Market Newsdesk

Third Quarter Fiscal 2021 Highlights versus Third Quarter Fiscal 2020:

• Revenues declined to $4.1 million from $4.9 million
• Adjusted EBITDA increased to $1.8 million from $1.7 million
• Net loss improved to $6.0 million compared to a loss of $6.8 million
• SG&A expenses declined to $2.3 million from $3.2 million

SHERMAN OAKS, Calif., Dec. 15, 2020 (GLOBE NEWSWIRE) — Apex Global Brands (OTCBB: APEX), a global brand management and licensing organization that markets a portfolio of high-equity lifestyle brands it owns, creates and elevates, today reported financial results for its third quarter of Fiscal 2021, which ended October 31, 2020.

“Consistent with the overall retail sector, we continued to see challenges in the third quarter,” said Henry Stupp, Chief Executive Officer of Apex Global Brands.  “The COVID-19 pandemic continues to impact our business.  While our licensees and business partners are adapting, it remains difficult to predict the near-term impact, let alone the long-term impact, on our business.  We are experiencing both weekly changes to retail operations depending on the safer-at-home policies of individual states and countries that limit in-person shopping capacity, yet many of our global retail partners are seeing a rise in online shopping.  Nevertheless, given the current state of the economy, we cannot predict if that shift to online purchasing will result in a successful holiday shopping season.”

Mr. Stupp continued, “Given the current macro conditions, we continue to make efforts to rationalize our costs and improve the efficiencies of our operations.  We have successfully reduced our costs, and, on a year-to-date basis, our SG&A expenses declined by 28% over the prior-year period.  In addition, as I noted in the prior quarter, we are achieving increased efficiency due to our extensive asset library and the introduction of newer technologies, such as 3D product development and virtual brand showrooms, which make remote working more effective.  As we enter the new calendar year, we will continue to adapt our business and work closely with each of our licensees and retail partners to best meet the challenges of the retail industry.”

CARES Act Benefits

Apex Global Brands expects to receive federal income tax refunds of approximately $9.1 million resulting from changes to the net operating losses carryback provisions of the federal tax code that came from the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The Company has submitted refund claims to the Internal Revenue Service for a portion of these tax refunds. However, the timing of these future cash receipts is unknown due to processing delays by the Internal Revenue Service related to the COVID-19 pandemic. A significant portion of these refunds are contractually required to pay down obligations to the Company’s senior secured lenders.

In April 2020, the Company received a $0.7 million Paycheck Protection Program loan under the CARES Act. The Paycheck Protection Program Flexibility Act has extended the time frame to use these loan proceeds for payroll, rent, utilities and interest. A substantial portion of this loan is expected to be forgiven.

Forbearance

Apex Global Brands and its senior secured lender agreed on December 15, 2020 to amend their credit agreement and extend the forbearance through December 31, 2020 or March 31, 2021 if certain milestones are met. The forbearance agreement has provisions that assist Apex’s cash management and requires the Company to continue to evaluate strategic alternatives designed to provide liquidity to refinance the term loans under the senior secured credit facility. In exchange for these concessions, the senior secured lender will receive additional fees, which together with other exit fees, are expected to total approximately $2.5 million. The forbearance agreement accelerates the maturity of the underlying debt from August 3, 2021 to March 31, 2021 or to December 31, 2020 if certain milestones are not met.

Revenues

Revenues were $4.1 million in the third quarter of Fiscal 2021, a decrease of 17% from $4.9 million in the third quarter of the prior year.   The decline in third quarter revenues reflects the non-renewal of certain licenses and the decrease in sales of licensees’ products stemming from the COVID-19 pandemic. For the first nine months of Fiscal 2021, revenues totaled $12.5 million, a decrease of 20% from $15.5 million in the first nine months of Fiscal 2020.

Operating and Non-Operating Expenses

Selling, general and administrative expenses, which comprise the Company’s normal operating expenses, were $2.3 million in the third quarter of Fiscal 2021, a decrease of 28% from $3.2 million in the third quarter of the prior year. This decrease in SG&A reflects cost-savings measures undertaken in response to the COVID-19 pandemic and the related shortfall in revenues, along with the beneficial impact of the Company’s restructuring efforts, which resulted in reduced spending for payroll, facilities and general operations.

For the first nine months of Fiscal 2021, selling, general and administrative expenses also saw significant declines, totaling $7.3 million, down 28% from $10.1 million in the first nine months of Fiscal 2020. The Company incurred $0.7 million of transaction and other costs in the third quarter of Fiscal 2021, including amounts related to its forbearance agreement with its senior secured lender.

Interest expense was $2.9 million in the third quarter of Fiscal 2021, compared to $2.2 million in the third quarter of the prior year. For the first nine months of Fiscal 2021, interest expense was $7.5 million, compared to $6.7 million in the first nine months of the prior year. As a result of the forbearance agreements with the Company’s senior secured lender and modifications to the Company’s subordinated debt agreements, $3.3 million of interest in the first nine months of Fiscal 2021 was added to the principal balances of the underlying debt instruments and not paid in cash. Interest expense increased in comparison to the prior year due to incremental forbearance and other exit fees.

For the first nine months of Fiscal 2021, the Company reported an income tax benefit of $9.4 million, primarily due to changes in federal regulations regarding the carryback of net operating losses implemented by the CARES Act.   This compares to an income tax expense of $2.0 million for the first nine months of Fiscal 2020. In the first nine months of Fiscal 2021, Apex paid $0.7 million in cash taxes, compared to $0.8 million paid in the first nine months of Fiscal 2020.

Operating loss in the third quarter of Fiscal 2021 totaled $3.8 million, compared to a loss of $3.9 million in the third quarter of the prior year. Operating loss during the first nine months of Fiscal 2021 was $10.9 million. This year-to-date operating loss resulted primarily from non-cash impairment charges of $14.4 million. In the first quarter of Fiscal 2021, the book value of the Company’s goodwill was lowered by $5.4 million due to reductions in the Company’s market capitalization, and the book value of the Company’s non-amortizing trademarks were lowered by $4.4 million due to revenue projection declines caused by the onset of the COVID-19 pandemic. The Company’s non-amortizing trademarks were lowered by an additional $4.6 million in the third quarter of Fiscal 2021 due to further reductions in the company’s revenue projections as the COVID-19 pandemic continues to hamper revenues of the Company’s licensees.

Net loss was $6.0 million in the third quarter of Fiscal 2021, or a loss of $10.58 per diluted share, on 564,000 shares outstanding, compared to net loss of $6.8 million, or a loss of $12.35 per diluted share, on 553,000 shares outstanding in the third quarter of the prior year.

Net loss for the first nine months of Fiscal 2021 was $9.2 million, or a loss of $16.34 per diluted share, on 560,000 shares outstanding, compared to a net loss of $10.4 million, or a loss of $19.32 per diluted share, on 536,000 shares outstanding in the prior year.

Adjusted EBITDA totaled $1.8 million in the third quarter of Fiscal 2021, an increase of $0.1 million from $1.7 million in the third quarter of the prior year. Adjusted EBITDA in the first nine months of Fiscal 2021 decreased to $5.2 million from $5.4 million in the first nine months of Fiscal 2020.

Balance Sheet & Liquidity Measures

As of October 31, 2020, the Company had cash and cash equivalents of $1.6 million. The Company’s forbearance agreement with its senior secured lender and the modification of the Company’s subordinated promissory note agreements defer the interest and principal payments that would otherwise be payable in cash by the Company, thereby improving its liquidity position. These deferrals extend through the forbearance period for the Company’s senior secured debt and extend through January 1, 2021 for the Company’s subordinated debt. Payments to the Company’s subordinated debt holders are generally restricted by the Company’s credit agreement with its senior secured lender.

As of October 31, 2020, the Company’s outstanding borrowings under the senior secured term loans were $45.8 million, outstanding borrowings under subordinated promissory notes were $14.8 million, and outstanding borrowings under the Paycheck Protection Program promissory note were $0.7 million. A substantial portion of the Paycheck Protection Program loan is anticipated to be forgiven. Additional information regarding the Company’s debt and the related forbearance agreement is available in Apex’s quarterly report on Form 10-Q for the period ended October 31, 2020.

Fiscal 2021 Outlook

Due to the evolving and uncertain nature of the COVID-19 pandemic and its impact on Apex Global Brands’ business, the Company is maintaining its current suspension of forward-looking guidance. While revenues are expected to be down year-over-year, so too will the Company’s expenses. Apex initiated cost saving measures beginning in the first quarter of Fiscal 2021 in response to the anticipated decline in revenues. Apex cannot provide assurance that these cost savings measures will be adequate to offset further revenue declines, and COVID-19 may have a material impact on operating results, cash flows and financial condition beyond Apex’s current expectations. The Company anticipates that it may be increasingly difficult to obtain license renewals or new licenses, which could put increasing pressure on the Company’s business model.   Furthermore, the forbearance agreement with Apex’s lender accelerates the maturity date of its senior secured debt to March 31, 2021 or to December 31, 2020 if certain milestones are not met. There is substantial uncertainty about the potential success of the Company’s efforts to find strategic alternatives to provide liquidity to refinance the debt on or prior to the maturity date.

Movement to the OTC

Apex Global Brands has been making a concerted effort over the past two years to meet the Nasdaq Stock Market’s listing requirements. However, on November 3, 2020, the Company received a notification from the Panel that it determined to delist the Company’s common stock from the Nasdaq Capital Market effective November 5, 2020. On that day, Apex Global Brand’s common stock began trading on the Pink Open Market of the OTC Markets Group under the same ticker “APEX.”

About Apex Global Brands

Apex Global Brands is a global brand management and licensing organization that markets a portfolio of high-equity lifestyle brands it owns creates and elevates. The brand portfolio spans multiple consumer product categories and retail tiers around the world and includes Hi-Tec^®, Magnum^®, 50 Peaks^®, Interceptor^®, Cherokee^®, Tony Hawk^®, Point Cove^®, Carole Little^®, Everyday California^® and Sideout^®. The Company currently maintains license agreements with leading retailers and manufacturers that span approximately 140 countries in over 20,000 retail locations and digital commerce. For more information, please visit the Company’s website at apexglobalbrands.com.

Forward Looking Statements

This news release may contain forward-looking statements regarding future events and the future performance of Apex Global Brands. Forward-looking statements in this press release include, without limitation, express or implied statements regarding: the Company’s efforts to find strategic alternatives to provide liquidity to refinance its debt on or prior to the maturity date; the Company’s anticipated receipt of federal income tax refunds, including the timing thereof; the effects of the Company’s cost saving efforts; the anticipated and ongoing impacts of the novel coronavirus (COVID-19) pandemic; the Company’s expectations regarding its new and existing license agreements and the performance of its licensees thereunder; the Company’s ability to sustain necessary liquidity and grow its business; and anticipated market developments and opportunities. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances and is based on currently available market, operating, financial and competitive information and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expected or projected, including, among others, risks that: the Company will be unsuccessful in its efforts to find strategic alternatives to provide liquidity to refinance its debt on or prior to the maturity date; the Company will not receive the anticipated federal income tax refunds in a timely manner or at all; the Company and its partners will not achieve the results anticipated in the statements made in this release; the impact of the COVID-19 pandemic, and the related responses of the government, consumers and the Company, on its business, financial condition and results of operations is more adverse than currently predicted; that anticipated revenues or cash collections will be lower than anticipated or that expenses will be higher than anticipated, which could cause the Company to fail to meet the financial covenants and milestones in its credit facility and thereby give its lender the right to terminate the forbearance and declare an event of default and to exercise its rights under the credit facility; global economic conditions and the financial condition of the apparel and retail industry and/or adverse changes in licensee or consumer acceptance of products bearing the Company’s brands may lead to reduced royalties; the ability and/or commitment of the Company’s licensees to design, manufacture and market Cherokee®, Hi-Tec®, Magnum®, 50 Peaks®, Interceptor®, Carole Little®, Tony Hawk® and Hawk Brands®, Everyday California® and Sideout® branded products could cause our results to differ from our anticipations; the Company’s dependence on a select group of licensees for most of the Company’s revenues makes us susceptible to changes in those organizations; our level of indebtedness and restrictions under our indebtedness; and the Company’s dependence on its key management personnel could leave us exposed to disruption on any termination of service. A more detailed discussion of such risks and uncertainties are described in the Company’s annual report on Form 10-K filed on April 30, 2020, its periodic reports on Forms 10-Q and 8-K, and subsequent filings with the SEC the Company makes from time to time. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.

Note Regarding Use of Non-GAAP Financial Measures

Certain of the information set forth herein, including Adjusted EBITDA, may be considered non-GAAP financial measures. Apex believes this information is useful to investors as a measure of profitability, because it helps them compare our performance on a consistent basis by removing from our operating results the impact of our capital structure, the effect of operating in different tax jurisdictions, the impact of our asset base, which can differ depending on the book value of assets and the accounting methods used to compute depreciation and amortization, and the cost of acquiring or disposing of businesses and restructuring our operations. In addition, the Company’s management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company’s operating performance and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-GAAP financial measures as reported by the Company may not be comparable to similarly titled amounts reported by other companies. A reconciliation of net loss from continuing operations as reported in our consolidated statements of operations is reconciled to Adjusted EBITDA in tabular form later in this release under the heading “Reconciliation of GAAP to Non-GAAP Financial Data”.

Investor Contacts:

Apex Global Brands
Steve Brink, CFO
818-908-9868

Addo Investor Relations
Kimberly Esterkin/Patricia Nir
310-829-5400

APEX GLOBAL BRANDS INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In thousands, except share and per share amounts)

		October 31, 2020				February 1, 2020
Assets
Current assets:
Cash and cash equivalents		$	1,629			$	1,209
Accounts receivable, net			3,927				4,962
Income tax and other receivables			8,876				157
Prepaid expenses and other current assets			1,331				1,431
Total current assets			15,763				7,759
Property and equipment, net			240				319
Intangible assets, net			49,647				59,110
Goodwill			6,752				12,152
Accrued revenue and other assets			3,508				3,582
Total assets		$	75,910			$	82,922
Liabilities and Stockholders’ (Deficit) Equity
Current liabilities:
Accounts payable and other current liabilities		$	6,145			$	6,282
Current portion of long-term debt			60,938				56,044
Deferred revenue—current			1,263				3,551
Total current liabilities			68,346				65,877
Long-term liabilities:
Long-term debt			490				—
Deferred income taxes			8,379				9,515
Long-term lease liabilities			1,159				1,389
Other liabilities			842				794
Total liabilities			79,216				77,575
Commitments and contingencies (Note 7)
Stockholders’ (deficit) equity:
Preferred stock, $.02 par value, 1,000,000 shares authorized, none issued			—				—
Common stock, $.02 par value, 25,000,000 shares authorized, shares issued 569,130 (October 31, 2020) and 557,053 (February 1, 2020)			11				11
Additional paid-in capital			79,139				78,641
Accumulated deficit			(82,456	)			(73,305	)
Total stockholders’ (deficit) equity			(3,306	)			5,347
Total liabilities and stockholders’ (deficit) equity		$	75,910			$	82,922

 

APEX GLOBAL BRANDS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(In thousands, except per share amounts)

	Three Months Ended								Nine Months Ended
	October 31, 2020				November 2, 2019				October 31, 2020				November 2, 2019
Revenues	$	4,050			$	4,894			$	12,463			$	15,549
Operating expenses:
Selling, general and administrative expenses		2,291				3,193				7,288				10,117
Stock-based compensation and stock warrant charges		110				153				405				876
Transaction and other costs		654				73				654				284
Restructuring charges		—				138				(97	)			180
Intangible assets and goodwill impairment charges		4,607				5,000				14,407				5,000
Depreciation and amortization		223				232				668				743
Total operating expenses		7,885				8,789				23,325				17,200
Operating loss		(3,835	)			(3,895	)			(10,862	)			(1,651	)
Other (expense) income:
Interest expense		(2,895	)			(2,182	)			(7,507	)			(6,678	)
Other (expense) income, net		(27	)			(59	)			(175	)			2
Total other expense, net		(2,922	)			(2,241	)			(7,682	)			(6,676	)
Loss before income taxes		(6,757	)			(6,136	)			(18,544	)			(8,327	)
(Benefit) provision for income taxes		(788	)			692				(9,393	)			2,026
Net loss	$	(5,969	)		$	(6,828	)		$	(9,151	)		$	(10,353	)
Net loss per share:
Basic loss per share	$	(10.58	)		$	(12.35	)		$	(16.34	)		$	(19.32	)
Diluted loss per share	$	(10.58	)		$	(12.35	)		$	(16.34	)		$	(19.32	)
Weighted average common shares outstanding:
Basic		564				553				560				536
Diluted		564				553				560				536

APEX GLOBAL BRANDS INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL DATA

 
(In thousands)

We define Adjusted EBITDA as net income before (i) interest expense, (ii) other (expense) income, net, (iii) (benefit) provision for income taxes, (iv) depreciation and amortization, (v) intangible assets and goodwill impairment charges, (vi) restructuring charges, (vii) transaction and other costs and (viii) stock-based compensation and stock warrant charges. Adjusted EBITDA is not defined under generally accepted accounting principles (“GAAP”) and it may not be comparable to similarly titled measures reported by other companies. We use Adjusted EBITDA, along with GAAP measures, as a measure of profitability, because Adjusted EBITDA helps us compare our performance on a consistent basis by removing from our operating results the impact of our capital structure, the effect of operating in different tax jurisdictions, the impact of our asset base, which can differ depending on the book value of assets and the accounting methods used to compute depreciation and amortization, and the cost of acquiring or disposing of businesses and restructuring our operations. We believe it is useful to investors for the same reasons. Adjusted EBITDA has limitations as a profitability measure in that it does not include the interest expense on our long-term debt, non-operating income or expense items, our provision for income taxes, the effect of our expenditures for capital assets and certain intangible assets, the costs of acquiring or disposing of businesses and restructuring our operations, or our non-cash charges for stock-based compensation and stock warrants. A reconciliation from net loss as reported in our condensed consolidated statements of operations to Adjusted EBITDA is as follows: 

	Three Months Ended								Six Months Ended
(In thousands)	October 31, 2020				November 2, 2019				October 31, 2020				November 2, 2019
Net loss	$	(5,969	)		$	(6,828	)		$	(9,151	)		$	(10,353	)
(Benefit) provision for income taxes		(788	)			692				(9,393	)			2,026
Interest expense		2,895				2,182				7,507				6,678
Other expense (income)		27				59				175				(2	)
Depreciation and amortization		223				232				668				743
Intangible assets and goodwill impairment charges		4,607				5,000				14,407				5,000
Restructuring charges		—				138				(97	)			180
‘Transaction and other costs		654				73				654				284
Stock-based compensation and stock warrant charges		110				153				405				876
Adjusted EBITDA	$	1,759			$	1,701			$	5,175			$	5,432

SAN DIEGO, Dec. 15, 2020 (GLOBE NEWSWIRE) — Leading retail investment advisory firm and independent broker-dealer LPL Financial LLC, a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq: LPLA) (the “Company”), today released its monthly activity report for November 2020.

Total advisory and brokerage assets served at the end of November were approximately $873 billion, an increase of 8.1% compared to the end of October 2020.

Total organic net new assets for November were an inflow of $4.9 billion, translating to a 7.3% annualized growth rate. This includes total organic net new advisory assets of $4.2 billion, translating to a 12.4% annualized growth rate.

Total net new assets for November were $7.4 billion, which include $2.5 billion of advisory and brokerage assets from E.K. Riley Investments, LLC that were onboarded in November, including $1.6 billion of advisory assets and $0.9 of brokerage assets.

Total client cash balances at the end of November were $48.1 billion, a decrease of $0.2 billion compared to the end of October 2020. Net buying in November was $4.2 billion.

(End of Period $ in billions, unless noted)	November		October	Change		November							Change
	2020		2020	M/M		2019							Y/Y
Assets Served
Advisory Assets	442.0		406.0	8.9%		354.9							24.5%
Brokerage Assets	431.3		401.6	7.4%		392.9							9.8%
Total Advisory and Brokerage Assets	873.3		807.6	8.1 %		747.8							16.8 %
Total Net New Assets*
Net New Advisory Assets	5.8		5.7	n/m		3.1							n/m
Net New Brokerage Assets	1.6		0.8	n/m		0.0							n/m
Total Net New Assets	7.4		6.5	n/m		3.1							n/m
Total Net New Assets* Prior to M&A †
Net New Advisory Assets	4.2		4.8	n/m		3.1							n/m
Net New Brokerage Assets	0.7		0.2	n/m		0.0							n/m
Total Net New Assets	4.9		5.0	n/m		3.1							n/m
Net Brokerage to Advisory Conversions	0.7		0.9	n/m		0.7							n/m
Client Cash Balances
Insured Cash Account Balances	36.1		36.0	0.3%		22.9							57.6%
Deposit Cash Account Balances	8.3		8.6	-3.5%		4.6							80.4%
Total Insured Sweep Balances	44.5		44.6	-0.2 %		27.5							61.8 %
Money Market Sweep Accounts	1.5		1.6	n/m		2.0							n/m
Purchased Money Market Funds	2.1		2.2	n/m		2.2							n/m
Total Money Market Balances	3.6		3.8	-5.3		4.3							-16.3
Total Client Cash Balances	48.1		48.3	-0.4		31.8							51.3%

Net Buy (Sell) Activity	4.2			2.5			n/m				3.3			n/m
Market Indices
S&P 500 (end of period)	3,622			3,270			10.8%				3,141			15.3%
Fed Funds Effective Rate (average bps)	9			9			n/m				155			n/m

* Total Net New Assets consists of asset inflows minus
outflows, plus
dividends, plus interest, minus advisory fees.

† M&A includes $2.5B of Net New Assets related to E.K. Riley Investments, LLC in November 2020, and $1.5B of Net New Assets related to Lucia Securities, LLC in October 2020.

Note: LPL closed its acquisition of Lucia Securities, LLC in August 2020 and onboarded assets in October 2020. Additionally,

LPL closed its acquisition of E.K. Riley Investments, LLC in August 2020 and onboarded assets in November 2020.

For additional information regarding these and other LPL Financial business metrics, please refer to the Company’s most recent earnings announcement, which is available in the quarterly results section of investor.lpl.com.

About LPL Financial


LPL Financial (https://www.lpl.com) is a leader in the retail financial advice market, the nation’s largest independent broker/dealer⁽⁺⁾ and a leading custodian (or provider of custodial services) to RIAs. We serve independent financial advisors and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices. LPL enables them to provide objective guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions.

⁺ Based on total revenues, Financial Planning magazine June 1996-2020.

Securities and Advisory Services offered through LPL Financial LLC, a Registered Investment Advisor. Member FINRA/SIPC. We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

Investor Relations – Chris Koegel, (617) 897-4574
Media Relations – Jeff Mochal, (704) 733-3589
investor.lpl.com/contact-us  

PORTLAND, Maine, Dec. 15, 2020 (GLOBE NEWSWIRE) — ImmuCell Corporation (Nasdaq: ICCC) (“ImmuCell” or the “Company”), a growing animal health company that develops, manufactures and markets scientifically-proven and practical products that improve the health and productivity of dairy and beef cattle, today announced a restructuring of its bank debt.

Today, the Company secured a $1.5 million loan from its existing lender, Gorham Savings Bank, with a seven-year term and amortization at 3.5% per annum. Approximately $624,000 of the proceeds were used to pay down the outstanding balance on its mortgage loan with Gorham Savings Bank. In connection with that pay-down, the bank released the $1.4 million in funds that had been held by the bank in a restricted collateral account since the Company’s March 2020 financing. The remaining proceeds of approximately $876,000 are available to pay closing costs and for general working capital purposes.

Management’s Discussion:


“The Gorham Savings Bank team continues to demonstrate that they believe in ImmuCell, and we appreciate that,” commented Michael F. Brigham, President and CEO. “This additional support improves our liquidity position and helps us continue to fund our expansion plans.”

About ImmuCell:


ImmuCell Corporation’s (Nasdaq: ICCC) purpose is to create scientifically-proven and practical products that improve the health and productivity of dairy and beef cattle. ImmuCell manufactures and markets First Defense^®, providing Immediate Immunity™ to newborn dairy and beef calves, and is in the late stages of developing Re-Tain™, a novel treatment for subclinical mastitis without a milk discard requirement that provides an alternative to traditional antibiotics. Press releases and other information about the Company are available at: http://www.immucell.com. 

Contacts:	Michael F. Brigham, President and CEO
	ImmuCell Corporation
	(207) 878-2770
	Joe Diaz, Robert Blum and Joe Dorame
	Lytham Partners, LLC
	(602) 889-9700
	[email protected]

Cautionary Note Regarding Forward-Looking Statements (Safe


Harbor


Statement):

This Press Release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to: our plans and strategies for our business; projections of future financial or operational performance; the timing and outcome of pending or anticipated applications for regulatory approvals; factors that may affect the dairy and beef industries and future demand for our products; the extent, nature and duration of the COVID-19 pandemic and its consequences, and their direct and indirect impacts on the Company’s production activities, operating results and financial condition and on the customers and markets the Company serves; the scope and timing of ongoing and future product development work and commercialization of our products; future costs of product development efforts; the estimated prevalence rate of subclinical mastitis and producers’ level of interest in treating subclinical mastitis given the current economic and market conditions; the expected efficacy of new products; estimates about the market size for our products; future market share of and revenue generated by current products and products still in development; our ability to increase production output and reduce costs of goods sold associated with our new product, Tri-Shield First Defense®; the future adequacy of our own manufacturing facilities or those of third parties with which we have contractual relationships to meet demand for our products on a timely basis; the anticipated costs of (or time to complete) planned expansions of our manufacturing facilities and the adequacy of our funds available for these projects; the continuing availability to us on reasonable terms of third-party providers of critical products or services; the robustness of our manufacturing processes and related technical issues; estimates about our production capacity, efficiency and yield, which are highly subject to biological variability and the product format mix of our sales; the future adequacy of our working capital and the availability and cost of third-party financing; our ability to gain access to all or a substantial portion of the cash escrow funds presently held by our bank lender; future regulatory requirements relating to our products; future expense ratios and margins; future compliance with bank debt covenants; costs associated with sustaining compliance with current Good Manufacturing Practice (cGMP) regulations in our current operations and attaining such compliance for the facility to produce the Nisin Drug Substance; implementation of international trade tariffs that could reduce the export of dairy products, which could in turn weaken the price received by our customers for their products; our effectiveness in competing against competitors within both our existing and our anticipated product markets; the cost-effectiveness of additional sales and marketing expenditures and resources; anticipated changes in our manufacturing capabilities and efficiencies; the value of our net deferred tax assets; projections about depreciation expense and its impact on income for book and tax return purposes; anticipated market conditions; and any other statements that are not historical facts. Forward-looking statements can be identified by the use of words such as “expects”, “may”, “anticipates”, “aims”, “intends”, “would”, “could”, “should”, “will”, “plans”, “believes”, “estimates”, “targets”, “projects”, “forecasts”, “seeks” and similar words and expressions. In addition, there can be no assurance that future developments affecting us will be those that we anticipate. Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to difficulties or delays in development, testing, regulatory approval, production and marketing of our products (including the First Defense® product line and Re-Tain™), competition within our anticipated product markets, customer acceptance of our new and existing products, product performance, alignment between our manufacturing resources and product demand, our reliance upon third parties for financial support, products and services, changes in laws and regulations, decision making and delays by regulatory authorities, currency values and fluctuations and other risks detailed from time to time in filings we make with the SEC, including our Quarterly Reports on Form 10-Q, our Annual Reports on Form 10-K and our Current Reports on Form 8-K. Such statements involve risks and uncertainties and are based on our current expectations, but actual results may differ materially due to various factors, including the risk factors summarized above.

SANTA ANA, Calif., Dec. 15, 2020 (GLOBE NEWSWIRE) — TTM Technologies, Inc. (NASDAQ:TTMI), today announced that it has repaid and settled its 1.75% Senior Convertible Notes due December 15, 2020 (the “Notes”). TTM had elected a Combination Settlement to settle the Notes, which resulted in repayment of the entire principal value of approximately $250 million dollars in cash and the delivery of approximately 5.3 million shares of Common Stock to the holders of the Notes that requested conversion. TTM exercised previously purchased calls to deliver the shares resulting in no issuance of primary shares and no dilution to shareholders.

“TTM’s financial discipline has delivered strong cash flow in recent years and, along with the strategic decision to divest its Mobility Business Unit, has enabled the company to repay $400 million of its Term Loan B on July 29, 2020 and today repay its convertible bonds,” said Tom Edman, President and CEO. “With a strengthened balance sheet, TTM is well positioned for the future.”

The Notes have settled today, December 15, 2020 and TTM will no longer have convertible bond obligations, however, the warrants issued in conjunction with the Notes remain outstanding and expire ratably from March 2021 through January 2022.

About TTM

TTM Technologies, Inc. is a leading global printed circuit board manufacturer, focusing on quick-turn and technologically advanced PCBs, backplane assemblies and a global designer and manufacturer of RF and microwave components and assemblies. TTM stands for time-to-market, representing how TTM’s time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.

Forward-Looking Statements

This release contains forward-looking statements that relate to future events or performance. TTM cautions you that such statements are simply predictions and actual events or results may differ materially. These statements reflect TTM’s current expectations, and TTM does not undertake to update or revise these forward looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other TTM statements will not be realized. Further, these statements involve risks and uncertainties, many of which are beyond TTM’s control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, the impact of COVID-19, general market and economic conditions, including interest rates, currency exchange rates and consumer spending, demand for TTM’s products, market pressures on prices of TTM’s products, warranty claims, changes in product mix, contemplated significant capital expenditures and related financing requirements, TTM’s dependence upon a small number of customers and other factors set forth in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s public reports filed with the SEC.

Contact:
Sameer Desai,
Senior Director, Corporate Development & Investor Relations
[email protected]                                                                                                 
714-327-3050

HOUSTON, Dec. 15, 2020 (GLOBE NEWSWIRE) — Amplify Energy Corp. (NYSE: AMPY) (“Amplify”) today announced it has closed an underwritten public offering of 8,548,485 shares of its common stock by certain of its stockholders, which are affiliates of Fir Tree Capital Management L.P., at a price to the public of $1.15 per share.

Amplify did not sell any shares of its common stock in the offering and did not receive any proceeds therefrom.

Roth Capital Partners acted as the Sole Manager for the offering.

The offering was made pursuant to effective shelf registration statements (File No. 333-233677, effective October 11, 2019, and 333-215602, effective May 1, 2018) and prospectuses filed by Amplify with the Securities and Exchange Commission (“SEC”). The offering of these securities was made only by means of a prospectus and prospectus supplement. Copies of the final prospectus supplement may be obtained from Roth Capital Partners, Attention: Equity Capital Markets, 888 San Clemente Drive, Newport Beach, California 92660, by telephone at (800) 678-9147 or 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 without registration or qualification under the securities laws of any such state or jurisdiction.

About Amplify Energy

Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploration and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies, offshore California, East Texas / North Louisiana and South Texas. For more information, visit www.amplifyenergy.com.

Cautionary Statement Concerning Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, 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 Amplify expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “will,” “would,” “should,” “could,” “expect,” “anticipate,” “plan,” “project,” “intend,” “estimate,” “believe,” “target,” “continue,” “potential,” the negative of such terms or other comparable terminology are intended to identify forward-looking statements. Amplify believes that these statements are based on reasonable assumptions, but such assumptions may prove to be inaccurate. Such statements are also subject to a number of risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Amplify, which may cause Amplify’s actual results to differ materially from those implied or expressed by the forward-looking statements. Please read Amplify’s filings with the Securities and Exchange Commission, including “Risk Factors” in its Annual Report on Form 10-K, and if applicable, its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and other public filings and press releases for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. All forward-looking statements speak only as of the date of this press release. All forward-looking statements in this press release are qualified in their entirety by these cautionary statements. Amplify undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

Investor Relations Contacts

Martyn Willsher – Interim CEO & CFO
(832) 219-9047
[email protected]

Jason McGlynn – VP, Business Development
(832) 219-9055
[email protected]

NEW YORK, Dec. 15, 2020 (GLOBE NEWSWIRE) — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Zosano Pharma Corporation (NASDAQ: ZSAN) between February 13, 2017 and September 30, 2020, inclusive (the “Class Period”), of the important December 28, 2020 lead plaintiff deadline in the securities class action. The lawsuit seeks to recover damages for Zosano investors under the federal securities laws.

To join the Zosano class action, go to http://www.rosenlegal.com/cases-register-1963.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Zosano’s clinical results reflected differences in zolmitriptan exposures observed between subjects receiving different lots; (2) pharmocokinetic studies submitted in connection with Zosano’s New Drug Application (“NDA”) included patients exhibiting unexpected high plasma concentrations of zolmitriptan; (3) as a result of the foregoing differences among patient results, the U.S. Food and Drug Administration (“FDA”) was reasonably likely to require further studies to support regulatory approval of Qtrypta; (4) as a result, regulatory approval of Qtrypta was reasonably likely to be delayed; and (5) as a result of the foregoing, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 28, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1963.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at [email protected] or [email protected].

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
[email protected]
[email protected]
www.rosenlegal.com 

• Preliminary data from the expansion cohort are expected during first half 2021
  

MONT-SAINT-GUIBERT, Belgium, Dec. 15, 2020 (GLOBE NEWSWIRE) — Celyad Oncology SA (Euronext & Nasdaq: CYAD), a clinical-stage biotechnology company focused on the discovery and development of chimeric antigen receptor T cell (CAR T) therapies for cancer, today announced the successful dosing of the first patient in the expansion cohort of the Phase 1 alloSHRINK trial for CYAD-101, the Company’s allogeneic T cell receptor (TCR) inhibitory molecule (TIM)-based, non-gene edited CAR T candidate for the treatment of refractory metastatic colorectal cancer (mCRC).

“CAR T therapies historically had little success in treating solid tumors, including advanced metastatic colorectal cancer,” said Dr. Eric Van Cutsem, Professor of Internal Medicine at University of Leuven. “Based on the encouraging response rate we’ve observed from the dose escalation segment of the alloSHRINK trial, we believe that this expansion study using FOLFIRI as preconditioning chemotherapy will provide a more robust data set and clinical benefit for these patients.”

Dr. Anne Flament, Director of Clinical Development at Celyad Oncology, commented, “The expansion cohort in our ongoing alloSHRINK trial will provide valuable data on the effectiveness of the highest dose level of CYAD-101 following preconditioning therapy in mCRC patients. Over the past year, we have presented what we believe to be the first-ever evidence of clinical benefit using an allogeneic CAR T in solid tumors with the CYAD-101 program and we look forward to building upon that data to continue to validate our position as an industry leader in CAR T cell therapies for the treatment of solid tumors.”

About CYAD-101 and alloSHRINK Trial

CYAD-101 is an investigational, non-gene edited, allogeneic (healthy donor derived) CAR-T candidate engineered to co-express a chimeric antigen receptor based on NKG2D, a receptor expressed on natural killer (NK) cells that binds to eight stress-induced ligands and the novel inhibitory peptide TIM. The expression of TIM reduces signaling of the TCR complex, which is responsible for graft-versus host disease.

alloSHRINK is an open-label Phase 1 trial assessing the safety and clinical activity of three consecutive administrations of CYAD-101 every two weeks administered concurrently with preconditioning chemotherapy in patients with refractory mCRC. In the expansion cohort of the trial, CYAD-101 will be administered at the recommended dose of one billion cells per infusion concurrently with FOLFIRI (combination of 5-fluorouracil, leucovorin and irinotecan) chemotherapy.

About Celyad Oncology

Celyad Oncology is a clinical-stage biotechnology company focused on the discovery and development of CAR T therapies for cancer. The Company is developing a pipeline of allogeneic (off-the-shelf) and autologous (personalized) CAR T cell therapy candidates for the treatment of both hematological malignancies and solid tumors. Celyad Oncology was founded in 2007 and is based in Mont-Saint-Guibert, Belgium and New York, NY. The Company has received funding from the Walloon Region (Belgium) to support the advancement of its CAR T cell therapy programs. For more information, please visit www.celyad.com.

Forward-looking statements

This release may contain forward-looking statements, within the meaning of applicable securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include statements regarding: the clinical activity of CYAD-101. Forward-looking statements may involve known and unknown risks and uncertainties which might cause actual results, financial condition, performance or achievements of Celyad Oncology to differ materially from those expressed or implied by such forward-looking statements. Such risk and uncertainty include the duration and severity of the COVID-19 pandemic and government measures implemented in response thereto. A further list and description of these risks, uncertainties and other risks can be found in Celyad Oncology’s U.S. Securities and Exchange Commission (SEC) filings and reports, including in its Annual Report on Form 20-F filed with the SEC on March 25, 2020 and subsequent filings and reports by Celyad Oncology. These forward-looking statements speak only as of the date of publication of this document and Celyad Oncology’s actual results may differ materially from those expressed or implied by these forward-looking statements. Celyad Oncology expressly disclaims any obligation to update any such forward-looking statements in this document to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, unless required by law or regulation.

Investor and Media Contacts:

Sara Zelkovic
Communications & Investor Relations Director
Celyad Oncology
[email protected] 

Daniel Ferry
Managing Director
LifeSci Advisors, LLC
[email protected] 

Source: Celyad Oncology SA