Offers”) (x) certain aggregate principal amounts of the Company’s (i) 4.625% Senior Notes due 2021, (ii) 5.50% Senior Notes due 2023, (iii) 5.10% Senior Notes due 2023, (iv) 5.75% Senior Notes due 2025, (v) 0.75% Senior Exchangeable Notes due 2024 and (y) certain aggregate principal amounts of the Parent’s (i) 7.25% Senior Guaranteed Notes due 2026 and (ii) 7.50% Senior Guaranteed Notes due 2028 (together, the “Old Notes”) for up to $300 million aggregate principal amount of newly issued 9.00% senior priority guaranteed notes due 2025 (the “New Notes”).

As of 5:00 p.m., New York City time, on November 12, 2020 (the “Original Early Participation Date”), approximately $344.9 million aggregate principal amount of Old Notes had been tendered in the Exchange Offers. Based on the tender results to date, approximately $160.8 million aggregate principal amount of New Notes would be issued upon settlement of the Exchange Offers. Additionally, the Company previously issued $50.5 million aggregate principal amount of 6.5% Senior Priority Guaranteed Notes due 2025 in a private transaction (the “Private Exchange Notes”) in exchange for $115 million aggregate principal amount of its 0.75% Senior Exchangeable Notes due 2024.  The Private Exchange Notes are substantially similar to the New Notes with respect to ranking, covenants and certain other terms. The Private Exchange Notes and the New Notes are referred to herein as the Company’s “Senior Priority Guaranteed Notes.” The issuance of the $50.5 million aggregate principal amount of Private Exchange Notes, when combined with the $160.8 million aggregate principal amount of New Notes to be issued upon settlement of the Exchange Offers based on the tender results to date, would result in approximately $211.3 million aggregate principal amount of the Senior Priority Guaranteed Notes outstanding upon the settlement of the Exchange Offers.

In addition, Nabors announced that it has extended the “Early Participation Date” with respect to its 5.50% Senior Notes due 2023, 5.10% Senior Notes due 2023, 5.75% Senior Notes due 2025 and 0.75% Senior Exchangeable Notes due 2024 to 11:59 p.m., New York City time, on November 27, 2020 (the “Amended Early Participation Deadline”). Accordingly, Eligible Holders of such Old Notes who tender their Notes after the Original Early Participation Date and prior to the Amended Early Participation Deadline will continue to be eligible to receive the Total Consideration as set forth in the confidential exchange offering memorandum, dated October 29, 2020 (the “Offering Memorandum”), which includes an early tender payment of $50 principal amount of New Notes per $1,000 principal of such Old Notes (the “Early Tender Payment”). Eligible Holders of the Old Notes for which the Early Participation Date has not been extended, who tender such Old Notes after the Original Early Participation Date, will only be eligible to receive the Exchange Consideration set forth in the Offering Memorandum, which does not include the Early Tender Payment.

Due to the extension of the Early Participation Date for the certain series listed above, Nabors has opted not to exercise its option to have an early settlement for the Exchange Offers. Accordingly, the Exchange Offers will only have one settlement after the expiration of the Exchange Offers.

Except as described herein, the terms and conditions of the Exchange Offers remain the same as set forth and detailed in the Offering Memorandum, copies of which were previously distributed to Eligible Holders. Withdrawal rights expired at 5:00 p.m., New York City time, on November 12, 2020 and tendered Old Notes may no longer be withdrawn.

The Exchange Offers are being made, and the New Notes are being offered and will be issued only (a) to holders of Old Notes who are reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”)) and (b) to holders of Old Notes who are persons other than U.S. persons outside the United States in reliance upon Regulation S under the Securities Act. Holders of Old Notes who have certified to the Company that they are eligible to participate in the Exchange Offers pursuant to at least one of the foregoing conditions are referred to as “Eligible Holders.” Only Eligible Holders who have completed and returned an eligibility letter, available from the information agent, may receive and review the Offering Memorandum or participate in the Exchange Offers. Eligible Holders of the Old Notes who desire to obtain and complete an eligibility form should contact the information agent and exchange agent, Global Bondholder Services Inc., at 866-470-3900 (toll-free) or (212) 430-3774 (for banks and brokers), or online at https://gbsc-usa.com/eligibility/nabors.

Eligible Holders of the Old Notes are urged to carefully read the Offering Memorandum before making any decision with respect to the Exchange Offers. None of the Company, the Parent, the dealer managers, the trustees or securities administrators with respect to the Old Notes, the trustee with respect to the New Notes, the information and exchange agent or any affiliate of any of the foregoing makes any recommendation as to whether Eligible Holders of the Old Notes should exchange their Old Notes for New Notes in the Exchange Offers, and no one has been authorized by any of them to make such a recommendation. Eligible Holders must make their own decision as to whether to tender their Old Notes and, if so, the principal amount of Old Notes to tender.

The New Notes and the Exchange Offers have not been and will not be registered with the U.S. Securities and Exchange Commission under the Securities Act, or any state or foreign securities laws. The New Notes may not be offered or sold in the United States or for the account or benefit of any U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Exchange Offers are not being made to Eligible Holders of Old Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to purchase or sell any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

This notice does not constitute an offer to sell or a solicitation of an offer to buy notes in any jurisdiction where such offer or solicitation would be unlawful, and does not constitute an offer to sell or a solicitation of an offer to buy or an advertisement in respect of notes in any province or territory of Canada other than the provinces of Alberta, British Columbia, Manitoba, Ontario, Québec, Saskatchewan, Nova Scotia, New Brunswick, Prince Edward Island or Newfoundland and Labrador, and in those permitted provinces only to investors that are “accredited investors” as defined in National Instrument 45-106 Prospectus Exemptions, or the Securities Act (Ontario), as applicable, and “permitted clients” as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that we expect, believe, or anticipate will or may occur in the future are forward-looking statements. The words “anticipate,” “assume,” “believe,” “budget,” “estimate,” “expect,” “forecast,” “intend,” “plan,” “project,” “will,” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to, among other things, the completion of the Exchange Offers. Such forward-looking statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions, expected future developments, and other factors that the Company believes are appropriate under the circumstances. These statements are subject to a number of known and unknown risks and uncertainties, which may cause the Company’s actual results and performance to be materially different from any future results or performance expressed or implied by the forward-looking statements. Some of these risks are described in the “Risk Factors” section in Part I, Item 1A of the Parent’s Annual Report on Form 10-K for the year ended December 31, 2019 and Part II of the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2020. Forward-looking statements are not guarantees of future performance and actual results or performance may be materially different from those expressed or implied in the forward-looking statements. The forward-looking statements in this press release speak as of the date of this press release. The forward-looking statements contained in this press release reflect management’s estimates and beliefs as of the date of this press release. The Company and the Parent do not undertake to update these forward-looking statements.

About the Company

Nabors Industries Ltd. (NYSE: NBR) owns and operates one of the world’s largest land-based drilling rig fleets and provides offshore platform rigs in the United States and several international markets. Nabors also provides directional drilling services, tubular services, performance software, and innovative technologies for its own rig fleet and those of third parties. Leveraging advanced drilling automation capabilities, Nabors’ highly skilled workforce continues to set new standards for operational excellence and transform the industry.

Media Contact

For further information regarding Nabors, please contact William C. Conroy, Vice President of Corporate Development & Investor Relations at + 1 281-775-2423 or Kara Peak, Director of Corporate Development & Investor Relations at +1 281-775-4954. To request investor materials, contact Nabors’ corporate headquarters in Hamilton, Bermuda at + 1 441-292-1510 or via email at [email protected].

Cision View original content:http://www.prnewswire.com/news-releases/nabors-announces-early-results-and-extension-of-early-participation-date-with-respect-to-certain-exchange-offers-301172787.html

SOURCE Nabors Industries Ltd.

Posted on

KESSLER TOPAZ MELTZER & CHECK, LLP: Final Deadline Reminder for NIKOLA CORPORATION Investors – NKLA, NKLAW

RADNOR, Pa., Nov. 13, 2020 (GLOBE NEWSWIRE) — Kessler Topaz Meltzer & Check, LLP reminds Nikola Corporation (NASDAQ: NKLA, NKLAW) (“Nikola”) investors that a securities fraud class action lawsuit has been filed in the United States District Court for the District of Arizona on behalf of those who purchased or otherwise acquired Nikola securities between March 3, 2020 and September 20, 2020, inclusive (the “Class Period”).



FINAL DEADLINE REMINDER:


Nikola


investors may, no later than November 16, 2020, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please click


https://www.ktmc.com/nikola-corporation-class-action?utm_source=PR&utm_medium=link&utm_campaign=nikola


.

According to the complaint, Nikola operates as an integrated zero emissions transportation systems provider, which designs and manufactures battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen fueling station infrastructure.  The merger of VectoIQ and Nikola closed on June 3, 2020.

The Class Period commences on March 3, 2020 when Nikola issued a press release entitled, “Nikola Corporation, a Global Leader in Zero Emissions Transportation Solutions, to Be Listed on NASDAQ Through a Merger with VectoIQ.”  In connection with the merger announcement, Nikola released an investor presentation on March 3, 2020, which touted Nikola founder and Executive Chairman Trevor R. Milton’s (“Milton”) experience in the clean energy and technology field and Nikola’s hydrogen production capabilities.

The complaint alleges that, on September 10, 2020, before market hours, Hindenburg Research published a report describing, among other things, how: (i) Nikola claims to design key components in house, but they appear to simply be buying or licensing them from third parties; (ii) Nikola has not produced hydrogen; (iii) a spokesman for Powercell AB, a hydrogen fuel cell technology company that formerly partnered with Nikola, called Nikola’s battery and hydrogen fuel cell claims “hot air”; (iv) Nikola staged a “test” video for its Nikola Two (a prototype truck); (v) some of Nikola’s team, including Milton, are not experts and do not have relevant experience; and (vi) Nikola did not have five Tre trucks completed.  Following this news, shares of Nikola fell $10.24, or 24%, over the next two trading days, to close at $32.13 per share on September 11, 2020.

Then, on September 15, 2020, before trading hours, Hindenburg Research published another report, focused on Nikola’s responses and nonresponses to its initial report, entitled “We View Nikola’s Response As a Tacit Admission of Securities Fraud.”  Following this news, shares of Nikola fell $2.96, or 8%, to close at $32.83 per share on September 15, 2020.

Finally, on September 20, 2020, Nikola issued a press release entitled “Nikola Board of Directors Announces Leadership Transition: Trevor Milton Steps Down as Executive Chairman; Stephen Girsky Appointed Chairman of the Board.” Following this news, the price of Nikola’s shares fell in pre-market trading on September 21, 2020, further damaging investors.

The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) VectoIQ did not engage in proper due diligence regarding its merger with Nikola; (2) Nikola overstated its “in-house” design, manufacturing, and testing capabilities; (3) Nikola overstated its hydrogen production capabilities; (4) as a result, Nikola overstated its ability to lower the cost of hydrogen fuel; (5) Milton tweeted a misleading “test” video of the Nikola Two truck; (6) the work experience and background of key Nikola employees, including Milton, had been overstated and obfuscated; (7) Nikola did not have five Tre trucks completed; and (8) as a result, the defendants’ public statements were false and/or misleading at all relevant times.

Investors who wish to discuss their legal rights or interests with respect to this securities fraud class action lawsuit are encouraged to contact Kessler Topaz Meltzer & Check (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (844) 877-9500 (toll free) or (610) 667 – 7706, or via e-mail at [email protected].

Nikola investors may, no later than November 16, 2020, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member.  A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.  In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. 

Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.  The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars).  The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 877-9500 (toll free)
(610) 667-7706
[email protected]

Posted on

TD Holdings, Inc. achieves third quarter profit by new business segment

PR Newswire

SHENZHEN, China, Nov. 13, 2020 /PRNewswire/ — On 13th, November 2020, TD Holdings, Inc. (NASDAQ: GLG) released its financial report for the third quarter of 2020. In a single quarter, it achieved operating income of $7.21 million and net profit of $1.18 million. Compared with the same period in the third quarter of 2019, its operating income and net profit have increased by 1,077.48% and 1,103.69% respectively, which indicates a rapid growth of the performance of each quarter in 2020.

The new business of commodity trading and supply chain services has brought huge space for the company to further develop. Especially after the completion of the acquisition of Shenzhen Qianhai Baiyu Supply Chain Co., Ltd. on October 26, 2020, the company has determined to draw a new picture for the business of bulk commodity and supply chain management.

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SOURCE TD Holdings, Inc.

Posted on

TD Holdings, Inc. Reports Third Quarter 2020 Financial Results

PR Newswire

SHENZHEN, China, Nov. 13, 2020 /PRNewswire/ — TD Holdings, Inc. (Nasdaq: GLG) (the “Company”), a commodities trading and supply chain management service provider in China today announced its financial results for the nine months ended September 30, 2020.

Affected by the ongoing outbreak of the COVID-19, the Company expected its used luxurious car leasing business to be subject to continuous losses due to the closure of stores. As a result, the Company sold the used luxurious car leasing business in August 2020 and focus on the commodities trading and its complementary business.

Mrs. Renmei Ouyang, the Chief Executive Officer of the Company, stated, “We are pleased to report our financial results for the nine months ended September 30, 2020. We started our commodities trading business in late 2019. We have successfully achieved net income from our continuing operations in the third quarter of 2020. We plan on continuing to develop our commodities trading business in terms of volume, revenues and net profit, and increase its value to our stockholders. In addition, our recent acquisition of Shenzhen Qianhai Baiyu Supply Chain Co., Ltd. has laid a solid foundation for us to further expand our supply chain business in areas including warehousing, logistics, processing, and providing supply chain financing to downstream clients. We expect Qianhai Baiyu to synergize well with Huamucheng’s existing operations as the two businesses will be able to share customer resources and sales channels, increasing our cost efficiency.”

Financial Highlights


In the quarter ended September 30, 2020

  • Revenues from commodities trading business was $7.21 million, consisting of $3.68 million from sales of commodities products, and $3.53 million from supply chain management services for the quarter ended September 30, 2020;
  • Net income from continuing operations was $4.17 million, as compared with net loss from continuing operations of $0.26 million for the same period ended September 30, 2019. Net income was $1.18 million, as compared with net loss of $0.39 million for the same period ended September 30, 2019;
  • Basic and diluted earnings per share from continuing operations was $0.07, compared with basic and diluted loss per share from continuing operations of $0.03 for the same period ended September 30, 2019. Basic and diluted earnings per share was $0.02, compared with basic and diluted loss per share of $0.05 for the same period ended September 30, 2019; and
  • Shareholders’ equity as of September 30, 2020 was $93.9 million, an increase of 1,518.97% compared with $5.8 million as of December 31, 2019.


In the nine months ended September 30, 2020

  • Revenues from commodities trading business was $12.39 million, consisting of $6.30 million from sales of commodities products, and $6.09 million from supply chain management services for the quarter ended September 30, 2020;
  • We raised funds aggregating $30 million from issuance of convertible notes, accompanied by warrants to purchase 20,000,000 shares of Common Stock issuable upon exercise of the warrants at an exercise price of $1.80, and raised $36 million from the holders of convertible notes upon their conversion of the convertible notes and exercise of the warrants. We therefore incurred noncash amortization of beneficial conversion feature of $3.4 million and amortization of relative fair value of warrants of $3.06 million;
  • Net income from continuing operations was $0.22 million, as compared with net loss from continuing operations of $2.12 million for the same period ended September 30, 2019. Net loss was $3.32 million, as compared with $3.26 million for the same period ended September 30, 2019; and
  • Basic and diluted earnings per share from continuing operations was $0.01, compared with basic and diluted loss per share from continuing operations of $0.30 for the same period ended September 30, 2019. Basic and diluted loss per share was $0.08, compared with basic and diluted loss per share of $0.46 for the same period ended September 30, 2019.

Financial Results


In the three months ended September 30, 2020

Revenues

For the three months ended September 30, 2020, the Company sold non-ferrous metals to six customers at fixed prices, and earned revenues when the product ownership was transferred to its customers. The Company earned revenues of $3,680,944 from sales of commodity products. There was no such revenue for the three months ended September 30, 2019.

For the three months ended September 30, 2020, the Company earned distribution commission fees of $3,531,885 from facilitating metal product sales between the suppliers and the customers, and did not earn revenues from loan recommendation services.

Cost of revenue

Cost of revenue primarily consists of purchase costs of non-ferrous metal products and business taxes and surcharges. For the three months ended September 30, 2020,  the Company purchased non-ferrous metal products of $3,617,068 from two third party suppliers, and sold non-ferrous metal products to four customers. The Company recorded cost of revenue of $3,697,490. There was no such cost for the three months ended September 30, 2019 because this was a new business launched in December 2019.

Selling, general, and administrative expenses

Selling, general and administrative expenses increased from $259,945 for the three months ended September 30, 2019 to $292,080  for the three months ended September 30, 2020, representing an increase of $32,135, or 12%.  Selling, general and administrative expenses primarily consisted of salary and employee benefits, office rental expense, business tax and surcharge, professional service fees, office supplies. The increase was mainly attributable to an increase of $79,098 in rental expenses with our launch of our commodities trading business, against a decrease of salary and payroll expenses of $27,012 because our new senior management charged less salary expenses. 

Interest income

Interest income was primarily generated from loans made to third parties and related parties. For the three months ended September 30, 2020, interest income was $2,356,000, as compared with $nil for the same period ended September 30, 2019. The increase was primarily due to net loans of $83.3 million made to a customer, from which the Company earned interest income of $2.4 million.

Net loss from discontinued operations

During the three months ended September 30, 2020, the net loss from discontinued operations was comprised of a net loss of $nil from discontinued operations of the used luxurious car leasing business and a loss of $2,989,116 from disposal of the discontinued operations of used luxurious car leasing business. 

During the three months ended September 30, 2019, the net loss from discontinued operations was comprised of a net loss of $132,898 from discontinued operations of the used luxurious car leasing business.

Net loss

Net income from continuing operations for the three months ended September 30, 2020 was $4,170,658, representing a change of $4,430,603 from net loss from continuing operations of $259,945 for the three months ended September 30, 2019.

Net income for the three months ended September 30, 2020 was $1,181,542, representing a change of $1,574,385 from net loss of $392,843 for the three months ended September 30, 2019.


In the nine months ended September 30, 2020

Revenues

For the nine months ended September 30, 2020, the Company sold non-ferrous metals to six customers at fixed prices, and earned revenues when the product ownership was transferred to its customers. The Company earned revenues of $6,298,245 from sales of commodity products. There was no such revenue for the nine months ended September 30, 2019.

For the nine months ended September 30, 2020, the Company earned $2,332,735 from loan recommendation services from the facilitation of a loan volume of approximately $93.3 million (RMB 652.8 million) with five customers, and earned distribution commission fees of $3,760,338 from facilitating the metal product sales between the suppliers and the customers.

Cost of revenue

Cost of revenue primarily consists of purchase costs of non-ferrous metal products and business taxes and surcharges. For the nine months ended September 30, 2020, the Company purchased non-ferrous metal products of $6,233,590 from three third party suppliers, and sold non-ferrous metal products to six customers. The Company recorded cost of revenue of $6,322,765. There was no such cost for the nine months ended September 30, 2019 because this was a new business launched in December 2019.

Selling, general, and administrative expenses

Selling, general and administrative expenses decreased from $2,123,191 for the nine months ended September 30, 2019 to $1,032,660 for the nine months ended September 30, 2020, representing a decrease of $1,090,531, or 51%. Selling, general and administrative expenses primarily consisted of salary and employee benefits, office rental expense, business tax and surcharge, professional service fees, office supplies. The decrease was mainly attributable to a decrease of stock-based compensation expenses of $884,208, because we issued 502,391 restricted shares as compensation of $884,208 to certain service providers for the nine months ended September 30, 2019, while no such issuance was made for the nine months ended September 30, 2020, and a decrease of $112,061 in salary and payroll expenses because the new senior management of the Company charged less payroll expenses. 

Interest income

Interest income was primarily generated from loans made to third parties and related parties. For the nine months ended September 30, 2020, interest income was $3,965,283, representing an increase of $3,964,647 from $636 for the nine months ended September 30, 2019. The increase was primarily due to net loans of $83.3 million made to a customer. The Company earned interest income of $3.82 million from this customer.

Amortization of beneficial conversion feature and relative fair value of warrants relating to issuance of convertible notes

For the nine months ended September 30, 2020, there was amortization of beneficial conversion feature of $3.4 million and relative fair value of warrants relating to issuance of convertible notes of $3.06 million relating to the convertible notes which were converted in May 2020.

For the nine months ended September 30, 2020, no such expenses were incurred.

Net loss from discontinued operations

During the nine months ended September 30, 2020, the net loss from discontinued operations was comprised of net loss of $552,691 from discontinued operations of used luxurious car leasing business and a loss of $3,541,807 from disposal of the discontinued operations of the used luxurious car leasing business. 

During the nine months ended September 30, 2019, the net loss from discontinued operations was comprised of net loss of $1,140,439 from discontinued operations of the used luxurious car leasing business.

Net loss

Net income from continuing operations for the nine months ended September 30, 2020 was $222,119, representing a change of $2,344,674 from net loss from continuing operations of $2,122,555 for the nine months ended September 30, 2019.

Net loss for the nine months ended September 30, 2020 was $3,319,688, representing an increase of $56,694 from net loss of $3,262,994 for the nine months ended September 30, 2019.

Nine Months Ended September 30, 2020 Cash Flows

As of September 30, 2020, the Company had cash and cash equivalents of $2.97 million, as compared with $1.78 million as of December 31, 2019.

Net cash provided by operating activities from continuing operations was $1.64 million for the nine months ended September 30, 2020, as compared with cash used in operating activities from continuing operations of $1.20 million for the same period of 2019. Net cash provided by operating activities was $0.94 million for the nine months ended September 30, 2020, as compared with cash used in operating activities from continuing operations of $2.02 million for the same period of 2019.

Net cash used in investing activities was $81.71 million for the nine months ended September 30, 2020, compared to $5.46 million for the same period of 2019.

Net cash provided by financing activities was $81.05 million for the nine months ended September 30, 2020, compared to $7.40 million for the same period of 2019.

About TD Holdings, Inc.

TD Holdings, Inc. (Nasdaq: GLG) is a commodities trading and supply chain management service provider in China. Our commodities trading and supply chain management businesses are conducted under the brand names “Huamucheng” by Shenzhen Huamucheng Trading Co., Ltd. and “Qianhai Baiyu” by Shenzhen Qianhai Baiyu Supply Chain Co., Ltd., the Company’s wholly owned subsidiaries in Shenzhen. For more information please visit http://ir.tdglg.com.

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of TD Holdings, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its
website at 

http://www.sec.gov

. All forward-looking statements attributable to the Company or persons acting
 on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

 

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SOURCE TD Holdings, Inc.