(The Center Square) - Entrepreneur Elon Musk filed for an injunction against OpenAI CEO Sam Altman to keep the AI industry leader a non-profit. Musk’s motion alleges Microsoft and OpenAI are both blocking investments into xAI, his competing artificial intelligence company, and profiting from his early substantial funding and public support of OpenAI as a nonprofit. OpenAI maintains Musk sought to transform OpenAI into a for-profit company headed by Musk himself. Musk has long shared his fears about the possible danger artificial intelligence could pose to humanity, and supported OpenAI on the basis of his belief that the world’s leading AI firm should be dedicated to safety, transparency, and the public good. He has since launched xAI with the goal of surpassing OpenAI. Musk’s motion alleges OpenAI and Microsoft have violated antitrust laws, especially by allowing investment only by firms that vow to not invest in other AI companies, while profiting from technology developed when OpenAI was a Musk-bankrolled nonprofit. “Musk made absolutely clear that his donations—which established and sustained OpenAI, Inc. for years—were conditioned on Altman and [OpenAI President George] Brockman’s firm commitment to operate as a non-profit, devoted to the public good,” said the motion. The motion, filed in California, alleges Altman “approached Musk with a detailed plan to form an AI charity” and promised OpenAI would “remain a non-profit dedicated to the development and broad distribution of open and safe AI for the public benefit, not concentrated for shareholder profit.” The motion says Musk donated over $10 million to OpenAI based on Altman and Brockman’s promises. OpenAI then partnered with Microsoft to access the tech giant’s computing power, which led to large Microsoft ownership stakes in Altman’s for-profit enterprises, to which the motion says “he and Microsoft siphoned the non-profit’s staff and intellectual property,” which ultimately “transformed OpenAI into everything Altman promised Musk it would never be—a closed-source, for-profit monopoly, that rushes unsafe AI products to market, for private commercial gain.” Earlier this year, Microsoft acquired a 49% stake in the profits of OpenAI’s for-profit subsidiary for $13 billion. Musk’s motion says Microsoft and OpenAI now control 70% of the generative-AI market. OpenAI responded to the motion by referring to an earlier statement detailing its relationship with Musk, and said, “Elon’s fourth attempt, which again recycles the same baseless complaints, continues to be utterly without merit.” “In late 2017, we and Elon decided the next step for the mission was to create a for-profit entity,” wrote OpenAI. “Elon wanted majority equity, initial board control, and to be CEO. In the middle of these discussions, he withheld funding.” “We couldn’t agree to terms on a for-profit with Elon because we felt it was against the mission for any individual to have absolute control over OpenAI,” continued OpenAI. In November 2023, OpenAI’s board of directors fired Altman, citing his conflicts of interest, leading hundreds of employees to say they would leave for Microsoft unless Altman were reinstated. The board members who ousted Altman then reinstated him and resigned, allowing Altman to install new board members.
Michigan fired offensive coordinator Kirk Campbell on Tuesday, ending his three-year tenure with the team and his first as playcaller. Campbell oversaw an offense that had slipped to 112th nationally in scoring and 129th in passing this fall, while using three different starting quarterbacks. He served as Michigan's quarterbacks coach in 2022, mentoring eventual first-round NFL draft pick J.J. McCarthy when the team won its first national championship since 1997. Editor's Picks Michigan WR Morris set to enter transfer portal 1h Adam Rittenberg CFB's top 50 recruiting classes for 2025: Flurry of flips provides new No. 1 55m Craig Haubert When Michigan promoted offensive coordinator Sherrone Moore to head coach, Moore promoted Campbell to the coordinator role. "This was a decision that I felt was in the best interest of our football program," Moore said in a statement. "I want to thank Kirk for his hard work and dedication to the university, Michigan football and our student-athletes. I wish him well in his future coaching endeavors." Tight ends coach Steve Casula will serve as interim offensive coordinator. Michigan, which upset archrival Ohio State to finish the regular season 7-5, will learn its bowl assignment and opponent this weekend. Campbell was offensive coordinator at Old Dominion in 2020 and 2021 before joining Michigan's staff as an offensive analyst in 2022. After McCarthy entered the NFL draft, Michigan turned to Davis Warren , a former walk-on quarterback, to open the season as the starter. Alex Orji and Jack Tuttle also started games at quarterback before Michigan went back to Warren. The offense will be replacing top running backs Kalel Mullings and Donovan Edwards and will lose top wide receiver Tyler Morris to the transfer portal. Junior tight end Colston Loveland , who leads Michigan in receptions (56), receiving yards (582) and receiving touchdowns (5), is a top NFL prospect and could elect to enter the draft in 2025. Michigan recently gained a commitment from quarterback Bryce Underwood , ESPN's top overall recruit in the 2025 class.
As open enrollment for Affordable Care Act plans continues through Jan. 15, you’re likely seeing fewer social media ads promising monthly cash cards worth hundreds, if not thousands, of dollars that you can use for groceries, medical bills, rent and other expenses. But don’t worry. You haven’t missed out on any windfalls. Clicking on one of those ads would not have provided you with a cash card — at least not worth hundreds or thousands. But you might have found yourself switched to a health insurance plan you did not authorize, unable to afford treatment for an unforeseen medical emergency, and owing thousands of dollars to the IRS, according to an ongoing lawsuit against companies and individuals who plaintiffs say masterminded the ads and alleged scams committed against millions of people who responded to them. The absence of those once-ubiquitous ads are likely a result of the federal government suspending access to the ACA marketplace for two companies that market health insurance out of South Florida offices, amid accusations they used “fraudulent” ads to lure customers and then switched their insurance plans and agents without their knowledge. In its suspension letter, the Centers for Medicare & Medicaid Services (CMS) cited “credible allegations of misconduct” in the agency’s decision to suspend the abilities of two companies — TrueCoverage (doing business as Inshura) and BenefitAlign — to transact information with the marketplace. CMS licenses and monitors agencies that use their own websites and information technology platforms to enroll health insurance customers in ACA plans offered in the federal marketplace. The alleged scheme affected millions of consumers, according to a lawsuit winding its way through U.S. District Court in Fort Lauderdale that seeks class-action status. An amended version of the suit, filed in August, increased the number of defendants from six to 12: — TrueCoverage LLC, an Albuquerque, New Mexico-based health insurance agency with large offices in Miami, Miramar and Deerfield Beach. TrueCoverage is a sub-tenant of the South Florida Sun Sentinel in a building leased by the newspaper in Deerfield Beach. — Enhance Health LLC, a Sunrise-based health insurance agency that the lawsuit says was founded by Matthew Herman, also named as a defendant, with a $150 million investment from hedge fund Bain Capital’s insurance division. Bain Capital Insurance Fund LP is also a defendant. — Speridian Technologies LLC, accused in the lawsuit of establishing two direct enrollment platforms that provided TrueCoverage and other agencies access to the ACA marketplace. — Benefitalign LLC, identified in the suit as one of the direct enrollment platforms created by Speridian. Like Speridian and TrueCoverage, the company is based in Albuquerque, New Mexico. — Number One Prospecting LLC, doing business as Minerva Marketing, based in Fort Lauderdale, and its founder, Brandon Bowsky, accused of developing the social media ads that drove customers — or “leads” — to the health insurance agencies. — Digital Media Solutions LLC, doing business as Protect Health, a Miami-based agency that the suit says bought Minerva’s “fraudulent” ads. In September, the company filed for Chapter 11 protection from creditors in United States Bankruptcy Court in Texas, which automatically suspended claims filed against the company. — Net Health Affiliates Inc., an Aventura-based agency the lawsuit says was associated with Enhance Health and like it, bought leads from Minerva. — Garish Panicker, identified in the lawsuit as half-owner of Speridian Global Holdings and day-to-day controller of companies under its umbrella, including TrueCoverage, Benefitalign and Speridian Technologies. — Matthew Goldfuss, accused by the suit of overseeing and directing TrueCoverage’s ACA enrollment efforts. All of the defendants have filed motions to dismiss the lawsuit. The motions deny the allegations and argue that the plaintiffs failed to properly state their claims and lack the standing to file the complaints. The Sun Sentinel sent requests for comment and lists of questions about the cases to four separate law firms representing separate groups of defendants. Three of the law firms — one representing Brandon Bowsky and Number One Prospecting LLC d/b/a Minerva Marketing, and two others representing Net Health Affiliates Inc. and Bain Capital Insurance Fund — did not respond to the requests. A representative of Enhance Health LLC and Matthew Herman, Olga M. Vieira of the Miami-based firm Quinn Emanuel Urquhart & Sullivan LLP, responded with a short message saying she was glad the newspaper knew a motion to dismiss the charges had been filed by the defendants. She also said that, “Enhance has denied all the allegations as reported previously in the media.” Catherine Riedel, a communications specialist representing TrueCoverage LLC, Benefitalign LLC, Speridian Technologies LLC, Girish Panicker and Matthew Goldfuss, issued the following statement: “TrueCoverage takes these allegations very seriously and is responding appropriately. While we cannot comment on ongoing litigation, we strongly believe that the allegations are baseless and without merit. “Compliance is our business. The TrueCoverage team records and reviews every call with a customer, including during Open Enrollment when roughly 500 agents handle nearly 30,000 calls a day. No customer is enrolled into any policy without a formal verbal consent given by the customer. If any customer calls in as a result of misleading content presented by third-party marketing vendors, agents are trained to correct such misinformation and action is taken against such third-party vendors.” Through Riedel, the defendants declined to answer follow-up questions, including whether the company remains in business, whether it continues to enroll Affordable Care Act clients, and whether it is still operating its New Mexico call center using another affiliated technology platform. The suspension notification from the Centers for Medicare and Medicaid Services letter cites several factors, including the histories of noncompliance and previous suspensions. The letter noted suspicion that TrueCoverage and Benefitalign were storing consumers’ personally identifiable information in databases located in India and possibly other overseas locations in violation of the centers’ rules. The letter also notes allegations against the companies in the pending lawsuit that “they engaged in a variety of illegal practices, including violations of the (Racketeer Influenced & Corrupt Organizations, or RICO Act), misuse of consumer (personal identifiable information) and insurance fraud.” The amended lawsuit filed in August names as plaintiffs five individuals who say their insurance plans were changed and two agencies who say they lost money when they were replaced as agents. The lawsuit accuses the defendants of 55 counts of wrongdoing, ranging from running ads offering thousands of dollars in cash that they knew would never be provided directly to consumers, switching millions of consumers into different insurance policies without their authorization, misstating their household incomes to make them eligible for $0 premium coverage, and “stealing” commissions by switching the agents listed in their accounts. TrueCoverage, Enhance Health, Protect Health, and some of their associates “engaged in hundreds of thousands of agent-of-record swaps to steal other agents’ commissions,” the suit states. “Using the Benefitalign and Inshura platforms, they created large spreadsheet lists of consumer names, dates of birth and zip codes.” They provided those spreadsheets to agents, it says, and instructed them to access platforms linked to the ACA marketplace and change the customers’ agents of record “without telling the client or providing informed consent.” “In doing so, they immediately captured the monthly commissions of agents ... who had originally worked with the consumers directly to sign them up,” the lawsuit asserts. TrueCoverage employees who complained about dealing with prospects who called looking for cash cards were routinely chided by supervisors who told them to be vague and keep making money, the suit says. When the Centers for Medicare and Medicaid Services began contacting the company in January about customer complaints, the suit says TrueCoverage enrollment supervisor Matthew Goldfuss sent an email instructing agents “do not respond.” The lawsuit states the “scheme” was made possible in 2021 when Congress passed the American Rescue Plan Act in the wake of the COVID pandemic. The act made it possible for Americans with household incomes between 100% and 150% of the federal poverty level to pay zero in premiums and it enabled those consumers to enroll in ACA plans all year round, instead of during the three-month open enrollment period from November to January. Experienced health insurance brokers recognized the opportunity presented by the changes, the lawsuit says. More than 40 million Americans live within 100% and 150% of the federal poverty level, while only 15 million had ACA insurance at the time. The defendants developed or benefited from online ads, the lawsuit says, which falsely promised “hundreds and sometimes thousands of dollars per month in cash benefits such as subsidy cards to pay for common expenses like rent, groceries, and gas.” Consumers who clicked on the ads were brought to a landing page that asked a few qualifying questions, and if their answers suggested that they might qualify for a low-cost or no-cost plan, they were provided a phone number to a health insurance agency. There was a major problem with the plan, according to the lawsuit. “Customers believe they are being routed to someone who will send them a free cash card, not enroll them in health insurance.” By law, the federal government sends subsidies for ACA plans to insurance companies, and not to individual consumers. Scripts were developed requiring agents not to mention a cash card, and if a customer mentions a cash card, “be vague” and tell the caller that only the insurance carrier can provide that information, the lawsuit alleges. In September, the defendants filed a motion to dismiss the claims. In addition to denying the charges, they argued that the class plaintiffs lacked the standing to make the accusations and failed to demonstrate that they suffered harm. The motion also argued that the lawsuit’s accusations failed to meet requirements necessary to claim civil violations of the RICO Act. Miami-based attorney Jason Kellogg, representing the plaintiffs, said he doesn’t expect a ruling on the motion to dismiss the case for several months. The complaint also lists nearly 50 companies, not named as defendants, that it says fed business to TrueCoverage and Enhance Health. Known in the industry as “downlines,” most operate in office parks throughout South Florida, the lawsuit says. The lawsuit quotes former TrueCoverage employees complaining about having to work with customers lured by false cash promises in the online ads. A former employee who worked in the company’s Deerfield Beach office was quoted in the lawsuit as saying that senior TrueCoverage and Speridian executives “knew that consumers were calling in response to the false advertisements promising cash cards and they pressured agents to use them to enroll consumers into ACA plans.” A former human resources manager for TrueCoverage said sales agents frequently complained “that they did not feel comfortable having to mislead consumers,” the lawsuit said. Over two dozen agents “came to me with these complaints and showed me the false advertisements that consumers who called in were showing them,” the lawsuit quoted the former manager as saying. For much of the time the companies operated, the ACA marketplace enabled agents to easily access customer accounts using their names and Social Security numbers, change their insurance plans and switch their agents of record without their knowledge or authorization, the lawsuit says. This resulted in customers’ original agents losing their commissions and many of the policyholders finding out they suddenly owed far more for health care services than their original plans had required, the suit states. It says that one of the co-plaintiffs’ health plans was changed at least 22 times without her consent. She first discovered that she had lost her original plan when she sought to renew a prescription for her heart condition and her doctor told her she did not have health insurance, the suit states. Another co-plaintiff’s policy was switched after her husband responded to one of the cash card advertisements, the lawsuit says. That couple’s insurance plan was switched multiple times after a TrueCoverage agent excluded the wife’s income from an application so the couple would qualify. Later, they received bills from the IRS for $4,300 to cover tax credits issued to pay for the plans. CMS barred TrueCoverage and BenefitAlign from accessing the ACA marketplace. It said it received more than 90,000 complaints about unauthorized plan switches and more than 183,500 complaints about unauthorized enrollments, but the agency did not attribute all of the complaints to activities by the two companies. In addition, CMS restricted all agents’ abilities to alter policyholders’ enrollment information, the lawsuit says. Now access is allowed only for agents that already represent policyholders or if the policyholder participates in a three-way call with an agent and a marketplace employee. Between June and October, the agency barred 850 agents and brokers from accessing the marketplace “for reasonable suspicion of fraudulent or abusive conduct related to unauthorized enrollments or unauthorized plan switches,” according to an October CMS news release . The changes resulted in a “dramatic and sustained drop” in unauthorized activity, including a nearly 70% decrease in plan changes associated with an agent or broker and a nearly 90% decrease in changes to agent or broker commission information, the release said. It added that while consumers were often unaware of such changes, the opportunity to make them provided “significant financial incentive for non-compliant agents and brokers.” But CMS’ restrictions might be having unintended consequences for law-abiding agents and brokers. A story published by Insurance News Net on Nov. 11 quoted the president of the Health Agents for America (HAFA) trade group as saying agents are being suspended by CMS after being flagged by a mysterious algorithm that no one can figure out. The story quotes HAFA president Ronnell Nolan as surmising, “maybe they wrote too many policies on the same day for people who have the same income or they’re writing too many policies on people of a certain occupation.” Nolan continued, “We have members who have thousands of ACA clients. They can’t update or renew their clients. So those consumers have lost access to their professional agent, which is simply unfair.” Ron Hurtibise covers business and consumer issues for the South Florida Sun Sentinel. He can be reached by phone at 954-356-4071, on Twitter @ronhurtibise or by email at rhurtibise@sunsentinel.com.FARGO, N.D., Nov. 22, 2024 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (the "Company”, NASDAQ: NODK) announced today the appointment of Seth C. Daggett as President and Chief Executive Officer (CEO), effective December 1, 2024. Mr. Daggett brings over two decades of industry experience, most recently serving as the Company's Chief Financial Officer (CFO) and Treasurer. Mr. Daggett succeeds Cindy L. Launer, who had been serving as Interim CEO during the Board of Directors' (the "Board”) search for a permanent CEO, as previously announced. "It is an honor and privilege to have the opportunity to lead this outstanding organization,” Mr. Daggett said. "I look forward to continue working alongside our talented team of employees and agents who are committed every day to serving our customers and local communities,” said Mr. Daggett. "I'm confident that we will build upon our strong and longstanding foundation in North Dakota to create lasting value for our shareholders and a new chapter of sustained growth and success. I look forward to working closely with the Board and the Company's leadership team to help build off this foundation and lead the organization toward a successful future.” Eric K. Aamundstad, Chairman of the Board, commented, "On behalf of the Board, I'd like to thank Cindy for her service as Interim CEO. Her experience was invaluable in helping lead the company through this transition period. We are fortunate to have a proven leader in Seth, who has earned the respect of the Board, our employees, and agents for his judgment, strong leadership, extensive industry experience, and demonstrated ability to build and develop successful teams. He has deep ties not only to the Company, but also the North Dakota community, and we are confident in his ability to lead the Company forward.” Ms. Launer will return to her role as an independent non-executive director on the NI Holdings Board effective December 1, 2024. With Mr. Daggett's appointment as CEO, Matt Maki, Vice President of Financial Planning and Analysis, will assume the role of Interim CFO, effective December 1, 2024. The Company will immediately begin a search for a permanent CFO, with no definitive timeline. About Seth Daggett Seth Daggett most recently served as the Company's Executive Vice President, Treasurer and CFO. Prior to joining the Company, Mr. Daggett was CFO and Treasurer of RAM Mutual Insurance Company. He began his career as an auditor at Deloitte, prior to joining Travelers Companies, Inc. where he spent over ten years in a variety of roles, including Senior Director of Finance. A graduate of the University of North Dakota, he currently lives in West Fargo, North Dakota with his wife and children. About Matt Maki Matt Maki most recently served as the Company's Vice President, Financial Planning and Analysis. Prior to joining the Company, Mr. Maki served as Vice President of Accounting and Treasurer of RAM Mutual Insurance Company. He began his career as an auditor at Ernst & Young, subsequently joining Travelers Companies, Inc., where he held various roles in international finance, financial reporting and treasury. A graduate of the University of Wisconsin - Eau Claire, he currently lives in Duluth, Minnesota with his wife and children. About the Company NI Holdings, Inc. is an insurance holding company. The company is a North Dakota business corporation that is the stock holding company of Nodak Insurance Company and became such in connection with the conversion of Nodak Mutual Insurance Company from a mutual to stock form of organization and the creation of a mutual holding company. The conversion was consummated on March 13, 2017. Immediately following the conversion, all of the outstanding shares of common stock of Nodak Insurance Company were issued to Nodak Mutual Group, Inc., which then contributed the shares to NI Holdings in exchange for 55% of the outstanding shares of common stock of NI Holdings. Nodak Insurance Company then became a wholly-owned stock subsidiary of NI Holdings. NI Holdings' financial statements are the consolidated financial results of NI Holdings; Nodak Insurance Company, including Nodak Insurance Company's wholly-owned subsidiaries American West Insurance Company, Primero Insurance Company, and Battle Creek Insurance Company; and Direct Auto Insurance Company. Safe Harbor Statement Some of the statements included in this news release are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Actual results could vary materially. Factors that could cause actual results to vary materially include risks we describe in the periodic reports we file with the Securities and Exchange Commission. You should not place undue reliance on any such forward-looking statements. We disclaim any obligation to update such statements or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to our Annual Report on Form 10-K, as filed with the SEC. Investor Relations Contact: Matt Maki Vice President, Interim Chief Financial Officer 701-212-5976 [email protected]
Four Golden Knights projected to make Team CanadaRaymond James Financial Raises Quarterly Dividends on Common Stock; Increases Common Stock Repurchase AuthorizationZymeworks Inc. ZYME-Q has joined the slender ranks of Canadian biotechnology developers whose treatments have been approved for the coveted U.S. market, marking a milestone in the Vancouver company’s continued recovery from a corporate crisis two years ago. On Wednesday, Jazz Pharmaceuticals plc, which licensed Zymeworks’ lead cancer drug zanidatamab (since renamed Ziihera) in 2022 for North America, Europe and Japan, said the U.S. Food and Drug Administration had approved use of the tumour-fighting antibody to treat adults with a form of biliary-tract cancer (BTC). The drug would be the first bispecific antibody and chemotherapy-free treatment for patients with metastatic HER2-positive BTC, a rare cancer that typically comes with a poor prognosis for the roughly 16,000 new patients diagnosed annually in the US. “Words can’t describe how happy and humbled I feel,” Zymeworks co-founder and ex-chief executive officerr Ali Tehrani said in a LinkedIn post. FDA approval “was the dream that many said was not possible” when the company started in 2003. “Today it became reality – most importantly for patients who will benefit from it.” Zymeworks joins three other B.C.-founded companies who received FDA approval this decade. Vancouver’s AbCellera Biologics Inc. developed antibodies to treat COVID-19 hospital patients that partner Eli Lilly & Co. took to market after receiving emergency FDA authorization in 2020. Aurinia Pharmaceuticals Inc. got the FDA nod in January, 2021, for its lupus nephritis drug. And Vancouver’s Sierra Oncology Inc.’s blood-cancer drug momelotinib received FDA approval in September, 2023, a year after GlaxoSmithKline plc bought the company for US$1.9-billion. The FDA approval for Jazz unlocks a relatively small market with anticipated peak global sales of US$55-million, said David Martin, an analyst with Bloom Burton & Co. in Toronto. But other advanced human trials under way at Jazz, to see if zanidatamab works on gastric cancer and another subset of biliary cancer, could expand that to US$750-million globally, he added. Peak sales for those and other treatments Jazz derived from the antibody, including for breast cancer, could reach US$2-billion, the Irish company has said. “The fact the drug has been approved for this first indication gives increased confidence for other indications,” Mr. Martin said. “It’s proof of concept that their antibody generating platform technologies can be successful” in generating marketable drugs. Jazz paid Zymeworks US$375-million when it struck the licensing deal in 2022, and the FDA approval triggers a further US$25-million milestone payment to Zymeworks. Much bigger financial awards lie ahead: Zymeworks is eligible to receive up to US$500-million from Jazz if zanidatamab-based drugs pass other regulatory milestones and a further US$862.5-million for hitting commercial milestones. Zymeworks will also receive royalties of 10 per cent to 20 per cent of net sales from related products. Zymeworks has struck a similar deal with BeiGene Ltd. for other Asian markets plus Australia and New Zealand. Zymeworks has found its footing after bottoming out in 2022. Investors began doubting the company the previous year after it posted weak results for one of its lead drugs and other pharma companies delivered strong efficacy results for rival products to zanidatamab. The company, which had developed a platform to create a range of cancer-fighting antibodies, parted ways with Mr. Tehrani that January and hired industry veteran Kenneth Galbraith, a former company director, to replace him. By the time he joined, the stock had shed more than 70 per cent of its value in the prior 12 months. It dropped another two-thirds by that April after Zymeworks cut staff and launched a dilutive stock offering. Hedge fund All Blue Falcons FZE launched an opportunistic takeover bid at US$10.50 a share, about double the stock’s value at the time. Zymeworks, once Canada’s most highly valuable biotech, successfully fended off the hostile bid by adopting a poison-pill plan and redomiciling to Delaware. Mr. Galbraith, a former top executive with Vancouver drug pioneer QLT Inc., set a new course for Zymeworks. He struck the Jazz deal to shore up its finances, relying on the global pharma giant to take on the risk and development costs for zanidatamab. His plan was to use the proceeds to fund development of a pipeline of cancer drugs and take some to market itself. “This for me is a fundamental tenet in how we built biotechnology companies,” he said at the Bloom Burton health care investor conference in May, 2023. “We’re moving from being a platform-rich company and working with partners to being a product-focused company.” His goal was to bring five new medicines to the clinic within five years, focusing on antibody drug conjugates and T-cell engager molecules that target solid tumours. In August, Zymeworks got FDA clearance to do that for two drugs. In October Zymeworks published strong preclinical data for another two cancer drugs, and it plans to unveil its fifth candidate next month. Zymeworks has had one setback, halting development of a zanidatamab offshoot targeting non-small-cell lung cancer earlier this year because of rising competition from other drug developers. The company’s stock has recovered somewhat, trading in the mid-teens on Nasdaq. That’s still well below the US$50-plus range where the stock traded at its peak in 2021.
BEIJING , Dec. 6, 2024 /PRNewswire/ -- Baijiayun Group Ltd ("Baijiayun" or the "Company") (NASDAQ: RTC), a one-stop AI video solution provider, today announced that it has entered into a Standby Equity Purchase Agreement (the "SEPA"), with YA II PN, Ltd. ("YA"), a fund managed by Yorkville Advisors Global, LP. Subject to the terms and conditions set forth in the the SEPA, YA is committed to purchase up to $50 million (the "Commitment Amount") of the Company's Class A Ordinary Shares (the "Shares") at any time during the two-year period following the execution date of the SEPA, by delivering written notice to YA (an "Advance Notice"). Pursuant to the SEPA, YA will advance to the Company, subject to the satisfaction of certain conditions as set forth therein, the principal amount of up to $15 million (the "Pre-Paid Advance"), which will be evidenced by convertible promissory notes (the "Promissory Notes", together with the "SEPA", the "Offering") in four tranches. The first Pre-Advance, in the principal amount of $3,000,000 , was advanced December 6, 2024 in connection with the execution of the SEPA, and is subject to a 10% discount to the principal amount of such Promissory Note. If there is no balance outstanding under the Promissory Notes, the Company will have sole discretion to sell the Shares to YA from time to time by issuing Advance Notices to YA following the effectiveness of a registration statement with the U.S. Securities and Exchange Commission registering the Shares issuable pursuant to the SEPA and the satisfaction of other customary conditions. The Company intends to use the proceeds from the offering of the Shares pursuant to the SEPA for working capital and other general corporate purposes. The Company and the Investor have entered into a registration rights agreement on the date hereof (the "Registration Rights Agreement"), pursuant to which the Company shall register the resale of the Shares issuable pursuant to the SEPA. The foregoing does not purport to be a complete description of the rights and obligations of the parties to the SEPA, the Promissory Notes, the Registration Rights Agreement, or of the transactions contemplated thereby and is qualified in its entirety by reference to such documents, the copies of which have been filed as exhibits to the Company's Current Report on Form 6-K on December 6, 2024 . D. Boral Capital LLC acted as the exclusive placement agent for the Offering. About Baijiayun Group Ltd Baijiayun is a one-stop AI video solution provider with core expertise in SaaS/PaaS solutions. Baijiayun is committed to delivering reliable, high-quality video experiences across devices and localities and has grown rapidly since its inception in 2017. Premised on its industry-leading video-centric technologies, Baijiayun offers a wealth of video-centric technology solutions, including Video SaaS/PaaS, Video Cloud and Software, and Video AI and System Solutions. Baijiayun caters to the evolving communications and collaboration needs of enterprises of all sizes and industries. For more information, please visit ir.baijiayun.com . Safe Harbor Statement This press release contains certain "forward-looking statements." These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the parties' perspectives and expectations, are forward-looking statements. The words "will," "expect," "believe," "estimate," "intend," and "plan" and similar expressions indicate forward-looking statements. Such forward-looking statements are inherently uncertain, and shareholders and other potential investors must recognize that actual results may differ materially from the expectations as a result of a variety of factors. Such forward-looking statements are based upon management's current expectations and include known and unknown risks, uncertainties, and other factors, many of which are hard to predict or control, that may cause the actual results, performance, or plans to differ materially from any future results, performance or plans expressed or implied by such forward-looking statements. The forward-looking information provided herein represents the Company's estimates as of the date of this press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release. A further list and description of risks and uncertainties can be found in the documents the Company has filed or furnished or may file or furnish with the U.S. Securities and Exchange Commission, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and the Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation. For investor and media enquiries, please contact: Company Contact: Ms. Fangfei Liu Chief Financial Officer, Baijiayun Group Ltd Phone: +86 25 8222 1596 Email: ir@baijiayun.com View original content: https://www.prnewswire.com/news-releases/baijiayun-announces-up-to-15-million-convertible-promissory-notes-and-50-million-standby-equity-purchase-agreement-302325234.html SOURCE Baijiayun Group Ltd
NEW YORK (AP) — New York City Mayor Eric Adams appears open to switching parties to become a Republican, as he declined to rule out a future change in political allegiances during a pair of interviews Friday that came as he has increasing warmed to President-elect Donald Trump. The comments from Adams, the top Democrat in one of the country's most liberal cities, riled critics who have grown concerned over the mayor's increasing willingness to throw his support behind Trump and his hardline immigration policies. Adams, who faces federal corruption charges , was a registered Republican in the 1990s and early 2000s but has spent his political career as a Democrat. In a Friday morning interview with the local cable news station NY1, Adams was asked if he would consider a return to the GOP. The Democrat appeared to leave open the possibility of a switch. “The party that’s the most important for me is the American party,” he said. “I’m a part of the American party. I love this country. This is the home of the free, the land of the brave.” In another interview about a half-hour later on PIX11, Adams said he would run for reelection as a Democrat but still appeared to leave some wiggle room for his future. “So no matter what party I’m on or vote on, I’m going to push for the American values," he said. "And I think America has told us, stop the squabbling, leaders, and start leading us out of the crisis that we’re facing.” Adams won office on a centrist platform and has spent significant time as mayor quarreling with the progressive wing of his party. But his rhetoric has taken a noticeable rightward turn in the weeks since Trump's election victory, particularly on immigration, with Adams boosting the president-elect's platform and appearing enthusiastic about the incoming administration. Rather than restricting cooperation with Immigration and Customs Enforcement, as he once promised, Adams recently expressed a willingness to roll back the city’s so-called sanctuary policies, and he plans to meet with Trump’s top border official over concerns about what the mayor said was the “rising illegal alien crime rate in New York City.” He has also praised those in Trump’s orbit, including Elon Musk, who has claimed falsely that Democrats are illegally “importing” migrants to garner votes. “This is a racehorse that wanted to run its right pace and we’ve been holding back that racehorse out of fear of being canceled,” Adams said of the country Tuesday. “And now you have a bunch of people who are not afraid of being canceled.” The shift comes as Adams is trying to fight off an indictment on federal corruption charges while governing the city and gearing up to run for a second term. Adams has pleaded not guilty in his criminal case, in which he has been accused of accepting free or discounted overseas trips and illegal campaign contributions from people looking to gain his influence, including people connected to Turkey or the Turkish government. Adams’ critics have seized on his recent comments about the Trump administration as a move toward self-preservation, accusing the mayor of cozying up to the next president in an effort to secure a pardon in his corruption case. “Eric Adams continues to sound more like he is auditioning for a job in right-wing media than running for reelection in a Democratic primary,” said Zohran Mamdani, a state assembly member who is challenging against Adams in the mayoral primary. “Eric Adams is in City Hall because Democratic voters sent him there. To serve his own narrow self-interests, he is clearly prepared to betray them.” Zellnor Myrie, a state senator who is also challenging Adams in the primary, said “at a time when the Republican Party has never been more out of line with New York values, we need a mayor who isn’t scared to call himself a Democrat.” “Instead of playing footsie with the next president, we need a mayor with the courage to stand up for our city,” Myrie wrote on X. Adams on Friday did distance himself from the Trump administration's potential plans to carry out mass deportations, saying, “You know, I’m not for mass deportation, but I’m not for mass saturation.” Still, the mayor's recent remarks are a major departure from his stance before he took office. In June of 2021, a few weeks before winning the Democratic mayoral primary, Adams spoke to a room full of immigrant New Yorkers about the challenges facing city residents who are in the country illegally. “Too many of our neighbors live in the shadows,” he said at the time, “scarred by the abusive rhetoric and tactics of the Trump era and fearing a denial of their rights.” ___ Izaguirre reported from Albany. Anthony Izaguirre And Jake Offenhartz, The Associated Press