Stock Markets

ILUS sells stake in subsidiary to Actelis Networks

Published

7 months ago

June 1, 2024

NEW YORK – ILUS International Inc. (OTC: ILUS), a company specializing in mergers and acquisitions within the public safety and industrial sectors, has entered into an agreement to sell its 61% ownership in Quality Industrial Corp (QIND) to Actelis Networks, Inc. (NASDAQ: ASNS). The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to be finalized within 60 days from today.

Under the terms of the binding term sheet, Actelis will issue 19.99% of its common stock to ILUS, with the remaining consideration paid in preferred non-voting shares. These shares will not be convertible into common stock for at least six months post-closing or until a registration statement becomes effective, whichever comes first.

QIND, a subsidiary of ILUS, is a manufacturer and service provider for industries including oil, gas, and utilities, known for its design, consultation, and maintenance of liquefied petroleum gas (LPG) systems. It operates seven facilities in the United Arab Emirates and serves approximately 40,000 customers.

Following the acquisition, QIND will be integrated into Actelis as its industrial subsidiary, complementing Actelis’ existing technology-focused operations. Actelis is recognized for its cyber-hardened, rapid-deployment networking solutions widely used across various sectors such as government, military, and utilities.

ILUS CEO Nicolas Link expressed confidence that the deal with Actelis, a NASDAQ-listed company, will not only accelerate QIND’s growth but also strengthen ILUS’s balance sheet. This, in turn, is expected to facilitate raising additional capital for QIND’s expansion and further ILUS’s planned acquisitions.

Actelis aims to leverage QIND’s capabilities and expand into new geographical markets, enhancing its portfolio in critical verticals such as energy, utilities, and public safety. Furthermore, Actelis is exploring additional synergies with ILUS’s public safety subsidiary, Emergency Response Technologies Inc. (ERT), although ERT is not part of the current transaction.

The information reported is based on a press release statement from ILUS International Inc. and has been presented without any promotional language or subjective commentary to ensure a clear, factual report of the events and agreements described.

InvestingPro Insights

ILUS International Inc. (OTC: ILUS) has shown a dynamic financial landscape over the recent period. With a market capitalization of $20.45 million, the company’s performance metrics reflect both strengths and areas of concern. Notably, ILUS has experienced a significant return over the last week, with a 9.09% increase in its price total return. This could indicate investor optimism about the company’s strategic moves, such as the recent sale of its ownership in Quality Industrial Corp.

On the financial health side, ILUS’s liquid assets have been reported to exceed its short-term obligations, suggesting a stable liquidity position which may reassure investors of the company’s ability to meet its immediate financial responsibilities. This is a critical factor considering ILUS’s active pursuit of expansion and acquisitions.

However, it’s important to note that ILUS has not been profitable over the last twelve months, and the price has fallen significantly by 66.77% over the last year, which may raise concerns about its long-term value retention. Additionally, the company does not pay a dividend, which could influence the investment decisions of income-focused shareholders.

For investors seeking deeper insights, there are additional InvestingPro Tips available that could further inform their investment strategy. With the use of coupon code PRONEWS24, new subscribers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking more valuable tips and real-time analytics. Currently, there are 5 more InvestingPro Tips listed for ILUS on InvestingPro, providing a comprehensive view of the company’s financial performance and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Stock Markets

BioAge Labs (BIOA) Azelaprag Trial Halt Raises Questions About Pre-IPO Disclosures – Hagens Berman

Published

13 hours ago

December 26, 2024

San Francisco, California–(Newsfile Corp. – December 25, 2024) – On December 9, 2024, just months after conducting an initial public offering in September 2024, BioAge Labs, Inc. (NASDAQ: BIOA) made the startling announcement that it was discontinuing a Phase 2 study for its lead product, azelaprag, intended to treat metabolic diseases such as obesity.

Hagens Berman has opened an investigation and urges investors in BioAge who purchased shares in the company’s IPO or on the open market and suffered substantial losses to submit your losses now.

Visit: www.hbsslaw.com/investor-fraud/bioa
Contact the Firm Now: BIOA@hbsslaw.com
844-916-0895

BioAge Labs, Inc. (BIOA) Investigation:

The investigation is focused on the propriety of BioAge’s disclosures about the safety data and other matters related to azelaprag, which the company said in its IPO documents has been “well-tolerated in 265 individuals across eight Phase 1 clinical trials.”

BioAge’s disclosures came into question after the market closed on December 6, 2024, when the company announced the discontinuation of the STRIDES Phase 2 clinical trial evaluating azelaprag in combination with tirzepatide for the treatment of obesity. BioAge said that liver transaminitis was observed in patients receiving azelaprag.

This news drove the price of BioAge shares down almost 80% on December 9, 2024.

“We’re focused on whether BioAge was transparent to investors about the azelaprag safety profile before the December 6 announcement,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in BioAge and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »

If you’d like more information and answers to frequently asked questions about the BioAge investigation, read more »

Whistleblowers: Persons with non-public information regarding BioAge should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email BIOA@hbsslaw.com.

# # #

About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235182

Stock Markets

Celsius Holdings (CELH) Hit with Investor Class Action Amid Accusations of Oversold Inventory to Pepsi- Hagens Berman

Published

13 hours ago

December 26, 2024

CELH Investors with Losses Encouraged to Contact the Firm

San Francisco, California–(Newsfile Corp. – December 25, 2024) – Celsius Holdings (NASDAQ:), Inc. (NASDAQ: CELH) and certain of its C-Suite officers are embroiled in a securities class action lawsuit, claiming they misrepresented and concealed crucial information about the company’s financial performance, especially concerning its key customer, PepsiCo (NASDAQ:).

Hagens Berman is investigating the allegations and urges investors in Celsius who purchased shares and suffered substantial losses to submit your losses now.

Class Period: Feb. 29, 2024 – Sept. 4, 2024
Lead Plaintiff Deadline: Jan. 21, 2025
Visit: www.hbsslaw.com/investor-fraud/celh
Contact the Firm Now: CELH@hbsslaw.com
844-916-0895

Celsius Holdings, Inc. (CELH) Securities Class Action (WA:):

The lawsuit alleges that during the Class Period, Celsius failed to disclose to investors several critical points:

Oversold Inventory: Celsius significantly oversold inventory to Pepsi beyond demand, leading to a potential drastic reduction in future purchases.
Declining Sales: As Pepsi depleted its overstock, Celsius’ sales were projected to decline, impacting its financial health and outlook.
Unsustainable Sales Rates: The sales rates to Pepsi were unsustainable and created a misleading impression of the company’s performance.
Misleading Metrics: Consequently, Celsius’ business metrics and financial prospects were overstated

The situation came to light on May 28, 2024, when Celsius’ stock price plummeted nearly 13% following reports from Nielsen indicating slowed sales growth. Analysts highlighted the possibility of significantly reduced sales as Pepsi cut back its inventory.

The stock took another hit on September 4, 2024, dropping over 11% after a company presentation revealed a shortfall of $100 million to $120 million in Pepsi orders compared to the previous year. It was also disclosed that Pepsi had held several million excess cases over the last 18 months.

These revelations have led shareholder rights firm Hagens Berman to investigate the allegations.

“We’re investigating whether Celsius deliberately painted an overly optimistic picture of its relationship with Pepsi, misleading investors about the true state of its financial health and sales sustainability,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in Celsius and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »

If you’d like more information and answers to frequently asked questions about the Celsius case and our investigation, read more »

Whistleblowers: Persons with non-public information regarding Celsius Holdings should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email CELH@hbsslaw.com.

# # #

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235180

Stock Markets

Suriname fugitive ex-President Desi Bouterse dead at 79

Published

13 hours ago

December 26, 2024

By Ank Kuipers

PARAMARIBO (Reuters) -Suriname’s fugitive former President Desi Bouterse has died aged 79, the country’s government said on Wednesday, almost a year after he fled authorities to avoid jail following his conviction over the murder of 15 political activists in 1982.

“The government has been informed through the family and its own investigations of the passing of Mr. D. Bouterse, ex-President of the Republic of Suriname,” Foreign Minister Albert Ramdin told Reuters.

The former leader died on Tuesday, the government said, without confirming where, or even in which country. Last week Surinamese authorities raided his home – where supporters gathered to pay their respects on Wednesday morning – but did not find him.

Surinamese President Chan Santokhi, who investigated the case as a police commissioner and later as justice minister, expressed condolences to Bouterse’s family and urged calm in a statement.

“In the spirit of the holiday season and year-end, the president calls on all to remain dignified and calm, maintain peace and order and engage in prayer in the spirit of these special days,” the statement said.

Bouterse dominated politics in the tiny South American country for decades, leading a coup in 1980 and finally leaving office in 2020.

In 2019 he and six others were convicted for their role in the 1982 murders of 15 leading government critics – including lawyers, journalists, union leaders, soldiers and university professors – for which Bouterse received a 20-year prison sentence.

Bouterse had claimed the murdered men were connected to a planned invasion of the former Dutch colony.

Following years of legal back and forth, Bouterse was ordered to report to prison in January but he did not show up on the appointed date.

Though Bouterse avoided prison by going on the run, Reed Brody, a U.S. war crimes prosecutor who monitored the case for the International Commission of Jurists, said justice had caught up with the convicted former president before he died.