NewzIntel.com

Category: Finance

  • MIL-OSI: Live Oak Acquisition Corp. V Completes $230,000,000 Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, March 03, 2025 (GLOBE NEWSWIRE) — Live Oak Acquisition Corp. V (the “Company”) announced today the closing of its initial public offering of 23,000,000 units, which includes 3,000,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full. The offering was priced at $10.00 per unit, resulting in gross proceeds of $230,000,000. The Company’s units began trading on February 28, 2025 on the Nasdaq Global Market (“Nasdaq”) under the ticker symbol “LOKVU.” Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment. Only whole warrants are exercisable. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The warrants will become exercisable 30 days after the completion of the Company’s initial business combination, and will expire five years after the completion of the Company’s initial business combination or earlier upon redemption or its liquidation. Once the securities constituting the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “LOKV” and “LOKVW,” respectively.

    Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $231,150,000 (or $10.05 per unit sold in the offering) was placed in a trust account of the Company.

    The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business or industry. The Company’s management team is led by Richard Hendrix, its Chairman, Chief Executive Officer and the co-founder of Live Oak Merchant Partners (“Live Oak”), and Adam Fishman, its President, Chief Financial Officer, Director and a Managing Partner of Live Oak. The Board also includes Ashton Hudson, Jonathan Furer and Andrea Tarbox. Gary Wunderlich, Jr. will serve as a Senior Advisor.

    Santander acted as the sole underwriter for the offering.  

    The offering was made by means of a prospectus. Copies of the prospectus may be obtained from Santander US Capital Markets LLC, 437 Madison Avenue, New York, NY 10022, Attention: ECM Syndicate, by email at equity-syndicate@santander.us, or by telephone at 833-818-1602. A registration statement relating to the securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on February 27, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all.

    Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Investor Contacts

    Live Oak Acquisition Corp. V
    4921 William Arnold Road
    Memphis, Tennessee 38117
    Attn: Adam Fishman
    E-mail: IR@liveoakmp.com

    The MIL Network –

  • MIL-OSI: reAlpha’s AiChat Unveils Next-Gen AI Agents

    Source: GlobeNewswire (MIL-OSI)

    DUBLIN, Ohio, March 03, 2025 (GLOBE NEWSWIRE) — reAlpha Tech Corp. (“reAlpha” or the “Company”) (Nasdaq: AIRE), a real estate technology company developing and commercializing artificial intelligence (“AI”) technologies, today announces that its subsidiary, AiChat Pte. Ltd. (“AiChat”), is launching its AI-powered digital agents (the “AI Agents”), further enhancing its intelligent customer engagement capabilities.

    Next-Generation AI Capabilities: Elevating Customer Experiences

    AiChat’s AI Agents include Voice AI and Agentic AI, both of which are designed to facilitate and further personalize the way businesses connect with their customers. For example, the AI Agents can personalize responses based on the context of previous conversations, remembering customer preferences and past interactions to deliver more relevant recommendations. reAlpha expects that these AI-powered technologies will empower brands to create more personalized, seamless, and human-like interactions across their digital platforms.

    • Voice AI: Human-Like Conversations Capabilities

    AiChat’s Voice AI enables businesses to interact with customers in natural, human-like manner and handle their complex queries in real-time. With capabilities like multi-language support, voice-cloning, real-time analytics, and integrations with automatic speech recognition, text-to-speech, and large language model technologies, AiChat believes it will deliver prompt and scalable voice interactions through Voice AI.

    • Agentic AI: The Next Step in Generative AI

    AiChat’s Agentic AI will interact with customers with autonomy, adaptability, and personalization. Unlike scripted AI, Agentic AI will be able to understand context and adapt in real time to deliver prompt, natural responses. With self-learning and multi-turn contextual awareness, businesses can scale human-like interactions while maintaining brand consistency, which we believe may also improve customer loyalty and a customer’s overall customer service satisfaction.

    Giri Devanur, Chief Executive Officer of reAlpha, said, “We are thrilled to announce this exciting new chapter for AiChat under reAlpha’s vision. With AiChat’s enhanced capabilities, including the introduction of Agentic AI and Voice AI, we are empowering businesses to unlock the true potential of customer engagement through human-centric, innovative technologies.”

    Market Growth: AI Agents on the Rise

    The global autonomous AI and autonomous agents market is witnessing rapid expansion, with the total market size expected to reach $783.27 billion by 20371. As businesses increasingly embrace digital transformation, AiChat believes it is positioning itself as a leader in next-generation AI solutions by delivering intelligent, personalized, and streamlined customer experiences for businesses worldwide.

    One example is MYDIN, one of Malaysia’s largest retail chains, which has utilized AiChat’s AI-powered solutions to enhance its customer service. Malik Murad Ali, Director of Information Technology, Digital, Human Resources, and Leap Production System at MYDIN, shared, “Since integrating AiChat’s AI solutions, we’ve seen a significant improvement in our customer service capabilities, and, as of January 2025, we have automated 74.7% of customer inquiries. The AI-powered chatbot platform has enabled us to engage with customers more authentically and efficiently, and since January 2024, we improved overall customer service satisfaction by over 7%. We look forward to continuing this journey with AiChat and exploring the next phase of its AI-driven innovations.”

    A Fresh Identity for a Bold Future

    Alongside its AI Agents, AiChat is also unveiling a refreshed brand identity that reflects its mission to shape the future of AI-powered customer engagement solutions. At the heart of this rebrand is AiChat’s new logo shown below, which blends a brain-inspired design, representing AI’s creative capabilities, with a communication symbol, representing meaningful, human-like AI interactions. This fusion embodies AiChat’s vision of creating AI that goes beyond just assisting customers and businesses, offering instead a more personalized and tailored customer engagement solution to business and allowing them to foster meaningful relationships with customers.

    Kester Poh, Chief Executive Officer of AiChat, added, “The rebranding of AiChat marks a significant step in the evolution of conversational AI, embodying our vision to redefine customer engagement. At AiChat, we are pioneering next-generation AI agents that go beyond traditional text-based chatbots to also include voice interactions. This development will enable us to deliver comprehensive, omnichannel customer experiences by integrating personalization and voice capabilities. As we continue to drive AI innovation, we are exploring new ways to make interactions even more natural and human-like, bringing us closer to a future of truly humanized AI-powered customer engagement.”

    About reAlpha Tech Corp.

    reAlpha Tech Corp. (Nasdaq: AIRE) is a real estate technology company developing an end-to-end commission-free homebuying platform. Utilizing the power of AI and an acquisition-led growth strategy, reAlpha aims to offer an affordable, streamlined experience for homebuyers. For more information, visit www.reAlpha.com.

    About AiChat Pte. Ltd.

    AiChat Pte. Ltd., a subsidiary of reAlpha, is a Singapore-based company that develops AI-powered conversational customer experience solutions. Its platform leverages artificial intelligence to provide businesses with intelligent chatbots and automation tools that improve customer interactions and operational efficiency. For more information about AiChat, visit www.aichat.com.

    Forward-Looking Statements

    The information in this press release includes “forward-looking statements”. Forward-looking statements include, among other things, statements about the announcement of AiChat’s AI Agents, Voice AI and Agentic AI; the anticipated benefits of AiChat’s AI Agents; reAlpha’s ability to anticipate the future needs of the short-term rental market; future trends in the real estate, technology and artificial intelligence industries, generally; and reAlpha’s future growth strategy and growth rate. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “could”, “might”, “plan”, “possible”, “project”, “strive”, “budget”, “forecast”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: reAlpha’s limited operating history and that reAlpha has not yet fully developed its AI-based technologies; reAlpha’s ability to commercialize its developing AI-based technologies; whether reAlpha’s technology and products, including that of its subsidiaries, will be accepted and adopted by its customers and intended users; reAlpha’s ability to integrate AiChat’s AI Agents into its existing business and the anticipated demand for AiChat’s AI Agents; reAlpha’s ability to successfully enter new geographic markets; reAlpha’s ability to obtain the necessary regulatory and legal approvals to expand into additional U.S. states and maintain, or obtain, brokerage licenses in such states; reAlpha’s ability to generate additional sales or revenue from having access to, or obtaining, additional U.S. states brokerage licenses; reAlpha’s ability to enhance its, and its subsidiaries’, loan processing efficiency by leveraging its AI-powered platform and overall resources; AiChat’s ability to improve customer satisfaction and overall operational efficiency of businesses through implementation of its services and products, including, but not limited to, its AI Agents; AiChat’s ability to maintain its brand reputation and recognition with its customers and intended customers after its re-branding; reAlpha’s ability to, through a business’ implementation of AiChat’s technologies, increase loyalty of customers users using AiChat’s technologies; AiChat’s ability to scale its technologies, including its AI Agents, for adopting businesses; reAlpha’s and AiChat’s ability to provide personalized, human-like customer service solutions through its services and offerings; the inability to maintain and strengthen reAlpha’s brand and reputation; reAlpha’s ability to scale its operational capabilities to expand into additional geographic markets; the potential loss of key employees of its acquired companies; reAlpha’s inability to accurately forecast demand for short-term rentals and AI-based real estate focused products; the inability to execute business objectives and growth strategies successfully or sustain reAlpha’s growth; the inability of reAlpha’s customers to pay for reAlpha’s services; changes in applicable laws or regulations, and the impact of the regulatory environment and complexities with compliance related to such environment; and other risks and uncertainties indicated in reAlpha’s SEC filings. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Although reAlpha believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. reAlpha’s future results, level of activity, performance or achievements may differ materially from those contemplated, expressed or implied by the forward-looking statements, and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements. For more information about the factors that could cause such differences, please refer to reAlpha’s filings with the SEC. Readers are cautioned not to put undue reliance on forward-looking statements, and reAlpha does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Investor Relations Contact:
    Adele Carey, VP of Investor Relations
    investorrelations@realpha.com

    Media Contact:
    Fatema Bhabrawala, Director of Public Relations
    fbhabrawala@allianceadvisors.com

    ________________________
    1 https://www.researchnester.com/reports/autonomous-ai-and-autonomous-agents-market/5948

    An image accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/35c2d708-67b7-41b1-9cd1-d965f880da3e

    The MIL Network –

  • MIL-OSI: Brookfield Announces Reset Dividend Rate on Its Series 38 Preference Shares

    Source: GlobeNewswire (MIL-OSI)

    All amounts in Canadian dollars unless otherwise stated.

    BROOKFIELD, NEWS, March 03, 2025 (GLOBE NEWSWIRE) — Brookfield Corporation (“Brookfield”) (NYSE: BN, TSX: BN) today announced that it has determined the fixed dividend rate on its Cumulative Class A Preference Shares, Series 38 (the “Series 38 Shares”) (TSX: BN.PF.E) for the five years commencing April 1, 2025 and ending March 31, 2030.

    If declared, the fixed quarterly dividends on the Series 38 Shares during the five years commencing April 1, 2025 will be paid at an annual rate of 5.185% ($0.3240625 per share per quarter).

    Holders of Series 38 Shares have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on March 17, 2025, to convert all or part of their Series 38 Shares, on a one-for-one basis, into Cumulative Class A Preference Shares, Series 39 (the “Series 39 Shares”), effective March 31, 2025. The quarterly floating rate dividends on the Series 39 Shares will be paid at an annual rate, calculated for each quarter, of 2.55% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate in respect of the April 1, 2025 to June 30, 2025 dividend period for the Series 39 Shares will be 1.34331% (5.388% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.3358275 per share, payable on June 30, 2025.

    Holders of Series 38 Shares are not required to elect to convert all or any part of their Series 38 Shares into Series 39 Shares.

    As provided in the share conditions of the Series 38 Shares, (i) if Brookfield determines that there would be fewer than 1,000,000 Series 38 Shares outstanding after March 31, 2025, all remaining Series 38 Shares will be automatically converted into Series 39 Shares on a one-for-one basis effective March 31, 2025; and (ii) if Brookfield determines that there would be fewer than 1,000,000 Series 39 Shares outstanding after March 31, 2025, no Series 38 Shares will be permitted to be converted into Series 39 Shares. There are currently 7,906,132 Series 38 Shares outstanding.

    The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series 39 Shares effective upon conversion. Listing of the Series 39 Shares is subject to Brookfield fulfilling all the listing requirements of the TSX.

    About Brookfield Corporation

    Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have three core businesses: Alternative Asset Management, Wealth Solutions, and our Operating Businesses which are in renewable power, infrastructure, business and industrial services, and real estate.

    We have a track record of delivering 15%+ annualized returns to shareholders for over 30 years, supported by our unrivaled investment and operational experience. Our conservatively managed balance sheet, extensive operational experience, and global sourcing networks allow us to consistently access unique opportunities. At the center of our success is the Brookfield Ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization. Brookfield Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN).

    For more information, please visit our website at www.bn.brookfield.com or contact:

    Media: Investor Relations:
    Kerrie McHugh Katie Battaglia
    Tel: (212) 618-3469 Tel: (212) 776-2252
    Email: kerrie.mchugh@brookfield.com Email: katie.battaglia@brookfield.com

    The MIL Network –

  • MIL-OSI USA: Lt. Gov. Austin Davis Highlights Investments in Community-BasedPrograms That Are Making Pennsylvania Safer

    Source: US State of Pennsylvania

    March 03, 2025 – WEST READING, PA

    Lt. Gov. Austin Davis Highlights Investments in Community-Based
    Programs That Are Making Pennsylvania Safer

    Lt. Gov. Austin Davis heard today from law enforcement officials, victims service providers and health care workers at Reading Hospital, which recently was awarded more than $600,000 in state grant funding to expand and enhance its hospital-based violence intervention program.

    “Gun violence is something we can – and indeed, must – do something about,” said Davis, who leads the Pennsylvania Commission on Crime and Delinquency (PCCD). “I want to commend local law enforcement for the work you’ve done to reduce the number of homicides in Berks County, but I also know that one act of gun violence is one too many. Every Pennsylvanian deserves to be safe and feel safe, whether you live in West Reading or West Hamburg. We’ve been making progress on the issue of gun violence, in Reading, Philadelphia, Pittsburgh and many other cities and communities, but there is still much more work to be done.”

    MIL OSI USA News –

  • MIL-OSI: VAALCO Schedules Fourth Quarter and Full Year 2024 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 03, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) today announced the timing of its fourth quarter and full year 2024 earnings release and conference call.

    The Company will issue its fourth quarter 2024 and full year earnings release on Thursday, March 13, 2025 after the close of trading on the New York Stock Exchange and host a conference call to discuss its financial and operational results on Friday morning, March 14, 2025 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time and 4:00 p.m. London Time.)

    Interested parties in the United States may participate toll-free by dialing (833) 685-0907. Interested parties in the United Kingdom may participate toll-free by dialing 08082389064. Other international parties may dial (412) 317-5741. Participants should ask to be joined to the “Vaalco Energy Earnings Conference Call.” This call will also be webcast on VAALCO’s website at www.vaalco.com. An audio replay will be available on the Company’s website following the call.

    About Vaalco

    Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Côte d’Ivoire, Equatorial Guinea, Nigeria and Canada.

    For Further Information

       
    Vaalco Energy, Inc. (General and Investor Enquiries) +00 1 713 543 3422
    Website: www.vaalco.com
       
    Al Petrie Advisors (US Investor Relations) +00 1 713 543 3422
    Al Petrie / Chris Delange  
       
    Buchanan (UK Financial PR) +44 (0) 207 466 5000
    Ben Romney / Barry Archer Vaalco@buchanan.uk.com
       

    The MIL Network –

  • MIL-OSI: Guggenheim Investments Announces March 2025 Closed-End Fund Distributions

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) — Guggenheim Investments today announced that certain closed-end funds have declared their distributions. The table below summarizes the distribution schedule for each closed-end fund (collectively, the “Funds” and each, a “Fund”).

    The following dates apply to the distributions:
    Record Date March 14, 2025
    Ex-Dividend Date March 14, 2025
    Payable Date  March 31, 2025
    Distribution Schedule
    NYSE
    Ticker    		 Closed-End Fund Name Distribution 
    Per Share    		 Change from Previous
    Distribution    		 Frequency
    AVK Advent Convertible and Income Fund $0.1172†   Monthly
    GBAB Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust $0.12573†   Monthly
    GOF Guggenheim Strategic Opportunities Fund $0.1821†   Monthly
    GUG Guggenheim Active Allocation Fund $0.11875†   Monthly

    † A portion of this distribution is estimated to be a return of capital rather than income. Final determination of the character of distributions will be made at year-end. The Section 19(a) notice referenced below provides more information and can be found at www.guggenheiminvestments.com.

    You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Distribution Policy.

    Past performance is not indicative of future performance. As of this announcement, the sources of each fund distribution are estimates. Distributions may be paid from sources of income other than ordinary income, such as short-term capital gains, long-term capital gains or return of capital. Unless otherwise noted, the distributions above are not anticipated to include a return of capital. If a distribution consists of something other than ordinary income, a Section 19(a) notice detailing the anticipated source(s) of the distribution will be made available. The Section 19(a) notice will be posted to a Fund’s website and to the Depository Trust & Clearing Corporation so that brokers can distribute such notices to Shareholders of the Fund. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. The final determination of the source and tax characteristics of all distributions will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.

    About Guggenheim Investments

    Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, LLC (“Guggenheim”), with more than $243 billion* in assets under management across fixed income, equity, and alternative strategies. We focus on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. Our 235+ investment professionals perform rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and underfollowed. This approach to investment management has enabled us to deliver innovative strategies providing diversification opportunities and attractive long-term results.

    Guggenheim Investments includes Guggenheim Funds Investment Advisors, LLC (“GFIA”), Guggenheim Partners Investment Management, LLC (“GPIM”) and Guggenheim Funds Distributors, LLC (“GFD”). GFIA serves as Investment Adviser for GBAB, GOF and GUG. GPIM serves as Investment Sub-Adviser for GBAB, GOF and GUG. GFD serves as servicing agent for AVK. The Investment Adviser for AVK is Advent Capital Management, LLC and is not affiliated with Guggenheim.

    *Assets under management are as of 12.31.2024 and include leverage of $14.8bn. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Private Investments, LLC.

    This information does not represent an offer to sell securities of the Funds and it is not soliciting an offer to buy securities of the Funds. There can be no assurance that the Funds will achieve their investment objectives. Investments in the Funds involve operating expenses and fees. The net asset value of the Funds will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance. An investment in closed-end funds is subject to investment risk, including the possible loss of the entire amount that you invest. Some general risks and considerations associated with investing in a closed-end fund may include: Investment and Market Risk; Lower Grade Securities Risk; Equity Securities Risk; Foreign Securities Risk; Interest Rate Risk; Illiquidity Risk; Derivative Risk; Management Risk; Anti-Takeover Provisions; Market Disruption Risk and Leverage Risk. See www.guggenheiminvestments.com/cef for a detailed discussion of Fund-specific risks.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of any investment before they invest. For this and more information, visit www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC 227 West Monroe Street, Chicago, IL 60606, 800-345-7999.

    Analyst Inquiries

    William T. Korver
    cefs@guggenheiminvestments.com

    Not FDIC-Insured | Not Bank-Guaranteed | May Lose Value
    Member FINRA/SIPC (03/25) 64065

    The MIL Network –

  • MIL-OSI USA: Senators Coons, Moran introduce legislation to expand financing options for new energy projects

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – U.S. Senators Chris Coons (D-Del.) and Jerry Moran (R-Kan.) reintroduced the Financing Our Energy Future Act, which expands certain financing tools to all types of energy resources and infrastructure projects. The legislation would allow clean energy resources and infrastructure projects to form as master limited partnerships (MLPs), a tax structure currently only available to traditional energy projects. Newly eligible energy sources would include advanced nuclear, sustainable aviation fuel, hydrogen, biodiesel, biomass, carbon capture, and more.

    “At a time when the United States needs to boost domestic energy production to meet surging demand, Congress should ensure all energy sources are competing on a level playing field,” said Senator Coons. “The Financing our Energy Future Act is a straightforward, bipartisan solution that will bolster investment in American energy projects, create good-paying jobs, and accelerate our transition to cleaner energy sources.”

    “Being energy independent requires an all-of-the-above approach to energy production,” said Senator Moran. “Emerging renewable energy companies currently do not have access to a number of tax incentives available to other energy companies. Expanding these incentives to more companies will increase U.S. energy production, spur innovation, and help reduce prices for consumers.”

    “NIA thanks Senator Coons and Moran for recognizing the role master limited partnerships can play in supporting our nation’s advanced nuclear energy leadership,” said Judi Greenwald, Executive Director of the Nuclear Innovation Alliance. “Their bipartisan master limited partnerships legislation will help commercialize important innovations in advanced nuclear energy and other key technologies, increase U.S. competitiveness, and create jobs.”

    “The Energy Infrastructure Council commends Senators Moran and Coons, along with Representatives Estes and Thompson, for their leadership in introducing the Financing Our Energy Future Act,” said Lori Ziebart, President and CEO of the Energy Infrastructure Council. “This bipartisan legislation is one step that Congress can take this year to grow the energy economy to benefit all working-class Americans. It expands the master limited partnership structure to include new and emerging energy sources such as hydrogen, alternative energy, carbon capture and sequestration, and renewable fuels. The MLP structure has proven to be an efficient, cost-effective method for raising capital to support the development of critical energy infrastructure and provides individuals another vehicle to invest in energy infrastructure similar to real estate investment through REITS. Expanding this framework is essential as all energy sources will be needed to ensure a reliable and secure energy future. This expansion deepens the capital pool, improves market efficiency, creates jobs, and drives down costs of energy in a way that will help all Americans.”

    “To strengthen its economic base and create more reliable and affordable energy, the U.S. needs tax policies that reflect the depth and breadth of America’s energy sector,” said Frank Macchiarola, American Clean Power (ACP) Association Chief Advocacy Officer. “The Financing Our Energy Future Act offers an innovative, logical approach to that challenge that will make America’s energy sector stronger and better able to serve the needs of the nation.”

    “BPC Action applauds the introduction of the Financing Our Energy Future Act, an important step in incentivizing the deployment of innovative energy technologies to increase U.S. economic growth and global competitiveness,” said Michele Stockwell, President of Bipartisan Policy Center Action (BPC Action). “We commend Sens. Moran’s and Coons’ bipartisan leadership to level the playing field for novel energy projects—including around carbon capture, utilization, and storage, energy storage, advanced nuclear, and waste-to-energy—to have the same tax-advantaged structures currently available to fossil fuels.”

    “As the U.S. enters a period of increasing demand growth, it is important to include all forms of reliable energy in advantageous tax and financing structures to accelerate deployment and ensure grid reliability,” said Jeremy Harrell, CEO of ClearPath Action. “We are excited to see advanced nuclear included in this proposal to help catalyze the next generation of advanced reactors through access to master limited partnerships.”

    An MLP is a business structure that is taxed as a partnership but whose ownership interests are traded like corporate stock on a market. Currently, MLPs are only available to investors in energy portfolios for oil, natural gas, coal extraction, and pipeline projects. For projects to be an MLP, at least 90 percent of the project’s income must come from these sources. This legislation would amend the Internal Revenue Code to extend the publicly traded partnership ownership structure to renewable energy power generation projects.

    In addition to Senators Coons and Moran, this legislation is cosponsored by Senators Susan Collins (R-Maine), John Barrasso (R-Wyo.), Roger Marshall (R-Kan.), John Cornyn (R-Texas), Angus King (I-Maine), John Curtis (R-Utah), Kevin Cramer (R-N.D.), Pete Ricketts (R-Neb.), and Mark Warner (D-Va.).

    The full legislation can be read here.

    MIL OSI USA News –

  • MIL-OSI Australia: Active Transport Boost for the ACT

    Source: Australian Executive Government Ministers

    Canberrans will have more opportunities to walk, cycle and actively move through their communities thanks to funding from the Albanese Labor Government.  

    Two projects will share in $8.5 million to build new or upgrade existing pedestrian and cycle paths – from Dickson to Watson and from Gold Creek to Hall. 

    $5 million will go to the Transport Canberra and City Services Directorate to further extend the Garden City Cycleway through the inner north.  

    This will be built between North Ainslie Primary School and Majura Primary School via the Dickson District playing fields, Downer shops, Academy of Interactive Entertainment and Mount Majura Walking and Riding Trail.

    The Albanese and Barr Governments have already invested $5 million each into the Garden City Cycleway, with work nearing completion on the first stage connecting Braddon to Ainslie. 

    This additional funding will ensure a further 3.15 kilometres can be enjoyed by cyclists and pedestrians. 

    Further north, almost $3.5 million will go to the directorate for a new community path to be built between Hall Village and Gold Creek known as the Hall Village Main Route. 

    At about 2.3 kilometres long with a width of three metres, it’ll provide safer and more accessible transport options for visitors and locals.

    This is part of the Albanese Government’s new Active Transport Fund which supports our commitment to invest in infrastructure planning, design and construction that improves safety outcomes for vulnerable road users under the National Road and Safety Strategy 2021-2030.

    For more information visit Active Transport Fund | Infrastructure Investment Program.  

    Quotes attributable to Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King:

    “Canberra is a beautiful city for walking, cycling and getting outdoors, which is why we’re making it easier to do so by investing in active transport options to better connect the territory. 

    “We’re linking the city, changing the way locals move and visitors explore; Whether you’re on a motor scooter, pushing a pram, walking or cycling, we’re making it easier and safer to walk and cycle to school, work, and anywhere else.”

    Quotes attributable to ACT Minister for City and Government Services Tara Cheyne 

    “The ACT Government welcomes this investment from the Albanese Government which will strengthen our walking and cycling network.

    “The completion of the Garden City Cycleway will mean that both sides of this busy transport corridor have good connections helping people get in and out of the city. 

    “This investment will go some way in delivering our long-standing active travel plan, which is an ambitious proposal to build quality walking and cycling infrastructure right across Canberra.” 

    Quotes attributable to Federal Member for Canberra Alicia Payne: 

    “Canberrans love active travel, and I’m proud our Government is investing in making it a safer and more viable option. By improving active travel connections in community centres, we are creating more opportunities for people to travel by using physical activity, making our communities healthier and more liveable.

    “We are now providing a far safer way to get around for students, pedestrians and cyclists across Canberra.”

    MIL OSI News –

  • MIL-OSI: James River Announces Fourth Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    PEMBROKE, Bermuda, March 03, 2025 (GLOBE NEWSWIRE) — James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR) today reported the following results for the fourth quarter 2024 as compared to the same period in 2023:

      Three Months Ended
    December 31,    		   Three Months Ended
    December 31,
    ($ in thousands, except for share data)   2024     per diluted share     2023     per diluted share
    Net (loss) income from continuing operations available to common shareholders $ (92,669 )   $ (2.25 )   $ 17,431     $ 0.46  
    Net loss from discontinued operations1   (1,372 )   $ (0.03 )     (170,211 )   $ (3.89 )
    Net loss available to common shareholders   (94,041 )   $ (2.28 )     (152,780 )   $ (3.43 )
    Adjusted net operating (loss) income2   (40,803 )   $ (0.99 )     12,442     $ 0.33  

    Net loss from continuing operations available to common shareholders was $92.7 million ($2.25 per diluted share). Adjusted net operating loss2 was $40.8 million ($0.99 per diluted share) for the fourth quarter of 2024. The decrease to both was largely attributable to the previously announced $52.8 million of consideration paid in connection with the Excess and Surplus Lines (“E&S”) adverse development reinsurance contract with Cavello Bay Reinsurance Limited, a subsidiary of Enstar Group Limited (“Enstar”) (“E&S Top Up ADC”) that closed on December 23, 2024. Net loss from continuing operations available to common shareholders was also negatively impacted by the $27 million deemed dividend resulting from the November 2024 amendment to the Series A Preferred Shares.

    Unless specified otherwise, all underwriting performance ratios presented herein are for our continuing operations and business not subject to retroactive reinsurance accounting for loss portfolio transfers (“LPTs”).

    Highlights for 2024 included:

    • During the year we completed several strategic actions including (i) closing the sale of JRG Reinsurance Company Ltd. (“JRG Re”) to focus our business around our U.S. insurance businesses, (ii) entering into a $160.0 million combined loss portfolio transfer and adverse development cover for our E&S business (the “E&S ADC”), (iii) initiating a new strategic partnership with Enstar which, in part, entailed a $12.5 million equity investment in the Company and an additional $75.0 million E&S Top Up ADC, and (iv) amending the Certificate of Designations for our Series A Preferred Shares to, among other things, convert $37.5 million of the outstanding Series A Preferred Shares to common shares (see Amendment of Series A Preferred Shares on page 5). We believe these and other actions meaningfully strengthen our balance sheet and position us to generate attractive returns in the future.
    • E&S segment gross written premium exceeded $1.0 billion for a second consecutive year, a slight increase compared to the prior year as the Company continued to focus on its leading, wholesale driven franchise. The Company had its highest levels of both new and renewal annual submission growth in five years, and positive renewal rate change of 9.0% for 2024, as compared to 9.3% for 2023.
    • Full year 2024 net investment income increased 10.8% compared to 2023, with a majority of asset classes reporting higher income.
    • Specialty Admitted Insurance segment combined ratio was 92.2% for 2024 as compared to 95.9% for 2023. Underwriting profit grew 68.6% compared to the prior year.
    • Shareholders’ equity per share of $10.10 decreased sequentially from $14.02 at September 30, 2024, due to the net loss from continuing operations and increase in the common shares outstanding.
    • The Company does not expect any meaningful losses associated with the tragic series of California wildfires.

    Frank D’Orazio, the Company’s Chief Executive Officer, commented, “2024 was a costly but transformational year for James River. We have meaningfully de-risked the organization and concluded an extensive strategic review, emerging with a renewed focus. The E&S market remains very healthy, and we believe that 2025 will provide significant opportunities to responsibly grow while taking advantage of the attractive rate environment.”

    Fourth Quarter 2024 Operating Results

    • Gross written premium of $358.3 million, consisting of the following:
      Three Months Ended
    December 31,    		  
    ($ in thousands)   2024     2023   % Change
    Excess and Surplus Lines $ 280,287   $ 275,171   2 %
    Specialty Admitted Insurance   78,005     114,134   (32 )%
      $ 358,292   $ 389,305   (8 )%
    • Net written premium of $114.0 million, consisting of the following:
      Three Months Ended
    December 31,    		    
    ($ in thousands)   2024     2023   % Change  
    Excess and Surplus Lines $ 99,684   $ 146,628   (32 )%
    Specialty Admitted Insurance   14,307     25,573   (44 )%
      $ 113,991   $ 172,201   (34 )%
    • Net earned premium of $105.6 million, consisting of the following:
      Three Months Ended
    December 31,    		    
    ($ in thousands)   2024     2023   % Change  
    Excess and Surplus Lines $ 87,275   $ 153,926   (43 )%
    Specialty Admitted Insurance   18,311     28,027   (35 )%
      $ 105,586   $ 181,953   (42 )%

    Lower net retention for the E&S segment reflects the $52.8 million of ceded premium recorded upon closing the E&S Top Up ADC as well as reinstatement premium which reduced net written premiums in the fourth quarter of 2024 compared to the prior year quarter.

    • E&S Segment Fourth Quarter Highlights:
      • The E&S segment grew gross written premium by 1.9% compared to the prior year quarter. Excluding excess casualty, where we have been cautious, the segment grew by 11.2%.
      • Total submissions grew 9% compared to the prior year quarter. The E&S segment received over 80,000 new and renewal policy submissions for the fourth consecutive quarter, its third consecutive quarter of 9% submission growth, a level not seen since 2020.
    • Specialty Admitted Insurance Segment Fourth Quarter Highlights:
      • Gross written premium for the fronting and program business declined 11.1% compared to the prior year quarter, excluding the impact of our large workers’ compensation program and Individual Risk Workers’ Compensation book, which were non-renewed in the second quarter of 2023 and sold via a renewal rights transaction in the third quarter of 2023, respectively. Including these two programs, segment gross written premium declined 31.7%.
    • Pre-tax favorable (unfavorable) reserve development by segment on business not subject to retroactive reinsurance accounting was as follows:
      Three Months Ended
    December 31,
    ($ in thousands)   2024       2023  
    Excess and Surplus Lines $ (8,943 )   $ (25,005 )
    Specialty Admitted Insurance   —       (38 )
      $ (8,943 )   $ (25,043 )
    • The fourth quarter of 2024 reflected $8.9 million of net unfavorable reserve development in the E&S segment. The Company ceded $29.5 million of unfavorable reserve development on business subject to the E&S ADC during the fourth quarter of 2024 and the majority of the $8.9 million of net unfavorable development represents the retained loss corridor on that structure. There remains $116.2 million of aggregate limit on the E&S ADC and E&S Top-Up ADC which cover the overwhelming majority of all E&S reserves from 2010-2023.
    • Retroactive benefits of $2.7 million were recorded in loss and loss adjustment expenses during the fourth quarter and the total deferred retroactive reinsurance gain on the Balance Sheet is $58.0 million as of December 31, 2024.
    • Gross fee income was as follows:
      Three Months Ended
    December 31,    		  
    ($ in thousands)   2024     2023   % Change
    Specialty Admitted Insurance $ 4,828   $ 5,874   (18)%
    • The consolidated expense ratio was 43.7% for the fourth quarter of 2024, which was an increase from 24.2% in the prior year quarter. The expense ratio increase was primarily the result of $52.8 million of consideration paid in connection with the E&S Top Up ADC that closed on December 23, 2024, which resulted in lower net earned premium.

    Investment Results

    Net investment income for the fourth quarter of 2024 was $22.0 million, a decrease of 14.2% compared to $25.6 million in the prior year quarter. The decline in income was primarily due to a lower asset base across our fixed income and bank loan portfolios as we managed the portfolio for the payment of the $52.8 million of consideration paid in connection with the E&S Top Up ADC, as well as lower income from private investments, which in the prior year quarter benefited from a one-time payment of approximately $2.5 million related to the sale of certain investments.

    The Company’s net investment income consisted of the following:

      Three Months Ended
    December 31,    		  
    ($ in thousands)   2024     2023   % Change
    Private Investments   1,334     3,199   (58)%
    All Other Investments   20,628     22,389   (8)%
    Total Net Investment Income $ 21,962   $ 25,588   (14)%

    The Company’s annualized gross investment yield on average fixed maturity, bank loan and equity securities for the three months ended December 31, 2024 was 4.7% (versus 4.8% for the three months ended December 31, 2023).

    Net realized and unrealized losses on investments of $2.8 million for the three months ended December 31, 2024 compared to net realized and unrealized gains on investments of $8.0 million in the prior year quarter.

    Capital Management

    The Company announced that its Board of Directors declared a cash dividend of $0.01 per common share. This dividend is payable on March 31, 2025 to all shareholders of record on March 10, 2025.

    Amendment of Series A Preferred Shares

    As previously disclosed, on November 11, 2024, the Company amended the Series A Preferred Shares. Among other amended terms, this amendment converted $37.5 million of the outstanding Series A Preferred Shares to common shares. The Company accounted for the amendment as an extinguishment due to the significance of qualitative and quantitative changes to the shares.

    The Company estimated the fair value of the new Series A Preferred Shares to be $133.1 million on the date of issuance. The Company recorded a deemed dividend of $25.7 million within retained deficit for the difference between the $144.9 million carrying value of the extinguished pre-amendment Series A preferred shares and the combined $133.1 million estimated fair value of the new Series A Preferred Shares and $37.5 million of new common shares. The Company also recorded a deemed dividend of $1.3 million for the difference between the $37.5 million of Series A Preferred Shares converted to common shares in the amendment and the $38.8 million fair value of the common shares issued. The combined $27 million deemed dividend increased the Net Loss to Common Shareholders and reduced tangible common equity for the fourth quarter of 2024 by approximately $0.60 per share.

    Tangible Equity

    Shareholders’ equity of $460.9 million at December 31, 2024 declined 13.1% compared to shareholders’ equity of $530.3 million at September 30, 2024. Tangible equity3 of $437.7 million at December 31, 2024 decreased 11.0% compared to tangible equity of $491.9 million at September 30, 2024, due to losses from continuing and discontinued operations as well as an increase in unrealized investment losses in accumulated other comprehensive income (“AOCI”). Other comprehensive loss was $27.2 million during the fourth quarter of 2024, due to a decrease in the value of the Company’s fixed maturity securities.

    Board of Directors

    The Company also announced that Non-Executive Chairman Ollie L. Sherman Jr. has chosen to retire from his leadership role and that the Board has appointed Christine LaSala as its next Non-Executive Chairperson. Following a period of transition, Mr. Sherman will also retire from the Board on April 30, 2025.

    Mr. Sherman has served on the Board of Directors since May 2016 and had previously retired as a Managing Principal with Towers Watson in 2010. Ms. LaSala joined the Board of Directors in July 2024. She has over 45 years of management, client leadership and financial experience in the insurance industry in underwriting and insurance broking roles. She currently serves as a director of Sedgwick, a leading provider of claims management, loss adjusting and technology-enabled risk, benefit and business solutions. She served as a director of Beazley plc for eight years, including in a variety of board leadership roles such as Interim Chair, prior to stepping down in April 2024.

    Conference Call

    James River will hold a conference call to discuss its fourth quarter results tomorrow, March 4, 2025 at 8:30 a.m. Eastern Time. Investors may access the conference call by dialing (800)-715-9871, Conference ID 6424000, or via the internet by visiting www.jrvrgroup.com and clicking on the “Investor Relations” link. A webcast replay of the call will be available by visiting the company website.

    Forward-Looking Statements

    This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as believe, expect, seek, may, will, should, intend, project, anticipate, plan, estimate, guidance or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and uncertainties, they include, among others, the following: the inherent uncertainty of estimating reserves and the possibility that incurred losses may be greater than our loss and loss adjustment expense reserves; inaccurate estimates and judgments in our risk management may expose us to greater risks than intended; downgrades in the financial strength rating or outlook of our regulated insurance subsidiaries impacting our ability to attract and retain insurance business that our subsidiaries write, our competitive position, and our financial condition; the amount of the final post-closing adjustment to the purchase price received in connection with the sale of our casualty reinsurance business and outcome of litigation relating to such transaction; the potential loss of key members of our management team or key employees and our ability to attract and retain personnel; adverse economic factors resulting in the sale of fewer policies than expected or an increase in the frequency or severity of claims, or both; the impact of a higher than expected inflationary environment on our reserves, loss adjustment expenses, the values of our investments and investment returns, and our compensation expenses; exposure to credit risk, interest rate risk and other market risk in our investment portfolio; reliance on a select group of brokers and agents for a significant portion of our business and the impact of our potential failure to maintain such relationships; reliance on a select group of customers for a significant portion of our business and the impact of our potential failure to maintain, or decision to terminate, such relationships; our ability to obtain insurance and reinsurance coverage at prices and on terms that allow us to transfer risk, adequately protect our company against financial loss and that supports our growth plans; losses resulting from reinsurance counterparties failing to pay us on reinsurance claims, insurance companies with whom we have a fronting arrangement failing to pay us for claims, or a former customer with whom we have an indemnification arrangement failing to perform its reimbursement obligations, and our potential inability to demand or maintain adequate collateral to mitigate such risks; inadequacy of premiums we charge to compensate us for our losses incurred; changes in laws or government regulation, including tax or insurance law and regulations; changes in U.S. tax laws (including associated regulations) and the interpretation of certain provisions applicable to insurance/reinsurance businesses with U.S. and non-U.S. operations, which may be retroactive and could have a significant effect on us including, among other things, by potentially increasing our tax rate, as well as on our shareholders; in the event we did not qualify for the insurance company exception to the passive foreign investment company (“PFIC”) rules and were therefore considered a PFIC, there could be material adverse tax consequences to an investor that is subject to U.S. federal income taxation; the Company or its foreign subsidiary becoming subject to U.S. federal income taxation; a failure of any of the loss limitations or exclusions we utilize to shield us from unanticipated financial losses or legal exposures, or other liabilities; losses from catastrophic events, such as natural disasters and terrorist acts, which substantially exceed our expectations and/or exceed the amount of reinsurance we have purchased to protect us from such events; potential effects on our business of emerging claim and coverage issues; the potential impact of internal or external fraud, operational errors, systems malfunctions or cyber security incidents; our ability to manage our growth effectively; failure to maintain effective internal controls in accordance with the Sarbanes-Oxley Act of 2002, as amended; changes in our financial condition, regulations or other factors that may restrict our subsidiaries’ ability to pay us dividends; and an adverse result in any litigation or legal proceedings we are or may become subject to. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those in the forward-looking statements, is contained in our filings with the U.S. Securities and Exchange Commission (“SEC”), including our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    Non-GAAP Financial Measures

    In presenting James River Group Holdings, Ltd.’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). Such measures, including underwriting (loss) profit, adjusted net operating (loss) income, tangible equity, tangible common equity, adjusted net operating return on tangible equity (which is calculated as annualized adjusted net operating income divided by the average quarterly tangible equity balances in the respective period), and adjusted net operating return on tangible common equity excluding AOCI (which is calculated as annualized adjusted net operating income divided by the average quarterly tangible common equity balances in the respective period, excluding AOCI), are referred to as non-GAAP measures. These non-GAAP measures may be defined or calculated differently by other companies. These measures should not be viewed as a substitute for those measures determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included at the end of this press release.

    About James River Group Holdings, Ltd.

    James River Group Holdings, Ltd. is a Bermuda-based insurance holding company that owns and operates a group of specialty insurance companies. The Company operates in two specialty property-casualty insurance segments: Excess and Surplus Lines and Specialty Admitted Insurance. Each of the Company’s regulated insurance subsidiaries are rated “A-” (Excellent) by A.M. Best Company.

    Visit James River Group Holdings, Ltd. on the web at www.jrvrgroup.com

    For more information contact:

    Zachary Shytle
    Senior Analyst, Investments and Investor Relations
    980-249-6848
    InvestorRelations@james-river-group.com

    James River Group Holdings, Ltd. and Subsidiaries
    Condensed Consolidated Balance Sheet Data (Unaudited)
    ($ in thousands, except for share data)  December 31, 2024   December 31, 2023
    ASSETS      
    Invested assets:      
    Fixed maturity securities, available-for-sale, at fair value $ 1,189,733   $ 1,324,476
    Equity securities, at fair value   86,479     119,945
    Bank loan participations, at fair value   142,410     156,169
    Short-term investments   97,074     72,137
    Other invested assets   36,700     33,134
    Total invested assets   1,552,396     1,705,861
           
    Cash and cash equivalents   362,345     274,298
    Restricted cash equivalents (a)   28,705     72,449
    Accrued investment income   10,534     12,106
    Premiums receivable and agents’ balances, net   243,882     249,490
    Reinsurance recoverable on unpaid losses, net   1,996,913     1,358,474
    Reinsurance recoverable on paid losses   101,210     157,991
    Deferred policy acquisition costs   30,175     31,497
    Goodwill and intangible assets   214,281     214,644
    Other assets   466,635     457,047
    Assets of discontinued operations held-for-sale   0     783,393
    Total assets $ 5,007,076   $ 5,317,250
           
    LIABILITIES AND SHAREHOLDERS’ EQUITY      
    Reserve for losses and loss adjustment expenses $ 3,084,406   $ 2,606,107
    Unearned premiums   572,034     587,899
    Funds held (a)   25,157     65,235
    Deferred reinsurance gain   57,970     20,733
    Senior debt   200,800     222,300
    Junior subordinated debt   104,055     104,055
    Accrued expenses   53,178     56,722
    Other liabilities   315,446     333,183
    Liabilities of discontinued operations held-for-sale   0     641,497
    Total liabilities   4,413,046     4,637,731
           
    Series A redeemable preferred shares   133,115     144,898
    Total shareholders’ equity   460,915     534,621
    Total liabilities, Series A redeemable preferred shares, and shareholders’ equity $ 5,007,076   $ 5,317,250
           
    Tangible equity (b) $ 437,719   $ 485,608
    Tangible equity per share (b) $ 7.40   $ 11.13
    Tangible common equity per share (b) $ 6.67   $ 9.05
    Shareholders’ equity per share $ 10.10   $ 14.20
    Common shares outstanding   45,644,318     37,641,563
           
    (a) Restricted cash equivalents and the funds held liability includes funds posted by the Company to a trust account for the benefit of a third party administrator handling the claims on the Rasier commercial auto policies in run-off. Such funds held in trust secure the Company’s obligations to reimburse the administrator for claims payments, and are primarily sourced from the collateral posted to the Company by Rasier and its affiliates to support their obligations under the indemnity agreements and the loss portfolio transfer reinsurance agreement with the Company.
    (b) See “Reconciliation of Non-GAAP Measures”      
    James River Group Holdings, Ltd. and Subsidiaries
    Condensed Consolidated Income Statement Data (Unaudited)
     
      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
    ($ in thousands, except for share data)   2024       2023       2024       2023  
    REVENUES              
    Gross written premiums $ 358,292     $ 389,305     $ 1,431,772     $ 1,508,660  
    Net written premiums   113,991       172,201       580,854       693,901  
                   
    Net earned premiums   105,586       181,953       600,196       708,005  
    Net investment income   21,962       25,588       93,089       84,046  
    Net realized and unrealized gains (losses) on investments   (2,803 )     7,954       3,625       10,441  
    Other income   1,968       2,609       10,716       9,517  
    Total revenues   126,713       218,104       707,626       812,009  
    EXPENSES              
    Losses and loss adjustment expenses (a)   144,560       133,162       554,374       500,157  
    Other operating expenses   47,068       45,734       193,198       193,656  
    Other expenses   1,563       2,325       6,145       3,792  
    Interest expense   5,709       6,561       24,666       24,627  
    Intangible asset amortization and impairment   91       91       363       2,863  
    Total expenses   198,991       187,873       778,746       725,095  
    (Loss) income from continuing operations before income taxes   (72,278 )     30,231       (71,120 )     86,914  
    Income tax (benefit) expense on continuing operations   (8,883 )     10,175       (7,634 )     25,705  
    Net (loss) income from continuing operations   (63,395 )     20,056       (63,486 )     61,209  
    Net loss from discontinued operations   (1,372 )     (170,211 )     (17,634 )     (168,893 )
    NET LOSS $ (64,767 )   $ (150,155 )   $ (81,120 )   $ (107,684 )
    Dividends on Series A preferred shares   (29,274 )     (2,625 )     (37,149 )     (10,500 )
    NET LOSS AVAILABLE TO COMMON SHAREHOLDERS $ (94,041 )   $ (152,780 )   $ (118,269 )   $ (118,184 )
    ADJUSTED NET OPERATING (LOSS) INCOME (b) $ (40,803 )   $ 12,442     $ (41,503 )   $ 50,317  
                   
    (LOSS) INCOME PER COMMON SHARE              
    Basic              
    Continuing operations $ (2.25 )   $ 0.46     $ (2.60 )   $ 1.35  
    Discontinued operations $ (0.03 )   $ (4.52 )   $ (0.46 )   $ (4.49 )
      $ (2.28 )   $ (4.06 )   $ (3.06 )   $ (3.14 )
    Diluted (c)              
    Continuing operations $ (2.25 )   $ 0.46     $ (2.60 )   $ 1.34  
    Discontinued operations $ (0.03 )   $ (3.89 )   $ (0.46 )   $ (4.47 )
      $ (2.28 )   $ (3.43 )   $ (3.06 )   $ (3.13 )
                   
    ADJUSTED NET OPERATING (LOSS) INCOME PER COMMON SHARE        
    Basic $ (0.99 )   $ 0.33     $ (1.07 )   $ 1.34  
    Diluted (d) $ (0.99 )   $ 0.33     $ (1.07 )   $ 1.33  
                   
    Weighted-average common shares outstanding:              
    Basic   41,237,480       37,656,268       38,685,003       37,618,660  
    Diluted   41,237,480       43,744,208       38,685,003       37,810,440  
    Cash dividends declared per common share $ 0.01     $ 0.05     $ 0.16     $ 0.20  
                   
    Ratios:              
    Loss ratio   111.4 %     73.9 %     86.2 %     69.9 %
    Expense ratio (e)   43.7 %     24.2 %     31.4 %     26.6 %
    Combined ratio   155.1 %     98.1 %     117.6 %     96.5 %
    Accident year loss ratio (f)   65.6 %     58.8 %     66.2 %     64.0 %
                   
                   
                   
    (a) Losses and loss adjustment expenses include $27.0 million and $37.2 million of expense for deferred retroactive reinsurance gains for the three and twelve months ended December 31, 2024, respectively ($1.3 million of benefit and $5.0 million of expense in the respective three and twelve month prior year periods).
    (b) See “Reconciliation of Non-GAAP Measures”.
    (c) The outstanding Series A preferred shares were dilutive for the three months ended December 31, 2023. Dividends on the Series A preferred shares were added back to the numerator in the calculation and 5,971,184 common shares from an assumed conversion of the Series A preferred shares were included in the denominator.
    (d) The outstanding Series A preferred shares were anti-dilutive for the three months ended December 31, 2023. Dividends on the Series A preferred shares were not added back to the numerator in the calculation and 5,971,184 common shares from an assumed conversion of the Series A preferred shares were excluded from the denominator.
    (e) Calculated with a numerator comprising other operating expenses less gross fee income (in specific instances when the Company is not retaining insurance risk) included in “Other income” in our Condensed Consolidated Income Statements of $926,000 and $4.6 million for the three and twelve months ended months ended December 31, 2024, respectively ($1.7 million and $5.3 million in the respective prior year periods), and a denominator of net earned premiums.
    (f) Ratio of losses and loss adjustment expenses for the current accident year, excluding development on prior accident year reserves, to net earned premiums for the current year (excluding ceded earned premium associated with adverse development covers covering prior accident years and net earned premium adjustments on certain reinsurance treaties with reinstatement premiums associated with prior years).
    James River Group Holdings, Ltd. and Subsidiaries
    Segment Results
    EXCESS AND SURPLUS LINES
      Three Months Ended
    December 31,    		       Twelve Months Ended
    December 31,    		    
    ($ in thousands)   2024       2023     % Change     2024       2023     % Change
    Gross written premiums $ 280,287     $ 275,171     1.9 %   $ 1,017,029     $ 1,007,351     1.0 %
    Net written premiums $ 99,684     $ 146,628     (32.0 )%   $ 508,445     $ 589,551     (13.8 )%
                           
    Net earned premiums $ 87,275     $ 153,926     (43.3 )%   $ 512,237     $ 609,566     (16.0 )%
    Losses and loss adjustment expenses excluding retroactive reinsurance   (103,327 )     (112,680 )   (8.3 )%     (448,714 )     (420,044 )   6.8 %
    Underwriting expenses   (36,166 )     (32,348 )   11.8 %     (140,978 )     (135,175 )   4.3 %
    Underwriting (loss) profit (a) $ (52,218 )   $ 8,898     —     $ (77,455 )   $ 54,347     —  
                           
    Ratios:                      
    Loss ratio   118.4 %     73.2 %         87.6 %     68.9 %    
    Expense ratio   41.4 %     21.0 %         27.5 %     22.2 %    
    Combined ratio   159.8 %     94.2 %         115.1 %     91.1 %    
    Accident year loss ratio (b)   64.1 %     55.5 %         64.3 %     61.9 %    
                           
    (a) See “Reconciliation of Non-GAAP Measures”.
    (b) Ratio of losses and loss adjustment expenses for the current accident year, excluding development on prior accident year reserves, to net earned premiums for the current year (excluding ceded earned premium associated with adverse development covers covering prior accident years and net earned premium adjustments on certain reinsurance treaties with reinstatement premiums associated with prior years).


    SPECIALTY ADMITTED INSURANCE

      Three Months Ended
    December 31,    		         Twelve Months Ended
    December 31,    		    
    ($ in thousands)   2024       2023     % Change       2024       2023     % Change
    Gross written premiums $ 78,005     $ 114,134     (31.7 )%   $ 414,743     $ 501,309     (17.3 )%
    Net written premiums $ 14,307     $ 25,573     (44.1 )%   $ 72,409     $ 104,350     (30.6 )%
                             
    Net earned premiums $ 18,311     $ 28,027     (34.7 )%   $ 87,959     $ 98,439     (10.6 )%
    Losses and loss adjustment expenses   (14,264 )     (21,752 )   (34.4 )%     (68,423 )     (75,122 )   (8.9 )%
    Underwriting expenses   (3,186 )     (4,080 )   (21.9 )%     (12,663 )     (19,240 )   (34.2 )%
    Underwriting profit (a), (b) $ 861     $ 2,195     (60.8 )%   $ 6,873     $ 4,077     68.6 %
                             
    Ratios:                        
    Loss ratio   77.9 %     77.6 %           77.8 %     76.3 %    
    Expense ratio   17.4 %     14.6 %           14.4 %     19.6 %    
    Combined ratio   95.3 %     92.2 %           92.2 %     95.9 %    
    Accident year loss ratio   77.9 %     77.5 %           78.5 %     77.3 %    
                             
    (a) See “Reconciliation of Non-GAAP Measures”.                      
    (b) Underwriting results for the three and twelve months ended December 31, 2024 include gross fee income of $4.8 million and $21.0 million, respectively ($5.9 million and $24.2 million in the respective prior year periods).  


    Underwriting Performance Ratios

    The following table provides the underwriting performance ratios of the Company’s continuing operations inclusive of the business subject to retroactive reinsurance accounting. There is no economic impact to the Company over the life of a loss portfolio transfer contract so long as any additional losses subject to the contract are within the limit of the loss portfolio transfer and the counterparty performs under the contract. Retroactive reinsurance accounting is not indicative of our current and ongoing operations. Management believes that providing loss ratios and combined ratios on business not subject to retroactive reinsurance accounting for loss portfolio transfers gives the users of our financial statements useful information in evaluating our current and ongoing operations.

      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
      2024     2023     2024     2023  
    Excess and Surplus Lines:              
    Loss Ratio 118.4 %   73.2 %   87.6 %   68.9 %
    Impact of retroactive reinsurance 30.9 %   (0.8 )%   7.3 %   0.8 %
    Loss Ratio including impact of retroactive reinsurance 149.3 %   72.4 %   94.9 %   69.7 %
                   
    Combined Ratio 159.8 %   94.2 %   115.1 %   91.1 %
    Impact of retroactive reinsurance 30.9 %   (0.8 )%   7.3 %   0.8 %
    Combined Ratio including impact of retroactive reinsurance 190.7 %   93.4 %   122.4 %   91.9 %
                   
    Consolidated:              
    Loss Ratio 111.4 %   73.9 %   86.2 %   69.9 %
    Impact of retroactive reinsurance 25.5 %   (0.7 )%   6.2 %   0.7 %
    Loss Ratio including impact of retroactive reinsurance 136.9 %   73.2 %   92.4 %   70.6 %
                   
    Combined Ratio 155.1 %   98.1 %   117.6 %   96.5 %
    Impact of retroactive reinsurance 25.5 %   (0.7 )%   6.2 %   0.7 %
    Combined Ratio including impact of retroactive reinsurance 180.6 %   97.4 %   123.8 %   97.2 %


    RECONCILIATION OF NON-GAAP MEASURES

    Underwriting Profit

    The following table reconciles the underwriting profit by individual operating segment and for the entire Company to consolidated income from continuing operations before taxes. We believe that the disclosure of underwriting profit by individual segment and of the Company as a whole is useful to investors, analysts, rating agencies and other users of our financial information in evaluating our performance because our objective is to consistently earn underwriting profits. We evaluate the performance of our segments and allocate resources based primarily on underwriting profit. We define underwriting profit as net earned premiums and gross fee income (in specific instances when the Company is not retaining insurance risk) less losses and loss adjustment expenses on business from continuing operations not subject to retroactive reinsurance accounting and other operating expenses. Other operating expenses include the underwriting, acquisition, and insurance expenses of the operating segments and, for consolidated underwriting profit, the expenses of the Corporate and Other segment. Our definition of underwriting profit may not be comparable to that of other companies.

      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
    ($ in thousands)   2024       2023       2024       2023  
    Underwriting (loss) profit of the operating segments:              
    Excess and Surplus Lines $ (52,218 )   $ 8,898     $ (77,455 )   $ 54,347  
    Specialty Admitted Insurance   861       2,195       6,873       4,077  
    Total underwriting (loss) profit of operating segments   (51,357 )     11,093       (70,582 )     58,424  
    Other operating expenses of the Corporate and Other segment   (6,790 )     (7,628 )     (34,972 )     (33,940 )
    Underwriting (loss) profit (a)   (58,147 )     3,465       (105,554 )     24,484  
    Losses and loss adjustment expenses – retroactive reinsurance   (26,969 )     1,270       (37,237 )     (4,991 )
    Net investment income   21,962       25,588       93,089       84,046  
    Net realized and unrealized (losses) gains on investments   (2,803 )     7,954       3,625       10,441  
    Other income (expense)   (521 )     (1,394 )     (14 )     424  
    Interest expense   (5,709 )     (6,561 )     (24,666 )     (24,627 )
    Amortization of intangible assets   (91 )     (91 )     (363 )     (363 )
    Impairment of IRWC trademark intangible asset   —       —       —       (2,500 )
    (Loss) income from continuing operations before taxes $ (72,278 )   $ 30,231     $ (71,120 )   $ 86,914  
                   
    (a) Included in underwriting results for the three and twelve months ended December 31, 2024 is gross fee income of $4.8 million and $21.0 million, respectively ($5.9 million and $24.2 million in the respective prior year periods).


    Adjusted Net Operating Income

    We define adjusted net operating (loss) income as income available to common shareholders excluding a) (loss) income from discontinued operations b) the impact of retroactive reinsurance accounting for loss portfolio transfers, c) net realized and unrealized gains (losses) on investments, d) certain non-operating expenses such as professional service fees related to various strategic initiatives, and the filing of registration statements for the offering of securities, e) severance costs associated with terminated employees, and f) deemed dividend related to the conversion of the Series A Preferred Shares. We use adjusted net operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted net operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and our definition of adjusted net operating income may not be comparable to that of other companies.

    Our (loss) income available to common shareholders reconciles to our adjusted net operating (loss) income as follows:

      Three Months Ended December 31,
        2024       2023  
    ($ in thousands) Income
    Before
    Taxes    		   Net
    Income    		   Income
    Before
    Taxes    		   Net
    Income
    Loss available to common shareholders $ (102,924 )   $ (94,041 )   $ (142,605 )   $ (152,780 )
    Loss from discontinued operations   1,372       1,372       170,211       170,211  
    Losses and loss adjustment expenses – retroactive reinsurance   26,969       21,306       (1,270 )     (1,003 )
    Net realized and unrealized investment losses (gains)   2,803       2,214       (7,954 )     (6,284 )
    Other expenses   1,563       1,340       2,321       2,298  
    Series A deemed dividends   27,006       27,006       —       —  
    Adjusted net operating (loss) income $ (43,211 )   $ (40,803 )   $ 20,703     $ 12,442  
                   
      Twelve Months Ended December 31,
        2024       2023  
    ($ in thousands) Income
    Before
    Taxes    		   Net
    Income    		   Income
    Before
    Taxes    		   Net
    Income
    Loss available to common shareholders $ (125,903 )   $ (118,269 )   $ (92,479 )   $ (118,184 )
    Loss from discontinued operations   17,634       17,634       168,893       168,893  
    Losses and loss adjustment expenses – retroactive reinsurance   37,237       29,418       4,991       3,943  
    Net realized and unrealized investment gains   (3,625 )     (2,865 )     (10,441 )     (8,248 )
    Other expenses   6,145       5,573       1,588       1,938  
    Impairment of IRWC trademark intangible asset   —       —       2,500       1,975  
    Series A deemed dividends   27,006       27,006       —       —  
    Adjusted net operating (loss) income $ (41,506 )   $ (41,503 )   $ 75,052     $ 50,317  


    Tangible Equity (per Share) and Tangible Common Equity (per Share)

    We define tangible equity as shareholders’ equity plus mezzanine Series A preferred shares and the deferred retroactive reinsurance gain less goodwill and intangible assets (net of amortization). We define tangible common equity as tangible equity less mezzanine Series A preferred shares. Our definition of tangible equity and tangible common equity may not be comparable to that of other companies, and it should not be viewed as a substitute for shareholders’ equity calculated in accordance with GAAP. We use tangible equity and tangible common equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure. The following table reconciles shareholders’ equity to tangible equity and tangible common equity for December 31, 2024, September 30, 2024, December 31, 2023, and September 30, 2023.

      December 31, 2024   September 30, 2024   December 31, 2023   September 30, 2023
    ($ in thousands, except for share data)              
    Shareholders’ equity $ 460,915   $ 530,347   $ 534,621   $ 562,544
    Plus: Series A redeemable preferred shares   133,115     144,898     144,898     144,898
    Plus: Deferred reinsurance gain (a)   57,970     31,001     20,733     37,653
    Less: Goodwill and intangible assets   214,281     214,372     214,644     214,735
    Tangible equity $ 437,719   $ 491,874   $ 485,608   $ 530,360
    Less: Series A redeemable preferred shares   133,115     144,898     144,898     144,898
    Tangible common equity $ 304,604   $ 346,976   $ 340,710   $ 385,462
                   
    Common shares outstanding   45,644,318     37,829,475     37,641,563     37,619,749
    Common shares from assumed conversion of Series A preferred shares   13,521,635     6,848,763     5,971,184     5,640,158
    Common shares outstanding after assumed conversion of Series A preferred shares   59,165,953     44,678,238     43,612,747     43,259,907
                   
    Equity per share:              
    Shareholders’ equity $ 10.10   $ 14.02   $ 14.20   $ 14.95
    Tangible equity $ 7.40   $ 11.01   $ 11.13   $ 12.26
    Tangible common equity $ 6.67   $ 9.17   $ 9.05   $ 10.25
                   
    (a) Deferred reinsurance gain for the period ending September 30, 2023 includes the deferred retroactive reinsurance gain of $15.7 million related to the former Casualty Reinsurance LPT.

    1 The Company closed the sale of JRG Reinsurance Company Ltd. on April 16, 2024. The full financials for our former Casualty Reinsurance segment have been classified to discontinued operations for all periods.
    2 Adjusted net operating (loss) income, tangible common equity per share and adjusted net operating return on tangible common equity are non-GAAP financial measures. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” at the end of this press release.

    3 Tangible equity and tangible common equity are non-GAAP financial measures. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” at the end of this press release.

    The MIL Network –

  • MIL-OSI: Christine P. Ball Appointed to the Board of Hanmi Financial Corporation

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, March 03, 2025 (GLOBE NEWSWIRE) — Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), and its wholly-owned subsidiary, Hanmi Bank (the “Bank”), today announced that Christine P. Ball has been appointed to the Board of Directors of the Company and the Bank effective March 1, 2025. The addition of Ms. Ball brings the total number of Hanmi Board directors to eleven.

    “Christine brings a wealth of banking experience to the Hanmi Board,” said John J. Ahn, Chairman of the Board. “Her proven leadership and strategic insight, along with her deep expertise in credit and risk management, will be invaluable as we continue to strengthen our commitment to sound financial stewardship and long-term growth. We are very pleased to welcome Christine to our Board and look forward to her contributions.”

    Ms. Ball was appointed to the Risk, Compliance and Planning Committee of the Company, as well as the Loan and Credit Policy Committee and Asset Liability Management Committee of the Bank.

    Ms. Ball has more than 20 years of experience in corporate, commercial and private banking. Most recently, she served as Senior Vice President and Deputy Chief Credit Officer for City National Bank in Los Angeles. She joined the bank in 2013 as Senior Vice President and Division Credit Manager, Entertainment. Prior to that, Ms. Ball was a Senior Vice President at Wells Fargo Bank from 2008 until 2013 and a Senior Vice President for Wachovia Bank from 2006 until 2008 when it merged with Wells Fargo Bank. Ms. Ball earned a B.A. degree in economics from the University of California, Davis and an M.B.A. degree in finance from Cornell University.

    About Hanmi Financial Corporation
    Headquartered in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of 32 full-service branches, five loan production offices and three loan centers in California, Colorado, Georgia, Illinois, New Jersey, New York, Texas, Virginia and Washington. Hanmi Bank specializes in real estate, commercial, SBA and trade finance lending to small and middle market businesses. Additional information is available at www.hanmi.com.

    Investor Contacts:
    Romolo (Ron) Santarosa
    Senior Executive Vice President & Chief Financial Officer
    213-427-5636

    Lisa Fortuna
    Investor Relations
    Financial Profiles, Inc.
    lfortuna@finprofiles.com
    310-622-8251

    Media Contact:
    Juanita Gutierrez
    Vice President
    Financial Profiles, Inc.
    310-622-8235
    jgutierrez@finprofiles.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/08a4916d-5d90-437f-852f-e08c40d42928

    The MIL Network –

  • MIL-OSI: Origin Bancorp, Inc. Provides Update on Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    RUSTON, La., March 03, 2025 (GLOBE NEWSWIRE) — Origin Bancorp, Inc. (NYSE: OBK) (“Origin”), the holding company for Origin Bank, today announced that five members of its Board of Directors will not stand for reelection at the 2025 Annual Meeting of Stockholders, decreasing the size of the Board from 16 to 11 directors. The Nominating and Corporate Governance Committee of the Board, including Origin’s lead independent director, has extensively studied the optimal Board size and composition in relation to the Company’s continued growth. Today’s announcement reflects the Board’s strategic initiative to reduce its size to better align with governance best practices. The five directors not standing for election are Jay Dyer, Farrell Malone, Lori Sirman, Elizabeth Solender and Steve Taylor.

    “Each of these directors has made invaluable contributions to our Company and we are grateful for their service,” said Drake Mills, Chairman, President and CEO of Origin Bancorp, Inc. “Their expertise helped Origin through periods of significant transformation and growth. It is a credit to their stewardship that these directors each recognize that right-sizing the Board is in the Company’s best interests moving forward. On behalf of the entire organization, I’d like to thank them for their service to Origin and their guidance to our Board and management.”

    Based on the recommendation of the Board’s Nominating and Corporate Governance Committee, the incumbent directors to be nominated for election at the 2025 Annual Meeting will be: Daniel Chu, James D’Agostino, Jr., James Davison, Jr., A. La’Verne Edney, Meryl Farr, Richard Gallot, Jr., Stacey Goff, Cecil Jones, Michael Jones, Gary Luffey and Drake Mills. The Company expects to hold its 2025 Annual Meeting on April 23, 2025.

    Michael Jones, Chair of the Board’s Nominating and Corporate Governance Committee, added, “With these changes, we will have a smaller, more efficient Board of Directors, consistent with our commitment to best-in-class corporate governance. We have been intentional in the composition of a Board that will continue to be made up of highly qualified directors who each bring relevant backgrounds and skills to support management in driving the Company’s strategy and future growth, including experience in the banking and financial services industries as well as in executive leadership, strategic and financial planning, and risk management.”

    The changes to the Board composition are not being made as a result of any disagreement between the departing directors and the Company.

    About Origin

    Origin Bancorp, Inc. is a financial holding company headquartered in Ruston, Louisiana. Origin’s wholly owned bank subsidiary, Origin Bank, was founded in 1912 in Choudrant, Louisiana. Deeply rooted in Origin’s history is a culture committed to providing personalized relationship banking to businesses, municipalities, and personal clients to enrich the lives of the people in the communities it serves. Origin provides a broad range of financial services and currently operates more than 55 locations in Dallas/Fort Worth, East Texas, Houston, North Louisiana, Mississippi, South Alabama and the Florida Panhandle. For more information, visit www.origin.bank.

    Contact Information

    Investor Relations
    Chris Reigelman
    318-497-3177
    chris@origin.bank

    Media Contact
    Ryan Kilpatrick
    318-232-7472
    rkilpatrick@origin.bank

    The MIL Network –

  • MIL-OSI Security: Mexican Customs Worker Guilty in Stolen Vehicle Conspiracy

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    McALLEN, Texas – A 33-year-old former member of the Mexican National Guard has entered a guilty plea to conspiracy to defraud the United States, announced U.S. Attorney Nicholas J. Ganjei.

    Luis Enrique Guzman Pablo was assigned to work at customs in Matamoros, Mexico. As part of his official duties, he would inspect and observe vehicles departing the United States to Mexico. 

    From May to July of 2024, Pablo facilitated the entry of stolen vehicles into Mexico in exchange for compensation.

    As part of the scheme, co-conspirators would provide Pablo a description of the vehicle to be exported. He would then ensure the stolen vehicle would pass through the inspection process without being denied entry into Mexico.

    In one instance in May 2024, Pablo assisted co-conspirators with the exportation of a stolen Chevrolet Trailblazer that was exported via the Veteran’s International Bridge in Brownsville to Matamoros in exchange for payment.

    “No matter what side of the border or what country they represent, we expect all authorities to do their duties and respect the law,” said Ganjei. “Pablo abused his position in order to enrich himself, and The Southern District of Texas will continue to ensure those like him face the appropriate consequences.”

    Chief U.S. District Judge Randy Crane will impose sentencing May 13. At that time, Pablo up to five years in prison as well as a possible $250,000 maximum fine.

    Pablo has been and will remain in custody pending that hearing.

    Homeland Security Investigations and FBI conducted the investigation with the assistance of Customs and Border Protection and the Fiscalia General de la Republica in Mexico.

    This case is a result of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found on the Department of Justice’s OCDETF webpage. Assistant U.S. Attorneys Roberto Lopez Jr. and Sarina D. DiPiazza are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Security: Acting United States Attorney Fondren Announces Federal Indictment Against Gynecologist for Sexually Abusing Patients, Adulterating Medical Devices for Reuse on Patients, and Health Care Fraud

    Source: Federal Bureau of Investigation (FBI) State Crime News

    Memphis, TN – Reagan Fondren, Acting United States Attorney for the Western District of Tennessee, announced today that Sanjeev Kumar, 44, was arrested this morning and charged with enticing and inducing four victims to travel interstate to engage in illegal sexual activity, adulteration of medical devices, misbranding of medical devices, and healthcare fraud.

    The indictment unsealed today alleges that from at least in or about September 2019 and up to and including at least in or about June 2024, Kumar enticed and induced four victims to travel interstate to his medical offices in Memphis, Tennessee, at least in part for the purpose of subjecting them to a sexual activity for which he could be charged with a criminal offense in violation of Tennessee Code Annotated Section 39-13-503.

    According to the Indictment, between 2019 and 2024, Kumar sexually abused women by conducting medically unnecessary gynecologic procedures with medical devices that he held under insanitary conditions and reused on patients when they were required to be disposed of or properly reprocessed. Kumar did not inform patients that he was reusing “single use” or improperly reprocessed devices before he inserted the devices into their vaginas. He also billed Medicare and Medicaid as if the procedures were medically necessary and as if he had used a new or properly reprocessed device for each procedure.

    Acting U.S. Attorney Fondren said: “Kumar was consistently the top-paid provider in Tennessee for Medicare and Medicaid for hysteroscopy biopsy services, and he profited substantially from these criminal acts. The allegations indicate that Kumar acted as a predator in a white coat and used the cover of conducting medical examinations to put his patients at risk and enrich himself.”   

    “This doctor put profit ahead of patients,” said Special Agent in Charge Joseph E. Carrico of the FBI Nashville Field Office. “The abusive behavior alleged here took place over five years, which means there could be many victims out there we have not heard from. We want you to know FBI victim specialists, special agents, and analysts investigating this case are here for each and every one of you, and we are your advocates. It is important to remember nothing Dr. Kumar has done was, or ever will be, your fault. We see time and time again that voices matter, and those who have stepped forward have empowered others to do the same. If you have any information concerning this case, or if you believe you are a victim or may have been affected by these alleged crimes, please visit www.fbi.gov/KumarVictims and complete the questionnaire so that we can contact you.  Your responses are voluntary but would be useful in the federal investigation and would enable us to serve you as a victim.”

    “Physicians have a sworn duty to prioritize the health and safety of their patients,” said Kelly Blackmon, Special Agent in Charge at the Department of Health and Human Services Office of the Inspector General (HHS-OIG).  “HHS-OIG is committed to working with our law enforcement partners to hold accountable those who exploit their patients and federal health care programs for personal gain.”

    This case is being investigated by the United States HHS-OIG, the United States Food and Drug Administration Office of Criminal Investigations (FDA-OCI), the Federal Bureau of Investigation (FBI), and Tennessee Bureau of Investigation (TBI).

    The charges and allegations contained in the indictment are merely accusations of criminal conduct, not evidence.  The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt and convicted through due process of law.  If convicted, the defendant’s sentence will be determined by the Court after review of the factors unique to the case, including the defendant’s prior criminal records (if any), the defendant’s role in the offense, and the characteristics of the violation.

    Acting U.S. Attorney Fondren thanked Assistant United States Attorneys Lynn Crum, Scott Smith, and Sarah Pazar Williams for prosecuting this case, as well as the law enforcement partners who investigated the case. 

    ###

    For more information, please contact the Media Relations Team at USATNW.Media@usdoj.gov. Follow the U.S. Attorney’s Office on Facebook or on X at @WDTNNews for office news and updates.

    MIL Security OSI –

  • MIL-OSI Security: Lab Operator Convicted of $4 Million Medicare Fraud Scheme

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    A federal jury in Detroit convicted a California man today for his role in defrauding Medicare of over $4 million in fraudulent claims for medically unnecessary urine drug testing for patients receiving pain management treatment.

    According to court documents and evidence presented at trial, Sherif Khalil, 50, of Redondo Beach, conspired with others to submit claims to Medicare for the highest-reimbursing urine drug testing panels, which doctors did not want or order.

    Sherif Khalil operated Spectra Clinical Labs, a toxicology lab located in Gardena, California. As the owner of Spectra, Khalil implemented a scheme to pay marketers a percentage of Medicare reimbursements and incentivize them to obtain doctors’ orders for expensive drug testing panels. Khalil concealed Spectra’s payments to marketers by routing the payments through nominally independent marketing companies that Khalil secretly controlled. To maximize Spectra’s profits and their own commission payments, Spectra’s marketers then trained staff members at doctors’ offices to send Spectra orders for medically unnecessary urine drug tests that doctors did not actually want or authorize. Khalil also knew that orders Spectra received from physician practices were not supported by documentation of medical necessity.

    The medically unnecessary laboratory tests ordered in exchange for illegal kickbacks to marketers caused Medicare to pay more than $4 million to the Spectra Clinical Labs.

    Khalil was found guilty of one count of conspiracy to commit health care fraud and wire fraud and one count of conspiracy to defraud the United States and to pay, offer, receive, and solicit health care kickbacks. Khalil is scheduled to be sentenced on Aug. 7 and faces a maximum penalty of 20 years in prison on the conspiracy to commit health care fraud and wire fraud count and five years in prison on the count for conspiracy to defraud the United States and to pay, offer, receive, and solicit health care kickbacks. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Special Agent in Charge Cheyvoryea Gibson of the FBI Detroit Field Office, and Special Agent in Charge Mario Pinto of the Department of Health and Human Services Office of Inspector General (HHS-OIG) made the announcement.

    The FBI Detroit Field Office and HHS-OIG investigated the case.

    Trial Attorneys S. Babu Kaza, Jeffrey A. Crapko, and Kelly Warner and Assistant Chief Shankar Ramamurthy of the Criminal Division’s Fraud Section prosecuted the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    MIL Security OSI –

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Malaysia

    Source: IMF – News in Russian

    March 3, 2025

    Washington, DC: On February 25, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Malaysia and endorsed the staff appraisal without a meeting on a lapse-of-time basis.[2]

    Malaysia’s economic performance has improved significantly in 2024. The economy grew by 5.2 percent (y/y) in the first three quarters of 2024, supported by strong private consumption, buoyant investment, improvements in external demand for electrical and electronic products, and a recovery in tourism. Labor market conditions have been strong, with the unemployment rate low at 3.2 percent in 2024Q3. Meanwhile, inflation has been stable around 2 percent, and the ringgit appreciated against the U.S. dollar by 2.6 percent in 2024.

    Current policies are focused on rebuilding fiscal buffers, augmenting growth potential, and strengthening social protection while preserving macroeconomic and financial stability. The landmark Public Finance and Fiscal Responsibility Act (FRA), enacted in 2023, aims to strengthen fiscal management and governance. Fiscal consolidation continued in 2024, with the overall fiscal deficit estimated to have declined from 5.0 percent of GDP in 2023 to the budget target of 4.3 percent of GDP in 2024, supported by subsidy reforms and strengthening of the sales and service tax. Bank Negara Malaysia (BNM) has kept the Overnight Policy Rate (OPR) unchanged at 3.0 percent since May 2023. Under the Economy MADANI Framework, the authorities have developed a set of concerted policy frameworks that focus on increasing incomes, addressing climate change, promoting digitalization, and enhancing governance.

    Executive Board Assessment

    In concluding the Article IV consultation with Malaysia, Executive Directors endorsed the staff’s appraisal as follows:

    Malaysia’s favorable economic conditions provide a window of opportunity to build macroeconomic policy buffers and accelerate structural reforms. Malaysia’s strong growth momentum is expected to be sustained in the near term, with growth projected at 4.7 percent in 2025. Inflation, which eased to 1.8 percent in 2024, is projected to increase to 2.6 percent in 2025 on account of the anticipated implementation of gasoline subsidy reforms, before moderating to 2.3 percent in 2026. Malaysia’s external position in 2024 is preliminarily assessed to be stronger than the level implied by medium-term fundamentals and desirable policies.

    Risks to growth, mostly external, are tilted to the downside, while inflation risks are tilted to the upside. Downside external risks include deepening geoeconomic fragmentation, a growth slowdown in major trading partners, and intensification of geopolitical conflicts, while upside growth risks include faster implementation of investment projects. The upside risks to the inflation outlook stem from global commodity price shocks and potential wage pressures from increases in minimum wage and civil servants’ pay.

    Fiscal consolidation should continue to rebuild buffers and achieve the medium-term targets set under the FRA. Staff recommends achieving a small structural primary balance by 2027. Building on successful subsidy reforms, including for electricity and diesel, staff recommends gradually phasing out remaining fuel subsidies. Revenue mobilization efforts toward a more broad-based and efficient tax system are warranted. Reintroducing the GST could help achieve this goal. The associated impact of fiscal reforms on vulnerable households should be mitigated by well-targeted cash transfers. Staff welcomes the historic enactment of the FRA and recommends its swift and thorough implementation.

    The current neutral monetary policy stance is appropriate. Going forward, monetary policy should remain data dependent. BNM should stand ready to tighten monetary policy if upside inflation risks materialize. Maintaining exchange rate flexibility is essential.

    Financial systemic risks appear contained, and the financial sector remains sound. Banks’ capital and liquidity positions are robust. Credit growth, corporate and household balance sheets, and real estate markets do not pose systemic risks at this juncture. Continued vigilance is warranted against pockets of more highly leveraged borrowers, interlinkages between banks and non-bank financial institutions, and climate and cyber risks—although spillover risks from these areas remain contained. Given the strong growth and accommodative financial conditions, pre-emptive broadening of the macroprudential policy toolkit could be considered.

    Staff encourages swift implementation of the structural reform initiatives to enhance productivity and inclusive growth. The ongoing development of the PADU digital registry can help strengthen social safety nets and public service delivery. Investment incentives to promote high-growth and high-value industries should be well-targeted and ring-fenced. Further efforts are warranted toward Malaysia’s transition to net-zero emissions and readiness for Artificial Intelligence. Staff welcomes the authorities’ efforts to strengthen governance and the anti-corruption framework.

    Selected Economic and Financial Indicators, 2020–30

    Nominal GDP (2023): US$399.7 billion

    		      

     Population (2023): 33.4 million

    		            

    GDP per capita (2023, current prices): US$11,967

    		      

     Poverty rate (2019, national poverty line): 0.2 percent

    		        

    Unemployment rate (2023, period average):  3.4 percent

    		      

     Adult literacy rate (2019): 95.0 percent

    		          
                             

    Main domestic goods exports (share of total domestic exports, 2023): Machinery and Transport Equipment (45.6 percent), Manufactured Goods and Miscellaneous Manufactured Articles (19.0 percent), and Mineral Fuels, Lubricants etc. (16.5 percent).
                 
           
               

    Proj.
       

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    1/
                             

    Real GDP (percent change)

    		  

    -5.5

    3.3

    8.9

    3.6

    5.0

    4.7

    4.4

    4.0

    4.0

    4.0

    4.0

    Total domestic demand

    		  

    -4.8

    3.8

    9.5

    4.7

    6.1

    4.7

    4.0

    3.6

    3.6

    3.6

    3.4

    Private consumption

    		  

    -3.9

    1.8

    11.3

    4.7

    5.3

    4.5

    3.9

    3.4

    3.9

    3.8

    3.7

    Public consumption

    		  

    4.1

    5.8

    5.1

    3.3

    4.3

    3.5

    2.7

    2.4

    2.3

    2.3

    2.3

    Private investment

    		  

    -11.9

    2.8

    7.2

    4.6

    12.0

    6.0

    5.1

    4.0

    4.0

    4.0

    4.0

    Public gross fixed capital formation

    		  

    -21.2

    -11.0

    5.3

    8.6

    11.2

    4.0

    2.8

    2.3

    2.1

    2.0

    2.1

    Net exports (contribution to growth, percentage points)

    		  

    -1.0

    -0.3

    -0.1

    -0.9

    -0.8

    0.2

    0.5

    0.6

    0.5

    0.6

    0.7
                             

    Output gap (in percent)

    		  

    -4.0

    -1.1

    2.5

    1.3

    1.1

    0.7

    0.4

    0.0

    0.0

    0.0

    0.0
                             

    Saving and investment (in percent of GDP)

    		                        

    Gross domestic investment

    		  

    19.7

    22.1

    23.6

    22.5

    22.5

    22.5

    22.6

    22.6

    22.5

    22.5

    22.5

    Gross national saving

    		  

    23.8

    26.0

    26.8

    24.0

    24.5

    24.7

    25.0

    25.3

    25.4

    25.5

    25.5
                             

    Fiscal sector (in percent of GDP) 2/

    		                        

    Federal government overall balance

    		  

    -6.2

    -6.4

    -5.5

    -5.0

    -4.3

    -3.8

    -3.8

    -3.8

    -3.8

    -3.8

    -3.8

    Revenue

    		  

    15.9

    15.1

    16.4

    17.3

    16.5

    16.2

    15.4

    15.1

    14.8

    14.6

    14.4

    Expenditure and net lending

    		  

    22.0

    21.5

    22.0

    22.3

    20.8

    20.0

    19.2

    18.9

    18.6

    18.4

    18.2

    Federal government non-oil primary balance

    		  

    -7.5

    -6.7

    -7.8

    -6.6

    -4.9

    -4.1

    -3.7

    -3.4

    -3.0

    -2.8

    -2.6

    Consolidated public sector overall balance 3/

    		  

    -7.3

    -8.3

    -6.0

    -5.9

    -8.4

    -6.7

    -6.8

    -6.9

    -6.8

    -6.9

    -6.9

    General government debt 3/

    		  

    67.7

    69.2

    65.5

    69.7

    69.6

    68.9

    68.7

    69.1

    69.3

    69.6

    69.8

    Of which: federal government debt

    		  

    62.0

    63.3

    60.2

    64.3

    64.4

    63.7

    63.5

    63.8

    64.1

    64.3

    64.5
                             
                             

    Inflation and unemployment (in percent)

    		                        

    CPI inflation, annual average

    		  

    -1.2

    2.5

    3.4

    2.5

    1.8

    2.6

    2.3

    2.0

    2.0

    2.0

    2.0

    CPI inflation, end of period

    		  

    -1.4

    3.2

    3.8

    1.5

    1.7

    3.8

    2.0

    2.0

    2.0

    2.0

    2.0

    CPI inflation (excluding food and energy), annual average

    		  

    1.1

    0.7

    3.0

    3.0

    1.8

    2.4

    2.2

    2.0

    2.0

    2.0

    2.0

    CPI inflation (excluding food and energy), end of period

    		  

    0.7

    1.1

    4.1

    1.9

    1.6

    3.8

    2.0

    2.0

    2.0

    2.0

    2.0

    Unemployment rate

    		  

    4.5

    4.6

    3.9

    3.4

    3.2

    3.2

    3.2

    3.2

    3.2

    3.2

    3.2
                             
                             

    Macrofinancial variables (end of period)

    		                        

    Broad money (percentage change) 4/

    		  

    4.9

    5.6

    4.0

    5.8

    7.1

    7.6

    6.7

    5.9

    5.9

    5.9

    5.9

    Credit to private sector (percentage change) 4/

    		  

    4.0

    3.8

    3.0

    5.2

    6.2

    6.1

    6.0

    5.9

    5.9

    5.9

    5.9

    Credit-to-GDP ratio (in percent) 5/ 6/

    		  

    144.8

    137.7

    122.4

    126.7

    125.7

    123.9

    123.1

    123.1

    123.1

    123.1

    123.1

    Overnight policy rate (in percent)

    		  

    1.75

    1.75

    2.75

    3.00

    …

    …

    …

    …

    …

    …

    …

    Three-month interbank rate (in percent)

    		  

    1.9

    2.0

    3.6

    3.7

    …

    …

    …

    …

    …

    …

    …

    Nonfinancial corporate sector debt (in percent of GDP) 7/

    		  

    109.7

    109.0

    97.5

    101.2

    …

    …

    …

    …

    …

    …

    …

    Nonfinancial corporate sector debt issuance (in percent of GDP)

    		  

    2.3

    2.6

    2.4

    2.5

    …

    …

    …

    …

    …

    …

    …

    Household debt (in percent of GDP) 7/

    		  

    93.1

    88.9

    80.9

    84.2

    …

    …

    …

    …

    …

    …

    …

    Household financial assets (in percent of GDP) 7/

    		  

    204.5

    191.9

    167.3

    174.3

    …

    …

    …

    …

    …

    …

    …

    House prices (percentage change)

    		  

    1.2

    1.9

    3.9

    3.8

    …

    …

    …

    …

    …

    …

    …
                             
                             

    Exchange rates (period average)

    		                        

    Malaysian ringgit/U.S. dollar

    		  

    4.19

    4.14

    4.40

    4.56

    …

    …

    …

    …

    …

    …

    …

    Real effective exchange rate (percentage change)

    		  

    -3.5

    -1.3

    -1.4

    -2.5

    …

    …

    …

    …

    …

    …

    …
                             
                             

    Balance of payments (in billions of U.S. dollars) 5/

    		                        

    Current account balance

    		  

    14.1

    14.5

    13.0

    6.2

    8.7

    10.2

    12.0

    14.3

    16.1

    17.6

    19.4

    (In percent of GDP)

    		  

    4.2

    3.9

    3.2

    1.5

    2.0

    2.2

    2.4

    2.7

    2.9

    3.0

    3.1

    Goods balance

    		  

    32.7

    42.9

    42.6

    29.9

    26.3

    29.3

    31.8

    33.9

    36.5

    39.2

    43.7

    Services balance

    		  

    -11.2

    -15.8

    -13.2

    -9.5

    -4.4

    -4.1

    -3.1

    -1.7

    -1.3

    -1.0

    -1.5

    Income balance

    		  

    -7.4

    -12.5

    -16.3

    -14.2

    -13.2

    -14.9

    -16.7

    -17.9

    -19.2

    -20.6

    -22.8

    Capital and financial account balance

    		  

    -18.5

    3.8

    1.8

    -3.4

    -6.0

    0.2

    -3.0

    -5.0

    -6.2

    -7.1

    -8.2

    Of which: Direct investment

    		  

    0.7

    7.5

    2.9

    0.0

    -1.3

    2.0

    2.1

    2.2

    2.4

    2.5

    2.6

    Errors and omissions

    		  

    -0.1

    -7.3

    -2.7

    -7.2

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Overall balance

    		  

    -4.6

    11.0

    12.1

    -4.5

    2.7

    10.4

    9.0

    9.3

    9.9

    10.6

    11.2
                             

    Gross official reserves (US$ billions) 5/

    		  

    107.6

    116.9

    114.7

    113.5

    116.2

    126.6

    135.6

    144.9

    154.8

    165.4

    176.6

    (In months of following year’s imports of goods and nonfactor services)

    		  

    5.5

    4.9

    5.4

    4.6

    4.4

    4.6

    4.7

    4.8

    4.9

    4.9

    5.0

    (In percent of short-term debt by original maturity)

    		  

    117.6

    120.8

    104.9

    100.3

    99.4

    98.3

    97.2

    97.0

    97.3

    97.9

    98.9

    (In percent of short-term debt by remaining maturity)

    		  

    91.9

    93.5

    84.6

    80.7

    78.7

    79.4

    79.0

    79.2

    79.7

    80.5

    81.5

    Total external debt (in billions of U.S. dollars) 5/

    		  

    238.8

    258.7

    259.6

    270.6

    284.6

    305.1

    324.4

    342.8

    361.1

    379.2

    397.2

    (In percent of GDP)

    		  

    70.8

    69.3

    63.8

    67.8

    65.1

    65.3

    65.1

    64.9

    64.4

    63.8

    63.0

    Of which: short-term (in percent of total, original maturity)

    		  

    38.3

    37.4

    42.1

    41.8

    41.1

    42.2

    43.0

    43.6

    44.1

    44.6

    44.9

      short-term (in percent of total, remaining maturity)

    		  

    49.1

    48.3

    52.2

    51.9

    51.9

    52.3

    52.9

    53.4

    53.8

    54.2

    54.5

    Debt service ratio 5/

    		                        

    (In percent of exports of goods and services) 8/

    		  

    13.6

    10.5

    9.7

    11.8

    12.1

    12.1

    10.1

    9.8

    9.7

    9.6

    9.5

    (In percent of exports of goods and nonfactor services)

    		  

    14.4

    11.4

    10.3

    12.7

    12.9

    12.9

    10.7

    10.4

    10.3

    10.2

    10.0
                             
                             

    Memorandum items:

    		                        

    Nominal GDP (in billions of ringgit)

    		  

    1,418

    1,549

    1,794

    1,823

    1,952

    2,099

    2,241

    2,373

    2,512

    2,660

    2,817
                             

    Sources: Data provided by the authorities; CEIC Data; World Bank; UNESCO; and IMF, Integrated Monetary Database, and staff estimates.
                             

    1/ Data used in this report for staff analyses are as of January 29, 2025, unless otherwise noted.
    2/ Cash basis.
    3/ Consolidated public sector includes general government and nonfinancial public enterprises (NFPEs). General government includes federal government, state and local governments, and statutory bodies.
    4/ Based on data provided by the authorities, but follows compilation methodology used in IMF’s Integrated Monetary Database. Credit to private sector in 2018 onwards includes data for a newly licensed commercial bank from April 2018. The impact of this bank is excluded in the calculation of credit gap.
    5/ IMF staff estimates. U.S. dollar values are estimated using official data published in national currency.                                                                                                                         
    6/ Based on a broader measure of liquidity. Credit gap is estimated on quarterly data from 2000, using one-sided Hodrick-Prescott filter with a large parameter.
    7/ Revisions in historical data reflect the change in base year for nominal GDP (from 2010=100 to 2015=100).
    8/ Includes receipts under the primary income account.
                               

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/03/02/pr25050-malaysia-imf-executive-board-concludes-2025-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Security: New Jersey Woman Pleads Guilty to Producing, Distributing, and Receiving Child Sexual Abuse Material

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    Ocala, Florida – Acting United States Attorney Sara C. Sweeney announces that Alexandria Stevens (20, New Jersey) has pleaded guilty to producing, distributing, and receiving child sexual abuse material (CSAM). Stevens faces a minimum penalty of 15 years, up to 30 years, in federal prison for the production offense, and a minimum penalty of 5 years’ imprisonment, up to 20 years, for each of the distribution and receipt offenses. A sentencing date has not yet been set. Stevens remains detained in federal custody pending the resolution of this case.

    According to the plea agreement, while visiting Florida in November 2023, Stevens and co-defendant Michael Taylor, Jr. produced CSAM with an 8-year-old child. They also received and distributed images of CSAM over the internet. 

    Taylor was also charged for his alleged role in this case. His case is pending.

    This case was investigated by the Federal Bureau of Investigation. It is being prosecuted by Assistant United States Attorney Sarah Janette Swartzberg.

    It is another case brought as part of Project Safe Childhood, a nationwide initiative launched in 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue child victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

    MIL Security OSI –

  • MIL-OSI Security: Former Delaware County Teacher Convicted After Trial of Coercing, Transporting, and Sexually Abusing Students

    Source: Office of United States Attorneys

    Paul Geer was a Teacher at the “Family Foundation” Private Boarding School, Which Operated in Hancock, New York, From Approximately 1992 Until 2014

    SYRACUSE, NEW YORK – Paul Geer, age 57, of Hancock, New York, was convicted today by a federal jury after a two-week-long trial on two counts of coercing and enticing two separate children to travel across state lines to engage in unlawful sexual activity and two counts of transporting the children across state lines with the intent to engage in criminal sexual activity with those children.  The jury failed to reach a unanimous verdict on two additional counts. 

    Acting United States Attorney Daniel Hanlon and Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation (FBI) Craig Tremaroli made the announcement.

    The evidence at trial proved that, while Geer was a teacher at the Family Foundation School in Hancock, New York, he imposed various disciplinary sanctions on students that were tantamount to torture. The sanctions Geer imposed on students included depriving children of food or forcing children to eat food that had been regurgitated, binding children in rugs and leaving them in isolated rooms for extended periods of time and forcing children to perform forced physical labor. The evidence at trial further proved that, in 1994 and 2001, Geer used his position of authority and his ability to impose these brutal sanctions to coerce two students to travel with him, on separate occasions, to Maine and Toronto, Canada. The evidence at trial also proved that Geer transported the students across state lines with the intent to engage in sexual activity with them. While on those trips, Geer raped or otherwise sexually abused each of the two children.

    Geer was taken into custody following the verdict. 

    At sentencing currently scheduled for July 9, 2025, in Albany, New York, the two counts of coercion and enticement each carry a maximum sentence of 10 years in prison, a fine of up to $250,000, and a term of supervised release of up to 5 years. The two counts of transporting children across state lines each carry a maximum sentence of 15 years in prison, a fine of up to $250,000, and a term of supervised release of up to 5 years. A defendant’s sentence is imposed by a judge based on the statute the defendant is charged with violating, the U.S. Sentencing Guidelines and other factors.

    The case was investigated by the FBI with assistance New York State Police and the Colonie, New York Police Department. Assistant U.S. Attorneys Jessica N. Carbone, Adrian S. LaRochelle, and Michael D. Gadarian prosecuted the case as a part of Project Safe Childhood.

    Project Safe Childhood is a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse. Launched in May 2006 by the Department of Justice, and led by the U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit https://www.justice.gov/psc.

    MIL Security OSI –

  • MIL-OSI: Dave Reports Fourth Quarter & Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Record Q4 Revenue up 38% Y/Y to $100.9 Million; FY24 Revenue up 34% to $347.1 Million

    Q4 Net Income Increases $16.6 Million Y/Y to $16.8 Million; Adj. EBITDA increases 234% Y/Y to $33.4 Million, Significantly Exceeding High-End of Guidance

    Establishes Strong 2025 Revenue and Adjusted EBITDA Outlook

    LOS ANGELES, March 03, 2025 (GLOBE NEWSWIRE) — Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today announced fourth quarter and full year results for the period ended December 31, 2024.

    “We closed out the year with record-setting results, delivering another quarter of exceptional growth and profitability,” said Jason Wilk, Founder and CEO of Dave.

    “Our performance was underpinned by strong member demand and continued strength in our team’s execution. ExtraCash originations were up 44% year-over-year supported by increased member growth and average origination per member. Our CashAI-powered underwriting continued to drive improvements in credit performance which contributed to another record quarter of non-GAAP variable margin. These results, combined with our fixed cost discipline and efficient marketing spend, allowed us to deliver 35% sequential growth in Adjusted EBITDA and more than 200% annually, which we believe underscores the inherent operating leverage in our business model.

    “In mid-Q1 of 2025, we fully transitioned to our new fee structure which we expect to result in even greater ExtraCash limits, monetization, and member lifetime value going forward. With this strong momentum heading into 2025, we believe we are well positioned to drive another record year as we execute our strategic roadmap and deliver long-term value for both our members and shareholders.”

    Quarterly Financial Highlights ($ in millions, unaudited)

      4Q23 1Q24 2Q24 3Q24 4Q24
    GAAP Operating Revenues, Net $73.2 $73.6 $80.1 $92.5 $100.9
    % Change vs. prior year period 23% 25% 31% 41% 38%
    Non-GAAP Variable Profit* $45.9 $49.9 $51.8 $64.2 $72.6
    % Change vs. prior year period 80% 47% 57% 72% 58%
    Non-GAAP Variable Profit Margin* 63% 68% 65% 69% 72%
    GAAP Net Income $0.2 $34.2 $6.4 $0.5 $16.8
    Adjusted Net Income* $6.6 $8.1 $13.7 $21.1 $29.6
    Adjusted EBITDA* $10.0 $13.2 $15.2 $24.7 $33.4

    *Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release.

    Fourth Quarter 2024 Operating Highlights (vs. Fourth Quarter 2023)

    • New Members increased 12% to 766,000 while customer acquisition costs remained highly efficient at $16
    • Monthly Transacting Members (“MTMs”) increased 17% to 2.5 million
    • ExtraCash originations increased 44% to $1.5 billion, while the average 28-Day delinquency rate improved 53 basis points to 1.66%
    • Dave Debit Card spend increased 24% to $457 million
    • For a full review of the Company’s key performance indicators, please refer to the Company’s Fourth Quarter & Full Year 2024 Earnings Presentation which can be found on the Investor Relations page of Dave’s website

    Annual Financial Highlights ($ in millions, unaudited)

      FY 2023 FY 2024
    GAAP Operating Revenues, Net $259.1 $347.1
    % Change vs. prior year 26% 34%
    Non-GAAP Variable Profit* $150.1 $238.5
    % Change vs. prior year 74% 59%
    Non-GAAP Variable Profit Margin* 58% 69%
    GAAP Net (Loss) Income ($48.5) $57.9
    Adjusted Net (Loss) Income* ($22.1) $72.5
    Adjusted EBITDA (Loss)* ($10.1) $86.5

    *Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release.

    Liquidity Summary

    The Company had $91.9 million of cash and cash equivalents, marketable securities, investments and restricted cash as of December 31, 2024, compared to $76.7 million as of September 30, 2024. The increase was primarily attributable to free cash flow generation offset by an increase in the ExtraCash receivables balance. The Company did not increase utilization of its credit facility during the quarter.

    2025 Financial Guidance ($ in millions)

      FY 2025
    GAAP Operating Revenues, Net $415 – $435
    Year-Over-Year Growth 20% – 25%
    Adjusted EBITDA* $110 – $120
    Year-Over-Year Growth 27% – 39%

    *Non-GAAP measure. The Company does not provide a quantitative reconciliation of forward-looking non-GAAP financial measures because it is unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including interest expense, investment income, and loss provision, among others. The variability of these items could have a significant impact on our future GAAP financial results.

    Dave’s CFO, Kyle Beilman, commented: “Our 2025 guidance reflects the tailwind created by our new fee structure as well as our ongoing commitment to driving sustainable and profitable growth. As we progress through the first quarter, we anticipate the typical seasonal softness in demand for ExtraCash as tax refunds provide important liquidity to our members. Our focus remains on expanding ARPU, leaning into our banking offering, further strengthening member retention and expanding member lifetime value. Given our growth trajectory, strong variable margins and the scalability of our business model, we expect to drive another record year of performance in 2025.”

    Beilman added, “Yesterday we announced the completion of our strategic partnership with Coastal Community Bank to serve as Dave’s sponsor bank for its ExtraCash and banking products. We selected Coastal based on their customer-first mission, deep knowledge across both credit and banking products, strong risk management, and our shared ambition to drive innovation and continue leveling the financial playing field for everyday Americans.”

    Conference Call 

    Dave management will host a conference call on Tuesday, March 4th, 2025, at 8:30 a.m. Eastern time to discuss its full financial results for the fourth quarter and full year ended December 31, 2024, followed by a question-and-answer period. The conference call details are as follows:

    Date: Tuesday, March 4th, 2025
    Time: 8:30 a.m. Eastern time
    Dial-in registration link: here
    Live webcast registration link: here

    The conference call will also be available for replay in the Events section of the Company’s website, along with the transcript, at https://investors.dave.com.

    If you have any difficulty registering for or connecting to the conference call, please contact Elevate IR at DAVE@elevate-ir.com.

    About Dave

    Dave (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans. Dave uses disruptive technologies to provide best-in-class banking services at a fraction of the price of incumbents. For more information about the company, visit: www.dave.com. For investor information and updates, visit: investors.dave.com and follow @davebanking on X.

    Forward-Looking Statements

    This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feels,” “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “remains,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our Chief Executive Officer and Chief Financial Officer relating to Dave’s future performance and growth, statements relating to fiscal year 2025 guidance, projected financial results for future periods, and other statements about future events. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the ability of Dave to compete in its highly competitive industry; the ability of Dave to keep pace with the rapid technological developments in its industry and the larger financial services industry; the ability of Dave to manage risks associated with providing ExtraCash; the ability of Dave to retain its current Members, acquire new Members and sell additional functionality and services to its Members; the ability of Dave to protect intellectual property and trade secrets; the ability of Dave to maintain the integrity of its confidential information and information systems or comply with applicable privacy and data security requirements and regulations; the reliance by Dave on a single bank partner; the ability of Dave to maintain or secure current and future key banking relationships and other third-party service providers, including its ability to comply with applicable requirements of such third parties; the ability of Dave to comply with extensive and evolving laws and regulations applicable to its business; changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business; the ability to attract or maintain a qualified workforce; the level of product service failures that could lead Members to use competitors’ services; investigations, claims, disputes, enforcement actions, litigation and/or other regulatory or legal proceedings, including the Department of Justice’s lawsuit against Dave; the ability to maintain the listing of Dave Class A Common Stock on The Nasdaq Stock Market; the possibility that Dave may be adversely affected by other economic factors, including fluctuating interest rates, and business, and/or competitive factors; and other risks and uncertainties discussed in Dave’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2024 and subsequent Quarterly Reports on Form 10-Q under the heading “Risk Factors,” filed with the SEC and other reports and documents Dave files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Dave undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

    Non-GAAP Financial Information

    This press release contains references to Adjusted EBITDA (loss), which is a non-GAAP financial measure that is adjusted from results based on generally accepted accounting principles in the United States (“GAAP”) and excludes certain expenses, gains and losses. The Company defines and calculates Adjusted EBITDA (loss) as GAAP net income (loss) attributable to Dave before the impact of interest income or expense, provision for income taxes, and depreciation and amortization, and adjusted to exclude non-recurring legal settlement and litigation expenses, gain on extinguishment of convertible debt, stock-based compensation expense and certain other non-core items. The Company defines and calculates non-GAAP variable operating expenses as operating expenses excluding non-variable operating expenses. The Company defines non-variable operating expenses as all advertising and marketing operating expenses, compensation and benefits operating expenses, and certain operating expenses (legal, rent, technology/infrastructure, depreciation, amortization, charitable contributions, other operating expenses, upfront Member account activation costs and upfront Dave Banking expenses). The Company defines and calculates non-GAAP variable profit as GAAP Operating Revenues, Net less non-GAAP variable operating expenses. The Company defines and calculates non-GAAP variable profit margin as non-GAAP variable profit as a percent of GAAP Operating Revenues, Net. The Company defines and calculates adjusted net income (loss) as GAAP net income (loss) adjusted to exclude stock-based compensation, the gain on extinguishment of convertible debt, non-recurring legal settlement and litigation expenses, and certain other non-core items. The Company defines and calculates non-GAAP adjusted basic EPS and non-GAAP adjusted diluted EPS as adjusted net income (loss) divided by weighted average shares of common stock-basic and weighted average shares of common stock-diluted, respectively.

    These non-GAAP financial measures may be helpful to the user in assessing our operating performance and facilitate an alternative comparison among fiscal periods. The Company’s management team uses these non-GAAP financial measures in assessing performance, as well as in planning and forecasting future periods. The methods the Company uses to compute these non-GAAP financial measures may differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

    Refer to the section further below for a reconciliation of Adjusted EBITDA (loss) to its most directly comparable GAAP measure for the three and twelve months ended December 31, 2024, and 2023.

    Investor Relations Contact

    Sean Mansouri, CFA
    Elevate IR
    DAVE@elevate-ir.com

    Media Contact

    Dan Ury
    press@dave.com

    DAVE INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in millions, except per share data)
    (unaudited)
                     
        For the Three Months Ended
    December 31,    		   For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    Operating revenues:                
    Service based revenue, net   $ 90.8     $ 65.4     $ 311.4     $ 232.2  
    Transaction based revenue, net     10.1       7.8       35.7       26.9  
    Total operating revenues, net     100.9       73.2       347.1       259.1  
    Operating expenses:                
    Provision for credit losses     16.6       14.5       54.6       58.4  
    Processing and servicing costs     6.3       7.5       30.4       28.9  
    Advertising and marketing     12.6       10.0       44.9       48.4  
    Compensation and benefits     27.2       23.5       107.0       94.9  
    Other operating expenses     17.2       15.8       75.5       70.7  
    Total operating expenses     79.9       71.3       312.4       301.3  
    Other (income) expenses:                
    Interest expense, net     1.3       1.8       5.0       6.5  
    Gain on extinguishment of convertible debt     —       —       (33.4 )     —  
    Changes in fair value of earnout liabilities     0.9       —       1.0       —  
    Changes in fair value of public and private warrant liabilities     1.3       (0.2 )     1.7       (0.3 )
    Total other (income) expense, net     3.5       1.6       (25.7 )     6.2  
    Net income (loss) before provision for income taxes     17.5       0.3       60.4       (48.4 )
    Provision for income taxes     0.7       0.1       2.5       0.1  
    Net income (loss)   $ 16.8     $ 0.2     $ 57.9     $ (48.5 )
                     
    Net income (loss) per share:                
    Basic   $ 1.31     $ 0.01     $ 4.62     $ (4.07 )
    Diluted   $ 1.16     $ 0.01     $ 4.19     $ (4.07 )
                     
                     
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP VARIABLE OPERATING EXPENSES
    (in millions)
    (unaudited)
                     
             
        For the Three Months Ended
    December 31,    		   For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    Operating expenses   $ 79.9     $ 71.3     $ 312.4     $ 301.3  
    Non-variable operating expenses     (51.6 )     (44.0 )     (203.8 )     (192.3 )
    Non-GAAP variable operating expenses   $ 28.3     $ 27.3     $ 108.6     $ 109.0  
                     
                     
    CALCULATION OF NON-GAAP VARIABLE PROFIT
    (in millions)
    (unaudited)
             
        For the Three Months Ended
    December 31,    		   For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    GAAP operating revenues, net   $ 100.9     $ 73.2     $ 347.1     $ 259.1  
    Non-GAAP variable operating expenses     (28.3 )     (27.3 )     (108.6 )     (109.0 )
    Non-GAAP variable profit   $ 72.6     $ 45.9     $ 238.5     $ 150.1  
    Non-GAAP variable profit margin     72 %     63 %     69 %     58 %
                     
                     
    DAVE INC.
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (LOSS)
    (in millions)
    (unaudited)
             
        For the Three Months Ended
    December 31,    		   For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    Net income (loss)   $ 16.8     $ 0.2     $ 57.9     $ (48.5 )
    Interest expense, net     1.3       1.8       5.0       6.5  
    Provision for income taxes     0.7       0.1       2.5       0.1  
    Depreciation and amortization     2.3       1.5       7.5       5.4  
    Stock-based compensation     10.1       6.6       37.3       26.7  
    Legal settlement and litigation accrual     —       —       7.0       —  
    Gain on extinguishment of convertible debt     —       —       (33.4 )     —  
    Changes in fair value of earnout liabilities     0.9       —       1.0       —  
    Changes in fair value of public and private warrant liabilities     1.3       (0.2 )     1.7       (0.3 )
    Adjusted EBITDA (loss)   $ 33.4     $ 10.0     $ 86.5     $ (10.1 )
                     
                     
    DAVE INC.
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (LOSS)
    (in millions, except per share data)
    (unaudited)
             
        For the Three Months Ended
    December 31,    		   For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    Net income (loss)   $ 16.8     $ 0.2     $ 57.9     $ (48.5 )
    Stock-based compensation     10.1       6.6       37.3       26.7  
    Gain on extinguishment of convertible debt     —       —       (33.4 )     —  
    Legal settlement and litigation accrual     —       —       7.0       —  
    Changes in fair value of earnout liabilities     0.9       —       1.0       —  
    Changes in fair value of public and private warrant liabilities     1.3       (0.2 )     1.7       (0.3 )
    Income tax expense related to gain on extinguishment of convertible debt     0.5       —       1.0       —  
    Adjusted net income (loss)   $ 29.6     $ 6.6     $ 72.5     $ (22.1 )
                     
    Adjusted net income (loss) per share:                
    Basic   $ 2.31     $ 0.55     $ 5.79     $ (1.85 )
    Diluted   $ 2.04     $ 0.54     $ 5.24     $ (1.85 )
                     
                     
    DAVE INC.
    LIQUIDITY AND CAPITAL RESOURCES
    (in millions)
    (unaudited)
                     
        December 31,   December 31,        
          2024       2023          
                     
    Cash, cash equivalents and restricted cash   $ 51.4     $ 43.1          
    Marketable securities     0.1       1.0          
    Investments     40.5       113.2          
    Working capital     247.2       251.3          
    Total stockholders’ equity     183.1       87.1          

    The MIL Network –

  • MIL-OSI: Jamf announces intent to acquire Identity Automation to bring identity and device management together in one powerful, secure platform

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, March 03, 2025 (GLOBE NEWSWIRE) — Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, today announced it signed a definitive agreement to acquire Identity Automation. Identity Automation is a dynamic identity and access management (IAM) platform for industries that are defined by frequent role adjustments, such as education and healthcare. Identity Automation’s comprehensive and advanced IAM platform automates identity and access management workflows to significantly reduce IT burden and enhance the user experience. With Identity Automation, Jamf will combine identity with device access in one unique solution, helping ensure secure devices and application access.

    A dynamic identity is defined as a role that frequently changes and therefore requires adjustments to access. One such industry where dynamic identity management is a key challenge is in K-12 education. Educators and their students have dynamic identities where their roles and access frequently change based on class, grade, school, and district. Identity Automation’s platform continuously adjusts access, device, and security policies based on real-time factors like schedules, shift changes, rosters, location, role and grade changes. By integrating dynamic identity management, Jamf can deliver one comprehensive security solution to benefit schools and other industries that rely on mobile-centric and deskless workflows, such as healthcare, retail, aviation, and field services.

    “We’re excited to bring Identity Automation’s identity and access capabilities into the Jamf platform,” said John Strosahl, CEO at Jamf. “By bringing our security solutions together, we’re creating a more streamlined and user-friendly experience that enables fast, dynamic access to all the resources users need to be productive. We see the huge potential to help organizations that have a shared-device model, deskless workers, temporary staff, or contractors. By removing cumbersome onboarding and off-boarding processes, users can be productive as soon as they pick up a device.”

    Identity Automation’s key product capabilities are delivered through its cloud-based IAM platform, RapidIdentity, and include:

    • Identity Lifecycle Management – end-to-end lifecycle management automates provisioning, role assignments, and de-provisioning with real-time updates from HR and Student Information Systems, reducing IT workload.
    • Access Governance – policy-driven configurations control who has access to systems and data, ensuring only the right people can access sensitive information at the right time.
    • Authentication – customizable multi-factor authentication policies with role-based access, Single Sign-On (SSO), and rostering capabilities to provide frictionless access to digital learning materials.

    “The Jamf team not only shares our passion for digital learning, but they also understand the challenges that come with it,” said Jim Harold, CEO at Identity Automation. “As technology becomes more integral to the learning experience, safeguarding student data, securing access, and preventing cyber threats are more important than ever. But security shouldn’t add friction. An intuitive user experience is essential to ensuring technology enhances rather than hinders the classroom experience. With Jamf, we will take great strides in further protecting and nurturing digital learning and expanding our joint capability to more industries that can benefit from dynamic identity.”

    Identity Automation’s dynamic role-based access offers unique workflows tailored to its core audiences in Education and Healthcare. These market segments encompass various role types that differ based on specific requirements. By implementing a flexible system that adapts to these role variations, customers can dynamically manage, synchronize, and authenticate appropriate access to the necessary systems, ensuring that access aligns with the individual’s current role and preference.

    While Identity Automation operates as a standalone solution, it also has the flexibility to integrate with other identity and SSO solutions. It can support SSO, user provisioning, and authentication with solutions like Okta, Clever, and ClassLink, integrate with Microsoft Active Directory (AD) for authentication and MFA, and enable federation and SSO access for Google’s cloud-based applications.

    Details Regarding the Proposed Acquisition

    Under the terms of the purchase agreement, Jamf will acquire Identity Automation for approximately $215.0 million in cash consideration, subject to customary adjustments as set forth in the purchase agreement. The deal is expected to close by the end of the second quarter of fiscal year 2025, and is subject to customary closing conditions.

    Kirkland & Ellis LLP served as legal adviser to Jamf. Macquarie Capital served as exclusive financial adviser to Identity Automation and McDermott Will & Emery LLP served as legal adviser to Identity Automation. Identity Automation was previously a portfolio company of Spotlight Equity Partners, a private equity firm investing in and helping scale growth software companies.

    About Jamf

    Jamf’s purpose is to simplify work by helping organizations manage and secure an Apple experience that end users love and organizations trust. Jamf is the only company in the world that provides a complete management and security solution for an Apple-first environment that is enterprise secure, consumer simple and protects personal privacy. To learn more, visit jamf.com.

    About Identity Automation

    Identity Automation provides identity and access management (IAM) solutions for K-12 and higher education. Its flagship platform safeguards learning environments, maximizes instructional time, and minimizes the load on Information & Educational Technology teams. Technology leaders turn to Identity Automation for its best-in-class security capabilities, time-saving automation, and flexible approach to managing digital identities. Headquartered in Houston, Texas, Identity Automation is trusted by Chicago Public Schools, Public Schools of North Carolina, Houston Community College, and hundreds of other institutions. To learn more visit: identityautomation.com.

    Forward-Looking Statements

    This release relates to a pending acquisition of Identity Automation, Inc. (“Identity Automation”) by Jamf Holding Corp. (“Jamf”, “we”, our” or “us”). This release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, regarding the anticipated benefits of the acquisition, and the anticipated impacts of the acquisition on our business, products, financial results, and other aspects of our and Identity Automation’s operations. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These risks, uncertainties, assumptions, and other factors include, but are not limited to: the effect of the announcement of the acquisition on the ability of Jamf or Identity Automation to retain key personnel or maintain relationships with customers, vendors, developers, community members, and other business partners; risks that the acquisition disrupts current plans and operations; the ability of the parties to consummate the acquisition on a timely basis or at all; the satisfaction of the conditions precedent to consummation of the acquisition; our ability to successfully integrate Identity Automation’s operations; our and Identity Automation’s ability to execute on our business strategies relating to the acquisition and realize expected benefits and synergies; and our ability to compete effectively, including in response to actions our competitors may take following announcement of the acquisition. Further information on additional risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those included in or contemplated by the forward-looking statements contained in this release are included under the caption “Forward-Looking Statements” and elsewhere in our Form 10-K for the year ended December 31, 2024, and the other filings and reports we make with the Securities and Exchange Commission from time to time. Moreover, both we and Identity Automation operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the acquisition, or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or our management’s good faith belief as of that time with respect to future events. Except as required by law, we undertake no obligation, and do not intend, to update these forward-looking statements.

    Media Contact:

    Liarna La Porta | media@jamf.com

    Investor Contact:

    Jennifer Gaumond | ir@jamf.com

    The MIL Network –

  • MIL-OSI: GigaCloud Technology Inc Announces Fourth Quarter and Year Ended December 31, 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    EL MONTE, Calif., March 03, 2025 (GLOBE NEWSWIRE) — GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise, today announced financial results for the fourth quarter and fiscal year ended December 31, 2024, including a milestone achievement of surpassing $1 billion in total annual revenues for the first time in 2024, and continued robust growth in GigaCloud Marketplace GMV.

    Fourth Quarter 2024 Financial Highlights

    • Total revenues of $295.8 million, increased 20.9% year-over-year.
    • Gross profit of $65.0 million, decreased 6.9% year-over-year.
      Gross margin was 22.0%, compared to 28.5% in the fourth quarter of 2023.
    • Net income of $31.0 million, decreased 12.9% year-over-year.         
      Net income margin was 10.5%, compared to 14.5% in the fourth quarter of 2023.
      Diluted EPS decreased 12.6% year-over-year to $0.76.   
    • Adjusted EBITDA1 decreased 29.5% year-over-year to $30.9 million.
      Adjusted EPS – diluted2 decreased 29.9% year-over-year to $0.75.
    • Cash, Cash Equivalents, Restricted Cash, and Investments totaled $303.1 million as of December 31, 2024, a 64.5% increase year-over-year.

    Full Year 2024 Financial Highlights

    • Total revenues of $1,161.0 million, increased 65.0% year-over-year.
    • Gross profit of $285.2 million, increased 51.2% year-over-year.
      Gross margin was 24.6%, compared to 26.8% in 2023.
    • Net income of $125.8 million, increased 33.7% year-over-year.
      Net income margin was 10.8%, compared to 13.4% in 2023.
      Diluted EPS increased 32.6% year-over-year to $3.05.        
    • Adjusted EBITDA1 increased 32.6% year-over-year to $156.9 million.
      Adjusted EPS – diluted2 increased 31.8% year-over-year to $3.81.

    Operational Highlights

    • GigaCloud Marketplace GMV3 increased 68.9% year-over-year to $1,341.4 million for the 12 months ended December 31, 2024.
    • 3P seller GigaCloud Marketplace GMV4 increased 62.8% year-over-year to $693.9 million for the 12 months ended December 31, 2024. 3P seller GigaCloud Marketplace GMV represented 51.7% of total GigaCloud Marketplace GMV for the 12 months ended December 31, 2024.
    • Active 3P sellers5 increased 36.3% year-over-year to 1,111 for the 12 months ended December 31, 2024.
    • Active buyers6 increased 85.7% year-over-year to 9,306 for the 12 months ended December 31, 2024.
    • Spend per active buyer7 was $144,142 for the 12 months ended December 31, 2024.

    “2024 was a landmark year for GigaCloud as we surpassed $1 billion in total revenues for the first time, a milestone that underscores the strength and resilience of our B2B Marketplace amid a challenging macroeconomic environment,” said Larry Wu, Founder, Chairman, and Chief Executive Officer. “This achievement reflects the growing recognition for our Supplier Fulfilled Retail (SFR) model and our continued success in expanding our platform, driving robust GMV performance. Our global diversification has been a key strength, with standout progress in Europe, which has experienced 155% GMV growth year over year, further validating the broad appeal for our solutions across diverse markets. Our expanding global footprint, deepening partnerships, and relentless focus on innovation continue to fuel our momentum and position us well for the long term. We remain confident in our ability to adapt and maintain our positive trajectory.

    In addition, our Board has approved the appointment of Erica Wei as Chief Financial Officer after serving as Interim CFO since August 2024. She has played a key role in strengthening the Company’s financial strategy, leading compliance efforts, and enhancing financial reporting quality, which will be reflected in the upcoming 10-K. Her leadership will be essential as we continue to scale our business and drive long-term growth.”

    “Our results reflect robust top-line performance and the strategic investments we are making to scale operations and position GigaCloud for long-term success,” said Erica Wei, Chief Financial Officer. “Despite a challenging macro environment, our ability to adapt and execute has kept us on a path of sustained, stable growth. At the same time, we are committed to enhancing shareholder value. Since our $46 million share repurchase authorization in September, we have executed approximately $29 million in share repurchases under a Rule 10b5-1 plan as of today. Our strong financial position of over $300 million in cash and cash equivalents, restricted cash, and short-term investments, while remaining debt-free, gives us the financial flexibility to continue investing in our platform, expanding globally, and driving sustained value for our shareholders.”

    Business Outlook

    The Company expects its total revenues to be between $250 million and $265 million in the first quarter of 2025. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

    Share Repurchase Program

    In June 2023, we announced that our board of directors approved a share repurchase program to repurchase up to US$25.0 million of our Class A ordinary shares over the next 12 months, which expired in June 2024. On September 3, 2024, we announced that our board of directors approved a new share repurchase program under which we may purchase up to $46.0 million of our Class A ordinary shares, par value $0.05, over a 12-month period. Under the share repurchase program, we may purchase our ordinary shares through various means, including open market transactions, privately negotiated transactions, block trades, any combination thereof or other legally permissible means. We may effect repurchase transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The number of shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with our working capital requirements, general business conditions and other factors. Our board of directors will review the share repurchase program periodically, and may modify, suspend or terminate the share repurchase program at any time. We plan to fund repurchases from our existing cash balance.

    During the fourth quarter of 2024, we have repurchased 1,033,292 of our Class A ordinary shares at a total consideration of approximately $23 million. Subsequent to the fourth quarter of 2024, the Company has repurchased an aggregate of 283,889 Class A ordinary shares in the open market at a total consideration of approximately $6 million pursuant to a repurchase plan under Rule 10b5-1 of the Exchange Act.

    Conference Call

    The Company will host a conference call to discuss its financial results at 5:30 pm U.S. Eastern Time on March 3, 2025 (6:30 am Hong Kong Time on March 4, 2025). Participants who wish to join the call should pre-register here at https://s1.c-conf.com/diamondpass/10045735-6sh8hd.html. Upon registration, participants will receive the dial-in number and a unique PIN, which can be used to join the conference call. If participants register and forget their PIN or lose their registration confirmation email, they may re-register to receive a new PIN. All participants are encouraged to dial in 15 minutes prior to the start time.

    A live and archived webcast of the conference call will be accessible on the Company’s investor relations website at: https://investors.gigacloudtech.com/.

    About GigaCloud Technology Inc

    GigaCloud Technology Inc is a pioneer of global end-to-end B2B technology solutions for large parcel merchandise. The Company’s B2B ecommerce platform, the “GigaCloud Marketplace,” integrates everything from discovery, payments and logistics tools into one easy-to-use platform. The Company’s global marketplace seamlessly connects manufacturers, primarily in Asia, with resellers, primarily in the U.S., Asia and Europe, to execute cross-border transactions with confidence, speed and efficiency. GigaCloud offers a comprehensive solution that transports products from the manufacturer’s warehouse to the end customer’s doorstep, all at one fixed price. The Company first launched its marketplace in January 2019 by focusing on the global furniture market and has since expanded into additional categories, including home appliances and fitness equipment. For more information, please visit the Company’s website: https://investors.gigacloudtech.com/

    Non-GAAP Financial Measures

    The Company uses certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EPS – diluted, to understand and evaluate its core operating performance. Adjusted EBITDA is net income excluding interest, income taxes and depreciation, further adjusted to exclude share-based compensation expense and non-recurring items. Adjusted EPS – diluted is a financial measure defined as our Adjusted EBITDA divided by our diluted weighted-average shares outstanding, respectively. Management uses Adjusted EBITDA and Adjusted EPS – diluted as measures of operating performance, for planning purposes, to allocate resources to enhance the financial performance of our business, to evaluate the effectiveness of our business strategies and in communications with our Board of Directors and investors concerning our financial performance. Non-GAAP financial measures, which may differ from similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP.

    For more information on the non-GAAP financial measures, please see the tables captioned “Unaudited Reconciliation of Adjusted EBITDA” and “Unaudited Reconciliation of Adjusted EPS – diluted” set forth at the end of this press release.

    Forward-Looking Statements

    This press release contains “forward-looking statements”. Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    For investor and media inquiries, please contact:

    GigaCloud Technology Inc

    Investor Relations

    Email: ir@gigacloudtech.com

    PondelWilkinson, Inc.

    Laurie Berman (Investors) – lberman@pondel.com

    George Medici (Media) – gmedici@pondel.com

     
    GigaCloud Technology Inc
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands except for share data and per share data)
         
        December 31,
        2024   2023
    ASSETS        
    Current assets        
    Cash and cash equivalents   $ 259,759     $ 183,283  
    Restricted cash     685       885  
    Investments     42,674       —  
    Accounts receivable, net     57,313       58,876  
    Inventories     172,489       132,247  
    Prepayments and other current assets     14,672       17,516  
    Total current assets     547,592       392,807  
    Non-current assets        
    Operating lease right-of-use assets     451,930       398,922  
    Property and equipment, net     29,498       24,614  
    Intangible assets, net     6,198       8,367  
    Goodwill     12,586       12,586  
    Deferred tax assets     10,026       1,440  
    Other non-current assets     12,645       8,173  
    Total non-current assets     522,883       454,102  
    Total assets   $ 1,070,475     $ 846,909  
             
             
             
        2024   2023
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    Current liabilities        
    Accounts payable (including accounts payable of VIEs without recourse to the Company of $nil and $11,563 as of December 31, 2024 and 2023, respectively)   $ 78,163     $ 69,757  
    Contract liabilities (including contract liabilities of VIEs without recourse to the Company of $nil and $736 as of December 31, 2024 and 2023, respectively)     4,486       5,537  
    Current operating lease liabilities (including current operating lease liabilities of VIEs without recourse to the Company of $nil and $1,305 as of December 31, 2024 and 2023, respectively)     88,521       57,949  
    Income tax payable (including income tax payable of VIEs without recourse to the Company of $nil and $3,644 as of December 31, 2024 and 2023, respectively)     13,615       15,212  
    Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIEs without recourse to the Company of $nil and $2,774 as of December 31, 2024 and 2023, respectively)     79,594       57,319  
    Total current liabilities     264,379       205,774  
    Non-current liabilities        
    Operating lease liabilities, non-current (including operating lease liabilities, non-current of VIEs without recourse to the Company of $nil and $553 as of December 31, 2024 and 2023, respectively)     395,235       343,511  
    Deferred tax liabilities     941       3,795  
    Finance lease obligations, non-current     382       111  
    Non-current income tax payable     4,321       3,302  
    Total non-current liabilities     400,879       350,719  
    Total liabilities   $ 665,258     $ 556,493  
    Commitments and contingencies        
             
             
             
        2024   2023
    Shareholders’ equity        
    Treasury shares, at cost (609,390 and 294,029 shares held as of December 31, 2024 and 2023, respectively)   $ (11,816 )   $ (1,594 )
    Class A ordinary shares ($0.05 par value, 50,673,268 shares authorized, 32,878,735 and 31,738,632 shares issued as of December 31, 2024 and 2023, respectively, 32,269,345 and 31,455,148 shares outstanding as of December 31, 2024 and 2023, respectively)     1,643       1,584  
    Class B ordinary shares ($0.05 par value, 9,326,732 shares authorized, 8,076,732 and 9,326,732 shares issued and outstanding as of December 31, 2024 and 2023)     403       466  
    Additional paid-in capital     120,262       111,736  
    Accumulated other comprehensive income (loss)     (4,136 )     526  
    Retained earnings     298,861       177,698  
    Total shareholders’ equity     405,217       290,416  
    Total liabilities and shareholders’ equity   $ 1,070,475     $ 846,909  
             
     
    GigaCloud Technology Inc
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
    (In thousands except for share data and per share data)
           
      Three Months Ended
    December 31,    		   Year Ended
    December 31,
      2024   2023   2024   2023
    Revenues              
    Service revenues $ 97,107     $ 69,336     $ 350,273     $ 199,184  
    Product revenues   198,675       175,401       810,769       504,647  
    Total revenues   295,782       244,737       1,161,042       703,831  
    Cost of revenues              
    Services   78,188       57,291       284,951       161,215  
    Product sales   152,604       117,609       590,855       353,983  
    Total cost of revenues   230,792       174,900       875,806       515,198  
    Gross profit   64,990       69,837       285,236       188,633  
    Operating expenses              
    Selling and marketing expenses   18,041       14,004       70,686       41,386  
    General and administrative expenses   16,979       13,130       73,944       30,008  
    Research and development expenses   2,356       2,344       9,791       3,925  
    Gains (losses) on disposal of property and equipment   (20 )     3,236       193       3,236  
    Total operating expenses   37,356       32,714       154,614       78,555  
    Operating income   27,634       37,123       130,622       110,078  
    Interest expense   (29 )     (108 )     (256 )     (1,240 )
    Interest income   2,849       1,293       9,405       3,304  
    Foreign currency exchange gains (losses), net   (754 )     4,239       (1,233 )     2,086  
    Government grants   8       438       37       911  
    Others, net   678       (137 )     2,039       (144 )
    Income before income taxes   30,386       42,848       140,614       114,995  
    Income tax expense   573       (7,273 )     (14,806 )     (20,887 )
    Net income $ 30,959     $ 35,575     $ 125,808     $ 94,108  
    Net income attributable to ordinary shareholders   30,959       35,575       125,808       94,108  
    Foreign currency translation adjustment, net of nil income taxes   (715 )     232       (1,266 )     (278 )
    Net unrealized gains (losses) on available-for-sale investments   (12 )     —       7       —  
    Intra-entity foreign currency transactions gain (loss)   (2,565 )     —       (2,565 )     —  
    Release of foreign currency translation reserve related to liquidation of subsidiaries   (838 )     —       (838 )     —  
    Total other comprehensive income (loss)   (4,130 )     232       (4,662 )     (278 )
    Comprehensive Income $ 26,829     $ 35,807     $ 121,146     $ 93,830  
    Net income per ordinary share              
    —Basic $ 0.76     $ 0.87     $ 3.06     $ 2.31  
    —Diluted $ 0.76     $ 0.87     $ 3.05     $ 2.30  
    Weighted average number of ordinary shares outstanding used in computing net income per ordinary share              
    —Basic   40,869,106       40,770,882       41,079,672       40,788,448  
    —Diluted   40,944,311       40,901,772       41,201,026       40,922,590  
                                   
     
    GigaCloud Technology Inc
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
       
      Year Ended
    December 31,
      2024   2023
    Cash flows from operating activities:      
    Net income $ 125,808     $ 94,108  
    Adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation and amortization   8,524       2,873  
    Share-based compensation   16,825       2,503  
    Operating lease   29,282       2,485  
    Changes in accounts receivables, net   (234 )     (5,058 )
    Changes in inventories   (46,875 )     (16,514 )
    Changes in prepayments and other assets   (1,665 )     (9,249 )
    Changes in accounts payable, accrued expenses and other current liabilities   38,188       46,258  
    Changes in contract liabilities   (992 )     1,473  
    Changes in income tax payable   (1,023 )     10,977  
    Changes in deferred income taxes   (11,462 )     398  
    Other operating activities   1,702       3,198  
    Net cash provided by operating activities   158,078       133,452  
    Cash flows from investing activities:      
    Cash paid for purchase of property and equipment   (15,536 )     (4,380 )
    Cash received from disposal of property and equipment   2,103       462  
    Acquisitions, net of cash acquired   —       (86,629 )
    Purchases of investments   (73,831 )     —  
    Sale and maturities of investments   31,845       —  
    Net cash used in investing activities   (55,419 )     (90,547 )
    Cash flows from financing activities:      
    Repayment of finance lease obligations   (1,726 )     (2,212 )
    Repayment of bank loans   —       (197 )
    Repurchases of ordinary shares   (23,243 )     (1,594 )
    Net cash used in financing activities   (24,969 )     (4,003 )
    Effect of foreign currency exchange rate changes on cash and restricted cash   (1,414 )     190  
    Net increase in cash and restricted cash   76,276       39,092  
    Cash and restricted cash at the beginning of the year   184,168       145,076  
    Cash and restricted cash at the end of the year $ 260,444     $ 184,168  
    Supplemental disclosure of cash flow information      
    Cash paid for interest expense   256       1,240  
    Cash paid for income taxes   26,301       9,512  
    Non-cash investing and financing activities:      
    Purchase of property and equipment under finance leases   767       —  
    Reversal of subscription receivable from ordinary shares   —       312  
    Fair value of assets acquired by acquisition   —       273,086  
    Cash paid for business combinations and asset purchases   —       87,568  
    Liabilities assumed by acquisition   —       (185,518 )
                   
     
    GigaCloud Technology Inc
    UNAUDITED RECONCILIATION OF ADJUSTED EBITDA
    (In thousands, except for per share data)
           
      Three Months Ended
    December 31,    		   Year Ended
    December 31,
      2024   2023   2024   2023
      (In thousands)
    Net income $ 30,959     $ 35,575     $ 125,808     $ 94,108  
    Add: Income tax expense   (573 )     7,273       14,806       20,887  
    Add: Interest expense   29       108       256       1,240  
    Less: Interest income   (2,849 )     (1,293 )     (9,405 )     (3,304 )
    Add: Depreciation and amortization   2,271       1,723       8,524       2,873  
    Add: Share-based compensation expense   1,245       429       16,825       2,503  
    Add: Non-recurring items(1)   (180 )     —       128       —  
    Adjusted EBITDA $ 30,902     $ 43,815     $ 156,942     $ 118,307  

    _____________________
    (1)  One of our fulfillment centers in Japan experienced a fire in March 2024. The fire destroyed our inventories located within the fulfillment center. We recognized losses of $2.0 million as a result of the fire in 2024. Based on the provisions of our insurance policies, the gross losses were reduced by the insurance proceeds received $1.9 million from our insurance carrier for the claim. We do not believe such losses to be recurring or frequent in nature.

     
    UNAUDITED RECONCILIATION OF ADJUSTED EPS – DILUTED
           
      Three Months Ended
    December 31,    		   Year Ended
    December 31,
      2024   2023   2024   2023
    Net income per ordinary share – diluted $ 0.76     $ 0.87     $ 3.05     $ 2.30  
    Adjustments, per ordinary share:              
    Add: Income tax expense   (0.01 )     0.18       0.36       0.51  
    Add: Interest expense   —       —       0.01       0.03  
    Less: Interest income   (0.07 )     (0.03 )     (0.23 )     (0.08 )
    Add: Depreciation and amortization   0.05       0.04       0.21       0.07  
    Add: Share-based compensation expenses   0.02       0.01       0.41       0.06  
    Add: Non-recurring items(1)   —       —       —       —  
    Adjusted EPS – diluted $ 0.75     $ 1.07     $ 3.81     $ 2.89  
                   
    Weighted average number of ordinary shares outstanding – diluted   40,944,311       40,901,772       41,201,026       40,922,590  

    _____________________
    (1)  One of our fulfillment centers in Japan experienced a fire in March 2024. The fire destroyed our inventories located within the fulfillment center. We recognized losses of $2.0 million as a result of the fire in 2024. Based on the provisions of our insurance policies, the gross losses were reduced by the insurance proceeds received $1.9 million from our insurance carrier for the claim. We do not believe such losses to be recurring or frequent in nature.

    _____________________

    1 Adjusted EBITDA is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of “Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliation of Adjusted EBITDA” set forth at the end of this press release.

    2 Adjusted EPS – diluted is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of “Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliation of Adjusted EPS – diluted” set forth at the end of this press release.

    3 GigaCloud Marketplace GMV means the total gross merchandise value of transactions ordered through our GigaCloud Marketplace including GigaCloud 3P and GigaCloud 1P, before any deductions of value added tax, goods and services tax, shipping charges paid by buyers to sellers and any refunds.

    4 3P seller GigaCloud Marketplace GMV means the total gross merchandise value of transactions sold through our GigaCloud Marketplace by 3P sellers, before any deductions of value added tax, goods and services tax, shipping charges paid by buyers to sellers and any refunds.

    5 Active 3P sellers means sellers who have sold a product in GigaCloud Marketplace within the last 12-month period, irrespective of cancellations or returns.

    6 Active buyers means buyers who have purchased a product in the GigaCloud Marketplace within the last 12-month period, irrespective of cancellations or returns.

    7 Spend per active buyer is calculated by dividing the total GigaCloud Marketplace GMV within the last 12-month period by the number of active buyers as of such date.

    The MIL Network –

  • MIL-OSI: Rigetti Computing to Participate in Fireside Chat at Cantor Global Technology Conference

    Source: GlobeNewswire (MIL-OSI)

    BERKELEY, Calif., March 03, 2025 (GLOBE NEWSWIRE) — Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, announced today that Rigetti CEO, Dr. Subodh Kulkarni, will be participating in a fireside chat at the Cantor Global Technology Conference on March 12, 2025.

    Information for the event is as follows:

    Webcast registration link: https://sqps.onstreamsecure.com/origin/enliven/players/EnlivenPlayer.html?customerId=22&eventId=59290576&checkCompany=1&checkEmail=1&checkName=1
    Presentation date: Wednesday, March 12, 2025
    Time: 8:40 AM – 9:15 AM ET

    Investors can view a live webcast of the event by visiting the “Events” section of Rigetti’s Investor Relations website at https://investors.rigetti.com. A replay will be available at the same location for 180 days following the conclusion of the event.

    About Rigetti
    Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits, supporting national laboratories and quantum computing centers. Rigetti’s 9-qubit Novera™ QPU was introduced in 2023 supporting a broader R&D community with a high-performance, on-premises QPU designed to plug into a customer’s existing cryogenic and control systems. The Company’s proprietary quantum-classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at www.rigetti.com.

    Rigetti Computing Media Contact:
    press@rigetti.com

    The MIL Network –

  • MIL-OSI: Employers Holdings, Inc. Appoints Marvin Pestcoe to Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., March 03, 2025 (GLOBE NEWSWIRE) — Employers Holdings, Inc. (NYSE: EIG), today announced the appointment of Marvin Pestcoe to the Board of Directors, effective March 3, 2025.

    “We are very excited to welcome Marvin Pestcoe to the Employers Holdings, Inc. Board,” said Katherine H. Antonello, President and Chief Executive Officer of Employers Holdings, Inc. “Marvin brings a wealth of knowledge and expertise with over 40 years of experience in insurance, reinsurance and investments, including a range of executive roles and leadership positions where he focused on profit center management, investments, corporate strategy, data analytics and risk management. We will benefit greatly from Marvin’s insights and look forward to his contributions to our Board.”

    Marvin Pestcoe retired from Langhorne Re, a global reinsurer of life and annuity portfolios, after serving as its Executive Chair and Chief Executive Officer from January 2019 to April 2021. Mr. Pestcoe continued to serve on the board of Langhorne Re until March 2023. Prior to joining Langhorne Re, Mr. Pestcoe held a variety of executive positions at Partner Re from 2001 to 2017, and at Swiss Re New Markets from 1997 to 2001. Mr. Pestcoe is a Fellow of the Casualty Actuarial Society and a member of the American Academy of Actuaries.

    Mr. Pestcoe has served on several boards of directors of private and public companies. Mr. Pestcoe currently serves on the board of Hamilton Insurance Group, Ltd., where he is the chair of the Underwriting Committee, a member of the Audit Committee and a member of the Investment Committee. Mr. Pestcoe also currently serves on the board of Catalina Holdings (Bermuda) Ltd.

    © 2025 EMPLOYERS. All rights reserved.

    Employers Holdings, Inc. (NYSE: EIG), is a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services (collectively “EMPLOYERS®”) focused on small and mid-sized businesses engaged in low-to-medium hazard industries. EMPLOYERS leverages over a century of experience to deliver comprehensive coverage solutions that meet the unique needs of its customers. Drawing from its long history and extensive knowledge, EMPLOYERS empowers businesses by protecting their most valuable asset – their employees – through exceptional claims management, loss control, and risk management services, creating safer work environments.

    EMPLOYERS is also proud to offer Cerity®, which is focused on providing digital-first, direct-to-consumer workers’ compensation insurance solutions with fast, and affordable coverage options through a user-friendly online platform.

    EMPLOYERS operates throughout the United States, apart from four states that are served exclusively by their state funds. Insurance is offered through Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, Employers Assurance Company and Cerity Insurance Company, all rated A (Excellent) by AM Best. Not all companies do business in all jurisdictions. EIG Services, Inc., and Cerity Services, Inc., are subsidiaries of Employers Holdings, Inc. EMPLOYERS® is a registered trademark of EIG Services, Inc., and Cerity® is a registered trademark of Cerity Services, Inc. For more information, please visit www.employers.com and www.cerity.com.

    Contact:

    Mike Paquette (775) 327-2562 or mpaquette@employers.com

    The MIL Network –

  • MIL-OSI: XAI Madison Equity Premium Income Fund Declares its Quarterly Distribution of $0.18 per Share – Fund to Change Distribution Frequency

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, March 03, 2025 (GLOBE NEWSWIRE) — XAI Madison Equity Premium Income Fund (the “Fund” or “MCN”) has declared its regular quarterly distribution of $0.18 per share on the Fund’s common shares, payable on April 1, 2025, to shareholders of record as of March 17, 2025, as noted below. The amount of the distribution represents no change from the previous quarter’s distribution amount of $0.18 per common share.

    In addition, the Fund announced that it will change its distribution frequency from quarterly to monthly. The first monthly declaration will be made on April 1, 2025, and the first monthly distribution will be made on May 1, 2025. Kimberly Flynn, President of XA Investments, said, “MCN has a long history of making consistent periodic payments to shareholders. We believe the change to monthly distributions will enable investors to better manage their cashflow needs.”

    The following dates apply to the declaration:

         
    Ex-Dividend Date    March 17, 2025
       
    Record Date    March 17, 2025
       
    Payable Date    April 1, 2025
       
    Amount    $0.18 per common share
       
    Change from Previous Quarter                No change
         

    Common share distributions may be paid from net investment income (regular interest and dividends), capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Fund’s common shareholders on Form 1099 after the end of the 2025 calendar year. Shareholders should not assume that the source of a distribution from the Fund is net income or profit. For further information regarding the Fund’s distributions, please visit www.xainvestments.com.

    * * *

    The Fund’s net investment income and capital gain can vary significantly over time; however, the Fund seeks to maintain more stable common share quarterly distributions over time. The Fund’s final taxable income for the current fiscal year will not be known until the Fund’s tax returns are filed.

    As a registered investment company, the Fund is subject to a 4% excise tax that is imposed if the Fund does not distribute to common shareholders by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on December 31 of the calendar year (unless an election is made to use the Fund’s fiscal year). In certain circumstances, the Fund may elect to retain income or capital gain to the extent that the Board of Trustees, in consultation with Fund management, determines it to be in the interest of shareholders to do so.

    The common share distributions paid by the Fund for any particular period may be more than the amount of net investment income from that period. As a result, all or a portion of a distribution may be a return of capital, which is in effect a partial return of the amount a common shareholder invested in the Fund, up to the amount of the common shareholder’s tax basis in their common shares, which would reduce such tax basis. Although a return of capital may not be taxable, it will generally increase the common shareholder’s potential gain, or reduce the common shareholder’s potential loss, on any subsequent sale or other disposition of common shares.

    Future common share distributions will be made if and when declared by the Fund’s Board of Trustees, based on a consideration of number of factors, including the Fund’s net investment income, financial performance and available cash. There can be no assurance that the amount or timing of common share distributions in the future will be equal or similar to that described herein or that the Board of Trustees will not decide to suspend or discontinue the payment of common share distributions in the future.

    * * *

    The Fund’s objective is to achieve a high level of current income and gains, with a secondary objective of capital appreciation. The Fund intends to pursue its objective by investing in a portfolio of common stocks and utilizing an option strategy, primarily by writing (selling) covered call options on a substantial portion of the common stocks in the portfolio in order to generate current income and gains from option writing premiums and, to a lesser extent, from dividends. Market action can impact dividend issuance as the Fund’s total assets affect the Fund’s future dividend prospects. The Fund provides additional information on its website at www.xainvestments.com.

    About XA Investments

    XA Investments LLC (“XAI”) serves as the Trust’s investment adviser. XAI is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund. The listed closed-end funds, the XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT) and XAI Madison Equity Premium Income Fund (NYSE: MCN) both trade on the New York Stock Exchange. The interval closed-end fund, Octagon XAI CLO Income Fund (OCTIX), is newly launched and has been made widely available to investors.

    In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including development and market research, sales, marketing, fund management.

    XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. For more information, please visit www.xainvestments.com.

    About XMS Capital Partners
    XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com.

    About Madison Investments
    Madison Investments is an independent investment management firm based in Madison, WI. The firm was founded in 1974, has approximately $28 billion in assets under management as of December 31, 2024, and is recognized as one of the nation’s top investment firms. Madison offers domestic fixed income, U.S. and international equity, covered call, multi-asset, insurance and credit union investment management strategies. For more information, please visit www.madisoninvestments.com.
    Madison and/or Madison Investments is the unifying tradename of Madison Investment Holdings, Inc., Madison Asset Management, LLC, and Madison Investment Advisors, LLC. Madison Funds are distributed by MFD Distributor, LLC. Madison is registered as an investment adviser with the U.S. Securities and Exchange Commission. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer and is a member firm of the Financial Industry Regulatory Authority www.finra.org.

    * * *

    XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Fund carefully before investing. For more information on the Fund, please visit the Fund’s webpage at www.xainvestments.com.

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

             
    NOT FDIC INSURED        NO BANK GUARANTEE    MAY LOSE VALUE

    * * *

    Media Contact:

    Kimberly Flynn, President
    XA Investments LLC
    Phone: 888-903-3358
    Email: KFlynn@XAInvestments.com
    www.xainvestments.com

    The MIL Network –

  • MIL-OSI: Microchip Technology to Present at the Raymond James 46th Annual Investors Conference

    Source: GlobeNewswire (MIL-OSI)

    CHANDLER, Ariz., March 03, 2025 (GLOBE NEWSWIRE) — Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today announced that the Company will present at the Raymond James 46th Annual Investors Conference on Wednesday, March 6, 2025 at 9:50 a.m. (Eastern Time). Presenting for the Company will be Mr. Eric Bjornholt, Senior Vice President and Chief Financial Officer, and Mr. Sajid Daudi, Head of Investor Relations. A live webcast of the presentation will be made available by Raymond James, and can be accessed on the Microchip website at www.microchip.com.

    Any forward looking statements made during the presentation are qualified in their entirety by the discussion of risks set forth in the Company’s Securities and Exchange Commission filings. Copies of SEC filings can be obtained for free at the SEC’s website (www.sec.gov) or from commercial document retrieval services.

    Microchip Technology Incorporated is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while lowering total system cost and time to market. The company’s solutions serve approximately 112,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.

    Note: The Microchip name and logo are registered trademarks of Microchip Technology Inc. in the USA and other countries.

    INVESTOR RELATIONS CONTACT:

    Deborah Wussler ……… (480) 792-7373

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: Greenlight Capital Re, Ltd. Schedules Fourth Quarter and Full Year 2024 Financial Results and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    GRAND CAYMAN, Cayman Islands, March 03, 2025 (GLOBE NEWSWIRE) — Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (the “Company” or “Greenlight Re”), a multiline property and casualty insurer and reinsurer, today announced that it expects to release financial results for the fourth quarter and full year ended December 31, 2024, after the market closes on Monday, March 10, 2025. A live conference call to discuss the financial results will be held on Tuesday, March 11, 2025, at 9:00 a.m. Eastern Time.

    Conference Call Details

    To participate in the Greenlight Re Fourth Quarter and Full Year 2024 Earnings Call, please dial in to the conference call at: 

    U.S. toll free         1-877-407-9753
    International        1-201-493-6739

    The conference call can also be accessed via webcast at:

    https://event.webcasts.com/starthere.jsp?ei=1703379&tp_key=8d103d18f7

    A telephone replay will be available following the call through March 18, 2025. The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13750849. An audio file of the call will also be available on the Company’s website, www.greenlightre.com.

    About Greenlight Capital Re, Ltd.
    Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.

    Investor Relations Contact
    Karin Daly
    Vice President, The Equity Group Inc.
    (212) 836-9623
    IR@greenlightre.ky

    The MIL Network –

  • MIL-OSI: Exodus Reports Fourth Quarter and Full Year 2024 Results, Provides Preliminary First Quarter 2025 Highlights

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., March 03, 2025 (GLOBE NEWSWIRE) — Exodus Movement, Inc. (NYSE American: EXOD) (“Exodus”), a leading self-custodial cryptocurrency platform, today announced its preliminary results for the fourth quarter and full year ended December 31, 2024. The Company reported preliminary full year revenue of $116.3 million for fiscal 2024, an increase of 107% compared to fiscal 2023.

    Preliminary Fourth Quarter and Full Year 2024 Financial Highlights (Unaudited)

                           
    In USD millions, except percentages Q4 2024   Q4 2023   % Change   2024   2023   % Change
    Revenue $ 44.8   $ 18.5   143%   $ 116.3   $ 56.2   107%
    Gain on digital assets, net   56.9     1.1   4,866%     96.1     1.4   6,616%
                                   

    “In the fourth quarter, in addition to record revenue we achieved milestones that significantly advanced our product innovation and strengthened our market position,” said JP Richardson, CEO and co-founder of Exodus.

    “The expansion of our partnership ecosystem and the continued momentum of XO Swap reinforce our commitment to making digital asset ownership seamless and secure. We believe XO Swap’s increasing industry adoption highlights demand for self-custody solutions that offer transparency and efficiency. Meanwhile, Passkeys Wallet removes onboarding friction with an intuitive, self-custody experience that is designed to eliminate the need for traditional passwords and recovery phrases. Simplified access to digital assets should empower more users to participate in the evolving Web3 ecosystem.”

    Fourth Quarter and Full Year Operational and Other Financial Highlights (Unaudited)

    • Exchange provider processed volume – $2.33 billion in Q4 2024, up 172% from Q4 2023. Bitcoin, Tether (ETH Network), and Tether (TRX Network) were the top assets traded in Q4 2024, at 37%, 25%, and 24% of volume, respectively.
    • Exodus monthly active users1– 2.3 million as of end of Q4 2024, up 64% from 1.4 million as of end of Q4 2023.
    • Digital assets and cash – $264.7 million, including $190.1 million in bitcoin and ether and $68.4 million in cash and cash equivalents, USD Coin (USDC), and Treasury bills as of December 31, 2024.
    • Full-time equivalent team members – approximately 210 at 2024 year-end, an increase of approximately 20 from the prior year.
    • Customer response time – average response time of less than 60 minutes in Q4.

    “In Q4, we delivered improved profitability, demonstrating the operating leverage of our business model and the increasing adoption of our ecosystem,” said James Gernetzke, CFO of Exodus. “We are further encouraged by the early success of XO Swap, which contributed 12% of revenue in Q4. We believe our ability to drive higher transaction volumes through both product innovation and strategic initiatives positions Exodus for continued momentum in 2025.”

    Preliminary First Quarter 2025 Highlights (Unaudited):

    We are providing preliminary first quarter 2025 highlights. These selected preliminary metrics have not been reviewed by Deloitte & Touche LLP, our independent registered public accounting firm, do not reflect our 2025 first quarter end results, are subject to completion of our fiscal quarter and our financial reporting processes, are based on information known by management as of the date of this press release, and do not represent a comprehensive statement of our financial results for the quarter ending March 31, 2025.

    • Digital assets held as of February 28, 2025 consisted of over 2,000 bitcoin and over 2,660 ether (in units).
    • Exchange provider processed volume was $1.45 billion for the two-month period from January 1, 2025 through February 28, 2025. This amount exceeds the $1.35B volume recorded in the full prior year quarter, Q1 2024, a record-setting quarter at the time.

    Q4 2024 Webcast

    Exodus will host a webcast of its fourth quarter and full year ended December 31, 2024 results beginning at 4:30PM (Eastern Time) on March 3, 2025. To access the webcast, please use this link. It will also be available on the Company’s Investor Relations website exodus.com/investors. Supplementary materials will also be made available prior to the webcast on the “Investor Relations” portion of the Company website, and a replay of the video webcast will be available following the live event for at least 90 days thereafter.

    Upcoming Conferences

    Exodus plans to attend the following conferences:

    Investor Contact
    investors@exodus.com

    Disclosure Information

    Exodus may use its website and the following social media outlets as distribution channels of material nonpublic information about the Company. Financial and other important information regarding the Company is routinely accessible through and posted on the following: websites exodus.com/investors and exodus.com/blog, and social media: X (@exodus and JP Richardson’s feed @jprichardson), Facebook, LinkedIn, and YouTube.

    Information Regarding Preliminary Metrics

    Because the 2025 first quarter is ongoing, our results for the 2025 first quarter are not complete. Actual results following the completion of the fiscal quarter end may differ materially from the express selected preliminary metrics herein and any implied preliminary results because of the completion of the fiscal quarter end, our financial reporting processes and closing procedures, final adjustments and other developments after the date of this press release. In addition, these selected preliminary metrics should not be viewed as a substitute for our financial statements for the quarter ended March 31, 2025 that will be prepared in accordance with GAAP. Accordingly, you should not place undue reliance upon these preliminary metrics.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements are based on our beliefs and assumptions and on information currently available to us as of the date hereof. In some cases, you can identify forward-looking statements by the following words: “will,” “expect,” “would,” “should,” “intend,” “believe,” “expect,” “likely,” “believes,” “views”, “estimates”, or other comparable terminology. Forward-looking statements in this document include, but are not limited to, our preliminary financial information, including digital asset holdings, exchange provider processed volumes and our fiscal quarter end results, management statements regarding management’s confidence in our products, services, business trajectory and plans, expectations regarding demand for our products; and our ability to deliver higher transaction volumes. Such forward-looking statements involve a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from those expressed or implied by our forward-looking statements. Such factors include those set forth in “Item 1. Business” and “Item 1A. Risk Factors” of Amendment No. 6 to our Registration Statement on Form 10 filed with the Securities and Exchange Commission (the “SEC”) on November 27, 2024, as well as in our other reports filed with the SEC from time to time. All forward-looking statements are expressly qualified in their entirety by such cautionary statements. Readers are cautioned not to place undue reliance on such forward-looking statements. Except as required by law, we undertake no obligation to update or revise any forward-looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.

    ________________________
    1 Monthly active users as of December 31, 2024.

    The MIL Network –

  • MIL-OSI Economics: IMF Executive Board Concludes 2025 Article IV Consultation with Malaysia

    Source: International Monetary Fund

    March 3, 2025

    Washington, DC: On February 25, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Malaysia and endorsed the staff appraisal without a meeting on a lapse-of-time basis.[2]

    Malaysia’s economic performance has improved significantly in 2024. The economy grew by 5.2 percent (y/y) in the first three quarters of 2024, supported by strong private consumption, buoyant investment, improvements in external demand for electrical and electronic products, and a recovery in tourism. Labor market conditions have been strong, with the unemployment rate low at 3.2 percent in 2024Q3. Meanwhile, inflation has been stable around 2 percent, and the ringgit appreciated against the U.S. dollar by 2.6 percent in 2024.

    Current policies are focused on rebuilding fiscal buffers, augmenting growth potential, and strengthening social protection while preserving macroeconomic and financial stability. The landmark Public Finance and Fiscal Responsibility Act (FRA), enacted in 2023, aims to strengthen fiscal management and governance. Fiscal consolidation continued in 2024, with the overall fiscal deficit estimated to have declined from 5.0 percent of GDP in 2023 to the budget target of 4.3 percent of GDP in 2024, supported by subsidy reforms and strengthening of the sales and service tax. Bank Negara Malaysia (BNM) has kept the Overnight Policy Rate (OPR) unchanged at 3.0 percent since May 2023. Under the Economy MADANI Framework, the authorities have developed a set of concerted policy frameworks that focus on increasing incomes, addressing climate change, promoting digitalization, and enhancing governance.

    Executive Board Assessment

    In concluding the Article IV consultation with Malaysia, Executive Directors endorsed the staff’s appraisal as follows:

    Malaysia’s favorable economic conditions provide a window of opportunity to build macroeconomic policy buffers and accelerate structural reforms. Malaysia’s strong growth momentum is expected to be sustained in the near term, with growth projected at 4.7 percent in 2025. Inflation, which eased to 1.8 percent in 2024, is projected to increase to 2.6 percent in 2025 on account of the anticipated implementation of gasoline subsidy reforms, before moderating to 2.3 percent in 2026. Malaysia’s external position in 2024 is preliminarily assessed to be stronger than the level implied by medium-term fundamentals and desirable policies.

    Risks to growth, mostly external, are tilted to the downside, while inflation risks are tilted to the upside. Downside external risks include deepening geoeconomic fragmentation, a growth slowdown in major trading partners, and intensification of geopolitical conflicts, while upside growth risks include faster implementation of investment projects. The upside risks to the inflation outlook stem from global commodity price shocks and potential wage pressures from increases in minimum wage and civil servants’ pay.

    Fiscal consolidation should continue to rebuild buffers and achieve the medium-term targets set under the FRA. Staff recommends achieving a small structural primary balance by 2027. Building on successful subsidy reforms, including for electricity and diesel, staff recommends gradually phasing out remaining fuel subsidies. Revenue mobilization efforts toward a more broad-based and efficient tax system are warranted. Reintroducing the GST could help achieve this goal. The associated impact of fiscal reforms on vulnerable households should be mitigated by well-targeted cash transfers. Staff welcomes the historic enactment of the FRA and recommends its swift and thorough implementation.

    The current neutral monetary policy stance is appropriate. Going forward, monetary policy should remain data dependent. BNM should stand ready to tighten monetary policy if upside inflation risks materialize. Maintaining exchange rate flexibility is essential.

    Financial systemic risks appear contained, and the financial sector remains sound. Banks’ capital and liquidity positions are robust. Credit growth, corporate and household balance sheets, and real estate markets do not pose systemic risks at this juncture. Continued vigilance is warranted against pockets of more highly leveraged borrowers, interlinkages between banks and non-bank financial institutions, and climate and cyber risks—although spillover risks from these areas remain contained. Given the strong growth and accommodative financial conditions, pre-emptive broadening of the macroprudential policy toolkit could be considered.

    Staff encourages swift implementation of the structural reform initiatives to enhance productivity and inclusive growth. The ongoing development of the PADU digital registry can help strengthen social safety nets and public service delivery. Investment incentives to promote high-growth and high-value industries should be well-targeted and ring-fenced. Further efforts are warranted toward Malaysia’s transition to net-zero emissions and readiness for Artificial Intelligence. Staff welcomes the authorities’ efforts to strengthen governance and the anti-corruption framework.

    Selected Economic and Financial Indicators, 2020–30

    Nominal GDP (2023): US$399.7 billion

    		      

     Population (2023): 33.4 million

    		            

    GDP per capita (2023, current prices): US$11,967

    		      

     Poverty rate (2019, national poverty line): 0.2 percent

    		        

    Unemployment rate (2023, period average):  3.4 percent

    		      

     Adult literacy rate (2019): 95.0 percent

    		          
                             

    Main domestic goods exports (share of total domestic exports, 2023): Machinery and Transport Equipment (45.6 percent), Manufactured Goods and Miscellaneous Manufactured Articles (19.0 percent), and Mineral Fuels, Lubricants etc. (16.5 percent).
                 
           
               

    Proj.
       

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    1/
                             

    Real GDP (percent change)

    		  

    -5.5

    3.3

    8.9

    3.6

    5.0

    4.7

    4.4

    4.0

    4.0

    4.0

    4.0

    Total domestic demand

    		  

    -4.8

    3.8

    9.5

    4.7

    6.1

    4.7

    4.0

    3.6

    3.6

    3.6

    3.4

    Private consumption

    		  

    -3.9

    1.8

    11.3

    4.7

    5.3

    4.5

    3.9

    3.4

    3.9

    3.8

    3.7

    Public consumption

    		  

    4.1

    5.8

    5.1

    3.3

    4.3

    3.5

    2.7

    2.4

    2.3

    2.3

    2.3

    Private investment

    		  

    -11.9

    2.8

    7.2

    4.6

    12.0

    6.0

    5.1

    4.0

    4.0

    4.0

    4.0

    Public gross fixed capital formation

    		  

    -21.2

    -11.0

    5.3

    8.6

    11.2

    4.0

    2.8

    2.3

    2.1

    2.0

    2.1

    Net exports (contribution to growth, percentage points)

    		  

    -1.0

    -0.3

    -0.1

    -0.9

    -0.8

    0.2

    0.5

    0.6

    0.5

    0.6

    0.7
                             

    Output gap (in percent)

    		  

    -4.0

    -1.1

    2.5

    1.3

    1.1

    0.7

    0.4

    0.0

    0.0

    0.0

    0.0
                             

    Saving and investment (in percent of GDP)

    		                        

    Gross domestic investment

    		  

    19.7

    22.1

    23.6

    22.5

    22.5

    22.5

    22.6

    22.6

    22.5

    22.5

    22.5

    Gross national saving

    		  

    23.8

    26.0

    26.8

    24.0

    24.5

    24.7

    25.0

    25.3

    25.4

    25.5

    25.5
                             

    Fiscal sector (in percent of GDP) 2/

    		                        

    Federal government overall balance

    		  

    -6.2

    -6.4

    -5.5

    -5.0

    -4.3

    -3.8

    -3.8

    -3.8

    -3.8

    -3.8

    -3.8

    Revenue

    		  

    15.9

    15.1

    16.4

    17.3

    16.5

    16.2

    15.4

    15.1

    14.8

    14.6

    14.4

    Expenditure and net lending

    		  

    22.0

    21.5

    22.0

    22.3

    20.8

    20.0

    19.2

    18.9

    18.6

    18.4

    18.2

    Federal government non-oil primary balance

    		  

    -7.5

    -6.7

    -7.8

    -6.6

    -4.9

    -4.1

    -3.7

    -3.4

    -3.0

    -2.8

    -2.6

    Consolidated public sector overall balance 3/

    		  

    -7.3

    -8.3

    -6.0

    -5.9

    -8.4

    -6.7

    -6.8

    -6.9

    -6.8

    -6.9

    -6.9

    General government debt 3/

    		  

    67.7

    69.2

    65.5

    69.7

    69.6

    68.9

    68.7

    69.1

    69.3

    69.6

    69.8

    Of which: federal government debt

    		  

    62.0

    63.3

    60.2

    64.3

    64.4

    63.7

    63.5

    63.8

    64.1

    64.3

    64.5
                             
                             

    Inflation and unemployment (in percent)

    		                        

    CPI inflation, annual average

    		  

    -1.2

    2.5

    3.4

    2.5

    1.8

    2.6

    2.3

    2.0

    2.0

    2.0

    2.0

    CPI inflation, end of period

    		  

    -1.4

    3.2

    3.8

    1.5

    1.7

    3.8

    2.0

    2.0

    2.0

    2.0

    2.0

    CPI inflation (excluding food and energy), annual average

    		  

    1.1

    0.7

    3.0

    3.0

    1.8

    2.4

    2.2

    2.0

    2.0

    2.0

    2.0

    CPI inflation (excluding food and energy), end of period

    		  

    0.7

    1.1

    4.1

    1.9

    1.6

    3.8

    2.0

    2.0

    2.0

    2.0

    2.0

    Unemployment rate

    		  

    4.5

    4.6

    3.9

    3.4

    3.2

    3.2

    3.2

    3.2

    3.2

    3.2

    3.2
                             
                             

    Macrofinancial variables (end of period)

    		                        

    Broad money (percentage change) 4/

    		  

    4.9

    5.6

    4.0

    5.8

    7.1

    7.6

    6.7

    5.9

    5.9

    5.9

    5.9

    Credit to private sector (percentage change) 4/

    		  

    4.0

    3.8

    3.0

    5.2

    6.2

    6.1

    6.0

    5.9

    5.9

    5.9

    5.9

    Credit-to-GDP ratio (in percent) 5/ 6/

    		  

    144.8

    137.7

    122.4

    126.7

    125.7

    123.9

    123.1

    123.1

    123.1

    123.1

    123.1

    Overnight policy rate (in percent)

    		  

    1.75

    1.75

    2.75

    3.00

    …

    …

    …

    …

    …

    …

    …

    Three-month interbank rate (in percent)

    		  

    1.9

    2.0

    3.6

    3.7

    …

    …

    …

    …

    …

    …

    …

    Nonfinancial corporate sector debt (in percent of GDP) 7/

    		  

    109.7

    109.0

    97.5

    101.2

    …

    …

    …

    …

    …

    …

    …

    Nonfinancial corporate sector debt issuance (in percent of GDP)

    		  

    2.3

    2.6

    2.4

    2.5

    …

    …

    …

    …

    …

    …

    …

    Household debt (in percent of GDP) 7/

    		  

    93.1

    88.9

    80.9

    84.2

    …

    …

    …

    …

    …

    …

    …

    Household financial assets (in percent of GDP) 7/

    		  

    204.5

    191.9

    167.3

    174.3

    …

    …

    …

    …

    …

    …

    …

    House prices (percentage change)

    		  

    1.2

    1.9

    3.9

    3.8

    …

    …

    …

    …

    …

    …

    …
                             
                             

    Exchange rates (period average)

    		                        

    Malaysian ringgit/U.S. dollar

    		  

    4.19

    4.14

    4.40

    4.56

    …

    …

    …

    …

    …

    …

    …

    Real effective exchange rate (percentage change)

    		  

    -3.5

    -1.3

    -1.4

    -2.5

    …

    …

    …

    …

    …

    …

    …
                             
                             

    Balance of payments (in billions of U.S. dollars) 5/

    		                        

    Current account balance

    		  

    14.1

    14.5

    13.0

    6.2

    8.7

    10.2

    12.0

    14.3

    16.1

    17.6

    19.4

    (In percent of GDP)

    		  

    4.2

    3.9

    3.2

    1.5

    2.0

    2.2

    2.4

    2.7

    2.9

    3.0

    3.1

    Goods balance

    		  

    32.7

    42.9

    42.6

    29.9

    26.3

    29.3

    31.8

    33.9

    36.5

    39.2

    43.7

    Services balance

    		  

    -11.2

    -15.8

    -13.2

    -9.5

    -4.4

    -4.1

    -3.1

    -1.7

    -1.3

    -1.0

    -1.5

    Income balance

    		  

    -7.4

    -12.5

    -16.3

    -14.2

    -13.2

    -14.9

    -16.7

    -17.9

    -19.2

    -20.6

    -22.8

    Capital and financial account balance

    		  

    -18.5

    3.8

    1.8

    -3.4

    -6.0

    0.2

    -3.0

    -5.0

    -6.2

    -7.1

    -8.2

    Of which: Direct investment

    		  

    0.7

    7.5

    2.9

    0.0

    -1.3

    2.0

    2.1

    2.2

    2.4

    2.5

    2.6

    Errors and omissions

    		  

    -0.1

    -7.3

    -2.7

    -7.2

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Overall balance

    		  

    -4.6

    11.0

    12.1

    -4.5

    2.7

    10.4

    9.0

    9.3

    9.9

    10.6

    11.2
                             

    Gross official reserves (US$ billions) 5/

    		  

    107.6

    116.9

    114.7

    113.5

    116.2

    126.6

    135.6

    144.9

    154.8

    165.4

    176.6

    (In months of following year’s imports of goods and nonfactor services)

    		  

    5.5

    4.9

    5.4

    4.6

    4.4

    4.6

    4.7

    4.8

    4.9

    4.9

    5.0

    (In percent of short-term debt by original maturity)

    		  

    117.6

    120.8

    104.9

    100.3

    99.4

    98.3

    97.2

    97.0

    97.3

    97.9

    98.9

    (In percent of short-term debt by remaining maturity)

    		  

    91.9

    93.5

    84.6

    80.7

    78.7

    79.4

    79.0

    79.2

    79.7

    80.5

    81.5

    Total external debt (in billions of U.S. dollars) 5/

    		  

    238.8

    258.7

    259.6

    270.6

    284.6

    305.1

    324.4

    342.8

    361.1

    379.2

    397.2

    (In percent of GDP)

    		  

    70.8

    69.3

    63.8

    67.8

    65.1

    65.3

    65.1

    64.9

    64.4

    63.8

    63.0

    Of which: short-term (in percent of total, original maturity)

    		  

    38.3

    37.4

    42.1

    41.8

    41.1

    42.2

    43.0

    43.6

    44.1

    44.6

    44.9

      short-term (in percent of total, remaining maturity)

    		  

    49.1

    48.3

    52.2

    51.9

    51.9

    52.3

    52.9

    53.4

    53.8

    54.2

    54.5

    Debt service ratio 5/

    		                        

    (In percent of exports of goods and services) 8/

    		  

    13.6

    10.5

    9.7

    11.8

    12.1

    12.1

    10.1

    9.8

    9.7

    9.6

    9.5

    (In percent of exports of goods and nonfactor services)

    		  

    14.4

    11.4

    10.3

    12.7

    12.9

    12.9

    10.7

    10.4

    10.3

    10.2

    10.0
                             
                             

    Memorandum items:

    		                        

    Nominal GDP (in billions of ringgit)

    		  

    1,418

    1,549

    1,794

    1,823

    1,952

    2,099

    2,241

    2,373

    2,512

    2,660

    2,817
                             

    Sources: Data provided by the authorities; CEIC Data; World Bank; UNESCO; and IMF, Integrated Monetary Database, and staff estimates.
                             

    1/ Data used in this report for staff analyses are as of January 29, 2025, unless otherwise noted.
    2/ Cash basis.
    3/ Consolidated public sector includes general government and nonfinancial public enterprises (NFPEs). General government includes federal government, state and local governments, and statutory bodies.
    4/ Based on data provided by the authorities, but follows compilation methodology used in IMF’s Integrated Monetary Database. Credit to private sector in 2018 onwards includes data for a newly licensed commercial bank from April 2018. The impact of this bank is excluded in the calculation of credit gap.
    5/ IMF staff estimates. U.S. dollar values are estimated using official data published in national currency.                                                                                                                         
    6/ Based on a broader measure of liquidity. Credit gap is estimated on quarterly data from 2000, using one-sided Hodrick-Prescott filter with a large parameter.
    7/ Revisions in historical data reflect the change in base year for nominal GDP (from 2010=100 to 2015=100).
    8/ Includes receipts under the primary income account.
                               

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    MIL OSI Economics –

  • MIL-OSI Submissions: Africa Women Innovation and Entrepreneurship Forum (AWIEF) launches Call for Applications for its Growth Accelerator programme with support from African Guarantee Fund and FSDH Merchant Bank Limited

    SOURCE: Africa Women Innovation and Entrepreneurship Forum (AWIEF)

    The tri-party collaboration between AWIEF, AGF, and FSDH Merchant Bank Limited was created with the aim to increase access to finance for WSMEs who are driving solutions in different catalytic sectors in Nigeria

    LAGOS, Nigeria, March 3, 2025/ — The Africa Women Innovation and Entrepreneurship Forum (AWIEF) (www.AWIEForum.org/home-awief/) has partnered with African Guarantee Fund (AGF) and FSDH Merchant Bank Limited to implement its flagship AWIEF Growth Accelerator programme in Nigeria and is excited to announce the call for applications.

    Background

    Limited access to finance remains a significant barrier for women entrepreneurs in Africa, with a staggering financing gap estimated at USD 49 billion. To address this challenge, the Growth Accelerator Programme leverages the African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative, which aims to unlock up to USD 3 billion in financing for women-owned/led Small and Medium-Sized Enterprises (WSMEs) across the continent.

    AGF, a leading non-bank financial institution whose objective is to promote economic development, increase employment and reduce poverty in Africa, serves as the implementing partner for AFAWA. AGF’s commitment extends into providing technical assistance to partner financial institutions, enhancing their capacity to serve women-owned businesses effectively. By addressing both supply and demand-side constraints, AGF and AFAWA work in tandem to create a more equitable landscape for women entrepreneurs in Africa.

    FSDH Merchant Bank Limited partnership with AGF is backed by AFAWA to enable the Partner Financial Institution (PFI) provide loans to WSMEs in Nigeria. FSDH Merchant Bank Limited is dedicated to empowering women in business across Nigeria and drives its gender strategy through its Women in Business Initiative (WIBI).

    The tri-party collaboration between AWIEF, AGF, and FSDH Merchant Bank Limited was created with the aim to increase access to finance for WSMEs who are driving solutions in different catalytic sectors in Nigeria. This will be achieved by making the WSMEs credit and investment-ready and eligible to access business loans and financing from FSDH Merchant Bank Limited. The programme will provide a stream of businesses that are adequately prepared to meet the FSDH Merchant Bank’s credit requirements.

    Call for Applications

    Applications are open to qualifying businesses. The programme will attract and select a cohort of 100 beneficiaries, comprising women entrepreneurs and founders with businesses registered and operating in Nigeria who will participate in the 12-month Growth Accelerator and will benefit from a wide range of tailored and refined business development mentorship, training, and advisory services.

    Eligibility Criteria

    Businesses must meet ONE of the following criteria:

    Entrepreneurship & Ownership:

    51% share of women ownership OR Business founded by a woman.

    OR

    Leadership:

    At least 20% share of women in senior management or 10% share of women on the Board.

    OR

    Products & Services:

    Product(s) or service(s) enhance(s) well-being of women/girls and/or drive(s) gender equity.

    Additionally, businesses must be:

    Based and operating in Nigeria.
    In post-revenue stage.
    Highly innovative and scalable ventures.
    In operation for not less than three years.
    Owned and/or led by ambitious and committed entrepreneurs.
    Seeking for investment, credit or financing to scale and expand.

    What Are the Benefits for Participants?

    Access to high-level training, mentorship, and business advisory.
    Improved technical, managerial, leadership, and interpersonal skills aligned with the priority needs of their businesses.
    Increased creditworthiness and capacity to meet the AGF PFI’s financing requirements.
    Post-capacity building and loan application support.
    Enhanced access to other financing opportunities.
    Effective integration of the WSMEs into the financial ecosystem.
    Expanded peer networks in Nigeria and across the African continent.

    Applications Open Now!

    Applications are officially open for qualifying candidates for the AWIEF Growth Accelerator, in partnership with AGF and FSDH Merchant Bank Limited.

    To submit your application and for more programme details, please follow this link: https://apo-opa.co/3DgIuo0

    The deadline for submission is Monday, 31 March 2025 at 11:59pm West Africa Time (WAT).

    MIL OSI – Submitted News –

  • MIL-OSI USA: Solving the Education Workforce Shortage: Governor Shapiro Visits Farmersville Elementary School to Highlight Investments in Student Teachers Stipends to Grow Pennsylvania’s Education Workforce

    Source: US State of Pennsylvania

    March 03, 2025 – Bethlehem Township, PA

    Solving the Education Workforce Shortage: Governor Shapiro Visits Farmersville Elementary School to Highlight Investments in Student Teachers Stipends to Grow Pennsylvania’s Education Workforce

    Governor Josh Shapiro visited Farmersville Elementary School in Bethlehem Township, Northampton County, to highlight how his 2025-26 proposed budget makes strategic investments to solve Pennsylvania’s education workforce challenges. With nearly 5,500 teacher vacancies statewide, the Governor’s budget proposal doubles funding for the successful PA Student Teacher Support Program, from $20 million to $40 million annually, ensuring more aspiring educators can complete their training and enter the profession, further strengthening the Commonwealth’s educator pipeline.

    “My budget puts a special emphasis on workforce development – especially our education workforce – because we need more great teachers in our classrooms,” said Governor Shapiro. “Right now, we have thousands of teacher vacancies across Pennsylvania, but we can solve that by increasing our support for student teacher stipends. Aspiring educators are required to student teach to complete their training, but they’re often not paid for their work. There’s real demand for these stipends – last year, they were all taken in the first few hours after the application opened – so let’s double the amount of funding going to this initiative and solve this problem.”

    During his visit, Governor Shapiro was joined by Pennsylvania Department of Education Acting Secretary Dr. Carrie Rowe, Bethlehem Area School District Superintendent Dr. Jack Silva, Pennsylvania Higher Education Assistance Agency (PHEAA) Senior Vice President Nathan Hench, Pennsylvania State Education Association (PSEA) Vice President Jeff Ney, Senator Lisa Boscola, Senator Nick Miller, House Majority Education Committee Chairman Representative Peter Schweyer, Representative Steve Samuelson, and student teacher Giavanna DeMarco, along with students, teachers, and school administrators. They discussed Pennsylvania’s teacher shortage and the Governor’s proposal to strengthen the educator pipeline.

    List of Speakers:
    Dr. Jack Silva, Bethlehem Area School District Superintendent
    Nathan Hench, Pennsylvania Higher Education Assistance Agency (PHEAA) Senior Vice President
    Senator Lisa Boscola
    Senator Nick Miller
    Peter Schweyer, House Majority Education Committee Chairman Representative
    Representative Steve Samuelson
    Jeff Ney, Pennsylvania State Education Association (PSEA) Vice President
    Giavanna DeMarco, student teacher
    Governor Shapiro

    MIL OSI USA News –

  • MIL-OSI Security: Nigerian Man Charged With Defrauding Unemployment Insurance, Paycheck Protection Programs

    Source: Office of United States Attorneys

    A Nigerian man who overstayed his visa has been charged with defrauding the Federal Pandemic Unemployment Insurance Benefits Program and the Paycheck Protection Program, announced Acting U.S. Attorney for the Northern District of Texas Chad Meacham. 

    Oluwanishola Oyedyipo Jinadu, 25, was charged on February 26, 2025 in a seventeen-count indictment with five counts of theft of government money, three counts of wire fraud, eight counts of aggravated identity theft,  and one count of false statements in immigration documents. He made his initial appearance Monday before U.S. Magistrate Judge Brian McKay. 

    The indictment alleges that Mr. Jinadu, who was in the United States illegally after overstaying his B1/B2 nonimmigrant Visa, defrauded the Federal Pandemic Unemployment Compensation, which provided supplemental unemployment insurance benefits to qualified claimants pursuant to the CARES Act, and unlawfully obtained unemployment benefits. 

    Records show that Mr. Jinadu allegedly received stolen unemployment benefits into his bank accounts. Applications were submitted in the names of at least five victims in Washington, Massachusetts, and Kansas without their authorization.

    The indictment further alleges that Mr. Jinadu also defrauded the Paycheck Protection Program (PPP), which provided forgivable loans to small businesses to cover payroll, rent, and certain other expenses pursuant to the CARES Act. 

    Mr. Jinadu allegedly received more than $65,000 in stolen PPP funds into his bank accounts. Applications were submitted in the names of at least three victims in Oklahoma without their authorization. 

    Not long after allegedly committing these frauds, Mr. Jinadu applied to become a lawful permanent resident of the United States. When asked on his application, “Have you EVER committed a crime of any kind (even if you were not arrested, cited, charged with, or tried for that crime)?” Mr. Jinadu allegedly answered, “no.” He then certified, under penalty of perjury, that all of the information he provided was “complete, true, and correct.” 

    An indictment is merely an allegation of criminal conduct, not evidence. Like all defendants, Mr. Jinadu is presumed innocent until proven guilty in a court of law. 

    If convicted, he faces up to 96 years in federal prison. 

    The Department of Homeland Security’s Office of Inspector General and the Department of Labor’s Office of Inspector General conducted the investigation with the assistance of Homeland Security Investigation’s Dallas Field Office. Assistant U.S. Attorneys Tiffany H. Eggers and Madeline S. Case are prosecuting the case.

    MIL Security OSI –