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Nineteen blank-cheque company (SPAC) mergers have been canceled in 2022 compared to three in the identical interval in 2021, with many failing resulting from a mix of excessive investor redemptions and insufficient money from 

Are SPAC Deals Going Out of Flavor?

Global Dealmaking Drops To Lowest Level Since Onset Of Pandemic: FT

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Deal Making Lifts M&amp;A ETF

Mirgor SACIFIA

Antibody rise observed in lactating mothers and in their breast milk &nbsp;
Long-term goal is to provide protection to infants through passive antibody transfer
SOUTH SAN FRANCISCO, Calif., April 30, 2024 (GLOBE NEWSWIRE) -- Vaxart, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VXRT#NASDAQ">VXRT</a>) today announced that it has completed the topline analysis for the Phase 1 clinical trial evaluating Vaxart's oral pill bivalent norovirus vaccine candidate.
The trial was focused on lactating mothers. Antibodies to norovirus rose on average 4.0 fold for the G1.1 virus strain and 6.0 fold for the GII.4 virus strain in the breast milk of lactating mothers who received the Vaxart vaccine candidate in the high dose group. There were no vaccine-related serious adverse events (SAEs) and no dose-limiting pharmacotoxicity.
"This is an important step forward as we drive toward a vaccine candidate that may make it possible for mothers to protect their children against this highly contagious – and potentially lethal – virus. It can be difficult to immunize the youngest of children mucosally because the immune system is still developing. Passive transfer of antibodies from mothers to infants via breast milk is an innovative approach to potentially improve infection resistance in infants," said Dr. James F. Cummings, Vaxart's Chief Medical Officer. "We would like to thank the study subjects for their participation in this novel and important clinical trial."
There is no approved vaccine against norovirus, which sickens approximately 21 million people in the United States each year, including the 15% of children under age 5 who contract norovirus annually. Approximately 3 million sets of parents are forced by this virus to miss work – approximately 2.2 days on average – to care for their children. The annual disease burden from norovirus is $10.6 billion in the United States alone.
Globally, norovirus has become the leading cause of pediatric gastroenteritis in health care settings in countries that have adopted a rotavirus vaccine program.1 Pediatric deaths in the United States due to norovirus are rare, but they are much more common in the developing world.
This Phase I trial was conducted in South Africa (trial #20230307), and partially funded by the Bill &amp; Melinda Gates Foundation. More complete results, including other immunogenicity measures, will be reported in a future scientific manuscript.
About the VXA-NVV-108 Clinical Trial
This Phase 1, multicenter, randomized, double-blind, placebo-controlled single dose, dose-ranging study is designed to evaluate the safety, tolerability, and immunogenicity of orally administered bivalent GI.1/GII.4 norovirus vaccine in healthy lactating females 18-43 years of age. The study enrolled 76 subjects at five sites in South Africa. Subjects were randomized into high- or medium-dose vaccine (N=30 for each arm) or placebo (N=16). The primary endpoint results were:
<ul>
<li>Serum VP1-specific IgA rose an average of 5.6 fold in response to GI.1 and 4.4 fold in response to GII.4 in the high dose group, similar to the response observed in a previous Vaxart bivalent study conducted in adults 18-55 years of age in the United States.</li>
<li>Breastmilk VP1-specific IgA rose on average 4.0 fold in response to G1.1 and 6.0 fold in response to GII.4 in the high dose group.</li>
<li>The vaccine was well tolerated, with no SAEs, no adverse events of special interest (AESIs) and no new onset of chronic illness (NOCIs) observed through the active period. &nbsp;</li>
</ul>
Further information, including information about study funding, can be found in Vaxart's press release of December 1, 2022, as well as Vaxart's latest annual filing with the Securities and Exchange Commission.
1 Shah and Hall, <a href="https://www.globenewswire.com/Tracker?data=XN2GhKno8KcyNNE0VNs9mDes6jC26PbVJ2Uic-u1W87oNaW0wxVJc3MVDfAa6hkLRc0MH5MnqWUy1KlcktaFFNMtTUlGReawbo2_Eo-Mwv531f5kprFH5SbneRL-CLG5dq4Ze-WvLJYksED-8CSThHiSkWcY2e62R9Ck6PU1WhZ-UwoE9vBXl58ctmVKFmAc7YekswARFYg769JU6NecXjesfZa9cUC93UuArH3L1JxfFKckWxnY2IuXMAQPgbmg">Infect Dis Clin North Am. 2018 Mar; 32(1): 103-118</a>.

Biotech

General

VXRT

Vaxart Announces Results for Its Bivalent Norovirus Vaccine Candidate in Lactating Mothers; Long-Term Goal Is To Provide Protection To Infants Through Passive Antibody Transfer

Piper Sandler analyst James Fish reiterates F5 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIV#NASDAQ">FFIV</a>) with a Neutral and lowers the price target from $187 to $167.

Price Target

Reiteration

Analyst Ratings

FFIV

Piper Sandler Reiterates Neutral on F5, Lowers Price Target to $167

Keybanc analyst John Vinh maintains ON Semiconductor (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>) with a Overweight and lowers the price target from $100 to $90.

Keybanc Maintains Overweight on ON Semiconductor, Lowers Price Target to $90

Multi-state cannabis operator, Acreage Holdings, Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/ACRG#CSE">ACRG</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/ACRHF#OTCQX">ACRHF</a>), reported its financial results Monday for the fourth quarter and full year ended December 31, 2023. The earnings report revealed quarterly revenue of $52.8 million, compared to $57.5 million in the same period of the prior year, while yearly revenue reached $223.4 million, versus $237.1 million in the full year 2022.
"Throughout 2023, we completed various strategic initiatives that have positioned us strongly ahead of our acquisition by Canopy USA," stated Dennis Curran, chief executive officer of Acreage. "During the quarter, we completed the anticipated expansion of our Egg Harbor, New Jersey facility, bolstering these operations with more canopy and manufacturing equipment to increase the output of in-demand, high-margin products such as edibles and concentrates. We also upgraded our cultivation capabilities in Freeport, Illinois, where we produce non-remediated flower, a unique and top-selling offering to the market&#8221;.  
Curran continued,&nbsp;"Our flagship brands continue to perform exceptionally well, particularly in new states where they have recently made their debut, such as New Jersey for Superflux and New York and Pennsylvania for The Botanist.&nbsp;This&nbsp;has prompted us to optimize our portfolio and focus on expanding distribution of our most successful products and brands that will cohesively fit into Canopy&nbsp;USA&#8217;s&nbsp;ecosystem alongside Wana and Jetty."
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/04/38251768/canopy-is-cautiously-optimistic-on-cannabis-rescheduling-following-major-step-toward-entry-into-" target="_blank" rel="noreferrer noopener">Canopy Is&nbsp;&#8216;Cautiously Optimistic&#8217;&nbsp;On Cannabis Rescheduling Following Major Step Toward Entry Into US THC Market</a>
<h2 class="wp-block-heading">Q4 Earnings Highlights&nbsp;</h2>
<ul>
<li>Gross margin was 32%, which compares to 35% in the same period of the prior year.&nbsp;</li>
<li>Gross profit was $16.66 million, versus $20.4 million in the fourth quarter of 2022.</li>
<li>Net loss was $35.7 million, compared to net loss of $119.18 million in the corresponding period&nbsp;of&nbsp;2022.&nbsp;&nbsp;</li>
<li>Adjusted EBITDA reached $4.3 million, versus $6.99 million in the fourth quarter of 2022.</li>
</ul>
Grow your cannabis business and raise capital at&nbsp;<a href="https://cannabismarketspotlight.com/" target="_blank" rel="noreferrer noopener">Benzinga&#8217;s&nbsp;New Jersey Market Spotlight</a>&nbsp;on June 17. Network with key industry players, hear from the top operators&nbsp;and&nbsp;close deals that will shape the future. Act now— spots are filling fast. Get your tickets&nbsp;<a href="https://cannabismarketspotlight.com/" target="_blank" rel="noreferrer noopener">here</a>.
<h2 class="wp-block-heading">Full Year 2023 Financial Summary</h2>
<ul>
<li>Adjusted EBITDA was $28.3 million compared to $34.8 million in&nbsp;full year&nbsp;2022.&nbsp;&nbsp;</li>
<li>Net loss amounted to $77.96,&nbsp;which compares&nbsp;to a net loss of $168.7 million in the previous fiscal year.&nbsp;</li>
<li>Gross profit reached $85.65 million, versus $101.75 million for&nbsp;full&nbsp;2022.&nbsp;</li>
</ul>
<h2 class="wp-block-heading">Price Action</h2>
Acreage shares closed Monday market session 8.83% lower at 29 cents per share.&nbsp;&nbsp;
Now Read:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/03/37776915/new-york-gov-hochul-orders-review-of-cannabis-licensing-process-after-numerous-setbacks" target="_blank" rel="noreferrer noopener">New York Gov Hochul Orders Review Of Cannabis Licensing Process After Numerous Setbacks</a>
Photo: Courtesy of YARphotographer via Shutterstock

Cannabis

Earnings

ACRHF

CSE:ACRG

New York-Based Marijuana Company, Acreage, Sees YoY Revenue Decline, But Also Lower Net Loss

The Nasdaq 100 closed higher by 0.4% on Monday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company's prospects or that they view the stock as being overpriced. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/">Benzinga&#8217;s insider transactions</a> platform.
<h3 class="wp-block-heading">Walmart</h3>
<ul>
<li>The Trade: Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) President and CEO C Douglas McMillon <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 29,124 shares</a> at an average price of $60.03. The insider received around $1.75 million from selling those shares.</li>
<li>What's Happening: On April 16, Evercore ISI Group analyst Greg Melich maintained Walmart with an Outperform and lowered the price target from $67 to $66.</li>
<li>What Walmart Does: Walmart serves as the preeminent retailer in the United States, with its strategy predicated on superior operating efficiency and offering the lowest priced goods to consumers to drive robust store traffic and product turnover.</li>
</ul>
Have a look at our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<h3 class="wp-block-heading">IMAX</h3>
<ul>
<li>The Trade: IMAX Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMAX#NYSE">IMAX</a>) CTO and EVP Calamera Pablo <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 6,130 shares</a> at an average price of $17.05. The insider received around $104,528 from selling those shares.</li>
<li>What's Happening: On April 25, Imax reported quarterly earnings of 15 cents per share which beat the analyst consensus estimate of 10 cents.</li>
<li>What IMAX Does: Imax Corp is a premier global technology platform for entertainment and events</li>
</ul>
<h3 class="wp-block-heading">PriceSmart</h3>
<ul>
<li>The Trade: PriceSmart, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSMT#NASDAQ">PSMT</a>) Director Sherry S. Bahrambeygui <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 1,500 shares</a> at an average price of $80.52. The insider received around $120,780 from selling those shares.</li>
<li>What's Happening: On April 9, PriceSmart reported better-than-expected second-quarter results and announced a one-time special dividend of $1 per share.</li>
<li>What PriceSmart Does: Pricesmart Inc is principally engaged in operating U.S.-style membership shopping warehouse clubs that offer consumer goods at low prices.</li>
</ul>
<h3 class="wp-block-heading">Raymond James Financial</h3>
<ul>
<li>The Trade: Raymond James Financial, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RJF#NYSE">RJF</a>) President &amp; CEO RJBank Steven M Raney <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 4,174 shares</a> at an average price of $121.01. The insider received around $505,107 from selling those shares.</li>
<li>What's Happening: On April 24, Raymond James Financial reported mixed second-quarter financial results.</li>
<li>What Raymond James Financial Does: Raymond James Financial is a financial holding company whose major operations include wealth management, investment banking, asset management, and commercial banking.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/04/38510122/coca-cola-amazon-and-3-stocks-to-watch-heading-into-tuesday">Coca-Cola, Amazon And 3 Stocks To Watch Heading Into Tuesday</a>

Insider Trades

Pre-Market Outlook

IMAX

PSMT

Walmart, PriceSmart And 2 Other Stocks Insiders Are Selling

Piper Sandler analyst Nathan Race maintains Midland States Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSBI#NASDAQ">MSBI</a>) with a Neutral and lowers the price target from $26 to $24.5.

MSBI

Piper Sandler Maintains Neutral on Midland States Bancorp, Lowers Price Target to $24.5

Keybanc analyst Todd Thomas maintains EastGroup Props (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EGP#NYSE">EGP</a>) with a Overweight and lowers the price target from $198 to $178.

Keybanc Maintains Overweight on EastGroup Props, Lowers Price Target to $178

LOBO EV Technologies Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LOBO#NASDAQ">LOBO</a>) ("LOBO" or the "Company"), an innovative electric vehicle manufacturer and seller, today announced the opening of its new 135,754-square-foot manufacturing facility in Wuxi, China. Strategically located in Dachen Industry Park, the center of the Wuxi e-bike industry, this new facility more than doubles the Company's production capacity in the region. Operations at the new facility will begin on May 8, 2024. &nbsp;
The assembly lines at the new facility are projected to support an annual production exceeding $27 million in value, significantly boosting LOBO's manufacturing output for two-wheeled electric vehicles, including e-bikes, electric mobility scooters, and high-speed electric motorcycles.
"Our new manufacturing facility in Wuxi is an important step forward in our expansion strategy," stated Huajian Xu, CEO of LOBO. "In addition to expanding our production capacity, this new plant also enhances our ability to innovate and efficiently meet the increasing demand for high-quality two-wheeled electric vehicles. This investment, fueled by our recent successful IPO, is more than an investment in LOBO's future, it's also a testament to our confidence in the growing global market for our products."
The facility's prime location offers substantial logistical advantages for container shipping, enhancing the Company's ability to service customers globally.
The new Wuxi plant, which is one of three manufacturing facilities operated by LOBO, with others located in Tianjin, is poised to play a crucial role in the Company's growth strategy. The new facility will be registered for a world manufacturer identifier (WMI) and adhere to Level 1 Motorcycle Qualification Standards as stipulated by the Ministry of Industry and Information Technology of China, enabling the launch of new product lines including high-speed electric motorcycles and license-plated electric vehicles.
The expansion follows LOBO's notable presence at the Canton Fair in April 2024, which resulted in nearly $1 million in customer deposits from an estimated $5 million in new potential orders. Additionally, the company has hosted nearly 10 clients for on-site visits as part of their due diligence processes, setting the stage for establishing long-term sales partnerships that will further accelerate the Company's growth.
The global e-bike, e-trike, and e-scooter market was estimated at a combined $28 billion in 2023 and is expected to surpass $39 billion by 2028, growing at a compound annual growth rate of 6.6%, according to data from the Business Research Company.

Global

LOBO

LOBO EV Expands E-Bike Production Capacity With New Facility In Wuxi, China; Assembly Lines At The New Facility Are Projected To Support An Annual Production Exceeding $27M In Value, Boosting LOBO's Manufacturing Output

AKLI

Trading Halt: Halt status updated at 8:25:00 AM ET: Quotation Resumption: News and Resumption Times

Jefferies analyst Brent Thill downgrades Chegg (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHGG#NYSE">CHGG</a>) from Hold to Underperform and lowers the price target from $7 to $4.

Downgrades

CHGG

Jefferies Downgrades Chegg to Underperform, Lowers Price Target to $4

Tech

AUUD

Auddia Announces Announces Launch Of Product Expansion Offering, Announces AI And NLP Technology Used For Audio Stream Processing And Content Detection Being Ported To The Cloud

Keybanc analyst Justin Patterson maintains Eventbrite (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EB#NYSE">EB</a>) with a Overweight and lowers the price target from $13 to $6.

Keybanc Maintains Overweight on Eventbrite, Lowers Price Target to $6

LCNB (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCNB#NASDAQ">LCNB</a>) reported quarterly earnings of $0.20 per share which missed the analyst consensus estimate of $0.36 by 44.44 percent. This is a 45.95 percent decrease over earnings of $0.37 per share from the same period last year.

Earnings Misses

LCNB

LCNB Q1 Adj $0.20 Misses $0.36 Estimate

Jefferies analyst Ashley Helgans initiates coverage on PVH (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PVH#NYSE">PVH</a>) with a Hold rating and announces Price Target of $115.

Initiation

Jefferies Initiates Coverage On PVH with Hold Rating, Announces Price Target of $115

Piper Sandler analyst Charles Neivert maintains Eastman Chemical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMN#NYSE">EMN</a>) with a Neutral and raises the price target from $90 to $105.

Piper Sandler Maintains Neutral on Eastman Chemical, Raises Price Target to $105

Chipmaker Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) is <a href="https://www.benzinga.com/analyst-ratings/price-target/24/04/38498428/amd-q1-earnings-preview-analysts-bullish-but-warn-of-factors-that-can-derail-the-sem">scheduled to report its first-quarter results </a>Tuesday after the market closes. The company&#8217;s exposure to artificial intelligence technology makes its earnings a significant report to keep an eye on to confirm whether the momentum is alive and kicking. 
Key Q1 Metrics &#8211; What To Expect: Santa Clara, California-based AMD is widely expected to report a modest year-over-year increase in first-quarter earnings and revenue. 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Q1&#8217;24 Consensus&#x2A;</td>
<td>Q1&#8217;24 Guidance</td>
<td>Q1&#8217;23</td>
<td>Q4&#8217;24</td>
</tr>
<tr>
<td>Revenue</td>
<td>$5.46B</td>
<td>$5.4B +/- $300 M</td>
<td>$5.35B</td>
<td>$6.17B</td>
</tr>
<tr>
<td>Non-GAAP EPS</td>
<td>61 cents</td>
<td>N/A</td>
<td>60 cents</td>
<td>77 cents</td>
</tr>
<tr>
<td>Non-GAAP gross margin</td>
<td>N/A</td>
<td>52%</td>
<td>50%</td>
<td>51%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">&#x2A; according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data</a></figcaption></figure>
Rosenblatt analyst Hans Mosesmann said he expects an in-line print, with a bias to the upside. His optimism is predicated on likely strength in MI300 AI accelerator sales and EPYC experience gains in CPUs. &#8220;This growth helps offset the usual seasonal weakness in PCs, as well as the ongoing weakness in FPGAs and consoles,&#8221; he said.
Data released by Gartner showed that worldwide PC shipments fell a steep 30% year-over-year to 55.2 million units in the first quarter, with the weakness blamed on oversupply, continued low PC demand amid economic uncertainties, and a lack of purchase motivation. This marked the second quarter, shipments fell year-over-year,
<a href="https://www.benzinga.com/news/earnings/24/04/38444720/intel-shares-fall-on-q1-revenue-miss-weak-q2-eps-guidance">Rival Intel reported last week a slight miss on first-quarter revenue </a>and below-consensus guidance for the second quarter. The stock slumped over 9% in earnings reaction. 
See Also: <a href="https://www.benzinga.com/money/best-artificial-intelligence-stocks">Best Artificial Intelligence Stocks</a>
AMD&#8217;s Segmental Performance: AMD's four main business segments are the&nbsp;Client business,&nbsp;comprising primarily PC processor revenue, the&nbsp;Data Center&nbsp;business, which derives revenue from server processor sales,&nbsp;Gaming,&nbsp;comprising gaming processors and semi-custom products, and the&nbsp;Embedded&nbsp;segment, which caters to commercial and industrial customers.
The guidance issued in late January is as follows:
<ul>
<li>Data Center segment: flattish revenue, with a seasonal decline in server sales offset by a strong Data Center GPU ramp</li>
<li> Client, Embedded and Gaming segment: sequential decline in sales, with semi-custom revenue likely declining by a significant double-digit percentage</li>
</ul>
Wedbush analyst Matt Bryson said in a note, for AMD, first-quarter results and the second-quarter guidance were less important than management commentary regarding AI sales expectations. 
The analyst sees higher-than-expected server compute business, thanks to improving end markets and market share gains. This can outweigh any PC headwinds or a more modest Xilinx recovery, he said.
Investors were looking for MI300 revenues well above management&#8217;s $3.5-billion outlook, and the $3.75 billion Wedbush had modeled. &#8220;Given our current limited insight into management&#8217;s likely guide we are uncertain as to how the stock will react to earnings,&#8221; he said.
Wedbush continues to see AMD as best positioned to carve out a second source position vis-a-vis Nvidia.
AMD Forward Outlook: For the second quarter, the consensus estimates call for earnings of 65 cents per share and revenue of $5.32 billion.
The consensus estimates for the fiscal year 2024 are at $3.40 and $24.13 billion, respectively.
AMD Price Action: In premarket trading on Tuesday, AMD shares were up 0.86% at $161.57, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a> The stock hit an all-time closing high of $211.38 on March 7 but has since then slipped back from the peak. For the year-to-date period, the stock has added 8.68% compared to Nvidia&#8217;s 77.22% jump and the iShares Semiconductor ETF&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) 13.92% gain.
Analysts are optimistic of the company rising strongly over the next year. The average analysts&#8217; price target, according to TipRanks, is $203.96, suggesting over 27% upside from current levels.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38503300/on-semiconductor-at-cyclical-trough-after-q1-earnings-beat-analyst-sees-25-upside">ON Semiconductor At &#8216;Cyclical Trough&#8217; After Q1 Earnings Beat, Analyst Sees 25% Upside</a>

Analyst Color

Equities

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

Will AI Ignite AMD's Stock? Q1 Earnings To Test Investor Confidence Today

Management

Akili Announces Company's Workforce Will Be Reduced By ~46% Including An Elimination Of The Company's Marketing And Medical Affairs Teams

Shionogi amendment provides Akili with near-term cash payments and cancellation of debt obligation
Company announces exploration of strategic alternatives and associated workforce reduction
Company to release first quarter 2024 financial results on May 14, 2024
Akili, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKLI#NASDAQ">AKLI</a>), a leading digital medicine company, today provided several corporate updates, including an amendment to its strategic distribution agreement with Shionogi &amp; Co., Ltd. ("Shionogi"), a leading global pharmaceutical company. Under the terms of the amended agreement, Shionogi has canceled and forgiven a $5.0 million long-term debt obligation and agreed to make certain payments for SDT-001 (the Japanese, localized version of Akili's AKL-T01 digital treatment, marketed as EndeavorRx&#xAE; in the United States). Per the amendment, Akili will receive an upfront payment of $10.5 million in consideration for the elimination of future royalty payments and certain future milestone payments. Akili will also be eligible to receive up to a total of $4.5 million from Shionogi in consideration of Akili development and support services, with at least $1.5 million of such services fees payable up front, and up to a total of $3.0 million from Shionogi in potential regulatory milestone payments. SDT-001 is currently under marketing approval review in Japan as a potential digital treatment for children and adolescents with attention-deficit/hyperactivity disorder ("ADHD").
In parallel, Akili's board of directors has initiated a process that is currently ongoing to evaluate potential strategic alternatives to maximize shareholder value. As part of the process, the board of directors will evaluate, together with its external advisors, a range of potential strategic alternatives. There can be no assurance that this process will result in Akili pursuing a transaction or that any transaction, if pursued, will be completed on attractive terms, if at all. The Company does not intend, assume any obligation, or promise to publicly update or revise any information regarding this strategic review process or communicate a timetable for completion of the evaluation process.
As a part of this evaluation of strategic alternatives, Akili announced today that its board of directors approved a revised operating plan and budget for the remainder of 2024 and related restructuring of the organization to lower operating expenses while focusing on supporting Shionogi's regulatory and commercialization activities. The Company's workforce will be reduced by approximately 46% including an elimination of the Company's marketing and medical affairs teams. In conjunction with this restructuring, the Company has substantially reduced promotional activity for its EndeavorRx and EndeavorOTC products, but plans to continue to support current users of its products and make its products available for purchase. Additionally, the Company plans to continue to pursue marketing authorization from the U.S. Food and Drug Administration (the "FDA") of the Company's EndeavorOTC product, which remains under review, in parallel with exploration of broader strategic options.
Finally, Akili plans to report first quarter 2024 financial results and a business update via press release on Tuesday, May 14, 2024 after the market closes. The Company will not be hosting an earnings conference call for that release.

Contracts

Akili Announces Amended Agreement With Shionogi, Shionogi Has Canceled And Forgiven A $5M Long-Term Debt Obligation And Agreed To Make Certain Payments For SDT-001 (The Japanese, Localized Version Of Akili's AKL-T01 Digital Treatment, Marketed As EndeavorRx In The U.S.)

STRO

Sutro Biopharma Announces Initiation Of Randomized Portion (Part 2) Of REFRαME-O1 Trial

Jefferies analyst Ashley Helgans initiates coverage on Ralph Lauren (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RL#NYSE">RL</a>) with a Buy rating and announces Price Target of $195.

Jefferies Initiates Coverage On Ralph Lauren with Buy Rating, Announces Price Target of $195

ProShares Merger ETF declares quarterly distribution of $0.1166

ProShares Merger ETF declares quarterly distribution of $0.1048

ProShares Merger ETF declares quarterly distribution of $0.5777

How ETF Investors Can Take Advantage Of Deal Activity

ProShares Merger ETF declares quarterly distribution of $0.0863

FPXI

IPOS

MARB

SBIO

Deal Making Lifts M&A ETF

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Latest News for ProShares Merger ETF (BATS:MRGR)

Friday, April 08, 2022

Friday, April 01, 2022

Friday, February 15, 2013