Businesswire
Sustainable Bitcoin Protocol partners with BitGo to Launch the First Sustainable Custody Solution for Bitcoin
PALO ALTO, Calif.--(BUSINESS WIRE)-- #bitcoin --Sustainable Bitcoin Protocol (SBP) partners with BitGo, the leader in digital asset security, custody, and liquidity to launch the first-ever sustainable custody solution for Bitcoin. The new offering aims to address the increasing demand from ESG and climate-focused institutional investors who want to hold Bitcoin but are concerned about its climate impacts.
SBP has developed a first-of-its-kind solution that enables investors to hold Bitcoin in a verifiably climate-positive way through its innovative product, the Sustainable Bitcoin Certificate (SBC). SBCs are on-chain assets that represent sustainable Bitcoin mining and can be added to the holdings of a Bitcoin investor, 1:1, ensuring that they are sustainably holding Bitcoin without disrupting its fungibility.
As part of the partnership, BitGo will offer SBC custody to their current institutional and platform clients as a key differentiator. The new partnership also aims to develop a "Proof of Sustainability API" where investors can demonstrate their green credentials by holding an equal number of BTC and SBC in BitGo custody, meeting the increasing demand for transparency in digital assets.
"We are excited to partner with SBP to offer our clients a solution that addresses their concerns around Bitcoin's environmental impact while incentivizing verified clean energy use in bitcoin mining," said Steve Scott, Director at BitGo. "This collaboration allows us to offer the most secure and sustainable Bitcoin custody solution on the market, providing our clients with a way to hold Bitcoin that aligns with their investment strategies and values."
The partnership with SBP is intended to elevate BitGo's current platform by creating an unparalleled combination of secure custody, institutional service, and sustainability. The new offering builds on BitGo's reputation for providing the most secure and scalable solutions for the digital asset economy, offering regulated custody, staking and trading, and core infrastructure to investors and builders alike.
"We are thrilled to partner with BitGo to launch the first-ever sustainable custody solution for Bitcoin," said Brad van Voorhees, CEO and Co-founder of SBP. "This collaboration is an important step forward in making Bitcoin a more sustainable asset class and enabling investors to hold Bitcoin in a climate-positive way."
For more information about the new offering or to become a partner, please visit BitGo's website or Sustainable Bitcoin Protocol's website.
About Sustainable Bitcoin Protocol
Sustainable Bitcoin Protocol (SBP) is a global sustainability protocol designed to help bitcoin become our planet’s most sustainable asset class while preserving the fungibility and long-term integrity of the network. SBP works closely with leading nonprofits and standard bodies in renewable energy and energy audits, to issue Sustainable Bitcoin Certificates (SBC) to miners who are verified to use renewable and clean energy. SBP’s investors include BitDeer, Hawksburn Capital, New Layer Capital, BlackPine, Verda Ventures, Bitcoin Fronteir Fund, and prominent angels in institutional finance. For more information about SBP or to become a partner, visit https://www.sustainablebtc.org .
About BitGo
BitGo is the leader in custody and security solutions. Founded in 2013, BitGo pioneered the multi-signature wallet and is the first digital asset company to focus exclusively on serving institutional clients. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets and established BitGo New York Trust in 2021. In 2022, BitGo launched institutional-grade DeFi, NFT and web3 services. BitGo secures approximately 20% of all on-chain Bitcoin transactions by value and supports more than 600 digital assets within its platform. BitGo provides the security and operational backbone for more than 1500 institutional clients in 50 countries, including many regulated entities and the world’s top cryptocurrency exchanges and platforms. For more information, please visit www.bitgo.com . Contacts
Investor Relations: Matthew Twomey matt@sustainablebtc.org Media: Elena Berkowitz elena@sustainablebtc.org
Block's Response to Inaccurate Short Seller Report
DISTRIBUTED-WORK-MODEL/SAN FRANCISCO--(BUSINESS WIRE)--We intend to work with the SEC and explore legal action against Hindenburg Research for the factually inaccurate and misleading report they shared about our Cash App business today.
Hindenburg is known for these types of attacks, which are designed solely to allow short sellers to profit from a declined stock price. We have reviewed the full report in the context of our own data and believe it’s designed to deceive and confuse investors.
We are a highly regulated public company with regular disclosures, and are confident in our products, reporting, compliance programs, and controls. We will not be distracted by typical short seller tactics.
About Block
Block, Inc. (NYSE: SQ) is a global technology company with a focus on financial services. Made up of Square, Cash App, Spiral, TIDAL, and TBD, we build tools to help more people access the economy. Square helps sellers run and grow their businesses with its integrated ecosystem of commerce solutions, business software, and banking services. With Cash App, anyone can easily send, spend, or invest their money in stocks or Bitcoin. Spiral builds and funds free, open-source Bitcoin projects. Artists use TIDAL to help them succeed as entrepreneurs and connect more deeply with fans. TBD is building an open developer platform to make it easier to access Bitcoin and other blockchain technologies without having to go through an institution. Contacts
Media Contact press@block.xyz
Investor Relations Contact ir@block.xyz
Strike Brings Lightning-Fast Money Transfers from the U.S. to Vietnam
CHICAGO--(BUSINESS WIRE)--Strike, the world’s leading digital payments platform built on Bitcoin’s Lightning Network, today announced the launch of fast, secure, and low-cost money transfers from the U.S. to Vietnam, further expanding its revolutionary cross-border payment service.
Strike has partnered with Getbit to enable lightning-fast transfers from U.S. dollars that are received as local currency in a recipient's bank account in Vietnam, providing a low-cost and more efficient alternative to traditional remittance providers. Vietnam is among the top ten largest receiving remittance markets from the U.S. In 2021, the country received more than $18 billion in remittances .
Since its launch in December 2022, Strike’s “Send Globally” feature has quickly expanded to bring access to better payments to people in Ghana, Nigeria, Kenya, the Philippines, and now Vietnam. As of today, over 500 million people have access to this innovative cross-border payments option.
“We believe that everyone should have access to fast, easy, and low-cost payment services,” said Jack Mallers, Founder and CEO of Strike. “Millions of people rely on the ability to send money home and support their relatives in Vietnam. We’re thrilled to partner with Getbit to revolutionize cross-border payments via the Lightning Network and deliver a seamless and affordable experience for all. We’re proud to continue working to advance financial innovation and inclusion for everyone.”
Strike uses Bitcoin’s Lightning Network to make digital payments faster, cheaper, and more accessible for people globally. With Send Globally, dollars are converted into bitcoin and sent via the Lightning Network to a third-party partner. That partner converts the bitcoin into local currency, and sends the local currency directly to the recipient’s bank. This way, the sender doesn’t have exposure to bitcoin or worry about bitcoin’s tax treatment or volatility, and the recipient simply receives their local currency directly into their account.
“Sending money between the U.S. and Vietnam has historically been slow and expensive, making it a challenging experience for many people,” said Abhay Agarwal, Founder and CEO of Getbit. “We’re excited to collaborate with Strike to empower people to make fast, secure, and efficient transactions powered by the Lightning Network. Getbit’s integration with Strike enables Vietnamese-American families to stay connected and support their loved ones back home with ease. We're thrilled to play a role in building a more inclusive experience and shaping the future of payments.”
Strike has been rapidly expanding its Send Globally feature to enable transfers to more markets in an effort to make cross-border payments more accessible, particularly in countries where many people rely on remittances. Strike is planning to add a number of new markets over the course of the year.
About Strike
Strike enables cheaper, faster, global, cash-final payments for both businesses and consumers. Strike is built on top of the Bitcoin network – the largest global, interoperable, and open payments standard. Strike believes that open payment networks enable universal participation in the financial system, with truly borderless money transfers, cheaper payment processing, and new payment experiences previously impossible with legacy technology. Contacts
Lavinia Chirico press@strike.me
I/O Fund Cumulative Returns Double the Nasdaq Following a Tough 2022
Actively managed portfolio and research site announces its largest cumulative lead over institutional all-tech portfolios.
SAN FRANCISCO--(BUSINESS WIRE)-- #BethKindig --I/O Fund, a tech research site that actively manages a real time portfolio, announces a cumulative return of 46.92% since inception versus the Nasdaq-100’s 18.65% return during the same time period. The I/O Fund’s cumulative returns of 46.92% have more than doubled the Nasdaq since 2020 with an outperformance of 28.27% I/O Fund’s 2022 performance of (38.8%) rivaled the Nasdaq-100 performance of (32.9%) The I/O Fund’s relative outperformance in 2022 surpassed institutional all-tech portfolios by as much as 85% Since inception, the I/O Fund has a lead over institutional technology portfolios by as much as 174%
These results were independently audited, and prove the I/O Fund kept its momentum as a leader in forecasting tech growth stocks. More details on how the I/O Fund compares can be found on the I/O Fund website. The figures stated do not include dividends or fees.
“We stayed focused and pivoted to hedging in April which helped us stage a strong comeback. In addition to hedging, we built a defensive tech portfolio that included two of the tech industry’s leading stocks. We held these winners at some of our highest allocations in Q3 2022 with gains of 33% and 43% on our initial entries.”
The firm is well-known for carefully choosing allocations as an important risk management tool. Lead Tech Analyst, Beth Kindig, has over a decade of experience analyzing tech. Her deep dive research helped the firm build its highest allocations in the complex semiconductor industry, which was the best performing sector in tech in 2021 and 2022.
Kindig has made contrarian, bullish calls on Nvidia in her free newsletter. Her analysis led to the I/O Fund buying at the October low for a 35% gain by year end, which has turned into more than 140% gains. Year-to-date, Nvidia is the best performing S&P 500 stock on the market, and remains the I/O Fund’s top position.
I/O Fund also owes its lead over other all-tech portfolios to technical analysis. Portfolio Manager, Knox Ridley, actively manages the portfolio in real-time, providing readers with weekly webinars and charts to show where the I/O Fund plans to buy and sell key positions.
Ridley is known for managing high-risk assets in 2022, such as Bitcoin, Nvidia, and Netflix, with a near-perfect track record. This led to outperformance during a historic selloff across tech stocks. Ridley issues real-time trade alerts to research subscribers for every stock entry and exit plus offers a pie chart of the portfolio’s allocations.
“Given that 2022 destroyed more wealth on record than any other time in modern history, beating the Nasdaq on a cumulative basis cannot be overstated. The far majority of our competitors cannot say the same. Our performance reflects our ability to outperform in any market condition,” said Portfolio Manager Knox Ridley.
In April, the I/O Fund partnered with Vincent Duchaine of WealthUmbrella to develop an automated hedging signal. Duchaine is an A.I. and Machine Learning University Professor who worked with Ridley to create an automated risk-on/risk-off signal for retail investors. This marked an important turnaround for the I/O Fund as the team expanded their risk management tools during a critical year to stave off losses.
“It is not the good years when a team stands out, rather in the face of adversity,” CEO Beth Kindig stated. “Our outperformance across four audits has resulted in exceptional cumulative returns for our sector. We feel confident that those looking for a quality resource in the tech sector will take note of our ability to exceed other all-tech portfolios in both bull and bear markets.”
The I/O Fund hires an independent accounting firm to conduct its periodic audits. It reviewed statements from January 1 st 2022 through December 31 st 2022 from the company’s brokerage and blockchain accounts and found no discrepancies.
For more information, including pricing plans for the I/O Fund’s research, visit their website at https://io-fund.com . Premium members access a portfolio of 10+ positions, webinars, institutional-level research, real-time trade notifications and more. The firm also offers a free weekly newsletter. Contacts
I/O Fund Marketing premium@io-fund.com
Mogo Reports Results for Q4 & FY 2022
FY 2022 Revenue up 20% year over year to $68.9 million Q4 Adjusted EBITDA of $0.2 million, reaching positive Adjusted EBITDA one year ahead of previous guidance Targeting FY 2023 Adjusted EBITDA of $6 to $8 million Ended year with $30.8 million of cash and $37.5 million in total investments 1 Mogo reports in Canadian dollars and in accordance with IFRS
VANCOUVER, British Columbia--(BUSINESS WIRE)-- Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) (“Mogo” or the “Company”), one of Canada’s leading financial technology companies, today announced its financial and operational results for the fourth quarter and fiscal year ended December 31, 2022.
“In the face of a highly challenging macroeconomic operating environment in 2022, we acted quickly to significantly accelerate our path to profitability, allowing us to reach positive Adjusted EBITDA in the fourth quarter,” said David Feller, Mogo’s Founder and CEO. “Through this restructuring process, we have considerably narrowed our strategic focus to products where we see the greatest potential for profitable growth. Our digital wealth products, MogoTrade and Moka, will remain the focus of our development efforts and the key drivers going forward, in addition to our digital payments platform, Carta. We will emerge from this period a more profitable and efficient company with exposure to multiple large markets with long-term growth tailwinds.”
Key Financial Highlights for Q4 & Full-Year 2022 Q4 revenue of $17.1 million, up 1% over the prior year. Total revenue for FY 2022 increased 20% to $68.9 million, at the high-end of the Company’s latest guidance. Q4 gross profit of $11.7 million (68% margin), compared to $12.3 million (72% margin) in Q4 2021 but was up sequentially from $10.8 million (63%) in Q3 2022. Full-year gross profit was $46.2 million, consistent with the prior year. During Q4 2022, Mogo continued to focus on accelerating its path to profitability by placing an emphasis on cost efficiency and building financial resiliency. As a result of these initiatives, total operating expenses for Q4 2022 decreased by $8.1 million, or 34%, compared to Q4 2021 and by 16% from Q3 2022. Mogo reported positive Adjusted EBITDA 2 of $0.2 million in Q4 2022, well in advance of the Company’s target to achieve positive adjusted EBITDA by Q4 2023. This compares with Adjusted EBITDA of ($3.7) million in Q4 2021. This was the Company’s first time generating positive Adjusted EBITDA since FY 2020. Q4 net cash flow from operations before investment in receivables 2 was also positive at $0.5 million, compared with ($1.0) million in Q4 2021 and ($1.5) million in Q3 2022. This was the first time the company generated positive cash flow from operations before investment in receivables since FY 2020. Adjusted net loss 2 decreased to ($4.3) million in Q4 2022 from ($9.7) million in Q4 2021 and ($8.4) million in Q3 2022. Net loss increased to ($74.9) million in Q4 2022, compared with net loss of ($29.6) million in Q4 2021. The increase is primarily driven by non-cash impairment charges of $37.2 million to goodwill & intangibles and $31.5 million on the Company’s investment in Coinsquare in Q4 2022. These impairment charges have primarily resulted from recent broader equity declines during the period. Ended 2022 with cash and total investments of $68.4 million. This included combined cash and restricted cash of $30.8 million, investment portfolio of $12.5 million, and a book value of Mogo’s 34% ownership in Canadian Crypto Investment Dealer Coinsquare, of $25.0 million.
“Mogo has a proven history of managing expenses and cash flow in a challenging environment, and the restructuring we initiated last year has quickly reduced our cost structure, with total operating expenses down 34% year over year in Q4,” said Greg Feller, President & CFO. "We also reached our positive Adjusted EBITDA target well ahead of schedule with additional savings to follow in the coming quarters. As part of narrowing our strategic focus, we eliminated crypto activities in our operating business. As a result, our remaining crypto investment is primarily our 34% ownership in Coinsquare, Canada’s first IIROC registered crypto dealer. As we head into 2023, we remain in a solid financial position and are expecting to see accelerating Adjusted EBITDA growth this year, while we continue to invest prudently in our digital wealth solutions and our payments platform, which we believe will drive top-line expansion in 2024.”
Business & Operations Highlights In 2023, Mogo launched the MogoTrade app in Quebec making it available in both English and French languages and increasing our total addressable market opportunity by approximately 28%. MogoTrade remains available by invitation only. In March 2023, Mogo amended its marketing collaboration agreement with Postmedia Network Inc. ("Postmedia") and extended the agreement until December 31, 2024. Postmedia is a Canadian news media company representing more than 130 brands across multiple print, online and mobile platforms. Mogo's digital payment solutions business, Carta Worldwide, processed over $2.2 billion of payments volume in Q4 2022 which was up over 20% sequentially from Q3 2022. In December 2022, Mogo repurchased 1.0 million of its own common shares (“Common Shares”) for a total cost of $0.7 million at an average price of CAD$0.67 per share. In June 2022, Mogo repurchased 0.8 million of its own Common Shares for a total cost of $1.0 million at an average price of CAD$1.19 per share. The repurchases are pursuant to a share repurchase program approved by the Board on March 22, 2022, which authorizes the repurchase of up to US$10 million of Common Shares in the aggregate. On October 13, 2022, Mogo announced that Coinsquare Ltd. ("Coinsquare"), a company in which Mogo is an approximate 34% shareholder as at December 31, 2022, received approval from the Investment Industry Regulatory Organization of Canada ("IIROC") for its investment dealer registration and IIROC membership through its wholly-owned subsidiary Coinsquare Capital Markets Ltd. With Coinsquare being IIROC regulated, clients will now have the added comfort and security of knowing that Coinsquare is subject to the highest level of dealer compliance and oversight under the existing regulatory system. During Q4 2022, Mogo monetized its digital assets investment for proceeds of $0.6 million, along with the exit of MogoCrypto. As at December 31, 2022, Mogo’s sole remaining crypto exposure is comprised of its investment in Canada’s first IIROC registered crypto dealer Coinsquare along with certain smaller crypto-related investments in our investment portfolio.
Corporate Restructuring & Financial Outlook
During fiscal 2022, Mogo continued to focus on accelerating its path to profitability by placing an emphasis on cost efficiency and building financial resiliency in light of challenging financial market conditions. The following cost reduction initiatives were implemented in 2022: An approximate 33% reduction in workforce headcount as at December 31, 2022 compared to March 31, 2022. A reduction in vendor expenses by all departments. Completed the exit of Moka France during Q4 2022. Completed the exit of Mogo’s bitcoin product (MogoCrypto).
As a result of these initiatives, total operating expenses decreased by 37% in Q4 2022, compared to Q1 2022.
For fiscal 2023, the Company reiterates its previous guidance on cost reduction of 25-35% for operating expenses over the next several quarters, relative to our Q3 2022 operating expenses. In addition to the winddown of MogoCrypto and exit from Moka France in Q4 2022, Mogo plans to sunset its legacy MogoApp including MogoCard, as part of its goal to simplify to one app and eliminate unprofitable or subscale business segments. Consistent with its previous guidance, Mogo expects its quarterly revenue in the near term will be impacted by 10-15% as a result of these restructuring initiatives.
For fiscal 2023, the Company will continue to focus on accelerating its path to profitability with a specific focus on increasing its Adjusted EBITDA. Specifically, for 2023 Mogo is focused on achieving: Full-year adjusted EBITDA of $6.0 million to $8.0 million; Exiting 2023 with an annual Adjusted EBITDA run rate of $10.0 million to $14.0 million (based on a Q4 2023 Adjusted EBITDA target of $2.5 million to $3.5 million).
1 Includes combined cash and cash equivalents, restricted cash and investment portfolio of $43.4 million, along with a book value of investment in Coinsquare of $25.0 million.
2 Non-IFRS measure. For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see “Non-IFRS Financial Measures” in the Company’s MD&A for the period ended December 31, 2022.
Conference Call & Webcast
Mogo will host a conference call to discuss its Q4 2022 financial results at 3:00 p.m. EDT on March 23, 2023. The call will be hosted by David Feller, Founder and CEO, and Greg Feller, President and CFO. To participate in the call, dial (416) 764-8658 or (888) 886-7786 (International) using conference ID: 97196810. The webcast can be accessed at http://investors.mogo.ca . Listeners should access the webcast or call 10-15 minutes before the start time to ensure they are connected.
Non-IFRS Financial Measures
This press release makes reference to certain non‑IFRS financial measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. These measures are provided as additional information to complement the IFRS financial measures contained herein by providing further metrics to understand the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non‑IFRS financial measures, including adjusted EBITDA, adjusted net loss and contribution, to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. Our management also uses non‑IFRS financial measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our capital expenditure and working capital requirements. For more information, please see “Non-IFRS Financial Measures” in our Management’s Discussion and Analysis for the period ended December 31, 2022, which is available at www.sedar.com and at www.sec.gov .
The following tables present a reconciliation of each non-IFRS financial measure to the most comparable IFRS financial measure.
Adjusted EBITDA ($000s) Three months ended Year ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Net loss before tax $ (75,030 ) $ (29,885 ) $ (166,014 ) $ (33,441 ) Depreciation and amortization 3,166 3,682 12,636 12,736 Stock-based compensation 835 3,919 8,712 11,683 Credit facility interest expense 1,363 1,081 4,640 4,109 Debenture and other financing expense (335 ) 1,014 2,111 3,841 Accretion related to debentures and convertible debentures 315 316 1,249 1,252 Share of (income) loss in investment accounted for using the equity method (372 ) (5,076 ) 20,569 278 Revaluation (gain) loss (906 ) 19,817 3,489 (15,671 ) Impairment of investment accounted for using the equity method 31,514 — 58,263 — Impairment of goodwill 31,758 — 31,758 — Other non-operating expense 7,940 1,476 10,360 4,100 Adjusted EBITDA 248 (3,656 ) (12,227 ) (11,113 )
Adjusted Net Loss ($000s) Three months ended Year ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Net loss before tax $ (75,030 ) $ (29,885 ) $ (166,014 ) $ (33,441 ) Stock-based compensation 835 3,919 8,712 11,683 Share of (income) loss in investment accounted for using the equity method (372 ) (5,076 ) 20,569 278 Revaluation (gain) loss (906 ) 19,817 3,489 (15,671 ) Impairment of investment accounted for using the equity method 31,514 — 58,263 — Impairment of goodwill 31,758 — 31,758 — Other non-operating expense 7,940 1,476 10,360 4,100 Adjusted net loss (4,261 ) (9,749 ) (32,863 ) (33,051 )
Net Cash Flow From Operations Before Investment In Receivables ($000s) Three months ended Year ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Cash used in operating activities $ (1,356 ) $ (7,456 ) $ (27,009 ) $ (31,090 ) Cash invested in loans receivable 1,813 6,462 16,392 17,081 Net cash flow from operations before investment in receivables 457 (994 ) (10,617 ) (14,009 )
Forward-Looking Statements
This news release may contain “forward-looking statements” within the meaning of applicable securities legislation, including statements regarding Mogo’s path to profitability, the focus on its digital wealth solutions and other initiatives to drive top-line expansion, the Company’s restructuring plan and initiatives to reduce operating expenses in the coming quarters, expected reduction in quarterly revenue, the wind down of the legacy MogoApp including MogoCard, the Company’s financial outlook for 2023, including operating expenses, total revenues, and Adjusted EBITDA, the Company’s plans regarding its elimination of investments in unprofitable products, and its targets for total revenues and Adjusted EBITDA for 2023. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at the time of preparation, are inherently subject to significant business, economic and competitive uncertainties and contingencies, and may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Mogo's growth, its ability to expand into new products and markets and its expectations for its future financial performance are subject to a number of conditions, many of which are outside of Mogo's control, including the receipt of any required regulatory approval. For a description of the risks associated with Mogo's business please refer to the “Risk Factors” section of Mogo’s current annual information form, which is available at www.sedar.com and www.sec.gov . Except as required by law, Mogo disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
About Mogo
Mogo, one of Canada’s leading digital finance companies, is empowering its members with simple digital solutions to help them build wealth and achieve financial freedom. Mogo’s trade app, MogoTrade, offers commission-free stock trading that helps users make a positive impact with every investment and together with Moka, Mogo’s wholly-owned subsidiary bringing automated, fully-managed flat-fee investing to Canadians, forms the heart of Mogo’s digital wealth platform. Mogo also offers digital loans and mortgages. Through Mogo’s wholly-owned subsidiary, Carta Worldwide, we also offer a digital payments platform that powers the next-generation card programs from innovative fintech companies in Europe and Canada. To learn more, please visit mogo.ca or download the mobile app (iOS or Android). Contacts
For further information: Craig Armitage Investor Relations craiga@mogo.ca (416) 347-8954
US Investor Relations Lytham Partners, LLC Ben Shamsian New York | Phoenix 646-829-9701 shamsian@lythampartners.com
D.A. Davidson Announces The Herd 2023 Featuring the Top 100 Privately-Held Software Companies Globally
From rising startups to late-stage funded giants, companies in The Herd stand out for their exciting innovation, growth, and market positioning
NEW YORK--(BUSINESS WIRE)--D.A. Davidson & Co. today released its fourth annual The Herd report featuring the top 100 privately-held software technology companies based in the U.S. and globally, largely falling within D.A. Davidson’s core areas of expertise: application software, infrastructure and security software, vertical software, and financial technology. These private companies were selected based on growth, market awareness, scale, capitalization, strategic positioning, and other proprietary analytics generated by D.A. Davidson.
“ The Herd 2023 demonstrates our continued commitment to helping private company clients achieve their strategic and financial goals,” said Greg Thomas, Managing Director and Co-Head of the Technology Investment Banking Group at D.A. Davidson. “Since The Herd’s initial release in 2019, we’ve seen more than 40 companies go public through an initial public offering or special purpose acquisition company, and more than 25 companies exit through an acquisition by a larger strategic acquirer or high-profile financial sponsor. We expect similar stories to continue for more companies featured in the report over the next six to 12 months.”
“We believe many of the top 100 private companies featured in the 2023 edition of The Herd faced unique challenges last year. Growth-stage companies are navigating a tougher capital market environment, having to reconstruct their business to be more capital efficient and finding a more structured means to preserve the valuations set in their last round. Several ‘cross-over’ funds have shown the ability to be creative in recent months, and we expect this to accelerate throughout the year,” said Jonathan Lejuez, Managing Director in D.A. Davidson’s Technology Investment Banking Group.
The Herd 2023 sees 60 companies return to the list from last year. A key reason for the continued inclusion of many of these companies is the cooling of market forces that led to significant deal velocity for most of late 2020 and 2021. However, while deal velocity has slowed, innovation remains high.
Key findings include: Companies in The Herd 2023 raised more than $57 billion in aggregate equity capital across all previously disclosed financing rounds, including $9.5 billion across 31 rounds in 2022. Constituents waited a median of 15 months between their most recent rounds while demonstrating healthy step-up multiples from prior valuations at a median of 2.4x across their most recent rounds. Notable rounds include Branch’s $4 billion Series F in March 2022, representing a 4x step-up multiple; Rippling’s $11.3 billion post-money Series D in May 2022, representing a 1.7x step-up multiple; and Gusto’s $9.6 billion post-money Series E announced in June 2022, representing a 2.5x step-up multiple. Despite many rapid growth stories, 42% of The Herd 2023 was founded more than 10 years ago, while only two companies were founded within the last five years. The Herd 2023 has continued to grow its headcount since emerging from the COVID-19 pandemic—with a median employee count of just over 1,000.
To download a copy of D.A. Davidson’s The Herd 2023 , click here .
D.A. Davidson's Technology Investment Banking Group has built a leading global platform by using our vertical expertise and extensive network, across D.A. Davidson to connect leading-edge companies with innovative sources of capital and strategic partnerships. We serve clients in an extensive range of technology subsectors, including application/vertical software, digital media and marketing technology, eCommerce/eRetail, education technology, enterprise IT, HR Tech, Blockchain, LegalTech, managed services, outsourced/IT solutions, Cyber Security, and all the various FinTech verticals. Drawing on our 20-plus years of experience and tapping into curated market maps and growth trends across the technology landscape, we help companies accelerate their growth and untapped potential.
About D.A. Davidson Companies
D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions, and municipalities nationwide. Founded in 1935 with corporate headquarters in Great Falls, Montana, and regional headquarters in Denver, Los Angeles, New York, Omaha and Seattle, the company has approximately 1,525 employees and offices in 28 states.
Subsidiaries include D.A. Davidson & Co., a full-service investment firm providing wealth management, investment banking, equity and fixed income capital markets services, and advice; Davidson Investment Advisors, a professional asset management firm; and D.A. Davidson Trust Company, a trust and wealth management company.
For more information, visit dadavidson.com . Contacts
Software Technology Investment Banking Contacts Greg Thomas, Co-Head of Technology and Managing Director | gthomas@dadco.com Jonathan Lejuez, CFA, Managing Director | jlejuez@dadco.com Fred Johnson, Managing Director, Equity Capital Markets | fjohnson@dadco.com David Douglas, Vice President | ddouglas@dadco.com
Senior Institutional Research Contacts Gil Luria, Managing Director and Technology Strategist | gluria@dadco.com Rudy Kessinger, CFA, Senior Vice President and Senior Research Analyst | rkessinger@dadco.com Robert Simmons, Senior Vice President and Senior Research Analyst | rsimmons@dadco.com
Media Contact Andreea Popa, Head of Equity Capital Markets Marketing | apopa@dadco.com
Dealroom and RockawayX Publish 2023 Report on the State of European Crypto Company Funding
The report details crypto VC funding trends in Europe.
PARIS--(BUSINESS WIRE)--Today, RockawayX (a venture capital firm backing leading Web3 projects) and Dealroom published its State of European Crypto Funding report.
Published in full here , the highlights of the report include: Unicorn creation across all geographies peaked in 2021. European crypto startups attracted record funding ($5.7BN) in 2022, while US crypto startup funding declined YoY. Europe has the largest number of crypto startups but lags in late-stage companies. European startups account for a substantial portion of early-stage crypto funding globally. US investors’ share of European crypto startup Seed and Series A funding was 21% and 29%. London remains the crypto hub of Europe. “Web3” is rising, with users mounting, big brand entrants, and increased venture funding. More than half of European crypto VC funding goes to companies building financial products and services. Funding in companies building developer tools, roll-ups, and “Layer 1s” accelerated the most in 2022.
“The crypto market has been defined by 4-year cycles. During the 2018 crypto winter, the total digital asset market cap fell by 80%, but startup funding activity held steady. Many of today's most notable crypto companies were funded and launched in that period,” said Viktor Fischer, Chief Executive Officer, RockawayX. He added, “With an increasingly hostile US regulatory environment, crypto industry onlookers are taking funding to other regions. Europe already has a plurality of crypto startups and a top early-stage ecosystem. It could attract the late-stage funding that catapulted US leaders in the last cycle.”
“As investors, we see the slowdown change the way deals play out; where fundraisers were once fast-oversubscribed and frantically closed, sometimes in days after process kick-off, raises can stretch months now,” said Samantha Bohbot, Chief Growth Officer & Investor, RockawayX.
About Dealroom Dealroom.co is the foremost data provider on startup, early-stage, and growth company ecosystems. Founded in Amsterdam in 2013, we now work with many of the world's most prominent investors, entrepreneurs, and government organizations to provide transparency, analysis, and insights on venture capital activity.
About RockawayX RockawayX has been investing in early-stage crypto companies and token projects since 2018. Based in Europe, the firm runs top-performing venture and credit investment strategies. It contributes to the decentralization, security, and growth of blockchain networks and applications. Contacts
RockawayX Samantha Bohbot Samantha.bohbot@rockawayx.com
Tassat ® Announces Client Connectivity to FedNow, The Federal Reserve’s First Instant Payment Rail
The leading B2B digital payments platform has been a FedNow showcase participant, providing its capabilities to financial institutions interested in utilizing FedNow
NEW YORK--(BUSINESS WIRE)--Tassat Group Inc., the leading provider of private blockchain-based business-to-business (B2B) real-time payments and financial services solutions to banks, today announced that its client-facing API can serve as an on-ramp to FedNow, the Federal Reserve's forthcoming real-time payments rail.
With the introduction of FedNow, the Federal Reserve will make its first national update since the 1970s, bringing real-time payments to the financial sector around the clock. Tassat’s current offerings, TassatPay® and the Digital Interbank Network™, are end-to-end private blockchain-based solutions that can serve as on-ramps to FedNow for commercial banks seeking to participate in the Fed’s platform. Tassat already offers Fedwire connectivity to all of its bank partners and is a FedNow Service Provider Showcase participant.
“Everyday consumers are able to move money at any time of the day and at any point in the week, yet businesses are limited to 9am - 5pm, Monday through Friday. That needs to change, and we are excited for the arrival of FedNow,” said Kevin R. Greene, Chairman and CEO of Tassat Group. “At Tassat, our mission is to empower banks to serve their clients with increased speed, security, and efficiency, and FedNow will be a great complement to our offerings.”
Since its founding, Tassat has played a crucial role in addressing commercial bank’s need for secure, instantaneous payments 24/7/365. TassatPay, the company’s flagship product and the leading provider of real-time digital payments for commercial banking clients, recently announced a milestone exceeding $1 trillion in transactions since its launch in 2019. In February alone, TassatPay processed over $130 billion in transactions, underscoring the volume at which Tassat’s bank partners are leveraging the platform.
Unveiling a real-time service on a national level, FedNow will create additional use cases for Tassat’s banking partners. To date, these include Western Alliance Bank (NYSE: WAL), Customers Bank (NYSE: CUBI), Axos Bank (NYSE: AX), Byline Bank (NYSE: BY), and Cogent Bank. With its bank partners, Tassat has developed more than 20 use cases, including logistics, mortgage warehousing, commercial construction, private equity capital calls, as well as broader working capital applications for a bank’s corporate clients. The results have created strong corporate banking relationships, increased deposits, and opportunities to provide other profitable financial services.
About Tassat Group
Tassat Group Inc. is a N.Y.-based technology company that is the leading provider of private blockchain-based, real-time solutions for commercial banks including TassatPay, which enables banks to provide their corporate clients with instantaneous, secure, real-time payments 24/7/365. TassatPay has become the most trusted blockchain-based platform for the banking industry and its B2B clients with more than $1 trillion in secure, real-time transactions to date. Tassat’s Smart Contracts and Fedwire functionality make TassatPay a one-stop shop for B2B Payments. Tassat was honored with a 2021 Google Cloud Customer Award for innovation in financial services. For more information, visit us at www.tassat.com , on Twitter or on LinkedIn . Contacts
Nneka Etoniru Bevel 1 (774) 627-0135 tassat@bevelpr.com
Metaverse Can Boost Employee Retention, Training and Growth for Insurance Industry, ISG Says
ISG expert, speaking during Insurance Journal webinar, urges insurers to begin building their metaverse presence now
STAMFORD, Conn.--(BUSINESS WIRE)-- $III #CustomerExperience --Insurers that leverage the metaverse now to attract a new generation of talent and tech-savvy customers will gain considerable market advantage, an expert with Information Services Group ( ISG ) (Nasdaq: III ), a leading global technology research and advisory firm, said today.
In a panel discussion, “ Insuring the Metaverse: Immersive Tech and the Future of Coverage ,” during a webinar produced by Insurance Journal , ISG Director Dennis Winkler said the metaverse can support the next generation of insurance talent and customer development, but will require fast action and a focus on product and technology capabilities on the part of insurance companies.
“New college graduates want careers based in modern technology, but research shows they do not see insurance as offering the high-tech experience they seek,” Winkler said. “The metaverse has the potential to be a game-changing platform for employee engagement, talent retention and development for insurance companies that use it to establish a more tech-savvy, modern image.”
Winkler also noted the ability of the metaverse to bring together remote work teams and to create new ways of interacting and building relationships with customers.
“The time is now for insurance companies and agents to start experimenting in the metaverse to see what works for them and their customers,” he said. “It could be as simple as a virtual storefront with a virtual agent recreating old-school insurance sales in a new channel, or it could offer customers the chance to interact with the well-known brands insurers have already established in new ways, delivering an experience that people will remember.”
With metaverse technology spread across many different platforms, the infrastructure that supports these platforms varies widely, he noted. This brings the same complexities of omnichannel customer experience from the offline world to the virtual world. Insurers will need a technical backbone that’s capable of delivering an immersive digital customer experience, but with the same brand image across all platforms.
Winkler also said insurers should be ready to create new products to cover the risks that will evolve with metaverse expansion. Metaverse customers will need policies such as life insurance to insure virtual metaverse lives, property and casualty insurance for assets such as in-game currencies, virtual property and NFTs, or cyber insurance for metaverse cybercrimes, he said.
In the process of developing those products, Winkler cautioned insurers to avoid ambiguity and carefully examine their comprehensive coverage clauses, which typically include digital and data risks from digital platforms, to determine whether the virtual world and virtual assets could be unintentionally wrapped into a policy.
“Those who start their metaverse journey sooner will develop the data needed to get their pricing and products right much faster,” he said. “Without letting up on ongoing technology transformation projects, insurers need to at least start building their metaverse plan. The quicker they understand how this new virtual world works, the quicker they can gather data, assess risks and make money.”
Additional information is available on the event website .
About ISG
ISG (Information Services Group) (Nasdaq: III ) is a leading global technology research and advisory firm. A trusted business partner to more than 900 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,600 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com . Contacts
Will Thoretz, ISG +1 203 517 3119 will.thoretz@isg-one.com
Julianna Sheridan, Matter Communications for ISG +1 978 518 4520 isg@matternow.com
i2c Global Platform Enables Wirex to Expand Multi-Currency Card to Australia
New program follows successful multi-currency travel card launches in the United States, APAC and Europe
REDWOOD CITY, Calif.--(BUSINESS WIRE)-- i2c Inc. , a global provider of banking and payments technology platform, today announced their partnership with Wirex , a next-gen borderless cryptocurrency and fiat payments platform, to deliver its multi-currency debit card to Australia.
The collaboration builds on a longstanding partnership between the two payment leaders, expanding the Wirex prepaid crypto-enabled card program from the United States, APAC and European regions to Australia. Similar to the other programs, Australian Wirex cardholders will manage and use multiple currencies while traveling using a single card.
Wirex’s hybrid payments alternative integrates blockchain technology on i2c’s platform to enable customers to buy, store, exchange, and spend over 12 traditional and up to 130 cryptocurrencies at over 80 million merchant locations globally. In addition to gaining cross-border flexibility and control over their payments, cardholders can earn up to 8 percent in crypto rewards on all in-store and online purchases while avoiding costly travel exchange or maintenance fees.
“We are excited to be part of Wirex’s impressive global expansion. With the addition of Australia i2c and Wirex now collaborate across North America, Europe and Asia Pacific. What we see unfolding here is emblematic of i2c’s easy to deploy and customizable platform which allows for the sort of ambitious international expansion pursued by Wirex,” said Serena Smith, Chief Client Officer of i2c Inc.
“Our continued global expansion can be one of the most complex challenges any company can face. Every market is defined by its own peculiar nuances,” said Pavel Matveev, co-founder and CEO of Wirex. “We’ve been working with i2c for over five years now and have been able to quickly evolve into a global platform using i2c’s single codebase. With i2c, we’re able to redefine payments for cardholders around the world,” said Matveev.
About Wirex
Wirex is a worldwide digital payment platform and regulated institution that has forged new rules in the digital payments space. In 2015, the firm developed the world’s first crypto-enabled payment card that gives users the ability to seamlessly spend crypto and traditional currencies in real life.
Founded in 2014 by CEOs and co-founders Pavel Matveev and Dmitry Lazarichev, Wirex was created to make the digital economy accessible to everyone. With over 5 million customers and rapid expansion into new territories, including the US, Wirex is uniquely placed to support and promote the mass adoption of a cashless society through creative solutions. To reflect the growth of the metaverse, throughout 2021, the company has continued to expand their offering into the CeFi and DeFi sectors.
About i2c Inc.
i2c is a global provider of highly-configurable payment and banking solutions. Using i2c's proprietary "building block" technology, clients can easily create and manage a comprehensive set of solutions for credit, debit, prepaid, lending and more, quickly and cost-effectively. i2c delivers unparalleled flexibility, agility, security and reliability from a single global SaaS platform. Founded in 2001, and headquartered in Silicon Valley, i2c's next-generation technology supports millions of users in more than 200 countries/territories and across all time zones. For more information, visit www.i2cinc.com and follow us at @i2cinc. Contacts
Media Contacts:
Christine Alemany Chief Marketing Officer, i2c Inc. media@i2cinc.com
Lottie Wells Senior PR & Communications Manager, Wirex Lottie.wells@wirexapp.com
Bitwise Launches BITC, a New Type of Bitcoin-Linked ETF Designed for Long-Term Investors
The strategy, which leverages decades of research on commodities pricing, seeks to mitigate contango for long-term investors by investing selectively in bitcoin futures across the entire futures curve
SAN FRANCISCO--(BUSINESS WIRE)-- Bitwise Asset Management , one of the world’s leading crypto asset managers, today announced the launch of the Bitwise Bitcoin Strategy Optimum Roll ETF (ticker: BITC). The fund was built to offer investors regulated, professionally managed exposure to bitcoin with a unique design that minimizes pricing inefficiencies that can emerge in bitcoin-linked ETFs focused on front-month or near-month futures contracts.
Research shows that a front-month methodology, while desirable for traders with a short time horizon, can generate roll costs that significantly weigh on long-term performance. 1 BITC aims to address this challenge by using an “optimum roll” strategy that considers all available contracts and intelligently selects the contracts with the lowest level of contango (or the highest level of backwardation) in an effort to maximize long-term returns. 2
“Historically, optimum roll strategies in other asset classes, such as oil and natural gas futures, have outperformed strategies focused on front-month or near-month contracts over time,” said Bitwise CIO Matt Hougan. “We believe this same strategy can apply to the bitcoin futures market as it continues to deepen and evolve. With the Bitwise Bitcoin Strategy Optimum Roll ETF, we’re excited to cater to long-term-oriented investors looking for regulated vehicles to gain directional bitcoin exposure.”
Importantly, the fund’s structure as an SEC-regulated, “1940 Act” ETF will make bitcoin exposure available in a format overwhelmingly favored by financial professionals. A recent Bitwise/VettaFi survey of financial advisor attitudes toward crypto found that exchange-traded funds were the preferred method of crypto investing for 68% of advisors. Moreover, for tax reporting, the fund will issue a Form 1099 instead of the typically longer and more complex K-1.
“If there’s anything this past year has reinforced, it's that how you invest in crypto is as important as what you invest in,” said Bitwise CEO Hunter Horsley. “The Bitwise Bitcoin Strategy Optimum Roll ETF gives institutions, advisors, and their clients a professional, regulated solution for adding exposure to bitcoin returns while bypassing the risks of custodying bitcoin directly or investing through novel platforms.”
The custodian of the Bitwise Bitcoin Strategy Optimum Roll ETF is BNY Mellon and the fund’s distributor is Foreside Fund Services, LLC. The ETF is rebalanced monthly.
The launch of the Bitwise Bitcoin Strategy Optimum Roll ETF (ticker: BITC) is part of Bitwise’s broad suite of professional investment solutions for accessing the opportunities in the fast-evolving crypto market. Today, Bitwise’s suite of more than 20 products includes the Bitwise Crypto Industry Innovators ETF (ticker: BITQ), Bitwise Web3 ETF (ticker: BWEB), Bitwise 10 Crypto Index Fund (ticker: BITW), private placement funds, multi-strategy solutions, and separately managed accounts. The number of RIAs, advisor teams, family offices, and institutions that rely on Bitwise for their clients’ crypto exposure doubled in 2022 to over 1,500 firms, who navigate crypto with the support of Bitwise’s nationwide distribution and client service team .
For more information, visit www.bitcetf.com .
About Bitwise Asset Management
Based in San Francisco, Bitwise is one of the largest and fastest-growing crypto asset managers, offering both index and active strategies across a wide array of investment vehicles. The firm is known for creating the world’s largest crypto index fund (OTCQX: BITW) and a broad suite of products spanning Bitcoin, Ethereum, DeFi, NFTs, the Metaverse, and crypto-focused equity indexes. Bitwise focuses on partnering with financial advisors and investment professionals to provide quality education and research. The team at Bitwise combines expertise in technology with decades of experience in traditional asset management and indexing, coming from firms including BlackRock, Blackstone, Meta, and Google, as well as the U.S. Attorney’s Office. Bitwise is backed by leading institutional investors and asset management executives, and has been profiled in Institutional Investor, CNBC, Barron’s, Bloomberg, and The Wall Street Journal.
RISKS AND IMPORTANT INFORMATION
Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and additional information can be found in the Fund’s full or summary prospectus, which may be obtained by visiting www.BITCETF.com . Investors should read it carefully before investing.
Investing involves risk, including the possible loss of principal.
The Fund invests in Bitcoin Futures Contracts. The Fund does not invest directly in or hold bitcoin. As a result, the price of Bitcoin Futures Contracts should be expected to differ from the current cash price of bitcoin, which is sometimes referred to as the “spot” price of bitcoin. Consequently, the performance of the Fund should be expected to perform differently from the spot price of bitcoin. These differences could be significant.
Investors in the fund should be willing to accept a high degree of volatility in the price of the Fund’s shares and the possibility of significant losses. An investment in the fund involves a substantial degree of risk.
The market for Bitcoin Futures Contracts is still developing and may be subject to periods of illiquidity. During such times it may be difficult or impossible to buy or sell a position at the desired price.
Certain of the Fund’s investments may be subject to the risks associated with investing in blockchain technology. The risks associated with blockchain technology may not fully emerge until the technology is widely used. Blockchain systems could be vulnerable to fraud, particularly if a significant minority of participants colluded to defraud the rest. Because blockchain technology systems may operate across many national boundaries and regulatory jurisdictions, it is possible that blockchain technology may be subject to widespread and inconsistent regulation.
Currently, there are a limited number of publicly listed or quoted companies for which crypto assets and blockchain technology represent an attributable and significant revenue stream. This concentration in fewer companies may make the Fund more susceptible to adverse events that affect the Fund’s holdings more than the market as a whole.
The Fund is recently organized, giving prospective investors a limited track record on which to base their investment decision. Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.
Bitwise Investment Manager, LLC serves as the investment advisor of the fund. The Fund is distributed by Foreside Fund Services, which is not affiliated with Bitwise Investment Manager LLC, Bitwise, or any of its affiliates.
1 e, for example, Gomes, M. “Harvesting Commodity Curve Premiums Through Roll-Yield Differentials” Journal of Alternative Investments, 2015, 18 (2), pp.51-60; Erb, C., and C. Harvey “The Strategic and Tactical Value of Commodity Futures,” Financial Analysts Journal, 62 (2), (2006), pp. 69-97. 2 ntango refers to a scenario in which the futures price of a commodity is higher than the spot price, while backwardation is the opposite: when the futures price is lower than the spot price. Contacts
Frank Taylor/Ryan Dicovitsky Dukas Linden Public Relations Bitwise@DLPR.com
Miami NFT Week Announces Additional Speakers Highlighting Rapidly Growing Crypto Communities in Latin America
Timbaland, Baron Davis, Yu-kai Chou, Swan Sit, and Laura Rodriguez among the featured speakers scheduled to appear at the 3-day conference sponsored by Mastercard.
MIAMI--(BUSINESS WIRE)--Miami NFT Week – the biggest NFT gathering to hit the Web3 hub that is Southern Florida – has announced dozens of new speakers to its lineup. Together and alongside the three-day event agenda, these speakers further bolster the rapid growth of crypto-native communities and Latin America. The gathering is returning to the 305 to once again spearhead the innovation, creativity and imagination that form at the intersection of crypto and culture. Miami NFT Week will offer top-of-the-line networking, panels and an array of cultural discussions for the Latin America community.
This year, Miami NFT Week will feature speakers from all across the globe, including: Co-founder of Ape-In Productions and singer songwriter, Timbaland Entrepreneur, two-time NBA All-Star and investor Baron Davis The Miami Ape Co-Founder Laura Rodriguez Mastercard Senior Vice President Stefany Bello Metablox and Octalysis Founder Yu-kai Chou OneOf Co-Founder and CEO Lin Dai Decentral Founder and Ethereum Co-Founder Anthony Di Iorio Artisant Co-Founder Leila Ismailova Web3 Advisor and Creator, Swan Sit
"Miami NFT Week 2022 was my first introduction to a stage for crypto and Web3,” said Laura Rodriguez, Host and Co-Founder of The Miami Ape. “As a young female, I was trying to understand the space and my place in all of it. Following my participation at the conference, I knew my passion was this new emerging world and I started my company The Miami Ape shortly after. Without Miami NFT Week 2022, I would’ve never taken the chance at speaking in so many stages around the country and world. A year later I get to look back on the journey and stand up in front of everyone at Miami NFT Week 2023, as speaker, to share my story and hopefully inspire young women like me.”
Mastercard’s Senior Vice President Stefany Bello will join Laura and others on stage for a panel discussion titled “Latinos Vamos! The Power of Women LATAM Women!” featuring an important conversation surrounding the power of LATAM women. In addition, Mastercard is sponsoring four panels focused on LATAM and the growing LATAM crypto community. The four panels include: Aping into LATAM, Leveraging The Web3 Latin Network, Web3 perspective and startup opportunities from LATAM, and ¡Vamos! The Power of LATAM. Further, Mastercard’s Vice President, Blockchain and Digital Assets Eduardo Abreu and its Director, Brand Management, Innovation and Digital Marketing, Latin America and the Caribbean Marcus Carmo will be speaking on the panels to add their insights surrounding this ever evolving community.
Miami NFT Week is continuing to amplify its core messages through its focus on building opportunity for crypto-newcomers and individuals who are still trying to find their calling within the crypto-community, much like Laura was last year. These foundational ideas will be infused throughout the conference via its main pillars of culture, metaverse, enterprise, Web3 and community.
“We strive to offer a welcoming environment for all crypto enthusiasts - natives, newcomers and curious individuals alike,” said Erik LaPaglia, Miami NFT Week Co-Founder. “Crypto and Web3 are rapidly evolving and at Miami NFT Week, we are eager to help the community evolve with it. The testimonies that stemmed from last year’s conference were overwhelming and it’s always been our goal to be the most inclusive crypto event. This year, we are proud to continue with that same goal.”
In an effort to bring new innovators into the space, Miami NFT Week is hosting a group from NFT Kids featured in NFTKidsMagazine , the first-ever NFT publication for digital kid artists founded by 13 year old NFT artist and photographer Gemeidon. The kids, ranging from 7-15 years old, will have a booth at the conference to showcase their art, sign autographs and bring a fresh perspective to the space. To add to the fun, four of the kids - Christopher Lyons , Genesis Johnson , Brooklynn Bailey and Ariana Sabatino - will be speaking on panels over the weekend.
In addition to the diverse panel topics and networking opportunities, Miami NFT will also host a buildathon . This year’s contest, which is free to join, will provide an interactive environment where participants won’t just hear about industry-leading tools, artists, and founders; they’ll be able to interact with and build alongside them. There will be $25,000+ worth of prizes distributed to winning teams.
Visit Miami NFT Week to learn more about the buildathon as well as purchase tickets and view sponsorship opportunities.
ABOUT MIAMI NFT WEEK:
Miami NFT Week is one of the largest Web3 gatherings on the U.S. East Coast – featuring a global network of key industry founders, influencers and political leaders in the broader blockchain space – that builds bridges by way of blockchain and diverse communities. Contacts
Media Wachsman MiamiNFTWeekpress@wachsman.com
Mawson Infrastructure Group Inc. Schedules Fourth Quarter and Year End Results Webcast for 5:00 p.m. ET on March 23, 2023
SHARON, Pa. & SYDNEY, Australia--(BUSINESS WIRE)--Mawson Infrastructure Group Inc. (NASDAQ:MIGI) (“Mawson” or the “Company”), a digital infrastructure provider, today announced that the company has scheduled a webcast for March 23, 2023 at 5:00 p.m. Eastern Time, to discuss results for the fourth and year end of 2022.
A new Investor Presentation will be available on the website at www.mawsoninc.com prior to the call.
Conference Call Information:
Date: Thursday, March 23, 2023 Time: 5:00 p.m. Eastern Time Dial in Number for U.S. Callers: 1-877-407-4018 Dial in Number for International Callers: 1-201-689-8471 Please Reference Conference ID: 13736885
The call will also be accompanied live by webcast and will be accessible at: https://viavid.webcasts.com/starthere.jsp?ei=1602651&tp_key=79cc759589
To join the live conference call, please dial in to the above referenced telephone numbers five to ten minutes prior to the scheduled conference call time.
A replay will be available starting on March 23, 2023 at approximately 8:00 p.m. ET through April 6, 2023 at 11:59 P.M. ET. To access the replay, please dial 1-844-512-2921 in the U.S. and 1-412-317-6671 for international callers. The conference ID# is 13736885.
About Mawson Infrastructure
Mawson Infrastructure Group (NASDAQ: MIGI) is a digital infrastructure provider, with multiple operations throughout the USA and Australia. Mawson’s vertically integrated model is based on a long-term strategy to promote the global transition to the new digital economy. Mawson matches sustainable energy infrastructure with next-generation Mobile Data Center (MDC) solutions, enabling low-cost Bitcoin production and on-demand deployment of infrastructure assets. With a strong focus on shareholder returns and an aligned board and management, Mawson Infrastructure Group is emerging as a global leader in ESG focused Bitcoin mining and digital infrastructure.
For more information, visit: www.mawsoninc.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Mawson cautions that statements in this press release that are not a description of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as “expect,” “intend,” “plan,” “anticipate,” “believe,” and “will,” among others. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Mawson’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the possibility that Mawson’s need and ability to raise additional capital, the development and acceptance of digital asset networks and digital assets and their protocols and software, the reduction in incentives to mine digital assets over time, the costs associated with digital asset mining, the volatility in the value and prices of cryptocurrencies and further or new regulation of digital assets. More detailed information about the risks and uncertainties affecting Mawson is contained under the heading “Risk Factors” included in Mawson’s Annual Report on Form 10-K filed with the SEC on March 21, 2022, and Mawson’s Quarterly Report on Form 10-Q filed with the SEC on August 22, 2022, November 14, 2022 and in other filings Mawson has made and may make with the SEC in the future. One should not place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Mawson undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law. Contacts
Investor Contact: Brett Maas 646-536-7331 brett@haydenir.com www.haydenir.com
Deutsche Bank Appointed as Depositary Bank for the Sponsored American Depositary Receipt Program of Intchains Group Limited
NEW YORK--(BUSINESS WIRE)--Deutsche Bank announced today its appointment as depositary bank for the NASDAQ-listed American Depositary Receipt program of Intchains Group Limited.
Intchains Group Limited (NASDAQ: ICG) is a provider of integrated solutions consisting of high-performance application specific integrated circuits (ASIC) chips and ancillary software and hardware for blockchain applications.*
In addition to specializing in administering cross-border equity structures such as New York Shares and American and Global Depositary Receipts, Deutsche Bank provides corporates, financial institutions, hedge funds and supranational agencies around the world with trustee, agency, escrow and related services. Deutsche Bank offers a very broad range of services for diverse products, from complex securitizations and project finance to syndicated loans, debt exchanges and restructurings.
* This information was provided by Intchains Group Limited ( March 2023). Depositary Receipt Information Country Cayman Islands incorporated holding company with operations conducted by subsidiaries in China Custodian Bank Deutsche Bank AG, Hong Kong Branch Effective Date March 20, 2023 Level III ADR CUSIP 45828E 104 ISIN US45828E1047 Symbol ICG Exchange NASDAQ Current Ratio 1 ADS: 2 Class A Ordinary shares Eligibility DTC Depositary Receipt Contacts New Business Development William Ng Tel: +852 2203 7889 www.adr.db.com Markets Distribution adr@db.com London Tel: +44 (0) 20 7547 6500 gtb.db.com New York Tel: +1 212 250 9100
Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.
The Depositary Receipts have been registered pursuant to the US Securities Act of 1933 (the "Act"). The investment or investment service which is the subject of this notice is not available to retail clients as defined by the UK Financial Conduct Authority. This notice has been approved and/or communicated by Deutsche Bank AG New York. The services described in this notice are provided by Deutsche Bank Trust Company Americas (Deutsche Bank) or by its subsidiaries and/or affiliates in accordance with appropriate local registration and regulation. Deutsche Bank is providing the attached notice strictly for information purposes and makes no claims or statement, nor does it warrant or in any way represent, as to the accuracy or completeness of the details contained herein or therein. This announcement appears as a matter of record only. Neither this announcement nor the information contained herein constitutes an offer or solicitation by Deutsche Bank or any other issuer or entity for the purchase or sale of any securities nor does it constitute a solicitation to any person in any jurisdiction where solicitation would be unlawful. No part of this notice may be copied or reproduced in any way without the prior written consent of Deutsche Bank. Past results are not an indication of future performance. Copyright© March 2023 Deutsche Bank AG. All rights reserved. Contacts
For further information: Dylan Riddle Deutsche Bank AG Press & Media Relations Tel. +12122504982 Cell. +1(904)3866481 Email dylan.riddle@db.com
TeraWulf Announces it Has Deployed BITMAIN Miners at the Nuclear-Powered Nautilus Facility
EASTON, Md.--(BUSINESS WIRE)-- $WULF #Bitcoin --TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, domestic Bitcoin mining facilities powered by more than 91% zero-carbon energy, today announced that the Company is deploying solely BITMAIN Technologies Ltd. (“BITMAIN”) manufactured mining equipment to fill its 50 MW of capacity at the nuclear-powered Nautilus bitcoin mining facility.
The Nautilus facility represents the first behind-the-meter bitcoin mining facility of its kind, directly sourcing reliable, carbon-free, 24x7 baseload power from the 2.5 GW Susquehanna nuclear generation station in Pennsylvania. TeraWulf recently commenced mining operations at Nautilus and expects its full share in phase one of the facility – 50 MW and 1.9 EH/s – to be online by May. The Company has the option to add an additional 50 MW of bitcoin mining capacity at the Nautilus facility, for a total of 100 MW, which TeraWulf plans to deploy in future phases.
TeraWulf purposefully paired BITMAIN’s industry leading, latest generation bitcoin miners with Nautilus’s uninterrupted, fixed 2-cent nuclear power to deliver maximum margins all hours of the year. The Company is deploying a combination of BITMAIN miners including their S19 XP Pro miners, which have a processing power of 140 TH/s and energy consumption of 3 kW, for an efficiency rate of 21.5 J/TH, as well as S19j Pro and S19 Pro miners, which have a processing power of 100 TH/s and energy consumption of approximately 3 kW, for an efficiency rate of 30 J/TH.
“BITMAIN’s carbon neutral strategy and best-in-class mining equipment make BITMAIN an ideal partner to scale our zero-carbon digital infrastructure at Nautilus,” said Paul Prager, Chairman and CEO of TeraWulf. “I am very pleased to note that the roughly 8,000 BITMAIN miners energized thus far at Nautilus have been stable and operating efficiently.”
In addition to ramping its 50-MW stake in the Nautilus facility, TeraWulf is currently expanding mining operations at its wholly owned Lake Mariner facility in New York with the addition of Building 2, which is expected to increase the facility’s operational capacity from 60 MW to 110 MW. Across its two sites, the Company expects to have a total operational capacity of 50,000 miners (5.5 EH/s) in early Q2 2023, representing approximately 160 MW of mining infrastructure.
“The energization of the nuclear-powered Nautilus facility marks a key milestone for TeraWulf as they rapidly scale their self-mining operations. The high performance and low energy consumption of our BITMAIN miners represent the perfect complement to TeraWulf’s sustainable and low-cost mining business. We look forward to continuing our long-lasting partnership with TeraWulf,” commented Xmei Lin, President of Mining at BITMAIN. “BITMAIN’s guiding principles in business partnerships are mutually beneficial, long-lasting, and sustainable. Our strategic relationship with TeraWulf represents these core values.”
At the Lake Mariner facility in New York, which also utilizes BITMAIN machines, TeraWulf has effectively leveraged BITMAIN’s economy mode management interface (“E-Mode”) to operate miners safely and efficiently through extreme weather events. Operating BITMAIN miners in E-Mode reduces their heat generation, which allows operators to slow down fans and close dampers, thereby protecting the electrical infrastructure from moisture infiltration during seasonal storms.
About TeraWulf
TeraWulf (Nasdaq: WULF) owns and operates vertically integrated, environmentally clean Bitcoin mining facilities in the United States. Led by an experienced group of energy entrepreneurs, the Company currently has two bitcoin mining facilities: the wholly owned Lake Mariner facility in New York, and Nautilus Cryptomine facility in Pennsylvania, a joint venture with Cumulus Coin, LLC. TeraWulf generates domestically produced Bitcoin powered by 91% nuclear, hydro, and solar energy with a goal of utilizing 100% zero-carbon energy. With a core focus on ESG that ties directly to its business success, TeraWulf expects to offer attractive mining economics at an industrial scale.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of Bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in Bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (8) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (9) employment workforce factors, including the loss of key employees; (10) litigation relating to TeraWulf, RM 101 Inc. (f/k/a IKONICS Corporation) and/or the business combination; (11) the ability to recognize the anticipated objectives and benefits of the business combination; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov . Contacts
Sandy Harrison harrison@terawulf.com (410) 770-9500
Web3 Gaming Studio Shrapnel Chooses Bitwave to Streamline Its Crypto Accounting Operations
Bitwave helps Shrapnel simplify its finance operations to ensure focus on innovation in the Web3 gaming industry
SAN FRANCISCO--(BUSINESS WIRE)-- Bitwave , the first enterprise-focused digital asset finance platform designed to manage the intersection of cryptocurrency tax, accounting, and compliance, announced today that it is working with Shrapnel to help the Web3 Gaming Studio streamline its financial operations.
Shrapnel is the first AAA web3 gaming studio, known for pushing the boundaries of innovation in their industry. Shrapnel's vision to develop the first competitive, multiplayer FPS that allows ownership and transferability of Player-Created Content, is made possible with the use of blockchain technology. But, with the introduction of digital assets, the team was faced with a number of new accounting and compliance complexities.
“At Shrapnel, we believe that a frictionless user experience is a key element of success for any game – and we try to bring that same operational model to our internal teams,” said Shrapnel CEO Mark Long. “Our COO chose Bitwave because it is the industry leader and best-in-class solution for web3 accounting,” said Tina Russell, Shrapnel Finance Controller.
Bitwave helped Shrapnel create a sustainable GAAP accounting process, reduced manual data entry, and mitigated the risk of error. Bitwave was also key to helping Shrapnel manage its day-to-day financial operations by establishing a solid fiscal reporting foundation.
“Shrapnel truly understands the value of blockchain-based ownership and interoperability for gaming – and Bitwave is thrilled to enable these new technologies with a custom, streamlined finance stack,” said Bitwave Co-Founder and COO Amy Kalnoki. “With on-chain game transactions reaching 7.4 billion last year – and accounting for almost 50% of all dapp activity – the game studios of tomorrow are investing in the right tools for their businesses today,” said Kalnoki.
Bitwave’s implementation team worked closely with Shrapnel's finance team and Head of Blockchain to ensure a successful deployment. “It was a highly collaborative process,” says Shrapnel Finance Controller, Tina Russell. The teams worked together to identify all on-chain wallets and their values. Then, they built an integrated transaction with data from FireBlocks and Coinbase to ensure reporting was consistent between QuickBooks and Bitwave.
“Bitwave makes it easy to view and understand our digital asset inventories – especially when it comes to wallet management,” said Russell.
Today, Bitwave is integrated with over 25 blockchains to support the bookkeeping and accounting needs of enterprise projects – from crypto-native DeFi protocols and GameFi studios to crypto-forward companies exploring on-chain use cases.
Bitwave is also a member of the Blockchain Game Alliance (BGA), a leading voice for the blockchain gaming industry, working to advance and promote its development and growth.
Bitwave is proud to sponsor the Game Developers Conference (GDC), March 20-24, 2023, in San Francisco, California. Bitwave CEO and Co-Founder Pat White will be hosting a session that dives into the latest on-chain game transaction trends and provides a practical guide for easing the complexity of digital asset accounting.
For more information on Bitwave, please contact info@bitwave.io or visit www.bitwave.io .
For further details about Shrapnel, visit www.shrapnel.com .
About Shrapnel:
Shrapnel, the first AAA web3 gaming studio, is a Seattle-based organization composed of gaming and blockchain experts that have produced major franchises, won over 40 entertainment awards, and reached over 100 million fans. Their vision is to create the first competitive multiplayer FPS that allows players to create, own, and trade their Player-Created Content. Recently, they were awarded "Most Anticipated Game" and "Best Game Trailer" by Web3 Gamer .
About Bitwave:
Bitwave is the first enterprise-focused digital asset finance platform designed to manage the intersection of tax, accounting, and compliance for cryptocurrency, DeFi, and NFTs. Bitwave is purpose-built to help finance and accounting professionals mitigate the challenges of operating with digital assets with robust functionality, including everything from bookkeeping to AR/AP, bill pay, treasury management, and more. The firm was founded in 2018 by technology entrepreneurs Pat White and Amy Kalnoki and is based in San Francisco, CA. In 2022, Bitwave received a $15M Series A funding raise backed by Hack VC, Blockchain Capital, and Signal Fire to expand its crypto accounting software. To learn more, visit bitwave.io Contacts
Jean Natalina KCD PR Bitwave@kcdpr.com 619-203-6222
WisdomTree Adopts Limited Duration Stockholder Rights Plan
Stockholders to Vote on Rights Plan at 2023 Annual Meeting
NEW YORK--(BUSINESS WIRE)--WisdomTree, Inc. (NYSE: WT) (“WisdomTree” or the “Company”), a global financial innovator, today announced that its Board of Directors (the “Board”) adopted a limited duration stockholder rights plan (the “rights plan”).
The rights plan is intended to protect WisdomTree and its stockholders from efforts by a single stockholder or group of stockholders to obtain control of WisdomTree without paying a control premium. The rights plan is similar to other rights plans adopted by publicly held companies and is intended to promote the fair and equal treatment of all stockholders and to allow stockholders to realize the long-term value of their investment.
The rights plan is substantially similar to the rights plan that the Company adopted last year, and provides several recognized stockholder protections, including the following: The rights plan will automatically expire on the day after the Company’s 2023 Annual Meeting of Stockholders (“2023 Annual Meeting”), unless approved by stockholders at the 2023 Annual Meeting, in which case it will expire in one year, on March 16, 2024; The rights will be exercisable only if any person (or any persons acting as a group) acquires 10% (or 20% in the case of passive stockholders) or more of the Company’s outstanding common stock; The rights plan has an exception for offers made for all shares of the Company that treat all stockholders equally, including a qualifying offer clause that provides stockholders the ability to call a special meeting for purposes of exempting a “qualifying offer;” The rights plan does not contain any dead-hand, slow-hand, no-hand or similar features that would limit the ability of a future board of directors to redeem the rights; and The rights plan does not preclude the Board from considering an offer that recognizes the full value of the Company.
Additional Information on Stockholder Rights Plan
Pursuant to the rights plan, WisdomTree declared a dividend distribution of one preferred share purchase right on each outstanding share of the Company’s common stock and 1,000 preferred share purchase rights on each outstanding share of the Company’s Series A Non-Voting Convertible Preferred Stock. The record date for the dividend distribution is March 28, 2023. Initially, the rights will not be exercisable and will trade with the shares of WisdomTree common stock and Series A Preferred Stock. The rights generally will become exercisable if a person or group becomes an “acquiring person” by acquiring 10% (or 20% in the case of passive stockholders) or more of the common stock of WisdomTree (which includes stock subject to a derivative transaction or an acquired derivative security) or if a person or group commences a tender offer that could result in that person or group becoming an “acquiring person.” If a person or group becomes an “acquiring person,” each holder of a right (other than the acquiring person) would be entitled to purchase, at the then-current exercise price, such number of shares of common stock (or, subject to the terms of the rights plan, shares of preferred stock that are equivalent to shares of WisdomTree common stock) having a value of twice the exercise price of the right. If WisdomTree is acquired in a merger or other business combination transaction after any such event, each holder of a right would then be entitled to purchase, at the then-current exercise price, shares of the acquiring company’s common stock having a value of twice the exercise price of the right.
A person or group who beneficially owned 10% or more (or 20% or more in the case of passive stockholders) of WisdomTree’s outstanding common stock prior to the first public announcement by WisdomTree of the adoption of the rights plan will not trigger the rights plan so long as they do not acquire beneficial ownership of any additional shares of common stock at a time when they still beneficially own 10% or more (or 20% or more in the case of passive stockholders) of such common stock, subject to certain exceptions as set forth in the rights plan.
The rights plan will expire on the day after the 2023 Annual Meeting, unless approved by stockholders at the 2023 Annual Meeting, in which case it will expire in one year, on March 16, 2024. The date of the 2023 Annual Meeting has not yet been announced. The rights plan contains a qualifying offer clause that provides stockholders the ability to call a special meeting for purposes of exempting a “qualifying offer.”
Further details about the rights plan will be contained in a Current Report on Form 8-K and in a Registration Statement on Form 8-A that WisdomTree will file with the U.S. Securities and Exchange Commission (“SEC”).
Advisors
BofA Securities is serving as financial advisor, and Goodwin Procter LLP is serving as legal counsel to WisdomTree. Innisfree M&A is serving as proxy solicitor and H/Advisors Abernathy is serving as strategic communications advisor.
About WisdomTree
WisdomTree is a global financial innovator, offering a well-diversified suite of exchange-traded products (ETPs), models and solutions. We empower investors to shape their future and support financial professionals to better serve their clients and grow their businesses. WisdomTree is leveraging the latest financial infrastructure to create products that provide access, transparency and an enhanced user experience. Building on our heritage of innovation, we are also developing next-generation digital products and structures, including digital funds and tokenized assets, as well as our blockchain-native digital wallet, WisdomTree Prime™.
WisdomTree currently has approximately $87.0 billion in assets under management globally.
WisdomTree ® is the marketing name for WisdomTree, Inc. and its subsidiaries worldwide.
Cautionary Statement Regarding Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the anticipated benefits and expected consequences of the rights plan that WisdomTree has adopted. Such statements are identified by use of the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “should,” and similar expressions. Any forward-looking statements contained herein are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those indicated, including, but not limited to, the effectiveness of the rights plan in providing the Board of Directors with time to make informed decisions that are in the best long-term interests of WisdomTree and its stockholders, and other risk factors discussed from time to time in our filings with the SEC, including those factors discussed under the caption “Risk Factors” in our most recent annual report on Form 10-K, filed with the SEC on February 28, 2023, and in subsequent reports filed with or furnished to the SEC. WisdomTree assumes no obligation and does not intend to update these forward-looking statements, except as required by law, to reflect events or circumstances occurring after today’s date.
Important Additional Information and Where to Find It
WisdomTree intends to file a proxy statement on Schedule 14A, an accompanying WHITE proxy card and other relevant documents with the SEC in connection with such solicitation of proxies from WisdomTree stockholders for WisdomTree’s 2023 Annual Meeting. WISDOMTREE STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ WISDOMTREE’S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), ACCOMPANYING WHITE PROXY CARD, AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and stockholders may obtain a copy of the definitive proxy statement, an accompanying WHITE proxy card, any amendments or supplements to the definitive proxy statement and other documents that WisdomTree files with the SEC at no charge at the SEC’s website at www.sec.gov . Copies will also be available at no charge at the “SEC Filings” section of WisdomTree’s Investor Relations website at http://ir.wisdomtree.com/ or by contacting Jeremy Campbell, Head of Investor Relations, at jeremy.campbell@wisdomtree.com , as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.
Certain Information Regarding Participants in the Solicitation
WisdomTree, its directors and certain of its executive officers may be deemed participants in the solicitation of proxies from WisdomTree stockholders by WisdomTree in connection with matters to be considered at WisdomTree’s 2023 Annual Meeting. Information regarding the direct and indirect interests, by security holdings or otherwise, of WisdomTree’s directors and executive officers, in WisdomTree is included in WisdomTree’s definitive proxy statement on Schedule 14A for its 2022 annual meeting of stockholders, filed with the SEC on June 10, 2022, WisdomTree’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 28, 2023, and in WisdomTree’s Current Reports on Form 8-K filed with the SEC from time to time. Changes to the direct or indirect interests of WisdomTree’s directors and executive officers are set forth in SEC filings on Initial Statements of Beneficial Ownership of Securities on Form 3, Statements of Changes in Beneficial Ownership on Form 4 and Annual Statements of Changes in Beneficial Ownership of Securities on Form 5. These documents are available free of charge as described above. Updated information regarding the identities of potential participants and their direct or indirect interests, by security holdings or otherwise, in WisdomTree will be set forth in WisdomTree’s definitive proxy statement for WisdomTree’s 2023 Annual Meeting and other relevant documents to be filed with the SEC, if and when they become available.
Category: Business Update Contacts
Investor Relations WisdomTree, Inc. Jeremy Campbell +1.646.522.2602 jeremy.campbell@wisdomtree.com
or
Innisfree M&A Incorporated Scott Winter / Jonathan Salzberger +1.212.750.5833 swinter@innisfreema.com / jsalzberger@innisfreema.com
Media Relations WisdomTree, Inc. Jessica Zaloom +1.917.267.3735 jzaloom@wisdomtree.com
or
H/Advisors Abernathy Jeremy Jacobs / Dana Gorman +1 202.774.5600 / +1.212.371.5999 jeremy.jacobs@h-advisors.global / dana.gorman@h-advisors.global
MetaWin.com Launches an Unprecedented 150 ETH Giveaway in a Free-to-Enter Blockchain-Based Competition
The groundbreaking on-chain competition, open 24/7, allows participants to connect their Web3 wallets to enter for a chance to win big.
LONDON--(BUSINESS WIRE)-- MetaWin.com , an innovative blockchain-based platform, has announced a remarkable free-to-enter competition, offering a jaw-dropping prize of 150 Ether (ETH) / $250,000 to one lucky winner. The competition is open to everyone, making it one of the most inclusive and lucrative events in the blockchain industry. Participants can enter for free by connecting their web3 wallets and following the straightforward instructions on the MetaWin website.
The competition is not only unique for its generous prize but also for its on-chain nature. MetaWin.com utilizes the Ethereum blockchain to ensure the competition is transparent, secure, and decentralized. This cutting-edge approach guarantees that the entire process, from entry to the final winner selection, takes place on the Ethereum network, providing an unparalleled level of trust and fairness.
Open 24/7, the competition will run until May 16th, 2023, when one fortunate participant will walk away with the colossal 150 ETH prize. The platform has already been operating for six months and has proven itself as a one-of-a-kind service within the blockchain industry.
MetaWin.com 's competition is set to attract widespread attention from both crypto enthusiasts and newcomers alike. The ease of entry, combined with the free-to-enter aspect, ensures that everyone has an opportunity to participate and possibly win this life-changing prize.
For those who want to try their luck and potentially secure a substantial reward, the competition is just a few clicks away. Simply visit MetaWin.com , connect your web3 wallet, and follow the instructions to enter. Don't miss this extraordinary chance to participate in the groundbreaking on-chain competition and potentially win a staggering 150 ETH!
About MetaWin.com :
MetaWin.com is a pioneering blockchain-based platform that specializes in offering unique, decentralized, and transparent competitions with generous prizes. Launched six months ago, the platform has already carved out a niche for itself within the industry, attracting attention from 60,000 crypto enthusiasts worldwide. MetaWin.com 's on-chain approach sets it apart from competitors and ensures a seamless, secure, and fair experience for all participants, with automatic transfer of NFT and Eth prizes.
For more information, visit https://www.metawin.com . Contacts
For press inquiries, contact: press@metawin.inc
For CFOs, Paystand Adds New Treasury Offerings for Managing Cash in the Wake of Bank Failure
In response to the collapse of Silicon Valley Bank, Paystand’s blockchain-enabled payment network delivers a suite of new solutions for finance teams to better manage, control, and access their cash at all times.
SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--On Thursday, March 9, 2023, tens of thousands of companies who had all of their assets in Silicon Valley Bank (SVB) accounts went into a state of panic. Cash they depended on to make payroll and pay critical bills disappeared, as the 16th largest bank in the United States by assets defaulted.
On Friday, March 10, SVB account holders found their cash frozen and unavailable. And numerous applications that non-SVB companies depend on for accounts payable, payroll and cash management also went into a frenzy given their reliance on their central banking infrastructure. In light of this calamity, businesses around the country are increasingly worried about the security and availability of their funds in U.S. bank accounts.
The collapse of SVB reflects an endemic risk within the U.S. central banking system. Banks are single points of failure and ultimately customers do not control their deposits. If a bank becomes insolvent, all of their customer deposits are insolvent too.
The SVB Crisis and How Businesses Can Deal
Now, every business--former SVB client or not--is worried about how to protect their cash flow and treasury against this risk so that they can continue to make payroll, pay vendors, get paid, and grow.
Today Paystand, the leading blockchain-enabled B2B payment network, announces a new suite of AR and AP tools designed to help businesses manage their full cycle treasury and to better optimize their cash flow under any set of market conditions: Smart Treasury Management for Accounts Receivable. Businesses can route their receivables automatically as they come in, directing the funds to the bank accounts they deem appropriate. By enabling deposit routing between unlimited banks and financial networks, CFOs can more easily diversify AR Deposits and Treasury Sweeping between multiple institutions and maximize the FDIC insurance benefits they offer. Instant bill pay using AR funds; no need to interact with bank accounts. As receivables come in, merchants can immediately direct their funds to their DeFi Cards without leaving the Paystand Network. They can use their cards to seamlessly pay vendors and manage operating expenses without the risk, delay or friction associated with first settling to a bank. Merchants earn 1% back in bitcoin on every purchase with DeFi Cards.
“The SVB situation exposes a risk in banking that few paid attention to. CFOs should not have to worry about the integrity of their financial infrastructure,” said Jeremy Almond, co-founder and CEO, Paystand. “Paystand, with its decentralized payment network operating on the blockchain, gives CFOs a better solution to collecting, accessing and managing their funds no matter what. These new tools reinforce our commitment to transforming the financial network for businesses around the world.”
In light of these events, the question for companies is now what? Practically every business leader is thinking about how they receive, store and send cash. The decentralized Paystand Network transforms the way merchants transmit and manage money. Network transactions are zero-fee, settle within one banking day, and are automated with smart AR and AP accounting tools. These new treasury and cash flow tools are available now, and businesses can sign up directly at Paystand.com .
About Paystand
Paystand is on a mission to create a more open commercial finance system, starting with a zero-fee network for B2B payments. Paystand is the largest B2B receivables, payables and payments network running on a commercial blockchain. Paystand makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue. The AR/AP solutions are designed for both U.S. and LATAM businesses of all sizes. For more information about Paystand, visit us at paystand.com . Follow our blog , and connect with us on Twitter and LinkedIn . Contacts
Erica Zeidenberg PR for Paystand erica@hottomato.net 925-518-8159
CI Global Asset Management Announces March 2023 Distributions for CI ETFs
NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
TORONTO--(BUSINESS WIRE)-- $CIX #CIFinancial -- CI Global Asset Management (“CI GAM”) announces the following regular cash distributions for the month or quarter ending March 31, 2023 in respect of the CI ETFs. In all cases, the distribution will be paid on or before March 31, 2023 to unitholders of record on March 27, 2023. The ex-dividend date for all ETFs is March 24, 2023, with the exception of CI High Interest Savings ETF, which has an ex-dividend date of March 27, 2023. Trading Symbol Distribution Amount (per unit) CI 1-5 Year Laddered Government Strip Bond Index ETF BXF $0.0524 CI Yield Enhanced Canada Aggregate Bond Index ETF CAGG $0.1081 CI Yield Enhanced Canada Short-Term Aggregate Bond Index ETF CAGS $0.0914 CI Galaxy Blockchain ETF CBCX $0.0113 CI Digital Security ETF CBUG $0.0000 CI Canadian Equity Index ETF CCDN $0.1265 CI Auspice Broad Commodity ETF CCOM $0.5700 CI DoubleLine Core Plus Fixed Income US$ Fund (ETF Series) CCOR $0.0470 CCOR.B $0.0464 CCOR.U US$0.0481 CI DoubleLine Total Return Bond US$ Fund (ETF Series) CDLB $0.0572 CDLB.B $0.0569 CDLB.U US$0.0577 CI Bio-Revolution ETF CDNA $0.1870 CI MSCI World ESG Impact ETF CESG $0.0991 CESG.B $0.0991 CI Floating Rate Income Fund (ETF Series) CFRT $0.0861 CI Global Asset Allocation Private Pool (ETF Series) CGAA $0.0501 CI Global Bond Currency Neutral Fund (ETF Series) CGBN $0.0501 CI Global Minimum Downside Volatility Index ETF CGDV $0.0328* CGDV.B $0.0326* CI Global High Yield Credit Private Pool (ETF Series) CGHY $0.0413 CGHY.U US$0.0415 CI Global Investment Grade ETF CGIN $0.0540 CGIN.U US$0.0540 CI Global Real Asset Private Pool (ETF Series) CGRA $0.0770 CI Global Green Bond Fund (ETF Series) CGRB $0.0184 CGRB.U US$0.0180 CI Global REIT Private Pool (ETF Series) CGRE $0.0860 CI Global Sustainable Infrastructure Fund (ETF Series) CGRN $0.0500 CGRN.U US$0.0500 CI Gold+ Giants Covered Call ETF CGXF $0.2111 CGXF.U US$0.1614 CI Global Healthcare Leaders Index ETF CHCL.B $0.0283 CI ICBCCS S&P China 500 Index ETF CHNA.B $0.0584 CI Canadian Banks Covered Call Income Class ETF CIC $0.2000 CI Emerging Markets Alpha ETF CIEM $0.0242 CIEM.U US$0.0176 CI DoubleLine Income US$ Fund (ETF Series) CINC $0.0940 CINC.B $0.0919 CINC.U US$0.0938 CI Global Infrastructure Private Pool (ETF Series) CINF $0.0690 CI Global Alpha Innovation ETF CINV $0.0000 CINV.U US$0.0000 CI Munro Alternative Global Growth Fund (ETF Series) CMAG $0.0000 CMAG.U US$0.0000 CI Marret Alternative Absolute Return Bond Fund (ETF Series) CMAR $0.0670 CMAR.U US$0.0670 CI Alternative Diversified Opportunities Fund (ETF Series) CMDO $0.0640 CMDO.U US$0.0640 CI Marret Alternative Enhanced Yield Fund (ETF Series) CMEY $0.0720 CMEY.U US$0.0720 CI Galaxy Metaverse ETF CMVX $0.0228 CI Alternative North American Opportunities Fund (ETF Series) CNAO $0.0000 CNAO.U US$0.0000 CI Alternative Investment Grade Credit Fund (ETF Series) CRED $0.0500 CRED.U US$0.0500 CI High Interest Savings ETF CSAV $0.2130 CI U.S. Treasury Inflation-linked Bond Index ETF (CAD Hedged) CTIP $0.0000 CI U.S. Minimum Downside Volatility Index ETF CUDV $0.0515* CUDV.B $0.0528* CI U.S. 500 Index ETF CUSA.B $0.0670 CI U.S. 1000 Index ETF CUSM.B $0.0248 CI Utilities Giants Covered Call ETF CUTL $0.1154* CUTL.B $0.1165* CI Canadian Convertible Bond ETF CXF $0.0400 CI WisdomTree U.S. Quality Dividend Growth Index ETF DGR $0.1380 DGR.B $0.1380 CI WisdomTree Canada Quality Dividend Growth Index ETF DGRC $0.1686 CI WisdomTree U.S. Quality Dividend Growth Variably Hedged Index ETF DQD $0.1244 CI WisdomTree International Quality Dividend Growth Variably Hedged Index ETF DQI $0.0158 CI WisdomTree Europe Hedged Equity Index ETF EHE $0.0000 EHE.B $0.0000 CI WisdomTree Emerging Markets Dividend Index ETF EMV.B $0.0639 CI Short Term Government Bond Index Class ETF FGB $0.0312 CI Enhanced Government Bond ETF FGO $0.0411 FGO.U US$0.0411 CI Health Care Giants Covered Call ETF FHI $0.1147 FHI.B $0.1253 FHI.U US$0.0963 CI Investment Grade Bond ETF FIG $0.0320 FIG.U US$0.0248 CI U.S. & Canada Lifeco Covered Call ETF FLI $0.1632 CI Preferred Share ETF FPR $0.0768 CI MSCI Canada Quality Index Class ETF FQC $0.1232 CI Enhanced Short Duration Bond Fund (ETF Series) FSB $0.0320 FSB.U US$0.0320 CI Global Financial Sector ETF FSF $0.0412 CI Morningstar Canada Value Index ETF FXM $0.0964 CI WisdomTree International Quality Dividend Growth Index ETF IQD $0.0404 IQD.B $0.0404 CI WisdomTree Japan Equity Index ETF JAPN $0.0388 JAPN.B $0.0388 CI Energy Giants Covered Call ETF NXF $0.1474 NXF.B $0.1792 NXF.U US$0.2298 CI ONE North American Core Plus Bond ETF ONEB $0.0950 CI ONE Global Equity ETF ONEQ $0.0683 CI Morningstar National Bank Québec Index ETF QXM $0.0530 CI Canadian REIT ETF RIT $0.0675 CI MSCI Europe Low Risk Weighted ETF RWE $0.0250 RWE.B $0.0250 CI MSCI World Low Risk Weighted ETF RWW $0.1400 RWW.B $0.1400 CI MSCI International Low Risk Weighted ETF RWX $0.1500 RWX.B $0.1500 CI U.S. TrendLeaders Index ETF SID $0.0269 CI Tech Giants Covered Call ETF TXF $0.3910 TXF.B $0.4751 TXF.U US$0.2065 CI WisdomTree U.S. MidCap Dividend Index ETF UMI $0.1312 UMI.B $0.1312 CI Morningstar International Value Index ETF VXM $0.0359 VXM.B $0.0359 CI Morningstar Canada Momentum Index ETF WXM $0.1037 CI Morningstar US Value Index ETF XXM $0.0177 XXM.B $0.0177 CI Morningstar US Momentum Index ETF YXM $0.0000 YXM.B $0.0000 CI Morningstar International Momentum Index ETF ZXM $0.0593 ZXM.B $0.0593
* – This is the initial cash quarterly distribution for the Fund.
Supporting Investors’ Needs
Stay in the market, minimize costs, and take advantage of a smart, simple and efficient feature designed to support investors’ needs. The CI Distribution Reinvestment Plan (DRIP) will automatically reinvest cash distributions into the CI ETF making the distribution. All of the distributions indicated in the table above will be paid in cash unless the unitholder has enrolled in the applicable DRIP of the respective ETF. For more information on how to enroll in DRIP and other considerations, please see the applicable ETF’s prospectus.
About CI Global Asset Management
CI Global Asset Management is one of Canada’s largest investment management companies. It offers a wide range of investment products and services and is on the web at www.ci.com . CI Global Asset Management is a subsidiary of CI Financial Corp. (TSX: CIX), an integrated global asset and wealth management company with $391.6 billion in total assets as of January 31, 2023.
This communication is intended for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase exchange-traded funds (ETFs) managed by CI Global Asset Management and is not, and should not be construed as, investment, tax, legal or accounting advice, and should not be relied upon in that regard. Individuals should seek the advice of professionals, as appropriate, regarding any particular investment. Investors should consult their professional advisors prior to implementing any changes to their investment strategies. These investments may not be suitable to the circumstances of an investor. Some conditions apply.
Commissions, management fees and expenses all may be associated with an investment in ETFs. You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on recognized Canadian exchanges. If the units are purchased or sold on these Canadian exchanges, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them. Please read the prospectus before investing. Important information about an exchange-traded fund (ETF) is contained in its prospectus. ETFs are not guaranteed; their values change frequently and past performance may not be repeated.
CI Liquid Alternative investment funds have the ability to invest in asset classes or use investment strategies that are not permitted for conventional mutual funds. The specific strategies that differentiate these investment funds from conventional fund structure include increased use of derivatives for hedging and non-hedging purposes; increased ability to sell securities short; and the ability to borrow cash to use for investment purposes. While these strategies will be used in accordance with the investment funds' investment objectives and strategies, during certain market conditions they may accelerate the pace at which your investment decreases in value.
MSCI is a trademark of MSCI Inc. The MSCI indexes have been licensed for use for certain purposes by CI Global Asset Management (“CI GAM”) in connection with the CI ETFs (the “ETFs”). The ETF and the securities referred to herein are not sponsored, endorsed or promoted by MSCI Inc. or any of its affiliates (collectively, “MSCI”) and MSCI bears no liability with respect to any such fund or securities or any index on which such fund or securities are based. The ETF’s prospectus contains a more detailed description of the limited relationship MSCI has with CI GAM and any related funds.
“ Morningstar® is a registered trademark of Morningstar, Inc. (“Morningstar”) Morningstar® Canada Momentum Index TM (the “Index”) is a service mark of Morningstar and has been licensed for use for certain purposes by CI Global Asset Management (“CI GAM”). The securities of each CI Morningstar ETFs (the “ETFs”) are not in any way sponsored, endorsed, sold or promoted by Morningstar or any of its affiliates (collectively, ‘‘Morningstar’’), and Morningstar makes no representation or warranty, express or implied regarding the advisability of investing in securities generally or in the ETFs particularly or the ability of the Index to track general market performance”.
Marret Asset Management Inc., One Capital Management, LL.C, DoubleLine Capital LP, are portfolio sub-advisors to certain funds offered and managed by CI Global Asset Management.
CI Global Asset Management is a registered business name of CI Investments Inc.
©CI Investments Inc. 2023. All rights reserved. Contacts
Murray Oxby Vice-President, Corporate Communications CI Global Asset Management 416-681-3254 moxby@ci.com
AdvisorEngine® Releases Newest Issue of Action! Magazine, Featuring Insights From Dozens of Independent Investment Advisors, Firms, Technology and Practice Management Experts
Free industry resource focuses on practical tips for wealth management professionals in five categories, including revenue growth and operational excellence
TAMPA, Fla.--(BUSINESS WIRE)--AdvisorEngine®, the financial experience company, announced at the Technology Tools for Today (T3) conference the release of its Spring/Summer 2023 issue of Action! magazine, the resource for investment advisory firms that brings together top thought leaders in wealth management and technology.
Paying close attention to industry opportunities and challenges, the magazine offers practical advice on several timely topics impacting investment advice firms, including how to deal with budgetary pressures, tips on how to compete for top talent and how firms can find new client pools.
“Many growing firms are juggling competing budget priorities in this market, which raises pressing questions about how best to allocate resources,” said Action! magazine’s editor Suleman Din. “They need to continue expanding, heed changing compliance demands and also stay on top of emerging technologies and practices. It’s a unique time to be in wealth management, and we are focused on delivering content for professionals who can use it to navigate these challenges.”
Action! magazine founder Craig Ramsey notes this issue brings together the collective wisdom of almost 40 wealth management firms across the country, in addition to perspectives from recognized industry influencers and experts.
“We have a broad range of industry insight and practical tips included in this latest issue of Action! magazine – there is truly something for everyone to learn from,“ said Ramsey, also chief operating officer at AdvisorEngine. “It’s incredible to see the community of thought leadership we are fostering through Action! ”
Included in the latest issue of Action! magazine: “The RIA recruiting crisis” provides tips and advice on how firms can successfully compete for top talent in a competitive market. “How wealth management firms can cut costs but stay competitive” examines how RIAs are looking to budget for cost savings and still spend. “Advisors: Listen Up! Here are the five habits of effective client listeners” explores how financial advisors can get better at hearing client needs. “Compliance Officers: What you should expect in 2023, and how to prepare” a rundown of best practices for compliance experts at firms. “Think like a Chief Market Strategist” Stephen Dover, Franklin Templeton’s Chief Market Strategist, explains his daily routine and how he gains market insights. “Tech Trends and Tough Love with Joel Bruckenstein” a special supplement dedicated to advisor technology innovation, covers trends in the industry, including emerging tools in digital marketing, cybersecurity, blockchain and AI.
TOUGH LOVE FROM T3 PRODUCER, JOEL BRUCKENSTEIN
As an industry thought leader and long-time producer of the T3 conference, Bruckenstein singles out five key trends he said investment advice professionals need to follow, such as the development and application of Artificial Intelligence in wealth management, and provides practical tips on how they can adapt to them.
“Any advisor technology is ultimately just a tool – none can solve practice management challenges for advisors on their own,” Bruckenstein says. “They work when advisory firms to put them to use well. And that involves a lot of planning, due diligence, time and money, patience, training and retraining, and sometimes having to learn a new way of doing business too. Advisor technology is changing wealth management. But the ever-expanding categories in our annual advisor technology survey – CRMs, financial planning software, onboarding and the like – are all built to ultimately help firms help people. If you can do it better, smarter and help even more clients,” Bruckenstein argues, “you should be open to that sort of change.”
About AdvisorEngine®
AdvisorEngine powers financial advice that is personal, scientific, and beautiful. Its wealth management technology platform uses smart automation to modernize the advisor experience (AX), the business operations experience (BX), and the client experience (CX). Capabilities include CRM, a portfolio management suite and a client portal.
Based in New York, NY, and Raleigh, NC, the AdvisorEngine team strives to fulfill six ideals through their work: camaraderie, clarity, curiosity, creativity, crushing it, and celebration.
AdvisorEngine is a wholly owned subsidiary of Franklin Resources, Inc., a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. For more information, please visit advisorengine.com and follow us on LinkedIn , Twitter and Facebook .
About Franklin Templeton
Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 75 years of investment experience and approximately $1.4 trillion in assets under management as of February 28, 2023. For more information, please visit franklintempleton.com and follow us on LinkedIn , Twitter and Facebook . Contacts
Suleman Din suleman.din@advisorengine.com 919-839-3947
TeraWulf Addresses U.S. Bank Closures
EASTON, Md.--(BUSINESS WIRE)-- $WULF #Bitcoin --TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, domestic Bitcoin mining facilities powered by more than 91% zero-carbon energy, today confirmed that it does not hold any cash or maintain any accounts at Silicon Valley Bank or Silvergate Capital, and considers its exposure to any liquidity concerns at Signature Bank to be immaterial.
TeraWulf currently holds approximately $250,000 in cash deposits at Signature Bank, which is the FDIC-insured limit, with the balance of the Company’s bank deposits held at other financial institutions.
About TeraWulf
TeraWulf (Nasdaq: WULF) owns and operates vertically integrated, environmentally clean Bitcoin mining facilities in the United States. Led by an experienced group of energy entrepreneurs, the Company is currently operating two mining facilities: Lake Mariner in New York, and Nautilus Cryptomine in Pennsylvania. TeraWulf generates domestically produced Bitcoin powered by 91% nuclear, hydro, and solar energy with a goal of utilizing 100% zero-carbon energy. With a core focus on ESG that ties directly to its business success, TeraWulf expects to offer attractive mining economics at an industrial scale.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of Bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in Bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (8) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (9) employment workforce factors, including the loss of key employees; (10) litigation relating to TeraWulf, RM 101 Inc. (f/k/a IKONICS Corporation) and/or the business combination; (11) the ability to recognize the anticipated objectives and benefits of the business combination; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov . Contacts
Sandy Harrison harrison@terawulf.com (410) 770-9500
1Kosmos to Present Rollout Blueprint for Secure Passwordless Access at 2023 Gartner IAM Conference
Experts will explain how to eliminate passwords with identity-based authentication, while overcoming deployment roadblocks and pitfalls
EAST BRUNSWICK, N.J--(BUSINESS WIRE)-- #Blockchain -- 1Kosmos , the only company that unifies identity proofing and passwordless authentication, today announced that it will present a session on eliminating passwords and deploying passwordless multi-factor authentication (MFA) at the Gartner Identity & Access Management Summit, March 22 at the Gaylord Texan Hotel & Convention Center in Grapevine, Texas.
WHO: Javed Shah, Senior Vice President of Product Management for 1Kosmos is a 22 year veteran in the identity management industry. Prior to 1Kosmos, Javed worked at ForgeRock, where he held several leadership roles in the pre-Sales and product management organizations. He has also served in senior technical and architecture roles with Hewlett Packard Enterprise, Kaiser Permanente, Prolifics and Persistent Systems.
Robert MacDonald, Vice President of Product Marketing for 1Kosmos has more than 15 years of global marketing experience in identity software. Rob managed product strategy and vision for the Identity and Access Management portfolio at Micro Focus, was responsible for content planning, sales enablement and GTM activities for ForgeRock, and has held senior marketing positions at Entrust, Dell, Quest and Corel Corporation.
WHAT: Traditional identity and access management frameworks are failing miserably, with passwords remaining the weakest link in the security chain. According to one recent survey , 84% of firms have suffered an identity-related breach in the past 12 months. It’s no surprise that deploying passwordless MFA is gaining mindshare among IT and security leaders as a way out of the whac-a-mole approach to security. But where should they begin? This session will explain the benefits, challenges and pitfalls to avoid for eliminating passwords and implementing a controlled deployment of passwordless MFA, including: Why the rush to passwordless authentication often signals a deeper identity issue The difference between device based and identity based biometrics How to deploy a controlled rollout of passwordless MFA
WHERE: Gartner Identity & Access Management Summit, Gaylord Texan Hotel and Convention Center, Grapevine, Texas
WHEN: Secure Passwordless – Yes You Can! Wednesday, March 22nd at 9:45 AM local time
HOW: To schedule a conversation with 1Kosmos, contact Marc Gendron at marc@mgpr.net or +1 617.877.7480.
About 1Kosmos
1Kosmos enables passwordless access for workers, customers and citizens to securely transact with digital services. By unifying identity proofing and strong authentication, the BlockID platform creates a distributed digital identity that prevents identity impersonation, account takeover and fraud while delivering frictionless user experiences. BlockID is the only NIST, FIDO2, and iBeta biometrics certified platform that performs millions of authentications daily for some of the largest banks, telecommunications and healthcare organizations in the world. The company is funded by Forgepoint Capital and Gula Tech Adventures with headquarters in Somerset, New Jersey. For more information, visit www.1kosmos.com and follow us on Twitter and LinkedIn . Contacts
Media: Marc Gendron Marc Gendron PR for 1Kosmos 617.877.7480 marc@mgpr.net
Mawson Infrastructure Group Inc. Confirms No Exposure to Silvergate Capital and SVB, Transfers All Assets Away from Signature
SHARON, Pa.--(BUSINESS WIRE)--Mawson Infrastructure Group Inc. (NASDAQ:MIGI) (“Mawson” or the “Company”), a digital infrastructure provider, communicates to the market that it doesn’t have any historical or current banking relations with either Silvergate Bank or Silicon Valley Bank.
Mawson does have a banking relationship with Signature Bank, amongst other banks.
As of Monday evening (ET), Mawson has taken all actions to transfer the majority of its assets it held with Signature Bank to other financial institutions, and as a result of those transfers being successful will have no material exposure to Signature Bank. Mawson is also in the process of initiating additional banking relationships. Mawson has the greatest of sympathies for all that are affected in this difficult time.
James Manning, CEO, commented, “ It is a horrible situation for the three US banking institutions and their customers, we feel for all parties that are affected. Mawson is in a favorable situation of now not having any exposure to these banks.”
About Mawson Infrastructure
Mawson Infrastructure Group (NASDAQ: MIGI) is a digital infrastructure provider, with multiple operations throughout the USA and Australia. Mawson’s vertically integrated model is based on a long-term strategy to promote the global transition to the new digital economy. Mawson matches sustainable energy infrastructure with next-generation Mobile Data Center (MDC) solutions, enabling low-cost Bitcoin production and on-demand deployment of infrastructure assets. With a strong focus on shareholder returns and an aligned board and management, Mawson Infrastructure Group is emerging as a global leader in ESG focused Bitcoin mining and digital infrastructure.
For more information, visit: www.mawsoninc.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Mawson cautions that statements in this press release that are not a description of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as “expect,” “intend,” “plan,” “anticipate,” “believe,” and “will,” among others. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Mawson’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the possibility that Mawson’s need and ability to raise additional capital, the development and acceptance of digital asset networks and digital assets and their protocols and software, the reduction in incentives to mine digital assets over time, the costs associated with digital asset mining, the volatility in the value and prices of cryptocurrencies and further or new regulation of digital assets. More detailed information about the risks and uncertainties affecting Mawson is contained under the heading “Risk Factors” included in Mawson’s Annual Report on Form 10-K filed with the SEC on March 21, 2022, and Mawson’s Quarterly Report on Form 10-Q filed with the SEC on August 22, 2022, November 14, 2022 and in other filings Mawson has made and may make with the SEC in the future. One should not place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Mawson undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law. Contacts
Investor Contact: Brett Maas 646-536-7331 brett@haydenir.com www.haydenir.com
MoneyLion Reports Record Fourth Quarter and Full Year 2022 Results, Reached Significant Profitability Milestone Exiting 2022
Record GAAP and Adjusted Revenue for Fourth Quarter and Full Year 2022 Record Customer Adds of 1.1 Million in Q4 2022; Total Customers up 97% Year-over-Year to 6.5 Million Management Expects Positive Adjusted EBITDA for Full Year 2023
NEW YORK--(BUSINESS WIRE)-- MoneyLion Inc. (“MoneyLion”) (NYSE: ML), a leader in financial technology powering the next generation of personalized content and products, today announced financial results for the fourth quarter and full year ended December 31, 2022. MoneyLion will host a conference call and webcast at 8:30 a.m. ET today. An earnings presentation and link to the webcast are available at investors.moneylion.com .
“I am incredibly proud of the transformative change that the MoneyLion team achieved in 2022,” said Dee Choubey, co-founder and Chief Executive Officer of MoneyLion. “From integrating our unique combination of assets, to setting the team up for efficient execution in a tough operating environment, we delivered incredible value to our customers, resulting in record operating and financial performance in 2022. We achieved another quarter of record Adjusted Revenue and exited the year with positive Adjusted EBITDA in December, highlighting an important milestone and crossing an inflection point. MoneyLion is well positioned for profitable growth in 2023 with a smart business model that drives must-have value to both customers and enterprise clients.”
Choubey continued, “Our strong performance in 2022 is a reflection of the investments we have made to create a durable and self-reliant ecosystem. With all of the pieces in place, we are positioned to deliver profitability at scale.”
Financial Results (1)* Three Months Ended December 31, Twelve Months Ended December 31, (in thousands) 2022 2021 % Change 2022 2021 % Change GAAP Total revenues, net $ 94,943 $ 55,548 71 % $ 340,745 $ 171,075 99 % Gross profit 57,550 35,644 61 % 195,109 104,150 87 % Net loss* (136,241)* (32,220 ) — (190,301)* (169,484 ) — Non-GAAP Adjusted Revenue $ 92,445 $ 53,999 71 % $ 328,253 $ 164,915 99 % Adjusted Gross Profit 57,543 35,640 61 % 195,081 104,264 87 % Adjusted EBITDA (5,632 ) (31,863 ) — (63,296 ) (67,140 ) — (in millions) Key Operating Metrics Total Customers 6.5 3.3 97 % 6.5 3.3 97 % Total Products 12.9 8.0 60 % 12.9 8.0 60 % Total Originations $ 496 $ 386 28 % $ 1,788 $ 1,086 65 % * Net loss includes a one-time non-cash goodwill impairment loss of $136.8 million in 2022
“MoneyLion delivered record Adjusted Revenue of $92 million and improved our Adjusted EBITDA to ($6) million in the fourth quarter. Our full year 2022 Adjusted Revenue grew 99% year-over-year to $328 million, which was at the high end of our range, and Adjusted EBITDA was ($63) million, which was a beat versus our guidance of ($65) to ($70) million. For the first quarter of 2023, we expect Adjusted Revenue of approximately $85 to $88 million and Adjusted EBITDA of approximately ($4) to $0 million. For the full year 2023, we expect positive Adjusted EBITDA, reflecting our continued focus on reaching sustained profitability at scale,” said Rick Correia, MoneyLion’s Chief Financial Officer.
Total revenues, net increased 71% to $94.9 million for the fourth quarter of 2022 compared to the fourth quarter of 2021 and increased 99% to $340.7 million for the full year 2022 compared to the full year 2021. Adjusted Revenue increased 71% to $92.4 million for the fourth quarter of 2022 compared to the fourth quarter of 2021 and increased 99% to $328.3 million for the full year 2022 compared to the full year 2021.
Gross profit increased 61% to $57.5 million for the fourth quarter of 2022 compared to the fourth quarter of 2021 and increased 87% to $195.1 million for the full year 2022 compared to the full year 2021. Adjusted Gross Profit increased 61% to $57.5 million for the fourth quarter of 2022 compared to the fourth quarter of 2021 and increased 87% to $195.1 million for the full year 2022 compared to the full year 2021.
MoneyLion recorded a net loss of $136.2 million for the fourth quarter of 2022 versus a net loss of $32.2 million in the fourth quarter of 2021 and a net loss of $190.3 million for the full year 2022 versus a net loss of $169.5 million for the full year 2021, which was primarily driven by a one-time non-cash goodwill impairment loss of $136.8 million in the fourth quarter and full year of 2022. Adjusted EBITDA was ($5.6) million for the fourth quarter of 2022 versus ($31.9) million in the fourth quarter of 2021 and ($63.3) million for the full year 2022 versus ($67.1) million for the full year 2021, when adjusted for the following non-operating costs: Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 2022 2021 Net income (loss) $ (136,241 ) $ (32,220 ) $ (190,301 ) $ (169,484 ) Add back: Interest related to corporate debt 3,180 1,232 10,117 6,179 Income tax expense (benefit) 3,949 15 (24,399 ) 56 Depreciation and amortization expense 6,089 890 21,673 2,392 Changes in fair value of warrant liability (648 ) (14,681 ) (7,923 ) 39,629 Changes in fair value of subordinated convertible notes - - - 41,877 Change in fair value of contingent consideration from mergers and acquisitions (27,220 ) 10,838 (41,254 ) 10,838 Goodwill impairment loss 136,760 - 136,760 - Stock-based compensation expense 5,960 2,613 19,603 5,039 One-time expenses 2,544 2,804 12,432 9,051 Less: Origination financing cost of capital - (3,354 ) - (12,718 ) Adjusted EBITDA $ (5,632 ) $ (31,863 ) $ (63,296 ) $ (67,140 )
Customer, Origination and Product Growth
Total Customers grew 97% year-over-year to 6.5 million for the full year 2022. Total Products of 12.9 million was up 60% year-over-year for the full year 2022. Total Originations grew 28% year-over-year to $496 million for the fourth quarter of 2022 and grew 65% year-over-year to $1.8 billion for the full year 2022.
Q1 2023 Financial Guidance:
For the first quarter of 2023, MoneyLion expects: Adjusted Revenue of approximately $85 to $88 million Adjusted Gross Profit margin of 58% to 62% Adjusted EBITDA of approximately ($4) to $0 million
(1) Adjusted Revenue, Adjusted Gross Profit and Adjusted EBITDA are non-GAAP measures. Refer to the definitions in the discussion of non-GAAP financial measures and the accompanying reconciliations below.
* Based on information available to MoneyLion as of the date of this release and subject to the completion of its annual closing procedures and review by MoneyLion’s independent registered public accounting firm.
Conference Call
MoneyLion will hold a conference call today at 8:30 a.m. ET to discuss its fourth quarter and full year 2022 results. A live webcast will be available on MoneyLion’s Investor Relations website at investors.moneylion.com . Please dial into the conference 5-10 minutes prior to the start time and ask for the MoneyLion fourth quarter and full year 2022 earnings call.
Toll-free dial-in number: 1-877-502-7184 International dial-in number: 1-201-689-8875
Following the call, a replay and transcript will be available on the same website.
About MoneyLion
MoneyLion is a leader in financial technology, powering the next generation of personalized products and content - with a top finance mobile app for consumers, a premier embedded finance platform & API for enterprise businesses and a world-class media arm. MoneyLion’s mission is to positively change people’s financial path by rewiring the financial system and empowering them with greater financial literacy and access. In our app, we deliver curated content through a tailored feed that engages people to learn and share. People take control of their money life with our innovative financial products and marketplace, seamlessly bringing together the best offers and content from MoneyLion and our 1,000+ enterprise partner network, together in one experience. MoneyLion’s technology for enterprise provides the definitive search engine and marketplace for financial products, enabling any company to add embedded finance to their business, with advanced data and tools through our enterprise platform. Established in 2013, MoneyLion connects millions of people with the financial content and products they need, when and where they need it.
For more information about the company, visit www.moneylion.com . For investor information and updates, visit investors.moneylion.com and follow @MoneyLionIR on Twitter.
Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding, among other things, MoneyLion’s financial position, results of operations, cash flows, prospects and growth strategies. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of MoneyLion’s management, are subject to a number of risks and uncertainties and are not predictions of actual performance. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of MoneyLion.
Factors that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, among other things: factors relating to the business, operations and financial performance of MoneyLion, including market conditions and global and economic factors beyond MoneyLion’s control; MoneyLion's ability to acquire, engage and retain customers and clients and sell or develop additional functionality, products and services to them on the MoneyLion platform; MoneyLion’s reliance on third-party partners, service providers and vendors, including its ability to comply with applicable requirements of such third parties; demand for and consumer confidence in MoneyLion’s products and services, including as a result of any adverse publicity concerning MoneyLion; any inaccurate or fraudulent information provided to MoneyLion by customers or other third parties; MoneyLion’s ability to realize strategic objectives and avoid difficulties and risks of any acquisitions, strategic investments, entries into new businesses, joint ventures, divestitures and other transactions; MoneyLion’s success in attracting, retaining and motivating its senior management and other key personnel; MoneyLion’s ability to renew or replace its existing funding arrangements and raise financing in the future, to comply with restrictive covenants related to its long-term indebtedness and to manage the effects of changes in the cost of capital; MoneyLion's ability to achieve or maintain profitability in the future; intense and increasing competition in the industries in which MoneyLion and its subsidiaries operate; risks related to the proper functioning of MoneyLion’s information technology systems and data storage, including as a result of cyberattacks, data security breaches or other similar incidents or disruptions suffered by MoneyLion or third parties upon which it relies; MoneyLion’s ability to protect its intellectual property and other proprietary rights and its ability to obtain or maintain intellectual property, proprietary rights and technology licensed from third parties; MoneyLion’s ability to comply with extensive and evolving laws and regulations applicable to its business and the outcome of any legal or governmental proceedings that may be instituted against MoneyLion; MoneyLion's ability to establish and maintain an effective system of internal controls over financial reporting; MoneyLion’s ability to maintain the listing of MoneyLion’s Class A common stock and of MoneyLion’s publicly traded warrants to purchase MoneyLion Class A common stock on the New York Stock Exchange and any volatility in the market price of MoneyLion’s securities; and factors discussed in MoneyLion’s filings with the Securities and Exchange Commission. There may be additional risks that MoneyLion presently knows or that MoneyLion currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.
In addition, forward-looking statements reflect MoneyLion’s expectations, plans or forecasts of future events and views as of the date of this press release. MoneyLion anticipates that subsequent events and developments will cause its assessments to change. However, while MoneyLion may elect to update these forward-looking statements at some point in the future, MoneyLion specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing MoneyLion’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Financial Information; Non-GAAP Financial Measures
Some of the financial information and data contained in this press release, such as Adjusted Revenue, Adjusted Gross Profit and Adjusted EBITDA, have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). MoneyLion management uses these non-GAAP measures for various purposes, including as measures of performance and as a basis for strategic planning and forecasting. MoneyLion believes these non-GAAP measures of financial results provide relevant and useful information to management and investors regarding certain financial and business trends relating to MoneyLion’s results of operations. MoneyLion’s method of determining these non-GAAP measures may be different from other companies’ methods and, therefore, may not be comparable to those used by other companies and MoneyLion does not recommend the sole use of these non-GAAP measures to assess its financial performance. MoneyLion management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in MoneyLion’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review MoneyLion’s financial statements, which are included in MoneyLion’s filings with the U.S. Securities and Exchange Commission, and not rely on any single financial measure to evaluate MoneyLion’s business.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure are set forth below. To the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures, due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, which could be material based on historical adjustments. Accordingly, a reconciliation is not available without unreasonable effort.
Definitions:
Adjusted Revenue : A non-GAAP measure, defined as total revenues, net plus amortization of loan origination costs less provision for loss on subscription receivables, provision for loss on fees receivables and revenue derived from phased out products.
Adjusted Gross Profit : A non-GAAP measure, defined as gross profit less revenue derived from phased out products.
Adjusted EBITDA : A non-GAAP measure, defined as net income (loss) plus interest expense related to corporate debt, income tax expense (benefit), depreciation and amortization expense, change in fair value of warrants, change in fair value of subordinated convertible notes, change in fair value of contingent consideration from mergers and acquisitions, goodwill impairment loss, stock-based compensation and one-time expenses less origination financing cost of capital.
Total Customers : Defined as the cumulative number of customers that have opened at least one account, including banking, membership subscription, secured personal loan, cash advance, managed investment account, cryptocurrency account and customers that are monetized through our marketplace and affiliate products. Total Customers also include customers that have submitted for, received or clicked on at least one marketplace loan offer. Previously, Total Customers included all customers that submitted for or clicked on an offer through our marketplace but were not necessarily monetized, which we changed beginning in the third quarter of 2022 in order to more accurately reflect management’s view of our customers. Total Customers for all prior periods have been recast to present the updated definition of Total Customers.
Total Products : Defined as the total number of products that our Total Customers have opened, including banking, membership subscription, secured personal loan, cash advance, managed investment account, cryptocurrency account and monetized marketplace and affiliate products, as well as customers who signed up for our financial tracking services (with either credit tracking enabled or external linked accounts), whether or not the customer is still registered for the product. Total Products also include marketplace loan offers that our Total Customers have submitted for, received or clicked on through our marketplace. If a customer has funded multiple secured personal loans or cash advances or opened multiple products through our marketplace, it is only counted once for each product type. Previously, Total Products included all products for which our Total Customers submitted or clicked on an offer but were not necessarily monetized, which we changed beginning in the third quarter of 2022 in order to more accurately reflect management’s view of our products. Total Products for all prior periods have been recast to present the updated definition of Total Products.
Total Originations : Defined as the dollar volume of the secured personal loans originated and cash advances funded within the stated period. All originations were originated directly by MoneyLion.
Enterprise Partners : Composed of Product Partners and Channel Partners. Product Partners are the providers of the financial and non-financial products and services that we offer in our marketplaces, including financial institutions, financial service providers and other affiliate partners. Channel Partners are organizations that allow us to reach a wide base of consumers, including but not limited to news sites, content publishers, product comparison sites and financial institutions. MONEYLION INC. CONSOLIDATED STATEMENTS OF OPERATIONS (dollar amounts in thousands) Twelve Months Ended December 31, 2022 2021 Revenue Service and subscription revenue $ 330,598 $ 164,073 Net interest income on loan receivables 10,147 7,002 Total revenue, net 340,745 171,075 Operating expenses Provision for credit losses on consumer receivables 99,753 60,749 Compensation and benefits 99,603 45,693 Marketing 37,245 43,170 Direct costs 106,419 44,130 Professional services 32,650 19,847 Technology-related costs 21,536 9,210 Other operating expenses 42,216 21,628 Total operating expenses 439,422 244,427 Net loss before other (expense) income and income taxes (98,677 ) (73,352 ) Interest expense (29,799 ) (7,251 ) Change in fair value of warrant liability 7,923 (39,629 ) Change in fair value of subordinated convertible notes — (41,877 ) Change in fair value of contingent consideration from mergers and acquisitions 41,254 (10,838 ) Goodwill impairment loss (136,760 ) — Other income 1,359 3,519 Net loss before income taxes (214,700 ) (169,428 ) Income tax expense (benefit) (24,399 ) 56 Net loss $ (190,301 ) $ (169,484 ) MONEYLION INC. CONSOLIDATED BALANCE SHEETS (dollar amounts in thousands, except per share amounts) December 31, December 31, 2022 2021 Assets Cash $ 115,864 $ 201,763 Restricted cash, including amounts held by variable interest entities (VIEs) of $36,235 and $39,396 37,845 44,461 Consumer receivables 169,976 153,741 Allowance for credit losses on consumer receivables (24,841 ) (22,323 ) Consumer receivables, net, including amounts held by VIEs of $113,963 and $92,796 145,135 131,418 Enterprise receivables 19,017 6,002 Property and equipment, net 2,976 1,801 Intangible assets, net 194,247 25,124 Goodwill 26,600 52,541 Other assets 54,658 28,428 Total assets $ 596,342 $ 491,538 Liabilities and Stockholders' Equity Liabilities: Secured loans $ 88,617 $ 43,591 Accounts payable and accrued liabilities 58,129 36,868 Warrant liability 337 8,260 Other debt, including amounts held by VIEs of $143,394 and $143,000 143,394 143,000 Other liabilities 34,731 38,135 Total liabilities 325,208 269,854 Commitments and contingencies (Note 16) Redeemable convertible preferred stock (Series A), $0.0001 par value; 45,000,000 and 0 shares authorized as of December 31, 2022 and December 31, 2021, respectively, 25,655,579 shares issued and outstanding as of December 31, 2022 and 0 shares issued and outstanding as of December 31, 2021 173,208 — Stockholders' equity: Class A Common Stock, $0.0001 par value; 2,000,000,000 shares authorized as of December 31, 2022 and December 31, 2021, 258,590,373 and 257,620,373 issued and outstanding, respectively, as of December 31, 2022 and 231,452,448 and 230,482,448 issued and outstanding, respectively, as of December 31, 2021 26 23 Additional paid-in capital 766,814 701,234 Accumulated deficit (659,214 ) (469,873 ) Treasury stock at cost, 970,000 shares at December 31, 2022 and December 31, 2021 (9,700 ) (9,700 ) Total stockholders' equity 97,926 221,684 Total liabilities, redeemable convertible preferred stock and stockholders' equity $ 596,342 $ 491,538 MONEYLION INC. RECONCILIATION OF REVENUE TO ADJUSTED REVENUE (dollar amounts in thousands) Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 2022 2021 Total revenues, net $ 94,943 $ 55,548 $ 340,745 $ 171,075 Add back: Amortization of loan origination costs 218 1,461 1,020 2,500 Less: Provision for credit losses on receivables - subscription receivables (1,214 ) (966 ) (5,231 ) (3,170 ) Provision for credit losses on receivables - fees receivables (1,496 ) (2,039 ) (8,253 ) (5,604 ) Revenue derived from products that have been phased out (7 ) (5 ) (28 ) 114 Adjusted Revenue $ 92,445 $ 53,999 $ 328,253 $ 164,915 MONEYLION INC. RECONCILIATION OF REVENUE TO ADJUSTED GROSS PROFIT (dollar amounts in thousands) Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 2022 2021 Total revenue, net $ 94,943 $ 55,548 $ 340,745 $ 171,075 Less: Cost of Sales Direct costs (26,992 ) (12,799 ) (106,419 ) (44,130 ) Provision for credit losses on receivables - subscription receivables (1,214 ) (966 ) (5,231 ) (3,170 ) Provision for credit losses on receivables - fees receivables (1,496 ) (2,039 ) (8,253 ) (5,604 ) Technology related costs (3,050 ) (1,859 ) (10,447 ) (6,352 ) Professional services (2,048 ) (1,115 ) (5,898 ) (3,574 ) Compensation and benefits (2,499 ) (1,030 ) (8,951 ) (3,836 ) Other operating expenses (95 ) (96 ) (438 ) (259 ) Gross Profit $ 57,550 $ 35,644 $ 195,109 $ 104,150 Less: Revenue derived from products that have been phased out (7 ) (5 ) (28 ) 114 Adjusted Gross Profit $ 57,543 $ 35,640 $ 195,081 $ 104,264 Contacts
Sean Horgan Head of Investor Relations, MoneyLion O: (332) 258-7621 shorgan@moneylion.com
MoneyLion Communications pr@moneylion.com Read full story here
Ault Alliance Subsidiary Achieves Bitcoin Mining Production Milestone of 1,000 Bitcoin Mined to Date at Its Michigan Data Center
LAS VEGAS--(BUSINESS WIRE)-- $AP #1000_Bitcoin_Mined -- Ault Alliance, Inc. (NYSE American: AULT), a diversified holding company (“ Ault Alliance ” or the “ Company ”) is pleased to announce a significant milestone achieved by its wholly-owned subsidiary, BitNile, Inc., which has successfully mined 1,000 Bitcoin to date at its Michigan data center, marking a significant achievement in Bitcoin mining production.
According to Milton “Todd” Ault, III, Executive Chairman of Ault Alliance, “We are thrilled to see the remarkable progress the BitNile team has made in building up our mining capability and achieving this significant milestone in Bitcoin mining production. This achievement is a testament to the team’s dedication and hard work in executing our plan to expand our Bitcoin mining operations.”
For more information on Ault Alliance and its subsidiaries, Ault Alliance recommends that stockholders, investors, and any other interested parties read Ault Alliance’s public filings and press releases available under the Investor Relations section at https://www.ault.com/ or available at https://www.sec.gov/ .
About Ault Alliance, Inc.
Ault Alliance, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, Ault Alliance owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including a metaverse platform, oil exploration, crane services, defense/aerospace, industrial, automotive, medical/biopharma, consumer electronics, hotel operations and textiles. In addition, Ault Alliance extends credit to select entrepreneurial businesses through a licensed lending subsidiary. Ault Alliance’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.Ault.com .
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at https://www.sec.gov/ and on the Company’s website at https://www.ault.com/ . Contacts
IR@Ault.com or 1-888-753-2235
East West Bancorp Reiterates Its Capital and Balance Sheet Strength
PASADENA, Calif.--(BUSINESS WIRE)--East West Bancorp, Inc. (“East West” or the “Company”) (Nasdaq: EWBC), parent company of East West Bank, has provided the following unaudited financial update.
“In light of recent industry events and market volatility, we reiterate that East West Bank’s business model is diversified, our balance sheet is managed conservatively, and our liquidity is strong. Our industry-leading profitability and our high-quality earnings have resulted in very strong capital levels, which form a firm foundation for our bank,” stated Dominic Ng, Chairman and CEO of East West.
Diversification and granularity are strengths of East West’s balance sheet and business model. Year-to-date, consumer deposits are up 3% and commercial deposits have been essentially stable. Total deposits were $55.3 billion as of March 10, 2023, compared with $56.0 billion as of December 31, 2022, because of a planned and intentional reduction in brokered deposits of over $1 billion throughout the first quarter. Deposits are well-diversified by industry and depositor type with no significant customer or sector concentrations. Venture capital deposits were approximately $1 billion as of March 10, 2023, or less than 2% of total deposits. We have no exposure to cryptocurrency.
East West’s capital ratios are among the strongest in the banking industry. As of December 31, 2022, East West’s tangible common equity ratio 1 was 8.7%, far exceeding the median of 6.3% for money-center banks or 6.7% 2 for regional and smaller banks. As of December 31, 2022, our common equity tier 1 ratio was 12.7%, and our total capital ratio was 14.0%. All our regulatory capital ratios expanded quarter-over-quarter in the fourth quarter of 2022, and all our capital ratios substantially exceed regulatory requirements.
East West’s balance sheet is conservatively managed, and we have strong liquidity. Our available, unused borrowing capacity was $28 billion as of March 13, 2023, equivalent to over 50% of total deposits.
The asset quality of our loan portfolio continues to be strong and stable. We have experienced no changes in our credit metrics since year-end, including to classified loans, non-performing assets, and charge-off ratios. As of December 31, 2022, non-performing assets were 16 basis points of total assets.
About East West
East West Bancorp, Inc. is a public company with total assets of $64.1 billion and is traded on the Nasdaq Global Select Market under the symbol “EWBC”. The Company’s wholly-owned subsidiary, East West Bank, is the largest independent bank headquartered in Southern California, operating over 120 locations in the United States and in Asia. The Company’s markets in the United States include California, Georgia, Illinois, Massachusetts, Nevada, New York, Texas and Washington. In China, East West’s presence includes full-service branches in Hong Kong, Shanghai, Shantou and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou, Xiamen. East West also has a representative office in Singapore. For more information on East West, visit the Company’s website at www.eastwestbank.com .
Forward-Looking Statements
Certain matters set forth herein (including any exhibits hereto) contain forward-looking statements that are intended to be covered by the safe harbor for such statements provided by the Private Securities Litigation Reform Act of 1995. In addition, the Company may make forward-looking statements in other documents that it files with, or furnishes to, the U.S. Securities and Exchange Commission (“SEC”) and management may make forward-looking statements to analysts, investors, media members and others. Forward-looking statements are those that do not relate to historical facts and that are based on current expectations, beliefs, estimates, assumptions and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Forward-looking statements may relate to various matters, including the Company’s financial condition, results of operations, plans, objectives, future performance, business or industry, and usually can be identified by the use of forward-looking words, such as “anticipates,” “assumes,” “believes,” “can,” “continues,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “likely,” “may,” “might,” “objective,” “plans,” “potential,” “projects,” “remains,” “should,” “target,” “trend,” “will,” “would,” or similar expressions or variations thereof, and the negative thereof, but these terms are not the exclusive means of identifying such statements. You should not place undue reliance on forward-looking statements, as they are subject to risks and uncertainties, including, but not limited to, those described below. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements the Company may make.
There are various important factors that could cause future results to differ materially from historical performance and any forward-looking statements. Factors that might cause such differences, include, but are not limited to: changes in the global economy, including an economic slowdown, capital or financial market disruption, supply chain disruption, level of inflation, interest rate environment, housing prices, employment levels, rate of growth and general business conditions, which could result in, among other things, reduced demand for loans, reduced availability of funding or increases in funding costs, declines in asset values and /or recognition of allowance for credit losses on securities held in the Company’s portfolio; changes in local, regional and global business, economic and political conditions and geopolitical events, such as the military conflict between Russia and Ukraine; the economic, financial, reputational and other impacts of the ongoing Coronavirus Disease 2019 (“COVID-19”) pandemic, including variants thereof, and any other pandemic, epidemic or health-related crisis; changes in laws or the regulatory environment, including regulatory reform initiatives and policies of the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System (“Federal Reserve”), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the SEC, the Consumer Financial Protection Bureau and the California Department of Financial Protection and Innovation - Division of Financial Institutions; changes and effects thereof in trade, monetary and fiscal policies and laws, including the ongoing trade, economic and political disputes between the U.S. and the People’s Republic of China and the monetary policies of the Federal Reserve; changes in the commercial and consumer real estate markets; changes in consumer or commercial spending, savings and borrowing habits, and patterns and behaviors; the impact from potential changes to income tax laws and regulations, federal spending and economic stimulus programs; the impact of any future federal government shutdown and uncertainty regarding the federal government’s debt limit; the Company’s ability to compete effectively against financial institutions and other entities, including as a result of emerging technologies; the soundness of other financial institutions; the success and timing of the Company’s business strategies; the Company’s ability to retain key officers and employees; impact on the Company’s funding costs, net interest income and net interest margin from changes in key variable market interest rates, competition, regulatory requirements and the Company’s product mix; changes in the Company’s costs of operation, compliance and expansion; the Company’s ability to adopt and successfully integrate new technologies into its business in a strategic manner; the impact of the benchmark interest rate reform in the U.S., including the transition away from the U.S. dollar (“USD”) London Interbank Offered Rate (“LIBOR”) to alternative reference rates; the impact of communications or technology disruption, failure in, or breach of, the Company’s operational or security systems or infrastructure, or those of third party vendors with which the Company does business, including as a result of cyber-attacks; and other similar matters which could result in, among other things, confidential and/or proprietary information being disclosed or misused, and materially impact the Company’s ability to provide services to its clients; the adequacy of the Company’s risk management framework, disclosure controls and procedures and internal control over financial reporting; future credit quality and performance, including the Company’s expectations regarding future credit losses and allowance levels; the impact of adverse changes to the Company’s credit ratings from major credit rating agencies; the impact of adverse judgments or settlements in litigation; the impact on the Company’s operations due to political developments, pandemics, wars, civil unrest, terrorism or other hostilities that may disrupt or increase volatility in securities or otherwise affect business and economic conditions; heightened regulatory and governmental oversight and scrutiny of the Company’s business practices, including dealings with consumers; the impact of reputational risk from negative publicity, fines, penalties and other negative consequences from regulatory violations, legal actions and the Company’s interactions with business partners, counterparties, service providers and other third parties; the impact of regulatory investigations and enforcement actions; changes in accounting standards as may be required by the Financial Accounting Standards Board or other regulatory agencies and their impact on critical accounting policies and assumptions; the Company’s capital requirements and its ability to generate capital internally or raise capital on favorable terms; the impact on the Company’s liquidity due to changes in the Company’s ability to receive dividends from its subsidiaries; any strategic acquisitions or divestitures; changes in the equity and debt securities markets; fluctuations in the Company’s stock price; fluctuations in foreign currency exchange rates; the impact of increased focus on social, environmental and sustainability matters, which may affect the Company’s operations as well as those of its customers and the economy more broadly; and the impact of climate change, natural or man-made disasters or calamities, such as wildfires, droughts and earthquakes, all of which are particularly common in California, or other events that may directly or indirectly result in a negative impact on the Company’s financial performance.
For a more detailed discussion of some of the factors that might cause such differences, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 under the heading Item 1A. Risk Factors and the information set forth under Item 1A. Risk Factors in the Company’s Quarterly Reports on Form 10-Q. You should treat forward-looking statements as speaking only as of the date they are made and then actually known to the Company. The Company does not undertake, and specifically disclaims any obligation to update or revise any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.
1 Tangible common equity ratio is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP measures in our fourth quarter 2022 financial press release.
2 Based on median of regional banks and selected west coast community banks greater than $15 billion in assets. U.S. subsidiaries of foreign banks, broker-dealers, and specialty lenders are excluded. Peer data is sourced from S&P Capital IQ. Contacts
FOR INVESTOR INQUIRIES, CONTACT:
Irene Oh Chief Financial Officer T: (626) 768-6360 E: irene.oh@eastwestbank.com
Julianna Balicka Director of Investor Relations and Corporate Finance T: (626) 768-6985 E: julianna.balicka@eastwestbank.com
Senior U.S. State Department Official Janice deGarmo Named Chief Operating Officer of Krach Institute for Tech Diplomacy at Purdue
Institute’s Senior Leadership Expands With deGarmo’s Transformational Leadership and Data-Driven Diplomacy
WEST LAFAYETTE, Ind. & WASHINGTON--(BUSINESS WIRE)--The Krach Institute for Tech Diplomacy at Purdue continues its rapid growth with the appointment of Senior U.S. State Department Official Janice L. deGarmo as Chief Operating Officer, effective March 13. deGarmo served as Director of the Office of Management Strategy and Solutions at the U.S. Department of State, where she created the Center for Analytics (CfA) and served as the State Department’s first-ever Acting Chief Data Officer to elevate data-informed diplomacy. In her new role as COO, deGarmo will bring a data-driven mindset to deliver operational and management excellence to scale the Institute and effectively deliver on its unique value as the global leader of the new category of Tech Statecraft.
“Janice is an impact player and one of the most impressive career officials I had the honor of working with during my tenure as Under Secretary of State,” said Keith Krach, the Institute’s Chairman. “She has the rare ability of challenging the status quo while inspiring, empowering, and unifying a high performance team to achieve a noble mission, leaving a profound and long-lasting impact. These qualities, combined with her foreign policy expertise and analytical skills, will enhance the Institute’s ability to innovate as we drive the adoption of trusted technology at massive scale.”
deGarmo brings an extensive record of transformational leadership to the Krach Institute for Tech Diplomacy at Purdue following 15 years of service at the U.S. Department of State. As Director of the Office of Management Strategy and Solutions, she delivered strategic insights and business transformation to improve the State Department’s management platform and advance foreign policy goals, with oversight of the Department’s Center for Analytics, Policy and Global Presence, and Consulting and Advanced Projects directorates. Previously, she was the Executive Director for the State Department’s Bureau of Information Resource Management and Bureau of Administration where she led management operations through budget formulation and execution, IT global application development, contract administration and strategic planning and evaluation. Before starting her career in the State Department, deGarmo was a budget analyst and a senior advisor at the Department of Labor with the Bureau of Labor Statistics.
“Janice is a proven leader and mission-driven change agent,” said Director Michelle Giuda. “I had the pleasure of witnessing Janice in action during our time together at the State Department. Her focus on pushing boundaries with innovation, data and management excellence has served our country well, and she’ll now bring that same leadership and solutions mindset to the Krach Institute to help us ensure we are operationalized to deliver on our mission to secure freedom through trusted technology.”
“As someone who has dedicated my career to the mission of advancing U.S. foreign policy goals through an innovative, entrepreneurial mindset, I am thrilled to be joining the Krach Institute for Tech Diplomacy at Purdue,” deGarmo said. “In less than two years, the Institute has established itself as the world’s preeminent global authority on Tech Statecraft . This battle-tested model which combines high tech strategies with foreign policy tools based on the ‘Trust Doctrine’ not only represents a bridge between Silicon Valley and Washington, DC, but also one between Republican and Democratic Administrations.”
The addition of deGarmo to its leadership team follows a number of recent senior hires under Director Michelle Giuda as the Institute focuses on long-term growth and global impact, including Marc Carlson as Chief Revenue Officer, Dan Kurtenbach as Chief Growth Officer and Brad McKinney as VP of Strategic Initiatives.
Editors/Producers: Experts from The Krach Institute for Tech Diplomacy at Purdue are available for media interviews to discuss the following topics: semiconductors, 5G/6G, artificial intelligence, energy/climate, hyper sonics, quantum computing, rare earth elements, synthetic biology, composite manufacturing, agricultural technology, global supply chains, cryptocurrency, and global financial security.
ABOUT THE KRACH INSTITUTE FOR TECH DIPLOMACY AT PURDUE:
The nonpartisan Krach Institute for Tech Diplomacy at Purdue is the world’s preeminent institution focused on Tech Statecraft , a new model of diplomacy that bridges the high-tech sector with the foreign policy and national security sectors to ensure trusted technology is used to advance freedom. The Krach Institute for Tech Diplomacy leverages Purdue’s strength in innovation, deep expertise in technology, and global prowess in educating transformational leaders. It focuses on rallying our allies, leveraging the innovation of the private sector, and amplifying democratic values based on trust. For more information, visit techdiplomacy.org and follow the Krach Institute for Tech Diplomacy at Purdue on Twitter , LinkedIn , and YouTube . Contacts
James Nash james@rokksolutions.com
Ault Alliance Announces Termination of At-the-Market Equity Offering Program
LAS VEGAS--(BUSINESS WIRE)-- $AP #AULT -- Ault Alliance, Inc. (NYSE American: AULT), a diversified holding company (“ Ault Alliance ” or the “ Company ”) announced today that it has terminated its “at-the-market” equity offering program relating to sales of common stock (“ ATM Facility ”) with Ascendiant Capital Markets, LLC, as sales agent (the “ Agent ”). The Company elected to terminate the ATM Facility to limit uncertainty and unfavorable dilution for its stockholders.
Although the Company initiated the 5-day termination process of the ATM Facility with the Agent, with the official termination to take effect on March 17, 2023, the Company will make no further sales of shares of its common stock under the ATM Facility. Upon termination, the Company will have no further obligations related to the ATM Facility. Upon the announcement of the initiation of the ATM Facility’s termination process, the Company had sold 317.9 million shares of common stock and raised approximately $176.6 million in gross proceeds, or approximately $0.56 per share.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of shares of the Company’s common stock in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
For more information on Ault Alliance and its subsidiaries, Ault Alliance recommends that stockholders, investors, and any other interested parties read Ault Alliance’s public filings and press releases available under the Investor Relations section at https://www.ault.com/ or available at https://www.sec.gov/ .
About Ault Alliance, Inc.
Ault Alliance, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, Ault Alliance owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including a metaverse platform, oil exploration, crane services, defense/aerospace, industrial, automotive, medical/biopharma, consumer electronics, hotel operations and textiles. In addition, Ault Alliance extends credit to select entrepreneurial businesses through a licensed lending subsidiary. Ault Alliance’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.Ault.com .
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at https://www.sec.gov/ and on the Company’s website at https://www.ault.com/ . Contacts
IR@Ault.com or 1-888-753-2235
ZEDRA Completes Rebranding of AlleyBe Group
Follows acquisition taken place in 2022 Strengthens ZEDRA’s operations in Malta and aligns with the firm’s Global Expansion services offering plans
LONDON--(BUSINESS WIRE)--ZEDRA, the fast-growing global specialist in Active Wealth, as well as Corporate, Global Expansion, Funds, Pensions and Incentives services, today announces it has completed the integration and rebranding of AlleyBe Group, a leading Maltese corporate service provider, trustee and Virtual Financial Asset (VFA) agent, founded in 2015. The integration and rebranding follow the firm’s acquisition by ZEDRA in June 2022.
ZEDRA’s acquisition of AlleyBe enables the firm to bolster its operation in Malta and abroad by adding scale, expertise and a team of 28 new members to provide additional support for corporate clients and high net worth individuals across a broad range of services. These include private wealth solutions, accounting and financial reporting services, tax compliance, asset protection and estate planning, fintech services as well as advisory services for marine and aviation structures.
Malta’s strengths as a wealth management centre lie in its holistic offering that caters to a wide spectrum of needs, including succession planning, investment advisory, corporate structuring, investment banking and even lifestyle administration. The island’s regulatory landscape is also very attractive for company service providers following recent regulations issued by the Malta Financial Services Authority (‘MFSA’).
Ivo Hemelraad, ZEDRA Chief Executive Officer, commented: “We’re delighted to complete the final stage of our Maltese team integration by rebranding AlleyBe and unifying the brand. Malta’s strategy and regulatory framework create new business opportunities, especially for fintech companies and blockchain entrepreneurs. AlleyBe’s extensive experience and knowledge in this sector will be of great use to us as we look to further grow our Global Expansion footprint and our capabilities in assisting Fintech players provide Virtual Financial Assets services from Malta.”
Rudolph Psaila, CEO of AlleyBe , commented: “We’re excited to start a new chapter under the ZEDRA brand, leveraging our local reputation and knowledge to expand the brand in our industry. Being fully integrated into the global ZEDRA business adds another string to our bow to retain and helps us attract the right talent with the right expertise in a very competitive market. We found that the firm’s client-focused culture and its ambitious holistic growth plan perfectly aligns with ours, paving the way for countless opportunities for our clients.” ENDS
Notes to Editors
About ZEDRA
ZEDRA is a global powerhouse providing Corporate & Global Expansion, Active Wealth, Pension & Incentive services and Fund solutions, all aligned under one common goal: to embrace the future with surety.
The firm’s highly experienced teams enable high net worth individuals and families as well as, medium to large sized companies, pension funds and trustees, asset managers and their investors to focus on their core activities by choosing ZEDRA as their trusted partner. As an experienced, reliable, and innovative advisor, ZEDRA helps them successfully navigate estate planning, governance and global operations.
Ultimately, what ZEDRA delivers is complete peace of mind, knowing its expertise is supported by a robust, ethical approach, meeting the local and international requirements of the increasingly demanding regulatory environment.
ZEDRA inherited a wealth of knowledge and experience following its acquisition of trust businesses of a renowned bank in 2016. This solid foundation combined with innovative thinking has allowed ZEDRA to grow rapidly in a competitive marketplace to a team of 900+ industry experts across 16 countries spanning Asia, Oceania, the Americas and Europe.
www.zedra.com Contacts
Greentarget Jamie Brownlee / Eleonore Basle / Ana Reynaud / Sebastian Merrett +44(0)783 457 1183 zedra@greentarget.co.uk
Signature Bank Announces Availability of Materials for 2023 Annual Shareholders’ Meeting and Special Meeting of Holders of Series A Preferred Stock
NEW YORK--(BUSINESS WIRE)-- Signature Bank (Nasdaq:SBNY), a New York-based, full-service commercial bank, announced today the Bank’s proxy materials for its 2023 Annual Meeting of Shareholders are now available and also can be viewed via the Internet. The meeting will also constitute a special meeting of Signature Bank’s 5.000% Noncumulative Perpetual Series A Preferred Stock.
The record date for determination of shareholders entitled to vote at the 2023 Meeting is February 28, 2023. A proxy statement with more information will be sent to shareholders of record along with a 2022 Annual Report. Both documents will be available for viewing through the investor relations section of Signature Bank’s website at www.signatureny.com .
Signature Bank’s 2023 Meeting will be held on Wednesday, April 19, 2023 at 9:00 a.m. (Eastern Time) at 1400 Broadway, New York, NY, 10018.
About Signature Bank
Signature Bank , member FDIC, is a New York-based full-service commercial bank with 40 private client offices throughout the metropolitan New York area, as well as those in Connecticut, California, Nevada, and North Carolina. Through its single-point-of-contact approach, the Bank’s private client banking teams primarily serve the needs of privately owned businesses, their owners, and senior managers.
The Bank has two wholly owned subsidiaries: Signature Financial, LLC, provides equipment finance and leasing; and, Signature Securities Group Corporation, a licensed broker-dealer, investment adviser and member FINRA/SIPC, offers investment, brokerage, asset management, and insurance products and services. Signature Bank was the first FDIC-insured bank to launch a blockchain-based digital payments platform. Signet™ allows commercial clients to make real-time payments in U.S. dollars, 24/7/365 and was also the first blockchain-based solution to be approved for use by the NYS Department of Financial Services.
Since commencing operations in May 2001, Signature Bank reported $110.36 billion in assets and $88.59 billion in deposits as of December 31, 2022. Signature Bank placed 19 th on S&P Global’s list of the largest banks in the U.S., based on deposits as of year-end 2021.
For more information, please visit https://www.signatureny.com.
This press release and oral statements made from time to time by our representatives contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous risks and uncertainties relating to our operations and business environment, all of which are difficult to predict and may be beyond our control. Forward-looking statements include information concerning our expectations regarding future results, interest rates and the interest rate environment, loan and deposit growth, loan performance, operations, new private client teams' hires, new office openings, business strategy and the impact of the COVID-19 pandemic on each of the foregoing and on our business overall. Forward-looking statements often include words such as "may," "believe," "expect," "anticipate," "intend," “potential,” “opportunity,” “could,” “project,” “seek,” “target,” “goal,” “should,” “will,” “would,” "plan," "estimate" or other similar expressions. Forward-looking statements may also address our sustainability progress, plans, and goals (including climate change and environmental-related matters and disclosures), which may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. As you consider forward-looking statements, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties and assumptions that could cause actual results to differ materially from those in the forward-looking statements and can change as a result of many possible events or factors, not all of which are known to us or in our control. These factors include but are not limited to: (i) prevailing economic conditions; (ii) changes in interest rates, loan demand, real estate values and competition, any of which can materially affect origination levels and gain on sale results in our business, as well as other aspects of our financial performance, including earnings on interest-bearing assets; (iii) the level of defaults, losses and prepayments on loans made by us, whether held in portfolio or sold in the whole loan secondary markets, which can materially affect charge-off levels and required credit loss reserve levels; (iv) changes in monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System; (v) changes in the banking and other financial services regulatory environment; (vi) our ability to maintain the continuity, integrity, security and safety of our operations and (vii) competition for qualified personnel and desirable office locations. All of these factors are subject to additional uncertainty in the context of the COVID-19 pandemic and the conflict in Ukraine, which are having impacts on all aspects of our operations, the financial services industry and the economy as a whole. Additional risks are described in our quarterly and annual reports filed with the FDIC. Although we believe that these forward-looking statements are based on reasonable assumptions, beliefs and expectations, if a change occurs or our beliefs, assumptions and expectations were incorrect, our business, financial condition, liquidity or results of operations may vary materially from those expressed in our forward-looking statements. You should keep in mind that any forward-looking statements made by Signature Bank speak only as of the date on which they were made. New risks and uncertainties come up from time to time, and we cannot predict these events or how they may affect the Bank. Signature Bank has no duty to, and does not intend to, update or revise the forward-looking statements after the date on which they are made. Contacts
Investor Contact : Brian Wyremski, Senior Vice President and Director of Investor Relations and Corporate Development 646-822-1479, bwyremski@signatureny.com Media Contact: Susan Turkell Lewis, 646-822-1825, slewis@signatureny.com
Drawing from Rap, R&B and Latin Pop, Mastercard Names Inaugural Artists for Web3 Accelerator
Music fans around the world can participate with the limited-edition, multisensory Mastercard Music Pass NFT minted on Polygon starting mid-April
AUSTIN, Texas--(BUSINESS WIRE)-- #NFT --Up-and-coming musical artists from Latin America and Europe are the first creators selected to participate in the first-of-its-kind Mastercard Artist Accelerator program. Each artist will go on a unique journey to grow their career in Web3. Expanding the footprint of the program to people around the world, passionate fans of music and Web3 are encouraged to join in by redeeming the Mastercard Music Pass NFT.
Through one-on-one mentor sessions and a host of educational materials, the artists will learn how to harness Web3 tools to create original tracks. With the Mastercard Music Pass, fans can unlock access to exclusive program content and experiences and learn alongside artists to sharpen their own tools and knowledge of the space. The music tracks produced through the Accelerator will also be redeemable as NFTs as well as performed live by the artists in a special showcase.
“Emerging technology is completely changing the world around us. With the Mastercard Artist Accelerator, it’s our privilege to provide people with the tools they need to get closer to the things they love most—now and into the future,” said Raja Rajamannar, Mastercard Chief Marketing and Communications Officer. “The artists we’re working with are amazing talents, bringing different stories, styles and experiences to the table. I’m so inspired by them and excited to see what we accomplish together.”
Artists from Around the World The participating artists represent a range of genres and geographies and were chosen because of their unique story, sound and inclusion-focused mindset. The first two artists to join the Mastercard Artist Accelerator include Manu Manzo , a Latin pop artist from Venezuela who was nominated for “Best New Artist” at the 2015 Latin GRAMMY Awards; and Young Athena , an R&B soul singer and BRIT School alumna who describes her sound as female empowerment music that everybody can learn something from. Three additional artists will be named ahead of the Mastercard Music Pass drop.
“As an up-and-coming artist, I am always trying to find new ways to break through all the noise to be seen and make an impact in the music industry—and reach new possible fans,” said Manu Manzo, Mastercard Artist Accelerator participant. “The Mastercard Artist Accelerator gives independent artists like me the necessary tools and support so that we can connect with a lot more people and create our own personalized path toward our dreams.”
Mastercard Music Pass Drops Mid-April The limited-edition Mastercard Music Pass will be redeemable in mid-April. Minted on the Polygon blockchain, its design is completely unique to Mastercard. It leverages Mastercard’s design principles as well as its sonic melody to create a striking digital collectible. Combining both form and function, it serves as the key to unlock the Accelerator platform. Only Music Pass holders will be able to access the program.
“Web3 offers emerging artists powerful new opportunities to gain more recognition, visibility, and control over their work by providing decentralized marketplaces, NFTs, and direct fan engagement,” said Ryan Wyatt, President of Polygon Labs. “The Mastercard Music Pass is a great example of how NFTs can unlock exclusive content and resources to empower emerging artists.”
Mastercard’s Longstanding Commitment to Music Innovation Mastercard is a long-time supporter of the music industry, connecting artists and fans. Building on its sponsorships of the GRAMMY Awards ® , Latin GRAMMY Awards ® and BRIT Awards, Mastercard has been early to leverage Web3 technologies to create exclusive, inclusive experiences. Last June, the brand even launched its first-ever album, “Priceless,” through an innovative collaboration centered on mentoring rising artists. With the brand’s track record in music, coupled with its expertise for building strong networks in the digital economy, the Mastercard Artist Accelerator will give emerging artists the tools and capabilities they need to thrive in this tech-driven era.
For more information about the Mastercard Artist Accelerator and to sign up to stay in the loop on upcoming program milestones, including the Mastercard Music Pass drop, special announcements about the artists and mentors, exclusive priceless music experiences and more, please visit Mastercard.com/Artist-Accelerator .
About Mastercard (NYSE: MA) Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
www.mastercard.com Contacts
Macy Salama macy.salama@mastercard.com
Julia Monti julia.monti@mastercard.com
Cathedra Bitcoin Announces Update on Debt Settlement
TORONTO--(BUSINESS WIRE)-- $CBIT #Bitcoin --(Block Height: 780,050) – Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) (“ Cathedra ” or the “ Company ”), a Bitcoin company that develops and operates world-class bitcoin mining infrastructure, is pleased to announce that further to the Company’s press release dated February 22, 2023, the Company expects to settle a portion of the outstanding principal amount of Debentures (as defined below) equal to C$2,500,000 into 18,518,518 common shares of the Company (the “ Shares ”). The Shares will be issued at a deemed price of C$0.135 per Share. The debt is payable to certain debenture holders (the “ Debenture Holders ”) in respect of 3.5% senior secured convertible debentures of the Company due November 11, 2024 (the “ Maturity Date ”) in the aggregate principal amount C$25,000,000 issued to the debenture holders on November 11, 2021 (the “ Debentures ”). The aggregate principal amount outstanding as of the date hereof is $22,395,679.20.
The Debt Settlement is subject to completion of definitive documentation. The Company expects that the proposed Debt Settlement will assist the Company in preserving its cash for working capital. The remaining principal amount of Debentures outstanding following the Debt Settlement will continue to bear interest at a rate of 3.5% per annum, payable quarterly in arrears on the last day of March, June, September and December of each year until the Maturity Date.
All securities to be issued pursuant to the Debt Settlement will be subject to a four month and one day hold period from the closing date of the Debt Settlement. The Debt Settlement is subject to the receipt of regulatory approvals, including the approval of the TSXV.
About Cathedra Bitcoin
Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) is a Bitcoin company that develops and operates world-class bitcoin mining infrastructure.
Cathedra believes sound money and abundant energy are the fundamental ingredients to human progress and is committed to advancing both by working closely with the energy sector to secure the Bitcoin network. Today, Cathedra’s diversified bitcoin mining operations total 247 PH/s and span three states and five locations in the United States. The Company is focused on expanding its portfolio of hash rate through a diversified approach to site selection and operations, utilizing multiple energy sources across various jurisdictions.
For more information about Cathedra, visit cathedra.com or follow Company news on Twitter at @CathedraBitcoin or on Telegram at @CathedraBitcoin .
Cautionary Statement
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company, are forward-looking information. Other forward-looking information includes but is not limited to information concerning: the Debt Settlement, the approval of the TSXV, the intentions and future actions of senior management, the intentions, plans and future actions of the Company, as well as the Company’s ability to successfully mine digital currency; revenue increasing as currently anticipated; the ability to profitably liquidate current and future digital currency inventory; volatility of network difficulty and, digital currency prices and the resulting significant negative impact on the Company’s operations; the construction and operation of expanded blockchain infrastructure as currently planned; and the regulatory environment of cryptocurrency in applicable jurisdictions.
Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The Company has also assumed that no significant events occur outside of the Company’s normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law. Contacts
Media and Investor Relations Inquiries
Sean Ty Chief Financial Officer ir@cathedra.com
Bakkt Reports Fourth Quarter and Full Year 2022 Results
Quarterly net revenues of $15.6 million, increased 14% year over year; full year net revenues of $54.6 million, increased 38% year over year Strong customer activity with fourth quarter digital asset conversion volume up 19% year over year and full year digital asset conversion volume up 51% year over year Available cash, cash equivalents and available-for-sale securities 1 of $239.4 million and disciplined expense management, including recent corporate restructurings that are expected to reduce headcount 2 ~40% by year-end 2023, provide significant liquidity Full year 2023 outlook 3 includes net revenues of $62 million - $72 million, an increase of ~15% - 30% from 2022; net cash used in operating activities of ($100 million) – ($110 million), improving ~5% - 15% from 2022; free cash flow (non-GAAP) of ($105 million) – ($115 million), improving ~25% - 30% from 2022
ALPHARETTA, Ga.--(BUSINESS WIRE)--Bakkt Holdings, Inc. (“Bakkt”) (NYSE: BKKT) announced its financial and operational results for the quarter and full year ended December 31, 2022.
“ We are proud of all that we accomplished throughout 2022 despite an incredibly difficult market environment,” said Gavin Michael, President and CEO of Bakkt. “ We delivered on our product roadmap, worked closely with our partners to go-to-market, added leading industry players to our partner network and announced our acquisition of Apex Crypto. While market conditions continue to be challenging, we are optimistic that our differentiated platform, regulatory and compliance-first approach, balance sheet strength and broad partner network will position us well for success. Our priorities for 2023 will appropriately balance growth and discipline, enabling us to be one of the best positioned crypto companies when market conditions improve.”
Our priorities for 2023 are focused on a set of activities that appropriately balance growth and discipline and that we expect will drive value for Bakkt: Expand crypto platform with the following initiatives Invest in custody - expand flexibility and build upon our core approach which is underpinned by proven sound infrastructure centered around safety Expand through Apex Crypto - close the deal and integrate onto our platform expeditiously. Plan to extend into new international markets leveraging their existing partners Drive crypto to utility – enabling new ways to earn, reward and pay, including through layer 2 protocols such as Bitcoin’s Lightning Network Activate and broaden partner network – we continue to collaborate closely and align roadmaps with our partners to collectively bring platform capabilities to market. We will focus on continuing to broaden our network with new partners and pipeline of potential prospects. We recently announced a multi-faceted strategic alliance with Caesars Entertainment . Our platform will enable millions of Caesars Rewards® members to redeem their rewards credits through Bakkt® Crypto Rewards 4 . As part of this partnership, we are proud to sponsor the Bakkt Theater at Planet Hollywood. Business simplification and expense management - remain highly focused on prudently managing expenses and capital allocation decisions. We will appropriately balance priorities to invest in growth opportunities with overall firmwide expense management. We recently simplified our business to focus on areas that provide scalability and accelerate our path to profitability. This resulted in corporate restructurings, which were implemented in December 2022 and today. The recent restructurings are expected to result in an approximately 40% decline in headcount 2 (year-end 2022 vs. year-end 2023), $29 million in cash savings in 2023 and an incremental $7 million in cash savings in 2024. As a result of today’s restructuring, we expect a restructuring charge in first quarter 2023 of ~$3.7 million – $4.1 million, which includes ~$2.3 million – $2.7 million of cash payments _____________________ 1 Includes other highly liquid assets such as Treasury bills and notes; excludes restricted cash 2 Headcount includes exempt employees and contractors, and excludes all headcount related to call centers 3 Outlook estimates exclude the net revenue and expenses from Apex Crypto since the acquisition is subject to regulatory approval
Full Year 2023 Outlook FY 2023 net revenues 3 expected to grow to $62 million - $72 million, up ~15% - 30% from 2022. FY 2023 net cash used in operating activities expected to be ($100 million) – ($110 million), improving ~5% - 15% from 2022. FY 2023 free cash flow (non-GAAP) expected to be ($105 million) – ($115 million), improving ~25% - 30% from 2022 Our Apex Crypto acquisition, which is subject to regulatory approval, is expected to close in the first half of 2023. We expect to provide financial outlook after the close.
Fourth Quarter Financial Highlights (unaudited) Successor Predecessor 4Q21 $mm’s 4Q22 10/15/21 – 12/31/21 10/1/21 – 10/14/21 Increase/ (decrease) Net revenues $15.6 $11.5 $2.2 14% Goodwill and intangible assets impairments 271.9 - - NM Operating expenses, other than goodwill and intangible assets impairments 73.2 86.0 52.6 (47)% Total operating expenses 345.1 86.0 52.6 NM Operating loss (329.5) (74.5) (50.5) NM Net loss (323.9) (164.8) (49.7) NM Adjusted EBITDA loss (non-GAAP) $(30.5) $(20.5) $(2.9) 31% Note: “NM” denotes Not Meaningful Net revenues of $15.6 million increased 14% year-over-year, primarily driven by transaction revenue from the loyalty redemption business. Transacting accounts of approximately 958,000 increased 11% year-over-year. Digital asset conversion volume of $263 million increased 19% year-over-year due to loyalty redemption related to increased travel activity. Total operating expenses of $345.1 million increased year-over-year, primarily driven by a non-cash goodwill and intangible assets impairment charge of $271.9 million. Total operating expenses include restructuring costs of $2.3 million. Net loss of $(323.9) million increased year-over-year. Adjusted EBITDA loss (non-GAAP) of $(30.5) million increased 31% year-over-year, due to higher compensation and benefits, excluding share-based and unit-based compensation. _____________________ 4 These products are under development and subject to regulatory approval
Full Year Financial Highlights (unaudited) Successor Predecessor FY21 $mm’s FY22 10/15/21 – 12/31/21 1/1/21 – 10/14/21 Increase/ (decrease) Net revenues $54.6 $11.5 $28.0 38% Goodwill and intangible assets impairments 1,819.6 - - NM Operating expenses, other than goodwill and intangible assets impairments 251.4 86.0 168.0 (1)% Total operating expenses 2,071.0 86.0 168.0 NM Operating loss (2,016.4) (74.5) (140.1) NM Net loss (1,987.5) (164.8) (139.2) NM Adjusted EBITDA loss (non-GAAP) $(119.7) $(20.5) $(68.7) 34% Note: “NM” denotes Not Meaningful Net revenues of $54.6 million increased 38% year-over-year, primarily driven by higher customer activity in our loyalty redemption business. Transacting accounts of 3.0 million increased 16% year-over-year. Digital asset conversion volume of $832.3 million increased 51% year-over-year due to loyalty redemption related to increased travel activity. Total operating expenses of $2,071.0 million increased year-over-year, primarily driven by non-cash goodwill and intangible assets impairment charges. In accordance with GAAP, we conducted a quantitative test of goodwill and intangible assets for impairment. Given the elongated timing for expected cryptoasset product activations and the decline in our market capitalization, as well as our decision to sunset the consumer app, it was determined that our goodwill and intangible assets were impaired, which resulted in non-cash impairment charges totaling $1,819.6 million. Net loss of $1,987.5 million increased year-over-year. Adjusted EBITDA loss (non-GAAP) of $(119.7) million increased 34% year-over-year, due to higher compensation and benefits, excluding share-based and unit-based compensation.
Webcast and Conference Call Information
Bakkt will host a conference call at 5:00 PM ET, March 9, 2023. The live webcast of Bakkt’s earnings conference call can be accessed at https://investors.bakkt.com , along with the earnings press release and accompanying slide presentation. Investors and analysts interested in participating in the call are invited to dial (844) 200-6205 or (646) 904-5544, and reference participant access code 460923 approximately ten minutes prior to the start of the call. A replay will be available promptly after the call and can be accessed by dialing (866) 813-9403 and entering the access code 905479. The replay will be available through April 8, 2023.
About Bakkt
Founded in 2018, Bakkt builds technology that connects commerce. Our vision is to connect the digital economy by offering one platform for cryptocurrency, loyalty, and commerce. We enable our partners and clients to deliver new opportunities to their customers through SaaS and API solutions that unlock crypto and drive loyalty, powering engagement and performance. Bakkt is headquartered in Alpharetta, GA. For more information, visit: https://www.bakkt.com/ | Twitter @Bakkt | LinkedIn https://www.linkedin.com/company/bakkt/ .
Bakkt-E
Source: Bakkt Holdings, Inc.
Basis of Presentation
“Predecessor” information represents the results of Bakkt Holdings, LLC prior to the business combination with VPC Impact Acquisition Holdings (VIH), which closed on October 15, 2021. “Successor” information represents the results of Bakkt Holdings, Inc. from the date the business combination closed through the end of the applicable period.
Note on Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, but are not limited to, statements regarding the closing of the Apex Crypto acquisition and the resulting impacts from that acquisition and Bakkt’s guidance, plans, objectives, expectations and intentions with respect to future operations, products, services and the application of Bakkt’s available cash, among others. Forward-looking statements can be identified by words such as “will,” “likely,” “expect,” “continue,” “anticipate,” “estimate,” “believe,” “intend,” “plan,” “projection,” “outlook,” “grow,” “progress,” “potential” or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of Bakkt’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and beyond Bakkt’s control. Actual results and the timing of events may differ materially from the results anticipated in such forward-looking statements as a result of the following factors, among others: Bakkt’s ability to grow and manage growth profitably; changes in Bakkt’s business strategy; changes in the market in which Bakkt competes, including with respect to its competitive landscape, technology evolution or changes in applicable laws or regulations; changes in the digital asset markets that Bakkt targets; the possibility that Bakkt may be adversely affected by other economic, business, and/or competitive factors; changes to Bakkt’s relationships within the payment ecosystem; the inability to launch new services and products or to profitably expand into new markets and services; the inability to execute Bakkt’s growth strategies, including identifying and executing acquisitions and Bakkt’s initiatives to add new partners and customers; Bakkt’s ability to obtain all the necessary approvals to close its acquisition of Apex Crypto and successfully integrate the Apex Crypto business and employees and to achieve the expected benefits from the acquisition; the inability to develop and maintain effective internal controls and procedures; the exposure to any liability, protracted and costly litigation or reputational damage relating to Bakkt’s data security; the impact of any goodwill or other intangible assets impairments on Bakkt’s operating results; the impact of any pandemics or other public health emergencies, including the COVID-19 pandemic; Bakkt’s inability to maintain the listing of its securities on the New York Stock Exchange; and other risks and uncertainties indicated in Bakkt’s filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on such forward-looking statements. Such forward-looking statements relate only to events as of the date on which such statements are made and are based on information available to us as of the date of this press release. Unless otherwise required by law, we undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events.
Definitions
Digital asset conversion volume: Dollar value of transaction volume across loyalty redemption, crypto buy/sell and gift card purchases
Transacting accounts: Unique accounts that perform transactions on the Bakkt platform each month
Non-GAAP Financial Measures
Adjusted EBITDA is a non-GAAP financial measure, which we define as earnings before interest, income taxes, depreciation, amortization, acquisition-related expenses, share-based and unit-based compensation expense, goodwill and intangible assets impairments, restructuring charges, changes in the fair value of our warrant liability and certain other non-cash and/or non-recurring items that do not contribute directly to our evaluation of operating results and are not components of our core business operations. Adjusted EBITDA provides management with an understanding of earnings before the impact of investing and financing transactions and income taxes, and the effects of aforementioned items that do not reflect the ordinary earnings of our operations. This measure may be useful to an investor in evaluating our performance. Adjusted EBITDA is not a measure of our financial performance under GAAP and should not be considered as an alternative to net income (loss) or other performance measures derived in accordance with GAAP. Our definition of Adjusted EBITDA may not be comparable to similarly tied measures used by other companies.
Non-GAAP financial measures like Adjusted EBITDA have limitations, should be considered as supplemental in nature and are not meant as a substitute for the related financial information prepared in accordance with GAAP. The non-GAAP financial measures should be considered alongside other financial performance measures, including net loss and our other financial results presented in accordance with GAAP.
Reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA Loss ($ in millions) (unaudited) Successor Predecessor 4Q22 10/15/21 - 12/31/21 FY 2022 10/1/21 - 10/14/21 1/1/21 - 10/14/21 Net loss $(323.9) $(164.8) $(1,987.5) $(49.7) $(139.2) Depreciation and amortization 7.0 5.4 25.4 0.5 9.6 Interest (income) expense (1.0) - (1.9) - 0.2 Income tax (benefit) expense (2.5) 11.8 (11.3) (0.8) (0.6) EBITDA $(320.4) $(147.7) ($1,975.3) $(49.9) $(130.0) Acquisition-related expenses 4.5 1.6 5.7 12.7 24.8 Share-based and unit-based compensation expense 2.9 45.9 32.1 30.7 33.9 (Gain) loss from change in fair value of warrant liability (3.5) 79.4 (16.6) - - Goodwill and Intangible assets impairments 271.9 - 1,819.6 - - Impairment of long-lived assets 11.5 1.2 11.5 3.6 3.6 Restructuring expenses 2.3 - 2.3 - - Other¹ 0.3 (0.9) 1.0 - (1.0) Adjusted EBITDA loss $(30.5) $(20.5) $(119.7) $(2.9) $(68.7) 1 Other comprised of ICE transition services expense and cancellation of common units in the quarterly and annual 2021 and 2022 periods, as well as gain on extinguishment of software license liability in the quarterly and annual 2021 periods, and non-recurring bitcoin sale income in the annual 2021 period.
Free Cash Flow is a non-GAAP financial measure. Free Cash Flow is cash flow from operations adjusted for “ capitalized internal use software development costs and other capital expenditures” and “interest income.” We adjust for capitalized expenses associated with internally developed software for our technology platforms given they are a large component of our ongoing expense base given our position as a technology platform company.
Information reconciling forward-looking Free Cash Flow to the comparable GAAP financial measure is unavailable to us without unreasonable effort. We are not able to provide a reconciliation of forward-looking Free Cash Flow to the comparable GAAP financial measure because certain items required for such reconciliations are outside of our control and/or cannot be reasonably predicted, such as timing of customer payments for account receivables and payment terms for operating expenses. Preparation of such reconciliations would require a forward-looking statement of income and statement of cash flow, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to us without unreasonable effort (as specified in the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K). We provide a range for our Free Cash Flow forecast that we believe will be achieved, however we cannot accurately predict all the components of the Free Cash Flow calculation. We provide a Free Cash Flow because we believe that Free Cash Flow, when viewed with our results under GAAP, provides useful information for the reasons noted above. However, Free Cash Flow is not a measure of liquidity under GAAP and, accordingly, should not be considered as an alternative to net cash used in operating activities as an indicator of liquidity.
Reconciliation of Operating Cash Flow to Non-GAAP Free Cash Flow ($ in millions) (unaudited) Successor Predecessor FY22 10/15/21- 12/31/21 1/1/21/ - 10/14/21 Net cash used in operating activities $(118.0) $(83.4) $(50.9) Capitalized internal-use software development costs and other capital expenditures (30.5) (3.6) (12.1) Interest (income) expense, net (1.9) - 0.2 Free cash flow $(150.4) $(87.0) $(62.8)
Consolidated Balance Sheet ($ in millions) Successor As of 12/31/22 As of 12/31/21 (unaudited) Assets Current assets: Cash and cash equivalents $98.3 $391.4 Restricted cash 16.5 16.5 Customer funds 0.6 0.6 Available-for-sale securities 141.1 - Accounts receivable, net 25.3 18.1 Prepaid insurance 22.8 32.2 Safeguarding asset for cryptoassets 15.8 - Other current assets 6.1 4.8 Total current assets 326.5 463.5 Property, equipment and software, net 19.7 6.1 Goodwill 18.3 1,527.1 Intangible assets, net 55.8 388.5 Deposits with clearinghouse 15.2 15.2 Other assets 22.5 13.9 Total assets $458.0 $2,414.3 Liabilities and stockholders’ equity Current liabilities: Accounts payable and accrued liabilities $66.8 $64.1 Customer funds payable 0.6 0.6 Deferred revenue, current 4.0 4.6 Due to related party 1.2 0.6 Safeguarding obligation for cryptoassets 15.8 - Other current liabilities 3.8 3.7 Total current liabilities 92.1 73.6 Deferred revenue, noncurrent 3.1 4.8 Warrant liability 0.8 17.4 Deferred tax liabilities, net - 11.6 Other noncurrent liabilities 23.4 12.7 Total liabilities $119.4 $120.1 Stockholders’ equity: Class A common stock ($0.0001 par value, 750,000,000 shares authorized, 80,926,843 shares issued and outstanding as of 12/31/22, 57,164,388 shares issued and outstanding as of 12/31/21) - - Class V common stock ($0.0001 par value, 250,000,000 shares authorized, 183,482,777 shares issued and outstanding as of 12/31/22, 206,271,792 shares issued and outstanding as of 12/31/21) - - Additional paid-in capital 773.0 566.8 Accumulated other comprehensive loss (0.3) (0.1) Accumulated deficit (675.7) (98.3) Total stockholders’ equity 97.0 468.4 Noncontrolling interest 241.5 1,825.8 Total equity 338.6 2,294.2 Total liabilities and stockholders’ equity $458.0 $2,414.3
Consolidated Statement of Operations ($ in millions) (unaudited) Successor Predecessor 4Q22 10/15/21 - 12/31/21 FY22 10/1/21 - 10/14/21 1/1/21 - 10/14/21 Revenues: Net revenues¹ $15.6 $11.5 $54.6 $2.2 $28.0 Operating expenses: Compensation and benefits 31.9 62.2 139.0 33.9 91.3 Professional services 2.2 3.0 11.5 0.2 5.2 Technology and communication 4.4 3.1 17.1 0.5 10.4 Selling, general and administrative 8.4 8.5 35.4 0.8 20.3 Acquisition-related expenses 4.5 1.6 5.7 12.7 24.8 Depreciation and amortization 7.0 5.4 25.4 0.5 9.6 Related party expenses (affiliate in Predecessor periods)² 0.3 0.6 1.2 0.1 1.5 Goodwill and intangible assets impairments 271.9 - 1,819.6 - - Impairment of long-lived assets 11.5 1.2 11.5 3.6 3.6 Restructuring expenses 2.3 - 2.3 - - Other operating expenses 0.6 0.4 2.3 0.3 1.4 Total operating expenses 345.1 86.0 2,071.0 52.6 168.0 Operating loss (329.5) (74.5) (2,016.4) (50.4) (140.1) Interest income (expense), net 1.0 - 1.9 - (0.2) Gain (loss) from change in fair value of warrant liability 3.5 (79.4) 16.6 - - Other income (expense), net (1.5) 0.8 (0.9) - 0.5 Loss before income taxes (326.4) (153.1) (1,998.8) (50.4) (139.8) Income tax benefit (expense) 2.5 (11.8) 11.3 0.8 0.6 Net loss (323.9) (164.8) (1,987.5) (49.7) (139.2) Less: Net loss attributable to noncontrolling interest (227.4) (120.8) (1,410.1) Net loss attributable to Bakkt Holdings, Inc. $(96.5) $(44.0) $(577.4) Net loss per share attributable to Class A common stockholders Basic $(1.22) $(0.81) $(8.11) Diluted $(1.24) $(0.81) $(8.11) Note: Basic and diluted loss per share is not presented for the Predecessor period due to lack of comparability with the Successor periods. 1 Includes related party net revenues (in thousands) of $2, $71, and $42, as well as affiliate net revenues of $290 and $136, respectively 2 As a result of the VIH Business Combination, ICE and its affiliates are no longer our affiliates.
Consolidated Statement of Cash Flows ($ in millions) (unaudited) Successor Predecessor FY22 10/15/21 -12/31/21 1/1/21- 10/14/21 Cash flows from operating activities: Net loss $(1,987.5) $(164.8) $(139.2) Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization 25.4 5.4 9.5 Non-cash lease expense 2.7 0.2 0.9 Share-based compensation expense 31.6 1.0 - Unit-based compensation expense 0.6 44.9 33.9 Forfeiture and cancellation of common units (0.2) (0.2) - Recognition of affiliate capital contribution - - 0.2 Amortization of customer consideration asset - - 1.7 Deferred income taxes (11.6) 11.7 - Impairment of long-lived assets 11.5 1.2 3.6 Goodwill and intangible assets impairments 1,819.6 - - Loss on disposal of assets 3.8 - - Loss on sale of shares of affiliate stock - - 0.1 (Gain) loss from change in fair value of warrant liability (16.6) 79.4 - (Gain) on extinguishment of software license liability - (1.3) - Modification and vesting of Class C warrant - - 1.0 Other 0.3 (0.1) 0.7 Changes in operating assets and liabilities: Accounts receivable (7.2) (1.1) (6.6) Prepaid insurance 9.4 (31.1) (0.4) Deposits with clearinghouse - - 20.2 Accounts payable and accrued liabilities 0.7 (19.7) 23.3 Due to related party (affiliate in Predecessor period) (1) 0.6 (1.7) 0.5 Deferred revenue (2.4) - 1.0 Operating lease liabilities 4.2 - (0.8) Customer funds payable - 0.1 0.3 Other assets and liabilities (2.8) (7.3) (0.8) Net cash used in operating activities (118.0) (83.4) (50.9) Cash flows from investing activities: Capitalized internal-use software development costs and other capital expenditures (30.5) (3.6) (12.1) Purchase of available-for-sale securities (306.6) - - Proceeds from the maturity of available-for-sale securities 165.2 - - Interest earned on marketable securities 0.4 - - Proceeds from disposal of assets - - - Proceeds from sale of shares of affiliate stock - - 1.8 Cash acquired through business combination - 30.8 - Net cash provided by (used in) investing activities: (171.5) 27.3 (10.3) Cash flows from financing activities: Payment of finance lease liability - (0.4) (0.1) Repurchase of redeemed Class A common stock - (84.5) - Repurchase and retirement of Class A common stock (2.6) - - Payment of deferred underwriting fee - (7.3) - Proceeds from the exercise of warrants - 37.1 - Proceeds from PIPE, net of issuance costs - 312.0 - Net cash provided by (used in) financing activities: (2.6) 256.9 (0.1) Effect of exchange rate changes. (0.9) (0.3) 0.2 Net increase (decrease) in cash, cash equivalents, restricted cash and customer funds (293.0) 200.5 (61.1) Cash, cash equivalents, restricted cash and customer funds at the beginning of the period 408.4 207.9 91.9 Cash, cash equivalents, restricted cash and customer funds at the end of the period $115.4 $408.4 $30.8 Contacts
Investor Relations Ann DeVries, Head of Investor Relations Ann.DeVries@bakkt.com
Media Lauren Post, Head of Communications Lauren.Post@bakkt.com Read full story here
Fintech Nexus Industry Awards to Recognize Top Performers in Fintech
NEW YORK--(BUSINESS WIRE)-- #banks --The Fintech Nexus Industry Awards is set to take place on May 11, 2023 at the Edison Ballroom, NYC at 6pm EST. The event will recognize and celebrate the achievements of the most outstanding individuals and organizations in the fintech industry.
This year’s event features major categories such as “Executive of the Year” and “Diversity, Equity & Inclusion Trailblazer,” with an impressive list of finalists.
Executive of the Year finalists include: Luvleen Sidhu, BMTX Zach Perret, Plaid Chris Britt, Chime Raina Succar, Intuit Jennifer Tescher, Financial Health Network
Diversity, Equity & Inclusion Trailblazer finalists include: Katie Barnes, BHG Raul Vazquez, Oportun Wemimo Abbey, Esusu Nicole Casperson, Fintech is Femme
The awards also recognize other key categories such as Fintech Innovator of the Year, Emerging Fintech Innovator, Innovation in Lending, Innovation in Payments, Innovation in Digital Banking, Excellence in Financial Inclusion, Top Service Provider, and Best of the Blockchain in Financial Services. For a list of all finalists, visit here .
The Fintech Nexus Industry Awards is the premier awards event for the fintech community, and is the culmination of Fintech Nexus USA , the largest fintech conference in New York City bringing together 5,000 attendees and more than 250 sponsors. The awards gala provides a platform for industry players to come together, network, and celebrate their achievements.
“We are excited to host the Fintech Nexus Industry Awards for the sixth year in a row,” said Peter Renton, Co-founder & Chairman, Fintech Nexus. “The fintech space continues to evolve and grow, and it’s an honor to recognize the individuals and organizations that are driving the industry forward.”
For more information or to purchase a ticket to the Fintech Nexus Industry Awards, visit fintechnexus.com/usa/2023/awards/
About Fintech Nexus:
Fintech Nexus is a diversified media company providing essential knowledge, connections and inspiration to the entire financial services industry, creating a link between traditional finance and the future of finance. Popular offerings include: News, Events, Podcasts, Webinars, Whitepapers and our credentialed educational courses. Contacts
Media: Christopher Tedrick Fintech Nexus Director of Marketing chris@fintechnexus.com
Signature Bank Issues Updated Financial Figures as of March 8, 2023; Reiterates Strong Financial Position and Limited Digital-Asset Related Deposit Balances in Wake of Industry Developments
Signature Bank Announces Buyback of Common Shares
NEW YORK--(BUSINESS WIRE)-- Signature Bank (Nasdaq: SBNY), a New York-based, full-service commercial bank, announced today updated financial figures as of March 8, 2023 and reiterated its strong, well-diversified financial position and limited digital-asset related deposit balances in the wake of industry developments.
To this end, Signature Bank has: A proven, stable commercial banking business model with in excess of $100 billion in well-diversified assets across nine national business lines and nearly 130 commercial banking teams spanning its metropolitan New York area and West Coast footprint; A diversified deposit mix, with more than 80 percent of deposits coming from middle market businesses, such as law firms, accounting practices, healthcare companies, manufacturing companies and real estate management firms; A high level of capital as evidenced by a common equity tier 1 risk-based capital ratio of 10.42 percent, which is well in excess of regulatory requirements, as of year-end 2022; Investment-grade long- and short-term credit ratings , which were recently affirmed by Fitch Ratings, Kroll Bond Rating Agency (KBRA) and Moody’s Investors Services; and, A strong liquidity position, with the following financial balances (unaudited) as of March 8, 2023: Cash held on balance sheet of approximately $4.54 billion Borrowing balances (excluding subordinated debt) of $6.58 billion, with additional capacity of approximately $29.01 billion Marketable liquid securities of approximately $26.41 billion Deposit balances of $89.17 billion, which are up $576 million since year-end 2022. This includes the deliberate reduction in digital asset-related client deposits of $1.27 billion, resulting in a balance of $16.52 billion in digital asset-related client deposits Loan balances of $71.81 billion, which are lower by $1.99 billion since year-end 2022, as the Bank executes on its previously announced strategy to reduce loan balances in its larger business lines; and, Over the course of this week and thus far for the quarter, we have repurchased $55.0 million of common stock within our previously disclosed share repurchase authorization.
Furthermore, in January 2023, the Bank announced a 25 percent increase in its common stock dividend to $2.80 per share annually, the first increase since the dividend was established in 2018. For more information on Signature Bank’s financial position, review its Form 10-K for the period ended December 31, 2022, which can be found here .
“We want to make it clear again that Signature Bank is a well-diversified, full-service commercial bank with more than two decades of history and solid performance serving middle market businesses. We have built a strong reputation serving commercial clients through nine business lines and reached in excess of $100 billion in assets by continually executing our single-point-of-contact, relationship-based model where banking teams are capable of meeting all client needs,” said Joseph J. DePaolo, Signature Bank Co-founder and Chief Executive Officer.
“As a reminder, Signature Bank does not invest in, does not trade, does not hold, does not custody and does not lend against or make loans collateralized by digital assets,” DePaolo concluded.
“We have repeatedly communicated that our relationships in the digital asset space are limited to U.S. dollar deposits only, and we remain fully committed to executing on our plan to deliberately reduce these deposits further. Since we opened our doors, we have been a ‘deposit-first’ institution and have always been committed to our depositors’ safety, first and foremost. As shown by our current metrics, we intentionally maintain a high level of capital, strong liquidity profile and solid earnings, which continues to differentiate us from competitors, especially during challenging times,” added Eric R. Howell, President and Chief Operating Officer.
About Signature Bank
Signature Bank , member FDIC, is a New York-based full-service commercial bank with 40 private client offices throughout the metropolitan New York area, as well as those in Connecticut, California, Nevada, and North Carolina. Through its single-point-of-contact approach, the Bank’s private client banking teams primarily serve the needs of privately owned businesses, their owners, and senior managers.
The Bank has two wholly owned subsidiaries: Signature Financial, LLC, provides equipment finance and leasing; and, Signature Securities Group Corporation, a licensed broker-dealer, investment adviser and member FINRA/SIPC, offers investment, brokerage, asset management, and insurance products and services. Signature Bank was the first FDIC-insured bank to launch a blockchain-based digital payments platform. Signet™ allows commercial clients to make real-time payments in U.S. dollars, 24/7/365 and was also the first blockchain-based solution to be approved for use by the NYS Department of Financial Services.
Since commencing operations in May 2001, Signature Bank reported $110.36 billion in assets and $88.59 billion in deposits as of December 31, 2022. Signature Bank placed 19 th on S&P Global’s list of the largest banks in the U.S., based on deposits as of year-end 2021.
For more information, please visit https://www.signatureny.com.
This press release and oral statements made from time to time by our representatives contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous risks and uncertainties relating to our operations and business environment, all of which are difficult to predict and may be beyond our control. Forward-looking statements include information concerning our expectations regarding future results, interest rates and the interest rate environment, loan and deposit growth, loan performance, operations, new private client teams' hires, new office openings, business strategy and the impact of the COVID-19 pandemic on each of the foregoing and on our business overall. Forward - looking statements often include words such as "may," "believe," "expect," "anticipate," "intend," “potential,” “opportunity,” “could,” “project,” “seek,” “target,” “goal,” “should,” “will,” “would,” "plan," "estimate" or other similar expressions. Forward-looking statements may also address our sustainability progress, plans, and goals (including climate change and environmental-related matters and disclosures), which may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. As you consider forward-looking statements, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties and assumptions that could cause actual results to differ materially from those in the forward-looking statements and can change as a result of many possible events or factors, not all of which are known to us or in our control. These factors include but are not limited to: (i) prevailing economic conditions; (ii) changes in interest rates, loan demand, real estate values and competition, any of which can materially affect origination levels and gain on sale results in our business, as well as other aspects of our financial performance, including earnings on interest-bearing assets; (iii) the level of defaults, losses and prepayments on loans made by us, whether held in portfolio or sold in the whole loan secondary markets, which can materially affect charge-off levels and required credit loss reserve levels; (iv) changes in monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System; (v) changes in the banking and other financial services regulatory environment; (vi) our ability to maintain the continuity, integrity, security and safety of our operations and (vii) competition for qualified personnel and desirable office locations. All of these factors are subject to additional uncertainty in the context of the COVID-19 pandemic and the conflict in Ukraine, which are having impacts on all aspects of our operations, the financial services industry and the economy as a whole. Additional risks are described in our quarterly and annual reports filed with the FDIC. Although we believe that these forward-looking statements are based on reasonable assumptions, beliefs and expectations, if a change occurs or our beliefs, assumptions and expectations were incorrect, our business, financial condition, liquidity or results of operations may vary materially from those expressed in our forward-looking statements. You should keep in mind that any forward-looking statements made by Signature Bank speak only as of the date on which they were made. New risks and uncertainties come up from time to time, and we cannot predict these events or how they may affect the Bank. Signature Bank has no duty to, and does not intend to, update or revise the forward-looking statements after the date on which they are made. Contacts
Investor Contact : Brian Wyremski, Senior Vice President and Director of Investor Relations and Corporate Development 646-822-1479, bwyremski@signatureny.com
Media Contact: Susan Turkell Lewis, 646-822-1825, slewis@signatureny.com
GFT US Appoints Chief Revenue Officer as It Scales Regional Ambitions in Banking, Private Equity, Insurance and Manufacturing
New CRO Scott Hofmann Will Accelerate GFT’s Success, Transforming the Infrastructures of Some of the Country’s Largest Enterprises Into New Cloud-Based Opportunities
NEW YORK--(BUSINESS WIRE)--Global digital transformation company GFT has named Scott Hofmann its Chief Revenue Officer (CRO) in the U.S. Hofmann joins GFT following the company’s recently announced plans to unify operations in the Americas to serve companies both in the U.S. and throughout the region. Hofmann previously served as Senior Vice President and Managing Director at Globant and has more than two decades of experience driving digital adoption on both a regional and global scale.
GFT has already successfully modernized the legacy infrastructure of some of the U.S.’s most influential banks, insurance companies, private equity firms and auto manufacturers. On a global scale, the company has also demonstrated that it can accelerate the rate of digitalization at scale. In banking, for example, GFT built and launched the digital-only, cloud-based bank Mox for Standard Chartered in just 18 months, through its long-standing partnerships with Thought Machine and AWS .
Hofmann will leverage GFT’s U.S. and global initiatives to illustrate to other enterprises how they can confidently achieve the same accelerated rate of digitalization, take advantage of new digital opportunities, and acquire and retain customers in the process.
Digital Transformation Reaches a Tipping Point Across Traditional Industries
Many companies have attempted to ease into transformation through piecemeal investments in digital projects. As part of his role at GFT, Hofmann will drive awareness of how large-scale infrastructural overhauls will enable them to capitalize on new opportunities, including new business models, revenue streams, and digital customer acquisition.
“ Even U.S. companies that were initially reluctant to embrace digital transformation now see that the opportunity costs of not transforming outweigh investments in modernization,” said Hofmann. “ There’s no shortage of companies promising to provide these digital capabilities through nearshoring, offshoring, and various other angles, but none that are backed by the combined regional expertise and global backing that GFT brings to the table.”
Hofmann’s In-Depth Regional Experience to Complement GFT’s Global Expertise
In his most recent role as Senior Vice President and Managing Director at Globant, Hofmann led the digital transformation of U.S. businesses through nearshoring via Globant’s Latin American delivery centers. He also served as Vice President at Capgemini Invent, where he was responsible for a North American portfolio covering asset and wealth management.
“ Scott’s extensive experience with American banks, asset and wealth managers, and financial services firms is a natural alignment with GFT, especially as we usher in our next phase of growth in the U.S.,” said Marco Santos, CEO Americas at GFT. “ It’s part of my mission as CEO Americas to build a leadership team that maintains an in-depth understanding of the local market while reflecting the ambitions and expertise of our global company. Scott’s addition to the team is a leap forward in this regard.”
GFT U.S. Continues Growing Executive Expertise
Hofmann’s appointment as CRO further expands GFT’s U.S. leadership team. In January 2023, the company announced Marco Santos as CEO Americas to oversee its growth in the U.S., Brazil, Canada, Costa Rica and Mexico.
About GFT – Shaping the future of digital business.
GFT is a digital transformation pioneer that develops sustainable solutions based on new technologies including artificial intelligence and blockchain/DLT. Services range from core system modernization and migration to open cloud platforms, as well as the introduction of carbon conscious coding.
GFT's strengths include deep technical expertise, strong partnerships and comprehensive market insights. The company uses them to design digital transformation for clients from the finance and insurance sectors as well as the manufacturing industry. Through the intelligent use of technology it adds value and increases productivity for clients. GFT experts create and implement scalable software applications that make access to innovative business models safe and easy.
With locations in more than 15 markets around the globe, GFT ensures proximity to its clients. The company draws on over 35 years of experience and a team of over 10,000 determined experts. GFT provides them with career opportunities in the most innovative areas of software engineering. The GFT Technologies SE share is listed in the SDAX index of the German Stock Exchange (ticker: GFT-XE).
www.gft.com/us/en www.blog.gft.com www.linkedin.com/company/gft-north-america www.twitter.com/gftnorthamerica Contacts
Katherine Lee Head of Marketing GFT USA GFT Technologies SE 261 Madison Avenue, 19th Floor New York, NY 10016 USA T 1 516 402 2014 marketing.us@gft.com www.gft.com/us/en
CoinTracker Partners With H&R Block to Streamline Crypto Tax Filing Process
Partnership Eliminates Complexities of DIY Crypto Tax Filing, Helping Users Remain Tax Compliant
SAN FRANCISCO--(BUSINESS WIRE)-- CoinTracker , the market leader in cryptocurrency tax and portfolio tracking for consumers, today announced its partnership with H&R Block for the 2023 tax season, a leading tax preparation company. Through the partnership, users can now leverage automated crypto tax filing capabilities to ensure an efficient, accurate, and simple crypto filing experience. Together with H&R Block, CoinTracker is helping bring convenience to the crypto tax filing process.
In 2022, nearly half of Americans were unaware that they had to file taxes on digital asset holdings – highlighting the need for simplified, easy-to-use crypto fax filing resources. As the regulatory guidelines continue to evolve, it’s paramount that users are met with the proper tooling and resources to manage their taxes in an efficient and compliant manner. H&R Block and CoinTracker are delivering users an automated crypto tax filing solution, making the manual process of adding all taxable transactions and calculating cost basis more seamless.
“Last year alone, H&R Block saw an 85% rise in the number of clients who reported crypto transactions,” said Heather Watts, Senior Vice President, Consumer Tax Products and Support at H&R Block. “This figure underscores the importance of people understanding how crypto gains and losses are taxed. This partnership with CoinTracker creates a more streamlined process for our clients to import their crypto tax information accurately and quickly so they can file with confidence knowing H&R Block makes sure our clients get every dollar they deserve, ensuring a maximum refund.”
Through this partnership, users will no longer have to copy and paste crypto transactions from Form 8949 as part of their online DIY tax filing process. Now, through the upgraded functionality, all rows from Form 8949 will be automatically entered within H&R Block Online when their account is connected to CoinTracker.
In addition to the simplifying the manual process of crypto tax filing, the partnership delivers a number of benefits to H&R Block and CoinTracker users, including: A free CoinTracker tax plan for those with fewer than 25 crypto transactions A 10% discount on CoinTracker tax plans for those with more than 25 crypto transactions A 20% discount on H&R Block online products for CoinTracker users
“This partnership with H&R Block is a monumental achievement for DIY crypto taxpayers,” said Vera Tzoneva, COO at CoinTracker. “The process of crypto tax filing is far too complex. We remain fixated on delivering peace of mind and the requisite tools for all crypto users. Partnering with H&R Block is a major step toward realizing this vision.”
To learn more about the partnership between H&R Block and CoinTracker, please visit: cointracker.io/hrblock
To begin filing taxes, tracking your crypto portfolio, or to learn more about CoinTracker, visit: cointracker.io . Follow CoinTracker on Twitter , and join the conversation on Telegram and Reddit .
About H&R Block:
H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products , and small business solutions . The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time and also be better with money using its mobile banking app, Spruce . Through Block Advisors and Wave , the company helps small-business owners thrive with innovative products like Wave Money, a mobile-first, small-business bank account and bookkeeping solution, that manages bookkeeping automatically. For more information, visit H&R Block News .
About CoinTracker:
CoinTracker is the market leader in crypto portfolio tracking and tax compliance for consumers, leveraging the best technology and partnerships to deliver the highest level of accuracy, simplicity and value year-round. Users collectively track over $50 billion in crypto assets on CoinTracker. Founded in 2017, CoinTracker is backed by Accel, General Catalyst, Initialized Capital, Y Combinator, 776 Ventures, and other leading investors. CoinTracker is the exclusive cryptocurrency tax partner for many of the top exchanges and tax products, including Coinbase, OpenSea, Intuit’s TurboTax, and Blockchain.com. For more information, please visit https://www.cointracker.io . Contacts
Isaiah Jackson Howl Labs t: 805 674 7348 e: isaiah@howl.xyz
Animoca Brands and Planet Hollywood to Launch CLUB 3, a Physical Private Club with Exclusive Perks and Experiential Programming for Web3 Community
LOS ANGELES--(BUSINESS WIRE)-- Animoca Brands , the company advancing digital property rights for gaming and the open metaverse, and Planet Hollywood Group (“ Planet Hollywood ”), through their joint venture Meta Hollywood , announced today they will launch CLUB 3 , a private, members-only club that will act as the physical meeting place for the greater global community involved in Web3, NFTs, and open metaverse industries.
The first CLUB 3 location will open in the heart of the famed Sunset Boulevard in Los Angeles, California, in the second half of 2023. It will be a 10,000-square-foot facility consisting of diverse dining options, including a main dining room and a rooftop restaurant, eclectic bars and a cocktail lounge, meeting rooms, karaoke rooms, and other facilities. Additionally, CLUB 3 will offer fully programmable areas for experiential events that will be available both in person and virtually, such as industry events, community meetups, talks, experiences, seminars, AMA sessions, and more.
Following the opening of its first location, CLUB 3 plans to expand in multiple iterations in the world’s most popular cities, including New York, Miami, Tokyo, London, Paris, and Hong Kong.
CLUB 3 will offer four types of memberships: Founding, Social, Global, and Corporate Memberships. Membership perks will include access to amenities with respect to the membership type and all members will be able to communicate with each other through CLUB 3’s exclusive community chat. All four types of memberships will be available on launch starting from the internal sale.
The Social Membership will provide its owner with access to one specific CLUB 3 location. The Founding Membership is an ultra-exclusive pass available in limited numbers per club, granting special benefits such as access to a private founders-only lounge and other benefits. The Global Membership, an upgrade to all membership levels, will give owners access to all CLUB 3 locations around the world.
Memberships are available as mintable NFTs and interested parties can go to www.club3members.com to reserve a place on the waitlist. The one-time membership fees for a Social Membership and a Founding Membership are US$2,500 and US$7,500, respectively. All memberships can be upgraded to a Global Membership for a fee of US$1,500. To find out more about memberships and to sign-up for the waitlist, please visit www.club3members.com .
CLUB 3 will be integrating Web3 mechanics into the club’s operations such as community voting on seasonal menus, specialized perks, and collaborative promotions for certain NFT projects and membership holders.
Robert Earl, founder and chairman of the Planet Hollywood Group, commented: “I am proud to be a partner in CLUB 3. Imagine a club composed of groups of like-minded individuals - the setting is designed to be comfortable with great food, wonderful cocktails and exciting programming. CLUB 3 is truly international, both in its footprint around the world and its membership base - come join our journey as we get ready to launch our first CLUB 3 in Los Angeles.”
Yat Siu, co-founder and executive chairman of Animoca Brands, commented: “CLUB 3 will foster and galvanize the broader Web3 community and serve as a launchpad for those wanting to learn more about this new world. Members will interact within the club’s numerous facility perks and experience what Meta Hollywood can offer. With this project communities across the Animoca Brands ecosystem will have access to new possibilities.”
For more photo and video assets, please click here .
ABOUT CLUB 3
CLUB 3 is a wholly owned subsidiary of Meta Hollywood, a joint venture between Animoca Brands and Planet Hollywood. Visit www.club3members.com for more information.
ABOUT META HOLLYWOOD
Meta Hollywood is a community-first ecosystem for entertainment fans and creators, offering exclusive access and utility (URL and IRL), at the intersection of Hollywood and Web3. With access to a vast collection of over 60,000 movie memorabilia items, as well as additional Hollywood IP and utility from Planet Hollywood and Animoca Brands’ established partner network, users are in for a star-studded time! The community adds value to physical Hollywood events, pop culture, and memorabilia by providing Web3 enabled experiences and utility. By democratizing the entertainment universe, Meta Hollywood empowers movie lovers and the broader consumer market to interact directly with movie producers and other short-form content creators through a branded digital experience. Utilizing its native token HWOOD, Meta Hollywood intends to transform the iconic Hollywood experience into a next-generation hybrid Web3 ecosystem that benefits entertainment industry field supporters and creators both online and offline.
For more information, visit us at www.metahollywood.io and follow us on Instagram , Twitter and Discord .
ABOUT PLANET HOLLYWOOD
Planet Hollywood is the creator and worldwide developer of a consumer brand that capitalizes on the universal appeal of movies, television, sports, music and other leisure-time activities. The Company’s worldwide operations offer products and services in the restaurant, retail, lodging, leisure, gaming and entertainment sectors. Additionally, the Company owns one of the world’s more extensive and valuable memorabilia collections.
For more information, visit www.planethollywoodintl.com follow us on Instagram and Twitter @planethollywood and on Facebook at Planet Hollywood.
ABOUT ANIMOCA BRANDS
Animoca Brands, a Deloitte Tech Fast winner and ranked in the Financial Times list of High Growth Companies Asia-Pacific 2021 , is a leader in digital entertainment, blockchain, and gamification that is working to advance digital property rights and contribute to the establishment of the open metaverse. The company develops and publishes a broad portfolio of products including the REVV token and SAND token ; original games including The Sandbox , Crazy Kings , and Crazy Defense Heroes ; and products utilizing popular intellectual properties including Disney, WWE, Snoop Dogg, The Walking Dead, Power Rangers, MotoGP™, and Formula E. It has multiple subsidiaries, including The Sandbox , Blowfish Studios , Quidd , GAMEE , nWay , Pixowl , Forj , Lympo , Animoca Brands Japan , Grease Monkey Games , Eden Games , Darewise Entertainment , Notre Game , TinyTap , Be Media , PIXELYNX , and WePlay Media . Animoca Brands has a growing portfolio of more than 380 investments, including Colossal, Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Yield Guild Games, Harmony, Alien Worlds, Star Atlas, and others. For more information visit www.animocabrands.com or follow on Twitter or Facebook . Contacts
Meta Hollywood Allied Global Marketing - Jessica Mittenthal or Danielle Kovnat metahollywood@alliedglobalmarketing.com
Animoca Brands press@animocabrands.com
Violet Launches Mauve, the World’s First Decentralized Exchange that Provides the Compliance of Traditional Finance
Company raises $15M to bring privacy-protective compliance to Decentralized Finance (DeFi)
Mauve seeks to advance efforts to restore trust in crypto globally
NEW YORK--(BUSINESS WIRE)--Violet, the world’s leading provider of privacy-protective compliance and identity infrastructure for Decentralized Finance (DeFi), today announced the launch of Mauve, the world’s first compliant Decentralized Exchange (DEX) purpose-built to offer the best of both DeFi and Traditional Finance (TradFi) to the crypto markets.
Backed by $15 million in funding from a series of prominent global investors - including BlueYard Capital, Balderton, Ethereal Ventures, FinTech Collective, Brevan Howard and Coinbase Ventures, among others - Violet plans to use the capital raised to accelerate the global adoption of Mauve.
Co-Founder of Violet, Markus Maier, explains, “Mauve is a direct response to the FTX fallout, which has significantly eroded trust in crypto globally by misappropriating funds. The future is dependent on the continued adoption of non-custodial crypto exchanges. Mauve empowers its users to trade without surrendering custody of their assets. This means no one can access, much less steal, any retail or institutional investor’s funds, helping to restore confidence among market participants.”
Existing DEX platforms on aggregate still lag custodial exchanges in trading volume because they are entirely open. This means they can’t meet traditional finance compliance requirements such as anti-money laundering rules and sanctions laws, hindering institutional adoption.
Mauve requires its users to undergo rigorous compliance checks. These checks ensure compliance-conscious users, who are currently restricted to centralized and custodial exchanges, feel confident migrating to DeFi. Fully transparent and governed by audited smart contracts, users can trade with instant settlement, without relying on intermediaries.
“The timing of the release of Mauve is critical given that crypto finds itself once again in the crosshairs of global regulators,” said Sean Lippel, General Partner at FinTech Collective. “Our thesis has always been that in order to make DeFi sustainable in the long term, it will need real-world use cases and connectivity that can only be accomplished with a robust identity and compliance layer. We think Mauve is the beginning of a new wave of institutional-ready protocols that still have all the benefits of decentralization, composability, and transparency.”
Mauve brings benefits of DeFi and TradFi together to empower crypto investors globally. From a DeFi standpoint, the solution utilizes DeFi architecture to enable self-custody that ensures funds remain the property of their true owner, not a separate custodian. From a TradFi standpoint, the platform offers its users TradFi-level compliance guarantees to drastically reduce counterparty risk.
“We envision a future without intermediaries where all financial products and services run on decentralized crypto rails,” said Violet Co-Founder Philipp Banhardt. “This vision requires deep integration between TradFi and DeFi, and is the reason why we started Violet and now Mauve. We are excited to partner with other builders as we advance on our mission to evolve trust in DeFi, towards more robust and sustainable growth going forward.”
“Mauve ushers in a new paradigm of compliant DeFi protocols, bridging the gap between on-chain continuous trading, transparency and compliance,” said Min Teo, Managing Partner, Ethereal Ventures.
Mauve relies on Violet’s on-chain compliance infrastructure, which issues privacy-preserving compliance credentials, in addition to leveraging multi-factor authentication for security and identity continuity. The credentials are composable across other applications, and will ultimately position Mauve to be the cornerstone of a far-reaching compliant DeFi ecosystem that leverages Violet credentials.
Founded in early 2021 by Markus Maier and Philipp Banhardt in Berlin, Violet is focused on helping DeFi fulfill its potential to become the default financial system of the 21st century. To facilitate this transition, the Violet team has designed and built privacy-protective compliance infrastructure that is directly embedded on the blockchain.
For more information about Violet and the launch of Mauve, please visit: https://mauve.org/
About Violet:
Founded in 2021, Violet is a leading provider of compliance and identity infrastructure for the DeFi and broader Web3 sector. The developers of Mauve, the world’s first decentralized exchange (DEX) purpose-built for compliance, Violet is actively working to build solutions that restore trust in crypto globally. To learn more, visit: https://www.violet.co/ .
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Violet (DeFi Labs GmbH) is a German company subject to European and German law, including the General Data Protection Regulation.
Mauve has submitted an application to register as a Virtual Asset Service Provider. Registration is intended to ensure Mauve maintains compliance with AML and sanctions laws. Contacts
MEDIA: Jack Kay Edelman Smithfield jack.kay@edelmansmithfield.com