Telo Genomics Corp is a personalized medicine company. The company through its wholly owned subsidiary is engaged in the development and commercialization of diagnostic and prognostic products. Its proprietary software platform based on the three-dimensional analysis of chromosomal signatures. The company is developing diagnostic and prognostic products for cancers and neurological disorders.

TELO GENOMICS CORP by Telo Genomics Corp.

Telo Genomics

News

FIII

Forum Merger III Corporation Management Team Purchases $4.9M of Forum III Shares on Open Market

Capital Senior Living Corporation (the &quot;Company&quot; or &quot;Capital Senior Living&quot;) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSU#NYSE">CSU</a>), a leading owner-operator of senior living communities and services announced its May occupancy of&nbsp;78.2%, which is an increase of 294 basis points from the pandemic low average monthly occupancy of&nbsp;75.3%&nbsp;in February of 2021. Approximately&nbsp;53%&nbsp;of its 60 owned communities and all but two of its managed communities are above pre-pandemic February 2020 occupancy levels.
&quot;The positive occupancy trends are very encouraging as we enter the growth-focused phase of our strategic plan,&quot; said Kimberly S. Lody, President and CEO. &quot;We attribute this increase in occupancy to several factors &ndash; the safety protocols we implemented at the onset of the pandemic, our well-executed vaccination program that has allowed us to ease restrictions across much of our portfolio and the introduction of new resident-centric programming.&quot;
With nearly all residents now fully vaccinated, Capital Senior Living has lifted its company-wide mask mandate for fully vaccinated residents and staff, in accordance with CDC&nbsp;guidance. Communities continue to adhere to all state and local regulations while determining the best practices for their specific level of care and resident population. Additionally, the Company has been able to modify other COVID-19 protocols, permitting less restrictive visitation and screening, full in-person tours, communal dining, group activities and events.

Capital Senior Living Announces May 2021 Occupancy Of 78.2%

Kyle Larson won his third straight NASCAR Cup Series points race and fourth overall Sunday afternoon at Nashville Superspeedway. 
He qualified fifth and led 264 of 300 laps to win the race. He had to save fuel over the final run and navigate trash on his grille, which raised water temperatures but still pulled away to win by 4.33 seconds over Ross Chastain.
Larson now leads the series with four wins, in addition to the All-Star Race he won at Texas a week ago. He is on a tear right now and is just 10 points behind Denny Hamlin for the championship lead after facing a 100+ point deficit just a few races ago.
He entered the race as the overwhelming favorite to win at +275. After winning the Coca-Cola 600 at Charlotte, the road course at Sonoma, and the All-Star at Texas, Larson became the obvious choice to win in NASCAR&rsquo;s return to Nashville. He took the lead early and accumulated 59 of the possible 60 points available by winning a stage and finishing second in the other.
Chastain finished second, his career-best result. William Byron, Aric Almirola&nbsp;and Kevin Harvick rounded out the top-5 in a good day for the Stewart-Haas Racing teammates. Almirola started on pole position and was one of the longshots to watch in <a href="https://www.benzinga.com/general/sports/21/06/21608743/can-kyle-larson-make-4-wins-in-a-row-in-the-inaugural-nascar-nashville-superspeedway-race">Benzinga&rsquo;s race preview.</a>
Larson&rsquo;s championship odds: Unsurprisingly, sportsbooks now list Larson as the heavy favorite to win the 2021 NASCAR Cup Series championship.
According to Draftkings Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dkng#NASDAQ">DKNG</a>), he is +300 to take home the championship come November. Chase Elliott and Hamlin are both +700 and are first and third in the standings as of now.
Larson is -134 to advance to the Championship Four race at Phoenix. He has accumulated 32 playoff points already, which carry over throughout each round he advances. That will give him a big advantage come the playoffs and he will only continue to gather more points as the summer goes on.
Given the unpredictable nature of the NASCAR playoffs, there is no such thing as a sure bet to advance through the rounds and into the championship race. Last season, Harvick won nine races and was considered a lock to advance. Yet, he was eliminated in the penultimate race.
Larson is having a season even better than Harvick had. He has led 1,426 laps, nearly doubling the second-most of 756 for Hamlin. Larson&rsquo;s dominance has him as the deserving championship favorites and all signs point to him bringing home his first NASCAR title this season.
(Photo: <a href="http://Zach Catanzareti Photo, CC BY-SA 2.0 &lt;https://creativecommons.org/licenses/by-sa/2.0&gt;, via Wikimedia Commons">Zach Catanzareti</a> via <a href="https://commons.wikimedia.org/wiki/File:Kyle_larson_(33462968924).jpg">Wiki Commons)</a>
&nbsp;

Sports

General

DKNG

Kyle Larson Won Again At Nashville: Here Are His NASCAR Championship Odds After Fourth Straight Victory

Offerings

Discover Financial Services Filing Shows Registration For Mixed Securities Shelf Offering, No Size Disclosed

WIIM

XAIR

Beyond Air shares are trading higher after company director Robert Carey disclosed the purchase of 350K shares of the company's stock at an average price of $5.36.

Guidance

LATN

Union Acquisition Corp. II's Merging Partner Procaps Group Reaffirms FY21 Sales Guidance of $397M and Adj EBITDA Guidance of $105M

The Kraft Heinz Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KHC#NASDAQ">KHC</a>) today announced that&nbsp;Kathy Krenger&nbsp;is joining the company as its new Chief Communications Officer. Currently Senior Vice President, Global Communications, for Hyatt Hotels Corporation, she will begin her new role on July 21, reporting directly to CEO Miguel Patricio. Michael Mullen, Head of Global Communications and Corporate Affairs at Kraft Heinz, has decided to retire after 23 distinguished years with the company, effective Aug. 15.
This press release features multimedia. View the full release here:&nbsp;<a href="https://www.businesswire.com/news/home/20210621005775/en/">https://www.businesswire.com/news/home/20210621005775/en/</a>
<img alt="Kathy Krenger is joining Kraft Heinz as its new Chief Communications Officer. She will begin her new role on July 21, reporting directly to CEO Miguel Patricio. (Photo: Business Wire)" src="https://mms.businesswire.com/media/20210621005775/en/886524/4/KathyKrengerHeadshot_for_Kraft_Heinz_June_21_2021.jpg" />
Kathy Krenger is joining Kraft Heinz as its new Chief Communications Officer. She will begin her new role on July 21, reporting directly to CEO Miguel Patricio. (Photo: Business Wire)
Krenger brings more than 25 years of corporate and agency experience as a Communications leader to her new role. At Hyatt, she led corporate, internal, brand and field communications for the company and more than 1,000 hotels worldwide. During her years at Edelman, she supported clients across travel and tourism, consumer packaged goods, and retail, with a concentration in food and beverage. While there, she created two crisis communications marketing agencies to provide global clients including Kellogg&#39;s, Nestl&eacute;, the Florida Department of Citrus, Campari America brands, Darden Restaurants, Jim Beam brands, and Unilever with deeper expertise in the unique food and beverage industry. At Burson-Marsteller, she led the global McDonald&#39;s Corp. account, including the brand&#39;s Olympic sponsorship, as well as Kellogg&#39;s, Six Flags, and Ticketmaster.
&quot;I am excited to welcome Kathy Krenger to the Kraft Heinz team,&quot; said CEO Miguel Patricio. &quot;She&#39;s an award-winning communicator and storyteller who brings a wealth of experience to the Kraft Heinz table. Kathy is a strategic thinker who is joining us with decades of expertise across a wide range of industries &ndash; including the CPG, retail and food and beverage space. And I am thrilled to know that Kathy is personally passionate about food. We look forward to her helping us live and communicate our Purpose,&nbsp;Let&#39;s Make Life Delicious.&quot;
Mullen has had an accomplished and exciting career at Kraft Heinz, first joining H.J. Heinz Company in 1998. He has served as the Company&#39;s primary media spokesperson for the past two decades and led both internal and external Global communications.
&quot;I want to personally thank Michael for the many significant contributions he made to Kraft Heinz &ndash; both before and during my tenure as CEO,&quot; said Patricio. &quot;He has been an invaluable partner to me and the rest of my senior Leadership Team. Michael is a respected and tireless leader who always put the Company first. We wish him all the best in his well-deserved retirement and much happiness as he steps into this next stage of his life.&quot;

Management

Kraft Heinz Names Kathy Krenger As Chief Communications Officer

Buybacks

Tupperware Brands Corporation Announces Pre-Payment of Term Loan Debt of $58M And A $250M Buyback

IDRA

Idera Pharmaceuticals shares are trading higher after it was disclosed in a Form4 filing the company COO Daniel Soland purchased 50,000 shares of the company stock at an average price of $1.19.

PLAYSTUDIOS, Inc.&nbsp;(&quot;PLAYSTUDIOS&quot; or the &quot;Company&quot;), an award-winning developer of free-to-play casual mobile and social games that offer real-world rewards to loyal players, announced today that it has completed its previously announced business combination (the &quot;Business Combination&quot;) with&nbsp;Acies Acquisition Corp.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACAC#NASDAQ">ACAC</a>, ACACU, ACACW)))) (&quot;Acies&quot;). The Business Combination was approved at a special meeting of Acies&#39; shareholders on June 17, 2021 and the combined company changed its name to PLAYSTUDIOS, Inc.
Beginning on Tuesday, June 22, 2021, PLAYSTUDIOS&#39; Class A common stock and warrants will trade on the Nasdaq under the ticker symbols &quot;MYPS&quot; and &quot;MYPSW,&quot; respectively. With approximately&nbsp;$220 million&nbsp;in cash1, PLAYSTUDIOS is poised to accelerate the company&#39;s growth initiatives, which include substantially expanding product development and acquisitions of other gaming and related companies.
PLAYSTUDIOS has developed a portfolio of beautifully designed, top-ranked games that have attracted a loyal following due, in part, to the company&#39;s unmatched&nbsp;playAWARDS&nbsp;Loyalty Program, which allows players to earn real-world rewards from a curated collection of over 95 partners and 290 entertainment, retail, travel, leisure, and gaming brands. To date, the PLAYSTUDIOS community has used its in-app loyalty points to purchase over 11 million rewards with a retail value of nearly&nbsp;$500 million. The Company was honored with a 2021 Top Publisher Awards by App Annie, the gaming industry&#39;s leader in app analytics and aggregated app performance data.
PLAYSTUDIOS is led by Founder, Chairman, and Chief Executive Officer Andrew Pascal, who will continue to lead the combined company along with his current founder-led management team. The Board of Directors will initially consist of six members, including Andrew Pascal, William Hornbuckle, James Murren, Jason Krikorian, Judy K. Mencher, and Joe Horowitz.
&quot;As PLAYSTUDIOS enters this exciting new chapter in our history, we are uniquely positioned to accelerate our growth within the robust games market,&quot; Mr. Pascal said. &quot;Our listing on Nasdaq is a testament to the enormous opportunity ahead of us as we leverage our strengthened capital position and institutional support to launch new products, pursue new acquisition opportunities, and scale up our unique playAWARDS loyalty program.&quot;
J.P. Morgan and LionTree Advisors acted as financial advisors to PLAYSTUDIOS and Davis Polk acted as the company&#39;s legal advisor. Morgan Stanley acted as capital markets advisor to Acies Acquisition Corp., and Latham &amp; Watkins LLP acted as its legal advisor. J.P. Morgan, LionTree Advisors, Morgan Stanley, and Oppenheimer &amp; Co. acted as placement agents for the PIPE.

Contracts

ACAC

PLAYSTUDIOS, Acies Say Complete Business Combination, Will Begin Trading On Nasdaq As 'MYPS'

Movers

Trading Ideas

Beyond Air Director Robert Carey Discloses Purchase Of 350K Shares Of Co.'s Stock At An Average Price Of $5.36

Aytu BioPharma Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aytu#NASDAQ">AYTU</a>) shares were rallying&nbsp;Monday after retail traders were able to push the stock higher.
The stock has&nbsp;traded on above-average volume with 7.6 million shares traded so far &mdash; over 1,000% its average volume over the last 100 days. The stock trades with a float of 21.41 million shares and a short percentage of 11.81% of the float.
Aytu BioPharma was up 19.03% at $5.63 at last check Monday.&nbsp;<img alt="aytudaily6-21-21.png" src="https://www.benzinga.com/files/u285825/aytudaily6-21-21.png" style="height:400px; width:640px" />
<h3>Aytu BioPharma Daily Chart Analysis</h3>
<ul>
<li>Shares have been trading in a sideways channel and moved above a lower high resistance line Monday.</li>
<li>The stock is trading below both the 50-day moving average (green), and the 200-day moving average (blue), indicating sentiment has recently been bearish.</li>
<li>Each of these moving averages may hold as a possible area of resistance in the future.</li>
</ul>
<h3>Key Aytu BioPharma Levels To Watch</h3>
<ul>
<li>In late 2020, the stock found support near $6 before breaking below the level and retesting it as resistance; the level may now hold as resistance.</li>
<li>The stock has been able to find support near the $5 level multiple times in the past and may hold this level again in the future.</li>
<li>The stock had a lower high trendline that was recently broken. The stock looked to test this area again as support, and now could be ready to see a trend change.</li>
</ul>
<h3>What&rsquo;s Next For Aytu BioPharma?</h3>
Bullish technical traders would like to see the stock cross above the $6 level and hold this level as support once again. If the stock can consolidate above this level, it could be ready to see another push higher.
Bearish technical traders would like to see the stock fall below the $5 level. Some consolidation below this level could hint that the stock is ready to see a further downward push.

Biotech

Long Ideas

Short Ideas

Health Care

Technicals

AYTU

Technical Levels To Watch In Aytu BioPharma Stock

Berlin-based Forto, a digital freight forwarder also known as FreightHub, <a href="https://www.prnewswire.com/news-releases/forto-raises-240-million-in-funding-led-by-softbank-vision-fund-2-at-1-2-billion-valuation-301316198.html">announced</a> Monday it has secured $240 million in a Series C round led by SoftBank Vision Fund 2. Past investors Northzone, Iven Capital, Cherry Ventures and Unbound and newest investors Citi Ventures and G Squared also participated in the round.

The company has raised a total of $360 million since 2016 and, after its latest raise, is valued at $1.2 billion.

In a recent <a href="https://www.pirate.io/3-secrets-behind-fortos-unicorn-graduation/">blog</a> by the company's co-founder, Fabian Heilemann, he attributed Forto's new unicorn status to three major areas: industry partnerships, constant innovation and a culture built around efficiency and the ability to execute.

Heilemann said Forto was one of the only European digital freight forwarders that had been able to position itself with partners that had a large pool of ocean volume and rate history and were invested in shifting their operations into the digital era. Leading ocean carrier Maersk was an early investor of the company, and Forto has gained additional industry knowledge through a relationship with the Asian Spirit Steamship Company.

<h3 id="h-funding-details-forto">Funding details: <a href="https://forto.com/en/">Forto</a></h3>

<table><tbody><tr><td>Funding round</td>
			<td>Series C</td>
		</tr><tr><td>Funding amount</td>
			<td>$240 million</td>
		</tr><tr><td>Lead investors</td>
			<td>SoftBank Vision Fund 2</td>
		</tr><tr><td>Secondary investors</td>
			<td>Citi Ventures, G Squared, Northzone, Iven Capital, Cherry Ventures, Unbound</td>
		</tr><tr><td>Business goals</td>
			<td>expand globally, improve technology platform, grow customer operations</td>
		</tr><tr><td>Revenue run rate</td>
			<td>Not disclosed</td>
		</tr><tr><td>Revenue targets</td>
			<td>Not disclosed</td>
		</tr><tr><td>New revenue run targets</td>
			<td>Not disclosed</td>
		</tr><tr><td>Pre-money valuation</td>
			<td>Not disclosed</td>
		</tr><tr><td>Post-money valuation</td>
			<td>$1.2 billion</td>
		</tr><tr><td>Total funding</td>
			<td>$360 million</td>
		</tr></tbody></table>

Forto initially provided competitive spot shipments for full container loads for small to midsized enterprise customers but continued to innovate and add offerings including integrations, multimodal transport and customs broker services.

For Heilemann, building a team that was on board with the company's mission was just as important as building out Forto's offerings. 

"Putting culture first is about ensuring cultural alignment," said Heilemann in his blog. "It is about making sure that everybody who joined the company was truly buying into the product vision behind Forto and motivated by the idea of making a personal contribution towards bringing this vision to life."

Along with the new funds, Nahoko Hoshino, an adviser at SoftBank, will join the board of Forto to continue to build technology for the 2,500 customers currently using its digital offerings.

"Logistics is the backbone of global commerce, and data analytics, machine learning and process automation will reshape the global delivery of goods and services," said Karol Niewiadomski, a senior investor for SoftBank Investment Advisers, in a press release. "Forto's centralized platform leverages these technologies to boost operational efficiency, lower handling costs and increase transparency for their customers." 

Forto noted that with the Series C funds, it will continue to expand its global footprint, build on its customer operations team and improve its platform offerings.

<div>
<div><a href="https://www.freightwaves.com/news/author/gracesharkey">Articles by Grace Sharkey</a></div>
</div>

<h4 id="h-you-may-also-like">You may also like:</h4>

<a href="https://www.freightwaves.com/news/xeneta-providing-rate-transparency-in-turbulent-ocean-freight-market">Xeneta providing rate transparency in turbulent ocean freight market</a>

<a href="https://www.freightwaves.com/news/shifl-partners-with-terminal49-to-leverage-drayage-data-expertise">Shifl partners with Terminal49 to leverage drayage data expertise</a>

<a href="https://www.freightwaves.com/news/overhaul-raises-35m-to-enhance-visibility-for-shippers-carriers">Overhaul raises $35M to enhance visibility for shippers, carriers</a>
Image by <a href="https://pixabay.com/users/pexels-2286921/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=1845350">Pexels</a> from <a href="https://pixabay.com/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=1845350">Pixabay</a>

Eurozone

Commodities

Global

Startups

Markets

Forto Secures Series C And Unicorn Status, Credits Partnerships And Culture

WTRG

Essential Utilities Filing Shows Registration For ~21.66M Share Common Stock Offering Via Selling Shareholders

Idera Pharmaceuticals COO Daniel Soland Discloses Purchase Of 50,000 Shares Of Co.'s Stock At An Average Price Of $1.19

On June&nbsp;18, 2021, Trevi Therapeutics, Inc. (the &ldquo;Company&rdquo;) and Lincoln Park Capital Fund, LLC (&ldquo;Lincoln Park&rdquo;), entered into a purchase agreement (the &ldquo;Purchase Agreement&rdquo;), which provides that subject to the terms and conditions set forth therein, the Company may sell to Lincoln Park up to&nbsp;$15.0&nbsp;million&nbsp;of shares of common stock, par value&nbsp;$0.001&nbsp;per share of the Company (the &ldquo;Common Stock&rdquo;), from time to time during the term of the Purchase Agreement.
Additionally, on June&nbsp;18, 2021, the Company and Lincoln Park entered into a registration rights agreement (the &ldquo;Registration Rights Agreement&rdquo;), pursuant to which the Company agreed to file a registration statement with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) covering the resale of shares of Common Stock that are issued to Lincoln Park under the Purchase Agreement.
Under the terms and subject to the conditions of the Purchase Agreement, the Company has the right, but not the obligation, to sell to Lincoln Park, and Lincoln Park is obligated to purchase up to&nbsp;$15.0&nbsp;million&nbsp;of shares of Common Stock. Such sales of Common Stock by the Company, if any, will be subject to certain limitations, and may occur from time to time, at the Company&rsquo;s sole discretion, over a&nbsp;24-month&nbsp;period commencing on the date that a registration statement covering the resale of shares of Common Stock that are issued under the Purchase Agreement, which the Company agreed to file with the SEC pursuant to the Registration Rights Agreement, is declared effective by the SEC and a final prospectus in connection therewith is filed and the other conditions set forth in the Purchase Agreement are satisfied. Lincoln Park has no right to require the Company to sell any Common Stock to Lincoln Park, but Lincoln Park is obligated to make purchases as the Company directs, subject to conditions set forth in the Purchase Agreement.
In addition, under the Purchase Agreement, the Company agreed to issue to Lincoln Park as a commitment fee 170,088 shares of Common Stock (the &ldquo;Commitment Shares&rdquo;) as consideration for Lincoln Park entering into the Purchase Agreement.
Under the Purchase Agreement, the Company may from time to time, at its discretion, direct Lincoln Park to purchase on any single business day (a &ldquo;Regular Purchase&rdquo;) up to (i) 100,000 shares of Common Stock if the closing sale price of the Common Stock is not below&nbsp;$7.50&nbsp;per share on Nasdaq, (ii) 75,000 shares of Common Stock if the closing sale price of the Common Stock is not below&nbsp;$5.00&nbsp;per share on Nasdaq or (iii) 50,000 shares of Common Stock if the closing sale price of the Common Stock is below&nbsp;$5.00&nbsp;per share on Nasdaq. In any case, Lincoln Park&rsquo;s commitment in any single Regular Purchase may not exceed&nbsp;$2,000,000. The foregoing share amounts and per share prices will be adjusted for any reorganization, recapitalization,&nbsp;non-cash&nbsp;dividend, stock split, reverse stock split or other similar transaction occurring after the date of the Purchase Agreement.
The purchase price per share for each such Regular Purchase will be based on prevailing market prices of the Common Stock immediately preceding the time of sale as computed under the Purchase Agreement. Under the Purchase Agreement, the Company may not effect any sales of shares of Common Stock on any purchase date that the closing sale price of the Common Stock on Nasdaq is less than the floor price of&nbsp;$0.50&nbsp;per share.
In addition to Regular Purchases, the Company may also direct Lincoln Park to purchase other amounts as accelerated purchases or as additional accelerated purchases on the terms and subject to the conditions set forth in the Purchase Agreement.
Under applicable rules of Nasdaq, in no event may the Company issue or sell to Lincoln Park under the Purchase Agreement shares of Common Stock in excess of 4,175,167 shares (including the Commitment Shares), which represents&nbsp;19.99%&nbsp;of the 20,886,283 shares of Common Stock that were outstanding immediately prior to the execution of the Purchase Agreement (the &ldquo;Exchange Cap&rdquo;), unless (i)&nbsp;the Company obtains stockholder approval to issue shares of Common Stock in excess of the Exchange Cap or (ii)&nbsp;the average price of all applicable sales of Common Stock to Lincoln Park under the Purchase Agreement equals or exceeds&nbsp;$2.18&nbsp;per share (which represents the closing sale price of the Common Stock immediately preceding the execution of the Purchase Agreement), such that the issuances and sales of Common Stock to Lincoln Park under the Purchase Agreement would be exempt from the Exchange Cap limitation under applicable Nasdaq rules.

TRVI

Trevi Therapeutics Reports In 8K Filing Lincoln Park Capital Entered Into Purchase Agreement Wherein The Co May Sell To Lincoln Park Capital Up To $15M Of Shares

A decision by a federal appeals court on Monday could allow California to begin enforcing its independent contractor law over the trucking industry in as soon as one week.

In a 2-1 decision, the U.S. Court of Appeals for the 9th Circuit denied a petition filed last month by the California Trucking Association (CTA) for an en banc rehearing of<a href="https://d.docs.live.net/f91608e1c1c2e53b/Documents/News%20Alert:%20AB5%20free%20to%20be%20enforced%20in%20California%E2%80%99s%20trucking%20sector"> the court's April decision</a> that removed a lower court's injunction exempting the trucking industry from the independent contractor law known as AB5. The injunction had been in place since January 2020.

In denying CTA's request, the appeals court stated that the group's petition "was circulated to the judges of the court, and no judge requested a vote for en banc consideration."

As<a href="https://www.freightwaves.com/news/cta-will-appeal-ab5-decision-impacting-when-injunction-will-be-lifted"> previously reported by FreightWaves</a>, a seven-day clock formalizing the decision reached by the appeals court in April that lifted the injunction begins when a denial in the en banc decision is handed down. However, if CTA decides to appeal to the U.S. Supreme Court, there is a possibility that the lifting of the injunction could be stayed while the high court decides whether to take the CTA case.

CTA was not immediately available to comment on any next moves.

The part of AB5 that is problematic is the so-called B prong. Under that provision, a worker who is hired to perform a function that is at the heart of what the company does — like a trucking company hiring an independent owner-operator of a truck — should be considered an employee. A trucking company hiring an outside accountant, for example, would not fall under the B prong.

In granting the injunction, the district court in early 2020 agreed with the CTA's argument that AB5 was in conflict with the Federal Aviation Administration Authorization Act, a 1994 law that the CTA argued blocked AB5 because of potential impact on "rates, routes and services."

The American Trucking Associations, the Western States Trucking Association and the Owner-Operator Independent Drivers Association (OOIDA) all filed briefs with the court in support of CTA's rehearing request. Their arguments came down to the same fundamental legal logic: that AB5 is a state law that impacts prices, routes and service, which the 1994 Federal Aviation Authorization Administration Act specifically said was not permitted and would be in conflict with the federal rule.

OOIDA further stated that AB5 "eliminates an entire category of motor carriers who rely upon independent owner-operators to do business and, therefore, subverts Congress's intent to allow the market to dictate how motor carriers provide trucking services, to preserve and strengthen the independent owner-operator driver business model, and to preempt such pervasive state regulation."

OOIDA also warned that because such a large part of U.S. trucking relies on business going to and from California, "the impact of AB 5 would have a far-reaching and immediate negative effect on a large part of the country's economy."

<h4 id="h-related-articles">Related articles:</h4>

<ul><li><a href="https://www.freightwaves.com/news/3-trucking-trade-groups-back-action-to-keep-ab5-injunction-in-place">3 trucking trade groups back action to keep AB5 injunction in place</a></li>
	<li><a href="https://www.freightwaves.com/news/cta-asks-for-en-banc-hearing-as-it-seeks-to-keep-ab-5-out-of-californias-trucking-sector">CTA asks for en banc hearing as it seeks to keep AB5 out of California's trucking sector</a></li>
	<li><a href="https://www.freightwaves.com/news/news-alert-ab5-free-to-be-enforced-in-californias-trucking-sector">News Alert: AB5 free to be enforced in California's trucking sector</a></li>
</ul>

<a href="https://www.freightwaves.com/news/author/johngallagher">Click for more FreightWaves articles by John Gallagher.</a>

Government

Regulations

Legal

News Alert: Appeals Court Denies Request To Rehear AB5 Decision

On June 18, 2021, Nxt-ID, Inc., a Delaware corporation (the &ldquo;Company&rdquo;), received a determination letter (the &ldquo;June 18 Letter&rdquo;) from the Office of the General Counsel of the Nasdaq Stock Market LLC (&ldquo;Nasdaq&rdquo;) stating that the Company has failed to maintain compliance with the minimum bid price requirement of&nbsp;$1.00&nbsp;per share for continued listing of the Company&rsquo;s common stock, par value&nbsp;$0.0001&nbsp;per share (the &ldquo;Common Stock&rdquo;), on the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2) (the &ldquo;Minimum Bid Price Requirement&rdquo;). As previously disclosed on our Current Report on Form 8-K, filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on January 4, 2021, the Company received a letter from Nasdaq, dated January 4, 2021, notifying the Company that it had regained compliance with the Minimum Bid Price Requirement, and also imposing a monitoring period lasting until July 5, 2021 (the &ldquo;Monitor Period&rdquo;), pursuant to Nasdaq Listing Rule 5815(d)(4)(A). During the Monitor Period, (i) the Company was required to notify the Nasdaq Hearings Panel (the &ldquo;Panel&rdquo;), in writing, in the event that the closing bid price of the Common Stock fell below&nbsp;$1.00&nbsp;on any trading day, and in the event the Company fell out of compliance with any other applicable listing requirement, and (ii) should the closing bid price of the Common Stock remain under&nbsp;$1.00&nbsp;for thirty (30) consecutive trading days at any point during the Monitor Period, the Panel (or a newly convened Panel if the initial Panel is unavailable) will provide written notice to the Company that it will promptly conduct a hearing with regards to this deficiency. The Company complied with its obligations pursuant to Nasdaq listing Rule 5815(d)(4)(A).
As of May 27, 2021, the closing bid price of the Common Stock had not been at least&nbsp;$1.00&nbsp;for thirty (30) consecutive trading days during the Monitor Period, resulting in the issuance of the June 18 Letter to the Company, which provides that the Common Stock is subject to delisting from the Nasdaq Capital Market but that the Company will have an opportunity to appeal such delisting determination by requesting a hearing with the Panel.
Pursuant to the June 18 Letter, unless the Company requests a hearing to appeal Nasdaq&rsquo;s determination by 4:00 p.m. Eastern Time on June 25, 2021, the Common Stock will be delisted from the Nasdaq Capital Market, trading of the Common Stock will be suspended at the opening of business on June 29, 2021, and a Form 25-NSE will be filed with the SEC, which will remove the Common Stock from listing and registration on the Nasdaq Capital Market.
The Company requested a hearing before the Panel to appeal the June 18 Letter, which hearing has been set for July 29, 2021. While the appeal process is pending, the suspension of trading of the Common Stock will be stayed, a Form 25-NSE will not be filed, and the Common Stock will continue to trade on the Nasdaq Capital Market until the hearing process concludes and the Panel issues a written decision.
There can be no assurance that the Panel will grant the Company&rsquo;s request for a suspension of delisting or continued listing on the Nasdaq Capital Market. If the Common Stock ceases to be listed for trading on the Nasdaq Capital Market, the Company would expect that the Common Stock would be traded on one of the three tiered marketplaces of the OTC Markets Group.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this Current Report on Form 8-K are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;forecast,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;likely,&rdquo; &ldquo;may,&rdquo; &ldquo;plan,&rdquo; &ldquo;potential,&rdquo; &ldquo;predict,&rdquo; &ldquo;opportunity&rdquo; and &ldquo;should,&rdquo; among others. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. The Company does not undertake an obligation to update or revise any forward-looking statements. Investors should read the risk factors set forth in the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2020, and its other periodic reports filed with the SEC.

NXTD

Nxt-ID Says Received Determination From Nasdaq Saying Co Failed To Maintain Compliance With Minimum Bid Requirement

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