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Industry Update: 3 Exciting Precision Oncology Players to Watch Following Summit’s Meteoric Rise: Silexion, Nuvectis, Scorpian

Global Markets News

Summit Therapeutics (NASDAQ: SMMT) recently captured headlines with the release of its Phase 3 data for ivonescimab, a targeted NSCLC therapy that has generated substantial buzz. The results from its trial conducted in China showed a dramatic 49% reduction in the risk of disease progression or death compared to Merck’s Keytruda, signaling a potentially disruptive force in NSCLC treatment. However, the news wasn’t without its concerns—since the trial data originates from China, there are questions about its applicability to broader, global populations. As noted by BMO Capital Markets’ Evan Seigerman: “Results may or may not be generalizable beyond the China-focused patient population initially assessed.” Despite this, Summit’s valuation has risen by over 100%, now approximating $19 billion. With such a high valuation, the company could see limited room for further significant gains, leading many in the industry to explore other emerging opportunities in precision oncology. Alongside Summit, there are quite a few other players in the field. Some if these companies have even already shown promising initial results and could see similar success in the future if they were to report positive results. These emerging players are worth watching for those interested in following precision oncology drug candidates and pipelines. Among them are precision oncology innovators such as Silexion Therapeutics, Nuvectis Pharma, and Scorpion Therapeutics, which we discuss below. Silexion Therapeutics: Disrupting the KRAS-Driven Cancer Space Silexion Therapeutics (NASDAQ: SLXN) is another under-the-radar player in the precision oncology space, with a focus on KRAS-driven cancers—a notoriously difficult target in oncology. While current small-molecule KRAS inhibitors are making progress, they are often limited to specific mutations, such as KRAS G12C, which accounts for a small percentage of cancers. Silexion’s RNA interference (RNAi) approach offers a broader solution, targeting a wider spectrum of KRAS mutations, particularly in pancreatic cancer, one of the deadliest and most treatment-resistant cancers. At the heart of Silexion’s approach is its LODER™ platform, which delivers siRNA directly to the tumor site, silencing KRAS mutations at the genetic level. This localized delivery not only increases efficacy by concentrating the treatment in the tumor, but it also reduces systemic side effects. Silexion’s next-generation candidate, SIL-204, is an optimized siRNA formulation designed to target pan-KRAS G12x mutations, positioning it to treat a broader range of KRAS-driven cancers beyond pancreatic cancer, such as lung and colorectal cancers. In Phase 2 trials for locally advanced pancreatic cancer, Silexion's LODER™ platform showed a 9.3-month improvement in overall survival when combined with standard chemotherapy. Additionally, the objective response rate (ORR) increased from 20% with chemotherapy alone to 55% with the combination, and in some cases, tumors that were initially non-resectable became operable after treatment with LODER™. These results are especially encouraging given the limited options available for pancreatic cancer patients. SIL-204, is expected to enter Phase 2/3 clinical trials in 2025-2026. What makes Silexion particularly intriguing is its current market valuation. Valued at aproximatly just ~$9 million following its SPAC merger, the company’s valuation could be perceived as low when compared to some of its peers, especially given its innovative technology and promising clinical achievements. Some have wondered whether this low valuation has more to do with dynamics post-SPAC companies. If Silexion can report positive results in its later-stage trials, the company’s outlook could dramatically improve, reflecting the potential of its RNAi-based platform. Like NXP900, SIL-204 could potentially have vast applications across multiple KRAS-driven cancer types, making Silexion a company to watch closely as it advances through clinical development. Nuvectis Pharma: Targeting NSCLC and Beyond by Inhibiting SRC/YES1 Kinases Nuvectis Pharma (NASDAQ: NVCT) has been quietly making strides in the precision oncology sector, developing innovative therapies aimed at overcoming treatment resistance in hard-to-treat cancers. Its lead candidate, NXP900, targets NSCLC by inhibiting the SRC/YES1 kinases, which play critical roles in cancer cell survival and resistance to current therapies. This approach positions NXP900 as a potential game-changer in the treatment of NSCLC, particularly in patients who have developed resistance to EGFR and ALK inhibitors, such as AstraZeneca’s Tagrisso and Novartis’ Alecensa. NXP900 is still in the early stages of clinical development, currently undergoing Phase 1 trials. However, preclinical studies have already shown that it has strong anti-tumor activity in resistant NSCLC models. Even more promising is its potential application beyond NSCLC. Like Summit's ivonescimab, NXP900 focuses on resistance, but it also has broader applications due to its ability to target multiple cancer types driven by SRC/YES1 pathways. This versatility makes it a promising asset not just for NSCLC but also for other difficult-to-treat cancers like squamous cell carcinomas. In addition to NXP900, Nuvectis is advancing NXP800, another precision oncology candidate that is further along in the clinical development process. NXP800 is currently in Phase 1b trials, targeting ARID1a-mutated cancers such as ovarian and endometrial cancers. The early clinical data for NXP800 is promising, showing positive responses in patients with platinum-resistant ovarian cancer. With two strong candidates in the pipeline, Nuvectis is positioning itself as a formidable player in the precision oncology landscape. As Summit’s ivonescimab continues to gain attention, Nuvectis’ earlier-stage NXP900, with its NSCLC focus and beyond, could see similar success in the future if clinical results continue to trend positively. Scorpion Therapeutics: Pioneering Mutant-Selective Therapies Scorpion Therapeutics is redefining the frontier of precision oncology with its focus on delivering highly selective small molecules targeting validated and previously undruggable cancer mutations. Its lead candidate, STX-478, is a mutant-selective, allosteric PI3Kα inhibitor currently in Phase 1/2 trials for advanced solid tumors. Early data presented at the ESMO Congress 2024 highlighted its potential, with STX-478 demonstrating a 23% overall response rate in breast cancer and a 21% response rate across all tumor types, positioning it as a potentially best-in-class PI3Kα inhibitor. STX-478 is notable for its ability to spare wild-type PI3Kα activity in normal tissues, avoiding the toxicities seen with previous PI3Kα inhibitors, such as hyperglycemia and rash. Tumor reductions were seen in 72% of patients treated with STX-478 as a monotherapy, with circulating tumor DNA levels dropping in 86% of patients. This mutant-selective precision could help overcome the limitations of existing PI3Kα inhibitors, which have struggled with dose-limiting toxicities. In July 2024, Scorpion raised $150 million in a Series C financing round, co-led by Frazier Life Sciences and Lightspeed Venture Partners. The additional funding will support the advancement of STX-478 and other pipeline assets, positioning Scorpion for further clinical success. Scorpion’s pipeline includes a broad range of wholly-owned compounds that target both validated and novel cancer targets, positioning the company for future expansion into larger patient populations. As STX-478 progresses through clinical development, Scorpion is poised to become a significant player in the precision oncology space, making it another company worth watching closely. Optimistic Outlook for Precision Oncology The precision oncology space is experiencing a golden era of innovation, with companies like Summit Therapeutics, Nuvectis Pharma, Silexion Therapeutics, and Scorpion Therapeutics leading the charge. As the focus shifts towards targeted therapies that address resistance mechanisms, the market is increasingly favoring companies with novel approaches and broad applications. Summit’s meteoric rise has shown that there is tremendous potential for companies that can demonstrate efficacy in overcoming cancer resistance. While Summit has already captured much of the current attention, companies like Nuvectis, Silexion, and Scorpion, with their earlier-stage pipelines, offer exciting opportunities for the industry to keep a close eye on. As these companies continue to report clinical data and advance through trials, the potential for breakthroughs in treating some of the most difficult cancers grows stronger. With targeted therapies offering the possibility of overcoming resistance without the need for chemotherapy, the future of cancer treatment looks brighter than ever. For those in the oncology space, keeping a close eye on emerging players like Nuvectis, Silexion, and Scorpion could lead to transformative developments as the field of precision oncology continues to evolve. * * * This update may include speculative forward looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. the BioTech and Pharma industries are volatile and risky and readers are advised to seek out preffesional advice in the relevent feilds from licensed profesionals. This update is for informational purposes only and is not intended to serve as financial, investment or any form of professional advice, recommendation or endorsement. Please review the full documentation detailing financial compensation disclosures and disclaimers the article is subject to. [ https://justpaste.it/ch2qt/pdf ]. Global Markets News Network is a commercial digital brand compensated to provide coverage of news and developments related to innovative companies as detailed in the full documentation and it is thus subject to conflicts of interest. Contact Details News Coverage ronald@futuremarketsresearch.com

September 19, 2024 07:45 AM Eastern Daylight Time

Car Garage Expert Offers Reliable Roadside Assistance Services in Dubai

Rev Up Marketers

Car Garage Expert, a leading name in automotive repair and maintenance, is proud to announce its dependable services roadside assistance in Dubai. As a trusted and customer-centric car garage near me in Dubai, Car Garage Expert is committed to providing rapid and reliable services that ensure motorists are never left stranded on the roads. In the fast-paced environment of Dubai, drivers require quick and efficient solutions to sudden car troubles. Whether it's a flat tire, dead battery, engine breakdown, or even lockout situations, Car Garage Expert's well-equipped team is available 24/7 to address any emergency and get drivers back on the road swiftly. Our goal is to offer peace of mind to drivers across Dubai," said Muhammad Fahad Malik, CEO of Car Garage Expert. “We understand how frustrating unexpected breakdowns can be, which is why we’ve designed our roadside assistance services to be fast, reliable, and affordable. Our team is just a phone call away to ensure you’re never stuck for long.” Car Garage Expert’s state-of-the-art facility is also equipped to handle a wide range of repairs and maintenance, ensuring that drivers receive comprehensive automotive care. The garage's skilled technicians have vast experience working with all car models, making Car Garage Expert a top choice for as a trusted and customer-centric garage near me in Dubai. About Car Garage Expert: Car Garage Expert is a reputable automotive repair service provider in Dubai, offering a wide range of services including regular maintenance, engine repairs, transmission servicing, and roadside assistance. With a focus on quality, transparency, and customer satisfaction, the garage has built a solid reputation as a reliable garage near me in Dubai. Contact Details Car Garage Expert Mian Muhammad Fahad cargarageexpertdxb@gmail.com Company Website https://CarGarageExpert.com

September 17, 2024 09:21 AM Eastern Daylight Time

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Join Benchmark International's Exclusive Webinar "Seller Motivation: What Goes Into the Decision to Sell?"

Benchmark International

Are you considering selling your business? Deciding when and why to sell is one of the most significant decisions you’ll ever make as a business owner. While maximizing financial proceeds is often at the forefront of these decisions, it’s essential to recognize that it’s not the only factor. Life circumstances, time with family, and other qualitative considerations can often outweigh financial gain. To help you navigate this complex process, we invite you to join our upcoming webinar: Seller Motivation: What Goes Into The Decision To Sell? Space is filling up fast, so register today! Why You Should Register Selling a business is about more than just crunching the numbers. In this exclusive webinar, you’ll gain valuable insights into the full spectrum of motivations that drive business owners to sell. Understanding these motivations can help you make a well-rounded and informed decision about your business’s future. This webinar is a must-attend for business owners contemplating the sale of their business, particularly in today’s strong but disciplined market. By attending, you’ll be better equipped to evaluate both the financial and personal factors that play a crucial role in this life-changing decision. Whether you’re focused on securing a comfortable financial future or prioritizing time with loved ones, the information presented will help you weigh these considerations effectively. Spots are limited, so don’t miss this opportunity to secure your spot. What You’ll Learn This webinar offers actionable insights into the decision-making process for business owners. Here’s what you can expect to learn: The wide range of reasons why business owners choose to sell, beyond just financial incentives How personal life events, such as family needs and future aspirations, can influence your decision A look at the current M&A market and how buyers are approaching valuations How to balance personal and financial goals using the concept of indifference curves, which help weigh non-monetary values like time with family against financial returns By attending, you’ll gain the tools to make a decision that aligns with your long-term vision—both personally and financially. Spots Are Filling Fast – Register Now! If you’re ready to gain clarity on your motivations for selling and align your decision with both your personal and financial goals, this is the webinar for you. Don’t miss out—register now and take the first step toward making a well-informed, strategic decision about the future of your business. ABOUT BENCHMARK INTERNATIONAL: Benchmark International is a global M&A firm that provides business owners with creative, value-maximizing solutions for growing and exiting their businesses. Benchmark International has handled over $11 billion in transaction value across various industries from offices across the world. With decades of M&A experience, Benchmark International’s transaction teams have assisted business owners with achieving their objectives and ensuring the continued growth of their businesses. The firm has also been named the Investment Banking Firm of the Year by The M&A Advisor and the Global M&A Network as well as the #1 Sell-side Exclusive Privately-held M&A Advisor in the World by Pitchbook and Refinitiv's Global League Tables. Contact Details Brittney Zoeller +1 813-898-2350 zoeller@benchmarkintl.com Company Website https://www.benchmarkintl.com/

September 16, 2024 09:54 AM Eastern Daylight Time

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Flash Transforms Parking at Denver International Airport

Flash

Flash, the leading end-to-end parking technology platform, announced today it has completed an overhaul of public and employee parking at Denver International Airport (DEN) through a contract the City and County of Denver awarded in August 2024. In just 22 days, Flash deployed its platform across the airport’s nine public and employee parking garages and lots, bringing a state-of-the-art parking experience to DEN’s 40,000 employees and the 77.8 million passengers they serve annually. "Flash’s commitment to DEN has been tremendous and we look forward to a bright future that provides innovative solutions to improve the customer experience," said Mark Nagel, Senior Vice President of Parking and Commercial Transportation, Denver International Airport. In its first few weeks of deployment, DEN reports improved traffic flow and reduced wait times for vehicles entering and exiting the airport’s parking facilities. DEN’s deployment of Flash’s platform spans 144 lanes and features 137 kiosks, 97 license plate recognition (LPR) lanes, and 49 automatic vehicle identification (AVI) lanes. With the new AVI lanes, employees can enter and exit automatically in seconds via vehicle-mounted passes that require no interaction with their phones or kiosks. “DEN is the sixth busiest airport in the world and sees millions of parking transactions each year, requiring the highest service level,” said Flash CEO Dan Sharplin. “Our technology breadth and industry-leading scale, plus our maniacal focus on the driver experience, made us confident we could support DEN’s traffic volumes and service levels while getting passengers and employees through parking transactions quickly, and it’s hugely gratifying to see it live.” DEN also benefits from the Flash platform’s design as an enhanced cloud-based parking solution. In the event of an internet, payment processor, network or cloud disruption, the platform maintains continuous operations and critical payment processing capabilities so the airport’s parking facilities stay up and running. About Flash Flash is a pioneering technology company bringing seamless parking and EV charging experiences to drivers through a first-of-its-kind digital ecosystem. Flash’s platform connects reservable parking and charging in the apps drivers use every day with garage, surface lot, event, and valet parking locations—connected and controlled via a cloud-based operating system with unrivaled intelligence. Customer-obsessed brands partner with Flash to deliver digital, easy-to-use, reliable, and increasingly frictionless experiences to drivers eager to pay for a solution that eliminates wasted time, excess emissions, and stress. The solution has arrived.. Visit www.flashparking.com to learn more. Contact Details Ray Young +1 512-694-6097 ray@razorsharppr.com Company Website https://www.flashparking.com/

September 12, 2024 09:00 AM Central Daylight Time

This EV-Based Small Cap Has Partnerships With Walmart, NASA And The U.S. Postal Service – Is It On Your Radar?

Benzinga

By Meg Flippin, Benzinga Canoo Inc. (NASDAQ: GOEV), a high-tech advanced mobility company bringing electric vehicles – namely lifestyle delivery vehicles – to commercial operators, seems to have made strides in its quest to create a state-of-the-art EV commercial fleet. The company has inked deals with some of the biggest names in the U.S., including Walmart Inc. (NYSE: WMT), the U.S. Postal Service, the Department of Defense and even NASA. So what makes these large industry players and government agencies want to partner with a relatively unknown brand? After all, Canoo doesn’t have the name recognition of Tesla Inc. (NASDAQ: TSLA). However, it does have scalable technology, which it says sets it apart. EV Is Here to Stay Over the long haul, electric fleets for commercial and government customers have a lower total cost of ownership and don’t require costly fuel. But Canoo says it takes it a step further by using one-third the parts of traditional internal combustion engines (ICEs). The maintenance schedule is almost an afterthought thanks to its advanced computer architecture, which in most cases, can remotely diagnose and repair its EVs via over-the-air (OTA) software. The company also offers a warranty that covers up to eight years, something not common in the auto industry. Canoo is going after the last-mile delivery market with its fully electric Lifestyle Delivery Vehicles (LDV). The LDVs have a last-mile delivery optimized cabin and customized cargo space. Last-mile delivery refers to the very last step of the delivery process when a parcel is moved from one location to another. Canoo reports that it utilizes true steer-by-wire technology, reducing moving parts and cabin intrusion – resulting in more usable interior space, better driver ergonomics and the addition of a panoramic window to improve road visibility. The LDV is engineered for high-frequency stop-and-go deliveries and speedy vehicle-to-door drop-off, including grocery and food/meal delivery, says Canoo. Walmart Is In All those attributes are part of what led Walmart to select Canoo as its EV fleet provider. Walmart inked a deal to purchase 4,500 all-electric delivery vehicles from Canoo, beginning with the LDV. The retailer has the option to purchase up to 10,000 units. The vehicles are to be used to deliver online orders in a sustainable way which will also contribute to Walmart’s goal to achieve zero emissions by 2040, the companies said when originally announcing the deal. Canoo is headquartered in Justin, TX, and operates manufacturing sites in Oklahoma. While that is Canoo’s biggest order to date, the company is also making inroads with the U.S. government, inking deals with NASA, the Department of Defense and the U.S. Postal Service. All have the potential to expand into something more. Take the U.S. Post Office deal for starters. The postal service agreed to buy six right-hand drive versions of the LDV 190 as part of its move to electrify and modernize the postal service’s delivery fleet. Canoo delivered the vehicles this May, and the USPS is using them on mail routes. Additionally, the USPS is investing $40 billion to upgrade and improve the organization's processing, transportation and delivery networks. If it likes what it sees from Canoo, that could mean more purchases down the road. Meanwhile, NASA had also purchased three Crew Transportation Vehicles (CTVs) to transport the astronauts to the launch pad for the Artemis lunar missions. The CTVs are engineered to carry fully suited astronauts, flight support crew and equipment to the launch pad. “We are thrilled to be a part of the Artemis missions and to deliver NASA’s first zero-emission built for mission crew transportation vehicles,” said Tony Aquila, Chairman and CEO of Canoo. “It’s a very proud day for Canoo and all of our partners who worked so hard to ensure we perform our part to transport the astronauts for the first nine miles of every launch.” Beyond LDVs Beyond electric vehicles, Canoo is busy supplying batteries to the Department of Defense, expanding a deal with the U.S. Navy. Canoo’s proprietary battery system is modular and can support various military applications and configurations. The batteries harbor 5kWh modules that utilize 2170 cylindrical cells, but can fit other form factors and cell chemistries. The company says the expansion of the partnership further validates its technology and reliability. It is also delivering the Light Tactical Vehicle (LTV) to the U.S. Army. From fully electric vehicles that can transport cargo, goods and people to batteries powered by wind and solar, Canoo is doing its part for a greener tomorrow. It may not be a household name yet, but with some big-name players as partners, it's one investors may want to keep an eye on. Keep a look out for more Canoo Inc. announcements here. Featured photo courtesy of Canoo. Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders. This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

September 12, 2024 09:00 AM Eastern Daylight Time

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CollisionRight Reaches 100 Collision Repair Shops

CollisionRight

CollisionRight LLC, a leading regional multi-shop collision repair operator, today announced the acquisition of its 100th shop. The milestone was reached within four years of the company’s founding, culminating in the rapid implementation of its initial market-entry campaign and setting the stage for an equally aggressive growth strategy that aims to increase CollisionRight’s footprint threefold over a five-year span. CollisionRight has reached its 100th-location milestone through the three-shop acquisition of Tripp’s Collision in Michigan. As with each of CollisionRight’s 41 acquisitions to date, Tripp’s will continue to do business under its market-leading local brand while benefiting from the support and efficiency of a unified, large-scale organization. All of CollisionRight’s locations are corporate-owned and run under a common operating system of management, technology, back-office support, and partnerships with insurance carriers and vendors. “Acquiring our 100th store in just a few years is a testament to the hard work and dedication of our remarkable team. It underscores the value that embracing the history of established and trusted collision repair brands can bring,” said Rich Harrison, CEO of CollisionRight. “Driven by our mission to provide exceptional customer service and create the best possible place to work, our team will continue to pursue rapid growth into the coming years.” Having reached the 100-shop milestone, CollisionRight intends to both increase its presence within the 10 states it currently serves and expand its footprint into numerous additional markets. Through strategic acquisitions of local market leaders like Tripp’s—as well as organic growth via insurance-carrier relationships, supply chain optimization, and calibration services—CollisionRight expects to triple its revenue within the next five years. About CollisionRight Headquartered in Columbus, Ohio, CollisionRight provides state-of-the-art collision repair services at 100 corporate-owned locations across 10 states: Illinois, Indiana, Kentucky, Maryland, Michigan, Ohio, Pennsylvania, Tennessee, West Virginia, and Wisconsin. Their team of more than 1,500 collision repair professionals puts more than 90,000 vehicles back on the road each year with a single priority in mind: Getting you back to GO. Every location operates under an established brand that has earned the trust of its local community through decades of prioritizing complete customer satisfaction and convenience. For more information about CollisionRight, or to contact your neighborhood collision repair shop, please visit www.CollisionRight.com. Note to the editor: the company logo, a high-resolution headshot of Rich Harrison, and a copy of the map illustrating CollisionRight’s geographical presence can be found at this link. Contact Details Razor Sharp PR Ray Young +1 512-694-6097 ray@razorsharppr.com Company Website http://www.collisionright.com/

September 11, 2024 10:00 AM Eastern Daylight Time

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Flash Secures $85 Million to Back Special Purpose Vehicle to Propel Growth and Provide Flexible Payment Options

Flash

Flash, the industry-leading end-to-end parking technology platform, today announced that it has closed on $85 million in debt financing for a newly formed special purpose vehicle (“SPV”) to accelerate platform adoption and offer Flash clients an expanded range of flexible payment options. The debt capital, which can be increased up to $100 million, was provided by Vantage Infrastructure (“Vantage”), a leading independent specialist infrastructure credit fund. “Asset owners and operators have a myriad of budgetary and deployment preferences – the payment options we can now extend through the SPV will allow customers to join the Flash platform on terms that work best for them," said Chris Donus, President of Flash. “Innovation in payment options is as critical as platform innovation in pursuit of our vision for the parking industry’s transformation in light of the scale and momentum we're on pace to achieve." Flash’s payment options allow clients to select amongst flexible monthly payment plans that suit their budgets, regardless of scale, asset type, or configuration. This includes EV charging infrastructure and other advanced parking technologies offered by Flash. Flash anticipates extending the SPV structure and partnership with Vantage in future financings. ”We’re pleased to support Flash with a tailored financing solution that enables their team to continue to meet and exceed their clients’ need for better transport related infrastructure,” said Nick Cleary, Senior Partner at Vantage. “This is a great example of the opportunity to upgrade and transform proven traditional infrastructure that saves time and costs for drivers and help build out the EV charging network.” Evercore acted as Flash’s exclusive financial advisor, and Cadwalader, Wickersham & Taft LLP provided legal counsel to Flash. Steptoe LLP acted as counsel to Vantage. About Flash Flash is a pioneering technology company bringing seamless parking and EV charging experiences to drivers through a first-of-its-kind digital ecosystem. Flash’s platform connects reservable parking and charging in the apps drivers use every day with garage, surface lot, event, and valet parking locations — connected and controlled via a cloud-based operating system with unrivaled intelligence. Customer-obsessed brands partner with Flash to deliver digital, easy-to-use, reliable, and increasingly frictionless experiences to drivers eager to pay for a solution that eliminates wasted time, excess emissions, and stress from driving. The solution has arrived. Visit www.flashparking.com to learn more. About Vantage Infrastructure Vantage Infrastructure is an independent infrastructure specialist manager committed to delivering sustainable investment solutions with an equity and debt infrastructure investment portfolio of over US $4 billion invested in infrastructure assets across Europe, North America, and Australia on behalf of global clients. Contact Details Razor Sharp PR Ray Young +1 512-694-6097 ray@razorsharppr.com Company Website https://www.flashparking.com/

September 09, 2024 09:00 AM Central Daylight Time

EURONAV SHAREHOLDERS IN LINE FOR A US$46 MILLION PAYOUT FOLLOWING COURT RULING AGAINST CMB

FourWorld Capital Management

On Friday, the Brussels Market Court in Belgium ruled that Compagnie Maritime Belge (CMB) wrongly calculated the offer price of shares during its mandatory takeover of Euronav NV in February this year. The court decided the value of each share should be retrospectively increased by at least US$0.52, amounting to an additional pay out of US$46 million. This sum takes into account the 69.2 million shares tendered in March 2024, and those remaining that may be sold if the public offer is re-opened. The Markets’ Court found that when calculating the bid price, CMB had failed to take into account special advantages worth US$104 million granted to Frontline when simultaneously selling it the best part of Euronav’s fleet (its newest 24 VLCC’s or very large crude carriers). The Court’s findings are exceptionally critical of CMB and Frontline: “It is particularly curious that the negotiations regarding the sale of the fleet, although they involved a transaction between Frontline and Euronav, took place exclusively between Frontline and CMB. Euronav was not at the negotiating table. As FourWorld rightly puts it, Euronav was completely sidelined” (para. 112) “CMB and Frontline exerted tremendous pressure on Euronav's supervisory board. (…) The independent chairwoman of the council, in particular, was placed under intense pressure” (para. 115) “Under normal market conditions, transactions are negotiated between directly involved parties, especially between buyer and seller. This is not what happened here. The price of about 2.35 billion dollar paid by Frontline cannot therefore be considered market-conform under these circumstances. This price implied a particular advantage in favor of Frontline.” (para. 117) This ruling breaks new legal ground in Belgium and abroad regarding judicial protection of the minority shareholders, putting brazen bidders willing to game the system on notice. These findings were only made possible after key documents, including supervisory board meeting minutes, legal and financial advice and further evidence, were made available to the public following a court ruling in the United States earlier this year in a case also brought by FourWorld Capital Management LLC (FourWorld). John Addis, Founder and Chief Investment Officer (CIO) of FourWorld said: “Friday’s ruling makes it clear that Euronav’s two largest shareholders acted to serve their own interests at the expense of the company and minority shareholders which is an important first step in unravelling this deal. We believe there was a far greater cost to independent shareholders than recognized by the Brussels Market Court on Friday. “CMB and Frontline managed to pull off the deal of a lifetime underneath the noses of Euronav’s supervisory board and financial regulators. Our years of experience fighting for minority shareholder interests has shown that if a deal looks too good to be true, it probably is. FourWorld will continue to fight through the courts for a fair outcome to this case.” The Brussels Markets’ Court placed the resolution of the share price adjustment firmly back in the jurisdiction of the Belgian financial regulator (FSMA), ordering it to re-examine the bid price taking into account its findings. This means that the FSMA may yet increase the bid price by more than 0,52 US$ – something FourWorld will ask it to do. Having concluded that Euronav’s Supervisory board was sidelined and then coerced, this ruling paves the way for success in a separate legal challenge currently underway in the Antwerp Enterprise Court. In that case, FourWorld has petitioned for the unwinding of CMB’s mandatory takeover, Euronav’s US$2.35 billion fleet sale to Frontline and Euronav’s decision to renounce and settle its arbitration claim against Frontline. The case is scheduled to appear before the Antwerp Enterprise Court in May 2026. - ENDS - Notes for Editors: About FourWorld Capital Management LLC: FourWorld Capital Management is an SEC registered investment adviser with offices in New York and Munich. The company has a particular focus on legal and regulatory catalysts and is currently fighting for a fairer deal on behalf of minority shareholders who lost out during CMB’s mandatory takeover of Euronav NV in 2024 and following its failed merger with Frontline. Contact Information: To request interviews or further information please email: Jenny.wright@highgate.ltd or Theo.Crutcher@highgate.ltd FourWorld Capital Management LLC: FourWorld Capital Management is an SEC registered investment adviser with offices in New York and Munich. The company has a particular focus on legal and regulatory catalysts and is currently fighting for a fairer deal on behalf of minority shareholders who lost out during CMB’s mandatory takeover of Euronav NV in 2024 and following its failed merger with Frontline. Contact Details Highgate Jenny Wright jenny.wright@highgate.ltd Highgate Theo Crutcher theo.crutcher@highgate.ltd Company Website https://www.fourworldcapital.com/

September 09, 2024 12:01 AM Eastern Daylight Time

The Technology Powering Aeva's (NYSE: AEVA) Vision For A Safer Autonomous Future And Why It Could Be Game-Changing

Benzinga

By Meg Flippin, Benzinga When it comes to autonomous driving, safety and accuracy are top of mind. For self-driving cars, trucks and trains to become ubiquitous on America’s roads, streets and railways, they must be extremely safe and reliable. The same goes for the robots that will someday deliver everything from food to medicine without human intervention. They have to be able to see everything around them and react in real time to avoid crashes. Technology advances and companies like Aeva Technologies (NYSE: AEVA) are making that a reality. Mountain View, California-based Aeva makes LiDAR sensors for use in vehicles, trucks and trains. The sensors act as eyes, providing 3D views of the surroundings. FMCW, The Technology Enabler For Highway Autonomy What takes Aeva’s sensors to the next level on the safety and reliability fronts is its Frequency Modulated Continuous Wave (FMCW) 4D LiDAR technology, which uses a low-power continuous laser beam to measure range and a fourth dimension of velocity at the same time. Aeva says FMCW unlocks new levels of safety and automation by instantaneously discriminating between moving and non-moving points and knowing the precise velocity of objects in motion. Instant velocity data gives real-time insight into how an object’s position is changing, giving the vehicle’s computer a more accurate picture to help plan its next move. But that’s not all. Aeva’s sensors also have advanced perception capabilities that deliver new features, which the company says are not possible with typical legacy LiDAR sensors, including Ultra resolution and vehicle localization. Ultra resolution provides a camera-like image of the world providing what Aeva Technologies says is up to 20 times the resolution of legacy time-of-flight LiDAR sensors. Image segmentation enables the detection of roadway markings, drivable regions, vegetation, road barriers and road hazards like tire fragments at up to twice the distance of conventional time-of-flight LiDAR sensors. Instant velocity data allows for confident detection and tracking of dynamic objects such as oncoming vehicles and other moving objects at distances up to 500 meters, reports Aeva. Meanwhile the technology’s Vehicle Localization features enable real-time vehicle motion estimation with six degrees of freedom, providing accurate vehicle positioning and navigation, which could be a substitute for other sensors, like IMU or GPS. That provides for safe autonomous navigation in common GPS-denied environments like tunnels and parking structures. Aeva says its FMCW technology provides autonomous vehicles with freedom from interference from sunlight and other LiDAR sensors, elimination of retroreflector blooming and ghosting from highly reflective objects like street signs and roadway markings, as well as a greater ability to see in weather conditions like dust, fog, rain and snow. Importantly, these benefits can allow automated vehicles to safely operate at highway speeds, a feat that has been sought after by major car manufacturers. Overcoming The Limitations With all that safety and technology packed into Aeva’s LiDAR sensors, Aeva is overcoming one of the biggest challenges of self-driving vehicles today: blindspots. Self-driving vehicle algorithms and conventional sensors can have difficulty when the weather is bad, lane markings are not clear or unexpected obstacles are in their way. That can lead to accidents and fatalities. Reacting in real-time is the goal and Aeva delivers that with its LiDAR sensors. The company’s FMCW LiDAR sensors can also enable self-driving cars and trucks to achieve highway speeds safely. It's something that has eluded the industry so far, with many self-driving vehicles achieving top speeds of 35 to 45 MPH. For the trucking industry to move to autonomous vehicles, it has to be able to sustain highway speeds safely. Achieving that can someday address the labor shortages the heavy truck industry faces. Finding drivers who want to spend most of their time on the road and away from family for three to four-week clips is harder to come by. Autonomous trucks that can run all day and all night can help fill that gap. It’s why Daimler Truck AG is using Aeva’s sensors in its Class 8 Freightliner Cascadia autonomous truck platform. Daimler Truck intends to integrate the LiDAR sensors directly into its production process, making it easy for customers to buy autonomous-ready trucks directly from its manufacturing plants. Daimler Truck said it chose Aeva’s LiDAR sensors because of its ability to provide enhanced safety and control. “Daimler Truck is committed to leading the industry’s advancement toward autonomous trucks. Selecting the right LiDAR technology is a crucial strategic decision to safely deploy autonomous trucks on the road,” said Joanna Buttler, Head of Global Autonomous Technology Group at Daimler Truck. “We are convinced that Aeva with its cutting-edge and reliable technology is the right production partner for LiDAR sensors and has the manufacturing capabilities to scale along with us.” The world is moving toward autonomous vehicles but for them to become ubiquitous safety can’t be a question. That’s where companies like Aeva Technologies come in. Its advanced next-generation LiDAR sensors can react in real-time, potentially taking autonomous driving to the next level. Learn more about Aeva Technologies Inc. by checking out its investors deck here. Featured photo by Chris Bair on Unsplash. Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders. This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

September 05, 2024 08:55 AM Eastern Daylight Time

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