PHILADELPHIA, May 10, 2021 /PRNewswire/ — Aberdeen Income Credit Strategies Fund (NYSE: ACP) (the “Fund”), today announced the closing of its offering of 1,600,000 shares of 5.25% Series A Perpetual Preferred Shares (the “Preferred Shares”). The offering, priced at $25 per share, resulted in net proceeds to the Fund of approximately $38.2 million after payment of underwriting discounts and commissions and estimated offering expenses payable by the Fund.   
The Fund has applied to list the Preferred Shares on the New York Stock Exchange (“NYSE”) under the ticker symbol “ACP PRA”. If the application is approved, trading on the NYSE in the Preferred Shares is expected to begin within 30 days following the issuance date of the Preferred Shares.
The Fund’s investment objective is to seek a high level of current income, with a secondary objective of capital appreciation. The Fund intends to use the net proceeds from the offering to invest in accordance with its investment objective and policies, for general working capital purposes and/or to pay down outstanding borrowings under its credit facility.
UBS Securities LLC acted as the sole book-running manager for the offering.
Investors should consider the Fund’s investment objectives, risks, and expenses carefully before investing. The prospectus supplement and accompanying prospectus contain this and other information about the Fund and should be read carefully before investing. Copies of the prospectus supplement and accompanying prospectus and other documents the Fund has filed with the Securities and Exchange Commission (“SEC”) may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov.
A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This press release is not an offer to sell these securities and is not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.
In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment advisers:  Aberdeen Standard Investments Inc., Aberdeen Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management, LLC, Aberdeen Standard Investments ETFs Advisors LLC and Aberdeen Standard Alternative Funds Limited.
Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund’s investment return and principal value will fluctuate so that an investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value of the fund’s portfolio. There is no assurance that the Fund will achieve its investment objective.
This press release contains certain statements that may include “forward-looking statements.” Forward-looking statements can be identified by the words “may,” “will,” “intend,” “expect,” “estimate,” “continue,” “plan,” “anticipate,” and similar terms and the negatives of such terms. By their nature, all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-looking statements. Many factors that could materially affect the Fund’s actual results are the performance of the portfolio of securities held by the Fund, the conditions in the U.S. and international financial and other markets, the price at which Preferred Shares trade in the public markets and other factors discussed in the Fund’s preliminary prospectus supplement and accompanying prospectus and to be discussed in the Fund’s periodic filings with the SEC.
Although the Fund believes that the expectations expressed in such forward-looking statements are reasonable, actual results could differ materially from those expressed or implied in such forward-looking statements. The Fund’s future financial condition and results of operations, as well as any forward-looking statements, are subject to change and are subject to inherent risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which are made as of the date of this press release. Except for the Fund’s ongoing obligations under the federal securities laws, the Fund does not intend, and the Fund undertakes no obligation, to update any forward-looking statement.
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
If you wish to receive this information electronically, please contact [email protected]
aberdeenacp.

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Topline
As stocks add to record highs, analysts at Morgan Stanley analysts are warning clients of an impending correction this year amid elevated market risk, particularly in the technology sector, which is sinking Monday while the broader market climbs.

Traders work during the opening bell at the New York Stock Exchange.
AFP via Getty Images

Key Facts

Shortly after the market open, the Dow Jones Industrial Average and S&P 500, which both closed at record highs Friday, are climbed 0.4% and 0.2%, respectively, while the tech-heavy Nasdaq fell 0.2%, pushing the index’s losses to roughly 3% since a late-April high.

Among firms heading up the Nasdaq’s losses (and falling as much as 1.4%) are the index’s five biggest stocks—Facebook, Amazon, Apple, Microsoft and Alphabet—which altogether represent a staggering 21% of the S&P, “significantly more” than the long-term average of 14% and even higher than 18% at the tech bubble’s peak in 2000, Goldman analysts wrote in a Monday note. 

The fact that these market leaders have been struggling after their “terrific” first-quarter earnings reports less than two weeks ago should serve as “a reminder that stocks often peak on good news,” Morgan Stanley analysts wrote in a Monday morning note to clients.

Based on comparable years in past market cycles, Morgan Stanley predicts that this year will bring only “flattish” stock returns—with a 10% to 20% correction also along the way.

Goldman analysts said that the “greatest fundamental risk” to big tech’s market leadership is a stricter regulatory regime and tighter antitrust enforcement given that Facebook, Amazon, Apple and Alphabet each “face a laundry list of legal battles and investigations over their market power and competitive practices.”

Goldman forecasts that the S&P could climb as much as 8% higher this year, but only if antitrust actions have “no major impact”—something the firm says is less likely now given President Joe Biden’s appointment of heavy-handed market regulators, including financial crisis reformer Gary Gensler to head up the Securities and Exchange Commission.

Crucial Quote 
“With the S&P 500 making new highs every day, few seem worried… but rather than getting excited about [businesses] reopening, we are getting more concerned about execution risk and what’s already priced in,” Morgan Stanley equity strategist Michael J. Wilson said Monday, also emphasizing that he’s optimistic about the future. “Whatever correction the market experiences this year, we are likely to make higher highs next year. The goal as an investor is to navigate the… transition, avoid the stocks with the biggest drawdowns and be in position to capture the next leg.” In big tech, Wilson says Morgan Stanley is most bullish about Alphabet, which has soared a staggering 36% this year.
Tangent
“Record highs in U.S. stocks are not a barrier to further stock gains,” Andrea Bevis, a senior vice president at UBS Private Wealth Management, said Monday morning. Though she agrees that the outperformance in mega-cap tech stocks “has likely nearly run its course,” Bevis thinks small and mid-cap stocks should lead the market this year thanks to continued strength from low interest rates, a supportive Federal Reserve and strong corporate earnings. Such stocks are also likely to get a boost from Biden’s $2 trillion in proposed infrastructure spending, which typically benefits smaller businesses more than larger corporations.
What To Watch For
Sure to test investor sentiment, a slew of buzzy technology firms report earnings this week, including Gen-Z online gaming platform Roblox after Monday’s market close, big-data software company Palantir on Wednesday and crypto exchange Coinbase on Thursday. Facebook is facing a suit from the Federal Trade Commission for “illegal monopolization.

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ENGLEWOOD, Colo., May 10, 2021 /PRNewswire/ — Ampio Pharmaceuticals (NYSE American: AMPE), a biopharmaceutical company focused on the advancement of immunology-based therapies for prevalent inflammatory conditions for which there are limited treatment options, today announced that it has received Investigational Review Board (IRB) approval to commence enrollment in its AP-018 Phase I study using inhaled Ampion™ with patients exhibiting prolonged respiratory COVID-19 symptoms, known as long (or long-haul) COVID, or Post-Acute Sequelae of SARS-CoV-2.

“This trial is both needed and exciting in that it addresses a major current and expected ongoing unmet medical need among the estimated 3 to 10 million individuals currently suffering from long COVID,” said Michael Macaluso, President and CEO of Ampio. “A significant percentage of patients who have contracted COVID-19 over the past year – even those with mild or asymptomatic cases – continue to suffer debilitating effects long after there is no detectable virus in their system. These symptoms stem from the out-of-control inflammatory immune response the virus triggers, something Ampion may be able to address.”

The trial will be led by Principal Investigator Michael J. Barber, MD, PhD, FACC, FHRS, FAHA, who has more than 36 years of practice as a board-certified Internist, Cardiologist and Electrophysiologist and is the Director of Medical, Cardiovascular and Intravenous Nutritional Services for the Strata Integrated Wellness Spa.
In commenting on his role as Principal Investigator of the study, Dr. Michael Barber said, “Patients suffering from long COVID have a serious need for treatments, yet little research has been done so far. We look forward to exploring the anti-inflammatory effects of Ampion in patients suffering from long COVID.”
The Phase 1 study, “A Randomized, Double-Blinded, Placebo-Controlled Phase I Study to Evaluate the Safety and Efficacy of Ampion in Patients with Prolonged Respiratory Symptoms due to COVID-19 (Long-COVID),” is to evaluate the safety and efficacy of inhaled Ampion in adults with prolonged respiratory complications after COVID-19 infection. Thirty (30) participants with a confirmed, symptomatic COVID-19 diagnosis who continue to experience at least two COVID-19 respiratory symptoms will be randomized in one of two groups, active or placebo control. Both groups will be given a nebulizer to use at home for five days. Participants will be followed for 60 days after treatment.
The primary endpoint of the study is the incidence and severity of adverse events (AEs) and serious adverse events (SAEs) from baseline to Day 28 and Day 60. Exploratory efficacy endpoints also assess the effect of inhaled Ampion compared to placebo on the clinical outcomes for participants with prolonged respiratory complications after a COVID-19 infection. Details on the study will be found on clinicaltrials.gov, once posted.
Relevant Recent History
On April 27, 2021, the company reported that all patients in its AP-014 Phase I trial of inhaled Ampion for COVID-19 have completed treatment, including a follow-up at Day 28 after completion of treatment. The study not only met its primary endpoint of safety and tolerability, but final data showed that Ampion reduced all-cause mortality in COVID-19 respiratory distress by 78% over the Standard of Care (SOC) for COVID-19 respiratory distress. Specifically, mortality in the SOC group was 24%, while in the group treated with Ampion, mortality was only 5%.
About Ampio Pharmaceuticals
Ampio Pharmaceuticals, Inc. is a biopharmaceutical company primarily focused on the advancement of immunology-based therapies to treat prevalent inflammatory conditions for which there are limited treatment options. Ampio’s lead drug, Ampion™, is backed by an extensive patent portfolio with intellectual property protection extending through 2035 and will be eligible for 12-year FDA market exclusivity upon approval as a novel biologic under the biologics price competition and innovation act (BPCIA).
Forward Looking Statements
Ampio’s statements in this press release that are not historical fact, and that relate to future plans or events, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “plan,” “anticipate,” and similar expressions. These forward-looking statements include statements regarding Ampio’s expectations with respect to Ampion and its classification, as well as those associated with regulatory approvals and other FDA decisions, the Biological License Application (BLA), the ability of Ampio to enter into partnering arrangements, clinical trials and decisions and changes in business conditions and similar events, the ability to receive regulatory approval to conduct clinical trials, that Ampion may be used to treat ARDS induced by COVID-19, all of which are inherently subject to various risks and uncertainties. The risks and uncertainties involved include those detailed from time to time in Ampio’s filings with the Securities and Exchange Commission, including without limitation, under Ampio’s Annual Report on Form 10-K and other documents filed with the Securities and Exchange Commission. Ampio undertakes no obligation to revise or update these forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations
Joe Hassett
[email protected]
484-686-6600
Media Contact
Katie Kennedy
[email protected]
610-731-1045

View original content to download multimedia:http://www.prnewswire.com/news-releases/ampio-pharmaceuticals-receives-investigational-review-board-approval-for-its-phase-i-long-covid-19-trial-ap-018-301287097.html
SOURCE Ampio Pharmaceuticals, Inc.

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… Ltd.

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The Depository Trust & Clearing Corporation (DTCC), the premier market infrastructure for the global financial services industry, today announced that the U.S. Securities and Exchange Commission (SEC) has approved the DTCC Data Repository (U.S.) LLC (DDR) application to operate as a registered security-based swap data repository (SBSDR).This is a key step in completing the implementation of derivatives oversight in the U.S., which was set out in Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Dodd-Frank divided the regulatory oversight of derivatives between the SEC for security-based swaps (SBS; those that reference a single security or loan or a credit default swap that references a narrow-based index) and the Commodity Futures Trading Commission for all other swaps.DDR, part of DTCC’s Global Trade Repository (GTR) service, will function as a registered SBSDR for transactions in the equity, credit and interest rate derivatives asset classes, seamlessly reporting transactions directly to the SEC.“We are pleased to receive SEC approval of DDR’s application as an SBSDR, and look forward to offering security-based swap transaction reporting capabilities within our global platform,” said Kate Delp, DTCC Executive Director and General Manager, DDR. “This marks an important step forward in continuing to provide greater transparency in the OTC derivatives market.”Today, DTCC’s GTR service for North America provides transaction reporting services for OTC derivatives in the U.S. and Canada through the legal entity DTCC Data Repository (U.S.) LLC. DDR is a Commodity Futures Trading Commission (CFTC) provisionally registered Swap Data Repository (SDR) and is authorized by Canadian regulators to provide derivatives reporting services for all Canadian provinces and territories. Globally, GTR has almost 9,000 clients and 150 partner firms, providing reporting to over 60 regulators across 35 countries.Delp added, “We are proud to extend our trade reporting capabilities in the U.S. and are committed to working with our clients to help them prepare for the reporting date. Now is the time to begin to implement and test trade reporting solutions as the reporting compliance date draws near.

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The Securities and Exchange Commission (SEC) says it will begin to monitor activities of online platforms selling stocks for foreign companies.

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SEC, recently warned the investing public on the proliferation of unregistered online investment and trading platforms, facilitating access to trading in securities listed in foreign markets.
In a statement on Sunday, SEC quoted Dayo Obisan, its executive commissioner of operations, as saying that the commission will register brokers in line with its mandate of ensuring investor protection and market transparency.
He said SEC will license firms offering foreign stocks under a “digital sub-broker” regulation to aid transparency and avoid exploitation.

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“Ultimately, we expect that registration will ensure that only genuine platforms target retail investors. We already have one of the platforms at a very advanced stage in the registration process,” he said.
“The SEC has rules on foreign investments and cross-border transactions which specify the requirements for foreign investors seeking to invest in Nigeria as well as issuers of securities. Broadly speaking, all capital market instruments are registrable — equities, bonds, units of investment funds, derivatives, etc.”
Obisan said the Nigerian market has been open to the listing of securities by foreign issuers with no restrictions.

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He, however, added that part H of SEC rules deals with the regulation of foreign investments and cross-border securities transactions.
Obisan said there has been a growing trend of participation by retail investors in cross-border transactions, which had hitherto been undertaken by institutional and high net-worth investors.
He noted that about 400,000 Nigerians invested in foreign stocks through online brokers in the last 18 months.
Obisan said the increasing interest from younger population necessitates proper regulation to curb exploitation.

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“This sort of savvy investors have the resources and skillset to undertake independent evaluations of potential cross-border investments beyond disclosures made to them,” he said.
“What we can confirm, based on our interactions with some of the online platform operators which are facilitating these trades, is that there has been a sharp increase over the last 18 months in the number of users of these platforms.
“There also appears to be an increasing interest among the younger population and this is of interest to the commission primarily because it creates an avenue for exploitation if it is not properly monitored and regulated. Especially as this interest is not mirrored on the traditional and core asset class.
“Most foreign issuers take advantage of the reciprocal agreements which exist between Nigeria and the country of the issuer, especially where the securities regulator of that country is a member of the International Organisation of Securities Commissions.

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“This is quite distinct from the activities of the online platforms, which are brokering secondary deals in securities that have been issued in another country and essentially performing a function for which they have not been registered or licensed, which is what necessitated the circular by the commission.

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… Combination with Juniper Industrial Holdings Declared Effective by SEC … today announced that the Securities and Exchange Commission (“SEC”) …

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DENVER, May 10, 2021 /PRNewswire/ —
First-Quarter 2021 Financial Summary

Net sales up 24.1%, including core revenue growth of 21.0%, compared to the prior-year period.
Net income attributable to shareholders of $67.3 million, or $0.23 per diluted share, a year-over-year increase of 89.0%.
Adjusted Net Income per diluted share of $0.33, a year-over-year increase of 57.1%.
Adjusted EBITDA of $196.3 million, a year-over-year increase of 62.5% and Adjusted EBITDA margin of 22.3%, or year-over-year expansion of 530 basis points.
Raising 2021 guidance to core revenue growth of 19.5% with Adjusted EBITDA margin expansion of 430 basis points at the midpoints.

Gates Industrial Corporation plc (NYSE:GTES), a leading global provider of application-specific fluid power and power transmission solutions, today reported results for the first quarter ended April 3, 2021.
Ivo Jurek, Gates Industrial’s Chief Executive Officer, commented, “Our business is off to an excellent start to the year, building on the momentum we experienced exiting 2020 and significantly exceeding our original guidance.  Our substantial above-market growth is evidence of the accelerating success our innovation investments and growth initiatives continue to have in driving share gains, as well as the secular trends in several of our end markets on which we’re capitalizing. We saw strength across the business, as well as strong momentum in orders throughout the quarter.”
Jurek continued, “Operationally, we were agile and proactive, successfully managing the significant increase in volumes while driving productivity initiatives and delivering excellent incremental margins. Looking ahead, we believe the encouraging trends we see with respect to order rates, end market activity and the traction of our growth initiatives support our demand expectations. Uncertainties remain in certain regions, particularly with respect to raw material and labor availability, as well as lingering COVID inefficiencies, but our performance to-date gives us confidence that we are well positioned to both seize on our growth opportunities and successfully navigate these complexities.”
First-Quarter Financial Results
First-quarter net sales were $881.3 million, an increase of 24.1% over the prior-year quarter net sales of $710.1 million, including a core revenue increase of 21.0% and favorable foreign currency impact of 3.1%. The growth in the quarter was broad based, with our first-fit business showing the most significant year-over-year improvement, led by the Diversified Industrial, On-Highway, Off-Highway and Mobility & Recreation end markets. Sales into replacement channels also showed strong year-over-year growth, with no evidence of significant restocking.
Net income attributable to shareholders in the first quarter of 2021 was $67.3 million, or $0.23 per diluted share, compared to $35.6 million, or $0.12 per diluted share in the first quarter of 2020. Adjusted Net Income for the first quarter of 2021 was $97.8 million, or $0.33 per diluted share, compared to $61.6 million, or $0.21 per diluted share in the first quarter of 2020. The diluted weighted average number of shares outstanding in the first quarter of 2021 was 296,363,267 compared to 292,111,253 in the first quarter of 2020.
First-quarter Adjusted EBITDA was $196.3 million, or 22.3% of net sales, compared to $120.8 million, or 17.0% of net sales in the prior-year quarter, representing year-over-year growth of 62.5%. The significant Adjusted EBITDA margin expansion of 530 basis points was driven by productivity improvements, volume and strong operational execution.

Power Transmission Segment Results

Three months ended

(USD in millions)

April 3, 2021

March 28, 2020

% Change

% Core Change

Net sales

$559.5

$441.2

26.8%

23.1%

Adjusted EBITDA

$132.7

$79.5

66.9%

Adjusted EBITDA margin

23.7%

18.0%

570 bps

Power Transmission net sales for the first-quarter of 2021 increased by 26.8% to $559.5 million, reflecting a core revenue increase of 23.1% and favorable foreign currency effects of 3.7%. Growth was led by the Diversified Industrial, Off-Highway and Mobility & Recreation end markets, where our organic growth initiatives performed particularly well. While sales into replacement channels showed strong growth, it was outpaced by those into first-fit channels.
Power transmission Adjusted EBITDA increased by 66.9% over the prior-year quarter, with the corresponding Adjusted EBITDA margin expansion of 570 basis points, attributable to productivity initiatives, increased volumes and strong operational execution.

Fluid Power Segment Results

Three months ended

(USD in millions)

April 3, 2021

March 28, 2020

% Change

% Core Change

Net sales

$321.8

$268.9

19.7%

17.5%

Adjusted EBITDA

$63.6

$41.3

54.0%

Adjusted EBITDA margin

19.8%

15.4%

440 bps

Fluid Power net sales increased by 19.7% to $321.8 million in the first quarter, reflecting a core revenue growth of 17.5% and favorable foreign currency effects of 2.2%. The Diversified Industrial and Off-Highway end markets saw particularly strong year-over-year growth, with sales of our new products accelerating. Sales into replacement channels experienced strong growth, but the most significant growth came in our first-fit business.
Fluid Power Adjusted EBITDA increased by 54.0% over the prior-year quarter, with the Adjusted EBITDA margin improving by 440 basis points. The significant margin expansion was driven by productivity initiatives and volume increases, as well as improved utilization of our new manufacturing capacity.
Liquidity and Capital Resources
During the first quarter of 2021, the Company saw a typical seasonal outflow of cash from operations, with higher Adjusted EBITDA offset by higher working capital levels to support growth compared to the first quarter of 2020. Capital expenditures in the first quarter of 2021 increased to $20.2 million from $14.9 million in the prior-year period.
As of April 3, 2021, the Company had total cash and cash equivalents of $447.4 million, committed borrowing headroom of $417.7 million and total outstanding debt of $2.7 billion. The Company does not have any material debt maturities until 2024.
2021 Outlook
The Company is increasing its full-year 2021 outlook. Core revenue growth is now expected to be in the range of 18% to 21%, increased from the previous range of 9% to 14%. Adjusted EBITDA margin is now expected to be in the range of 22.0% to 22.8%, compared to the previous range of 21.0% to 22.0%. The Company continues to expect capital expenditures to range between $90 million and $110 million and free cash flow conversion  to be greater than 80%.
Conference Call and Webcast
Gates Industrial Corporation plc will host a conference call today at 10:00 a.m. Eastern Time to discuss the Company’s financial results.  The live webcast of the conference call and accompanying presentation materials can be accessed through Gates Industrial’s website at investors.gates.com. For those unable to access the webcast, the conference call can be accessed by dialing (844) 867-2998 (domestic) or +1 (647) 689-4555 (international) and requesting the Gates Industrial Corporation First Quarter 2021 Earnings Conference Call. An audio replay of the conference call can be accessed by dialing (800) 585-8367 (domestic) or +1 (416) 621-4642 (international), and providing the passcode 3730128, or by accessing Gates Industrial’s website at investors.gates.com.
About Gates Industrial Corporation plc
Gates is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions.  Gates offers a broad portfolio of products to diverse replacement channel customers, and to original equipment (“first-fit”) manufacturers as specified components. Gates participates in many sectors of the industrial and consumer markets.  Our products play essential roles in a diverse range of applications across a wide variety of end markets ranging from harsh and hazardous industries such as agriculture, construction, manufacturing and energy, to everyday consumer applications such as printers, power washers, automatic doors and vacuum cleaners and virtually every form of transportation. Our products are sold in more than 120 countries across our four commercial regions: the Americas; Europe, Middle East & Africa; Greater China; and East Asia & India.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. These statements include, but are not limited to, statements related to expectations regarding the performance of the Company’s business, financial results, innovation investments, growth initiatives, productivity, increased momentum and demand recovery, and the statements in the “2021 Outlook” section of this press release.  Such forward-looking statements are subject to various risks and uncertainties, including, among others, the uncertainties relating to the impact of the COVID-19 pandemic and associated governmental measures on the Company’s business, operations, employees, financial condition and results of operations, risks inherent to the manufacturing industry, macroeconomic factors beyond the Company’s control including inflation and end-market recovery, continued operation of our manufacturing facilities, our ability to forecast and meet demand, market acceptance of new products, and the significant influence of the Company’s majority shareholders, investment funds affiliated with The Blackstone Group Inc. Additional factors that could cause the Company’s results to differ materially from those described in the forward-looking statements can be found under the section entitled “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended January 2, 2021, filed with the Securities and Exchange Commission (“SEC”), as such factors may be further updated from time to time in the Company’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. 

Gates Industrial Corporation plc
Condensed Consolidated Statements of Operations
(Unaudited)

Three months ended

(USD in millions, except per share amounts)

April 3, 2021

March 28, 2020

Net sales

$

881.3

$

710.1

Cost of sales

535.8

454.3

Gross profit

345.5

255.8

Selling, general and administrative expenses

211.6

193.4

Transaction-related expenses (income)

2.4

(0.2)

Restructuring expenses

2.9

1.

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MIAMI, May 10, 2021 /PRNewswire/ — Jaws Acquisition Corp. (NYSE: JWS), a special purpose acquisition company (“Jaws”), announced today the effectiveness of its Registration Statement, in connection with its previously announced merger with Cano Health, LLC (“Cano Health”), on Form S-4, with the United States Securities and Exchange Commission (the “SEC”). Jaws also announced a special meeting of its shareholders (the “Special Meeting”) to approve the proposed merger agreement with Cano Health for June 2, 2021 at 9:00 a.m., Eastern Time, unless postponed or adjourned to a later date or time. Jaws will distribute the definitive proxy statement and proxy card to its stockholders of record as of March 24, 2021, the record date for the Special Meeting.
“We are pleased to have reached another exciting milestone in the journey to complete the transaction with Cano Health and support the company’s exciting next chapter of growth,” said Barry Sternlicht, Co-Founder and Chairman of Jaws and Incoming Director of Cano Health. “This transaction positions Cano Health to capitalize on the large and growing opportunity being driven by the government’s shift to value-based care as well as demographic tailwinds in the market. I look forward to seeing what’s next for Cano Health, a company poised to create significant value for all stakeholders.”
If approved by Jaws’ shareholders at the Special Meeting, the merger is expected to be completed on June 3, 2021. Upon completion of the transaction, the combined company will operate as Cano Health, and will be listed on the New York Stock Exchange (NYSE) under the new ticker symbol “CANO.”
A link to the definitive proxy statement is available on Jaws’ website (https://www.jawsholdings.com/) and Cano Health’s website (https://canohealth.com/) or can be accessed via the SEC website at www.sec.gov.  
About Jaws Acquisition Corp.
Jaws, led by Chairman Barry S. Sternlicht and Chief Executive Officer Joseph L. Dowling, is a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.
About Cano Health, LLC
Cano Health operates value-based primary care centers and supports affiliated medical practices that specialize in primary care for seniors in Florida, Texas, Nevada, and Puerto Rico, with additional markets in development. As part of its care coordination strategy, Cano Health provides sophisticated, high-touch population health management tools including telehealth, prescription home delivery, wellness programs, transition of care, and high-risk and complex care management.
Cano Health’s personalized patient care and proactive approach to wellness and preventive care sets it apart from competitors. Cano Health has consistently improved clinical outcomes while reducing costs, affording patients the opportunity to lead longer and healthier lives. Cano Health was recognized in August 2020 by Inc. Magazine for the second consecutive year as one of the fastest-growing health care companies in the country, ranking 39th among all U.S. privately held companies as part of its annual 5000 ranking. For more information visit www.canohealth.com.
Additional Information
Jaws has filed, and the SEC has declared effective, a registration statement on Form S-4 containing a definitive proxy statement/prospectus of Jaws relating to the proposed Business Combination. Jaws has commenced mailing of the definitive proxy statement/prospectus and other relevant documents to its shareholders. Investors, Jaws’ shareholders and other interested persons are advised to read the definitive proxy statement/prospectus in connection with Jaws’ solicitation of proxies for the General Meeting to be held to approve the Business Combination as these materials will contain important information about Cano Health and Jaws and the proposed Business Combination. The definitive proxy statement/prospectus has been mailed to the shareholders of Jaws as of the record date of March 24, 2021; shareholders that hold their shares in registered form are entitled to vote their shares held on the date of the meeting. Shareholders are also able to obtain copies of the definitive proxy statement/prospectus and other documents filed with the SEC, without charge, at the SEC’s website at http://www.sec.gov, or by directing a request to: Jaws Acquisition Corp., 1601 Washington Avenue, Suite 800, Miami Beach, FL 33139.
Participants in the Solicitation
Jaws and its directors and executive officers may be deemed participants in the solicitation of proxies from Jaws’ shareholders with respect to the Business Combination. A list of the names of those directors and executive officers and a description of their interests in Jaws is contained in the definitive proxy statement, , which was filed with the SEC and is available free of charge at the SEC’s website at www.sec.gov, or by directing a request to Jaws Acquisition Corp., 1601 Washington Avenue, Suite 800, Miami Beach, FL 33139.
Cano Health and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Jaws in connection with the Business Combination. A list of the names of such directors and executive officers and information regarding their interests in the Business Combination is included in the definitive proxy statement for the Business Combination.
No Offer of Solicitation
This communication is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Jaws or Cano Health, nor shall there be any sale of any such securities in any state or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.
Forward-Looking Statements
Certain statements in this Current Report on Form 8-K may be considered forward-looking statements. Forward-looking statements generally relate to future events or Jaws’ or Cano Health’s future financial or operating performance. For example, projections of future growth, financial performance, and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Jaws and its management, and Cano Health and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of negotiations and any subsequent definitive agreements with respect to the Business Combination; (2) the outcome of any legal proceedings that may be instituted against Jaws, the combined company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (3) the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of Jaws, to obtain financing to complete the Business Combination or to satisfy other conditions to closing; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (5) the ability to meet stock exchange listing standards following the consummation of the Business Combination; (6) the risk that the Business Combination disrupts current plans and operations of Cano Health as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the Business Combination; (9) changes in applicable laws or regulations; (10) the possibility that Cano Health or the combined company may be adversely affected by other economic, business, and/or competitive factors; (11) Cano Health’s estimates of expenses and profitability; and (12) other risks and uncertainties indicated from time to time in the proxy statement relating to the Business Combination, including those under “Risk Factors” in the Registration Statement, and in Jaws’ other filings with the SEC.  
Nothing in this Current Report on Form 8-K should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither Jaws nor Cano Health undertakes any duty to update these forward-looking statements.
SOURCE Jaws Acquisition Corp.

Related Links
https://www.jawsholdings.

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DENVER, May 10, 2021 /PRNewswire/ — Bonanza Creek Energy, Inc. (NYSE: BCEI) (“Bonanza Creek”) and Extraction Oil & Gas, Inc. (NASDAQ: XOG) (“Extraction”), today announced that they have entered into a definitive agreement to combine in an all-stock merger of equals. The combined company, to be named Civitas Resources, Inc. (“Civitas”), will be the largest pure-play energy producer in Colorado’s Denver-Julesburg (DJ) Basin, with an aggregate enterprise value of approximately $2.6 billion (based on the closing share prices of Bonanza Creek and Extraction on May 7, 2021).
TRANSACTION HIGHLIGHTS

The merger will create a leading energy producer in Colorado’s DJ Basin, a basin characterized by low operating costs, extensive infrastructure, ample takeaway, multiple producing horizons and responsible energy production.
The combined company will operate across approximately 425,000 net acres, with a production base of 117 thousand barrels of oil equivalent per day (117 Mboe/d, on a pro forma 1Q21 production basis).
The transaction is expected to be significantly accretive to free cash flow and other per-share metrics.
At closing, Civitas is projected to be one of most well-capitalized companies in the industry, with a leverage ratio below 0.3x pro forma 1Q21 Net Debt / 2021E EBITDA.
Civitas expects to achieve annual expense and capital savings of approximately $25 million.
Bonanza Creek’s recently announced annual dividend of $1.40 per share is expected to be increased by Civitas to $1.60 per share effective at closing, with such increase representing a distribution of approximately half of the transaction synergies to Civitas’ shareholder base.
Bonanza Creek President and Chief Executive Officer, Eric Greager, will serve as President and CEO of Civitas. Other senior leadership positions will be filled by current executives of Bonanza Creek and Extraction.
Extraction Chairman of the Board, Ben Dell, will serve as Chairman of Civitas, and each of Bonanza Creek and Extraction will nominate four directors to Civitas’ diverse, eight-member Board.
Civitas will take to the next level an E&P business model that has been actively embraced by both Bonanza Creek and Extraction, defined by operational discipline, a strong balance sheet, commitment to free cash flow generation, financial alignment with stakeholders, environmental and community leadership, and best-in-class governance.
At closing, Civitas will be Colorado’s first net-zero oil and gas producer (scope 1 and scope 2) through an intensive, continuing focus on reducing operational emissions and a multi-year investment in certified emissions offsets.

CEO COMMENTARY
“Successful E&P operators will be those who place a priority on disciplined capital deployment, deliver operational and cost excellence, maintain a relentless focus on shareholder value, and have governance standards that are aligned with the times,” said Eric Greager, President and Chief Executive Officer of Bonanza Creek. “Bonanza Creek and Extraction each bring a demonstrated commitment to these principles, as well as shared organizational and community values. Together, as Civitas, we will embody an E&P business model ideally suited to deliver for all of our stakeholders.”
“We believe the combination of Bonanza Creek and Extraction will create one of the most durable, profitable, and progressive producers in the DJ Basin, with premium assets at the front end of the cost curve,” said Tom Tyree, Chief Executive Officer of Extraction. “Collectively, we will create significant value for all stakeholders as we will become Colorado’s first net-zero oil and gas producer through the continuing reduction in operational emissions coupled with a multi-year investment in certified emissions offsets.”
TRANSACTION DETAILS
Under the terms of the definitive merger agreement, Extraction shareholders will receive a fixed exchange ratio of 1.1711 shares of Bonanza Creek common shares for each share of Extraction common stock owned on the closing date. Based on the exchange ratio and the closing price of Bonanza Creek’s common stock on May 7, 2021, Civitas would have an aggregate enterprise value of approximately $2.6 billion. Upon completion of the transaction, Bonanza Creek and Extraction shareholders will each own approximately 50.0% of Civitas, both on a fully diluted basis.
The transaction, which is expected to close in the third quarter of 2021, has been unanimously approved by the boards of directors of both companies. Funds managed by Kimmeridge Energy own approximately 38% percent of the outstanding shares of Extraction and have entered into a support agreement to vote in favor of the transaction. The closing of the merger is subject to customary closing conditions, including approvals by Bonanza Creek and Extraction shareholders.
STRATEGIC RATIONALE

Enhanced scale and geographic breadth – Civitas will be the largest pure-play energy producer in the DJ Basin with current production of 117 thousand barrels of oil equivalent per day (117 Mboe/d) and approximately 425,000 net acres. These operations are geographically diversified across rural, less regulatory-intensive areas, as well as more prospective suburban acreage.
Significant corporate synergies further reduce basin-leading cost structures – The combined company expects to generate approximately $25 million in annual corporate synergies, including general and administrative savings, LOE efficiencies, and reduced capital costs. The merger of equals structure allows shareholders of both Bonanza Creek and Extraction to benefit from the cost synergies and significant upside potential of the combined company.
Acceleration of cash returns to shareholders – Civitas represents the next level of an E&P business model that has been actively embraced by both Bonanza Creek and Extraction, and is defined by capital discipline, low cost structure, and a strong balance sheet to maximize free cash flow and accelerate the distribution of a material portion of this cash to shareholders. Disciplined reinvestment rates are expected to yield flat to low production growth in the coming years and generate sufficient free cash flow to support material dividends going forward. Bonanza Creek’s recently announced annual dividend of $1.40 per share is expected to be increased by Civitas to $1.60 per share effective at closing, with such increase representing a distribution of approximately half of the transaction synergies to Civitas’ shareholder base.
Strong balance sheet and liquidity – The all-stock transaction ensures Civitas will retain a strong balance sheet, with a leverage ratio below 0.3x pro forma 1Q21 Net Debt / 2021E EBITDA, at the time of closing, and Civitas will target leverage of approximately 0.5x over the longer term. Civitas will also have significant liquidity. As of April 1, 2021, Bonanza Creek and Extraction had combined cash on hand of $127 million and combined undrawn capacity under their credit facilities of $651 million. The resulting enhanced credit profile is expected to broaden the combined company’s access to the capital markets and reduce its overall cost of capital.
Advances consolidation strategy – Civitas represents a major step in Bonanza Creek’s and Extraction’s consolidation strategies, which have been pursued in conjunction with the companies’ continuing initiatives to reduce unit costs, expand margins, enhance returns, increase financial strength, and grow cash distributions to shareholders. Civitas will be positioned to be the preferred consolidation partner for additional transactions in the DJ Basin, helping to increase its trading liquidity and market relevance, and ultimately to elevate its presence among the top energy producers in the country.
Industry-leading commitment to ESG excellence and values – Civitas will expand on the ESG initiatives pursued by both Bonanza Creek and Extraction, including its commitment to become Colorado’s first net-zero oil and gas producer at closing, through continuing reduction in operational emissions coupled with a multi-year investment in certified emissions offsets. Civitas will pursue additional sustainability objectives including the adoption of an electric vehicle (EV) fleet; installation of EV charging stations in its communities; air monitoring and certification through leading organizations such as Project Canary and pursuit of the Responsibly Sourced Gas certification for its natural gas production; the development of community solar facilities; and the financing of a community fund to sponsor local project grants and scholarships. Upon close, Civitas will provide a progressive framework for achieving its ESG targets, which it believes will address the interests of its operating partners, employees, service providers, and the communities in which the combined company operates. 

GOVERNANCE AND LEADERSHIP
Following the merger, the Civitas board of directors will consist of eight members, four directors from Bonanza Creek and four from Extraction. Extraction’s current Chairman, Ben Dell, will be Chairman of the Board, and Bonanza Creek’s current President and Chief Executive Officer will be President and CEO of Civitas. The combined company’s executive team will include demonstrated leaders from each of Bonanza Creek and Extraction, including: Matt Owens as EVP and COO, Marianella Foschi as EVP and CFO, Skip Marter as EVP and General Counsel, Sandi Garbiso as SVP and CAO, and Brian Cain as VP of External Affairs and ESG Policy. Civitas will be headquartered in Denver.
ADVISORS
J.P. Morgan Securities LLC is serving as financial advisor and Vinson & Elkins LLP is serving as legal advisor to Bonanza Creek. Petrie Partners Securities, LLC is serving as financial advisor and Kirkland & Ellis LLP is serving as legal advisor to Extraction.
CONFERENCE CALL WEBCAST AND ADDITIONAL MATERIALS
Bonanza Creek and Extraction will discuss the transaction on a conference call today at 7:00a.m. Mountain Time (9:00a.m. Eastern Time). Institutional investors and analysts are invited to participate in the call by dialing (844) 229-9561, or (574) 990-0802 for international calls, using conference ID: 6869513. Other interested parties, including individual investors, members of the media and employees of Bonanza Creek and Extraction, are encouraged to participate via webcast. The webcast, and an accompanying investor presentation, may be accessed from each of the company’s respective investor relations pages: https://ir.bonanzacrk.com/investor-overview and https://ir.extractionog.com. A replay of the call will be posted on the investor relations section of each company’s homepage.
Given this merger transaction and the residual fresh start accounting requirements associated with Extraction’s recent emergence from Chapter 11, Extraction will be delaying its earnings announcement to May 24, 2021.
ABOUT THE COMPANIES
Bonanza Creek is an independent oil and natural gas company engaged in the acquisition, exploration, development, and production of oil and associated liquids-rich natural gas in the Rocky Mountain region of the United States. The Company’s assets and operations are concentrated in rural, unincorporated Weld County, Colorado, within the DJ Basin, focused on the Niobrara and Codell formations. The Company’s common shares are listed for trading on the NYSE under the symbol: “BCEI”. For more information about the Company, please visit www.bonanzacrk.com.
Extraction is a Denver-based independent energy company differentiated by its financial, operational and governance model. The Company is focused on developing and producing crude oil, natural gas and NGLs in the Denver-Julesburg Basin of Colorado.

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The U.S.

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HOUSTON, May 10, 2021 /PRNewswire/ — Service Corporation International (NYSE: SCI) (the “Company”) announces that it intends to offer $800 million aggregate principal amount of senior notes, subject to market and other conditions. The offering will be made by means of an underwritten public offering pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”). The Company will use the net proceeds from the offering to fund the redemption of all of its outstanding 8.000% Senior Notes due 2021, repay the outstanding loans under its revolving credit facility and pay related fees, interest and expenses. The Company intends to use any remaining net proceeds for general corporate purposes.
J.P. Morgan will act as the lead joint book-running manager for the offering.
The offering may be made only by means of a prospectus supplement and accompanying base prospectus. The prospectus supplement will be filed with the SEC and may be found on its website at www.sec.gov. When available, copies of the prospectus supplement relating to the public offering may be obtained from:
J.P. Morgan Securities LLC
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Attention: Prospectus Department
Telephone: (866) 803-9204
Email: [email protected]
Cautionary Statement on Forward-Looking Statements
The statements in this press release that are not historical facts are forward-looking statements made in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. These statements may be accompanied by words such as “believe”, “estimate”, “project”, “expect”, “anticipate”, or “predict” that convey the uncertainty of future events or outcomes. These statements are based on assumptions that we believe are reasonable; however, many important factors could cause our actual consolidated results in the future to differ materially from the forward-looking statements made herein and in any other documents or oral presentations made by, or on behalf of, the Company.
For further information on these and other risks and uncertainties, see our SEC filings, including our 2020 Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021. Copies of this document as well as other SEC filings can be obtained from our website at www.sci-corp.com. We assume no obligation to publicly update or revise any forward-looking statements made herein or any other forward- looking statements made by us, whether as a result of new information, future events or otherwise.
About Service Corporation International
Service Corporation International (NYSE: SCI), headquartered in Houston, Texas, is North America’s leading provider of funeral, cemetery and cremation services, as well as final-arrangement planning in advance. We offer families exceptional service in planning life celebrations and personalized remembrances. Our Dignity Memorial® brand serves approximately 500,000 families each year with professionalism, compassion, and attention to detail. At March 31, 2021, SCI owned and operated 1,461 funeral homes and 484 cemeteries (of which 296 are combination operations) in 44 states, eight Canadian provinces, the District of Columbia, and Puerto Rico. Please visit us at www.SCI-Corp.com and www.DignityMemorial.com.
SOURCE Service Corporation International

Related Links
http://www.SCI-Corp.

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PITTSBURGH, May 10, 2021 /PRNewswire/ — EQT Corporation (NYSE: EQT) (the “Company” or “EQT”) today announced that, subject to market conditions, it intends to offer $1.0 billion in aggregate principal amount of senior notes due 2026 and senior notes due 2031 (together, the “Notes” and such offering, the “Offering”) in a private placement to eligible purchasers under Rule 144A and Regulation S of the Securities Act of 1933, as amended (the “Securities Act”).
EQT intends to use the net proceeds from the Offering, together with cash on hand and/or borrowings under its revolving credit facility, to fund the cash consideration relating to its previously announced acquisition of Alta Resources Development, LLC’s upstream and midstream subsidiaries.
The Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. The Notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. This news release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale is unlawful. No assurance can be made that the Offering will be consummated on its proposed terms or at all.
Investor Contact:Andrew Breese
Director, Investor Relations
412.395.2555
[email protected]
About EQT CorporationEQT Corporation is a leading independent natural gas production company with operations focused in the cores of the Marcellus and Utica Shales in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do.
Cautionary StatementsThis news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that do not relate strictly to historical or current facts are forward-looking. Statements regarding the Offering, including the size thereof and the expected use of proceeds therefrom, are forward-looking statements and are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed in such forward-looking statements. These risks and uncertainties include, but are not limited to, the ability to complete the Offering on favorable terms, if at all, general market conditions which might affect the Offering and the consummation of the acquisition of Alta Resources Development, LLC’s upstream and midstream subsidiaries. Other risks relating to the Company are described under Item 1A, “Risk Factors,” and elsewhere in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and other documents the Company files from time to time with the Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

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LEXINGTON, Mass., May 10, 2021 /PRNewswire/ — LogicBio Therapeutics, Inc. (Nasdaq:LOGC) (LogicBio or the Company), a clinical-stage genetic medicine company pioneering gene delivery and gene editing platforms to address rare and serious diseases from infancy through adulthood, today reported financial results for the quarter ended March 31, 2021 and provided a business update.
“Over the past few months, LogicBio has continued to make great progress in all aspects of our business,” said Frederic Chereau, President and CEO. “As we recently announced, we are well on our way towards the enrollment of the first patient into the SUNRISE trial of LB-001 for the treatment of MMA. We expect enrollment to commence by mid-year and to continue to be on track to present interim data by year end. We have also recently signed two business development agreements, which included partnerships for LB-001 and our sAAVyTM capsid technology, and we believe these deals offer additional external validation of the value creation possibilities of our entire portfolio.” Mr. Chereau concluded by saying, “I am also very excited by the new members we have added to our team, and I am delighted they have chosen to join LogicBio as we move into this exciting next phase of progress.”
Anticipated LogicBio Milestones for 2021:
LB-001 for MMA

Mid-year 2021: Enrollment of first patient in Phase 1/2 SUNRISE trial
Late 2021: Operational update from enrollment of additional patients, including dose escalation and age de-escalation
Year End 2021: SUNRISE trial interim data 

Pipeline

2021: Nomination of next development candidate

First Quarter 2021 Financial Results
Three Months Ended March 31, 2021 and 2020

R&D Expenses: Research and development expenses for the three months ended March 31, 2021 were $6.4 million compared to $7.2 million for three months ended March 31, 2020. The decrease of $0.8 million was primarily due to a decrease of $1.6 million in LB-001 external development and manufacturing costs. This decrease was partially offset by increases of $0.4 million in both personnel-related costs and other research and development costs as we increased our headcount and research activities related to GeneRide and sAAVy. While there may be fluctuations on a quarterly basis, we expect that our research and development expenses will increase during 2021, as compared to 2020, as we continue to advance our pipeline both internally and with collaborators as well as start the LB-001 clinical trial.
G&A Expenses: General and administrative expenses were $4.1 million for the three months ended March 31, 2021 compared to $3.2 million for the three months ended March 31, 2020. The increase of $0.9 million was primarily due to a $0.5 million increase in legal fees and professional services due to an increase in corporate development and general corporate activities and $0.3 million increase in personnel expenses, including a $0.2 million increase in stock-based compensation. While there may be fluctuations on a quarterly basis, we expect that our general and administrative expenses will continue to increase in 2021, as compared to 2020, as we incur expenses both internally and externally to support our collaborations, clinical trial and pipeline-related work.
Net Loss: Net loss was $10.3 million, or $0.32 per share, for the three months ended March 31, 2021, compared to a net loss of $9.5 million, or $0.41 per share, for the three months ended March 31, 2020.
Cash Position: As of March 31, 2021, we had cash and cash equivalents of $63.9 million as compared to $70.1 million as of December 31, 2020. The decrease was primarily driven by first quarter cash used in operating activities of $8.1 million, partially offset by net proceeds of $2.1 million from sales of common stock under the Open Market Sale Agreement with Jefferies LLC. As of March 31, 2021, we had 32,058,206 shares outstanding.
Financial Guidance: We believe that our cash and cash equivalents of $63.9 million as of March 31, 2021 will be sufficient to fund our operating expenses and capital expenditures for at least the next twelve months from the date of this press release.

Strategic Collaboration and Option Agreement with CANbridge Pharmaceuticals
Under the terms of the agreement, LogicBio granted CANbridge an exclusive option to license certain of LogicBio’s intellectual property rights to develop and commercialize LB-001, LogicBio’s investigational treatment for methylmalonic acidemia based on GeneRide™ platform, in Greater China (China, Taiwan, Hong Kong and Macau). LogicBio also granted CANbridge a worldwide license with respect to AAV sL65, the first capsid based on LogicBio’s proprietary sAAVy™ platform, to support development and commercialization of CANbridge’s gene therapy programs for Fabry disease and Pompe disease, with options for two additional indications. The agreement includes an upfront payment to LogicBio of $10 million, in addition to up to $591 million1 in options payments and milestones payments, as well as up to double-digit royalties on net sales.
Research collaboration and exclusive option agreement with Daiichi Sankyo Company, Limited.
Under the terms of the agreement, the companies will collaborate on the development of treatments for two undisclosed indications based on GeneRide™, LogicBio’s proprietary gene insertion platform. The agreement also grants Daiichi Sankyo an option to negotiate and acquire worldwide licenses to LogicBio’s development programs in these indications.
About LogicBio Therapeutics
LogicBio Therapeutics is a clinical-stage genetic medicine company pioneering gene delivery and gene editing platforms to address rare and serious diseases from infancy through adulthood. The company’s proprietary GeneRide™ platform is a new approach to precise gene insertion that harnesses a cell’s natural DNA repair process leading to durable therapeutic protein expression levels. LogicBio’s cutting-edge sAAVy™ capsid development platform is designed to support development of treatments in a broad range of indications and tissues. The company is based in Lexington, MA. For more information, visit www.logicbio.com.
Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of the federal securities laws, including with respect to the Company’s expectation regarding patient enrollment in the SUNRISE trial, its strategic collaboration with CANbridge Pharmaceuticals, its research partnership with Daiichi Sankyo and the potential of the GeneRide™ platform. These are not statements of historical facts and are based on management’s beliefs and assumptions and on information currently available. They are subject to risks and uncertainties that could cause the actual results and the implementation of the Company’s plans to vary materially, including the risks associated with the initiation, cost, timing, progress and results of the Company’s current and future research and development activities and preclinical studies and clinical trials. These risks are discussed in the Company’s filings with the U.S. Securities and Exchange Commission (SEC), including, without limitation, the Company’s Annual Report on Form 10-K filed on March 15, 2021 and the Company’s subsequent filings with the SEC. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, even if new information becomes available in the future.
Contact:
Cecilia Jones
Chief Financial Officer 
[email protected] 
Media Contacts:Adam Daley
Berry & Company Public Relations
W: 212-253-8881
C: 614-580-2048
[email protected] 
Jenna Urban
Berry & Company Public Relations
W: 212-253-8881
C: 203-218-9180
[email protected] 
Investor Contacts:Matt Lane
Gilmartin Group
617-901-7698
[email protected]  
1 Due to a clerical error, this amount was incorrectly disclosed as $581 million in the Company’s press releases dated April 27, 2021

LogicBio Therapeutics, Inc.

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended March 31,

2021

2020

REVENUE

Service revenue

$                         461

$                     1,021

Total revenue

461

1,021

OPERATING EXPENSES

Research and development

6,419

7,173

General and administrative

4,059

3,192

Total operating expenses

10,478

10,365

LOSS FROM OPERATIONS

(10,017)

(9,344)

OTHER INCOME (EXPENSE):

Interest income

6

167

Interest expense

(271)

(272)

Other expense, net

—

(6)

Total other expense, net

(265)

(111)

Loss before income taxes

(10,282)

(9,455)

Income tax provision

—

—

Net loss

$                   (10,282)

$                     (9,455)

Net loss per share—basic and diluted

$                       (0.32)

$                       (0.41)

Weighted-average common stock outstanding—basic and diluted

31,933,794

23,175,802

LogicBio Therapeutics, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

As of

March 31, 2021

December 31, 2020 

Cash, cash equivalents and investments

$               63,942

$               70,075

Other assets

9,982

10,565

TOTAL ASSETS

$               73,924

$               80,640

Accounts payable, accrued expenses and other liabilities

$               19,699

$               19,213

Stockholders’ equity

54,225

61,427

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$               73,924

$               80,640

SOURCE LogicBio Therapeutics, Inc.

Related Links
http://www.logicbio.

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NEW YORK, May 10, 2021 /PRNewswire/ — GX Acquisition Corp. (“GX”) (NASDAQ: GXGX), a publicly-traded special purpose acquisition company, today reaffirmed its intention to support the proposal to amend GX’s amended and restated certificate of incorporation to extend the date by which GX must complete its initial business combination from May 23, 2021 to July 31, 2021 (the “Extension” and such later date, the “Extended Date”). This proposal will be voted on by stockholders at the upcoming special meeting of stockholders on May 14, 2021. The Extension will allow GX until the Extended Date to complete its initial business combination.
In order to support this proposal, GX has agreed that, if the Extension is approved, GX will deposit into the trust account $0.025 per share for each month of the Extension period, pro-rated for partial months during the Extension period, resulting in a maximum contribution of $0.0565 per share of Class A common stock that is not redeemed in connection with the special meeting (the “Maximum Contribution”). This contribution will be funded as follows: on (or prior to) May 23, 2021, GX will deposit into the trust account an amount equal to $0.0315 per share of Class A common stock not redeemed in connection with the special meeting and on (or prior to) July 1, 2021, GX will deposit into the trust account an amount equal to $0.025 per share of Class A Common stock not redeemed in connection with the special meeting, provided that, no such deposits will be made following the completion of GX’s previously announced business combination with Celularity Inc. (“Celularity”), an allogeneic cellular therapy company (the “Celularity Business Combination”).
Affiliates of GX’s sponsor, GX Sponsor LLC, have agreed to contribute to GX as a loan an amount equal to the aggregate amount of each monthly contribution described above. The loan will not bear interest and will be repayable by GX upon consummation of the Celularity Business Combination either in cash or through the issuance of private placement warrants (at a price of $1.00 per warrant, capped at $1,500,000), at the option of the lender.
The per-share pro rata portion of the trust account on the March 23, 2021 record date for the special meeting was approximately $10.15. If the Extension is approved and GX needs the full length of the Extension to complete the Celularity Business Combination and the Maximum Contribution is made, an additional $0.0565 per share will be added to the per-share redemption amount. No contribution will occur if the Extension is not approved, and GX will not make the monthly contributions into the trust account if the Extension is not completed for any reason (including consummation of the Celularity Business Combination).
GX and Celularity are continuing to work together to address comments from the staff of the U.S. Securities and Exchange Commission (“SEC”) on the proxy statement/prospectus filed in connection with the Celularity Business Combination and to satisfy the various closing conditions to the consummation of the Celularity Business Combination.
About GX
GX is a blank check company incorporated in Delaware for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. GX is led by Jay R. Bloom and Dean C. Kehler, who serve as Managing Partners of Trimaran Capital Partners.
Additional Information and Where to Find It
GX has filed a registration Statement with the SEC on Form S-4 (the “Registration Statement”), which includes a preliminary proxy statement to be distributed to holders of GX’s common stock in connection with GX’s solicitation of proxies for the vote by GX’s stockholders with respect to the Celularity Business Combination and other matters as described in the Registration Statement, and a prospectus relating to the offer of the securities to be issued to Celularity’s stockholders in connection with the Celularity Business Combination. After the Registration Statement has been declared effective, GX will mail a definitive proxy statement and other relevant documents to its stockholders as of the record date established for voting on the Celularity Business Combination and the other proposals regarding the Celularity Business Combination set forth in the Registration Statement. GX’s stockholders and other interested persons are advised to read the Registration Statement, including the preliminary proxy statement / prospectus contained therein, and any amendments thereto and, once available, the definitive proxy statement / prospectus, in connection with GX’s solicitation of proxies for its special meeting of stockholders to be held to approve, among other things, the Celularity Business Combination, because these documents will contain important information about GX, Celularity and the Celularity Business Combination. Stockholders may also obtain a copy of the preliminary proxy statement/prospectus or, once available, the definitive proxy statement/prospectus, as well as other documents filed with the SEC regarding the Celularity Business Combination and other documents filed with the SEC by GX, without charge, at the SEC’s website located at www.sec.gov or by directing a request to GX Acquisition Corp., 1325 Avenue of the Americas, 25th Floor, New York, NY 10019.
Participants in the Solicitation
GX and its directors and officers may be deemed participants in the solicitation of proxies of GX’s stockholders in connection with the Celularity Business Combination. GX’s stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of GX in GX’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on March 4, 2021, GX’s Definitive Proxy Statement on Schedule 14A, which was filed with the SEC on December 4, 2020, the Registration Statement, which was initially filed with the SEC on January 25, 2021 and amended on March 29, 2021 and April 23, 2021, including the preliminary proxy statement/prospectus contained therein, and GX’s Definitive Proxy Statement on Schedule 14A, which was filed with the SEC on April 14, 2021.
Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of GX’s stockholders in connection with the Celularity Business Combination and other matters to be voted upon at the special meeting will be set forth in the registration statement for the Celularity Business Combination. Additional information regarding the interests of participants in the solicitation of proxies in connection with the Celularity Business Combination is included in the Registration Statement.
Non-Solicitation
This communication is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Celularity, the combined company or GX, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
Forward Looking Statements
This communication contains, or incorporates by reference, “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements regarding GX’s, GX’s management team’s, Celularity’s and Celularity’s management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “can,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intends,” “may,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strive,” “target,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this communication may include, for example: (i) the ability to consummate the Celularity Business Combination, (ii) the expected benefits of the Celularity Business Combination; (iii) the financial and business performance of Celularity, (iv) the inability to complete the PIPE Investment; (v) the success and timing of Celularity’s cellular therapeutic development activities and initiating clinical trials; (vi) the success and timing of Celularity’s planned clinical trials; (vii) Celularity’s ability to obtain and maintain regulatory approval of any of Celularity’s therapeutic candidates; (viii) Celularity’s plans to research, discover and develop additional therapeutic candidates, including by leveraging genetic engineering and other technologies and expanding into additional indications; (ix) Celularity’s ability to expand its manufacturing capabilities, and to manufacture Celularity’s therapeutic candidates and scale production; (x) Celularity’s ability to meet certain milestones; (xi) changes in Celularity’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; (xii) the implementation, market acceptance and success of Celularity’s business model; (xiii) developments and projections relating to Celularity’s competitors and industry; (xiv) the impact of health epidemics, including the COVID-19 pandemic, on Celularity’s business and the actions Celularity may take in response thereto; (xv) Celularity’s expectations regarding its ability to obtain and maintain intellectual property protection and not infringe on the rights of others; (xvi) expectations regarding the time during which GX will be an emerging growth company under the JOBS Act; (xvii) Celularity’s future capital requirements and sources and uses of cash; (xviii) Celularity’s ability to obtain funding for its operations; (xix) Celularity’s business, expansion plans and opportunities; and (xx) the outcome of any known and unknown litigation and regulatory proceedings. These forward-looking statements are based on information available as of the date of this communication, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. These risks and uncertainties may be amplified by the COVID- 19 pandemic, which has caused significant economic uncertainty. If any of these risks materialize or underlying assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.

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