STOCKS TELEGRAPH

Author: Mahnoor Shah

  • ToughBuilt Industries Inc. (TBLT) stock surged during after-hours. Here’s to know why?

    ToughBuilt Industries Inc. (NASDAQ: TBLT) stock declined by 0.41% at the last close whereas the TBLT stock price gained by 9.60% in the after-hours trading session. ToughBuilt is a leading product developer, producer, and distributor with a focus on cutting-edge technology. Currently, their concentration is on tools and various accessories for the construction industry, both professional and do-it-yourself. Within the worldwide multibillion-dollar per year tool market, the market and sell numerous home renovation and construction product lines under the TOUGHBUILT brand name for both the do-it-yourself and professional markets.

    The in-house design team creates all of their items. They’ve had strong annual sales increase since commencing product sales in 2013. Soft Goods & Kneepads, Sawhorses & Work Products, and Soft Goods & Kneepads are the three key categories in their present product line, with numerous additional categories in various phases of development.

    TBLT stock’ Current Development

    ToughBuilt Industries reported the debut of two new product lines, ToughBuilt lasers and levels, which are accessible through its international partners and buying groups, which serve 14,400 locations across the world. ToughBuilt Connect, the Company’s smartphone app, is fully connected with its unique lasers, allowing professional and DIY builders to rapidly measure rooms, instantly post information to a phone, and generate shareable information at the touch of a button.

    ToughBuilt started with five different stock-keeping units for its levels and three different SKUs for its lasers. These lines are now available for purchase through global partners, with an e-commerce launch planned for 2022. ToughBuilt Connect, ToughBuilt’s mobile app, is available for free download from the App Store or Google Play.

    Michael Panosian, ToughBuilt’s CEO, stated that,

    With the debut of their first technology-enabled product, which is linked with their mobile app, they are quite excited. This is the first of many new ToughBuilt tools expected to challenge the home renovation sector, and it is the product of years of research and development. They’ve had a lot of success with their product introductions so far, and they’re optimistic that these new ones will continue to exceed their consumers’ expectations.

  • ERYTECH Pharma Inc. (ERYP) stock surged during current market. Here’s the update:

    ERYTECH Pharma Inc. (NASDAQ: ERYP) stock gained by 14.82% in the current market trading session. ERYTECH is a clinical-stage biopharmaceutical business focused on the development of novel red blood cell-based therapies for cancer and orphan illnesses. ERYTECH is creating a pipeline of targeted therapies for patients with significant unmet medical needs using its unique ERYCAPS platform, which uses a revolutionary method to encapsulate medicinal molecules inside red blood cells.

    ERYP stock’ Update

    ERYTECH Pharma has received US patent 11,141,468, which covers techniques for treating solid tumors with methioninase and asparaginase. ERYTECH presently has 16 international patent families with over 310 patents and 45 applications in its IP portfolio. ERYTECH’s proprietary red blood cell encapsulation technology (ERYCAPS), medicines for Oncology, Rare Metabolic Diseases, and Immune Modulation, as well as techniques for manufacturing Cargo-Loaded Red Cell Extracellular Vesicles, are all protected by these patent families (CLRCEV).

    ERYTECH’s continued innovation in the supply of secure and reliable enzymatic activity for limiting tumors of critical nutrients is highlighted in US 11,141,468, entitled “Method of treating a mammal, including human, against cancer using methionine and asparagine depletion.” In Europe, China, and Korea, related family members have now been permitted.

    According to the patent, ERYTECH scientists discovered that after earlier therapy with methioninase, some solid tumors, notably gastric cancer, were unusually sensitive to asparaginase treatment. While this study emphasizes the complexities of the overarching “tumor starving” strategy, it also indicates the strategy’s ability to weaken cancer cells, making them more vulnerable to lower doses of traditional chemotherapies. It’s worth noting that the claims apply to the treatment procedure regardless of whether the two enzymes are encapsulated in red blood cells.

    Furthermore,

    ERYTECH has a patent portfolio of more than 310 granted patents and over 45 pending patent applications comprising 16 patent families. These patent families cover ERYTECH’s patented red blood cell encapsulation technology, red cell-based clinical-stage oncology product candidates, preclinical initiatives in rare metabolic illnesses and immunological modulation, as well as techniques for creating cargo-loaded red cell-extracellular fluid.

  • Pioneer Power Solutions Inc. (PPSI) stock soars during after-hours, despite no current update.

    Pioneer Power Solutions Inc. (NASDAQ: PPSI) stock gained by 27.17% at last close while the PPSI stock surged by 38.27% in the after-hours trading session. Pioneer Power Solutions is a global leader in on-site power production, distributed generation, and power infrastructure for the electric car, utility, industrial, commercial, and backup power applications.

    PPSI stock’ Financial Highlights

    Pioneer Power Solutions announced its financial results for the third quarter of 2021. Given below is the summary:

    • The Company’s total revenue for the third quarter of 2021 was $5.7 million which is an increase of 40.3 percent from $4.1 million in the same period last year, owing principally to an increase in switchgear equipment sales.
    • Pioneer’s gross profit for the third quarter of 2021 was $713,000, or 12.5 percent of revenues, relative to $739,000, or 18.2 percent of revenues, for the third quarter of 2020.
    • The operating loss for the three months ending September 30, 2021, was $518,000, up 14.9 percent from $451,000 at the same time last year.
    • For the third quarter of 2021, the Company had a net loss of $434,000, or $(0.05) per basic and diluted share, whereas the net gain of $1.3 million, or $0.15 per basic and diluted share, for the third quarter of 2020.
    • The Company had $3.4 million in cash and $1.8 million in restricted cash on September 30, 2021, relative to $7.6 million at December 31, 2020.

    Nathan Mazurek, Pioneer’s Chairman, and CEO commented that,

    The efficacy of their strategic change to the multibillion-dollar EV charging and distributed generation industries is shown by the recent launch of E-Boost, their unique suite of mobile EV charging solutions, and the accelerated increase of E-Bloc sales. E-Boost addresses mainly unmet requirements for mobile charging, while E-Bloc streamlines and simplifies the installation demand for additional high-capacity charging.

  • Senmiao Technology Ltd. (AIHS) stock fell during after-hours, given no update.

    Senmiao Technology Ltd. (NASDAQ: AIHS) stock plunged by 0.89% at last close while the AIHS stock price declined by 8.87% in the after-hours trading session. Senmiao Technology Limited is a company that focuses on car transactions. The company primarily serves the ride-sharing market with sales, facilitation, purchase and financing, management, operating lease, guarantee, and other automotive transaction services. Customers in China are served by Senmiao Technology.

    AIHS stock’ Financial Highlights

    Senmiao Technology announced its financial results for the second quarter of fiscal 2022. The summary is stated below:

    • For the second quarter of fiscal 2022, the total revenues were $2.9 million, up 105 percent from $1.4 million the previous year.
    • Due to the decreased number of automotive sales and assisted new automobile purchases, the gross loss was $0.01 million for the fiscal second quarter ended September 30, 2021, compared to gross profit of $0.4 million in the prior-year period.
    • For the second quarter of fiscal 2022, selling, general, and administrative expenses grew to $3.0 million, up from $2.7 million in the prior-year period.
    • Senmiao’s ongoing operations had a net loss of $0.1 million in the fiscal second quarter of 2022 relative to a net loss of $2.6 million in the prior-year period.
    • Senmiao had $1.8 million in cash and cash equivalents as of September 30, 2021, however, it was $4.4 million as of March 31, 2021.

    Xi Wen, Chairman, CEO, and President of Senmiao commented that,

    They were thrilled with the outcome, which was largely determined by greater operating lease revenues from automobile rentals and substantially higher revenue contributions from their online ride-hailing platform services business as a result of their new partnership deal with Meituan, which they believe not only provides Senmiao with an appealing opportunity to expand upon this partnership but also significantly more favorable terms on a going-forward basis. While they expect car rentals to continue to account for the majority of their revenues in the short term, they believe the online ride-hailing platform services business will begin to contribute more significantly in the future.

  • MEI Pharma Inc. (MEIP) stock moves up during after-hours, here’s what you should know?

    MEI Pharma Inc. (NASDAQ: (MEIP) stock plunged by 6.13% at last close whereas the MEIP stock price gained by 8.16% in the after-hours trading session. MEI Pharma is a late-stage pharmaceutical business dedicated to the development of novel cancer medicines.

    MEIP stock’ Current Update

    MEI Pharma has stated that on Tuesday, November 30, 2021, the company will offer a live investor and analyst webcast to discuss data from the ongoing worldwide Phase 2 TIDAL project, which is testing zandelisib in patients with relapsed or refractory follicular lymphoma. The webcast will also include a company update and an overview of the zandelisib program.

    Recent Past Development

    Mr. Sujay Kango has been appointed to MEI Pharma’s board of directors, beginning November 22, 2021.

    Mr. Sujay Kango is a seasoned executive who has worked in the pharmaceutical and biotechnology sectors for over 25 years. He has held top management positions in which he was responsible for the development of commercial infrastructures and teams as well as the launch of various worldwide products. He joined Acceleron Pharma in 2018 as executive vice president and chief commercial officer, where he was in charge of building the company’s luspatercept commercial presence in North America. Mr. Kango has also overseen many worldwide pharmaceutical launches in oncology-hematology, rare illnesses, immunology, and virology, among other therapeutic areas.

    Christine A. White, chairman of the board, MEI Pharma commented that,

    They are delighted to welcome Sujay to the MEI board of directors, as the firm pursues its objective of bringing novel cancer therapeutics to patients. They are excited to gain from Sujay’s over 25 years of industry knowledge and experience as MEI prepares to move to a commercial-stage firm and build its trial pipeline.

    Sujay Kango stated that,

    He is excited to be a part of the board of directors at this critical juncture to help MEI develop into a commercial-stage company. He is excited to be a part of MEI’s continued growth and success as it pursues its aim of providing novel cancer medicines to patients.

  • Benitec Biopharma Inc. (BNTC) stock plunged during after-hours, followed by recently announced financial earnings.

    Benitec Biopharma Inc. (BNTC) stock plunged during after-hours, followed by recently announced financial earnings.

    Benitec Biopharma Inc. (NASDAQ: BNTC) stock declined by 1.54% at last close while the BNTC stock price plunged by 9.69% in the after-hours trading session. Benitec Biopharma, based in Hayward, California, is a development-stage biotechnology business focused on the advancement of innovative genetic therapies.

    BNTC stock’ Financial Highlights

    On Nov 15, 2021, Benitec Biopharma announced its financial results for the first quarter of 2022. The summary is stated below:

    • Net revenue for the first quarter of 2022 was $0, relative to $55,000 in the first quarter of 2021.  The current period’s decline in client revenues is related to a decrease in licensing and royalty revenues.
    • Total Operating Expenses for the quarter ending September 30, 2021, were $4.8 million, compared to $2.7 million for the same time in 2020.
    • Benitec paid $0 and $134 thousand in royalties and license fees for the periods ending September 30, 2021, and 2020, correspondingly.
    • The Company spent $2.8 million and $0.8 million on research and development during the first quarter of 2022 and 2021, respectively. The rise in research and development costs is mostly due to the start of Charles River Laboratories’ BB-301 GLP Toxicology and Biodistribution Study in big animals.
    • For the first quarter of 2022 and 2021 general and administrative expenses were $2.0 million and $1.8 million, respectively. Small increases in insurance expenses, consultant fees, and legal and accounting fees contributed to the rise.

    Jerel A. Banks Executive Chairman and CEO of Benitec Biopharma stated that,

    The team is continuing to focus on the essential development operations that will guarantee that BB-301 is progressed to the first-in-human trial. Their major mission has always been and will remain to enhance the lives of individuals with genetic illnesses for which there are no cures. They feel that the start of the Phase 1b/2a research is vital for patients with Oculopharyngeal Muscular Dystrophy and that it is a significant step toward their long-term objectives as a firm.

  • Galectin Therapeutics Inc. (GALT) stock surged during after-hours, despite any current development.

    Galectin Therapeutics Inc. (GALT) stock surged during after-hours, despite any current development.

    Galectin Therapeutics Inc. (NASDAQ: (GALT) stock declined by at last close whereas the GALT stock price gained by in the after-hours trading session. Galectin Therapeutics is dedicated to the development of innovative treatments to help people with severe liver disease and cancer live better lives.

    GALT stock’ Financial Highlights

    Galectin Therapeutics reported its financial results for the quarter ended September 30, 2021. Given below is the summary:

    • The Company posted a net loss applicable to common stockholders of $8.6 million, or ($0.14) per share, for the three months ended September 30, 2021, relative to a net loss attributable to common stockholders of $6.0 million, or ($0.10) per share, for the three months ended September 30, 2020. The hike is mostly due to higher research and development expenses in 2021 as a result of the Company’s NAVIGATE trial.
    • For the three months ending September 30, 2021, research and development expenses were $6.6 million, compared to $4.8 million for the same period in 2020. Costs associated with their NAVIGATE clinical study and other supportive activities accounted for the majority of the rise.
    • General and administrative expenses generated were $1.6 million for the three months ended September 30, 2021, relative to $1.1 million for the same period in 2020.
    • The Company had $36.6 million in cash and cash equivalents as of September 30, 2021.

    Operational Updates

    • The Board of Directors supports the development of a company-sponsored belapectin oncology program to supplement their ongoing NASH cirrhosis program.
    • Key oncology experts have been brought in to advise on strategic planning and operational guidance for the development of belapectin as cancer immunotherapy.
    • Hugh Huang, Ph.D., has been named Vice President, CMC Pharmaceutical Development, bolstering the management team.

    Furthermore,

    After March 31, 2023, the Company anticipates needing more capital to support operations but thinks it will be able to acquire further financing as necessary. Currently, they expect to need an additional $30-$35 million to cover costs of the NAVIGATE trial, as well as drug production and other scientific support operations, as well as general and administrative costs, in order to reach the scheduled interim analysis in the first quarter of 2024. Nevertheless, there is no guarantee that they will be effective in obtaining fresh financing or that, if available, that such financing will be on favorable terms to them.

  • USA Truck Inc. (USAK) stock gains during after-hours, given no current update

    USA Truck Inc. (USAK) stock gains during after-hours, given no current update

    USA Truck Inc. (NASDAQ: (USAK) stock declined by 1.32% at the last close while the USAK stock price surged by 1.28% in the after-hours trading session. USA Truck serves a wide range of customers across North America with complete capacity solutions. Including bespoke truckload, dedicated contract carriage, intermodal, and third-party logistics freight management services, the Trucking and USAT Logistics divisions combine a wide spectrum of asset and asset-light services to provide a measured approach to the supply chain management.

    USAK stock’ Recent Update

    Gary R. Enzor, who is on the Board of Directors at USA Truck, has now been appointed to Sharps Compliance’s Board of Directors.

    Mr. Enzor has worked with Fortune 50 firms in a variety of industries, such as transportation, aerospace, automotive, chemicals, and technology. He is currently the director of Boasso Global, which owns and maintains the world’s biggest bulk liquid chemical intermodal transportation and depot network in the US and Europe. From 2013 until 2021, he was Chairman and CEO of Quality Distribution (NASDAQ: QLTY), which operates North America’s biggest bulk liquid chemical transportation network, chemical intermodal depot, and container services network.

    Sharon Gabrielson, Chair of Sharps’ Board of Directors, stated that,

    They are thrilled to have someone of Gary’s quality join their Board of Directors. They look forward to his efforts because he is a brilliant leader with years of important expertise in a variety of industries.

    Gary Enzor said that,

    Sharps is at a critical juncture as it expands its services and footprint as a major supplier of effective waste management solutions throughout the United States. The potential market is vast and expanding, and he looks forward to working with the Board of Directors and senior management to maintain momentum and growth in 2022 and beyond.

    David P. Tusa, President, and CEO stated that,

    Gary has a diverse background in public companies and mergers and acquisitions. As they focus on the future growth of their company, they look forward to having the advantage of his knowledge and insight.

  • Norwegian Cruise Line Holdings Ltd. (NCLH) stock dropped during pre-market trading. Here’s what you should know?

    Norwegian Cruise Line Holdings Ltd. (NCLH) stock dropped during pre-market trading. Here’s what you should know?

    Norwegian Cruise Line Holdings Ltd. (NASDAQ: (NCLH) stock gained by 0.31% at last close whereas the NCLH stock price declined by 8.75% in the pre-market trading session. Norwegian Cruise Line Holdings which manages the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands, is a significant global cruise company. These businesses offer itineraries to more than 490 destinations across the world, with a total fleet of 28 ships and roughly 60,000 berths.

    NCLH stock’ Recent Update

    Norwegian Cruise Line Holdings stated that a series of linked balance sheet and cash flow optimization activities that began last week has been completed. The total effect of these significant transactions benefits the Company and its shareholders by lowering yearly interest expenditure, lowering leverage, extending the Company’s debt maturity profile, and increasing liquidity. The Organization will benefit from a net decrease in its diluted shares outstanding of roughly 5.2 million shares if the freshly issued 1.125 percent exchangeable senior notes due 2027 are settled wholly in cash at the Company’s choice.

    Furthermore,

    Following are the significant points from the optimization transaction:

    • Issuance of $1,150 million in 2027 Exchangeable Notes with a total principal balance of $1,150 million, which contains the full exercise of the greenshoe option. The primary exchange rate per 1,000 principal amount of 2027 Exchangeable Notes is 29.6850 ordinary shares, which is roughly $33.69 per ordinary share, subject to change in certain situations.
    • For roughly $1.4 billion, the company repurchased $715.9 million in aggregate principal amount of its 6.00 percent exchangeable senior notes due 2024.
    • Issuance of 46,858,854 ordinary shares at a price of $23.64 per share to certain current holders of the 2024 Exchangeable Notes, generating net earnings of about $1.1 billion.
    • The Company’s 12.25 percent senior secured notes due 2024 and $262.50 million aggregate principal amount of the Company’s 10.250 percent senior secured notes due 2026 will be redeemed using a portion of the net earnings from the issuing of the ordinary shares.

  • Montauk Renewables Inc. (MNTK) stock plunged during after-hours, despite any current update.

    Montauk Renewables Inc. (NASDAQ: (MNTK) stock gained by 3.54% at last close whereas the MNTK stock price declined by 5.18% in the after-hours trading session. Montauk Renewables is a renewable energy firm that focuses on biogas management, extraction, and transformation into RNG. The company catches methane and turns it into RNG or electrical power for the electrical grid, keeping it from being set free.

    MNTK stock’ Financial Highlights

    On Nov 15, 2021, Montauk announced its financial results for the third quarter of 2021. Given below are the highlights:

    • The revenue generated for the third quarter of 2021 was $39.7 million which is a rise of 40.7% y-o-y.
    • For the third quarter of 2021, the net income was $8.9 million, a hike of 526.9% compared to the previous year.
    • The Non-GAAP Adjusted EBTIDA for the third quarter of 2021 has surged by 27.2% to $12.8 million.
    • And lastly, the RNG Production has decreased by 0.7% y-o-y to 1.5 million MMBtu.

    Moreover,

    Depending on inter-period timings on RIN transfers, Montauk’s third-quarter revenue indicates an improvement in the quantity of RINs sold. Elevated natural gas prices, as well as higher-income realized under counterparty sharing arrangements, led to this rise to a lesser extent. The Company was awarded a patent in the third quarter for 24 specific aspects of continuous-feed, closed-loop reactor technology acquired in their acquisition of Montauk Ag Renewables’ assets. The company claims that the reactor can convert agricultural waste into multiple non-fossil, renewable-fuel alternatives with near-zero emissions can create numerous units of renewable energy for each unit of conventional energy consumed and can sequester multiple tonnes of greenhouse gas equivalent emissions for each tonne emitted. The reactor is functional, and the Company is making changes to it to increase its functionality. They anticipate commissioning this plant with these enhancements in 2022.

    Future Outlook

    The company has provided the following estimated financial earnings for the fourth quarter of 2021:

    • Revenues from RNG are estimated to be between $38.0 and $46.0 million.
    • The volume of RNG produced is projected to be between 1.4 and 1.7 million MMBtu.
    • Revenues from renewable energy are estimated to range between $3.8 and $4.7 million.
    • Production levels of renewable electricity are estimated to vary between 47 and 57 thousand MWh.