MetroCity Bankshares (MCBS) increases quarterly cash dividend to $0.23/share

MetroCity Bankshares increases quarterly cash dividend to $0.23/share from $0.20/share and announces the continuation of its share repurchase program 

• The Company approves the continuation of its share repurchase program that expired on September 30, 2024 and authorized the Company to repurchase up to 925,250 shares of the Company's outstanding shares of common stock, which is the number of remaining shares authorized for repurchase from the Prior Share Repurchase Plan.
• The share repurchase program will begin on October 17, 2024 and end on September 30, 2025.

Earnings Date	Oct 18, 2024
Forward Dividend & Yield	0.80 (2.58%)
Ex-Dividend Date	Jul 31, 2024

Dividend Payable Date    Aug 9, 2024

X: Oct 10, vol. 17K

 

 

 

Blend Labs (BLND) : 3-year performance

• Sector(s): Technology
• Industry: Software - Application
• Full Time Employees: 881
• Incorporated in 2012 
• Headquartered in San Francisco, California
• https://blend.com

ticker: BLND

Bright Minds Biosciences (DRUG) : 3-year performance

• Sector(s): Healthcare
• Industry: Biotechnology
• Founded in 2017 
• Headquartered in New York, New York
• https://brightmindsbio.com

 

 

 

About Dravet Syndrome

Dravet syndrome is an epilepsy syndrome that begins in infancy or early childhood and can include a spectrum of symptoms ranging from mild to severe. Children with Dravet initially show focal (confined to one area) or generalized (throughout the brain) convulsive seizures that start before 15 months of age (often before age one). These initial seizures are often prolonged and involve half of the body, with subsequent seizures that may switch to the other side of the body. These initial seizures are frequently provoked by exposure to increased temperatures or temperature changes, such as getting out of a bath. Other seizure types emerge after 12 months of age and can be quite varied. Status epilepticus – a state of continuous seizure requiring emergency medical care – may occur frequently in these children, particularly in the first five years of life. Dravet syndrome affects an estimated 1:15,700 individuals in the U.S., or 0.0064% of the population (Wu 2015). Approximately 80-90% of those, or 1:20,900 individuals, have both an SCN1A mutation and a clinical diagnosis of DS. This represents an estimated 0.17% of all epilepsies.1 As an area of high, unmet medical need, there currently exist only three FDA-approved medications for the treatment of DS: (1) Fintepla® (fenfluramine), which has a black-box label; (2) Diacomit® (stiripentol) and (3) Epidolex® (cannabidiol).

Oatly Group (OTLY) : 4-year performance

 ticker: OTLY

 

Tevogen Bio (TVGN) : 8-month performance

Sector(s): Healthcare

Industry: Biotechnology

https://tevogen.com

 

 

 

Longboard Pharma (LBPH) to be acquired by Lundbeck for $60.00 per share

Danish drugmaker Lundbeck has agreed to spend $2.6 billion acquiring a young biotechnology company with an experimental brain medicine that could become a blockbuster product.

• Longboard was formed in January 2020 by Arena Pharmaceuticals, Inc. to advance a portfolio of centrally acting product candidates designed to be highly selective for specific G protein-coupled receptors (GPCRs).
• Longboard’s lead asset, bexicaserin, is under development for neurological diseases, including Dravet syndrome.

ticker:  LBPH

 

 

 

Longboard Pharmaceuticals to be acquired by Lundbeck (HLUYY) for $60.00 per share in cash 

• H. Lundbeck A/S (HLUYY) and Longboard Pharmaceuticals (LBPH) announced an agreement for Lundbeck to acquire Longboard. Under the terms of the agreement, Lundbeck will commence a tender offer for all outstanding shares of Longboard common stock, whereby Longboard shareholders will be offered a payment of $60.00 per share in cash. The transaction is valued at approximately $2.6 billion equity value and $2.5 billion (~DKK 17 billion) net of cash, on a fully diluted basis.
  • Through the acquisition of Longboard, Lundbeck gains access to bexicaserin, a novel 5-HT2C agonist in development for the treatment of seizures associated with DEEs, including Dravet syndrome, Lennox-Gastaut syndrome, and other rare epilepsies.
  • Under the terms of the agreement, Lundbeck will commence a tender offer for all outstanding shares of Longboard common stock, whereby Longboard shareholders will be offered a payment for $60 per share in cash. The cash consideration represents a 77% premium to the 30-day volume-weighted average price of shares of Longboard common stock as of September 30, 2024.

 

Top Wealth Group Holding (TWG) : 6-month performance

Top Wealth Group Holding Limited provides caviar and caviar-based gourmet products in Hong Kong and internationally. 

• Sector(s): Consumer Defensive
• Industry: Food Distribution
• Full Time Employees: 12
• https://www.imperialcristalcaviar.com

A:  10/7  vol. 1.4 M

B: 10/10  vol. 455

 

 

 

 

Upstream Bio (UPB) began trading on the Nasdaq on Fri 11 Oct 24

 Opened at $21.50 after pricing 15.0 mln share IPO at $17.00 per share, at the high end of the $15-17 expected range.

The clinical-stage biotech draws strong interest for its IPO

• After initially expecting to offer 12.5 mln shares, Upstream Bio (UPB) upped the IPO offering amount to 15.0 mln shares, reflecting strong demand from institutional buyers in the primary market. The upsized IPO then priced at $17, the high end of the $15-$17 mln projected price range, raising total gross proceeds of $255 mln. 
• The bullish sentiment continued into the public markets with UPB opening for trading at $21, good for a 24% opening pop, and shares continued to move higher from there. 
• UPB is focused on developing treatments for inflammatory diseases with an initial focus on severe respiratory disorders. The company's lead product candidate is Verekitug, which is being developed for the treatment of severe asthma and chronic rhinosinusitis with nasal polyps.
• In Phase 1 trials, Verekitug showed a reduction of inflammatory biomarkers, and it was well tolerated, and showed a predictable and consistent PK profile.
• Verekitug has been advanced into Phase 2 trials with data from these trials expected in 2H26 for severe asthma and 2H25 for chronic rhinosinusitis with nasal polyps.
• On a pro forma as adjusted basis, UPB estimates that its cash and equivalents balance was $417.9 mln as of June 30, 2024. With the net proceeds from this offering together with UPB's existing cash, cash equivalents and short-term investments, the company believes it can fund its operating expenses and capital expenditure requirements through mid-2027.

Potbelly (PBPB) : 11-year performance

 ticker: PBPB

 

Surf Air Mobility (SRFM) began trading on the NYSE on Thur 27 Jul 23

• This was a direct listing on the NYSE.  Unlike an initial public offering, in a direct listing shares are not sold in advance. Shareholders are allowed to sell shares directly to the public and net any proceeds from the sale.
• Shares debuted on the New York Stock Exchange at $5 per share below its reference price of $20.
• Aug 19, 2024: reverse split of 1-for-7
• Oct 3, 2024: Palantir has recently invested nearly $1.6 million in Surf Air Mobility   

Sector(s): Industrials

Industry: Airlines

Full Time Employees: 786

https://www.surfair.com

Surf Air Mobility is a Los Angeles-based regional air mobility platform expanding the category of regional air travel to transform flying through the power of electrification. In an effort to substantially reduce the cost and environmental impact of flying and as the owner of the largest commuter airline in the U.S., Surf Air Mobility intends to develop powertrain technology with its commercial partners to electrify existing fleets and bring electrified aircraft to market at scale. 

 

 

 

IPOs this week : Oct7 - 11, 24 (wk 41)

KinderCare – Lake Oswego, Ore., 24 million shares, priced at $23-$27, managed by Goldman Morgan Stanley. Proposed NYSE symbol KLC. Business: Largest private provider of early childhood education and care services in the US.

Moove – São Paulo, Brazil, 25 million shares, priced at $14.50-$17.50, managed by JP Morgan BofA. Proposed NYSE symbol MOOV. Business: Produces and distributes lubricants for automotive, agricultural, and industrial uses.

Synergy CHC – Westbrook, Maine, 2 million shares, priced at $9-$11, managed by Roth Cap.. Proposed Nasdaq symbol SNYR. Business: Provides consumer health care, beauty, and lifestyle products.

Cuprina Holdings – Singapore, 3.8 million shares, priced at $4-$4.50, managed by Network 1. Proposed Nasdaq symbol CUPR. Business: Singapore-based provider of skincare and chronic wound care products.

Jupiter Neurosciences – Jupiter, Fla., 2.8 million shares, priced at $4-$5, managed by Dominari Securities Revere Sec.. Proposed Nasdaq symbol JUNS. Business: Phase 1 biotech developing an oral therapy for neuro-inflammation.

Diginex – Hong Kong, 2.3 million shares, priced at $4-$6, managed by Dominari Securities Revere Sec.. Proposed Nasdaq symbol DGNX. Business: Provides software that enables businesses to collect, analyze, and report ESG data.

FBS Global – Singapore, 2.3 million shares, priced at $4.50-$5, managed by WallachBeth. Proposed Nasdaq symbol FBGL. Business: Provides interior design and fit-out services in Singapore.

SAG Holdings – Singapore, 1 million shares, priced at $8, managed by Wilson-Davis Dominari Securities. Proposed Nasdaq symbol SAG. Business: Singaporean distributor of spare automotive and industrial parts.

PTL – Singapore, 1.3 million shares, priced at $4-$6, managed by Dominari Securities Revere Sec.. Proposed Nasdaq symbol PTLE. Business: Provides fueling logistic services to commercial ships in the Asia Pacific region.

Libera Gaming Operations – Tokyo, 1.3 million shares, priced at $4-$6, managed by Craft Capital Boustead. Proposed NYSE American symbol LBRJ. Business: Operates pachinko gaming halls in Japan.

Aduro Clean Technologies – London, 1.1 million shares, priced at $4.25-$5, managed by Craft Capital EF Hutton. Proposed NYSE American symbol ADUR. Business: Canadian developer of chemical recycling technologies.