Author: Iqra Jamal

ClearOne, Inc. (CLRO) is up 21.15% in the after-hours trading session at the price of $3.78 despite any recent news.

ClearOne’s COLLABORATE Space Video Conference App

On 18th August 2021, CLRO published that its free COLLABORATE Space messaging and videoconferencing app enables users to register their accounts using a mobile phone number. The iOS and Android users can now launch into world-class video conferencing, presentation sharing, and messaging services using the searchable ID of their choice. They can even choose to use both their email and phone number searchable within the app. The app has made collaboration more effective as it allows users to find each other easily.

The app’s new mobile phone number options offer similar functionality to WhatsApp and Telegram, with a stronger focus on professional-quality video chats and communication tools. ClearOne’s COLLABORATE Space is more than just a messaging app. It’s a multi-purpose collaboration platform that delivers a full suite of audio, video conferencing, web conferencing, and meeting tools in a consistent interface.

ClearOne Aura Xceed BMA Won Prestigious TWICE VIP High-Res Audio Award

On 16th August 2021, CLRO declared that its groundbreaking residential Beamforming Microphone Ceiling Array, Aura™ Xceed™ BMA, was awarded a 2021 TWICE VIP Award in the category of High-Res Audio Components. The eighth edition of the awards praised the best features, design, and value that new products bring to consumers. The TWICE VIP Awards is a leading trade magazine for the consumer electronics and appliance industries. It is the only awards program voted on exclusively by consumer tech retailers and distributors.

CEO if CLRO, Zee Hakimoglu remarked that they are very grateful to receive this award from TWICE. They are honored by the overwhelming support that they received from the TWICE audience of retailers and distributors, he added.

CLRO Announced Second Quarter 2021 Financial Results

On 10th August 2021, CLRO declared financial results for the three and six months ended 30th June 2021. Revenue for the second quarter of 2021 was $7.7 million. Revenue was $6.4 million in the same quarter of 2020. GAAP gross profit in the second quarter of 2021 was $3.4 million. It was $2.6 million in the same quarter the previous year. A gross profit of $3.0 million was reported in the first quarter of 2021.

GAAP gross profit margin was 44.3% in Q2 2021 compared to 41.2% in the second quarter of 2020. The increment in gross profit margin is due to decreased freight, tariff costs, and inventory obsolescence costs. CLRO reported GAAP net loss of $1.6 million or $0.08 per share in the second quarter of 2021. Net loss was $1.9 million or $0.12 per share in the same quarter of 2020. The year-over-year decline in GAAP net loss was primarily because of an increase in gross profit attributable to higher revenue.

LexinFintech Holdings Ltd. (LX) stock is up 6.85% in the pre-market trading session at the price of $7.80 despite any recent news.

LX Stock Scheduled Release of Second Quarter 2021 Financial Results

On 17th August 2021, LX stock has scheduled its unaudited financial results for the second quarter ended 30th June 2021 on 25th August 2021. The earnings conference call will host by the company’s management at 7:00 AM U.S. Eastern time.

LexinFintech Won The Asian Banker Award

On 22 July 2021, LX stock announced that it had been awarded The Best Digital Business Model Initiative by The Asian Banker’s Excellence in Retail Financial Services Awards 2021 program. LX serves young Chinese consumers with consumption solutions and merchants with innovative marketing solutions. It is leveraging its solid internet product experience and improving productivity in risk management. It operates capabilities and financial technologies to help financial institutions tackle challenges related to traffic acquisition and new operating models. Its risk profiling and strategy optimizing services can effectively identify the quality portion of denied loan applicants. It also helps financial institutions to improve loan-issuance rates by 20-30 percent while maintaining stable asset quality.

LX Stock Won Global Finance Award

On 19th July 2021, LX Stock had declared the only Chinese winner in the Global Finance Magazine’s 2021 Innovators Awards. The company won for Outstanding Financial Innovators-Fintechs in the Asia Pacific region because of its technological innovations in the financial services industry. Lexin used innovative technologies such as artificial intelligence and big data at every step of its transaction processes, including customer acquisition, risk management, fund matching, and operations. For risk management, LX instituted artificial intelligence abilities in forecasting users’ life cycle delinquencies. It aims to reduce risks and improve efficiency in loan issuance, transaction processing, and anti-fraud. Its automatic attribution feature significantly enhances the efficacy of risk management by diagnosing the causes of risks in real-time.

Appointment of Mr. Jayden Yang Qiao

On 16th July 2021, LX Stock reported the appointment of Mr. Jayden Yang Qiao as the chief risk officer. Mr. Qiao joined Lexin earlier this year as the vice president. He was responsible for the company’s risk management system. Since joining Lexin, Mr. Qiao has developed a high-quality credit risk control team and enhanced the credit control system. Moreover, he had made continuous improvement in Lexen’s credit quality.

Earlier on 12th July 2021, LX Stock announced the appointment of Ms. Yu Long as a new independent director to the Board of directors. Ms. Long will also serve as a chairperson of the nominating and corporate governance committee of the Board. Mr. William Bin Li, chairman of the Board and chief executive officer, will resign from the nominating and corporate governance committee of the Board. The changes became effective on 12th July.

Bilibili Inc. (BILI) is up 7.24% in the pre-market trading session at the price of $75.20 despite any recent news.

BILI Reported Second Quarter 2021 Financial Results

On 19th August 2021, BILI published its unaudited financial results for the second quarter ended 30th June 2021. Total net revenues for the second quarter of 2021 reached RMB4,495.3 million (US$696.2 million), a 72% rise from the same quarter of 2020. Gross profit was RMB989.0 million (US$153.2 million), denoting an increase of 64% from the same quarter in 2020. The increase was primarily due to increased net revenues. Loss from operations was RMB1,520.6 million (US$235.5 million). It was RMB610.1 million in the same period of 2020. Net loss was RMB1,121.8 million (US$173.7 million), compared with RMB570.9 million in the same period of 2020. Basic and diluted net loss per share was RMB2.91 (US$0.45) for the second quarter of 2021. Net loss, basic and diluted per share, was RMB1.63 in the same period of 2020.

CEO of BILI, Mr. Rui Chen commented that their robust second-quarter performance reveals that the high-quality user growth strategy is serving. In the second quarter of 2021, their total MAUs reached 237.1 million, indicating YoY growth of 38%. Their users remain sticky and involved, with the average user time spent on Bilibili growing to an astonishing 81 minutues per user per day. They have stayed true to their mission and root. They have built an incredible community for their users and content creators to promote Chinese content globally. They want to increase their facilitation of social development and positive cultural influence in society, he added.

Strategic Equity Investment in China Telecom

On 11th August 2021, BILI published that its PRC subsidiary Shanghai Bilibili Technology Co. has entered into a strategic investor allotment agreement with China Telecom Corporation Limited. China Telecom is an integrated intelligent information service provider in the PRC with full-service capacities. Under the allotment agreement, the Shanghai Bilibili has to invest almost RMB500 million in China Telecom’s newly issued A-shares. Shanghai Bilibili had allocated 110,375,000 of the issued A-shares, based on an offering price of RMB4.53 per share. Shanghai Bilibili will be subject to 36 months of lock-up obligations over the A shares.

Bilibili to Hold Extraordinary General Meeting

On 29th July 2021, BILI issued a notice that it has scheduled an extraordinary general meeting of shareholders on 1st September 2021. The meeting will be at Building 3, Guozheng Center, No. 485 Zhengli Road, Yangpu District, Shanghai, China. BILI’s board of directors supports the proposed Resolutions and advises that shareholders and holders of ADSs vote in favor of the resolutions set out in the Notice of EGM.

Support.com, Inc. (SPRT) is down 4.66% in the after-hours trading session at the price of $10.65 despite any recent news.

SPRT Published Second Quarter 2021 Financial Results

On 13th August 2021, SPRT announced financial results for the second quarter ended on 30th June 2021. The total revenue was $8.5 million for the second quarter of 2021. A drop of $2.5 million or 23 percent from the second quarter of 2020. Total revenue was $11.0 million in the second quarter of 2020 and $1.1 million or 12 percent compared to revenue of $9.6 million in the first quarter of 2021. SPRT reported a net loss of $0.8 million or $0.03 per share in the second quarter of 2021. A net income of $0.6 million or $0.03 per share was reported in the second quarter of 2020. A loss was $2.0 million or $0.10 per share in the first quarter of 2021. Gross profit was $3.0 million in the second quarter of 2021, compared to $3.9 million in the second quarter of 2020. It was $3.5 million in the first quarter of 2021.

Updates on Merger Transaction Process

On 12th August 2021, SPRT published an update on the merger transaction with Greenidge Generation Holdings Inc. Previously on 19th March 2021, Support.com and Greenidge reported entry into a merger agreement. Support.com has scheduled a special meeting of its stockholders on 10th September 2021. The completion of the proposed merger demands approval at the Special Meeting by the affirmative vote of the holders of outstanding SPRT shares. Only those stockholders who held Support.com shares will be eligible to vote at the Special Meeting. Stockholders that owned shares are encouraged to submit their votes immediately to ensure their representation at the Special Meeting.

Expansion of Tech Support Capacities to Meet Rising Demand

On 4th August 2021, SPRT declared the launch of Homesourcing℠ Cloud, a new platform aimed to improve its technical support services. Homesourcing℠ Cloud is a secure and exclusive cloud-based platform supporting a globally distributed workforce. It gives access to a suite of tools that allow home-based experts to solve the most complex problems. These resources are available as part of the company’s white-labeled premium tech support subscription. It is equally applicable for large enterprises businesses and professional services firms.

SPRT’s global network of specialists can provide customer and tech support for any location or vertical. The company’s unique homesourcing℠ model enables Support.com to hyper-target, hire, and onboard highly suitable experts at the industry’s fastest pace. Global team enlargements allow SPRT to offer round-the-clock support services and business process continuity.

GeoVax Labs, Inc. (GOVX) stock is down 4.20% in the current market trading session at the price of $5.47 despite any recent news.

GOVX Stock Presented COVID-19 Vaccine Data at the European Society of Medicine

On 19th August 2021, GOVX presented data on 19-21 August from ongoing studies of its defensive vaccine against COVID-19. The presentation title was Design of a Universal SARS-CoV-2 Vaccine Against Evolving Variants. It was delivered virtually by the Chief Scientific Officer of GOVX, Mark J. Newman, during the European Society of Medicine (ESMED) General Assembly in Berlin, Germany. Dr. Newman explained GeoVax’s vaccine design strategy for developing a universal SARS-CoV-2 vaccine. He presented stability and protein expression data for the company’s initial vaccine candidate, GEO-CM02. Moreover, he discussed vaccine efficacy and immunogenicity data for GEO-CM02 from hamster and transgenic mice studies.

First-generation covid-19 vaccines were quickly developed and have proven highly efficient in the human population. They have devised to encode the prefusion stabilized Spike protein, intending to induce high levels of neutralizing antibodies. However, potential shortcomings of narrowly focused (S) are becoming apparent with emerging variants. Thus, the effectiveness of these vaccines against new SARS-CoV-2 variants and future coronavirus spillover events remains in question.

Second Quarter 2021 Financial Results and Corporate Updates

On 11th August 2021, GOVX published its financial results for the quarter that ended on 30th June 2021. GOVX announced a net loss of $1,314,033 or $0.21 per share for the three months ended on 30th June 2021. Net loss was $455,204 or $0.66 per share for the same period in 2020. For the six months ended 30th June 2021, the company’s net loss was $2,876,811 or $0.49 per share. A net loss of $1,050,898 or $2.27 per share was reported in the same period 2020. Grant and collaboration revenues were $79,708 and $190,125 for the three-month and six-month periods of 2021, respectively. The grant and collaboration revenues were $440,602 and $1,156,579 for the comparable periods of 2020.

CEO of GOVX David Dodd remarked that they remain passionate about their development programs. They anticipate multiple data announcements in the upcoming weeks and months, specifically in the areas of COVID-19, Lassa Fever virus, Sudan/Marburg virus, and immuno-oncology. The ongoing COVID-19 pandemic has changed the timelines for some of their programs, most notably the HIV program. Additionally, the third-party technical interruptions have delayed the completion of various contracted animal studies. They remain confident and focused on completing these studies and publishing their results, he added.

CTI BioPharma Corp. (CTIC) is up 13.85% in the pre-market trading session at the price of $2.96 despite any recent news.

CTIC Reported Second Quarter 2021 Financial Results

On 5th August 2021, CTIC announced its financial results for the second quarter ended on 30th June 2021. The operating loss was $19.5 million for the three months ended on 30th June 2021. It was $10.0 million for the same period of 2020. The operating loss was $36.6 million for the six months ended on 30th June 2021, compared to an operating loss of $21.9 million for the same period of 2020. The rise in operating loss for the three and six months ended 30th June 2021 was primarily due to a growth in research and development as well as in administrative activities. Also, it was result of continued development and preparation for the potential commercialization of pacritinib.

CTIC reported a net loss of $19.7 million, or $0.21 for basic and diluted loss per share, for the three months ended 30th June 2021. Net loss was $14.0 million or $0.19 for basic and diluted loss per share for the same period in 2020. Net loss for the six months ended 30th June 2021 was $36.9 million or $0.44 for basic and diluted loss per share. The net loss of $26.2 million, or $0.38 for basic and diluted loss per share, was reported for the same period in 2020.

CEO of CTIC Adam R. Craig remarked that they have continued to advance pacritinib towards a U.S. approval and commercial launch this year. He has emphasized the importance of the U.S. Food and Drug Administration’s approval and the review of their NDA submission for pacritinib. This drug will be helpful for myelofibrosis patients with severe thrombocytopenia. They are working closely with the FDA for the review of their application and will continue to advance their commercial launch activities, he added.

Expected Milestones

The U.S. commercial launch of pacritinib drug is expected by the end of the year 2021. Analysis report of Phase 3 PRE-VENT trial in hospitalized patients of COVID-19 will release in the third quarter of 2021.

Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

On 26th July 2021, CTIC declared that an authorized subcommittee of the Compensation Committee of its Board of Directors had granted equity awards to two new employees. The inducement was awarded under the terms of the Amended and Restated 2017 Equity Incentive Plan. The equity awards were approved on 23rd July 2021 as per the Nasdaq Listing Rule 5635(c)(4). The employees received options to purchase an aggregate of 68,000 shares of CTI BioPharma common stock.

Highway Holdings Limited (HIHO) is up 13.98% in the after-hours trading session at the price of $4.73 despite any recent news.

HIHO Disclosed Cash Dividend

On 2nd August 2021, HIHO published that its board of directors had announced a cash dividend of $0.06 per share on its common stock. The dividend will be paid on 12th October 2021 to shareholders of record on 7th September 2021. HIHO is an international producer of a broad category of quality parts products for blue-chip equipment manufacturers. The company’s administrative offices are in Hong Kong. Its manufacturing facilities are located in Yangon, Myanmar, and Shenzhen, China.

Fiscal 2022 First Quarter Results

On 22nd July 2021, HIHO announced results for its fiscal 2022 first quarter ended 30th June 2021. Net sales for the fiscal first quarter raised almost 46 percent to $3.0 million from $2.1 million a previous year. Net income for the same period was $333,000 or $0.08 per diluted share. A net loss of $223,000 or $0.06 per share, was reported for the same period of last year. Gross profit for the 2022 fiscal first quarter was $930,000 compared with $520,000 in the same quarter the prior year. Total shareholders’ equity on 30th June 2021 was $10.1 million compared with $9.8 million as of 31st March 2021.

CEO of HIHO Roland Kohl remarked that the results for the fiscal 2022 first quarter profited from the carryover of orders. These orders had been delayed in the fiscal 2021 fourth quarter primarily due to the global pandemic and other factors discussed in recently published fiscal annual results. Though they remain cautious about the near-term consequences of global pandemic and supply chain issues, still they are starting fiscal 2022 with excellent order demand, he added.

Fiscal 2021 Fourth Quarter and Year-end Financial Results

On 15th July 2021, HIHO announced financial results for its fiscal year ended 31st March 2021. The results revealed the adverse impact of the COVID-19 pandemic and the military takeover in Myanmar on the company’s operations in that country. Moreover, a general shortage of raw materials and components, including electronic components and semiconductor chips, have also affected results badly.

HIHO reported net sales of $1.8 million for the fiscal 2021 fourth quarter compared with $2.9 million the previous year. Net loss for the quarter was $551,000 or $0.14 per share. Net income was $563,000 or $0.14 per diluted share the previous year. Net sales were $9.2 million for fiscal 2021 compared with $12.6 million a prior year. Net loss for fiscal 2021 was $461,000 or $0.12 per share. A net income of $686,000 or $0.18 per diluted share, was reported last year. Gross profit was $2.7 million for fiscal 2021 compared with $4.2 million the previous year. The gross profit of sales for fiscal 2021 was 30 percent compared with 33 percent earlier year.

Progenity, Inc. (PROG) is down 52.34% in the current market trading session at the price of $0.71 despite any recent news.

PROG Announced $40 Million Pricing to Public Offering

On 19th August 2021, PROG declared underwritten public offering of 40,000,000 shares of its common stock and warrants to purchase up to 40,000,000 shares of its common stock. Each share of common stock is being sold combined with one warrant. The warrants have an exercise price of $1.00 per share and will expire five years after the issuance. PROG anticipates receiving gross proceeds of roughly $40 million from the underwritten public offering.

Second Quarter 2021 Financial Results

On 12th August 2021, PROG published a corporate update and disclosed financial results for the second quarter ended 30th June 2021. Net loss for the three months ended 30th June 2021 was $78.5 million. Net loss per share was $1.23 during this period. A net loss of $32.3 million or $0.56 per share was reported for the three months ended 31st March 2021. For the three months ended on 30th June 2021, the net loss was $78.5 million or $1.23 per share. A net loss of $53.1 million or $6.11 per share was reported for the three months ended on 30th June 2020.

Operating expenses were $36.1 million for the three months ended 30th June 2021, compared to $31.6 million for the three months ended 31st March 2021. Operating expenses were $36.1 million for the three months ended on 30th June 2021. Operating expenses of $26.5 million were reported for the three months ended on 30th June 2020.

In the second quarter of 2021, PROG initiated a strategic transformation directed at reducing its cash burn rate. It has enforced cost-cutting measures that are anticipated to result in cost savings of almost $97 million on an annual run-rate basis. Moreover, it plans to continue to assess and execute further cost-saving measures.

Completion of Clinical Validation Study

On 29th July 2021, PROG announced the successful completion of the clinical study of its Preecludia rule-out test for preeclampsia. The PRO-104 clinical study is an upcoming, multi-center, and observational study with near 1,300 enrolled courses.

Chief Scientific Officer, Matthew Cooper commented that they are proud to achieve the primary endpoint of the PRO-104 study protocol. He demonstrated that the Preecludia test can considerably differentiate between the presence and absence of preeclampsia, with the initial unblinding and analysis performed by a third party.