
PRINCETON, NJ, Dec. 09, 2024 (GLOBE NEWSWIRE) -- Sonnet BioTherapeutics Holdings, Inc. (the "Company" or "Sonnet") (NASDAQ:SONN), a clinical-stage company developing targeted immunotherapeutic drugs, announced today that it has entered into a definitive agreement with institutional investors for the purchase and sale of an aggregate of 1,085,325 shares of its common stock (or common stock equivalents in lieu thereof) (the “Registered Direct Shares”) and warrants to purchase up to an aggregate of 1,085,325 shares of common stock (the “Registered Direct Warrants”), in a registered direct offering. Each share of common stock (or pre-funded warrant in lieu thereof) is being sold in the registered direct offering together with one common warrant at a combined offering price of $2.23, priced at-the-market under the rules of the Nasdaq Stock Market. The Registered Direct Warrants will have an exercise price of $2.10 per share, are immediately exercisable and will expire five years from the date of issuance. The Company has also entered into a definitive agreement with an existing investor, in a concurrent private placement, for the purchase and sale of an aggregate of 673,000 shares of its common stock (or common stock equivalents in lieu thereof) (the “PIPE Shares”) and warrants to purchase up to an aggregate of 673,000 shares of common stock (the “PIPE Warrants”). Each share of common stock (or pre-funded warrant in lieu thereof) is being sold in the private placement offering together with one common warrant at a combined offering price of $2.23, priced at-the-market under the rules of the Nasdaq Stock Market. The PIPE Warrants will have an exercise price of $2.10 per share, are immediately exercisable and will expire five years from the date of issuance. The closing of the registered direct offering and the concurrent private placement is expected to occur on or about December 10, 2024, subject to the satisfaction of customary closing conditions. Chardan is acting as the exclusive placement agent for the registered direct offering and the concurrent private placement. The gross proceeds to the Company from the registered direct offering and the concurrent private placement are expected to be approximately $3.9 million, before deducting the placement agent's fees and other offering expenses payable by the Company. The Company intends to use the net proceeds for research and development, including clinical trials, working capital and general corporate purposes. The Registered Direct Shares are being offered and sold by the Company in a registered direct offering pursuant to a "shelf" registration statement on Form S-3 (File No. 333-251406) that was originally filed with the Securities and Exchange Commission (the "SEC") on December 22, 2023, and declared effective on January 4, 2024. The offering of such securities in the registered direct offering is being made only by means of a prospectus supplement that forms a part of the effective registration statement. A final prospectus supplement and the accompanying base prospectus relating to the registered direct offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov . Electronic copies of the final prospectus supplement and the accompanying base prospectus may also be obtained, when available, from Chardan Capital Markets, LLC, 17 State Street, Suite 2130, New York, New York 10004, at (646) 465-9000, or by email at vdealwis@chardan.com . The PIPE Shares, the PIPE Warrants and the Registered Direct Warrants and the shares underlying the PIPE Warrants and the Registered Direct Warrants described above are being offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act"), and Regulation D promulgated thereunder and have not been registered under the Act, or applicable state securities laws. Accordingly, the PIPE Shares, the PIPE Warrants, the Registered Direct Warrants and the shares of common stock underlying the PIPE Warrants and the Registered Direct Warrants may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. About Sonnet BioTherapeutics Holdings, Inc. Sonnet is an oncology-focused biotechnology company with a proprietary platform for innovating biologic drugs of single or bifunctional action. Known as F H AB (Fully Human Albumin Binding), the technology utilizes a fully human single chain antibody fragment (scFv) that binds to and "hitch-hikes" on human serum albumin (HSA) for transport to target tissues. Sonnet's F H AB was designed to specifically target tumor and lymphatic tissue, with an improved therapeutic window for optimizing the safety and efficacy of immune modulating biologic drugs. F H AB is the foundation of a modular, plug-and-play construct for potentiating a range of large molecule therapeutic classes, including cytokines, peptides, antibodies, and vaccines. Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the closing of the registered direct offering and the concurrent private placement and the expected use of proceeds, the outcome of the Company’s clinical trials, the Company's cash runway, the Company's product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's current beliefs and assumptions. These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential,” "predict," "project," "should," "would" and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company's filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Investor Relations Contact: JTC Team, LLC Jenene Thomas 908.824.0775 SONN@jtcir.com Source: Sonnet BioTherapeutics Holdings, Inc.PNST stock touches 52-week low at $0.56 amid market challenges
How major US stock indexes fared Tuesday, 12/10/2024TORONTO, Dec. 04, 2024 (GLOBE NEWSWIRE) — LNG Energy Group Corp. (TSXV: LNGE) (TSXV: LNGE.WT) (OTCQB: LNGNF) (FWB: E26) (the “ ” or “ ”) is pleased to announce a private placement of senior secured convertible debentures in the amount of up to U.S.$15 million (“ ”) in order to drill two development wells, two to three exploration wells and conduct an active workover and stimulation campaign in Colombia. The Private Placement is undertaken in the context of a broader strategic review process the Company is conducting with the authorization of its Board of Directors, to explore and evaluate a range of potential alternatives for the Company to maximize shareholder value, with the assistance of ECM Capital Advisors, Eight Capital and Haywood Securities Inc. The potential initiatives may include, but are not limited to financings, corporate reorganization, strategic partnerships, acquisitions, divestitures and/or farm-outs, sale, and other forms of business combination. Pablo Navarro, Chairman and Chief Executive Officer of LNG Energy Group commented, “It has been a challenging year. Many issues have arisen with which we are dealing. Changes are being made and solutions are being implemented. Bottom line, the asset base is exceptional, and the future is bright. The turnaround is working, and we will work relentlessly to catapult the trajectory of the Company through a series of strategic initiatives that should ultimately contribute to meeting Colombia’s need for natural gas.” Upon a successful Private Placement, farm-out and/or JV Contribution (as defined herein), the Company will commence a drilling and recompletion campaign in Colombia. The Company completed successfully the workover of the BN-1 well consisting of a chemical stimulation that increased the well’s production by approximately 3x, offsetting losses caused by the presence of asphaltenes, fines and residues from drilling fluids. Prior to the stimulation, the well was producing at an average production of approximately 112 Mcf/d with a WHP of 72 psi on a 36/64” choke. Initial results of the stimulation showed an immediate production increase to 822 Mcf/d with a WHP of 328 psi on a 26/64” choke. The well is currently producing 350 Mcf/d with 114 psi in WHP and on a 22/64” choke. The Company intends to apply this technology to several other wells that also experienced a production decline due to the same root causes. In order to reduce costs, the Company has implemented a corporate reorganization initiative which is expected to result in savings of approximately $1.5 to $2.0 million per annum. The Company continues to review ways to optimize its business and operations, including strategic partnerships with vendors, and rationalization of suppliers, inventory optimization, and adjusting the organizational structure of the Company to the current production context. The Company is in the process of farming out a part of its participating interest in the VIM-41 Block located onshore Colombia and pursuing a well development financing (the “ ”) to raise capital to initiate the drilling of the B5 well located onshore Colombia. Furthermore, the Company intends to review options to optimize cash flow available for drilling vis a vis its financial obligations. In conjunction with its near-term development plans, the Company is pleased to announce that it has entered into an agreement with Eight Capital, as lead agent and bookrunner, on behalf of a syndicate of agents including Eight Capital, Haywood Securities Inc. and ECM Capital Advisors, (together, the “ ”) pursuant to which the Company has launched a proposed Private Placement on a “best efforts” agency basis in the aggregate principal amount of up to U.S.$15 million (the “ ”) senior secured convertible debentures (the “ ”) to eligible investors. The terms and any applicable conditions precedent for the Convertible Debentures will be defined within the context of the market and should present a competitive opportunity for investors while unlocking shareholder value. Upon closing of the Offering, the Company will pay to the Agents a cash commission equal to 6% of the gross proceeds of the Offering. The Company is entitled to a President’s List in the amount of up to U.S.$2 million pursuant to which no fees shall be paid to the Agents. The net proceeds of the Offering will be primarily used for the Company’s next phase of drilling, workover and stimulation activities as well as for general working capital purposes. The Company expects that insiders and current stakeholders will participate in the Offering and, to date, has received interest from potential investors in the Offering. The insiders’ participation in the Offering constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 – (“ ”). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities anticipated to be acquired by insiders, nor the consideration for the securities paid by such insiders, exceed 25% of the Company’s market capitalization. As the specific participation of each related party that the Company expects will participate in the Offering has not been confirmed as of the date of this news release, additional information required under MI 61-101 will be provided in the Company’s material change report with respect to the Offering, including a description of the interest of all related parties in the Offering, and where applicable, a description of the effect on the percentage of the securities of the Company held by related parties participating. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This mews release does not constitute an offer for sale of securities in the United States. The Offering is scheduled to close at a date the Company and the Agents deem appropriate and is subject to certain conditions including, but not limited to, the execution of an agency agreement and the receipt of all necessary regulatory and other approvals including that of the TSX Venture Exchange. All securities (and underlying securities) issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The Board of Directors, in consultation with its legal and business advisors, are actively considering other initiatives to enhance shareholder value. The Company may initiate a share consolidation or other capital reorganizations. Certain of the foregoing initiatives may require approval from the Company’s senior lenders. The Company’s current assets consist of the following: Based upon a U.S.$ to C$ exchange rate of 1.00 : 1.41. Calculated by dividing the Before-Tax NPV10 value of the Proved reserves as at December 31, 2023 by 155,534,426 common shares issued and outstanding as at December 31, 2023 and using a U.S.$:C$ exchange rate of $1.41. The per share valuation excludes the value of the Company’s non-oil and gas assets and net indebtedness. Calculated by dividing the Before-Tax NPV10 value of the Proved reserves as at October 29, 2024 by 155,534,426 common shares issued and outstanding as at October 29, 2024 and using a U.S.$:C$ exchange rate of $1.41. Please see the Company’s news release dated November 25, 2024 for more information. The per share valuation excludes the value of the Company’s non-oil and gas assets and net indebtedness. The Company is focused on the acquisition and development of natural gas production and exploration assets in Latin America. For more information, please visit . For more information please contact: Angel Roa, Chief Financial Officer LNG Energy Group Corp. Website: Email: LinkedIn: Instagram: @lngenergygroup X: @LNGEnergyCorp Reserves included herein are stated on a company gross basis (working interest before deduction of royalties without including any royalty interests). Information presented herein in respect of reserves and related information in respect of the Company’s Colombian assets is based on the Company’s independent reserves evaluation for the year ended December 31, 2023 prepared by DeGolyer and MacNaughton, details of which were provided in the Company’s annual information form dated May 31, 2024 for the year ended December 31, 2023 (the “ ”). Reserves included herein are stated on a company gross basis (working interest before deduction of royalties without including any royalty interests). Information presented herein in respect of reserves and related information in respect of the Company’s Venezuela assets is based on the Company’s independent reserves evaluation dated October 28, 2024, with an effective date of April 30, 2024 prepared by Petrotech Engineering Ltd., details of which were provided in our press release issued on November 25, 2024.UnitedHealthcare CEO murder suspect Luigi Mangione complained about back surgery before slaying
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Are Americans hopeful — or discouraged — heading into new year? What a new poll foundEven while we are all eager for some holiday pleasure, we must remember that Santa Claus’s presence will not exonerate us from some of our financial responsibilities. The Social Security Administration’s (SSA) continued payments throughout December may qualify as a gift. Likewise, the administration will not forget its responsibilities and will continue to ensure that all payments reach their destination on time, just like Santa, even if they make some adjustments and close offices so that employees can spend some time with their families and loved ones. This month’s payment schedule will come with some important changes due to all the upcoming holidays. The SSA will close all offices and not process claims starting tomorrow Those who require service on the major Christmas dates, such as December 25 and January 1, will not be able to get in-person or individual phone service because the SSA offices will be closed on those days. All tasks must be transferred to the website, which will remain accessible throughout these periods. Also, keep in mind that you should contact your local office as soon as possible to schedule a face-to-face meeting, as the SSA has instituted an appointment system that will begin on January 6, 2025. Although walk-ins are still welcome, wait times will increase because those with appointments will be given precedence. SSA’s main financial and insurance programs in the US Most American beneficiaries may already know that the SSA has different financial and insurance programs that provide monthly benefits to retired workers, survivors, disabled people, and SSI recipients . Here are the main important things you need to know about the four programs from Social Security: According to the Social Security payment schedule for this year, all Old-Age, Survivors, and Disability Insurance (OASDI) beneficiaries born between the 21st and 31st of each month, and recipients after May 1997, receive the remaining payment on December 24, a non-holiday day. Even though the 25th is Christmas Day and is a federal holiday, the payment is scheduled to be made on that day. This indicates that to protect beneficiaries from possible delays, the payment will be made early. Moreover, beneficiaries should understand that weekends and national holidays can occasionally cause these payments to be delayed, as they will be in December. For this reason, payments will be adjusted to ensure timely delivery. Recipients will still receive their payments on time, as the change will move them to the day before when banks are open and the U.S. Postal Service is operating. In light of this, at the end of the month, we will observe an extra payment as January 1st falls on a holiday, and thus, the SSA will distribute this payment on December 31st. Besides receiving an early payment, beneficiaries from the Supplemental Security Income (SSI) program will be the first Americans to receive their increased benefits from the cost of living adjustment (COLA) for 2025.
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NoneLAS VEGAS , Dec. 10, 2024 /PRNewswire/ -- Prominently featured in The Inner Circle, Harvey Stern is acknowledged as an Inner Circle Lifetime for his contributions to High-Level Hospitality and Event Management. Harvey Stern , a distinguished figure in high-level hospitality and event management, continues to set the standard in the industry with his innovative approach and exceptional client service. Operating from a state-of-the-art 150,000 square foot workshop on the Las Vegas Strip, Stern and his team at Destinations by Design offer unparalleled Design, Build, Deliver (DBD) services for a range of prestigious events, including Super Bowl parties and exclusive lawn weddings. With a Bachelor's degree from the Rochester Institute of Technology (RIT) earned in 1984, Stern has leveraged his academic background and extensive experience to become a leading expert in hospitality. His expertise spans across client relationships, vendor management, and high-level event ideation, solidifying his reputation as a top professional in the field. As a Certified Meeting Professional (CMP) and Meeting Industry Professional (MIP), Stern is affiliated with the National Association for Catering and Events (NACE) and actively contributes to the industry through volunteering with the Foundation of NACE and One Night for One Drop . His career is highlighted by notable recognitions from RIT and NACE, reflecting his significant contributions to the hospitality sector. Stern's personal achievements include raising two sons and enjoying time with his grandson, which he considers some of his greatest accomplishments. His commitment to servant leadership and mentoring is evident in his approach to both professional and personal endeavours. Looking forward, Harvey aims to continue his legacy of servant leadership and mentorship, focusing on expanding his professional network and making a positive impact through organizations like NACE. His philosophy underscores the importance of mentorship, team collaboration, and meticulous planning, which are central to his approach in delivering exceptional hospitality experiences. Contact: Katherine Green 516-825-5634 editorialteam@continentalwhoswho.com View original content: https://www.prnewswire.com/news-releases/the-inner-circle-acknowledges-harvey-stern-as-an-inner-circle-lifetime-302327975.html SOURCE The Inner Circle
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