Category: GlobeNewswire

  • MIL-OSI: Encore Capital Group to Meet with Investors and Present at the Raymond James 46th Annual Institutional Investors Conference

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, March 03, 2025 (GLOBE NEWSWIRE) — Encore Capital Group, Inc. (Nasdaq:ECPG), an international specialty finance company, announced today that Encore management will be meeting with investors at the Raymond James 46th Annual Institutional Investors Conference on Tuesday, March 4, 2025. In addition, Ashish Masih, Encore’s President and Chief Executive Officer, will be making a presentation at the conference at 11:00am Eastern time on the same day. A link to the live webcast and a copy of the presentation will be available in the Investor Events & Presentations section of the company’s website at encorecapital.com/investor-events-presentations.

    About Encore Capital Group, Inc.

    Encore Capital Group is an international specialty finance company that provides debt recovery solutions and other related services for consumers across a broad range of financial assets. Through its subsidiaries around the globe, Encore purchases portfolios of consumer receivables from major banks, credit unions, and utility providers. 

    Encore partners with individuals as they repay their debt obligations, helping them on the road to financial recovery and ultimately improving their economic well-being. Encore is the first and only company of its kind to operate with a Consumer Bill of Rights that provides industry-leading commitments to consumers. Headquartered in San Diego, Encore is a publicly traded NASDAQ Global Select company (ticker symbol: ECPG) and a component stock of the Russell 2000, the S&P Small Cap 600 and the Wilshire 4500. More information about the company can be found at encorecapital.com.

    Contact:

    Bruce Thomas
    Encore Capital Group, Inc.
    Vice President, Global Investor Relations
    bruce.thomas@encorecapital.com

    SOURCE: Encore Capital Group, Inc.

    The MIL Network

  • MIL-OSI: Gabelli Funds to Host 16th Annual Specialty Chemicals Symposium Thursday, March 20, 2025

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., March 03, 2025 (GLOBE NEWSWIRE) — Gabelli Funds is hosting its 16th Annual Specialty Chemicals Symposium taking place at The Harvard Club in New York, NY on Thursday, March 20, 2025.  The symposium will draw a variety of companies, with a focus on pricing power, margin recovery, interest rates, inventory stabilization, global trade policy, demand trends, and the M&A environment.  Attendees will also have the opportunity to meet with managements in a one-on-one setting.

    Agenda:

    8:20am Opening Remarks Rosemarie Morbelli, CFA Gabelli Funds
        Wayne Pinsent, CFA Gabelli Funds
         
    8:30 Cabot Corporation (NYSE: CBT)* To Be Confirmed
         
         
    9:00 Arq, Inc. (NASDAQ: ARQ) Bob Rasmus, President & CEO
         
         
    9:30 BASF Corporation (XETRA: BAS.DE) Alex Koehler, Investor Relations
         
         
    10:00 American Vanguard (NYSE: AVD) Douglas A. (“Dak”) Kaye, III, CEO
         
         
    10:30 Quaker Houghton (NYSE: KWR) Jeffrey Schnell, VP Investor Relations
         
    11:00 Rogers Corp (NYSE: ROG)* Colin Gouveia, President & CEO
         
    11:30 Minerals Technologies (NYSE: MTX) Douglas Dietrich, Chairman & CEO;
        Erik Aldag, Senior VP Finance & Treasury & CFO
        Lydia Kopylova, VP Investor Relations
    12:00pm Lunch Break  
         
    12:30 The Chemours Company (NYSE: CC) Brandon Ontjes, VP Investor Relations
         
    1:00 Orion S.A. (NYSE: OEC) Jeff Glajch, CFO
        Chris Kapsch, VP Investor Relations
         
    1:30 Rayonier Advanced Materials (NYSE: RYAM) De Lyle Bloomquist, President & CEO
        Mickey Walsh, Treasurer, VP Investor Relations
         
    2:00 The Sherwin-Williams Company (NYSE: SHW)* Jim Jaye, Senior VP Investor Relations;
        Eric Swanson, VP Investor Relations
         
    2:30 Lithium Americas (NYSE: LAC) Jonathan Evans, President & CEO
        Luke Colton, Executive VP and CFO
        Virginia Morgan, VP Investor Relations & ESG
         

    *Indicates virtual attendance

    Details:
    Gabelli Funds’ 16th Annual Specialty Chemicals Symposium
    March 20, 2025
    8:20 am – 3:00 pm
    Conference Registration: https://gabelli.com/conferences/chemical

    Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc.

    Contact: Rosemarie J. Morbelli, CFA
    Senior VP, Specialty Chemicals
    (914) 921-7757
       
      Wayne C. Pinsent, CFA
    VP, Specialty Chemicals
    (914) 921-8352
       

    The MIL Network

  • MIL-OSI: ClearScale and Matilda Cloud Partner to Accelerate VMware Migration on AWS

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, March 03, 2025 (GLOBE NEWSWIRE) — ClearScale, an AWS Premier Consulting Partner, is pleased to announce a new strategic partnership with Matilda Cloud to deliver comprehensive VMware migration assessments and streamlined migration solutions leveraging AWS — delivered through AI-powered tools designed to simplify and automate the migration of VMware-based workloads to AWS. Matilda Cloud is recognized as the preferred tool for VMware assessments by AWS and is an AWS-certified migration partner making it an invaluable resource for customers migrating from on-premises systems to the cloud.  

    ClearScale is an industry leading professional services company and an all-in AWS Premier Tier Services Partner helping business leaders create clear business value at speed and scale. We combine our expertise in workload migrations, cloud-native systems integration, strategic consulting, modernization, application development, data, and AI to empower leaders in solving their most critical business challenges and positioning their organizations for growth.

    “ClearScale’s expertise in accelerating customer’s time to value in moving from Broadcom/VMware with Matilda Cloud’s advanced migration tools, creates an accelerated and frictionless path for customers moving to AWS,” said ClearScale CEO Jimmy Chui. “This partnership allows us to rapidly forge a migration path for our clients to help them achieve their business objectives while achieving cost savings, improved security and greater flexibility.”

    “Partnering with ClearScale allows us to deliver a seamless VMware-to-AWS migration experience for customers,” stated Viren Balar, Chief Revenue and Growth Officer at Matilda Cloud. “By combining ClearScale’s deep cloud expertise with Matilda Cloud’s AI-powered insights, we are streamlining migrations and ensuring businesses can modernize with confidence, efficiency, and speed.”

    Key Features and Benefits:

    • VMware Discovery: Use AWS approved Matilda Cloud tools to perform comprehensive VMware discovery, assessing applications, environments, dependencies, and migration priorities.
    • Customized Migration Wave Planning: Tailored migration strategies focus on cost, security, architecture, and timing.
    • Business Case Development: A robust business case for each project helps secure necessary funding, supporting smooth migrations aligned with customer goals.
    • Automated Migration Execution: With Matilda Cloud’s automation capabilities, ClearScale can deliver faster, more efficient migrations.
    • End-to-End Managed Services: Post-migration support and managed services ensure sustained efficiency and performance.

    Matilda Cloud’s integration into the AWS Marketplace provides added convenience and transparency for clients. Pricing for this service is customized to meet specific needs, and inquiries can be directed to ClearScale for a Private Offer.

    About ClearScale

    ClearScale, an all-in AWS Premier Tier Services Partner, delivers award-winning experience and expertise across AWS industries and competencies, empowering leaders to solve their most critical business challenges and position their organizations for growth. Our core service areas include AWS Migration & Modernization, Cloud-Native Application Development, Infrastructure & DevOps Modernization, Data Modernization & Analytics, Application Modernization, Artificial Intelligence & MLOps, and Generative AI.

    About Matilda Cloud

    Matilda Cloud creates agile and secure cloud solutions engineered to transform the cloud journey for organizations globally. With a suite of tools designed for cloud discovery, assessment, migration, and optimization, Matilda Cloud leverages AI and automation to minimize human effort and maximize efficiency, driving enterprises towards intelligent and secure cloud optimization tailored to their specific business needs.

    Contact:
    Kevin Wolf
    kevin@tgprllc.com

    The MIL Network

  • MIL-OSI: PayPal launches its biggest online sales event in Australia, PayPal Frenzy

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, March 03, 2025 (GLOBE NEWSWIRE) — Bargain hunting Aussies can get ready to grab some fabulous discounts, with PayPal today announcing its biggest online sales event in Australia to date, PayPal Frenzy, with deals from more than 200 leading brands.

    PayPal, Australia’s most trusted way to pay onlinei, is partnering with Click Frenzy, to launch a seven-day online sale event, which will offer customers deals of up to 80% off, across leading fashion, beauty, home and tech brands.

    Deal hunters can dive in from 7pm (AEDT) on Tuesday, 4 March and keep an eye on the PayPal Australia and Click Frenzy Instagram channels for new offers until midnight, 10 March.

    PayPal lets shoppers spread out the cost of their purchases over 4 instalments, with PayPal Pay in 4 offering no late fees or interest charges. In fact, half (48%) of Australian buy now, pay later (BNPL) users say they’ve now switched to PayPal Pay in 4 because it has no late fees.ii

    PayPal’s Head of Consumer Marketing, Caitlin Hoey, said: “In a climate where Aussies are having to watch their hip pockets, sales can be a great tactic to spread your money further. This year we’re excited to expand PayPal Frenzy across fashion, electronics, home goods, travel, sport, home/interiors and even something for our furry friends.

    “Additionally, you’ve got the flexibility to pay later with PayPal Pay in 4 – letting you score unmissable deals using four easy instalments with no late fees or interest.

    “With research showing two-thirds of Aussie BNPL customers use BNPL to spread out the cost of larger purchases and more than half to manage cost of living pressures or their budget, PayPal Pay in 4 gives Australian consumers the payment flexibility and choice they’re looking for.” ii

    Payment methods can matter as much as discounts, with 38% of Australians having abandoned an online purchase because their favourite payment method wasn’t available and research indicating that PayPal is Australia’s most preferred and most-trusted online payment method.ii

    PayPal Frenzy is thrilled to welcome some of the biggest brands including Chemist Warehouse, The Iconic, Temu, Webjet and over 200 more.

    Here is just a sneak peak of what shoppers can expect:

    • Chemist Warehouse – up to 1/2 price off RRP on Vitamins & Supplements
    • The Iconic
      • 25% off on Women’s, Men’s & Kid’s
      • Up To 25% off on Sports, Beauty & Home
      • 40% Dresses and Sandals
      • 30% Women’s Footwear
    • Temu – Up to 30% off for new users
    • Webjet – $50 off Domestic Flight bookings when you check-out with PayPal Pay in 4
    • Sennheiser – 50% off storewide
    • Petbarn – Members save up to 40%
    • Manning Cartell – Dresses from $90 and up to 80% off.
    • Decathlon – Save up to 50% Sports Equipment (online only)
    • FILA – Up to 70% sitewide

    During PayPal Frenzy, 300 lucky shoppers will have the chance to win a share of $120,000 through PayPal’s social media giveaway.iii Simply checkout with PayPal Pay in 4 during the sale event and follow the steps to enter via the PayPalAU Instagram account.

    For all the amazing deals, follow PayPal Australia on Instagram (PayPalAU) and visit PayPal Frenzy.

    PayPal has been revolutionizing commerce globally for more than 25 years. Creating innovative experiences that make moving money, selling, and shopping simple, personalized, and secure, PayPal empowers consumers and businesses in approximately 200 markets to join and thrive in the global economy.  For more information, visit https://about.pypl.com/ and https://investor.pypl.com/

    PayPal Australia was established in 2005 and has more than 9.5 million active Australian customer accounts. PayPal enables Australian consumers and businesses to easily and securely send, receive, and manage their money. The PayPal service is provided by PayPal Australia Pty Limited (ABN 93 111 195 389) which holds an Australian Financial Services Licence number 304962. PayPal credit services including PayPal Pay in 4 are provided by PayPal Credit Pty Limited (ACN 600 629 258). For more information visit PayPal Australia Newsroom for more information and follow us on Instagram or Facebook

    Established in 2012, Click Frenzy has partnered with 1000s of Australia’s biggest retailers to bring Aussie consumers the best deals and exclusive offers to one centralised location.

    Media Contact:
    For all media enquiries, interviews, or images, please contact Edelman Australia on 0432 159 901/ 0459 431 732 paypalAU@edelman.com / Agent99 PR on 0402 420 247 zarah@agent99pr.com.  

    References:

    i.   PayPal has been awarded Most Trusted Payments Brand 2024 – Roy Morgan Most Trusted Brand Awards 2024.
    ii.  PayPal Australia eCommerce Index 2025. Research conducted by Fifth Quadrant, commissioned by PayPal Australia. Online survey of 1.022 Consumers.
    iii. Terms & Conditions and eligibility rules apply. For competition T&Cs see the PayPal Australia Newsroom for full PayPal Pay in 4 and competition terms see PayPal.com/au.

    The MIL Network

  • MIL-OSI: Occidental Announces Offer to Exercise Warrants at a Temporarily Reduced Price

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 03, 2025 (GLOBE NEWSWIRE) — Occidental (NYSE: OXY) today announced an offer to exercise its outstanding publicly traded warrants (the “Warrants”) at a temporarily reduced price (the “Offer”).

    The Offer is available to holders of the Warrants, each representing the right to purchase one share of Occidental’s common stock, $0.20 par value per share, at an exercise price of $22.00. The Warrants were initially distributed by Occidental on August 3, 2020 in the form of a dividend to the holders of record of Occidental’s common stock as of July 6, 2020 and are listed on the New York Stock Exchange under the symbol “OXY WS”. Warrant holders (the “Holders”) have the opportunity to exercise each of their Warrants at a temporarily reduced exercise price of $21.30. There is no minimum participation requirement with respect to the Offer.

    The Offer is subject to the terms and conditions set forth in the Offer to Exercise Warrants to Purchase Common Stock of Occidental Petroleum Corporation, dated March 3, 2025 (the “Offer to Exercise”), filed as an exhibit to Occidental’s Schedule TO filed with the U.S. Securities and Exchange Commission (“SEC”).

    To participate in the Offer and exercise the Warrants at the temporarily reduced exercise price, Holders must elect to participate prior to the expiration of the Offer at 5:00 p.m. Eastern Time on March 31, 2025, which may be extended by Occidental in its sole discretion (the “Expiration Date”), and must deliver payment and the required documentation in accordance with the Offer to Exercise prior to the Expiration Date. Holders who elect to participate in the Offer and do not withdraw their validly tendered Warrants will receive the shares of common stock issuable upon exercise of the Warrants promptly after the Expiration Date. Any Holder that tenders Warrants prior to the Expiration Date but changes their mind may withdraw their tender of Warrants at any time prior to the Expiration Date. 

    The purpose of the Offer is to encourage the exercise of the Warrants by temporarily reducing the exercise price. If all of the outstanding Warrants are exercised at the temporarily reduced exercise price, Occidental would receive gross proceeds of approximately $1.6 billion. Occidental intends to use the proceeds for general corporate purposes, which may include the redemption or repayment of certain of its outstanding indebtedness.

    For additional information or assistance, please contact D.F. King & Co., Inc., which is acting as Information Agent for the Offer, at:

    D.F. King & Co., Inc.
    48 Wall St, 22nd Floor
    New York, NY 10005
    Toll-Free: (888) 628-8208
    Email: OXY@dfking.com

    Additional Information

    The discussion of the Offer contained in this press release is for informational purposes only and is neither an offer to buy nor a solicitation of an offer to sell securities. Holders should read the Schedule TO filed with the SEC and the exhibits attached thereto carefully because they contain important information, including the various terms and conditions set forth in the Offer to Exercise. The Schedule TO, including the Offer to Exercise and other related materials, will also be available to Holders at no charge on the SEC’s website at http://www.sec.gov or from D.F. King & Co., Inc., Occidental’s Information Agent for the Offer. Holders are urged to read those materials carefully prior to making any decisions with respect to the Offer.

    Occidental has filed with the SEC a registration statement that includes a prospectus (as supplemented by a prospectus supplement, the “Prospectus”) relating to the offering of the shares of common stock issuable upon exercise of the Warrants, and has further filed with the SEC a prospectus supplement relating to such registration statement and Prospectus in respect of the exercise of the Warrants at the reduced exercise price. Copies of the Prospectus, as further supplemented by the prospectus supplement, may be obtained from the SEC at http://www.sec.gov, or by contacting D.F. King & Co., Inc.

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

    About Occidental

    Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of America. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas, and includes our Oxy Low Carbon Ventures subsidiary, which is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. We are dedicated to using our global leadership in carbon management to advance a lower-carbon world.

    Cautionary Statement Regarding Forward-Looking Statements

    This press release contains forward-looking statements, including, but not limited to, statements about Occidental’s expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “commit,” “advance,” “likely” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release unless an earlier date is specified. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.

    Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Actual outcomes or results may differ from anticipated results, sometimes materially. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental’s credit ratings or future increases in interest rates; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of Occidental’s proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; inflation, its impact on markets and economic activity and related monetary policy actions by governments in response to inflation; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental’s ability to timely obtain or maintain permits or other government approvals, including those necessary for drilling and/or development projects; Occidental’s ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or divestitures; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections or projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, natural gas liquids and natural gas reserves; lower-than-expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; volatility in the securities, capital or credit markets, including capital market disruptions and instability of financial institutions; government actions (including geopolitical, trade, tariff and regulatory uncertainties), war (including the Russia-Ukraine war and conflicts in the Middle East) and political conditions and events; health, safety and environmental (HSE) risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international HSE laws, regulations and litigation (including related to climate change or remedial actions or assessments); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, and deep-water and onshore drilling and permitting regulations; Occidental’s ability to recognize intended benefits from its business strategies and initiatives, such as Occidental’s low-carbon ventures businesses or announced greenhouse gas emissions reduction targets or net-zero goals; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; the scope and duration of global or regional health pandemics or epidemics, and actions taken by government authorities and other third parties in connection therewith; the creditworthiness and performance of Occidental’s counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; supply, transportation and labor constraints; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates; and actions by third parties that are beyond Occidental’s control.

    Additional information concerning these and other factors that may cause Occidental’s results of operations and financial position to differ from expectations can be found in Occidental’s filings with the SEC, including Occidental’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

    Contacts

    The MIL Network

  • MIL-OSI: Monroe Capital Corporation BDC Announces Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, March 03, 2025 (GLOBE NEWSWIRE) — Monroe Capital Corporation (NASDAQ: MRCC) today announced its financial results for the fourth quarter and full year ended December 31, 2024. The Board of Directors of Monroe also declared its first quarter distribution of $0.25 per share, payable on March 31, 2025 to stockholders of record on March 14, 2025.

    Except where the context suggests otherwise, the terms “Company,” “we,” “us,” and “our” refer to Monroe Capital Corporation (together with its subsidiaries).

    Fourth Quarter 2024 Financial Highlights

    • Net Investment Income (“NII”) of $6.0 million, or $0.28 per share
    • Adjusted Net Investment Income (a non-GAAP measure described below) of $6.2 million, or $0.29 per share
    • Net increase (decrease) in net assets resulting from operations of $(1.7) million, or $(0.08) per share
    • Net Asset Value (“NAV”) of $191.8 million, or $8.85 per share
    • Paid quarterly dividend of $0.25 per share on December 30, 2024
    • Current annual cash dividend yield to stockholders of approximately 11.4%(1)

    Full Year 2024 Financial Highlights

    • NII of $24.5 million, or $1.13 per share
    • Adjusted Net Investment Income (a non-GAAP measure described below) of $25.0 million, or $1.15 per share
    • Net increase in net assets resulting from operations of $9.7 million, or $0.45 per share

    Chief Executive Officer Theodore L. Koenig commented, “We are pleased to announce that we paid a $0.25 per share dividend during the fourth quarter. Our predominantly first lien portfolio continued to generate attractive risk-adjusted returns during the fourth quarter, with Adjusted Net Investment Income supporting a compelling 11.4% annualized dividend yield. We remain committed to prudent portfolio management, with a focus on maintaining the portfolio’s asset quality across varying economic environments.”

    Monroe Capital Corporation is a business development company affiliate of the award-winning private credit investment firm and lender, Monroe Capital LLC.
    _______________________
    (1) Based on an annualized dividend and closing share price as of February 28, 2025.

    Management Commentary

    Adjusted Net Investment Income totaled $6.2 million, or $0.29 per share for the quarter ended December 31, 2024, a decrease from $6.6 million, or $0.31 per share for the quarter ended September 30, 2024. NAV decreased by $0.33 per share, or 3.6%, to $191.8 million or $8.85 per share as of December 31, 2024, compared to $198.9 million or $9.18 per share as of September 30, 2024. The decrease in NAV this quarter was primarily the result of net unrealized losses associated with a certain portfolio company, partially offset by NII in excess of the dividend paid during the quarter.

    At quarter end, the Company’s debt-to-equity leverage increased from 1.50 times debt-to-equity at September 30, 2024 to 1.53 times debt-to-equity at December 31, 2024 as a result of the timing of certain portfolio company paydowns. These proceeds were used to pay down the revolving credit facility subsequent to year-end. We continue to focus on managing our investment portfolio and selectively redeploying capital resulting from future repayments.

    Selected Financial Highlights
    (in thousands, except per share data)

      December 31, 2024   September 30, 2024
    Consolidated Statements of Assets and Liabilities data: (audited)   (unaudited)
    Investments, at fair value $ 457,048     $ 474,259  
    Total assets $ 490,671     $ 501,862  
    Net assets $ 191,762     $ 198,893  
    Net asset value per share $ 8.85     $ 9.18  
                   
      For the Quarters Ended
      December 31, 2024   September 30, 2024
    Consolidated Statements of Operations data: (unaudited)
    Net investment income $ 6,022     $ 6,481  
    Adjusted net investment income(2) $ 6,185     $ 6,617  
    Net gain (loss) $ (7,737 )   $ (1,515 )
    Net increase (decrease) in net assets resulting from operations $ (1,715 )   $ 4,966  
           
    Per share data:      
    Net investment income $ 0.28     $ 0.30  
    Adjusted net investment income(2) $ 0.29     $ 0.31  
    Net gain (loss) $ (0.36 )   $ (0.07 )
    Net increase (decrease) in net assets resulting from operations $ (0.08 )   $ 0.23  
                   

    _______________________
    (2) See Non-GAAP Financial Measure – Adjusted Net Investment Income below for a detailed description of this non-GAAP measure and a reconciliation from NII to Adjusted Net Investment Income. The Company uses this non-GAAP financial measure internally in analyzing financial results and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company.

    Portfolio Summary

      December 31, 2024   September 30, 2024
      (unaudited)
    Investments, at fair value $ 457,048     $ 474,259  
    Number of portfolio company investments   91       94  
    Percentage portfolio company investments on non-accrual(3)   3.4 %     3.1 %
    Weighted average contractual yield(4)   10.2 %     11.0 %
    Weighted average effective yield(4)   10.2 %     11.0 %
           
    Asset class percentage at fair value:      
    First lien loans   79.1 %     80.0 %
    Junior secured loans   6.5 %     6.4 %
    Equity securities   14.4 %     13.6 %
                   

    _______________________
    (3) Represents portfolio loans or preferred equity investments on non-accrual status as a percentage of total investments at fair value.
    (4) Portfolio yield is calculated only on the portion of the portfolio that has a contractual coupon and therefore does not account for dividends on equity investments (other than preferred equity investments).

    Financial Review

    Results of Operations: Fourth Quarter 2024

    NII for the quarter ended December 31, 2024 totaled $6.0 million, or $0.28 per share, compared to $6.5 million, or $0.30 per share, for the quarter ended September 30, 2024. Adjusted Net Investment Income was $6.2 million, or $0.29 per share, for the quarter ended December 31, 2024, compared to $6.6 million, or $0.31 per share, for the quarter ended September 30, 2024. Excluding the impact of the incentive fee limitations of $(1.2) million and $(0.7) million for the quarters ended December 31, 2024 and September 30, 2024, respectively, Adjusted Net Investment Income totaled $5.0 million, or $0.23 per share for the quarter ended December 31, 2024, a decrease from $5.9 million, or $0.27 per share for the quarter ended September 30, 2024. Please refer to the Company’s Form 10-K for additional information on the Company’s incentive fee structure and calculation.

    Total investment income for the quarter ended December 31, 2024 totaled $14.0 million, compared to $15.7 million for the quarter ended September 30, 2024. Total investment income decreased by $1.7 million primarily due to the declining interest rate environment. The decrease in average invested assets and lower other income also contributed to the decrease in total investment income.

    Total expenses for the quarter ended December 31, 2024 were $8.0 million, compared to $9.2 million for the quarter ended September 30, 2024. Excluding the impact of the incentive fee limitations, total expenses decreased by $0.7 million primarily due to lower interest and other debt financing expenses associated with the lower interest rate environment and a decrease in average debt outstanding during the quarter.

    Net gain (loss) was $(7.7) million for the quarter ended December 31, 2024, compared to $(1.5) million for the quarter ended September 30, 2024. Unrealized losses associated with the change in fair value for a certain portfolio company was the primary driver of the net loss on investments during the quarter ended December 31, 2024.

    The Company’s average portfolio mark decreased by 1.7%, from 93.9% of amortized cost as of September 30, 2024 to 92.2% of amortized cost as of December 31, 2024.

    Net increase (decrease) in net assets resulting from operations was $(1.7) million, or $(0.08) per share, for the quarter ended December 31, 2024, compared to $5.0 million, or $0.23 per share, for the quarter ended September 30, 2024.

    Results of Operations: Full Year 2024

    NII for the year ended December 31, 2024 totaled $24.5 million, or $1.13 per share, compared to $23.2 million, or $1.07 per share, for the year ended December 31, 2023. Adjusted Net Investment Income was $25.0 million, or $1.15 per share, for the year ended December 31, 2024, compared to $24.1 million, or $1.11 per share, for the year ended December 31, 2023. Excluding the impact of the incentive fee limitations of $2.9 million for the year ended December 31, 2024 (no incentive fee limitations for the year ended December 31, 2023), Adjusted Net Investment Income totaled $22.1 million, or $1.01 per share, for the year ended December 31, 2024, a decrease from $24.1 million, or $1.11 per share, for the year ended December 31, 2023. Please refer to the Company’s Form 10-K for additional information on the Company’s incentive fee structure and calculation.

    Total investment income for the year ended December 31, 2024 totaled $60.5 million, compared to $64.3 million for the year ended December 31, 2023. The decrease in investment income of $3.8 million during the year ended December 31, 2024, compared to the year ended December 31, 2023, was primarily due to lower interest income and payment-in-kind (“PIK”) interest income. The reduction in interest income and PIK interest income was primarily driven by a decrease in average invested assets and the placement of additional portfolio companies on non-accrual status. Lower effective rates on the portfolio resulting from the declining interest rate environment during the second half of the year ended December 31, 2024 also contributed to the decrease in both interest income and PIK interest income. The decrease in interest income and PIK interest income was partially offset by an increase in other income, primarily driven by the reversal of $1.6 million in previously accrued fees related to the former loan investment in IT Global Holding LLC, which was recognized during the year ended December 31, 2023.

    Total expenses for the year ended December 31, 2024 were $36.0 million, compared to $41.0 million for the year ended December 31, 2023. Excluding the impact of the incentive fee limitations, total expenses decreased by $2.1 million primarily due to lower interest and other debt financing expenses associated with a decrease in average debt outstanding during the quarter. Lower base management fees associated with the decline in invested assets during the year also contributed to the decrease in total expenses.

    Net gain (loss) was $(14.8) million for the year ended December 31, 2024, compared to $(22.9) million for the year ended December 31, 2023. This net loss for the year ended December 31, 2024 was primarily due to mark-to-market losses from certain portfolio companies that were still held as of December 31, 2024. These unrealized losses were partially offset by mark-to-market gains in the rest of the portfolio, driven by spread tightening in the direct lending markets during the year.

    The Company’s average portfolio mark decreased by 3.4%, from 95.6% of amortized cost as of December 31, 2023 to 92.2% of amortized cost as of December 31, 2024.

    Net increase (decrease) in net assets resulting from operations was $9.7 million, or $0.45 per share, for the year ended December 31, 2024, compared to $0.4 million, or $0.02 per share, for the year ended December 31, 2023.

    Liquidity and Capital Resources

    As of December 31, 2024, the Company had $9.0 million in cash and cash equivalents, $163.9 million of debt outstanding on its revolving credit facility and $130.0 million of debt outstanding on its 2026 Notes. As of December 31, 2024, the Company had approximately $91.1 million available for additional borrowings on its revolving credit facility, subject to borrowing base availability.

    MRCC Senior Loan Fund

    MRCC Senior Loan Fund I, LLC (“SLF”) is a joint venture with Life Insurance Company of the Southwest (“LSW”), an affiliate of National Life Insurance Company. SLF invests primarily in senior secured loans to middle market companies in the United States. The Company and LSW have each committed $50.0 million of capital to the joint venture. As of December 31, 2024, the Company had made net capital contributions of $42.7 million in SLF with a fair value of $32.7 million, as compared to net capital contributions of $42.7 million in SLF with a fair value of $32.9 million as of September 30, 2024. During the quarter ended December 31, 2024, the Company received dividend income from SLF of $0.9 million, consistent with the $0.9 million received during the quarter ended September 30, 2024. SLF’s underlying investments are loans to middle-market borrowers that are generally larger than the rest of MRCC’s portfolio which is focused on lower middle-market companies. SLF’s average mark on the underlying investment portfolio decreased slightly during the quarter, from 87.0% of amortized cost as of September 30, 2024, to 86.8% of amortized cost as of December 31, 2024.

    As of December 31, 2024, SLF had total assets of $104.2 million (including investments at fair value of $98.0 million), total liabilities of $38.7 million (including borrowings under the $110.0 million secured revolving credit facility with Capital One, N.A. (the “SLF Credit Facility”) of $38.2 million) and total members’ capital of $65.5 million. As of September 30, 2024, SLF had total assets of $107.8 million (including investments at fair value of $98.7 million), total liabilities of $42.0 million (including borrowings under the SLF Credit Facility of $41.5 million) and total members’ capital of $65.8 million.

    Non-GAAP Financial Measure – Adjusted Net Investment Income

    On a supplemental basis, the Company discloses Adjusted Net Investment Income (including on a per share basis) which is a financial measure that is calculated and presented on a basis of methodology other than in accordance with generally accepted accounting principles of the United States of America (“non-GAAP”). Adjusted Net Investment Income represents NII, excluding the net capital gains incentive fee and income taxes. The Company uses this non-GAAP financial measure internally in analyzing financial results and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company. The management agreement with the Company’s advisor provides that a capital gains incentive fee is determined and paid annually with respect to realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized and unrealized capital losses for such year. Management believes that Adjusted Net Investment Income is a useful indicator of operations exclusive of any net capital gains incentive fee as NII does not include gains associated with the capital gains incentive fee.

    The following tables provide a reconciliation from NII (the most comparable GAAP measure) to Adjusted Net Investment Income for the periods presented (in thousands, except per share data):

       
      For the Quarters Ended
      December 31, 2024   September 30, 2024
      Amount   Per Share
    Amount
      Amount   Per Share
    Amount
      (unaudited)
    Net investment income $ 6,022     $ 0.28     $ 6,481     $ 0.30  
    Net capital gains incentive fee                      
    Income taxes, including excise taxes   163       0.01       136       0.01  
    Adjusted Net Investment Income $ 6,185     $ 0.29     $ 6,617     $ 0.31  
                                   
      For the Years Ended
      December 31, 2024   December 31, 2023
      Amount   Per Share
    Amount
      Amount   Per Share
    Amount
      (unaudited)
    Net investment income $ 24,532     $ 1.13     $ 23,249     $ 1.07  
    Net capital gains incentive fee                      
    Income taxes, including excise taxes   452       0.02       806       0.04  
    Adjusted Net Investment Income $ 24,984     $ 1.15     $ 24,055     $ 1.11  
                                   

    Adjusted Net Investment Income may not be comparable to similar measures presented by other companies, as it is a non-GAAP financial measure that is not based on a comprehensive set of accounting rules or principles and therefore may be defined differently by other companies. In addition, Adjusted Net Investment Income should be considered in addition to, not as a substitute for, or superior to, financial measures determined in accordance with GAAP.

    Fourth Quarter 2024 Financial Results Conference Call

    The Company will host a webcast and conference call to discuss these operating and financial results on Monday, March 3, 2025 at 12:00 p.m. Eastern Time. The webcast will be hosted on a webcast link located in the Investor Relations section of the Company’s website at http://ir.monroebdc.com/events.cfm. To participate in the conference call, please dial (800) 715-9871 approximately 10 minutes prior to the call. Please reference conference ID # 7817000.

    For those unable to listen to the live broadcast, the webcast will be available for replay on the Company’s website approximately two hours after the event.

    For a more detailed discussion of the financial and other information included in this press release, please also refer to the Company’s Form 10-K for the year ended December 31, 2024, which was filed with the SEC (www.sec.gov) on Friday, February 28, 2025.

    First Quarter 2025 Distribution

    The Board of Directors of the Company declared its first quarter distribution of $0.25 per share, payable on March 31, 2025 to stockholders of record on March 14, 2025. In October 2012, the Company adopted a dividend reinvestment plan that provides for reinvestment of distributions on behalf of its stockholders, unless a stockholder elects to receive cash prior to the record date. When the Company declares a cash distribution, stockholders who have not opted out of the dividend reinvestment plan prior to the record date will have their distribution automatically reinvested in additional shares of the Company’s capital stock. The specific tax characteristics of the distribution will be reported to stockholders on Form 1099 after the end of the calendar year and in the Company’s periodic report filed with the SEC.

               
    MONROE CAPITAL CORPORATION
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (in thousands, except per share data)
               
      December 31,
    2024
      September 30,
    2024
      December 31,
    2023
      (audited)   (unaudited)   (audited)
    Assets          
    Investments, at fair value:          
    Non-controlled/non-affiliate company investments $ 343,835     $ 355,273     $ 371,723  
    Non-controlled affiliate company investments   80,483       86,089       83,541  
    Controlled affiliate company investments   32,730       32,897       33,122  
    Total investments, at fair value (amortized cost of: $495,797, $505,008 and $510,876 respectively)   457,048       474,259       488,386  
    Cash and cash equivalents   9,044       4,070       4,958  
    Interest and dividend receivable   23,511       22,910       19,349  
    Other assets   1,068       623       493  
    Total assets $ 490,671     $ 501,862     $ 513,186  
    Liabilities          
    Debt $ 293,900     $ 299,000     $ 304,100  
    Less: Unamortized debt issuance costs   (1,925 )     (2,254 )     (3,235 )
    Total debt, less unamortized debt issuance costs   291,975       296,746       300,865  
    Interest payable   2,903       1,351       3,078  
    Base management fees payable   1,965       2,006       2,100  
    Incentive fees payable         730       1,319  
    Accounts payable and accrued expenses   2,066       2,090       2,100  
    Directors’ fees payable         46        
    Total liabilities   298,909       302,969       309,462  
    Net Assets          
    Common stock, $0.001 par value, 100,000 shares authorized, 21,666, 21,666 and 21,666 shares issued and outstanding, respectively $ 22     $ 22     $ 22  
    Capital in excess of par value   297,712       298,127       298,127  
    Accumulated undistributed (overdistributed) earnings   (105,972 )     (99,256 )     (94,425 )
    Total net assets $ 191,762     $ 198,893     $ 203,724  
    Total liabilities and total net assets $ 490,671     $ 501,862     $ 513,186  
    Net asset value per share $ 8.85     $ 9.18     $ 9.40  
                           
    MONROE CAPITAL CORPORATION
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except per share data)
     
      For the Quarters Ended   For the Years Ended
      December 31,
    2024
      September 30,
    2024
      December 31,
    2024
      December 31,
    2023
      (unaudited)   (audited)
    Investment income:              
    Non-controlled/non-affiliate company investments:              
    Interest income $ 8,576     $ 10,408     $ 40,787     $ 46,241  
    Payment-in-kind interest income   1,379       919       3,877       3,070  
    Dividend income   237       114       472       305  
    Other income   310       694       1,306       (679 )
    Total investment income from non-controlled/non-affiliate company investments   10,502       12,135       46,442       48,937  
    Non-controlled affiliate company investments:              
    Interest income   1,300       1,202       4,963       5,140  
    Payment-in-kind interest income   1,247       1,402       5,284       6,337  
    Dividend income   56       56       220       283  
    Other income   18             18        
    Total investment income from non-controlled affiliate company investments   2,621       2,660       10,485       11,760  
    Controlled affiliate company investments:              
    Dividend income   900       900       3,600       3,600  
    Total investment income from controlled affiliate company investments   900       900       3,600       3,600  
    Total investment income   14,023       15,695       60,527       64,297  
    Operating expenses:              
    Interest and other debt financing expenses   5,113       5,517       21,917       22,847  
    Base management fees   1,965       2,006       8,056       8,603  
    Incentive fees         730       2,449       5,812  
    Professional fees   196       239       902       719  
    Administrative service fees   282       270       1,011       940  
    General and administrative expenses   233       270       964       1,174  
    Directors’ fees   49       46       244       147  
    Total operating expenses   7,838       9,078       35,543       40,242  
    Net investment income before income taxes   6,185       6,617       24,984       24,055  
    Income taxes, including excise taxes   163       136       452       806  
    Net investment income   6,022       6,481       24,532       23,249  
    Net gain (loss):              
    Net realized gain (loss):              
    Non-controlled/non-affiliate company investments   283       638       1,431       (38,769 )
    Foreign currency forward contracts                     1,756  
    Foreign currency and other transactions                     (135 )
    Net realized gain (loss)   283       638       1,431       (37,148 )
    Net change in unrealized gain (loss):              
    Non-controlled/non-affiliate company investments   (1,139 )     (2,743 )     (8,211 )     22,154  
    Non-controlled affiliate company investments   (6,694 )     771       (7,656 )     (3,990 )
    Controlled affiliate company investments   (167 )     (201 )     (392 )     (2,387 )
    Foreign currency forward contracts                     (1,507 )
    Foreign currency and other transactions   (20 )     20              
    Net change in unrealized gain (loss)   (8,020 )     (2,153 )     (16,259 )     14,270  
    Net gain (loss)   (7,737 )     (1,515 )     (14,828 )     (22,878 )
    Net increase (decrease) in net assets resulting from operations $ (1,715 )   $ 4,966     $ 9,704     $ 371  
    Per common share data:              
    Net investment income per share – basic and diluted $ 0.28     $ 0.30     $ 1.13     $ 1.07  
    Net increase (decrease) in net assets resulting from operations per share – basic and diluted $ (0.08 )   $ 0.23     $ 0.45     $ 0.02  
    Weighted average common shares outstanding – basic and diluted   21,666       21,666       21,666       21,666  
                                   

    Additional Supplemental Information:

    The composition of the Company’s investment income was as follows (in thousands):

      For the Quarters Ended
      For the Years Ended
      December 31,
    2024
      September 30,
    2024

      December 31,
    2024
      December 31,
    2023
      (unaudited)   (audited)
    Interest income $ 9,468     $ 11,303     $ 44,283     $ 49,779  
    Payment-in-kind interest income   2,626       2,321       9,161       9,407  
    Dividend income   1,193       1,070       4,292       4,188  
    Other income   328       694       1,324       (679 )
    Prepayment gain (loss)   173       109       532       553  
    Accretion of discounts and amortization of premiums   235       198       935       1,049  
    Total investment income $ 14,023     $ 15,695     $ 60,527     $ 64,297  
                                   

    The composition of the Company’s interest expense and other debt financing expenses was as follows (in thousands):

      For the Quarters Ended   For the Years Ended
      December 31,
    2024
      September 30,
    2024
      December 31,
    2024
      December 31,
    2023
      (unaudited)   (audited)
    Interest expense – revolving credit facility $ 3,227     $ 3,630     $ 14,380     $ 15,319  
    Interest expense – 2026 Notes   1,555       1,555       6,220       6,220  
    Amortization of debt issuance costs   331       332       1,317       1,308  
    Total interest and other debt financing expenses $ 5,113     $ 5,517     $ 21,917     $ 22,847  
                                   

    About Monroe Capital Corporation

    Monroe Capital Corporation is a publicly-traded specialty finance company that principally invests in senior, unitranche and junior secured debt and, to a lesser extent, unsecured debt and equity investments in middle-market companies. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation. The Company’s investment activities are managed by its investment adviser, Monroe Capital BDC Advisors, LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and an affiliate of Monroe Capital LLC. To learn more about Monroe Capital Corporation, visit www.monroebdc.com.

    About Monroe Capital LLC

    Monroe Capital LLC (including its subsidiaries and affiliates, together “Monroe”) is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, alternative credit, structured credit, real estate and equity. Since 2004, the firm has been successfully providing capital solutions to clients in the U.S. and Canada. Monroe prides itself on being a value-added and user-friendly partner to business owners, management, and both private equity and independent sponsors. Monroe’s platform offers a wide variety of investment products for both institutional and high net worth investors with a focus on generating high quality “alpha” returns irrespective of business or economic cycles. The firm is headquartered in Chicago and maintains 11 offices throughout the United States, Asia and Australia.

    Monroe has been recognized by both its peers and investors with various awards including Inc’s 2024 Founder-Friendly Investors List; Private Debt Investor as the 2023 Lower Mid-Market Lender of the Decade, 2023 Lower Mid-Market Lender of the Year, 2023 CLO Manager of the Year, Americas; Global M&A Network as the 2023 Lower Mid-Markets Lender of the Year, U.S.A.; DealCatalyst as the 2022 Best CLO Manager of the Year; Korean Economic Daily as the 2022 Best Performance in Private Debt – Mid Cap; Creditflux as the 2021 Best U.S. Direct Lending Fund; and Pension Bridge as the 2020 Private Credit Strategy of the Year. For more information and important disclaimers, please visit www.monroecap.com.

    Forward-Looking Statements

    This press release may contain certain forward-looking statements. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.

    SOURCE: Monroe Capital Corporation

    The MIL Network

  • MIL-OSI: Electronic Communications Letter

    Source: GlobeNewswire (MIL-OSI)

    3 March 2025

    Admiral Group Plc (“the Company”)

    Electronic Communications Letter

    On 28 February 2025, the Company posted a letter to all its shareholders who currently receive hard copy shareholder information concerning the option to instead receive electronic communications in the future. A copy has also been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.  A copy of the letter can also be viewed on the Investor Relations section of the Company’s website at www.admiralgroup.co.uk/investor-relations.

    Dan Caunt
    Company Secretary
    Admiral Group Plc
    LEI: 213800FGVM7Z9EJB2685

    The MIL Network

  • MIL-OSI: Ready Capital Corporation Reports Fourth Quarter 2024 Results and Declares First Quarter 2025 Dividends

    Source: GlobeNewswire (MIL-OSI)

    – GAAP LOSS PER COMMON SHARE FROM CONTINUING OPERATIONS OF $(1.80) –
    – DISTRIBUTABLE LOSS PER COMMON SHARE OF $(0.03) –
    – DISTRIBUTABLE EARNINGS PER COMMON SHARE BEFORE REALIZED LOSSES OF $0.23 –
    – DISTRIBUTABLE RETURN ON AVERAGE STOCKHOLDERS’ EQUITY BEFORE REALIZED LOSSES OF 7.1%   
    – DECLARED A QUARTERLY CASH DIVIDEND OF $0.125 PER SHARE OF COMMON STOCK AND OPERATING PARTNERSHIP UNIT FOR THE QUARTER ENDING MARCH 31, 2025 –

    NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) — Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services lower-to-middle-market (“LMM”) investor and owner-occupied commercial real estate loans, today reported financial results for the quarter ended December 31, 2024 and declared dividends for the quarter ending March 31, 2025.

    “The fourth quarter closes out a year of mixed results. On one hand, our Small Business Lending segment performed well, with significant origination growth reflecting the benefits of past investments. Meanwhile, our multi-family lending focused business faced challenges from higher rates, inflationary pressures, and lower rent growth,” said Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer. “Entering 2025, we have taken decisive actions to stabilize and better position our balance sheet going forward by fully reserving for all of our non-performing loans in our CRE portfolio. While this reduces our book value per share in the short term, we believe it provides a path to recovery in our net interest margin through the accelerated resolution of our non-performing loans to generate liquidity for reinvestment in higher-yielding new originations. Additionally, we have adjusted our dividend to $0.125 per share to align with anticipated cash earnings to preserve capital for reinvestment and share repurchases with potential upward bias co-incident with the recovery in earnings. We believe these actions will enable the Company to resume growth in both book value per share and the dividend as we move forward.”

    Fourth Quarter Highlights

    • LMM commercial real estate originations of $436 million
    • Small Business Lending (“SBL”) loan originations of $348 million, including $315 million of Small Business Administration 7(a) loans
    • Book value of $10.61 per share of common stock as of December 31, 2024
    • Entered into a definitive merger agreement to acquire United Development Funding IV, a real estate investment trust providing capital solutions to residential real estate developers and regional homebuilders
    • Acquired approximately 5.8 million shares of the Company’s common stock at an average price of $7.35 per share as part of stock repurchase program
    • Issued $130 million in aggregate principal amount of 9.00% Senior Unsecured Notes due 2029

    Full Year Highlights

    • GAAP Loss per common share from continuing operations of $(2.52)
    • Distributable earnings per common share before realized losses of $0.97
    • Distributable return on average stockholders’ equity before realized losses of 7.5%
    • Total LMM and SBL originations of $2.4 billion, including $1.1 billion of Small Business Administration 7(a) loans
    • Sold $7.6 billion in mortgage servicing rights in connection with the disposition of its residential mortgage banking segment
    • Completed the acquisitions of Madison One, a leading originator and servicer of USDA and SBA guaranteed loan product, and Funding Circle USA, Inc., an online lending platform that originates and services small business loans
    • Acquired approximately 10.3 million shares of the Company’s common stock at an average price of $7.95 per share as part of stock repurchase program

    Subsequent Events

    • On January 16, 2025, the Board approved a new stock repurchase program authorizing the repurchase of up to $150 million of the Company’s common stock
    • On February 21, 2025, ReadyCap Holdings, LLC, a taxable REIT subsidiary of the Company, closed a private placement of $220 million in aggregate principal amount of its 9.375% Senior Secured Notes due 2028. The Company intends to use the net proceeds from the private placement to repay its indebtedness and for general corporate purposes

    Dividends

    • The Company announced that its Board of Directors declared a quarterly cash dividend of $0.125 per share of common stock and Operating Partnership unit for the quarter ending March 31, 2025. The dividend is payable on April 30, 2025, to shareholders of record as of the close of business on March 31, 2025
    • Additionally, the Company announced that its Board of Directors declared quarterly cash dividends on its 6.25% Series C Cumulative Convertible Preferred Stock (the “Series C Preferred Stock”), and its 6.50% Series E Cumulative Redeemable Preferred Stock (the “Series E Preferred Stock”)
    • The Company declared a dividend of $0.390625 per share of Series C Preferred Stock payable on April 15, 2025, to Series C Preferred stockholders of record as of the close of business on March 31, 2025
    • The Company declared a dividend of $0.40625 per share of Series E Preferred Stock payable on April 30, 2025, to Series E Preferred stockholders of record as of the close of business on March 31, 2025

    Use of Non-GAAP Financial Information

    In addition to the results presented in accordance with U.S. GAAP, this press release includes distributable earnings, formerly referred to as core earnings, which is a non-U.S. GAAP financial measure. The Company defines distributable earnings as net income adjusted for unrealized gains and losses related to certain mortgage backed securities (“MBS”) not retained by us as part of our loan origination business, realized gains and losses on sales of certain MBS, unrealized gains and losses related to residential mortgage servicing rights (“MSR”) from discontinued operations, unrealized changes in our current expected credit loss reserve, unrealized gains or losses on de-designated cash flow hedges, unrealized gains or losses on foreign exchange hedges, unrealized gains or losses on certain unconsolidated joint ventures, non-cash compensation expense related to our stock-based incentive plan, and one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains, or merger related expenses.

    The Company believes that this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, provides investors greater transparency into the information used by management in its financial and operational decision-making, including the determination of dividends. However, because distributable earnings is an incomplete measure of the Company’s financial performance and involves differences from net income computed in accordance with U.S. GAAP, it should be considered along with, but not as an alternative to, the Company’s net income computed in accordance with U.S. GAAP as a measure of the Company’s financial performance. In addition, because not all companies use identical calculations, the Company’s presentation of distributable earnings may not be comparable to other similarly-titled measures of other companies.

    In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains and losses on MBS acquired by the Company in the secondary market but is not adjusted to exclude unrealized gains and losses on MBS retained by Ready Capital as part of its loan origination businesses, where the Company transfers originated loans into an MBS securitization and the Company retains an interest in the securitization. In calculating distributable earnings, the Company does not adjust Net Income (in accordance with U.S. GAAP) to take into account unrealized gains and losses on MBS retained by us as part of the loan origination businesses because the unrealized gains and losses that are generated in the loan origination and securitization process are considered to be a fundamental part of this business and an indicator of the ongoing performance and credit quality of the Company’s historical loan originations. In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude realized gains and losses on certain MBS securities considered to be non-distributable. Certain MBS positions are considered to be non-distributable due to a variety of reasons which may include collateral type, duration, and size.

    In addition, in calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains or losses on residential MSRs, held at fair value from discontinued operations. Servicing rights relating to the Company’s small business commercial business are accounted for under ASC 860, Transfer and Servicing. In calculating distributable earnings, the Company does not exclude realized gains or losses on commercial MSRs, as servicing income is a fundamental part of Ready Capital’s business and is an indicator of the ongoing performance.

    To qualify as a REIT, the Company must distribute to its stockholders each calendar year at least 90% of its REIT taxable income (including certain items of non-cash income), determined without regard to the deduction for dividends paid and excluding net capital gain. There are certain items, including net income generated from the creation of MSRs, that are included in distributable earnings but are not included in the calculation of the current year’s taxable income. These differences may result in certain items that are recognized in the current period’s calculation of distributable earnings not being included in taxable income, and thus not subject to the REIT dividend distribution requirement until future years.

    The table below reconciles Net Income computed in accordance with U.S. GAAP to Distributable Earnings.

    (in thousands) Three Months Ended
    December 31, 2024
    Year Ended
    December 31, 2024
    Net Loss $ (314,751 ) $ (430,398 )
    Reconciling items:    
    Unrealized loss on MSR – discontinued operations   33,175     40,394  
    Unrealized gain on joint ventures   (5,015 )   (3,503 )
    Increase in CECL reserve   277,277     272,964  
    Increase (decrease) in valuation allowance   (31,229 )   124,878  
    Non-recurring REO impairment   31,175     55,686  
    Non-cash compensation   2,826     8,510  
    Unrealized loss on preferred equity, at fair value   15,613     15,613  
    Merger transaction costs and other non-recurring expenses   6,579     17,432  
    Bargain purchase gain       (13,859 )
    Realized losses on sale of investments   51,688     183,718  
    Total reconciling items $ 382,089   $ 701,833  
    Income tax adjustments   (22,825 )   (89,504 )
    Distributable earnings before realized losses $ 44,513   $ 181,931  
    Realized losses on sale of investments, net of tax   (44,246 )   (153,571 )
    Distributable earnings $ 267   $ 28,360  
    Less: Distributable earnings attributable to non-controlling interests   3,113     8,167  
    Less: Income attributable to participating shares   2,248     9,125  
    Distributable earnings attributable to common stockholders $ (5,094 ) $ 11,068  
    Distributable earnings before realized losses on investments, net of tax per common share – basic and diluted $ 0.23   $ 0.97  
    Distributable earnings per common share – basic and diluted $ (0.03 ) $ 0.07  

    U.S. GAAP return on equity is based on U.S. GAAP net income, while distributable return on equity is based on distributable earnings, which adjusts U.S. GAAP net income for the items Din the distributable earnings reconciliation above.

    Webcast and Earnings Conference Call

    Management will host a webcast and conference call on Monday, March 3, 2025 at 8:30am ET to provide a general business update and discuss the financial results for the quarter ended December 31, 2024. During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.

    The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. The webcast of the conference call will be available in the Investor Relations section of the Company’s website at www.readycapital.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

    To Participate in the Telephone Conference Call:

    Dial in at least five minutes prior to start time.

    Domestic: 1-877-407-0792
    International: 1-201-689-8263

    Conference Call Playback:

    Domestic: 1-844-512-2921
    International: 1-412-317-6671
    Replay Pin #: 13750356

    The playback can be accessed through March 17, 2025.

    Safe Harbor Statement

    This press release contains statements that constitute “forward-looking statements,” as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, applicable regulatory changes; general volatility of the capital markets; changes in the Company’s investment objectives and business strategy; the availability of financing on acceptable terms or at all; the availability, terms and deployment of capital; the availability of suitable investment opportunities; changes in the interest rates or the general economy; increased rates of default and/or decreased recovery rates on investments; changes in interest rates, interest rate spreads, the yield curve or prepayment rates; changes in prepayments of Company’s assets; the degree and nature of competition, including competition for the Company’s target assets; and other factors, including those set forth in the Risk Factors section of the Company’s most recent Annual Report on Form 10-K filed with the SEC, and other reports filed by the Company with the SEC, copies of which 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.

    About Ready Capital Corporation

    Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program and government guaranteed loans focused on the United States Department of Agriculture. Headquartered in New York, New York, the Company employs approximately 500 professionals nationwide.

    Contact
    Investor Relations
    Ready Capital Corporation
    212-257-4666
    InvestorRelations@readycapital.com

    Additional information can be found on the Company’s website at www.readycapital.com.

    READY CAPITAL CORPORATION
    UNAUDITED CONSOLIDATED BALANCE SHEETS
    (in thousands) December 31, 2024   December 31, 2023
    Assets      
    Cash and cash equivalents $ 143,803     $ 138,532  
    Restricted cash   30,560       30,063  
    Loans, net (including $3,533 and $9,348 held at fair value)   3,378,149       4,020,160  
    Loans, held for sale (including $128,531 and $81,599 held at fair value and net of valuation allowance of $97,620 and $0)   241,626       81,599  
    Mortgage-backed securities   31,006       27,436  
    Investment in unconsolidated joint ventures (including $6,577 and $7,360 held at fair value)   161,561       133,321  
    Derivative instruments   7,963       2,404  
    Servicing rights   128,440       102,837  
    Real estate owned, held for sale   193,437       252,949  
    Other assets   362,486       300,175  
    Assets of consolidated VIEs   5,175,295       6,897,145  
    Assets held for sale   287,595       454,596  
    Total Assets $ 10,141,921     $ 12,441,217  
    Liabilities      
    Secured borrowings   2,035,176       2,102,075  
    Securitized debt obligations of consolidated VIEs, net   3,580,513       5,068,453  
    Senior secured notes, net   437,847       345,127  
    Corporate debt, net   895,265       764,908  
    Guaranteed loan financing   691,118       844,540  
    Contingent consideration   573       7,628  
    Derivative instruments   352       212  
    Dividends payable   43,168       54,289  
    Loan participations sold   95,578       62,944  
    Due to third parties   1,442       3,641  
    Accounts payable and other accrued liabilities   188,051       207,481  
    Liabilities held for sale   228,735       333,157  
    Total Liabilities $ 8,197,818     $ 9,794,455  
    Preferred stock Series C, liquidation preference $25.00 per share   8,361       8,361  
           
    Commitments & contingencies      
           
    Stockholders’ Equity      
    Preferred stock Series E, liquidation preference $25.00 per share   111,378       111,378  
    Common stock, $0.0001 par value, 500,000,000 shares authorized, 162,792,372 and 172,276,105 shares issued and outstanding, respectively   17       17  
    Additional paid-in capital   2,250,291       2,321,989  
    Retained earnings (deficit)   (505,089 )     124,413  
    Accumulated other comprehensive loss   (18,552 )     (17,860 )
    Total Ready Capital Corporation equity   1,838,045       2,539,937  
    Non-controlling interests   97,697       98,464  
    Total Stockholders’ Equity $ 1,935,742     $ 2,638,401  
    Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity $ 10,141,921     $ 12,441,217  
    READY CAPITAL CORPORATION
    UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

    (in thousands, except share data) Three Months Ended
    December 31, 2024
      Year Ended
    December 31, 2024
    Interest income $ 203,965     $ 896,975  
    Interest expense   (153,911 )     (696,455 )
    Net interest income before provision for loan losses $ 50,054     $ 200,520  
    Provision for loan losses   (285,008 )     (292,759 )
    Net interest income after provision for loan losses $ (234,954 )   $ (92,239 )
    Non-interest income      
    Net realized gain (loss) on financial instruments and real estate owned   (10,934 )     (54,000 )
    Net unrealized gain (loss) on financial instruments   (17,025 )     (14,991 )
    Valuation allowance, loans held for sale   31,229       (124,878 )
    Servicing income, net of amortization and impairment of $7,756 and $21,972   4,112       16,556  
    Gain on bargain purchase         13,859  
    Income on unconsolidated joint ventures   6,065       10,886  
    Other income   13,557       50,803  
    Total non-interest income (expense) $ 27,004     $ (101,765 )
    Non-interest expense      
    Employee compensation and benefits   (23,320 )     (82,522 )
    Allocated employee compensation and benefits from related party   (3,350 )     (11,387 )
    Professional fees   (7,557 )     (26,887 )
    Management fees – related party   (5,518 )     (24,862 )
    Loan servicing expense   (12,749 )     (46,656 )
    Transaction related expenses   (4,878 )     (10,118 )
    Impairment on real estate   (29,876 )     (56,503 )
    Other operating expenses   (19,637 )     (63,572 )
    Total non-interest expense $ (106,885 )   $ (322,507 )
    Loss from continuing operations before benefit for income taxes   (314,835 )     (516,511 )
    Income tax benefit   17,318       104,512  
    Net loss from continuing operations $ (297,517 )   $ (411,999 )
    Discontinued operations      
    Loss from discontinued operations before benefit for income taxes   (22,978 )     (24,532 )
    Income tax benefit   5,744       6,133  
    Net loss from discontinued operations $ (17,234 )   $ (18,399 )
    Net loss $ (314,751 )   $ (430,398 )
    Less: Dividends on preferred stock   1,999       7,996  
    Less: Net income attributable to non-controlling interest   1,389       5,357  
    Net loss attributable to Ready Capital Corporation $ (318,139 )   $ (443,751 )
           
    Earnings per common share from continuing operations – basic $ (1.80 )   $ (2.52 )
    Earnings per common share from discontinued operations – basic $ (0.10 )   $ (0.11 )
    Total earnings per common share – basic $ (1.90 )   $ (2.63 )
           
    Earnings per common share from continuing operations – diluted $ (1.80 )   $ (2.52 )
    Earnings per common share from discontinued operations – diluted $ (0.10 )   $ (0.11 )
    Total earnings per common share – diluted $ (1.90 )   $ (2.63 )
           
    Weighted-average shares outstanding      
    Basic   167,434,683       169,107,477  
    Diluted   168,845,426       170,472,273  
           
    Dividends declared per share of common stock $ 0.25     $ 1.10  
    READY CAPITAL CORPORATION
    UNAUDITED SEGMENT REPORTING
      Three Months Ended December 31, 2024
    (in thousands) LMM
    Commercial
    Real Estate
      Small Business
    Lending
      Corporate-Other   Consolidated
    Interest income $ 170,292     $ 33,673     $     $ 203,965  
    Interest expense   (131,128 )     (22,783 )           (153,911 )
    Net interest income before provision for loan losses $ 39,164     $ 10,890     $     $ 50,054  
    Provision for loan losses   (279,483 )     (5,525 )           (285,008 )
    Net interest income after provision for loan losses $ (240,319 )   $ 5,365     $     $ (234,954 )
    Non-interest income              
    Net realized gain (loss) on financial instruments and real estate owned   (33,206 )     22,272             (10,934 )
    Net unrealized gain (loss) on financial instruments   (19,629 )     2,604             (17,025 )
    Valuation allowance, loans held for sale   31,229                   31,229  
    Servicing income, net   1,761       2,351             4,112  
    Income on unconsolidated joint ventures   6,065                   6,065  
    Other income   2,279       9,155       2,123       13,557  
    Total non-interest income (loss) $ (11,501 )   $ 36,382     $ 2,123     $ 27,004  
    Non-interest expense              
    Employee compensation and benefits   (4,741 )     (14,564 )     (4,015 )     (23,320 )
    Allocated employee compensation and benefits from related party   (335 )           (3,015 )     (3,350 )
    Professional fees   (1,639 )     (3,210 )     (2,708 )     (7,557 )
    Management fees – related party               (5,518 )     (5,518 )
    Loan servicing expense   (11,592 )     (1,157 )           (12,749 )
    Transaction related expenses               (4,878 )     (4,878 )
    Impairment on real estate   (29,876 )                 (29,876 )
    Other operating expenses   (4,257 )     (12,215 )     (3,165 )     (19,637 )
    Total non-interest expense $ (52,440 )   $ (31,146 )   $ (23,299 )   $ (106,885 )
    Income (loss) before provision for income taxes $ (304,260 )   $ 10,601     $ (21,176 )   $ (314,835 )
    Total assets $ 8,058,707     $ 1,427,281     $ 368,338     $ 9,854,326  
    READY CAPITAL CORPORATION
    UNAUDITED SEGMENT REPORTING
      Year Ended December 31, 2024
    (in thousands) LMM
    Commercial
    Real Estate
      Small Business
    Lending
      Corporate-Other   Consolidated
    Interest income $ 766,354     $ 130,621     $     $ 896,975  
    Interest expense   (598,846 )     (97,609 )           (696,455 )
    Net interest income before provision for loan losses $ 167,508     $ 33,012     $     $ 200,520  
    Provision for loan losses   (283,800 )     (8,959 )           (292,759 )
    Net interest income after provision for loan losses $ (116,292 )   $ 24,053     $     $ (92,239 )
    Non-interest income              
    Net realized gain (loss) on financial instruments and real estate owned   (132,746 )     78,746             (54,000 )
    Net unrealized gain (loss) on financial instruments   (20,588 )     5,597             (14,991 )
    Valuation allowance, loans held for sale   (124,878 )                 (124,878 )
    Servicing income, net   5,759       10,797             16,556  
    Gain on bargain purchase               13,859       13,859  
    Income on unconsolidated joint ventures   10,876       10             10,886  
    Other income   22,605       23,424       4,774       50,803  
    Total non-interest income (loss) $ (238,972 )   $ 118,574     $ 18,633     $ (101,765 )
    Non-interest expense              
    Employee compensation and benefits   (25,821 )     (46,036 )     (10,665 )     (82,522 )
    Allocated employee compensation and benefits from related party   (1,139 )           (10,248 )     (11,387 )
    Professional fees   (4,963 )     (12,681 )     (9,243 )     (26,887 )
    Management fees – related party               (24,862 )     (24,862 )
    Loan servicing expense   (44,667 )     (1,989 )           (46,656 )
    Transaction related expenses               (10,118 )     (10,118 )
    Impairment on real estate   (56,428 )     (75 )           (56,503 )
    Other operating expenses   (15,212 )     (36,108 )     (12,252 )     (63,572 )
    Total non-interest expense $ (148,230 )   $ (96,889 )   $ (77,388 )   $ (322,507 )
    Income (loss) before provision for income taxes $ (503,494 )   $ 45,738     $ (58,755 )   $ (516,511 )
    Total assets $ 8,058,707     $ 1,427,281     $ 368,338     $ 9,854,326  

    The MIL Network

  • MIL-OSI: Wearable Devices to Showcase the World’s First Neural Sensing Wristband at MWC Barcelona 2025

    Source: GlobeNewswire (MIL-OSI)

    The Company will demonstrate its newly launched Mudra Link across multiple operating systems alongside the Mudra Dev-Kit, with a strong focus on Extended Reality (XR) and smart glasses applications

    Yokneam Illit, Israel, March 03, 2025 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), an award-winning pioneer in artificial intelligence (“AI”)-based wearable gesture control technology, today announced its participation at MWC Barcelona 2025 (“MWC 2025”), the world’s leading event for mobile technology and connectivity. The Company will showcase its latest advancements in neural gesture input technology, emphasizing the role of Mudra Link, the world’s first neural sensing wristband, in XR and Smart Glasses control, alongside the Mudra Band for Apple Watch. Wearable Devices will be exhibiting at Hall 5 – 5E61, from Monday, March 3 to Thursday, March 6, 2025.

    At MWC 2025, Wearable Devices invites attendees to experience the Mudra Link, the first neural gesture control wristband that enables seamless interaction across Android, macOS, and Windows devices using simple gestures like tap, swipe, pinch, and drag. With Mudra Link, users can control mobile devices, apps, and computers on any OS, offering an intuitive and touch-free user experience. More importantly, Mudra Link introduces new capabilities for controlling Smart Glasses and XR applications, allowing users to interact with augmented and virtual reality environments using natural hand gestures without the need for external controllers. This latest offering represents a major step in expanding neural gesture control beyond the Apple ecosystem, bringing Wearable Devices’ technology to a broader consumer audience.

    Alongside the Mudra Link, the Company will present a new Mudra Dev-Kit program (the “MDK Program”). The MDK Program is tailor-made for enterprises looking to both explore, build proof of concepts and pilots before deciding on the final neural band product experience. The MDK Program also includes onsite support and training of technical and marketing teams, sample code, a hands-on demo day covering multiple uses cases. The MDK Program accelerates time to market and boost visibility for the final product, and builds confidence in using the Company’s latest new and novel technology.

    Offir Remez, Executive Vice President of Business Development at Wearable Devices, stated, “MWC 2025 is a premier event for mobile technology, and we are excited to demonstrate how our AI-powered neural gesture control technology is revolutionizing user interactions. With the launch of the Mudra Link, we are expanding beyond Apple and bringing our technology to a wider audience across multiple platforms. Most significantly, our focus on XR and Smart Glasses opens new doors for intuitive user experiences in digital and virtual environments. We see strong interest from both consumers and industry partners and we are looking forward to seeing co-branded products shipped in volume soon.”

    Asher Dahan, Chief Executive Officer of Wearable Devices, added, “Our vision is to redefine the way users interact with technology, and our participation at MWC 2025 is a pivotal moment for us. The introduction of Mudra Link marks a major milestone, as it allows us to offer a universal neural control solution that integrates seamlessly across platforms, particularly for the emerging XR and Smart Glasses industry. Combined with the continued success of the Mudra Band for Apple Watch, we are driving the future of AI-powered, touchless interaction for consumers worldwide.”

    To book a meeting with our team and learn how you can integrate Mudra technology into your products and solutions, please fill out the form at this link.

    About Wearable Devices Ltd.

    Wearable Devices Ltd. is a pioneering growth company revolutionizing human-computer interaction through its AI-powered neural input technology for both consumer and business markets. Leveraging proprietary sensors, software, and advanced AI algorithms, the Company’s innovative products, including the Mudra Band for iOS and Mudra Link for Android, enable seamless, touch-free interaction by transforming subtle finger and wrist movements into intuitive controls. These groundbreaking solutions enhance gaming, and the rapidly expanding AR/VR/XR landscapes. The Company offers a dual-channel business model: direct-to-consumer sales and enterprise licensing. Its flagship Mudra Band integrates functional and stylish design with cutting-edge AI to empower consumers, while its enterprise solutions provide businesses with the tools to deliver immersive and interactive experiences. By setting the input standard for the XR market, Wearable Devices is redefining user experiences and driving innovation in one of the fastest-growing tech sectors. Wearable Devices’ ordinary shares and warrants trade on the Nasdaq under the symbols “WLDS” and “WLDSW,” respectively.

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we discuss the benefits and advantages of our devices and technology; the potential of neural gesture control technology to redefine user interactions; and the interest from both consumers and industry partners in our technology and devices. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023, filed on March 15, 2024 and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations Contact

    Michal Efraty
    IR@wearabledevices.co.il

    The MIL Network

  • MIL-OSI: Kayne Anderson Energy Infrastructure Fund Announces Distribution of $0.08 Per Share for March 2025

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 03, 2025 (GLOBE NEWSWIRE) — Kayne Anderson Energy Infrastructure Fund, Inc. (the “Company”) announced today a monthly distribution of $0.08 per share for March 2025. This distribution is payable to common stockholders on March 31, 2025 (as outlined in the table below).

    The Company declares distributions on a monthly basis, with its next distribution expected to be declared in early April. Payment of future distributions is subject to the approval of the Company’s Board of Directors, as well as meeting the covenants on the Company’s debt agreements and the terms of its preferred stock.

    Record Date /
    Ex-Date
    Payment Date Distribution Amount Return of Capital
    Estimate
    3/14/25 3/31/25 $0.08 75%(1)

    (1) This estimate is based on the Company’s anticipated earnings and profits. The final determination of the tax character of distributions will not be determinable until after the end of fiscal 2025 and may differ substantially from this preliminary information.

    Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE: KYN) is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, whose common stock is traded on the NYSE. The Company’s investment objective is to provide a high after-tax total return with an emphasis on making cash distributions to stockholders. KYN intends to achieve this objective by investing at least 80% of its total assets in securities of Energy Infrastructure Companies. See Glossary of Key Terms in the Company’s most recent quarterly report for a description of these investment categories and the meaning of capitalized terms.

    The Company pays cash distributions to common stockholders at a rate that may be adjusted from time to time. Distribution amounts are not guaranteed and may vary depending on a number of factors, including changes in portfolio holdings and market conditions. 

    This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer or sale is not permitted. Nothing contained in this press release is intended to recommend any investment policy or investment strategy or consider any investor’s specific objectives or circumstances. Before investing, please consult with your investment, tax, or legal adviser regarding your individual circumstances.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This communication contains statements reflecting assumptions, expectations, projections, intentions, or beliefs about future events. These and other statements not relating strictly to historical or current facts constitute forward-looking statements as defined under the U.S. federal securities laws. Forward-looking statements involve a variety of risks and uncertainties. These risks include but are not limited to changes in economic and political conditions; regulatory and legal changes; energy industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in detail in the Company’s filings with the SEC, available at www.kaynefunds.com or www.sec.gov. Actual events could differ materially from these statements or our present expectations or projections. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. Kayne Anderson undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Company’s investment objectives will be attained.

    Contact investor relations at 877-657-3863 or cef@kayneanderson.com.

    The MIL Network

  • MIL-OSI: Volatus Aerospace and Draganfly Expand Collaboration to Service High-Value Geospatial Power Utility Customers

    Source: GlobeNewswire (MIL-OSI)

    Toronto, ON and Saskatoon, SK, March 03, 2025 (GLOBE NEWSWIRE) — Volatus Aerospace Inc. (TSXV: FLT) (OTCQX:TAKOF) (Frankfurt: ABB) (“Volatus”) and Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly”) announced today a strategic collaboration to address rapidly growing global demand for the automation and digitization of geospatial data collection and analysis solutions for Utility Infrastructure. This teaming agreement builds on the previously announced collaboration agreement, harnessing Volatus’ operational and regulatory capabilities, advanced sensor technology and Draganfly’s advanced product, engineering, and integration capabilities.

    This expanded collaboration will engage high-profile global power and infrastructure providers to enhance efficiency and safety in power utility solutions. By combining Volatus’ extensive experience in power utility inspections and right of way management with Draganfly’s product and engineering capabilities, the partnership is positioned to offer a strong competitive advantage to support large Enterprise clients looking for an advanced end to end solution.

    “As the demand for drone-based solutions continues to increase in multiple sectors, strategic collaborations are a key enabler to meet the diverse needs of clients without introducing unnecessary commercial risk,” Glen Lynch, CEO of Volatus Aerospace, stated. “Industries need more than products, they need solutions. By combining Draganfly’s advanced product platform with Volatus’ deep domain expertise and operational and regulatory capabilities, we can provide clients with a complete solution to their challenges.”

    “Partnering with Volatus Aerospace allows us to incorporate our advanced product platform of multiple interoperable drones into a complete solution for power utilities,” Cameron Chell, CEO of Draganfly, commented. “The power utility industry is increasingly seeking advanced, safe, and efficient data acquisition methods, something we have designed from the ground up. This collaboration reinforces our commitment to providing cutting-edge solutions that meet the complex demands of today’s power utilities while enhancing our market reach.”

    In a recent report, MarketsandMarkets estimates that the global market for utility asset management, which includes inspection services among other components, is projected to grow to USD 4.09 billion by 2026. This growth is driven by the increasing investments in grid modernization activities, the need for efficient and reliable power supply, and the integration of renewable energy sources into the grid.

    The collaboration is expected to deliver enhanced value to an identified client(s) that will ultimately contribute to the modernization of infrastructure management.

    About Volatus Aerospace Inc.

    Volatus Aerospace is a leader in innovative global aerial solutions for intelligence and cargo. With a strong foundation of over 100 years of combined institutional knowledge in aviation, Volatus provides comprehensive solutions using both piloted and remotely piloted aircraft systems (RPAS). We serve industries such as oil and gas, utilities, healthcare, and public safety. Our mission is to enhance operational efficiency, safety, and sustainability through cutting-edge, real-world solutions.

    About Draganfly Inc.

    Draganfly Inc. is a pioneer in drone technology and systems, providing quality, cutting-edge UAV solutions, software, and AI systems to revolutionize operations across public safety, agriculture, industrial inspections, defense, and surveying. With over 24 years of innovation, Draganfly is recognized for its commitment to ingenuity, first-class service, and the ability to save time, money, and lives.

    For more information on Draganfly, please visit www.Draganfly.com

    Forward-Looking Statements

    This news release contains statements that constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Often, but not always, forward-looking information and forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the foregoing) be taken, occur, be achieved, or come to pass. Forward-looking information includes information regarding: (i) the anticipated benefits of, and estimated revenue to be generated by, the collaboration agreement; (ii) the business plans and expectations of the Company; and (iii) expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial, and economic data and operating plans, strategies, or beliefs of management as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company, including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information and forward-looking statements reflect the Company’s current beliefs and is based on information currently available to it and on assumptions it believes to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: the anticipated benefits and revenues of the agreement to Draganfly; meeting the continued listing requirements of the TSXV and Draganfly meeting the continued listing requirements of the Canadian Securities Exchange and the Nasdaq; and including, but not limited to, those factors set forth in the Company’s Annual Information Form under the section “Risk Factors” and Draganfly’s most recent filings in accordance with securities regulations in Canada on the SEDAR+ website at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. The forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

    None of the Canadian Securities Exchange, TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) or the Nasdaq accepts responsibility for the adequacy or accuracy of this news release.

    TSXV: FLT

    Media Contacts

    Danielle Gagne
    Head of Marketing and Communications, Volatus Aerospace
    +1 833-865-2887
    Danielle.gagne@volatusaerospace.comErika Racicot
    Public Relations, Draganfly
    media@draganfly.com
    Company Contact Email: info@draganfly.com

    The MIL Network

  • MIL-OSI: Form 8.3 – [LEARNING TECHNOLOGIES GROUP PLC – 28 02 2025] – (CGWL)

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
    N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree
    LEARNING TECHNOLOGIES GROUP PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure
    28 FEBRUARY 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”
    N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 0.375p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 8,998,005 1.1354    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 8,998,005 1.1354    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    0.375p ORDINARY SALE 2,500 99.2182p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD
    Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position
    Number of reference securities Price per unit
    NONE        

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.
    Expiry date Option money paid/ received per unit
    NONE              

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option
    Exercising/ exercised against Number of securities Exercise price per unit

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion
    Details Price per unit (if applicable)
    NONE      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 03 MARCH 2025
    Contact name: MARK ELLIOTT
    Telephone number: 01253 376539

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network

  • MIL-OSI: Bridge Specialty Group completes the acquisition of NBS Insurance Agency, Inc., announces new brand name—introducing LocalEdge

    Source: GlobeNewswire (MIL-OSI)

    DAYTONA BEACH, Fla., March 03, 2025 (GLOBE NEWSWIRE) — Bridge Specialty Group (“BSG”) today announced the completion of the previously announced acquisition of the insurance operations of NBS Insurance Agency, Inc. (operating as “Nationwide Brokerage Solutions” or “NBS”). The acquisition only includes NBS Insurance Agency, Inc. and no other Nationwide affiliated companies.

    In conjunction with the close of this transaction, Bridge Specialty Group is pleased to announce that NBS is beginning a new chapter by introducing its new brand name, LocalEdge, ushering in a new chapter in excellence and custom solutions.

    Ted Stuckey, president of LocalEdge, shared, “This change represents more than just a rebranding; it underscores our commitment to delivering unmatched service and customized solutions that our agents have come to expect. Under the LocalEdge banner, agents will continue to benefit from the same great team, specialization and resources they rely on, now enhanced as we join the Bridge Specialty Group team.”

    “It is a very exciting time for our collective Bridge Specialty Group and LocalEdge team. This is only the start of our journey together, and we look forward to further introducing our new teammates to our culture and leveraging the added and enhanced specializations of LocalEdge alongside our existing capabilities,” stated Anurag Batta, chief operating officer for BSG.

    The LocalEdge name will be implemented across communications, tools and resources in the coming weeks and months. Despite these changes, the team’s dedication to serving customers and helping them grow their businesses seamlessly remains steadfast.

    About Bridge Specialty Group, LLC

    Bridge Specialty Group is a leading global insurance wholesaler with access to over 230 admitted, excess and surplus lines and Lloyd’s markets that support our nearly $7 billion premium book. With more than 50 locations and 2,000+ teammates throughout the United States, United Kingdom, Europe and Asia, Bridge Specialty Group holds market recognition that enables us to connect retail partners with tailored insurance solutions through our specific practice groups including property, casualty, environmental, executive risk, farm & ranch, personal lines, public entity, transportation and workers’ compensation.

    This press release may contain certain statements relating to future results, which are forward-looking statements, including those associated with this acquisition. These statements are not historical facts but instead represent only Brown & Brown’s current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown’s control. It is possible that Brown & Brown’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further information concerning Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown’s financial results and condition, as well as its other achievements, is contained in Brown & Brown’s filings with the Securities and Exchange Commission. Such factors include those factors relevant to Brown & Brown’s consummation and integration of the announced acquisition, including any matters analyzed in the due diligence process and material adverse changes in the business and financial condition of the seller, the buyer, or both, and their respective customers. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which Brown & Brown hereafter becomes aware.

    For more information:

    Steve Boyd
    President, Bridge Specialty Group
    (760) 710-6865

    The MIL Network

  • MIL-OSI: How to Make Money Easily in the Web3.0 Era? JA Mining Cloud Mining Reveals the Secret

    Source: GlobeNewswire (MIL-OSI)

    Warwick, England, March 03, 2025 (GLOBE NEWSWIRE) — JA MiningWith the advancement of blockchain technology, cloud mining has become a new hotspot attracting global investors. The JAmining platform offers a simple and efficient way to start mining cryptocurrency without the need to purchase expensive hardware or master complex technology, while earning substantial profits. The platform’s daily earnings can reach up to $35,000, attracting the attention of numerous investors.

    How to Start Cloud Mining with JAmining

    Click to start making money

    JA Mining was founded in 2004 and is a global company headquartered in the UK. It is authorized and regulated by the UK government and conducts business legally and compliantly. It focuses on mainstream cryptocurrency cloud mining and has a reliable operating record and global influence.

    Platform reputation guarantee

    • · · JA Mining is a global company legally registered in the UK, authorized and regulated by the UK Financial Services Authority (FCA)
    • · · Has more than 100 global data centers located in Eastern Europe, North America, the Middle East and South America
    • · · Always abide by local laws and regulations to provide users with safe and stable services

     Here are the main advantages of JA Mining:

    1. Easy and quick start

    2. Top technology guarantee

    • · Use industry-leading hardware such as Bitmain and NVIDIA to ensure efficient mining performance
    • · The data center uses advanced cooling technology to ensure stable operation even under high load

    3. Environmentally friendly mining

    • · Use renewable energy such as solar and wind power to power data centers, reducing environmental impact while lowering operating costs

    4. Transparent with no hidden fees

    • · Only the contract deposit needs to be paid, which will be fully refunded after the contract expires
    • · No additional maintenance fees or hidden costs

    Flexible mining contract plan

    JA Mining offers a variety of flexible mining contracts suitable for both beginners and experienced investors. The following are some examples of plans:

    • · Basic Cloud Computing Plan Invest $200, contract period 2 days, profit $214
    • · Classic Cloud Computing Plan Invest $500, contract period 3 days, profit $527
    • · Advanced Cloud Computing Plans Invest $1000, contract period 5 days, profit $1095.
    • · Super Cloud Computing Plan Invest $5800, contract period 14 days, profit $7424

     After the contract ends, the investment principal will be automatically returned to the account, and the user can choose to continue investing or exit the platform

    Join JA Mining Now

    JA Mining is not only a cloud mining platform, but also an ideal choice for users to provide efficient and sustainable income sources. Whether you are a novice or a senior investor, you can find a low-risk, high-return solution that suits you here. Join JA Mining now, seize the wealth opportunities in the cryptocurrency era, start your passive income journey, and realize your dream of wealth freedom.

    Official Website: https://jamining.com/
    Contact Email: info-at-jamining.com

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Cryptocurrency mining and staking involve risk. There is potential for loss of funds. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network

  • MIL-OSI: Bitfarms Provides February 2025 Production and Operations Update  

    Source: GlobeNewswire (MIL-OSI)

    – Operational hashrate of 16.1 EH/s –
    – Acquisition of Stronghold Digital Mining & sale of Yguazu site on track for Q1 2025 close –
    -Appoints Craig Hibbard to SVP of Infrastructure-

    This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, March 03, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a global Bitcoin and vertically integrated data center company, today issued its latest monthly production report. All financial references are in U.S. dollars.

    CEO Ben Gagnon stated, “We are on track to close our acquisition of Stronghold Digital Mining (“Stronghold”) following the recent successful shareholder vote which Stronghold shareholders voted overwhelmingly in support. Combined with the strategic sale of our 200 MW Yguazu, Paraguay data center, also on track for a Q1 2025 close, these accretive transactions will improve our energy portfolio and transform Bitfarms into a North American energy and compute infrastructure company with lower-cost energy and high-quality assets, suitable for both HPC/AI and Bitcoin mining.

    “In addition, I am thrilled to welcome our new SVP of Infrastructure, Craig Hibbard. Craig joins us from Mawson Infrastructure Group where he was Chief Development Officer. He has over 25 years of experience leading large-scale real estate development projects, including the recent rapid design and construction of over 200 MW of digital infrastructure for a U.S. firm specializing in digital assets and HPC/AI. Based in Pennsylvania, Craig will play a critical role in managing infrastructure development for our rapidly expanding PJM portfolio and advancing our HPC/AI business.”

    SVP of Global Mining Operations Alex Brammer said, “During February we grew our operational hashrate 6% to 16.1 EH/s and grew our average operational hashrate 20% to 13.4 EH/s, achieving new all-time highs in three out of four countries. This growth will continue as we deploy miners in the U.S. and Argentina and optimize performance across all of our data centers.”

    February 2025 Select Operating Highlights

    Key Performance Indicators February 2025 January 2025
    Total BTC earned 213 201
    Month End Operating EH/s 16.1 15.2
    BTC/Avg. EH/s 16 18
    Average Operating EH/s 13.4 11.2
    Energized Capacity (MW) 437 437
    Hydropower (MW) 256 256
    Watts/Terahash Efficiency (w/TH) 20 20
    BTC Sold 75 42
    • 16.1 EH/s operational at February 28, 2025, up 6% M/M.
    • 13.4 EH/s average operational, up 20% M/M.
    • 16 BTC/average EH/s, 11% lower M/M.
    • 213 BTC earned, 6% higher M/M.
    • 7.6 BTC earned daily on average, equal to ~$638,400 per day based on a BTC price of $84,000 at February 28, 2025.

    February 2025 Financial Update

    • Sold 75 of the 213 BTC earned as part of the Company’s regular treasury management practice for total proceeds of $6.5 million.
    • Added 108 BTC, bringing Treasury to 1,260 BTC, up from 1,152 BTC last month and representing $105.8 million based on the Bitcoin price of $84,000 at February 28, 2025. This includes the transfer of 30 BTC to a third party as collateral for active option contracts during the month.

    Upcoming Conferences and Events

    • March 12, 2025: Cantor Fitzgerald Global Technology Conference (NYC)
    • March 17-18, 2025: 37th Annual ROTH Conference (Dana Point, CA)

    About Bitfarms Ltd.

    Founded in 2017, Bitfarms is a global vertically integrated Bitcoin data center company that sells its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining facilities with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers.

    Bitfarms currently has 13 operating Bitcoin data centers, as well as hosting agreements with two data centers, in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

    To learn more about Bitfarms’ events, developments, and online communities:

    www.bitfarms.com
    https://www.facebook.com/bitfarms/
    https://twitter.com/Bitfarms_io
    https://www.instagram.com/bitfarms/
    https://www.linkedin.com/company/bitfarms/

    Glossary of Terms

    • Y/Y or M/M= year over year or month over month
    • BTC or BTC/day = Bitcoin or Bitcoin per day
    • EH or EH/s = Exahash or exahash per second
    • MW or MWh = Megawatts or megawatt hour
    • GW or GWh= Gigawatts or gigawatt hour
    • w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)
    • HPC/AI = High Performance Computing / Artificial Intelligence
    • Energized capacity= Power available
    • Operational capacity= Power and infrastructure being used for current operations
    • PJM= Pennsylvania- New Jersey- Maryland Interconnection LLC

    Forward-Looking Statements

    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding projected growth, target hashrate, opportunities relating to the Company’s geographical diversification and expansion, the merits of the rebalancing operations to North America and projected growth, the North American energy and compute infrastructure strategy, deployment of miners as well as the timing therefor, closing of the Stronghold acquisition on a timely basis and on the terms as announced, the positive impact of the Stronghold acquisition and the ability to gain access to additional electrical power and grow hashrate of the Stronghold business, the sale of the Yguazu, Paraguay Site and the reinvestment of the proceeds of the sale for growth, opportunities relating to the potential of the Company’s data centers for HPC/AI, performance of the plants and equipment upgrades and the impact on operating capacity including the target hashrate and multi-year expansion capacity, the opportunities to leverage Bitfarms’ proven expertise to successfully enhance energy efficiency and hashrate, the benefits of diversification and other statements regarding future growth, plans and objectives of the Company are forward-looking information. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

    This forward-looking information is based on assumptions and estimates of management of the Company at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the construction and operation of the Company’s facilities may not occur as currently planned, or at all; there is no guarantee that the Company will be able to complete the acquisition of Stronghold Digital Mining, Inc. or the sale of the Yguazu, Paraguay Site on the terms as announced, or at all; expansion may not materialize as currently anticipated, or at all; the anticipated merits of the HPC/AI strategy, the benefits and programs of the PJM deregulated market and the objectives of diversification in general may not be realized as planned; efforts to improve and optimize the performance of equipment may not be successful; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company’s electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company’s profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risk that a material weakness in internal control over financial reporting could result in a misstatement of the Company’s financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; any regulations or laws that will prevent Bitfarms from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the restated MD&A for the year-ended December 31, 2023, filed on December 9, 2024. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by the Company. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law . Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Additional Information about the Stronghold Acquisition and Where to Find It

    This communication relates to a proposed merger between Stronghold and Bitfarms. In connection with the proposed merger, Bitfarms has filed the registration statement with the SEC. After the registration statement is declared effective, Stronghold will mail the proxy statement/prospectus to its shareholders. This communication is not a substitute for the registration statement, the proxy statement/prospectus or any other relevant documents Bitfarms and Stronghold has filed or will file with the SEC. Investors are urged to read the proxy statement/prospectus (including all amendments and supplements thereto) and other relevant documents filed with the SEC carefully and in their entirety if and when they become available because they will contain important information about the proposed merger and related matters.

    Investors may obtain free copies of the registration statement, the proxy statement/prospectus and other relevant documents filed by Bitfarms and Stronghold with the SEC, when they become available, through the website maintained by the SEC at www sec.gov. Copies of the documents may also be obtained for free from Bitfarms by contacting Bitfarms’ Investor Relations Department at investors@bitfarms.com and from Stronghold by contacting Stronghold’s Investor Relations Department at SDIG@gateway-grp.com.

    No Offer or Solicitation

    This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy, sell or solicit any securities or any proxy, vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

    Participants in Solicitation Relating to the Stronghold Acquisition

    Bitfarms, Stronghold, their respective directors and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies from Stronghold’s shareholders in respect of the proposed merger. In connection with the proposed merger, Bitfarms has filed with the SEC a registration statement on Form F-4 on December 19, 2024, which includes a proxy statement of Stronghold that also constitutes a prospectus of Bitfarms. This communication may be deemed to be solicitation material in respect of the proposed merger. Additional information regarding the interests of such potential participants, including their respective interests by security holdings or otherwise, will be set forth in the proxy statement/prospectus and other relevant documents filed with the SEC in connection with the proposed merger if and when they become available. These documents are available free of charge on the SEC’s website and from Bitfarms using the sources indicated above.

    Investor Relations Contact:

    Bitfarms
    Tracy Krumme
    SVP, Head of IR & Corp. Comms.
    +1 786-671-5638
    tkrumme@bitfarms.com

    Media Contact: 

    Bitfarms
    Caroline Brady Baker 
    Director, Communications   
    cbaker@bitfarms.com 

    The MIL Network

  • MIL-OSI: Next Hydrogen Solutions Inc. Announces Changes to its Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    MISSISSAUGA, Ontario, March 03, 2025 (GLOBE NEWSWIRE) — Next Hydrogen Solutions Inc. (TSXV: NXH, OTC: NXHSF) (“Next Hydrogen” or the “Company”), announced today the appointment of Adarsh Mehta to the Company’s board of directors (the “Board”). Ms. Mehta will fill the vacancy on the Board resulting from the resignation of Mr. Matthew Fairlie, who resigned from the Board effective January 15, 2025.

    Ms. Mehta is VP of Business Development for Jenner Renewable Consulting. For the past 22 years Ms. Mehta has played a pivotal role in the growth of renewable energy, leading technical reviews, due diligence, and development for over 2,500 megawatts of wind and solar energy projects across North and South America. She served on the Board of Directors of the Canadian Wind Energy Association (CanWEA) from 2008 to 2015, becoming Chairperson in 2011, where she was instrumental in advancing Canada’s wind energy sector.

    “As Next Hydrogen accelerates its position as a large-scale green hydrogen solution provider, we are excited to welcome Adarsh to our board,” said Allan MacKensie, Chairperson of Next Hydrogen. “Her extensive experience in renewable energy, project development, and industry advocacy will be invaluable as we scale our technology and commercialization efforts.”

    “I am thrilled to join Next Hydrogen at such a transformative time,” said Adarsh Mehta. “Green hydrogen is a critical pillar in the global transition to clean energy, and Next Hydrogen is well-positioned to be a leader in this space. I look forward to contributing to the company’s growth and impact.”

    About Next Hydrogen

    Founded in 2007, Next Hydrogen is a designer and manufacturer of electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as an energy source. Next Hydrogen’s unique cell design architecture supported by 40 patents enables high current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into green hydrogen on an infrastructure scale. Following successful pilots, Next Hydrogen is scaling up its technology to deliver commercial solutions to decarbonize transportation and industrial sectors.

    Contact Information

    Raveel Afzaal, President and Chief Executive Officer
    Next Hydrogen Solutions Inc.
    Email: rafzaal@nexthydrogen.com
    Phone: 647-961-6620

    www.nexthydrogen.com

    Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

    Notice regarding forward-looking statements:

    Certain statements in this press release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements in this press release are based on the current expectations of management of Next Hydrogen. Actual events and conditions could differ materially from those expressed or implied in this press release as a result of known and unknown risk factors and uncertainties affecting Next Hydrogen, including risks regarding the industry in which Next Hydrogen operates, economic factors, the equity markets generally and risks associated with growth and competition. Additional risk factors are also set forth in the Company’s management’s discussion and analysis and other filings available via the System for Electronic Document Analysis and Retrieval (SEDAR Plus) under Next Hydrogen’s profile at www.sedarplus.ca. Although the Company has attempted to identify certain factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be taken as guaranteed. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, readers should not place any undue reliance on forward looking information.

    The MIL Network

  • MIL-OSI: Montauk Renewables Schedules Full Year 2024 Conference Call for Thursday, March 13, 2025, at 8:30 a.m. ET

    Source: GlobeNewswire (MIL-OSI)

    PITTSBURGH, March 03, 2025 (GLOBE NEWSWIRE) — Montauk Renewables, Inc. (“Montauk” or “the Company”) (NASDAQ: MNTK), a renewable energy company specializing in the management, recovery and conversion of biogas into renewable natural gas (“RNG”), will host a conference call and webcast on Thursday, March 13, 2025, at 8:30 a.m. Eastern time to discuss its financial results for the full year ended December 31, 2024. The Company will issue a press release reporting the financial results after the close of regular stock market trading hours on the day prior to the conference call and webcast.

    Full Year 2024 Conference Call and Webcast Details

    Date: Thursday, March 13, 2025
    Time: 8:30 a.m. ET
    Participant Access: [Link Here]
       

    Please register for the conference call and webcast using the above link in advance of the call start time. The webcast platform will register your name and organization as well as provide dial-in numbers and a unique access pin. Please contact Gateway Group at (949) 574-3860 if you experience technical difficulties.

    The conference call and webcast will have a live Q&A session and be available here and on the Company’s website at https://ir.montaukrenewables.com.

    A replay of the conference call and webcast will be available after 11:30 a.m. Eastern time on the same day through March 13, 2026.

    About Montauk Renewables, Inc.

    Montauk Renewables, Inc. (NASDAQ: MNTK) is a renewable energy company specializing in the management, recovery and conversion of biogas into RNG. The Company captures methane, preventing it from being released into the atmosphere, and converts it into either RNG or electrical power for the electrical grid (“Renewable Electricity”). The Company, headquartered in Pittsburgh, Pennsylvania, has more than 30 years of experience in the development, operation and management of landfill methane-fueled renewable energy projects. The Company has operations at 13 projects and ongoing development projects located in California, Idaho, Ohio, Oklahoma, Pennsylvania, North Carolina, South Carolina, and Texas. The Company sells RNG and Renewable Electricity, taking advantage of Environmental Attribute premiums available under federal and state policies that incentivize their use. For more information, visit https://ir.montaukrenewables.com.

    Company Contact:

    John Ciroli
    Chief Legal Officer (CLO) & Secretary
    investors@montaukenergy.com
    (412) 747-8700

    Investor Relations Contact:

    Georg Venturatos
    Gateway Group
    MNTK@Gateway-grp.com
    (949) 574-3860

    The MIL Network

  • MIL-OSI: CareCloud Reignites Acquisition Strategy with MesaBilling Acquisition

    Source: GlobeNewswire (MIL-OSI)

    SOMERSET, N.J., March 03, 2025 (GLOBE NEWSWIRE) — CareCloud, Inc. (the “Company”) (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology and AI-driven solutions, is back in acquisition mode— and ready to redefine the future of revenue cycle management.

    The Company today announced the successful acquisition of Mesa, LLC, d/b/a MesaBilling, marking its first deal in a renewed push for aggressive expansion. Finalized on February 28, 2025, this acquisition, though very small, sets the stage for a dynamic new era of strategic growth, reinforcing CareCloud’s position at the forefront of the healthcare billing industry.

    Partnering with CareCloud presents an incredible opportunity for our clients to access a broader range of services and cutting-edge AI-powered technology,” said Marc Dobberstein, Managing Member of MesaBilling. “I have no doubt this collaboration will unlock significant value and drive even greater success for our clients.”

    CareCloud’s Co-CEO Stephen Snyder echoed this enthusiasm, “Strategic acquisitions have been a cornerstone of CareCloud’s success, and today, we’re reigniting that momentum. The healthcare industry is evolving at lightning speed, and we’re positioning CareCloud to lead the charge. This acquisition, though very modest in size, marks the beginning of what we envision as an exciting wave of strategic acquisitions, impactful partnerships, and unprecedented growth.

    Between 2012 and 2022, CareCloud built an empire, executing more than 20 acquisitions and achieving a staggering >30% compound annual growth rate (CAGR). After a brief pause in deal-making since Q2 2021, the Company is now shifting back into high gear—starting with MesaBilling.

    CareCloud’s renewed focus on acquisitions comes at a time when medical practices are increasingly seeking streamlined, tech-enabled solutions for financial management. By leveraging its proprietary technology, including AI-powered revenue cycle management and automation tools, CareCloud plans to scale its platform to serve an even broader network of healthcare providers. 

    About CareCloud

    CareCloud brings disciplined innovation to the business of healthcare. Our suite of AI and technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care, while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health at www.carecloud.com.

    To listen to video presentations by CareCloud’s management team, read recent press releases and view our latest investor presentation, please visit https://ir.carecloud.com/videos.

    Follow CareCloud on LinkedIn, X and Facebook.

    Forward-Looking Statements

    This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “shall,” “should,” “could,” “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “seeks,” “estimates,” “forecasts,” “predicts,” “possible,” “potential,” “target,” or “continue” or the negative of these terms or other comparable terminology.

    Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management’s expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions.

    These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies’ products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission.

    The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

    SOURCE CareCloud

    Company Contact:

    Norman Roth
    Interim Chief Financial Officer and Corporate Controller
    CareCloud, Inc.
    nroth@carecloud.com

    Investor Contact:

    Stephen Snyder
    Co-Chief Executive Officer
    CareCloud, Inc.
    ir@carecloud.com 

    The MIL Network

  • MIL-OSI: eQ Plc has released the 2024 Annual Report and the Remuneration Policy for Governing Bodies

    Source: GlobeNewswire (MIL-OSI)

    eQ Plc Annual Financial Report

    3 March 2025, at 2:00 p.m.

    eQ Plc´s Annual Report, which includes the Report by the Board of Directors, the Financial Statements, the Corporate Governance Statement, the Remuneration Report for Governing Bodies and the Sustainability Report, is enclosed to this release and has also been published on eQ’s website www.eQ.fi.

    The Remuneration Report for Governing Bodies and the Corporate Governance Statement are also published as separate attachments to this release. eQ has also published as an attachment to this release an updated Remuneration Policy for Governing Bodies which will be handled in the Annual General Meeting of 25 March 2025.

    eQ publishes the Financial Statement in accordance with European Single Electronic Format (ESEF) reporting requirements with the format of the report being Extensible Hypertext Markup Language (xHTML). In line with the ESEF requirements, the consolidated financial statement has been labelled with XBRL tags. The audit firm KPMG Oy Ab has provided an independent auditor’s reasonable assurance report on ESEF financial statement. 

    Annual Report is enclosed to this release in PDF-format.

    Helsinki 3 March 2025

    eQ Plc

    Additional information:
    Antti Lyytikäinen, CFO, tel. +358 9 6817 8741

    Distribution: Nasdaq Helsinki, www.eQ.fi

    eQ Group is a Finnish group of companies specialising in asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and individuals. The assets managed by the Group total approximately EUR 13.4 billion. Advium Corporate Finance, which is part of the Group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets.

    More information about the Group is available on our website at www.eQ.fi.

    Attachments

    The MIL Network

  • MIL-OSI: Hyperscale Data, Inc. Announces Preliminary 2024 Results: $108.8 Million in Revenue, $150.3 Million Pro Forma with Giga-tronics

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, March 03, 2025 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today reported preliminary unaudited financial results for the year ended December 31, 2024, reflecting significant revenue contributions from its two primary subsidiaries, (i) Sentinum, Inc. (“Sentinum”), whose subsidiary, Alliance Cloud Services, LLC (“ACS”) owns the Michigan data center (the “Data Center”), which is focused on high-performance computing (“HPC”) services powering artificial intelligence (“AI”) infrastructure and (ii) Ault Capital Group, Inc. (“ACG”), which operates as a hybrid private equity firm. The Company also reaffirmed its commitment to transforming into a pure-play AI data center operator by the end of 2025.

    2024 Unaudited Preliminary Financial Highlights:

    • Total revenue: $108.8 million;
    • Pro forma revenue (including Giga-tronics defense unit): $150.4 million;
    • Sentinum revenue: $30.6 million from crypto mining and $0.9 million from real estate leases;
    • ACG revenue: $77.3 million across energy, fintech, hotels and technology investments; and
    • Giga-tronics defense unit (deconsolidated and discontinued operations): $41.6 million in revenue.

    Giga-tronics

    On August 14, 2024, Giga-tronics, Inc. (“Giga-tronics”), filed a petition for reorganization under Chapter 11 of the bankruptcy laws. The filing placed Giga-tronics under the control of the bankruptcy court, which oversees its reorganization and restructuring process. Prior to the bankruptcy, Hyperscale Data consolidated Giga-tronics as a majority owned subsidiary. The Company assessed the inherent uncertainties associated with the outcome of the Chapter 11 reorganization process and the anticipated duration thereof and concluded that it was appropriate to deconsolidate Giga-tronics and its subsidiaries effective on the petition date. Based on the latest restructuring plans submitted to the bankruptcy court, the Company anticipates that it will regain control of Giga-tronics upon successful completion of the plan. If successful, the Company would again consolidate Giga-tronics in its financial statements. There can be no assurances that the restructuring plan will be successful or that the Company will regain control of Giga-tronics.

    Strategic Growth in AI Data Centers

    Hyperscale Data is working to rapidly advance its AI Data Center. The 34.5-acre facility, including 617,000 square feet of infrastructure, is designed to support HPC and AI applications at scale. The Company recently announced several initiatives and agreements in principle, which if successful, would enable ACS to increase its power capacity at the Data Center from approximately 30 megawatts (“MW”) to approximately 340 MW.

    Corporate Transformation: Moving Toward an AI-Focused Future

    As previously announced, Hyperscale Data plans to divest itself of ACG by December 31, 2025. Post-separation, Hyperscale Data will operate exclusively as an HPC and AI data center company, led by Chief Executive Officer William B. Horne, President and General Counsel Henry Nisser, and Chief Financial Officer Kenneth S. Cragun.

    William B. Horne, Chief Executive Officer of Hyperscale Data, commented, “The separation of Hyperscale Data and ACG marks a pivotal moment for our company and its stockholders. By focusing solely on AI-driven infrastructure, we believe Hyperscale Data will unlock tremendous value. The Data Center is a cornerstone of this transformation, and we expect it to position us at the forefront of the AI revolution. With this transition, we are confident in our ability to drive long-term growth and create a compelling opportunity for our investors.”

    The completion of the power upgrades is subject to a number of risks and uncertainties, one or more which could result in the project being curtailed, delayed or terminated, including, but not limited to: failure to agree upon terms and execute definitive agreements; the inability of the Company to raise sufficient funds to pay for the power upgrades; failure to obtain regulatory consents and approvals; the inability to obtain sufficient easements, rights-of-way and land rights necessary to the work to be performed, and other presently unforeseen events or conditions.

    For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors and any other interested parties read Hyperscale Data’s public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov.

    About Hyperscale Data, Inc.

    Through its wholly owned subsidiaries, Hyperscale Data owns and operates the Data Center at which it mines digital assets and offers colocation and hosting services for the emerging AI ecosystems and other industries. Hyperscale Data’s subsidiary, ACG, is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact.

    Hyperscale Data intends to completely divest itself of ACG on or about December 31, 2025, at which time, it would solely be an owner and operator of data centers to support HPC services. Until that happens, the Company provides, through ACG and its wholly and majority-owned subsidiaries and strategic investments, mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, ACG is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

    Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.hyperscaledata.com.

    Hyperscale Data Investor Contact:
    IR@hyperscaledata.com or 1-888-753-2235

    The MIL Network

  • MIL-OSI: Hut 8 Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Fortified balance sheet, optimized operations, disciplined growth initiatives, and strategic hires set foundation for 2025

    12,300 MW development pipeline with 2,800 MW under exclusivity as of December 31, 2024

    Earnings Release Highlights

    • Full year 2024 revenue of $162.4 million, net income of $331.4 million, and Adjusted EBITDA of $555.7 million.
    • Fourth quarter 2024 energy cost per megawatt-hour (“MWh”) of $31.63, a 30% decrease from the fourth quarter of 2023.
    • Total energy capacity under management of 1,020 megawatts (“MW”) as of December 31, 2024.
    • 12,300 MW development pipeline with 2,800 MW of capacity under exclusivity as of December 31, 2024.
    • Strategic Bitcoin reserve of 10,171 Bitcoin with a market value of $949.5 million as of December 31, 2024.

    MIAMI, March 03, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced its financial results for the fourth quarter and full year of 2024.

    “In 2024, we delivered on our commitment to operational excellence and bottom-line economics, setting the foundation for disciplined growth in 2025,” said Asher Genoot, CEO of Hut 8. “In the fourth quarter, we fortified our capital strategy and balance sheet—converting our Anchorage loan to equity, launching ATM and stock repurchase programs, and expanding our strategic Bitcoin reserve. Today, we operate from a position of strength as we focus on advancing our 12.3-gigawatt development pipeline.”

    “We believe our platform model will enable us to strategically allocate capital as we aim to optimize returns, mitigate sector-specific volatility, accelerate speed to market, and deliver innovation at every stage of the development value chain. To align our reporting structure with this model as we enter this next phase of growth, we have realigned our operating segments around the three layers of our platform: Power, Digital Infrastructure, and Compute, as reflected in our results.”

    “Looking ahead, we believe our application-agnostic approach to digital infrastructure development and experience in greenfield development will reinforce a structural advantage over peers reliant on single-market exposure or more complex commercialization models. Together with our robust development pipeline and strengthened team, we believe we are well-positioned to meet the continued and rising demand for energy capacity from applications like AI while building a platform positioned to fuel the world’s most transformative technologies for decades to come.”

    2024 Highlights

    Power

    • Generated $56.6 million in full-year revenue, consisting of revenue from Power Generation and Managed Services.
    • Secured Vega, a 205 MW behind-the-meter site in Texas, which is expected to be energized in Q2 2025, less than one year after acquisition, through the Company’s greenfield development capabilities, which enables rapid deployment low-cost Bitcoin mining infrastructure.
    • Advanced three large-scale AI data center development projects, which, if secured, would collectively add over 430 MW of capacity. After the quarter, Hut 8 secured 592 acres of land for its River Bend campus, a project from this subset of its development pipeline.

    Digital Infrastructure

    • Generated $17.5 million in full-year revenue, consisting of revenue from CPU Colocation and ASIC Colocation services.
    • Completed the greenfield development and energization of Salt Creek, a 63 MW Bitcoin mining facility, just over three months after breaking ground for an all-in cost of approximately $240,000 per MW.
    • Developed custom data center architecture for Bitcoin mining ASIC compute. Set for deployment at Vega, the architecture enables rack-based ASIC compute utilizing a custom-designed direct-to-chip (“DTC”) liquid cooling system at densities of up to 180 kilowatts per rack, helping bridge the gap to traditional HPC architecture.
    • Secured a major colocation contract with BITMAIN Technologies Ltd. (“BITMAIN”), the world’s leading manufacturer of digital currency mining servers. The ASIC colocation contract is expected to generate ~$125 million in annualized revenue upon full ramp and includes a purchase option at Hut 8’s discretion for the full ~15 exahash-per-second (“EH/s”) deployment.

    Compute

    • Generated $80.7 million in full-year revenue, consisting of revenue from Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations.
    • Partnered with BITMAIN to develop and launch a next-generation ASIC miner. The U3S21EXPH will be the first model mass-commercialized by BITMAIN with DTC cooling within a U form factor.
    • Launched Highrise AI, Inc. (“Highrise”), a wholly-owned subsidiary providing GPU-as-a-Service through an initial five-year customer agreement with an AI cloud services provider. Hut 8 intends to leverage operational data and insights from Highrise to optimize the design, development, and operations of its digital infrastructure as it expands into AI data center development.
    • Executed a purchase agreement for BITMAIN Antminer S21+ miners for the Company’s initial ASIC fleet upgrade, which is expected to increase self-mining hashrate to ~10.3 EH/s while driving average fleet efficiency down to 20.5 joules per terahash (“J/TH”). If the Company were to execute its purchase option under the aforementioned BITMAIN colocation agreement, it anticipates total self-mining hashrate of ~25.1 EH/s with average fleet efficiency of 16.0 J/TH.

    Operations

    • Appointed Asher Genoot as CEO on February 7, 2024.
    • Executed a comprehensive restructuring program to strengthen bottom-line economics, delivering a ~30% reduction in energy cost per MWh and an approximately eight-point increase in gross margin per Bitcoin mined from Q4 2023 to Q4 2024.
    • Expanded team with strategic hires, including Sean Glennan as CFO and Victor Semah as CLO.

    Capital Strategy and Balance Sheet

    • Closed a $150 million strategic investment from Coatue to partner in building AI infrastructure.
    • Converted our $37.9 million Anchorage Digital loan balance to shares of our common stock at a 51% premium to the 20-Day VWAP through the day prior to the signing of the Debt Repayment Agreement.
    • Launched a $500 million ATM program and a $250 million stock repurchase program.
    • Surpassed 10,000 Bitcoin held in reserve with the purchase of approximately 990 Bitcoin, of which 968 were pledged as collateral to BITMAIN as part of an innovative financing model for the purchase of Antminer S21+ miners for our initial fleet upgrade.

    Key Performance Indicators

      Three Months Ended December 31,   Twelve Months Ended December 31,
      2024   2023   2024   2023
    Cost to mine a Bitcoin (excluding hosted facilities)(1)   $ 37,958   $ 17,171   $ 27,959   $ 13,198
    Cost to mine a Bitcoin(2) $ 37,958   $ 20,051   $ 28,161   $ 16,570
    Weighted average revenue per Bitcoin mined(3) $ 82,412   $ 37,313   $ 60,834   $ 29,913
    Bitcoin mined(4)   236     852     1,466     2,789
    Energy cost per MWh $ 31.63   $ 45.47   $ 32.52   $ 40.80
    Hosting cost per MWh $ N/A   $ 65.84   $ 68.72   $ 62.57
    Energy capacity under management (mining)(5)   665 MW     839 MW     665 MW     839 MW
    Total energy capacity under management(6)   1,020 MW     842 MW     1,020 MW     842 MW
    Number of Bitcoin in strategic reserve(7)   10,171     9,195     10,171     9,195
    (1) Cost to mine a Bitcoin (excluding hosted facilities) is equivalent to the all-in electricity cost to mine a Bitcoin at owned facilities and includes our net share of the King Mountain JV.
    (2) Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense and hosting expense divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (3) Weighted average revenue per Bitcoin mined is calculated as the sum of total self-mining revenue divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (4) Bitcoin mined includes our net share of the King Mountain JV. Bitcoin mined excluding our net share of the King Mountain JV was 190 and 690 for the three months ended December 31, 2024 and 2023, respectively. Bitcoin mined excluding our net share of the King Mountain JV was 1,184 and 2,138 for the twelve months ended December 31, 2024 and 2023, respectively.
    (5) Energy capacity under management (mining) represents the total power capacity related to Bitcoin mining infrastructure, including self-mining sites, colocation agreements, and managed services agreements.
    (6) Total energy capacity under management includes (i) energy capacity under management (mining) and (ii) all energy-related assets including power generation, non-operational sites, and traditional data centers.
    (7) Number of Bitcoin in strategic reserve includes Bitcoin held in custody, pledged as collateral, and pledged for a miner purchase under an agreement with BITMAIN.
       

    Select Fourth Quarter 2024 Financial Results

    U.S. Data Mining Group, Inc. dba US Bitcoin Corp (“USBTC”) and Hut 8 Mining Corp. completed an all-stock merger of equals (the “Business Combination”) on November 30, 2023. USBTC was deemed the accounting acquirer in the transaction and, as a result, the historical figures in the Company’s income statement for the three months ended December 31, 2023 reflect two months of USBTC’s standalone performance and one month of the combined company’s performance. Results for the three months ended December 31, 2024 reflect the performance of the combined company. All financial results are reported in US dollars.

    Revenue for the three months ended December 31, 2024 was $31.7 million compared to $38.9 million in the prior year period, and consisted of $9.9 million in Power revenue, $2.5 million in Digital Infrastructure revenue, $19.2 million in Compute revenue, and $0.1 million in Other revenue. Other consists primarily of equipment sales and repairs.

    Net income for the three months ended December 31, 2024 was $152.0 million compared to $10.6 million for the prior year period. This included gain on digital assets of $308.2 million and $32.8 million for the three months ended December 31, 2024 and 2023, respectively.

    Adjusted EBITDA for the three months ended December 31, 2024 was $310.6 million compared to $48.6 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release.

    Select Full Year 2024 Financial Results

    As a result of the Business Combination, the historical figures in the Company’s income statement for the twelve months ended December 31, 2023 reflect eleven months of USBTC’s standalone performance and one month of the combined company’s performance. Results for the twelve months ended December 31, 2024 reflect the performance of the combined company. With respect to the balance sheet, the ending balance for year-end 2024 is being compared to year-end 2023, both of which reflect the combined company’s performance.

    Revenue for the twelve months ended December 31, 2024 was $162.4 million compared to $96.0 million in the prior year, and consisted of $56.6 million in Power revenue, $17.5 million in Digital Infrastructure revenue, $80.7 million in Compute revenue, and $7.6 million in Other revenue. Other consists primarily of equipment sales and repairs.

    Net income for the twelve months ended December 31, 2024 was $331.4 million compared to $21.9 million for the prior year period. This included gain on digital assets of $509.3 million and $32.6 million for the twelve months ended December 31, 2024 and 2023, respectively.

    Adjusted EBITDA for the twelve months ended December 31, 2024 was $555.7 million compared to $85.7 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release.

    Conference Call

    The Hut 8 Corp. Full-Year 2024 Conference Call will commence today, Monday, March 5, 2025, at 8:30 a.m. ET today. Investors can join the live webcast here.

    Supplemental Materials and Upcoming Communications

    The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company’s website, https://hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

    Analyst Coverage

    A full list of Hut 8 Corp. analyst coverage can be found at https://hut8.com/investors/analyst-coverage/.

    Upcoming Conferences & Events

    • March 11–12, 2025: Cantor Crypto, Digital Assets & AI Infrastructure Conference, Miami
    • March 16–18, 2025: 37th Annual ROTH Conference, Dana Point
    • March 25–27, 2025: Mining Disrupt, Fort Lauderdale
    • April 7–8, 2025: Jones Healthcare and Technology Innovation Conference, Las Vegas
    • May 13–15, 2025: J.P. Morgan Global Technology, Media and Communications Conference, Boston
    • May 19–20, 2025: Barclays 15th Annual Emerging Payments and FinTech Forum, New York

    About Hut 8

    Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-potential computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.

    Cautionary Note Regarding Forward–Looking Information

    This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the Company’s foundation for disciplined growth; its position of strength; its development pipeline, including the three large-scale AI data center development projects and the expected capacity assuming these projects are secured; its platform model; its ability to strategically allocate capital; its goal of optimizing returns, mitigating sector volatility, accelerating speed to market, and delivering innovation across the development value chain; its next phase of growth; its structural advantage over peers; its ability to meet demand for energy capacity; its expected energization of Vega, including the expected timing and site capabilities; its colocation contract with BITMAIN, including the anticipated revenue and expected hashrate and average fleet efficiency improvements if the Company executes its purchase option under the agreement; the commercialization of the U3S21EXPH miner from BITMAIN, including the expected timing and miner capabilities; the initial Highrise customer agreement; the operational data and insights derived from Highrise for the Company’s planned expansion into AI data center development; its expected ASIC fleet upgrade, including the expected timing and anticipated hashrate and average fleet efficiency improvements; and the Company’s future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely,” or similar expressions.

    Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.

    Adjusted EBITDA

    In addition to results determined in accordance with GAAP, Hut 8 relies on Adjusted EBITDA to evaluate its business, measure its performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net income (loss), adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, gain on debt extinguishment, gain on derivatives, gain on bargain purchase, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gains or losses, the removal of non-recurring transactions, impairment on assets, gain or loss on sale of property and equipment, loss from discontinued operations, net loss attributable to non-controlling interests, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons the Company’s board of directors and management team consider them appropriate for supplemental analysis.

    The Company’s board of directors and management team use Adjusted EBITDA to assess its financial performance because it allows them to compare operating performance on a consistent basis across periods by removing the effects of capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above) that impact the comparability of financial results from period to period.
    Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company’s presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that the Company will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in the industry, the Company’s definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.

     
    Hut 8 Corp. and Subsidiaries
    Consolidated Statements of Operations and Comprehensive Income (Loss)
    (Unaudited, in USD thousands, except share and per share data)
     
      Three Months Ended   Twelve Months Ended
          December 31,       December 31,
      December 31,   2023   December 31,   2023
    (in USD thousands) 2024      (Unaudited)      2024      (Unaudited)
    Revenue:                      
    Power $ 9,949     $ 7,818     $ 56,602     $ 22,794  
    Digital Infrastructure   2,520       4,455       17,482       8,291  
    Compute   19,159       26,519       80,701       64,851  
    Other   66       110       7,600       110  
    Total revenue   31,694       38,902       162,385       96,046  
                           
    Cost of revenue (exclusive of depreciation and amortization shown below):                  
    Cost of revenue – Power   7,465       1,944       21,538       7,263  
    Cost of revenue – Digital Infrastructure   2,929       3,048       15,556       4,321  
    Cost of revenue – Compute   9,781       15,764       44,977       42,592  
    Cost of revenue – Other   138       20       4,584       18  
    Total cost of revenue   20,313       20,776       86,655       54,194  
                           
    Operating (income) expenses:                      
    Depreciation and amortization   14,308       6,134       47,773       17,537  
    General and administrative expenses   18,844       33,380       72,917       49,133  
    Gains on digital assets   (308,157 )     (32,811 )     (509,337 )     (32,626 )
    Loss (gain) on sale of property and equipment         443       (634 )     888  
    Realized gain on sale of digital assets                     (2,376 )
    Impairment of digital assets                     1,431  
    Impairment – other   4,472             4,472        
    Legal settlement                     (1,531 )
    Total operating (income) expenses   (270,533 )     7,146       (384,809 )     32,456  
    Operating income (loss)   281,914       10,980       460,539       9,396  
                           
    Other (expense) income:                      
    Foreign exchange (loss) gain   (4,042 )     1,002       (5,000 )     1,002  
    Interest expense   (9,563 )     (5,980 )     (29,794 )     (24,933 )
    Gain on debt extinguishment               5,966       23,683  
    (Loss) gain on derivatives   (13,143 )           6,780        
    Gain on bargain purchase   3,060             3,060        
    Equity in earnings of unconsolidated joint venture   1,902       4,098       10,359       12,815  
    Total other (expense) income   (21,768 )     (880 )     (8,629 )     12,567  
                           
    Income from continuing operations before taxes   260,146       10,100       451,910       21,963  
                           
    Income tax (provision) benefit   (110,482 )     482       (113,457 )     (190 )
                           
    Net income from continuing operations $ 149,664     $ 10,582     $ 338,453     $ 21,773  
                           
    Income (Loss) from discontinued operations   2,320             (7,044 )     77  
                           
    Net income   151,984       10,582       331,409       21,850  
    Less: Net loss attributable to non-controlling interests   241             473        
    Net income attributable to Hut 8 Corp. $ 152,225     $ 10,582     $ 331,882     $ 21,850  
                           
    Net income $ 151,984     $ 10,582     $ 331,409     $ 21,850  
    Other comprehensive loss:                      
    Foreign currency translation adjustments   (46,011 )     10,761       (56,390 )     10,761  
    Total comprehensive income   105,973       21,343       275,019       32,611  
    Less: Comprehensive loss attributable to non-controlling interest 387             549        
    Comprehensive income attributable to Hut 8 Corp. $ 106,360     $ 21,343     $ 275,568     $ 32,611  


    Adjusted EBITDA Reconciliation

      Three Months Ended   Twelve Months Ended
      December 31,   December 31,      December 31,   December 31,
    (in USD thousands) 2024      2023   2024      2023
    Net income $ 151,984     $ 10,582     $ 331,409     $ 21,850  
    Interest expense   9,563       5,980       29,794       24,933  
    Income tax provision (benefit)   110,482       (482 )     113,457       190  
    Depreciation and amortization   14,308       6,134       47,773       17,537  
    Gain on debt extinguishment               (5,966 )     (23,683 )
    Loss (gain) on derivatives   13,143             (6,780 )      
    Gain on bargain purchase   (3,060 )           (3,060 )      
    Share of unconsolidated joint venture depreciation and amortization (1)   3,120       2,887       21,792       21,016  
    Foreign exchange loss (gain)   4,024       (1,002 )     5,000       (1,002 )
    Loss (gain) on sale of property and equipment         443       (634 )     888  
    Non-recurring transactions (2)   327       12,044       (9,882 )     10,513  
    Impairment – other   4,472             4,472        
    (Income) loss from discontinued operations   (2,320 )     77       7,044       (77 )
    Net loss attributable to non-controlling interests   241             473        
    Stock-based compensation expense   4,342       11,912       20,783       13,563  
    Adjusted EBITDA $ 310,626     $ 48,575     $ 555,675     $ 85,728  
    (1) Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Consolidated Statements of Operations and Comprehensive Income (Loss) in accordance with ASC 323. See Note 10. Investment in unconsolidated joint venture of the Consolidated Financial Statements for further detail.
    (2) Non-recurring transactions for the three months ended December 31, 2024 represent approximately $0.2 million of restructuring costs and $0.1M of Far North related costs. Non-recurring transactions for the three months ended December 31, 2023 represent approximately $9.6 million related to a sales tax accrual and $2.4 million of transaction costs related to the Business Combination. Non-recurring transactions for the twelve months ended December 31, 2024 represent approximately $4.0 million of restructuring costs and $1.9 million related to the Far North transaction costs, offset by a $13.5 million contract termination fee received from MARA, and a $2.2 million tax refund. Non-recurring transactions for the twelve months ended December 31, 2023 represent approximately $9.6 million related to a sales tax accrual and $2.4 million of transaction costs related to the Business Combination, partially offset by a gain from a legal settlement of $1.5 million.
       

    Contacts

    Hut 8 Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Media Relations
    media@hut8.com

    The MIL Network

  • MIL-OSI: Apollo to Present at the 2025 RBC Financial Services Conference

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Jim Zelter, President of Apollo Global Management, will participate in a keynote panel discussion focused on private markets at the RBC Financial Services Conference on Wednesday, March 5, 2025 at 12:20 pm ET.

    A live webcast of the event will be available on Apollo’s Investor Relations website at ir.apollo.com. For those unable to join live, a replay will be available shortly after the event.

    About Apollo

    Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

    Contacts

    Noah Gunn
    Global Head of Investor Relations
    Apollo Global Management, Inc.
    (212) 822-0540
    IR@apollo.com 

    Joanna Rose
    Global Head of Corporate Communications
    Apollo Global Management, Inc.
    (212) 822-0491
    Communications@apollo.com 

    The MIL Network

  • MIL-OSI: Rethinking Basement Usage: Allstate Canada Data Reveals Water Damage Among Top Claim Reasons

    Source: GlobeNewswire (MIL-OSI)

    MARKHAM, Ontario, March 03, 2025 (GLOBE NEWSWIRE) — Basements have evolved from mere storage spaces to integral parts of many homes, now equipped with state-of-the-art entertainment systems, expensive gym equipment and valuable furniture. However, these spaces remain highly susceptible to flooding, potentially leading to costly repairs. Recent data from the Insurance Bureau of Canada highlights 2024 as the most expensive year for severe weather-related losses in our country’s history, with flooding contributing to over $1 billion in losses.

    In fact, Allstate Insurance Company of Canada (Allstate Canada) data reveals that water damage is one of the top reasons customers submit a home insurance claim, and the cost to repair a water-damaged basement has risen by nearly 20 per cent between 2019-2024. According to a recent Léger poll conducted on behalf of Allstate Canada, 80 per cent of Canadians who responded have a basement and one in 10 have experienced basement flooding. The survey also revealed that 61 per cent of responding homeowners have a bathroom, sink or access to running water in their basement, and 55 per cent use their basement to store a spare fridge or freezer. Additionally, 47 per cent have a bedroom, 30 per cent have a home gym or workout area, 23 per cent installed a home theatre system, 20 per cent a home office, and 25 per cent say their basement has a playroom for their children.

    While Canadian homeowners use their basements in different ways, the results of the poll also show that:

    • 41 per cent use their basements to store expensive sports gear such as skis and bikes;
    • Nearly one in three (32 per cent) store home entertainment equipment in their basement;
    • Basements are also commonly the site for priceless possessions, such as photo albums (40 per cent) and family heirlooms (24 per cent);
    • Other items stored in the basement include tools, extension cords and lightbulbs (65 per cent), seasonal items like patio furniture or holiday decorations (59 per cent), furniture (51 per cent), collectibles or memorabilia (31 per cent), important financial, legal or tax documents (28 per cent), computer equipment (23 per cent) and musical instruments (15 per cent).

    Rethinking Home: A New Era for Basements

    “Kitchens are often a central, social part of the home, but basements play an important role as a space to relax with hobbies, store gear between adventures, or to simply unwind,” says Odel Laing, Agency Manager at Allstate Canada. “Homeowners should consider how they can protect these valuable spaces from flooding, which can quickly affect plans as we approach the spring season.”

    Protection and Remodeling Tips

    Flooding typically occurs during warmer weather months, so Laing invites homeowners to consider taking steps to protect their basement and its contents.

    • Elevate high-quality, expensive entertainment systems on stands or hang them up on the wall. Alternatively, keep them on the main floor, if possible.
    • Swap cardboard boxes for plastic ones for storage.
    • Select waterproof cabinetry and shelving.
    • Review your home insurance policy to understand your coverage for water damage.
    • Consult a professional about landscaping opportunities to direct water away from the home’s foundation.
    • Install water or leak detectors compatible with your monitored home security system to notify owners of flooding quickly.
    • If owners are planning to finish or renovate their basement, discuss with your contractor how to best protect from flooding risks.

    For more home flooding-related safety advice, go to the GOOD HANDS® blog at http://blog.allstate.ca/rethink-basement-tips-protect-against-flooding-damage.

    About the Léger poll
    Allstate commissioned Léger to conduct a study among Canadian homeowners to better understand their use of basements, storage habits, flood prevention measures, and overall preparedness for extreme weather events. In order to meet research objectives, an online survey was conducted with 1,000 Canadian homeowners, aged 18 and over, who could express themselves in French or English from January 23 to 27, 2025. It should be noted that due to the non-probabilistic nature of the sample (associated with any web survey), the calculation of the margin of error does not apply. For comparative purposes, a probabilistic sample of 1,000 respondents (web panel) would have a global margin of error of ± 3.1% 19 times out of 20. The margin of error would, however, increase for subgroups.

    About Allstate Insurance Company of Canada
    Allstate Insurance Company of Canada is a leading home and auto insurer focused on providing its customers prevention and protection products and services for every stage of life. Serving Canadians since 1953, Allstate strives to reassure both customers and employees with its “You’re in Good Hands®” promise. Allstate is committed to making a positive difference in the communities in which it operates through partnerships with charitable organizations, employee giving and volunteerism. To learn more, visit www.allstate.ca. For safety tips and advice, visit www.goodhandsadvice.ca.

    For more information, please contact:
    Jessica Hoffeldt
    Agnostic on behalf of Allstate Insurance Company of Canada
    647-269-7438
    jhoffeldt@thinkagnostic.com  

    Maude Gauthier (Quebec only)
    Capital-Image on behalf of Allstate Insurance Company of Canada
    514-915-9469
    mgauthier@capital-image.com

    Cody Gillen
    Public Relations Specialist
    905-475-4536
    cgillen@allstate.ca

    The MIL Network

  • MIL-OSI: GPTBots.ai and Qatar Science & Technology Park Strengthen Collaboration to Drive AI Innovation in the Middle East

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, March 03, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that its leading enterprise AI agent platform, GPTBots.ai, continues to strengthen its collaboration with Qatar Science & Technology Park (QSTP), member of Qatar Foundation. QSTP is Qatar’s premier hub for technology development, innovation and entrepreneurship in the MENA region. This partnership, built on a shared vision of advancing artificial intelligence, has taken on new significance with the recent integration of DeepSeek, a revolutionary AI model that is reshaping the global AI landscape, into GPTBots.ai.

    A Partnership Rooted in Vision and Innovation

    Under the leadership of Dr. Jack Lau, President of QSTP, the park has established itself as a dynamic hub for technological innovation and collaboration. With a strong focus on bridging technology and academia, QSTP has cultivated an environment that supports the development and scaling of transformative solutions across sectors such as artificial intelligence, healthcare, energy and environment.

    “QSTP is committed to empowering businesses to leverage advanced technologies to address the region’s unique challenges,” said Dr. Lau. “The integration of DeepSeek into GPTBots.ai’s platform is a significant step forward, making AI more accessible and tailored for Middle Eastern enterprises. By fostering such collaborations, we aim to drive sustainable growth and position the region as a global hub for technological innovation.”

    DeepSeek Integration: A Game-Changer for Middle Eastern Enterprises

    The recent integration of DeepSeek into GPTBots.ai’s no-code AI platform marks a significant milestone in the partnership. DeepSeek’s cost-effective and efficient capabilities provide Middle Eastern enterprises with unprecedented opportunities to leverage AI for localized and industry-specific applications.

    Key benefits for regional businesses include:

    Affordability: DeepSeek’s lower development costs make AI adoption more accessible to businesses of all sizes.

    Localization: Tailored solutions optimized for Arabic and Gulf dialects, addressing a critical gap in the region’s AI landscape.

    Scalability: Seamless integration with GPTBots.ai’s platform enables rapid deployment of AI applications across industries such as government services, healthcare, and finance.

    Jerry Yin, Vice President of GPTBots.ai, emphasized the value of this integration:

    “DeepSeek’s affordability and efficiency, combined with GPTBots.ai’s no-code platform, create a powerful tool for Middle Eastern businesses to innovate and grow. Our partnership with QSTP provides the foundation for delivering these solutions at scale, ensuring that enterprises in the region can fully capitalize on the potential of AI.”

    GPTBots.ai and QSTP: A Proven Track Record of Success

    This strengthened collaboration builds on a history of impactful initiatives between GPTBots.ai and QSTP. In the past, GPTBots.ai partnered with QSTP-incubated startup sKora Tech to revolutionize AI applications in the sports industry. The partnership resulted in groundbreaking advancements, including personalized growth pathways for athletes and AI-driven sports management solutions.

    The renewed focus on collaboration aims to replicate and expand such success stories across other industries, fostering innovation and economic growth in the Middle East.

    A Vision for the Future

    As the Middle East continues its journey toward becoming a global hub for AI innovation, GPTBots.ai and QSTP remain committed to driving this transformation. By combining QSTP’s visionary leadership and GPTBots.ai’s cutting-edge technology, the partnership is poised to deliver solutions that address the region’s most pressing challenges while unlocking new opportunities for growth.

    “Our collaboration with QSTP is built on a shared belief in the transformative power of AI,” said Jerry Yin. “Together, we are creating a future where AI is not just accessible but also impactful, enabling businesses across the Middle East to thrive in an increasingly digital world.”

    About GPTBots.ai

    GPTBots.ai is a complementary general-purpose LLM AI bot featuring private data input and continuous fine-tuning, which can replace ‘rule-based’ chatbots, improve user experience, and reduce costs. GPTBots.ai aims to provide users with an end-to-end business platform that can seamlessly integrate robots into existing applications and workflows via plug-ins. GPTBots.ai also allow users to have great access to, and more efficiently and effectively using, AIGC to improve overall corporate productivity and output quality.

    To know more, please visit https://www.gptbots.ai.

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

    For more information, please visit https://ir.jiguang.cn/.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

    For more information, please contact:

    Aurora Mobile Limited 
    E-mail: ir@jiguang.cn

    Christensen

    In China
    Ms. Xiaoyan Su
    Phone: +86-10-5900-1548
    E-mail: Xiaoyan.Su@christensencomms.com

    In U.S.
    Ms. Linda Bergkamp
    Phone: +1-480-614-3004
    Email: linda.bergkamp@christensencomms.com

    The MIL Network

  • MIL-OSI: Surfshark Referral Program: Share Security, Gain Rewards

    Source: GlobeNewswire (MIL-OSI)

    Surfshark, a cybersecurity company developing privacy and security solutions, has launched a new Refer & Earn program designed to benefit both referrers and their social network connections. This initiative allows users to share online security and gain rewards for both parties.

    The Refer & Earn program is designed to encourage user engagement by allowing them to play a key role in protecting digital lives by sharing trusted cybersecurity solutions and receiving financial rewards in return. Users now have the opportunity to earn cash by recommending beloved Surfshark products to friends, family, colleagues, or even social media connections.

    How does it work?

    The referral program is simple. When a user invites someone to join Surfshark and the new member remains for at least 31 days, the referrer receives a reward.

    “To refer and earn rewards, users should begin by logging into their Surfshark account and navigating to the “Refer & Earn” tab. From there, they can copy their unique referral link and share it with friends. It’s important to note that the invited person must be new to Surfshark and remain subscribed for at least 31 days. After this, the friend will receive additional free months based on the plan they choose, and the user will be eligible to claim their reward,” explains Sarunas Sereika, Senior Product Manager at Surfshark.

    The Refer & Earn program offers limitless opportunities, allowing users to invite as many new members as they wish. The exciting part is that users can earn up to 38 USD from each invitation based on the plan. For example, if a friend selects the popular 24-month One plan, the referrer earns approximately 15 USD. If the friend adds any add-ons, the reward increases to 38 USD.

    Protecting digital lives

    This Refer & Earn program offers a great side job opportunity for individuals looking to earn extra income while promoting a vital and growing industry. As cyberthreats continue to evolve, more people are realizing the importance of robust online security, making this an ideal time to introduce friends and family to trusted cybersecurity solutions. By participating in the program, individuals not only earn cash rewards but also play a key role in helping others take essential steps toward protecting their digital lives. This opportunity allows people to contribute to a safer online environment while simultaneously benefiting from the growing demand for cybersecurity services.

    “As the digital landscape grows, so does the need for strong protection against ever-evolving threats. By sharing trusted cybersecurity solutions with friends and family, users play an essential role in creating a safer online world. This act of sharing is a meaningful contribution to a vital industry, especially as data breaches and cyberattacks occur constantly, highlighting the importance of keeping personal information secure and staying safe online. Plus, as a bonus for your good cause, you can earn rewards along the way,” says S. Sereika.

    NOTES TO EDITORS

    Surfshark is a cybersecurity company focused on developing humanized privacy and security solutions. The Surfshark One suite includes one of the very few VPNs audited by independent security experts, an officially certified antivirus, a private search tool, and a data leak alert system. Surfshark is recognized as the Tech Advisor’s Editor’s Choice for 2024. For a closer look at Surfshark in 2024, check our annual wrap-up. For more research projects, visit our research hub at: surfshark.com/research

    Attachment

    The MIL Network

  • MIL-OSI: Share buyback programme – week 9

    Source: GlobeNewswire (MIL-OSI)

    Nasdaq Copenhagen
    London Stock Exchange
    Euronext Dublin
    Danish Financial Supervisory Authority
    Other stakeholders

    Date        3 March 2025

    Share buyback programme week 9

    The share buyback programme runs in the period 28 January 2025 up to and including 28 May 2025 provided that the forthcoming annual general meeting, to be held on 5 March 2025, gives the board a new authority to permit the bank to acquire its own shares.

    During the period the bank will thus buy back its own shares for a total of up to DKK 500 million under the programme, but to a maximum of 800,000 shares.

    The programme is implemented in compliance with EU Commission Regulation No. 596/2014 of 16 April 2014 and EU Commission Delegated Regulation No. 2016/1052 of 8 March 2016, which together constitute the “Safe Harbour” regulation.

    The following transactions have been made under the programme:

    Date Number of shares Average purchase price (DKK) Total purchased under the programme (DKK)
    Total in accordance with the last announcement 115,600 1,153.02 133,289,081
    24 February 2025 5,400 1,177.29 6,357,366
    25 February 2025 5,500 1,191.71 6,554,405
    26 February 2025 4,000 1,218.00 4,872,000
    27 February 2025 4,200 1,219.12 5,120,304
    28 February 2025 4,200 1,210.84 5,085,528
    Total under the share buyback programme 138,900 1,161.11 161,278,684

    With the transactions stated above, Ringkjøbing Landbobank now owns the following numbers of own shares, excluding the bank’s trading portfolio and investments made on behalf of customers:

    • 1,453,942 shares under the completed and present share buyback programme(-s) corresponding to 5.4 % of the company’s share capital.

    In accordance with the above regulation etc., the transactions related to the share buyback programme on the stated reporting days are attached to this corporate announcement in detailed form.

    Yours sincerely,

    Ringkjøbing Landbobank

    John Fisker
    CEO

    Detailed summary of the transactions on the above reporting days

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    Attachment

    The MIL Network

  • MIL-OSI: THSYU Announces Strategic Partnership Plan to Accelerate Global Cryptocurrency Ecosystem Integration and Collaboration

    Source: GlobeNewswire (MIL-OSI)

    DENVER, March 03, 2025 (GLOBE NEWSWIRE) — Thsyu CRYPTO GROUP LIMITED, through its flagship product THSYU Exchange, recently revealed its latest strategic partnership initiative, aimed at reinforcing the global blockchain collaboration ecosystem and advancing the integration of cryptocurrency innovation worldwide. The newly implemented strategy encompasses expanded alliances across finance, technology, compliance, and research sectors, significantly boosting THSYU’s global market competitiveness and enhancing its international influence.

    A cornerstone of THSYU’s strategic plan is the establishment of intensive partnerships with leading global financial institutions and payment service providers. This approach enables deeper integration of fiat-to-crypto channels, providing users worldwide streamlined access to digital assets, quick deposits and withdrawals, diversified investment options, and seamless financial interactions. Such robust financial cooperation not only expands global user coverage but also significantly elevates THSYU’s services in international markets.

    Alongside financial partnerships, THSYU is strategically aligning with blockchain technology enterprises and industry academies to promote innovation and technological advancement. Through collaborative research and technical exchanges within these expert alliances, THSYU optimizes its underlying infrastructure, enhances the security mechanisms, and broadens the platform’s DeFi capabilities. This systematic approach positions THSYU Exchange at the forefront of technological competitiveness within the crypto industry.

    Compliance is a further crucial pillar of the THSYU partnership strategy. By working closely with prominent global law firms and compliance experts, the exchange ensures full adherence to regional regulatory frameworks and licensing requirements. Such partnerships facilitate compliant market entries worldwide, strengthen institutional trust, enhance regulatory transparency, and support THSYU’s sustained operations and market leadership.

    The expanded alliance network includes academic institutions and research centers to stimulate blockchain innovation and applied research. THSYU hosts industry summits, hackathons, periodic roundtables, and research exchanges to foster meaningful dialog among academia, entrepreneurs, developers, and regulators. These activities serve to stimulate industry-standard formulation and technological breakthroughs, further solidifying THSYU’s influential role within the global cryptocurrency ecosystem.

    Through this strategic alliance-based operational framework, THSYU Exchange reinforces its status as an innovative leader in the international cryptocurrency sector. As the global blockchain and cryptocurrency markets continually mature and expand, THSYU’s strengthened partnership strategy promises to drive further cooperative innovation and accelerate widespread global adoption of digital assets.

    Media Contact:
    Jessica Green
    Chief Operating Officer
    Thsyu CRYPTO GROUP LIMITED
    Address: 1670 Broadway, Denver, CO 80202, US
    Email: jessica.green@thsyu.com
    Website: www.thsyu.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6b6e00db-fc5c-45c8-b6d5-ab21404992f7

    The MIL Network

  • MIL-OSI: Himax to Unveil Innovative WiseEye™ AIoT Solutions and Revolutionary Liqxtal® LC Optical Applications at embedded world 2025

    Source: GlobeNewswire (MIL-OSI)

    TAINAN, Taiwan, March 03, 2025 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (“Himax” or “Company”) (Nasdaq: HIMX), an industry leader in fabless display driver ICs and semiconductors, today announced participation in embedded world 2025, a world-leading trade show for embedded electronics and industrial computing, taking place in Nürnberg, Germany, from March 10-12, 2025. At the event, Himax will showcase its innovative WiseEye™ AI technology, featuring a range of AIoT solutions focused on ultralow power AI sensing, biometric authentication, and thermal imaging sensing applications. Additionally, in collaboration with its subsidiary Liqxtal Technology Inc. (“Liqxtal”), Himax will present revolutionary liquid crystal (“LC”) optical applications, advancing industrial embedded displays, vision-assisted systems, and smart wearables.

    Ultralow Power WiseEye AI Driving Next Era of AIoT, Smart Sensing, and Thermal Imaging Sensing
    Himax WiseEye Ultralow Power AI Smart Sensing is a cutting-edge, integrated endpoint AI solution, comprising Himax’s proprietary ultralow power WiseEye AI processors, always-on CMOS image sensors, and CNN-based AI algorithms, ideal for AIoT applications. It has gained widespread acclaim and adoption across biometric authentication, occupancy detection, people flow management, smart home, smart office, and more. Notably, the latest WiseEye2 AI processor is PSA (Platform Security Architecture) certified, featuring a security-by-design approach to provide a secure and reliable foundation for AIoT applications.

    Among the featured showcases, the WiseEye PalmVein Module integrates palm vein and facial recognition, leveraging bimodal authentication technology to meet market demands for flexible access control, ensuring reliable operation across diverse use environments. Traditional fingerprint and facial recognition methods are susceptible to age, fingerprint quality, height, and lighting conditions, leading to identification errors. In contrast, the WiseEye PalmVein solution overcomes these challenges with advanced liveness detection to deliver high-precision authentication. It achieves an exceptionally low False Acceptance Rate (FAR) of one in a million and a False Rejection Rate (FRR) below 1%, significantly reducing the risks of fake attack and unauthorized access.

    At embedded world 2025, Himax, in collaboration with ecosystem partner Calumino, will showcase industry-leading thermal imaging sensing solutions. The solution combines Himax’s ultralow power WiseEye AI processor, WiseEye2, and low-power HM0360 CMOS image sensor with Calumino’s proprietary CMOS and MOMS (Micro-Opto-Mechanical System) technologies and AI algorithms. The integration enables advanced use cases, including people flow detection, people counting, assisted living, predictive maintenance, health monitoring, and security enhancement, all with ultralow power consumption. This advancement brings unprecedented innovation to thermal imaging sensing, unlocking expanded possibilities.

    Innovative Liqxtal LC-based Optical Technology Enhancing Smart Displays and Wearables
    Liqxtal specializes in LC-based optical technology, expanding its expertise to display and optical components. At the event, Himax and Liqxtal will jointly unveil a series of cutting-edge, patented products, namely Liqxtal® Graph, Liqxtal® Dim, and Liqxtal® Pro-Eye.

    Liqxtal® Pro-Eye is an innovative eye-protective display technology that made its debut at CES 2025, receiving widespread acknowledgment among industry leaders and accelerating industry adoption. The next-generation Liqxtal® Pro-Eye display, which will be showcased at embedded world 2025, delivers a 125-inch virtual screen experience at close range or within confined spaces. In vision care, Liqxtal® Pro-Eye helps alleviate digital eye fatigue by reducing ciliary muscle strain, benefiting professionals exposed to prolonged screen use, as well as individuals with presbyopia and myopia. In industrial display solutions, it is redefining personal HMI in embedded applications, making it ideal for manufacturing, aerospace, and defense sectors that require long hours of focused monitoring and operation.

    Liqxtal will also showcase its one-of-a-kind professional smart eyewear collection, featuring the award-winning Liqxtal® Graph and innovative Liqxtal® Dim. The latest Liqxtal® Graph, built on Liqxtal’s patented reflective TFT liquid crystal architecture, supports Bluetooth connectivity and mobile app integration, enabling dynamic digital content display on the outer lens surface of smart glasses without obstructing the user’s vision, while maintaining the same comfort as traditional eyewear. It is ideal for IoT remote monitoring, smart assisted display, and identification management, further enhancing the value of smart wearables. Liqxtal® Dim integrates Liqxtal’s proprietary pixelated light valve control technology powered by WiseEye AI. This advanced system detects the position of incident light sources in real time to achieve adaptive light dimming functionality for smart sunglasses with a response time of under 8 milliseconds. Additionally, it supports programmable light attenuation modes, making it suitable for vision training assistive devices and seamless integration into smart safety eyewear and industrial-grade programmable light regulation systems, enhancing visual safety and assistance.

    Himax and Liqxtal invite all interested parties to visit our embedded world 2025 exhibition booth at Hall 4, Stand 4-503, located at NürnbergMesse, Messezentrum 1, 90471 Nürnberg, Germany. Experience our groundbreaking WiseEye AI technology and Liqxtal optical solutions firsthand. To schedule a meeting or booth tour, please contact Himax at HX_WISEEYE@himax.com.tw or Liqxtal at info@liqxtal.com.tw.

    About Liqxtal Technology Inc.

    Liqxtal Technology Inc. is a Taiwan based company that has been focused on exploring opportunities with liquid crystal (“LC”) beyond just displays since the company’s inception. With a distinguished track record in liquid crystal optics, Liqxtal has developed liquid crystal based optical components such as LC lens for ophthalmic application, LC diffuser for 3D sensing and LC retarder for light sensing. Additionally, Liqxtal designed and released LQ001, a high voltage & tunable frequency LC driver with a 1mm x 2mm footprint, which is particularly ideal for portable products. As a subsidiary of Himax Technologies, Liqxtal also integrates novel display solutions such as tunable backlight with local dimming capability powered by FPGA for niche applications. Lastly, Liqxtal is dedicated to novel vision eyewear technology and strives to innovate and advance useful optical solutions to the world.

    About Himax Technologies, Inc.

    Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEyeTM Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,649 patents granted and 402 patents pending approval worldwide as of December 31, 2024.

    http://www.himax.com.tw

    Forward Looking Statements

    Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2023 filed with the SEC, as may be amended.

    Liqxtal Contacts:

    Henry Hung, Deputy Director of Market & Sales Division
    Liqxtal Technology Inc.
    Tel: +886-6-505-0880
    Fax: +886-2-2314-0877
    Email: info@liqxtal.com

    Himax Contacts:

    Eric Li, Chief IR/PR Officer
    Himax Technologies, Inc.
    Tel: +886-6-505-0880
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    www.himax.com.tw

    Karen Tiao, Investor Relations
    Himax Technologies, Inc.
    Tel: +886-2-2370-3999
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    www.himax.com.tw

    Mark Schwalenberg, Director
    Investor Relations – US Representative
    MZ North America
    Tel: +1-312-261-6430
    Email: HIMX@mzgroup.us

    The MIL Network

  • MIL-OSI: Virtune AB (Publ) (“Virtune”) has completed the monthly rebalancing for February 2025 of its Virtune Crypto Altcoin Index ETP

    Source: GlobeNewswire (MIL-OSI)

    Stockholm, 3rd of March 2025 – Today Virtune announces that it has finalized its monthly rebalancing for Virtune Crypto Altcoin Index ETP, listed on Nasdaq Stockholm and Nasdaq Helsinki (ISIN code SE0023260716).

    In addition to the Virtune Crypto Altcoin Index ETP, Virtune’s product portfolio includes:

    Virtune Bitcoin ETP
    Virtune Staked Ethereum ETP
    Virtune Staked Solana
    Virtune Staked Polkadot ETP
    Virtune XRP ETP
    Virtune Avalanche ETP
    Virtune Chainlink ETP
    Virtune Arbitrum ETP
    Virtune Polygon ETP 
    Virtune Staked Cardano ETP
    Virtune Crypto Top 10 Index ETP

    Index allocation as of 28th of February (before rebalancing):

    Litecoin: 20.23%
    XRP: 14.64%
    Cardano: 14.09%
    Uniswap: 13.44%
    Avalanche: 13.25%
    Chainlink: 12.38%
    Solana: 11.96%

    Index allocation as of 28th of February (after rebalancing):

    XRP: 14.29%
    Litecoin: 14.29%
    Solana: 14.29%
    Chainlink: 14.29%
    Cardano: 14.29%
    Avalanche: 14.29%
    Uniswap: 14.29%

    In connection with this month’s rebalancing, there is no change in the crypto assets included in the index. Virtune Crypto Altcoin Index ETP outcome for February was: -14.98%.

    The rebalancing is carried out according to the index that the ETP tracks, the Virtune Vinter Crypto Altcoin Index. The purpose of the monthly rebalancing is to reset the weights of each crypto asset to provide equal-weighted exposure to altcoins.

    In February, the crypto market experienced a notable downturn, partly due to major events in the US. Chainlink led the losses with a sharp 41% decline, followed closely by Uniswap (-36.2%) and Solana (-36%). However, Litecoin recorded the smallest decline, falling just 0.23% during the month.

    The performance of the crypto assets included in Virtune Crypto Altcoin Index ETP in February:

    Litecoin: -0.23%
    XRP: -29.3%
    Cardano: -32.7%
    Avalanche: -35%
    Solana: -36%
    Uniswap: -36.2%
    Chainlink: -41%

    Virtune Crypto Altcoin Index ETP is the first of its kind in the Nordic region. It includes up to 10 leading alternative crypto assets (altcoins), excluding Bitcoin and Ethereum, that are part of the Nasdaq Crypto Index. Each altcoin is equally weighted to promote diversification; this structure allows investors to gain broad exposure to crypto assets beyond Bitcoin and Ethereum without being heavily concentrated in any single crypto asset.

    If you, as an (institutional) investor, are interested in meeting with Virtune to discuss the opportunities our ETPs offer for your asset management services or to learn more about Virtune and our ETPs, please do not hesitate to contact us at hello@virtune.com. You can also read more about Virtune and our ETPs at www.virtune.com and register your email address on our website to subscribe to our newsletters, which cover updates on Virtune’s upcoming ETP launches and other news related to digital assets.

    Press contact

    Christopher Kock, CEO Virtune AB (Publ)
    Christopher@virtune.com
    +46 70 073 45 64

    Virtune with its headquarters in Stockholm is a regulated Swedish digital asset manager and issuer of crypto exchange traded products on regulated European exchanges. With regulatory compliance, strategic collaborations with industry leaders and our proficient team, we empower investors on a global level to access innovative and sophisticated investment products that are aligned with the evolving landscape of the global crypto market.

    Cryptocurrency investments are associated with high risk. Virtune does not provide investment advice. Investments are made at your own risk. Securities may increase or decrease in value, and there is no guarantee that you will recover your invested capital. Please read the prospectus, KID, terms at www.virtune.com.

    The MIL Network

  • MIL-OSI: Danske Bank share buy-back programme: transactions in week 9

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 10 2025

    Danske Bank

    Bernstorffsgade 40

    DK-1577 København V

    Tel. + 45 33 44 00 00

    03/03/2025

    Page 1 of 1

    Danske Bank share buy-back programme: transactions in week 9

    On 7 February 2025, Danske Bank A/S announced a share buy-back programme for a total of DKK 5 billion, with a maximum of 45,000,000 shares, in the period from 10 February 2025 to 30 January 2026, at the latest, as described in company announcement no. 6 2025.

    The Programme is carried out in accordance with Article 5 of Regulation (EU) No 596/2014 of the European Parliament and Council of 16 April 2014 (the “Market Abuse Regulation”) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (together with the Market Abuse Regulation, the “Safe Harbour Rules”).

    The following transactions on Nasdaq Copenhagen A/S were made under the share buy-back programme in week 9:

      Number of shares VWAP DKK Gross value DKK
    Accumulated, last announcement 50,000 233.7298 11,686,490
    24/02/2025 5,000 235.6691 1,178,346
    25/02/2025 5,000 236.7242 1,183,621
    26/02/2025 5,000 241.9445 1,209,723
    27/02/2025 5,000 243.3454 1,216,727
    28/02/2025 5,000 241.1500 1,205,750
    Total accumulated over week 9 25,000 239.7666 5,994,166
    Total accumulated during the share buyback programme 75,000 235.7421 17,680,656

    With the transactions stated above, the total accumulated number of own shares under the share buy-back programme corresponds to 0.009% of Danske Bank A/S’ share capital.

    Danske Bank

    Contact: Claus Ingar Jensen, Head of Group Investor Relations, tel. +45 25 42 43 70

    Attachment

    The MIL Network