No Labels National MeetingBRP Inc. executives said the Ski-Doo maker needs to stay calm in the face of tariffs proposed by U.S. president-elect Donald Trump — tariffs that could hurt a manufacturer that depends on Mexican production. "I don't think we should overreact right now," chief financial officer Sébastien Martel told analysts on a conference call Friday. "We should not speculate too much, because there are hundreds of different possibilities." Last month, the incoming president threw markets into turmoil when he threatened to slap a 25 per cent tariff on all products entering the U.S. from Canada and Mexico. Trump also proposed a 10 per cent tariff on Chinese imports. Some 70 per cent of BRP's production stems from Mexico, Martel said. The company also churns out Ski-Doo snowmobiles and some of its Can-Am three-wheeled motorcycles at a factory in Valcourt, Que. He stressed the advantage of Mexico's lower labour costs as well as its skilled workforce and the benefits of a North American free trade agreement. "We believe we would not be the same company had we not had that footprint in Mexico," Martel said. Roughly 10 per cent of BRP's goods are sourced from China, Martel noted, adding that those parts are "less technically complex." "There are parts that we could easily transfer to another supplier," he said. "Obviously, it would require work." Many observers have framed Trump's tariff threat as a gambit to gain negotiating leverage, rather than an announcement set in stone. "We are used to dealing with evolving trade agreements and have always succeeded in finding solutions to new tariffs," said CEO José Boisjoli. National Bank analyst Cameron Doerksen said the "uncertainty on this issue" remains a problem. "With the return of the Trump administration, the risk of tariffs on powersports imports into the U.S. market has risen materially, with BRP potentially vulnerable," he said in a note to investors. The uncertainty over tariffs could hardly come at a worse time for the company. BRP saw earnings plunge across all product lines amid dropping demand last quarter, capping off a tough year for the recreational vehicle manufacturer. Net income at the Sea-Doo maker fell 70 per cent year-over-year to $27.3 million in the quarter ended Oct. 31. Third-quarter revenue decreased 17 per cent to $1.96 billion. "Our retail performance was as anticipated, reflecting a challenging market dynamic due to soft industry trends," Boisjoli said, stating that discounts from competitors added to the company's woes. A slow start to the snowmobile season has not helped either. "The snow is a bit late, but now it’s catching up. And we expect good retail this season," Boisjoli said, adding that Ski-Doo sales over the next three months remain a "big question." After an urge for outdoor activity sparked a sales boom during the COVID-19 pandemic, buyers responded to inflation and interest rate hikes by pulling back from pricey recreational purchases. BRP's revenues have fallen year-over-year for eight straight quarters. Last month, the company laid off more than 120 employees in its home province of Quebec. The cuts followed some 1,150 layoffs across North America earlier this year, leaving it with roughly 20,000 workers globally. In October, BRP put its marine businesses up for sale as it looks to focus on powersports products and cut the cable to its money-losing boat brands. Nonetheless, its diluted earnings of $1.16 per share beat analysts' expectations of 69 cents, according to financial markets firm LSEG Data & Analytics. The performance boosted BRP's stock price seven per cent; it closed at $72.75 on the Toronto Stock Exchange on Friday. The company forecast that sales of seasonal products such as Ski-Doos and Sea-Doos will fall by more than 30 per cent this year. The category accounted for a third of BRP revenues last quarter. It predicted sales of all-terrain vehicles and other year-round products — comprising more than half of revenue in the quarter — will drop by more than 20 per cent. This report by The Canadian Press was first published Dec. 6, 2024. Companies in this story: (TSX:DOO) Christopher Reynolds, The Canadian Press
Cottage country hit by more snow squalls Friday. Here's what you should keep in your car if you get trappedFormer Alabama running back Justice Haynes is expected to transfer to Michigan, according to CBS Sports' Matt Zenitz . Haynes will now reportedly join the Wolverines with two seasons of eligibility remaining. He made his decision to enter the transfer portal on Dec. 13 after starting six games for the Crimson Tide during the 2024 season. Haynes was previously a 5-star prospect in the 2023 recruiting class, per 247Sports' composite rankings . This article will be updated soon to provide more information and analysis. For more from Bleacher Report on this topic and from around the sports world, check out our B/R app , homepage and social feeds—including Twitter , Instagram , Facebook and TikTok .
SEATTLE--(BUSINESS WIRE)--Dec 19, 2024-- Expedia Group (NASDAQ: EXPE) announced today that Scott Schenkel has been appointed as Expedia Group’s Chief Financial Officer, effective the day after Expedia Group files its Annual Report on Form 10-K for the year ended December 31, 2024 (which is expected to be on or about February 7, 2025). As previously announced, Julie Whalen will remain in the CFO role through February to ensure a smooth transition. As CFO, Mr. Schenkel will be responsible for leading Expedia Group’s global finance organization and will be based in Seattle, reporting directly to the Company’s Chief Executive Officer, Ariane Gorin. Mr. Schenkel has more than 30 years of global business and financial leadership expertise across e-commerce, healthcare, and technology businesses. As an operationally focused CFO, his experience spans company, business unit and functional leadership with extensive knowledge in financial planning, analytics, strategy, audit, mergers and acquisitions, integration, and process improvement. “Scott joins Expedia Group with extensive financial leadership experience across global businesses, particularly in e-commerce,” said Ariane Gorin, Chief Executive Officer, Expedia Group. “His expertise, operational acumen, and strategic insight will be instrumental as we strengthen our position as a global leader in travel. I look forward to working with Scott to drive our strategic goals forward. I also want to thank Julie for her significant contributions and dedication during her tenure as CFO, as well as for ensuring a smooth transition to Scott.” “I’m honored to join Expedia Group and excited about the opportunity to contribute to such an innovative and dynamic company,” said Scott Schenkel. “I look forward to collaborating with Ariane and the team to drive financial excellence and support the company’s mission of powering global travel experiences.” About Scott Schenkel Mr. Schenkel most recently served as the Interim CEO of eBay Inc. from September 2019 through April 2020 and its Senior Vice President and Chief Financial Officer from 2015 to 2019. Prior to the eBay CFO role, he spent six years as Senior Vice President and Chief Financial Officer of eBay Marketplace, having originally joined eBay in 2007 as Vice President of Global Financial Planning and Analytics. Prior to eBay, Mr. Schenkel spent nearly 17 years at General Electric Company in a variety of financial leadership roles. About Expedia Group Expedia Group, Inc. brands power travel for everyone, everywhere through our global platform. Driven by the core belief that travel is a force for good, we help people experience the world in new ways and build lasting connections. We provide industry-leading technology solutions to fuel partner growth and success, while facilitating memorable experiences for travelers. Expedia Group’s three flagship consumer brands include: Expedia®, ®, and Vrbo®. Forward Looking Statements This press release contains certain statements that constitute "forward-looking statements" within the meaning of federal securities laws, including statements regarding Expedia Group’s CFO transition. These statements are based on management's assumptions and beliefs in light of the information currently available to it. Such statements are indicated by words or phrases such as "anticipate," "continue," "expect," "future," "position," "strategy," "will," and variations of such words and similar phrases. Various uncertainties and other factors could cause actual results to differ materially from those contained in the forward-looking statements. These include the specific risk factors identified in "Risk Factors" in our annual report on Form 10-K for our last fiscal year and any subsequent filings. Expedia Group assumes no obligation to update the information contained herein unless required by applicable law. Please refer to Expedia Group’s reports and filings with the Securities and Exchange Commission for a further discussion of these risks and uncertainties. For more information, visit . Follow us on X @expediagroup and check out our LinkedIn. © 2024 Expedia, Inc., an Expedia Group company. All rights reserved. Trademarks and logos are the property of their respective owners. CST: 2029030-50 View source version on : KEYWORD: WASHINGTON UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: TRANSPORTATION LODGING ONLINE RETAIL DESTINATIONS TECHNOLOGY VACATION TRAVEL ELECTRONIC COMMERCE RETAIL INTERNET OTHER TRAVEL SOURCE: Expedia Group, Inc. Copyright Business Wire 2024. PUB: 12/19/2024 04:10 PM/DISC: 12/19/2024 04:10 PMDistrict Collector Sumit Kumar announced on Saturday that the district-level ‘Yuva Utsav’ programme will take place at the Sri Venkateswara College of Engineering and Technology (SVCET), here on November 26. Addressing a press conference, the Collector, along with Joint Collector G. Vidyadhari, unveiled promotional materials related to the upcoming Yuva Utsav programme. Mr. Sumit Kumar said that the Government of India, in partnership with Nehru Yuva Kendra’s across the nation, will host the Yuva Utsav. This district-level event is set to occur at the SVCET in Chittoor. The utsav will feature a variety of competitions, including painting, essay writing, poetry, photography, science fair, sculpture contests and dance competitions. Individuals between 15 to 29 years are eligible to participate, the Collector said. For further information contact Nehru Yuva Kendra at 9908127829, according to District Youth Officer Pradeep Kumar. Published - November 23, 2024 06:57 pm IST Copy link Email Facebook Twitter Telegram LinkedIn WhatsApp Reddit Andhra PradeshExpedia Group Names Scott Schenkel as Chief Financial Officer
Letter writers comment on curbside recycling in Chesapeake, the health of the Chesapeake Bay, the future of the Newport News airport and parking at the Virginia Beach Oceanfront. 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Now he’s telling how he did it Percival Everett, 2024 National Book Award winner, rereads one book often(PRNewsfoto/Aadi Bioscience) Aadi Enters into Exclusive License for Three-Asset ADC Portfolio Developed through a Collaboration between WuXi Biologics and HANGZHOU DAC Aadi Enters Agreement to Sell FYARRO ® and Associated Infrastructure to KAKEN Pharmaceutical for $100M ; Announces PIPE Financing of $100M Cumulative Capital Expected to Fund Operations into Late 2028, Including Anticipated Clinical Data for the ADC Portfolio Co-Founder and Former CEO of ProfoundBio, Baiteng Zhao, Appointed to Aadi Board of Directors Aadi to Hold Webcast and Conference Call on December 20 at 8:00 AM EST LOS ANGELES , Dec. 19, 2024 /PRNewswire/ -- Aadi Bioscience, Inc. (NASDAQ: AADI) today announced it has entered into an exclusive license agreement for development and global commercialization of a three-asset portfolio of preclinical, next-wave antibody-drug conjugates (ADCs), in collaboration with WuXi Biologics (2269.HK), a leading global Contract Research, Development and Manufacturing Organization (CRDMO), and HANGZHOU DAC BIOTECHNOLOGY CO., LTD. ( HANGZHOU DAC), a global leader in ADC innovation. Per the terms of the license agreement, Aadi is granted exclusive rights to certain patents and know-how pertaining to three preclinical ADC programs leveraging HANGZHOU DAC's CPT113 linker payload technology targeting each of Protein Tyrosine Kinase 7 (PTK7), Mucin-16 (MUC16) and Seizure Related 6 Homolog (SEZ6). Aadi will pay aggregate upfront payments of $44 million for in-licensing such ADC programs. Additionally, Aadi is obligated to pay cumulative development milestone payments of up to $265 million , cumulative commercial milestone payments of up to $540 million and single-digit royalties of sales. To support this transaction, Aadi entered into a subscription agreement with certain qualified institutional buyers and accredited investors for a private investment in public equity ("PIPE") financing that is expected to result in gross proceeds of approximately $100 million , before deducting placement agent fees and other offering expenses. The Company is selling an aggregate of 21,592,000 shares of its common stock ("Common Stock") at a price of $2.40 per share, representing a premium of approximately 3.4% to the closing price on December 19, 2024 on Nasdaq, and pre-funded warrants ("Pre-Funded Warrants") to purchase up to an aggregate of 20,076,500 shares of Common Stock at a purchase price of $2.3999 per Pre-Funded Warrant share. The syndicate was led by Ally Bridge Group, with participation from new investors OrbiMed, Invus, Kalehua Capital and other accredited investors, Tae Han co-founder of ProfoundBio, as well as existing investors, including Avoro Capital, KVP Capital and Acuta Capital Partners. The PIPE financing is expected to close in the first half of 2025, subject to stockholder vote and satisfaction of customary closing conditions. "I'm thrilled to announce our partnership with WuXi Biologics and HANGZHOU DAC to bring forward this thoughtfully selected ADC portfolio. We were deliberate in identifying broadly expressed tumor targets where first-generation ADCs have already shown proof of concept. With our next wave ADC portfolio, we aim to build upon these earlier therapies to deliver improved outcomes for people living with cancer," said David Lennon , PhD, President and CEO of Aadi Bioscience. "The financing underscores the confidence our investors have in both the potential of this portfolio and the strength of Aadi's management team." About the ADC Portfolio Each of the three ADC assets utilizes HANGZHOU DAC's CPT113 ADC platform, which consists of a highly stable yet cleavable linker that delivers a Topoisomerase I (TOPO1) inhibitor payload. The CPT113 platform's linker stability and novel payload has the potential to be highly competitive among the next generation ADC platforms. To effectively leverage the CPT113 platform, Aadi selected tumor targets that are upregulated in high-potential cancer indications and where clinical efficacy has been demonstrated by first-generation ADCs. These assets were discovered through the collaborative efforts of WuXi Biologics and HANGZHOU DAC, utilizing the innovative antibody discovery platform provided by WuXi Biologics and advanced linker-payload technology provided by HANGZHOU DAC. "Leveraging our advanced antibody discovery service, we're glad to enable Aadi to accelerate the discovery of precision therapies targeting some of the most challenging cancers," said Dr. Chris Chen , CEO of WuXi Biologics. "This collaboration underscores our wide recognition as an industry leader in discovery service solutions, and further validates our ability to provide integrated discovery technology platforms for global partners to develop next-generation modalities. We look forward to partnering with Aadi and HANGZHOU DAC to expeditiously move these assets forward into clinical development and benefit patients worldwide." " HANGZHOU DAC's CPT-ADC platform is designed to enable next wave ADC capabilities that surpass first-generation technologies, including two programs already in clinical development in China ," said Dr. Robert Y. Zhao , President and CEO of HANGZHOU DAC Biotechnology. "As a global leader in ADC innovation, we are excited to partner with Aadi and WuXi Biologics to deliver this promising portfolio to patients." Aadi to Sell FYARRO for $100 Million , Cumulative Capital Expected to Fund Operations into Late 2028 In a separate agreement, KAKEN Pharmaceutical Co., Ltd., an R&D driven pharmaceutical company in Japan , has entered into a stock purchase agreement under which KAKEN will acquire Aadi Subsidiary, Inc. and all of its assets, including FYARRO ® (sirolimus protein-bound particles for injectable suspension) (albumin-bound) and associated infrastructure, including the majority of Aadi employees who support the FYARRO ® business. FYARRO is approved by the U.S. Food and Drug Administration (FDA) for the treatment of adult patients with locally advanced unresectable or metastatic malignant perivascular epithelioid cell tumor (PEComa), with cumulative revenue of $25.2 million reported over the prior four quarters ended September 30, 2024 . Per the terms of the agreement, Kaken will pay Aadi $100 million in cash at closing, subject to certain adjustments. The transaction is expected to close in the first half of 2025, subject to Aadi stockholder approval and certain closing conditions. Upon the closing of this transaction, KAKEN will also acquire the rights to the Aadi name and trademark. "We are enormously proud of the impact FYARRO has had for people with PEComa, and Kaken's capabilities, coupled with the proven track record of the Aadi team, ensures physicians and patients will continue to have access to this critical treatment," said Lennon. The net proceeds from the PIPE financing and the sale of FYARRO, together with the Company's existing cash, cash equivalents and marketable securities are expected to fund operations into late-2028, including anticipated clinical data readouts for the ADC portfolio. Baiteng Zhao Appointed to the Board of Directors, Brings Significant ADC Expertise Baiteng Zhao, PhD, joins Aadi's board of directors. Zhao co-founded ProfoundBio, a clinical stage next-gen ADC developer, in 2018 and served as the Chairman and CEO of the company until it was acquired by Genmab for $1.8 billion in May 2024 . Prior to ProfoundBio, Dr. Zhao worked at Seagen (now part of Pfizer) for more than eight years and was responsible for the modeling and simulation strategies for the development pipeline and supported preclinical and clinical development of ADC drug candidates. "We are delighted to welcome Baiteng to our Board. His deep expertise and successful track record in ADC development will be instrumental as we tenaciously move this exciting portfolio forward," said Caley Castelein , MD, Chair of the Board of Directors of Aadi Bioscience. "I am thrilled to join the Board at this pivotal moment for Aadi," said Baiteng Zhao, PhD, Board of Directors of Aadi Bioscience and co-founder of ProfoundBio. "PTK7, MUC16 and SEZ6 represent highly promising targets that are commonly overexpressed in cancers with significant unmet therapeutic needs. Coupled with an advanced linker-payload platform that has the potential to enable next-gen ADCs, I believe Aadi is uniquely positioned to make a meaningful impact on patient outcomes. I look forward to collaborating with the leadership team and fellow Board directors to advance these innovative programs and drive transformative progress for patients." Advisors Leerink Partners is serving as financial advisor to Aadi on the sale of FYARRO and the licensing of the ADC portfolio. Jefferies LLC is acting as exclusive placement agent for the PIPE financing. Wilson Sonsini Goodrich & Rosati, P.C. is serving as legal counsel to Aadi. McDermott Will & Emery LLP is serving as legal counsel to Kaken. Cooley LLP is serving as legal counsel to Jefferies LLC. Nomura Securities Co., Ltd. is serving as financial advisor to KAKEN. Conference Call Information The Aadi management team is hosting a conference call and webcast tomorrow, Friday, December 20 th at 8:00 AM EST ( 5:00 AM PST ) to discuss these updates. Participants may access a live webcast of the call and the associated slide presentation on these data through the "Investors & News" page of the Aadi Bioscience website at aadibio.com . To participate via telephone, please register in advance at this link . Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. A replay of the conference call and webcast will be archived on the Company's website for at least 30 days. Additional Information for Stockholders This communication relates to the proposed sale of FYARRO and the proposed PIPE financing and may be deemed to be solicitation material in respect of such transactions. In connection with these proposed transactions, Aadi will file a Proxy Statement with the SEC. This communication is not a substitute for the Proxy Statement or any other documents that Aadi may file with the SEC or send to Aadi stockholders in connection with the proposed transactions. Before making any voting decision, investors and securityholders are urged to read the Proxy Statement and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transactions as they become available because they will contain important information about the proposed transactions and related matters. Stockholders may obtain a copy of the Proxy Statement and other documents the Company files with the SEC (when they are available) through the website maintained by the SEC at www.sec.gov , as well as on the Investor and News section of Aadi's website at www.aadibio.com . Certain stockholders of Aadi holding approximately 36% of Aadi's outstanding shares, as of the date hereof, including members of its board of directors and related entities, have entered into voting and support agreements in favor of KAKEN Pharmaceutical and Aadi, pursuant to which such stockholders have agreed to vote in favor of the stock purchase transaction with KAKEN Pharmaceutical and the other transactions described above. Participants in the Solicitation Aadi and its respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Aadi in connection with the proposed transactions. Information about Aadi's directors and executive officers is set forth in Aadi's definitive proxy statement filed with the SEC on April 26, 2024 , and in subsequent filings made by Aadi with the SEC. Other information regarding the interests of such individuals, as well as information regarding Aadi's directors and executive officers and other persons who may be deemed participants in the proposed transactions, will be set forth in the Proxy Statement and other relevant materials to be filed with the SEC when they become available. You may obtain free copies of these documents as described in the preceding paragraph. No Offer or Solicitation This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor a solicitation of any vote or approval with respect to the proposed transactions or otherwise, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. The offer and sale of securities of Aadi described above are being made in a transaction not involving a public offering and the securities have not been registered under the Securities Act of 1933, as amended, and may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements. Concurrently with the execution of the subscription agreement, the Company and the investors entered into a registration rights agreement pursuant to which the Company has agreed to file, following the closing of the PIPE financing, a registration statement with the SEC registering the resale of the shares of Common Stock and the shares of Common Stock underlying the Pre-Funded Warrants sold in the PIPE financing. About Aadi Bioscience Aadi is a precision oncology company with a vision to make bold choices in applying technology to efficiently deliver improved precision oncology therapies for people living with difficult-to-treat cancers. More information on the Company is available on the Aadi website at www.aadibio.com and connect with us on LinkedIn. Forward-Looking Statements This press release contains certain forward-looking statements regarding the business of Aadi Bioscience that are not a description of historical facts within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the Company's current beliefs and expectations and may include, but are not limited to, statements relating to: the timing and completion of the proposed sale of FYARRO to Kaken Pharmaceuticals and the anticipated timing of the closing of the transaction; expectations regarding the timing, closing and completion of the PIPE financing; Aadi's expected cash position at the closing and cash runway of the company following the sale of FYARRO and PIPE financing; the future operations of Aadi; the development and potential benefits of any of Aadi's product candidates, including the preclinical ADC assets proposed to be licensed from WuXi; anticipated preclinical and clinical development activities and related timelines, including the expected timing for announcement of data and other preclinical and clinical results and potential submission of IND filings for one or more product candidates; and other statements that are not historical fact. Actual results could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks associated with (i) the risk that the conditions to the closing of the proposed sale of FYARRO or the PIPE financing are not satisfied, including the failure to timely obtain stockholder approval for the transactions, if at all; (ii) uncertainties as to the timing of the consummation of the proposed transactions and the ability of each of Kaken and Aadi to consummate the proposed sale of FYARRO; (iii) risks related to Aadi's ability to manage its operating expenses and its expenses associated with the proposed transactions pending the closing; (iv) risks related to the failure or delay in obtaining required approvals from any governmental or quasi-governmental entity necessary to consummate the proposed transactions; (v) unexpected costs, charges or expenses resulting from the transactions; (vii) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed sale of FYARRO or the proposed PIPE financing; (vii) the uncertainties associated with Aadi's product candidates, as well as risks associated with the preclinical and clinical development and regulatory approval of product candidates, including potential delays in the completion of preclinical studies and clinical trials; (viii) risks related to the inability of Aadi to obtain sufficient additional capital to continue to advance these product candidates; (ix) uncertainties in obtaining successful preclinical and clinical results for product candidates and unexpected costs that may result therefrom; (x) risks related to the failure to realize any value from product candidates being developed and anticipated to be developed in light of inherent risks and difficulties involved in successfully bringing product candidates to market; and (xi) risks associated with the possible failure to realize certain anticipated benefits of the proposed sale of FYARRO or the proposed PIPE financing, including with respect to future financial and operating results. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 , including under the caption "Item 1A. Risk Factors," and in Aadi's subsequent Quarterly Reports on Form 10-Q, and elsewhere in Aadi's reports and other documents that Aadi has filed, or will file, with the SEC from time to time and available at www.sec.gov . All forward-looking statements in this press release are current only as of the date hereof and, except as required by applicable law, Aadi undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement. This cautionary statement is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Contact: IR@aadibio.com View original content to download multimedia: https://www.prnewswire.com/news-releases/aadi-bioscience-transforms-with-in-licensing-of-novel-adc-portfolio-100-million-sale-of-fyarro-and-100-million-pipe-financing-302336743.html SOURCE Aadi Bioscience
BOCA RATON, Fla. (AP) — Deshawn Purdie threw a 47-yard touchdown pass to O'Mega Blake for the go-ahead score and Charlotte defeated Florida Atlantic 39-27 on Saturday in a game that matched two new interim coaches. Charlotte (4-7, 3-4 American Athletic Conference) fired Biff Poggi on Monday and Tim Brewster took over. FAU (2-9, 0-7) fired Tom Ferman, also on Monday, with Chad Lunsford taking charge. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.HICKSVILLE, N.Y. , Dec. 13, 2024 /PRNewswire/ -- Flagstar Financial, Inc. (NYSE: FLG) ( the "Company"), today announced the appointment of Lee Smith as Senior Executive Vice President and Chief Financial Officer (CFO), effective December 27, 2024 . The appointment follows the decision of current CFO Craig Gifford to step down to reengage in personal endeavors outside of the banking industry. Gifford will remain with the Bank through March 31, 2025 , and work closely with Smith during the transition period, ensuring a seamless hand-over and continued support for the Bank's ongoing initiatives. "For more than a decade, Lee has been an instrumental member of Flagstar's executive team. He is a proven leader with a strong track record, has the requisite experience and expertise, and possesses deep knowledge of the Company. The Board of Directors and I have full faith and confidence in Lee to continue to help guide the Company in this financial leadership position," said Joseph M. Otting , Chairman, President, and CEO. Smith joined legacy Flagstar Bancorp, Inc. in 2013 as Chief Operating Officer and his transition to CFO comes after serving on Flagstar's executive management team for more than a decade, most recently as President of Mortgage. He has an extensive background in accounting, finance, mortgage, private equity, and operations, spanning more than 25 years. His experience in managing large-scale transactions, optimizing financials and operations, and working with regulators demonstrates a strong ability to drive financial performance, ensure compliance, and lead financial operations. Additionally, his leadership in M&A deals, capital markets, and financial management positions him well to oversee financial strategies, risk mitigation, and operational efficiency at a senior financial level. His prior roles include Partner at Matlin Patterson Global Advisers LLC, a private investment firm. He is also a member of the Institute of Chartered Accountants in England and Wales (ICAEW) since 1998 and has a BSc in Economics and Accountancy from Loughborough University in England . Otting added, "I want to express our sincere appreciation to Craig for his impactful contributions over the past year. His leadership during this time has been invaluable, and we wish him all the best. As all of our stakeholders know, we have been working relentlessly to elevate Flagstar to new heights. I also recognize the personal sacrifices and time commitment required away from our personal lives for this journey. Given the substantial progress we've made as a Company, I am comfortable that this is a good time for this transition, and I am confident the momentum we've gained will only strengthen as we move forward." About Flagstar Financial, Inc. Flagstar Financial, Inc. is the parent company of Flagstar Bank, N.A., one of the largest regional banks in the country. The Company is headquartered in Hicksville, New York . At September 30, 2024, the Company had $114.4 billion of assets, $73.0 billion of loans, deposits of $83 .0 billion, and total stockholders' equity of $8 .6 billion. Flagstar Bank, N.A. operates over 400 branches, including a significant presence in the Northeast and Midwest and locations in high growth markets in the Southeast and West Coast. In addition, the Bank has approximately 80 private banking teams located in over 10 cities in the metropolitan New York City region and on the West Coast, which serve the needs of high-net worth individuals and their businesses. Cautionary Statements Regarding Forward-Looking Statements This release may include forward‐looking statements by the Company and our authorized officers pertaining to such matters as our goals, beliefs, intentions, and expectations regarding (a) revenues, earnings, loan production, asset quality, liquidity position, capital levels, risk analysis, divestitures, acquisitions, and other material transactions, among other matters; (b) the future costs and benefits of the actions we may take; (c) our assessments of credit risk and probable losses on loans and associated allowances and reserves; (d) our assessments of interest rate and other market risks; (e) our ability to execute on our strategic plan, including the sufficiency of our internal resources, procedures and systems; (f) our ability to attract, incentivize, and retain key personnel and the roles of key personnel; (g) our ability to achieve our financial and other strategic goals, including those related to our merger with Flagstar Bancorp, Inc., which was completed on December 1, 2022, our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction, and our ability to fully and timely implement the risk management programs institutions greater than $100 billion in assets must maintain; (h) the effect on our capital ratios of the approval of certain proposals approved by our shareholders during our 2024 annual meeting of shareholders; (i) the conversion or exchange of shares of the Company's preferred stock; (j) the payment of dividends on shares of the Company's capital stock, including adjustments to the amount of dividends payable on shares of the Company's preferred stock; (k) the availability of equity and dilution of existing equity holders associated with amendments to the 2020 Omnibus Incentive Plan; (l) the effects of the reverse stock split; and (m) transactions relating to the sale of our mortgage business and mortgage warehouse business. Forward‐looking statements are typically identified by such words as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "should," "confident," and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. Additionally, forward‐looking statements speak only as of the date they are made; the Company does not assume any duty, and does not undertake, to update our forward‐looking statements. Furthermore, because forward‐looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in our statements, and our future performance could differ materially from our historical results. Our forward‐looking statements are subject to, among others, the following principal risks and uncertainties: general economic conditions and trends, either nationally or locally; conditions in the securities, credit and financial markets; changes in interest rates; changes in deposit flows, and in the demand for deposit, loan, and investment products and other financial services; changes in real estate values; changes in the quality or composition of our loan or investment portfolios, including associated allowances and reserves; changes in future allowance for credit losses, including changes required under relevant accounting and regulatory requirements; the ability to pay future dividends; changes in our capital management and balance sheet strategies and our ability to successfully implement such strategies; recent turnover in our Board of Directors and our executive management team; changes in our strategic plan, including changes in our internal resources, procedures and systems, and our ability to successfully implement such plan; changes in competitive pressures among financial institutions or from non‐financial institutions; changes in legislation, regulations, and policies; the imposition of restrictions on our operations by bank regulators; the outcome of pending or threatened litigation, or of investigations or any other matters before regulatory agencies, whether currently existing or commencing in the future; the success of our blockchain and fintech activities, investments and strategic partnerships; the restructuring of our mortgage business; our ability to recognize anticipated expense reductions and enhanced efficiencies with respect to our recently announced strategic workforce reduction; the impact of failures or disruptions in or breaches of the Company's operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns; the impact of natural disasters, extreme weather events, military conflict (including the Russia / Ukraine conflict, the conflict in Israel and surrounding areas, the possible expansion of such conflicts and potential geopolitical consequences), terrorism or other geopolitical events; and a variety of other matters which, by their nature, are subject to significant uncertainties and/or are beyond our control. Our forward-looking statements are also subject to the following principal risks and uncertainties with respect to our merger with Flagstar Bancorp, which was completed on December 1, 2022 , and our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction: the possibility that the anticipated benefits of the transactions will not be realized when expected or at all; the possibility of increased legal and compliance costs, including with respect to any litigation or regulatory actions related to the business practices of acquired companies or the combined business; diversion of management's attention from ongoing business operations and opportunities; the possibility that the Company may be unable to achieve expected synergies and operating efficiencies in or as a result of the transactions within the expected timeframes or at all; and revenues following the transactions may be lower than expected. Additionally, there can be no assurance that the Community Benefits Agreement entered into with NCRC, which was contingent upon the closing of the Company's merger with Flagstar Bancorp, Inc., will achieve the results or outcome originally expected or anticipated by us as a result of changes to our business strategy, performance of the U.S. economy, or changes to the laws and regulations affecting us, our customers, communities we serve, and the U.S. economy (including, but not limited to, tax laws and regulations). More information regarding some of these factors is provided in the Risk Factors section of our Annual Report on Form 10 ‐ K/A for the year ended December 31, 2023, Quarterly Report on Forms 10-Q for the quarters ended March 31, 2024 , June 30, 2024 , and September 30, 2024 , and in other SEC reports we file. Our forward ‐ looking statements may also be subject to other risks and uncertainties, including those we may discuss in this news release, on our conference call, during investor presentations, or in our SEC filings, which are accessible on our website and at the SEC's website, www.sec.gov . Investor Contact: Salvatore J. DiMartino (516) 683-4286 Media Contact: Steven Bodakowski (248) 312-5872 View original content to download multimedia: https://www.prnewswire.com/news-releases/flagstar-financial-inc-names-lee-smith-as-chief-financial-officer-302331680.html SOURCE Flagstar Financial, Inc.I was astounded at the demonstration of the robots used in Elon Musk’s Tesla. The machines are now more realistic and the human interactions displayed more engaging than previously seen in prior models. The discovery of artificial intelligence (AI) has revolutionized almost everything that we do. Even the way we educate Filipino learners have been largely influenced by the use of this digital app, with learners aged 6 to 18 already adept at using this magical tool to generate ideas, photos, and other outputs expected of them in school. While its application has resulted in extraordinary feats, the disadvantages of overreliance on AI tools cannot be discounted. The students’ abuse of this application has led them to cheat in many ways. One example of this intellectual dishonesty is depending on AI in writing essays, academic reports, and even research papers. Such misuse of this technology can render students incapable of developing their potential to the fullest, especially in the manner they process information. The goal of digital inclusivity has rendered us blind to the dark side of these technological advancements as we strive to be globally competitive. While very useful in the academe and even at work, the use of AI will definitely hamper the creativity and critical thinking skills of students who rely on this technology. I have personally observed this in my classes in Practical Research II and Research and Capstone Project for senior high school students. Instead of finding meaning or interpreting the data they’ve extracted from existing literature and related studies, and drafting the outcome of their research investigation, many students simply ask AI apps to do it for them. Because of this shortcut, students are deprived of the experience and the opportunity to become creative in producing ideas and related outputs. Not only that, their ability to think critically when scrutinizing facts and available data cannot be developed because AI has deprived them of the chance to do it themselves. Even the ability of learners to spell a word and their grammatical skills are crippled as a result of overusing these online applications. This is seriously alarming because decision-making skills and critical thinking are among the most significant 21st century skills that students must develop for them to become highly relevant and competitive in the global market. AI is supposed to increase productivity without compromising our ability to make sound and valid decisions and to think for ourselves as we see fit. AI cannot contextualize the solutions the way humans can. In some cases, AI can derail our capacity for human touch. In life and death situations, like in the medical field, the inability of AI-powered machines to make split-second decisions that require the most delicate human touch may lead to more harm than good. What can we do? I am now 37 years old and one of those who have a difficulty in adapting to this technology that has swiftly become a normal part of our lives. But I believe that this technology must be embraced and accepted to help us in tasks that online applications can accomplish and complete for us. Nonetheless, like anything good in this world, regulating its use and avoiding overreliance on it is key to maximizing the gifts that apps like AI have to offer. In school, closely monitoring students’ outputs like essays, narratives, and research must be done on a regular basis. Instilling in their minds and hearts the value of honesty should also be done. On the part of teachers, using free AI detection tools or, if they can squeeze it in their budget, subscribing to an AI detector app can also be a good thing. Looking for the easiest way to accomplish things is a bold move, but if it will render you less of a thinker, it won’t be worth it. I think the use of AI may significantly contribute to the development of human society, but its application must be used with discernment. Students who are overly dependent on AI might also be forgetting to preserve their culture and tradition. The preservation of important Filipino traditions like respect for elders and other cultural practices must not be sacrificed for the sake of technological advancements. —————- Reynald Alfred Auzana Recede is a science teacher in Marikina High School. Subscribe to our daily newsletter By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy .
The gunman who stalked and killed UnitedHealthcare CEO Brian Thompson fled New York City by bus, police officials told CNN on Friday. Video of the suspected shooter leaving the scene of the shooting Wednesday showed him riding a bicycle to Central Park and later taking a taxi cab to a bus depot, Chief of Detectives Joseph Kenny told CNN. Here's the latest: The gunman who killed the CEO of the largest U.S. health insurer may have fled the city on a bus, New York City police officials told CNN on Friday. Video of the suspected shooter leaving the scene of the shooting Wednesday showed him riding a bicycle to Central Park and later taking a taxi cab to a bus depot, Chief of Detectives Joseph Kenny told CNN. “We have reason to believe that the person in question has left New York City,” Commissioner Jessica Tisch said. The gunman who killed the CEO of the largest U.S. health insurer made sure to wear a mask during the shooting yet left a trail of evidence in view of the nation’s biggest city and its network of security cameras that have aided authorities piecing together his movements and his identity. A law enforcement official said Friday that new surveillance footage shows the suspect riding the subway and visiting establishments in Manhattan and provided more clues about his actions in the days before he ambushed UnitedHealthcare CEO Brian Thompson . The gunman’s whereabouts and identity remain unknown Friday, as did the reason for Wednesday’s killing. New York City police say evidence firmly points to it being a targeted attack . ▶ Read more about the search for the gunman In many companies, investor meetings like the one UnitedHealthcare CEO Brian Thompson was walking to when he was fatally shot are viewed as very risky because details on the location and who will be speaking are highly publicized. “It gives people an opportunity to arrive well in advance and take a look at the room, take a look at how people would probably come and go out of a location,” said Dave Komendat, president of DSKomendat Risk Management Services, which is based in the greater Seattle area. Some firms respond by beefing up security. For example, tech companies routinely require everyone attending a major event, such as Apple’s annual unveiling of the next iPhone or a shareholder meeting, to go through airport-style security checkpoints before entering. Others forgo in-person meetings with shareholders. ▶ Read more about how companies protect their leaders Those images include New York’s subway system, a law enforcement official said. In establishments where the person was captured on camera, he always appeared to pay with cash, the official said. The official wasn’t authorized to discuss details of the ongoing investigation and spoke to The Associated Press on condition of anonymity. — Mike Balsamo Medica, a Minnesota-based nonprofit health care firm that serves 1.5 million customers in 12 states, said it’s temporarily closing all six locations. The firm has offices in Minnesota, Wisconsin, Nebraska and North Dakota, and employs about 3,000 people. Employees will work from home, Medica spokesman Greg Bury said in an email Friday. “The safety of Medica employees is our top priority and we have increased security both for all of our employees,” a statement from Medica said. “Although we have received no specific threats related to our campuses, our office buildings will be temporarily closed out of an abundance of caution.” Bury also said biographical information on the company’s executives was taken down from its website as a precaution. The insurer cited the fatal shooting of UnitedHealthcare CEO Brian Thompson in its announcement about the Dec. 12 event. “All of us at Centene are deeply saddened by Brian Thompson’s death and want to express our support for all of those affected. Health insurance is a big industry and a small community; many members of the CenTeam crossed paths with Brian during their careers,” Centene CEO Sarah M. London said in a news release. “He was a person with a deep sense of empathy and clear passion for improving access to care. Our hearts are with his family and his colleagues during this difficult time.” Centene Corp. has grown in recent years to become the largest insurer in Medicaid, the state- and federally funded program that covers care for people with low incomes. Insurers manage Medicaid coverage for states, and Centene has more than 13 million people enrolled in that coverage. The insurance company also said it’s focused on ensuring the safety of employees and assisting investigators. “While our hearts are broken, we have been touched by the huge outpouring of kindness and support in the hours since this horrific crime took place,” the company said. But he said Friday that he’s confident police will arrest the shooter. “We are on the right road to apprehend him and bring him to justice,” Adams said on TV station WPIX. Later, it removed their names and biographies entirely. Police and federal agents have been collecting information from Greyhound in an attempt to identify the suspect and are working to determine whether he purchased the ticket to New York in late November, a law enforcement official said. Investigators were also trying to obtain additional information from a cellphone recovered from a pedestrian plaza through which the shooter fled. The fatal shooting of Brian Thompson while walking alone on a New York City sidewalk has put a spotlight on the widely varied approaches companies take to protect their leaders against threats. Experts say today’s political, economic and technological climate is only going to make the job of evaluating threats against executives and taking action to protect them even more difficult, experts say. Some organizations have a protective intelligence group that uses digital tools such as machine learning or artificial intelligence to comb through online comments to detect threats not only on social media platforms such as X but also on the dark web, says Komendat. They look for what’s being said about the company, its employees and its leadership to uncover risks. ▶ Read more about the steps companies take to protect their leadership Police said Thursday they found a water bottle and protein bar wrapper from a trash can near the scene of the ambush and think the suspect bought them from a Starbucks minutes before the shooting. The items were being tested by the city’s medical examiner.Chittoor to host Yuva Utsav on November 26I'm A Celebrity... Get Me Out Of Here host Declan Donnelly gave his daughter the dream day at work with daddy. The six-year-old joined her father on the set of the hit reality show yesterday morning as he continues his work in the Australian jungle. Isla joined her dad on set and spent her morning playing with members of the ITV crew as well as hanging out in Dec's lavish dressing room which boasts a sofa, bathroom and television to watch the show. Isla watched Dec, 49, and his co-host Ant McPartlin present their aftershow live to thousands of viewers on social media and even joined the fun by interrupting "Uncle Ant" to shout "Toast!" as he showed slices of it to the camera, to which he responded: "Yes Isla, toast." The outing came after Friday's episode saw viewers pointing out huge blunders throughout show. On several occasions, celebrities appeared in the Bush telegraph to talk to the camera, but the wrong...